{"annotation_id":"49cf0217-8cf1-4c05-ac52-2ff8a34d5234","file_hash":"b9814a9d1dc1becd2906515b545fc388c726bd41abb2c0f97c4d23d801112056","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"52b5e060-7a3b-4ccf-9d42-5d595e646b77","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"3525e6a5-7315-4e13-904d-a7589fcc192f","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"8bb6cbe3-d743-40a0-a5a2-178022aeef02","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":63,"y":297,"width":321,"height":12}},{"id":"4904764c-a886-4d6f-8633-c6fefc40cb44","block_type":"box","text":"|","page_number":1,"box":{"x":394,"y":296,"width":3,"height":11}},{"id":"ae9f9f0f-1e09-40ce-96f6-b484119cc38a","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":407,"y":297,"width":119,"height":9}},{"id":"15b4d48a-fe79-45fd-9a44-4a65ae770bde","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"fdcc0997-51db-4276-9209-63aad92a66ec","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":1,"box":{"x":84,"y":321,"width":361,"height":12}},{"id":"d9b0bcb9-2cb9-46b6-ad18-58cb5a00accf","block_type":"box","text":"Class K: MLVKX","page_number":1,"box":{"x":83,"y":339,"width":97,"height":7}},{"id":"e308e38d-9cca-4ef9-9a14-f3598ab4402c","block_type":"box","text":"This Prospectus contains information you should know before investing, including information about risks.","page_number":1,"box":{"x":63,"y":834,"width":741,"height":11}},{"id":"da0cbc5d-8cad-457a-b8e2-14d5a10f1d4e","block_type":"box","text":"Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":850,"width":438,"height":10}},{"id":"eb2fe791-fcdb-48e3-9428-47f6b06ef552","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":870,"width":749,"height":11}},{"id":"ddcd5caa-6652-4d09-a2a8-ef77048510bd","block_type":"box","text":"the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"e6f7714d-21b6-4276-85c8-f66c84dcf24d","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"ccd0bf24-478f-49ec-a216-f9f038e920af","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"27c064a7-7afe-46ad-a3b5-1132b2dc9d4b","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"d4cc461f-29e0-4516-83ab-2491f5d72ce9","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"60d44ef8-e776-4df0-9d52-a6880bedfdf6","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"ff2c4edc-47c7-4527-9174-4a4eeff7f65c","block_type":"box","text":"NM1026U-5979863-1/40","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4075c402-6538-4137-a741-bcbabac38dfa","block_type":"box","text":"Table of Contents","page_number":2,"box":{"x":371,"y":82,"width":255,"height":18}},{"id":"58111f8c-5a24-42d7-bfdc-f976b7982fd6","block_type":"box","text":"Fund Overview","page_number":2,"box":{"x":190,"y":136,"width":155,"height":13}},{"id":"703ddb5c-aee4-4a86-8cd9-b52f5ad0f1b1","block_type":"box","text":"Key facts and details about the Fund, including investment objective,","page_number":2,"box":{"x":361,"y":140,"width":503,"height":11}},{"id":"b5a2662d-c2be-4715-881d-867954e2b726","block_type":"box","text":"principal investment strategies, principal risk factors, fee and expense","page_number":2,"box":{"x":360,"y":155,"width":517,"height":11}},{"id":"7898f361-def8-4b8b-8cd6-7f68032cddd5","block_type":"box","text":"information and historical per formance information","page_number":2,"box":{"x":361,"y":169,"width":374,"height":12}},{"id":"fd731518-67ff-498d-8c91-ad1741a62623","block_type":"box","text":"Investment Objective ................................................................................ 3","page_number":2,"box":{"x":361,"y":185,"width":577,"height":11}},{"id":"072558f8-70a4-4987-999d-7e1edefc45f7","block_type":"box","text":"Fees and Expenses of the Fund ................................................................. 3","page_number":2,"box":{"x":361,"y":200,"width":577,"height":12}},{"id":"375f81ac-8382-4631-babc-b4590c76bfbd","block_type":"box","text":"Principal Investment Strategies of the Fund ................................................ 4","page_number":2,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"1d28a817-a6f3-4e72-83f3-8d74bfe3bd0d","block_type":"box","text":"Principal Risks of Investing in the Fund ...................................................... 4","page_number":2,"box":{"x":360,"y":231,"width":577,"height":12}},{"id":"dfa10294-46af-4ca1-b6fd-34c0e03d177e","block_type":"box","text":"Per formance Information .......................................................................... 7","page_number":2,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"902d5bbd-d60d-4722-8559-aec865e40978","block_type":"box","text":"Investment Manager ................................................................................. 8","page_number":2,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"4172e140-1107-4e3c-89a6-1a5d60134d74","block_type":"box","text":"Por tfolio Managers ................................................................................... 8","page_number":2,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"0d2e7599-4e0a-4252-b361-d19f9121bbdc","block_type":"box","text":"Purchase and Sale of Fund Shares ............................................................ 8","page_number":2,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"b7a4efcb-1c9f-4b8e-b512-a5d78e24d406","block_type":"box","text":"Tax Information......................................................................................... 9","page_number":2,"box":{"x":361,"y":309,"width":577,"height":9}},{"id":"9c05db5a-2e9d-48ec-bc5e-9e64f845d75f","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries .................. 9","page_number":2,"box":{"x":360,"y":324,"width":578,"height":12}},{"id":"f20ac909-8524-4f01-8511-290c9be00eee","block_type":"box","text":"Details About the Fund","page_number":2,"box":{"x":102,"y":348,"width":242,"height":12}},{"id":"e8bfa748-19ec-419f-880c-1b4f12de2e66","block_type":"box","text":"Information about how the Fund invests, including investment objective,","page_number":2,"box":{"x":361,"y":351,"width":524,"height":12}},{"id":"98ee9efd-f4d4-4f5a-bdd7-687db7e38952","block_type":"box","text":"investment process, principal strategies and risk factors","page_number":2,"box":{"x":361,"y":366,"width":412,"height":12}},{"id":"5f946b93-9937-4346-8493-998fd1217365","block_type":"box","text":"How the Fund Invests.............................................................................. 10","page_number":2,"box":{"x":361,"y":382,"width":577,"height":9}},{"id":"b73c5f8a-ceff-4cfd-a1dd-d8c39b295b14","block_type":"box","text":"Investment Risks.................................................................................... 11","page_number":2,"box":{"x":361,"y":397,"width":576,"height":9}},{"id":"2dd424ef-cc9b-4969-9aa9-1db72cc52953","block_type":"box","text":"Account Information","page_number":2,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"d0613060-fdf0-460b-b8bc-dfde69a49720","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":2,"box":{"x":361,"y":424,"width":468,"height":12}},{"id":"ba699564-4045-459f-9d56-6294183c56e6","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":2,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"23b4e7ca-e44f-47b6-8c6b-4dc1d5a6e37e","block_type":"box","text":"Details About the Share Class ................................................................. 21","page_number":2,"box":{"x":361,"y":454,"width":576,"height":10}},{"id":"3c8a435f-473e-440c-b7df-17ffd8434a2f","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 22","page_number":2,"box":{"x":361,"y":470,"width":577,"height":11}},{"id":"61c1f50e-6a55-47c6-8c54-e0219a9c513e","block_type":"box","text":"Fund’s Rights ......................................................................................... 27","page_number":2,"box":{"x":361,"y":485,"width":577,"height":12}},{"id":"2a270994-ba8a-44fd-94d2-b280e7342f13","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 27","page_number":2,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"7a687147-ed67-42c4-9df3-770055d0933d","block_type":"box","text":"Management of the Fund","page_number":2,"box":{"x":80,"y":524,"width":264,"height":16}},{"id":"f54d5d55-384c-4bab-b35f-9af62cb040d9","block_type":"box","text":"Information about BlackRock and the Por tfolio Managers","page_number":2,"box":{"x":361,"y":528,"width":415,"height":11}},{"id":"87e36fda-f97f-4b3a-8fea-69e79f867f32","block_type":"box","text":"BlackRock .............................................................................................. 29","page_number":2,"box":{"x":361,"y":543,"width":577,"height":9}},{"id":"7466a6d8-28f8-4679-8997-fd7cb83c1169","block_type":"box","text":"Por tfolio Manager Information ................................................................. 30","page_number":2,"box":{"x":360,"y":559,"width":578,"height":11}},{"id":"2c7be8f8-53a1-4ba8-a80b-d7132eddbecf","block_type":"box","text":"Conflicts of Interest ................................................................................ 30","page_number":2,"box":{"x":361,"y":574,"width":577,"height":9}},{"id":"c9e5e7e6-f7c3-445a-b6c1-bce5c9d7f4f3","block_type":"box","text":"Valuation of Fund Investments ................................................................. 31","page_number":2,"box":{"x":362,"y":590,"width":575,"height":9}},{"id":"361f67eb-02b1-4891-9826-5f62212a697c","block_type":"box","text":"Dividends, Distributions and Taxes........................................................... 33","page_number":2,"box":{"x":361,"y":605,"width":577,"height":11}},{"id":"f757485b-303c-4864-a1fc-870aeffad857","block_type":"box","text":"Financial Highlights","page_number":2,"box":{"x":136,"y":629,"width":207,"height":16}},{"id":"8597a0d2-418a-4af4-ad81-437b564c595a","block_type":"box","text":"Financial Per formance of the Fund ........................................................... 34","page_number":2,"box":{"x":361,"y":632,"width":576,"height":9}},{"id":"ab459805-0a76-43af-924a-f4976fee3437","block_type":"box","text":"General Information","page_number":2,"box":{"x":136,"y":665,"width":207,"height":13}},{"id":"11fb30c9-f0ee-43e7-9eb1-2f6dc1a46e5d","block_type":"box","text":"Shareholder Documents.......................................................................... 35","page_number":2,"box":{"x":361,"y":668,"width":577,"height":10}},{"id":"5ba84b1f-7722-4e1b-a2df-0ad514d9f030","block_type":"box","text":"Cer tain Fund Policies .............................................................................. 35","page_number":2,"box":{"x":361,"y":684,"width":577,"height":9}},{"id":"47bb1c4e-31fa-4678-be18-100a7c202505","block_type":"box","text":"Statement of Additional Information ......................................................... 36","page_number":2,"box":{"x":361,"y":699,"width":577,"height":9}},{"id":"4882765b-0380-4f17-8f81-bd74022f7268","block_type":"box","text":"Glossary","page_number":2,"box":{"x":253,"y":723,"width":92,"height":16}},{"id":"233d0125-7324-4e93-be50-7eccf675f8b7","block_type":"box","text":"Glossary of Investment Terms ................................................................. 37","page_number":2,"box":{"x":361,"y":726,"width":577,"height":12}},{"id":"1f4b1ec8-42fd-4ffd-90db-3ca5f3fa63c9","block_type":"box","text":"For More Information","page_number":2,"box":{"x":122,"y":759,"width":221,"height":13}},{"id":"5fd8c32b-07bb-4deb-9d4e-ae4262b4b064","block_type":"box","text":"Fund and Service Providers ............................................... Inside Back Cover","page_number":2,"box":{"x":361,"y":763,"width":578,"height":9}},{"id":"7a315caa-2a0e-4628-be58-cace3186a85f","block_type":"box","text":"Additional Information....................................................... Back Cover","page_number":2,"box":{"x":359,"y":778,"width":580,"height":9}},{"id":"1c91dbba-6554-46d0-8ddd-b598b398b795","block_type":"box","text":"NM1026U-5979863-2/40","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"71d93df7-46e8-4c30-bbf6-9df22f4de7a2","block_type":"box","text":"Fund Overview","page_number":3,"box":{"x":64,"y":82,"width":315,"height":27}},{"id":"8bf192b8-f9a8-484e-b3bb-a88194ac49aa","block_type":"box","text":"Key Facts About BlackRock Advantage Large Cap Value Fund","page_number":3,"box":{"x":62,"y":156,"width":554,"height":14}},{"id":"a0196f58-e84e-4b53-87a5-b0447cbd7df4","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":62,"y":187,"width":191,"height":14}},{"id":"c173c3a0-a52a-480b-b7f1-9c1754c15be3","block_type":"box","text":"The investment objective of BlackRock Advantage Large Cap Value Fund (the “Fund”), a series of BlackRock Large Cap","page_number":3,"box":{"x":60,"y":213,"width":871,"height":12}},{"id":"ee31f488-bd7b-496a-b61a-125c6ac95edf","block_type":"box","text":"Series Funds, Inc. (the “Corporation”), is to seek long-term capital growth. In other words, the Fund tries to choose","page_number":3,"box":{"x":61,"y":228,"width":843,"height":12}},{"id":"bed5ca46-c09c-4639-9bdb-8f6c73368196","block_type":"box","text":"investments that will increase in value.","page_number":3,"box":{"x":62,"y":243,"width":283,"height":9}},{"id":"1b55a1cd-0026-4aeb-bdc6-300083f41a59","block_type":"box","text":"Fees and Expenses of the Fund","page_number":3,"box":{"x":61,"y":282,"width":283,"height":13}},{"id":"8109399b-9271-49cd-8b81-d8a1666df22f","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":3,"box":{"x":60,"y":308,"width":839,"height":11}},{"id":"c074e712-9dec-459e-b4ae-0a3151bbd530","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":3,"box":{"x":60,"y":323,"width":724,"height":11}},{"id":"3f9185f2-71ef-47d7-b5f6-25aed33d585b","block_type":"box","text":"You may pay other","page_number":3,"box":{"x":790,"y":323,"width":138,"height":11}},{"id":"e9c3b869-aaf9-4d7e-9db6-b15f9aed16c9","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities","page_number":3,"box":{"x":60,"y":338,"width":824,"height":11}},{"id":"bbf6a50f-39ea-412f-a334-eae6f0f2fd33","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":3,"box":{"x":61,"y":353,"width":835,"height":11}},{"id":"9b4ed099-865b-4d09-a55b-877d07c7574c","block_type":"box","text":"(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and","page_number":3,"box":{"x":61,"y":367,"width":813,"height":12}},{"id":"627bdc04-c275-490f-a3a5-e644efed4743","block_type":"box","text":"example below.","page_number":3,"box":{"x":61,"y":382,"width":114,"height":11}},{"id":"898b4ca5-9312-4f77-b84b-4eda708f6a3d","block_type":"box","text":"Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":419,"width":222,"height":10}},{"id":"62289602-408f-456d-90cb-1cc3f967f4cf","block_type":"box","text":"(expenses that you pay each year as a","page_number":3,"box":{"x":69,"y":430,"width":261,"height":10}},{"id":"aa06181d-0799-4c4c-8363-ac2dace0b1d7","block_type":"box","text":"percentage of the value of your investment)","page_number":3,"box":{"x":70,"y":442,"width":294,"height":10}},{"id":"b21eecfd-2550-4666-9345-bcde73a25685","block_type":"box","text":"Class K","page_number":3,"box":{"x":873,"y":430,"width":51,"height":8}},{"id":"7af8d54b-bc38-4463-b37f-4dbb19e68523","block_type":"box","text":"Shares","page_number":3,"box":{"x":875,"y":442,"width":46,"height":8}},{"id":"e520c793-8b5e-44a6-9a79-6a939aba9569","block_type":"box","text":"Management Fee","page_number":3,"box":{"x":70,"y":460,"width":112,"height":10}},{"id":"36e29e65-8fb5-434d-bef0-f20601a80c07","block_type":"box","text":"1","page_number":3,"box":{"x":183,"y":460,"width":4,"height":4}},{"id":"1e284729-eab3-4d7b-81e3-a8ff0ec95f7b","block_type":"box","text":"0.49%","page_number":3,"box":{"x":885,"y":460,"width":41,"height":8}},{"id":"b7ec0d02-7e46-426b-9bce-662fb6e819ce","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":3,"box":{"x":70,"y":478,"width":266,"height":10}},{"id":"0bdf03de-e64c-4811-a2e0-86a4fae69e93","block_type":"box","text":"None","page_number":3,"box":{"x":883,"y":478,"width":32,"height":8}},{"id":"af57f44c-f1f3-4127-853b-4bdf75565140","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":496,"width":103,"height":10}},{"id":"6521eba5-1440-4bda-b526-d2a6469d4e6d","block_type":"box","text":"0.15%","page_number":3,"box":{"x":885,"y":496,"width":41,"height":8}},{"id":"40c3dc1d-0e8a-4ed7-87a7-140751986284","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":514,"width":252,"height":10}},{"id":"a86c27fc-d4a6-49f3-b5dd-d86f42b75f97","block_type":"box","text":"0.64%","page_number":3,"box":{"x":885,"y":514,"width":41,"height":8}},{"id":"8c88348c-3224-41cc-b8f6-39efef7f5dbe","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":532,"width":304,"height":10}},{"id":"5d8a5687-c9ff-473b-a85f-b04ff22c1e81","block_type":"box","text":"1,2","page_number":3,"box":{"x":375,"y":532,"width":11,"height":5}},{"id":"81f79194-e337-46c0-8788-a85ec953b04b","block_type":"box","text":"(0.15)%","page_number":3,"box":{"x":881,"y":532,"width":50,"height":10}},{"id":"baa634b0-0139-483c-a4ca-c7145fbf9aef","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":69,"y":550,"width":598,"height":10}},{"id":"8c3d4ec9-d9da-45e9-abb8-a48c6fcd3ac5","block_type":"box","text":"1,2","page_number":3,"box":{"x":668,"y":550,"width":10,"height":5}},{"id":"b760c871-305e-4a26-9c33-b28126233d64","block_type":"box","text":"0.49%","page_number":3,"box":{"x":885,"y":550,"width":41,"height":8}},{"id":"b7763e9c-108b-4e3e-b4df-5e46771815d4","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":570,"width":3,"height":3}},{"id":"fa3c38b5-2145-4ab2-8205-d6fce035cb0b","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":570,"width":837,"height":9}},{"id":"e2f032f4-603d-4fb9-9aca-3704ef8e7d40","block_type":"box","text":"waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":3,"box":{"x":80,"y":580,"width":854,"height":9}},{"id":"b2ce49d8-240e-4ce5-94df-6013978c49d5","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":3,"box":{"x":81,"y":590,"width":810,"height":9}},{"id":"697b7044-e712-4a0e-bcb0-4430937464e7","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":3,"box":{"x":81,"y":600,"width":832,"height":10}},{"id":"94416a21-7f2e-4cf2-bd72-5de037196ecb","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":3,"box":{"x":81,"y":611,"width":847,"height":9}},{"id":"ce641c43-1320-426f-9e08-181f44218234","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote","page_number":3,"box":{"x":81,"y":621,"width":849,"height":9}},{"id":"7b1c17ed-a043-41fa-9502-1d5c7989e9af","block_type":"box","text":"of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":631,"width":356,"height":10}},{"id":"313fb7b4-aa1c-4e46-89cc-e57683d8948c","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":644,"width":3,"height":4}},{"id":"df6b5a8e-b155-4ea8-bd53-5b9679bc2cd6","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":644,"width":837,"height":10}},{"id":"e106a642-457e-432a-bfe8-209e9485c1ce","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":80,"y":655,"width":771,"height":9}},{"id":"82cbec72-d2be-4067-b33f-c60a25d78a7e","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.49%","page_number":3,"box":{"x":81,"y":665,"width":844,"height":9}},{"id":"4b4e7b46-a877-4c36-9eb4-136c7396c07e","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":3,"box":{"x":81,"y":675,"width":851,"height":10}},{"id":"a78c6d05-64c1-49a0-8493-6022a94ab685","block_type":"box","text":"interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":686,"width":658,"height":9}},{"id":"20dfec1d-15ba-4c87-84f3-c015d7b26b6d","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":704,"width":74,"height":12}},{"id":"5429d313-6df1-44fe-8a20-632e737e8207","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":720,"width":830,"height":11}},{"id":"e96b95f8-d230-4b3b-a2ef-42aa592aaecf","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":734,"width":832,"height":12}},{"id":"6d55d74e-fc8b-4f4d-9be1-2773b288d021","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":749,"width":832,"height":12}},{"id":"eb105475-c3c1-4877-96d6-0cb089308f88","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":765,"width":859,"height":11}},{"id":"77de28c1-6602-4c08-8266-1657892137a9","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":779,"width":436,"height":12}},{"id":"202d3db5-fa52-4003-a0dc-06bea7457a2f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":808,"width":292,"height":8}},{"id":"42bbb8f6-e162-4749-846f-80a6f90f771b","block_type":"box","text":"Class K Shares $50 $190 $342 $784","page_number":3,"box":{"x":69,"y":825,"width":843,"height":10}},{"id":"6662994b-931e-452e-ba5a-4687a68f4235","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":851,"width":151,"height":10}},{"id":"b72e7554-b758-45d0-89a1-df288247d7a3","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":867,"width":800,"height":11}},{"id":"f4626c93-a740-4233-9471-282caa6dadee","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":882,"width":850,"height":11}},{"id":"ff17f3e8-19bd-41a6-b2ef-46e71ae29dbd","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":896,"width":870,"height":12}},{"id":"c310bfcb-93f8-4412-810a-075290eb86e7","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"030261df-835e-43a2-b749-671c030479d9","block_type":"box","text":"NM1026U-5979863-3/40","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3759cac5-9f87-4f65-aa06-a22ff897ce8d","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":46,"width":839,"height":11}},{"id":"8986c28f-2640-4bf0-ae56-f0191c4d207e","block_type":"box","text":"120% of the average value of its portfolio.","page_number":4,"box":{"x":62,"y":60,"width":307,"height":12}},{"id":"a65fcf09-0df5-42b7-a6b5-2590dc07016d","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":99,"width":394,"height":14}},{"id":"d107c2e2-4094-48f8-a09e-f92a95da4a44","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":4,"box":{"x":62,"y":126,"width":798,"height":11}},{"id":"1a15e1a0-7b62-4770-b147-3fbdf88afacf","block_type":"box","text":"borrowings for investment purposes in large cap value equity securities of U.S. issuers and derivatives that provide","page_number":4,"box":{"x":61,"y":140,"width":845,"height":12}},{"id":"a4e2dd70-0002-4567-95ec-b51e39b9e397","block_type":"box","text":"investment exposure to such securities or to one or more market risk factors associated with such securities. For","page_number":4,"box":{"x":62,"y":155,"width":833,"height":11}},{"id":"19a68946-217a-4c44-a6b6-36647fe14908","block_type":"box","text":"purposes of the Fund’s 80% policy, large cap value equity securities are equity securities that (i) at the time of","page_number":4,"box":{"x":62,"y":170,"width":809,"height":12}},{"id":"b034b189-8aff-4151-81b4-e2f11fb73325","block_type":"box","text":"purchase have a market capitalization within the range of companies included in the Russell 1000 Value Index (the","page_number":4,"box":{"x":62,"y":185,"width":843,"height":11}},{"id":"c2d1895a-c58e-4fc3-ba4a-21f0eed4d61e","block_type":"box","text":"“Russell 1000 Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the","page_number":4,"box":{"x":62,"y":200,"width":837,"height":11}},{"id":"f9f800c6-844d-426e-a007-f6391e34f2c0","block_type":"box","text":"“Value Indices”). Currently, such Value Indices are the Russell 3000 Value Index, the S&P Composite 1500 Value Index","page_number":4,"box":{"x":62,"y":215,"width":874,"height":11}},{"id":"ee9e5a55-0a65-4d36-ac9f-4f0395668524","block_type":"box","text":"and the MSCI World Value Index. The Russell 1000 Value Index includes equity securities of issuers which range in","page_number":4,"box":{"x":61,"y":229,"width":842,"height":12}},{"id":"bb348fcc-61dc-4351-8554-407b08cd2ef2","block_type":"box","text":"size between approximately $1.98 billion and $4.647 trillion as of August 31, 2026. The Fund primarily intends to","page_number":4,"box":{"x":61,"y":244,"width":838,"height":12}},{"id":"4c7f349e-69ef-4a8f-9373-585a78f84e33","block_type":"box","text":"invest in equity securities, which include common stock and preferred stock, or other financial instruments that are","page_number":4,"box":{"x":62,"y":259,"width":846,"height":11}},{"id":"81b09a3e-59db-4879-b5ea-70120047c84b","block_type":"box","text":"components of, or have characteristics similar to, the securities included in the Value Indices. The Russell 1000 Value","page_number":4,"box":{"x":61,"y":274,"width":869,"height":11}},{"id":"02054105-0cfb-44d1-8bba-65ac6b80db63","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":4,"box":{"x":62,"y":289,"width":861,"height":11}},{"id":"29fef6ba-c688-40cf-a08f-f295202d60d7","block_type":"box","text":"group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From","page_number":4,"box":{"x":60,"y":303,"width":842,"height":12}},{"id":"7d1c981b-6fc9-4328-b136-693a16bcf031","block_type":"box","text":"time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The","page_number":4,"box":{"x":60,"y":318,"width":871,"height":12}},{"id":"174eb72b-5962-44e6-b534-2bbf4316bb3d","block_type":"box","text":"Fund may also purchase convertible securities. The Fund may use derivatives, including options, futures, swaps","page_number":4,"box":{"x":62,"y":333,"width":820,"height":12}},{"id":"43794b15-566c-4a76-854e-f62197a31cfc","block_type":"box","text":"(including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and","page_number":4,"box":{"x":61,"y":348,"width":842,"height":12}},{"id":"74dd5611-629e-4e7a-9204-b6d0a4b70021","block_type":"box","text":"forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets","page_number":4,"box":{"x":60,"y":363,"width":841,"height":11}},{"id":"400fe21b-47aa-4adb-876e-65a0b3103b5d","block_type":"box","text":"against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In","page_number":4,"box":{"x":61,"y":378,"width":850,"height":11}},{"id":"822a888a-93a8-471f-ac2d-666001f9cbc4","block_type":"box","text":"order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or","page_number":4,"box":{"x":61,"y":392,"width":869,"height":12}},{"id":"8ffd6ea6-8de0-4794-bbcf-5254ccd07575","block_type":"box","text":"options on such contracts. Derivatives are financial instruments whose value is derived from another security, a","page_number":4,"box":{"x":61,"y":407,"width":820,"height":12}},{"id":"da2a2add-9ea5-404e-910a-c1d1908a4a84","block_type":"box","text":"currency or an index, including but not limited to the Value Indices. The use of options, futures, swaps and forward","page_number":4,"box":{"x":61,"y":422,"width":842,"height":12}},{"id":"ede97242-8254-4322-8b09-a869a4abf479","block_type":"box","text":"contracts can be effective in protecting or enhancing the value of the Fund’s assets.","page_number":4,"box":{"x":61,"y":437,"width":618,"height":11}},{"id":"253db4c4-fd76-4ed1-a904-af3684be94e6","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":459,"width":863,"height":12}},{"id":"d26fa61e-db77-4ff5-8aee-dc5fbc5d94de","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds","page_number":4,"box":{"x":60,"y":474,"width":876,"height":12}},{"id":"57bf2b3a-a090-4058-b4bb-9c223376a7b8","block_type":"box","text":"that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":4,"box":{"x":60,"y":489,"width":864,"height":12}},{"id":"614ca302-54c1-4499-b2dc-4dd134fe6492","block_type":"box","text":"commodities.","page_number":4,"box":{"x":61,"y":504,"width":97,"height":9}},{"id":"d66e1b5f-7392-48e9-ae98-b28eb416d010","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap value equity securities in a disciplined","page_number":4,"box":{"x":60,"y":527,"width":836,"height":11}},{"id":"371dd908-54c3-4802-a63f-c2c9ec864a73","block_type":"box","text":"manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are","page_number":4,"box":{"x":61,"y":541,"width":866,"height":12}},{"id":"a2b9d2fd-f123-4806-95a0-929fc0367c33","block_type":"box","text":"designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under","page_number":4,"box":{"x":61,"y":556,"width":823,"height":12}},{"id":"2f4f38fc-273d-4334-9b4a-91060ac0da41","block_type":"box","text":"weighting particular equities while seeking to control incremental risk. BlackRock then constructs and rebalances the","page_number":4,"box":{"x":60,"y":571,"width":861,"height":12}},{"id":"334dbe4d-d31a-478b-98be-95eb320bc777","block_type":"box","text":"portfolio by integrating its investment insights with the model-based optimization process.","page_number":4,"box":{"x":62,"y":586,"width":658,"height":11}},{"id":"703ad654-f6ec-4c30-90c8-daf96dbaa5c3","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":625,"width":354,"height":13}},{"id":"3a988d0d-27c0-4ad2-be85-d4c7b23b0580","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":651,"width":860,"height":11}},{"id":"e2fcd14f-8dde-472c-b170-4bbbd4b76e9b","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":4,"box":{"x":61,"y":666,"width":802,"height":11}},{"id":"ef0166fb-a728-4759-aefd-4c474165be6f","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":681,"width":842,"height":11}},{"id":"03fdc9ae-eb1c-4937-ac53-42cc1013ef33","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":695,"width":857,"height":12}},{"id":"0981cdc2-8975-4d23-9b60-5614d7535782","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":710,"width":515,"height":12}},{"id":"95bbea09-63e0-4227-ad49-e5ce02c7dd8a","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":730,"width":166,"height":12}},{"id":"eed6b274-2662-4c9b-a0b2-4ede22e91c6e","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":730,"width":685,"height":12}},{"id":"2a70ea36-127b-4e27-b5fb-8f3380fc77d2","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":745,"width":550,"height":11}},{"id":"035ce7cd-5e51-4925-8e2a-13d493b5af5f","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":765,"width":166,"height":11}},{"id":"b42f9413-1deb-43aa-bc2e-5eda3746cd2d","block_type":"box","text":"—","page_number":4,"box":{"x":252,"y":770,"width":17,"height":1}},{"id":"c2944aa3-3a66-49f2-b971-641ef0807ea5","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":4,"box":{"x":274,"y":765,"width":658,"height":12}},{"id":"c494d39f-9b79-47d5-b96b-9fc445709a7d","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":4,"box":{"x":81,"y":780,"width":809,"height":11}},{"id":"3c96c6ac-183c-4615-b1c8-6e6d7de41d1f","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":4,"box":{"x":82,"y":795,"width":841,"height":11}},{"id":"f3be1d5a-63df-441c-8a7d-49337da31fd4","block_type":"box","text":"investment styles.","page_number":4,"box":{"x":82,"y":810,"width":131,"height":11}},{"id":"b5071882-d809-4a82-a5a0-d97d6aa7b281","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":830,"width":85,"height":9}},{"id":"a365e2d6-d8c4-4832-a97c-f86d3e795c08","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":4,"box":{"x":170,"y":830,"width":722,"height":11}},{"id":"77f19c69-5a81-4cf1-a611-dfe39478f58d","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":4,"box":{"x":81,"y":844,"width":840,"height":12}},{"id":"41d6b939-aa7d-482f-99a8-17c205517d13","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":4,"box":{"x":80,"y":859,"width":807,"height":12}},{"id":"c57d563d-7141-4305-a1b8-93ce4a56c3f2","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":4,"box":{"x":82,"y":874,"width":842,"height":11}},{"id":"d602dee3-b7a1-4a55-a9b5-e81533cc189c","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":4,"box":{"x":82,"y":889,"width":841,"height":11}},{"id":"8e466ee9-6482-4c47-bf72-2204365c7067","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":4,"box":{"x":81,"y":904,"width":777,"height":11}},{"id":"68a8574c-bf51-480c-8dbf-ff2bdb48a903","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"be75accb-d537-492b-8127-6278d93ce9fe","block_type":"box","text":"NM1026U-5979863-4/40","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"32fae31b-2b68-4e30-9ab0-63ee1ab328ec","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":46,"width":837,"height":11}},{"id":"341898cd-6597-468c-a425-2d4faf3c5695","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":60,"width":819,"height":12}},{"id":"001c3ac7-7de0-4e42-b230-54aa7d949e0c","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":75,"width":843,"height":12}},{"id":"6b7ac817-2cd1-4afe-8f33-502029976cc8","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":90,"width":834,"height":12}},{"id":"25b38ffa-04fa-4254-99d2-e903b1ce465e","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":105,"width":176,"height":11}},{"id":"087b9e0f-56e0-4823-91ce-f98d60a4b088","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":125,"width":283,"height":11}},{"id":"ab521190-d742-4e7b-a816-7dfa92c29f56","block_type":"box","text":"—","page_number":5,"box":{"x":369,"y":130,"width":17,"height":1}},{"id":"a19d0b6e-ba0d-4ec5-a7f5-fd82c31dadcd","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":125,"width":518,"height":11}},{"id":"065d4ffa-bd04-45b0-b726-c48e904aeece","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":140,"width":847,"height":11}},{"id":"e62aac6f-a51c-4631-ba4f-54edc586f640","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":157,"width":70,"height":9}},{"id":"5ed27c6f-75e2-48c6-a9ff-4c55abae3c1e","block_type":"box","text":"Commodities Related Investments Risk","page_number":5,"box":{"x":81,"y":175,"width":298,"height":9}},{"id":"aa96a5de-481e-4a8e-be61-d2372cf817ed","block_type":"box","text":"—","page_number":5,"box":{"x":384,"y":180,"width":17,"height":1}},{"id":"a5afaa7e-e4ed-4650-8d51-8c24f4a30085","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":5,"box":{"x":406,"y":175,"width":517,"height":11}},{"id":"7c694ba5-239e-44d1-92ac-e399445e4642","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":189,"width":824,"height":12}},{"id":"036ddbf2-e256-499d-9e39-ce9ae94003fe","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":204,"width":849,"height":12}},{"id":"514c6573-5811-4fc1-8e14-44196fc9a889","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":219,"width":804,"height":12}},{"id":"4d5ff46a-4f8a-4ce0-8884-2e5016ea352d","block_type":"box","text":"international economic, political and regulatory developments.","page_number":5,"box":{"x":82,"y":234,"width":455,"height":11}},{"id":"4da09475-b6b0-428b-b6c6-ca709285caa8","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":254,"width":206,"height":9}},{"id":"e0f842b9-ee6c-461d-8c45-294c80fb79e1","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":254,"width":593,"height":11}},{"id":"38a8955e-d341-4aa9-b708-7074432e76bb","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":269,"width":853,"height":11}},{"id":"399708e0-b0c4-4ca6-bc03-0b3e33d58c31","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":284,"width":855,"height":11}},{"id":"8f5259aa-27f9-4039-bc25-4b827e21cd92","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":298,"width":816,"height":12}},{"id":"9a471c46-7c94-4dac-bcb0-7205185829b3","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":313,"width":796,"height":12}},{"id":"e1157623-2558-49b7-a70c-aa1499cb221d","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":328,"width":812,"height":11}},{"id":"7b6f3893-b628-48f9-9989-2ba1aa57cba3","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":343,"width":809,"height":11}},{"id":"0eed8753-7115-4644-91d0-f1d88f31ed61","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":363,"width":123,"height":9}},{"id":"2f45c41b-639c-4dc3-ad3d-6449442528a9","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":363,"width":664,"height":11}},{"id":"d973a011-30d9-472e-9227-8097d810c3d6","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":378,"width":469,"height":11}},{"id":"c660dcb6-c5c1-4e5f-b6fd-1ccdc845958e","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":398,"width":102,"height":11}},{"id":"92c82233-a114-4141-b8ab-322b7994ce27","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":398,"width":723,"height":11}},{"id":"b9ade6ad-cf60-42f7-b77d-ab450161ef64","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":412,"width":832,"height":12}},{"id":"5b089552-1185-4d37-90fd-2063de1a853c","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":427,"width":280,"height":12}},{"id":"04537960-a29d-4efd-855b-fb928682c673","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":447,"width":87,"height":9}},{"id":"1ed9f053-8fd7-498b-a036-1bfa5b8c5be9","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":447,"width":728,"height":12}},{"id":"0f31a069-8d4a-4e41-b39a-785430aba13c","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":462,"width":834,"height":11}},{"id":"3c02300c-2292-457d-a3eb-513d329f0433","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":477,"width":832,"height":11}},{"id":"8f77afbc-c922-4856-9eeb-25f36b1e7fca","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":492,"width":779,"height":11}},{"id":"367e8991-1714-4797-b863-206868790442","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":507,"width":253,"height":11}},{"id":"122f46ae-0b71-4a28-850b-631ec19b92d1","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":527,"width":131,"height":11}},{"id":"e618dee0-8f6a-40d2-b9ae-c13aa1c836ec","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":527,"width":697,"height":11}},{"id":"b270528b-572c-4bd8-a2de-af17330a421a","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":541,"width":855,"height":12}},{"id":"770b59b4-7111-4678-9cc4-1d9c94f96606","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":556,"width":240,"height":12}},{"id":"b0f97fc5-a752-4384-924f-f3b813777621","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":576,"width":100,"height":12}},{"id":"07a69c2c-85f2-495b-b613-52f8bef4d535","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":576,"width":750,"height":12}},{"id":"a4139234-1ca9-4a77-ad31-1f07da223a55","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":591,"width":839,"height":11}},{"id":"c5ec1472-fddc-4f25-83c4-78ebe75f3890","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":606,"width":293,"height":11}},{"id":"8ea967a6-f2cb-4bb5-9d57-c5a1ab3567b0","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":626,"width":120,"height":11}},{"id":"4f5bab28-067a-4d8b-b543-3fd4614eae65","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":626,"width":727,"height":11}},{"id":"ccfb17c5-fe03-452d-ba5e-605452d41be7","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":641,"width":607,"height":11}},{"id":"9543c5a7-447c-4e95-bac2-aa55ff6ee5b8","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":661,"width":75,"height":11}},{"id":"cdc9e1b2-d73b-47ec-ae49-dae97a4e88a6","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":5,"box":{"x":161,"y":661,"width":761,"height":11}},{"id":"48fb520b-8d37-490d-8336-7532e3936336","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":675,"width":198,"height":12}},{"id":"4966ddc4-eaf8-4b2e-b47e-b97bef6173b4","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":696,"width":214,"height":11}},{"id":"63e32564-1df1-467e-bd19-0d31582deb3c","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":695,"width":590,"height":12}},{"id":"58a0ac0f-a0ca-44b9-b10f-182902b0beba","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":710,"width":775,"height":12}},{"id":"ec6b4dc8-6343-4894-990c-7539f7950ea3","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":725,"width":589,"height":11}},{"id":"39b3c414-fab4-465b-9169-1dfccbba675c","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":745,"width":102,"height":9}},{"id":"cbe06b56-e1b8-4155-97e9-0a98f5f2a413","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":745,"width":747,"height":11}},{"id":"b8933720-5509-4778-955b-b0914aca394c","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":760,"width":783,"height":11}},{"id":"e8ae5851-e54f-4066-a600-3305b4258a4d","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":775,"width":273,"height":11}},{"id":"82c4dd58-7730-4b07-ad9b-15387a2a70a6","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":795,"width":95,"height":11}},{"id":"38409bca-50e6-4d54-bf3d-095c7f23a86e","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":795,"width":728,"height":11}},{"id":"8dfb661d-71ed-4a3e-9935-4317d6565047","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":809,"width":839,"height":12}},{"id":"5dc341fc-f549-4243-8969-d6ed3a1b12a6","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":5,"box":{"x":82,"y":825,"width":354,"height":11}},{"id":"985b4572-60b1-429f-b45b-9adfa40564b6","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":845,"width":59,"height":8}},{"id":"dcd8b3c3-490d-424f-84b4-080d3fa8b2c0","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":844,"width":719,"height":12}},{"id":"804c2638-65a9-460a-9972-d34e5de6c2d8","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":859,"width":801,"height":12}},{"id":"dbf9388d-67fa-422e-bedb-442d7339d24b","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":874,"width":802,"height":11}},{"id":"9ce80382-453d-49ef-95ec-a55d747f2063","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":889,"width":830,"height":11}},{"id":"98a130ae-99d5-4005-bd01-e780467b8883","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":904,"width":215,"height":9}},{"id":"e7a2f0c6-444e-4ea3-bfa6-879f6f85c901","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"f1bf6b01-e82b-4b4d-8fc1-5ec278e15a6e","block_type":"box","text":"NM1026U-5979863-5/40","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b0962249-25b2-49fd-bdc9-e4875db523cf","block_type":"box","text":"Financial Services Industry Risk","page_number":6,"box":{"x":81,"y":46,"width":242,"height":11}},{"id":"102236b4-2a4a-4a07-83df-be133a97b723","block_type":"box","text":"— Because of its investments in the financial services industry, the Fund will be","page_number":6,"box":{"x":327,"y":46,"width":591,"height":11}},{"id":"ea72d0dd-3a2d-4d89-8b09-ac7639eee674","block_type":"box","text":"more susceptible to any economic, business, political or other developments which generally affect this industry","page_number":6,"box":{"x":82,"y":60,"width":825,"height":12}},{"id":"2c22cf0d-c421-4592-b234-93aad45fc621","block_type":"box","text":"sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as","page_number":6,"box":{"x":81,"y":76,"width":824,"height":11}},{"id":"3789b63f-e415-4d08-852d-64b3ca2c11b9","block_type":"box","text":"government regulation, the availability and cost of capital funds (including the availability and stability of deposits in","page_number":6,"box":{"x":81,"y":90,"width":849,"height":12}},{"id":"d2f076b5-2eb7-490e-8e32-55dd75f66036","block_type":"box","text":"the case of deposit-taking institutions), consolidation and general economic conditions. Financial services","page_number":6,"box":{"x":80,"y":105,"width":779,"height":12}},{"id":"6e6b27b3-a4e6-47a2-9522-93c9a158a683","block_type":"box","text":"companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or","page_number":6,"box":{"x":81,"y":120,"width":843,"height":11}},{"id":"a5943d4a-dd02-4eb7-ac45-91d60910a5e9","block_type":"box","text":"cannot repay their obligations.","page_number":6,"box":{"x":81,"y":135,"width":221,"height":11}},{"id":"f79526b9-1fda-4003-bb7a-a102fe19dcd3","block_type":"box","text":"When interest rates go up, the value of securities issued by many types of financial services companies generally","page_number":6,"box":{"x":81,"y":155,"width":834,"height":11}},{"id":"e094df8f-0ccb-4cda-8f12-055cd2550a50","block_type":"box","text":"goes down. In many countries, financial services and the companies that provide them are regulated by","page_number":6,"box":{"x":81,"y":169,"width":761,"height":12}},{"id":"9470f9bb-26cd-4991-95f8-923e98750dd4","block_type":"box","text":"governmental entities, which can increase costs for new services or products and make it difficult to pass","page_number":6,"box":{"x":81,"y":184,"width":780,"height":12}},{"id":"2cd4e11b-511d-4ce0-9e47-48dd09d9579c","block_type":"box","text":"increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in","page_number":6,"box":{"x":82,"y":199,"width":823,"height":12}},{"id":"8bf59ef4-228b-45b8-83f1-e39c2cb6fb87","block_type":"box","text":"increased competition and reduced profitability for certain companies.","page_number":6,"box":{"x":82,"y":214,"width":513,"height":11}},{"id":"20276dc7-3d33-4e35-a685-60f81380b189","block_type":"box","text":"The profitability of many types of financial services companies may be adversely affected in certain market cycles,","page_number":6,"box":{"x":81,"y":234,"width":840,"height":11}},{"id":"4a57c9ae-d9ee-4b62-9e22-67c1ede72563","block_type":"box","text":"including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and","page_number":6,"box":{"x":82,"y":249,"width":817,"height":11}},{"id":"ce213c59-d29c-444c-a6cf-72345b87b481","block_type":"box","text":"declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because","page_number":6,"box":{"x":81,"y":263,"width":825,"height":12}},{"id":"e3370310-0406-4738-9d14-dd55572c2efc","block_type":"box","text":"many types of financial services companies are vulnerable to these economic cycles, the Fund’s investments may","page_number":6,"box":{"x":82,"y":278,"width":837,"height":12}},{"id":"42f45dd1-44a8-4a9a-97ff-6634dae3fb45","block_type":"box","text":"lose value during such periods.","page_number":6,"box":{"x":82,"y":293,"width":226,"height":12}},{"id":"020246a1-1352-4a10-b75f-b03429f67b9a","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":313,"width":212,"height":12}},{"id":"18aee5d6-857c-4a6c-8519-bcafaff434ed","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":313,"width":629,"height":12}},{"id":"7341cc27-de68-45a7-a5ff-ab0d29f645a5","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":328,"width":812,"height":12}},{"id":"e340e13b-56d0-4cb1-be82-792b76ace5ea","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":343,"width":817,"height":11}},{"id":"4403fdb5-76da-46be-826d-e775a1d8418f","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":358,"width":760,"height":11}},{"id":"b2bd1e66-4606-4994-bab3-88befb7e4048","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":372,"width":852,"height":12}},{"id":"6e20b6c9-e939-44fc-8209-3b0225d02eae","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":6,"box":{"x":81,"y":387,"width":589,"height":12}},{"id":"101d0eac-37f9-4287-b73a-1ef5a09bcb12","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":407,"width":276,"height":12}},{"id":"bd5306db-5e7f-436c-a458-7320a642f6f9","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":408,"width":573,"height":11}},{"id":"6425fd08-f91c-4fb4-9350-6cce53f99d0a","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":422,"width":848,"height":12}},{"id":"b6f0ca69-7c55-42c8-8d51-20d8dd52cbf6","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":437,"width":839,"height":11}},{"id":"fb5338e1-a11b-45b1-a69f-bc1c82ef8085","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":452,"width":851,"height":11}},{"id":"017f4b96-aee1-494b-a4ba-fb14fad9ed72","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":472,"width":107,"height":11}},{"id":"6772cbca-31b8-40c6-9bba-9977fdd7fa64","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":472,"width":741,"height":11}},{"id":"6a14909a-afff-4bc5-8df1-fa295770ece4","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":487,"width":853,"height":11}},{"id":"56503644-952b-4de8-90e1-5947e00b8b92","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":501,"width":856,"height":12}},{"id":"4b2afe65-5986-43d8-bc0b-cad497af8a23","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":516,"width":775,"height":12}},{"id":"f66e96df-afb4-44a2-a36e-ae0086563d00","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":531,"width":814,"height":12}},{"id":"f2b494ed-1278-4261-aad8-c61b804e702e","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":546,"width":63,"height":11}},{"id":"2dd5de1a-1288-4d9c-a238-d9896684e1fb","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":566,"width":240,"height":9}},{"id":"0324fb11-25bb-43fd-bf71-64d8d93267ce","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":566,"width":593,"height":9}},{"id":"e7987bb9-76bd-4e1e-94d6-8e9a238f2fb0","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":581,"width":851,"height":11}},{"id":"a8ad33d5-cf37-44e2-9b4e-845636aeaa6e","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value (“NAV”) in response to short-term","page_number":6,"box":{"x":82,"y":595,"width":826,"height":12}},{"id":"c1e164e0-07ff-47d1-87ad-ba4597bd37bd","block_type":"box","text":"market movements and over longer periods during market downturns. Securities or other investments held by the","page_number":6,"box":{"x":82,"y":610,"width":831,"height":12}},{"id":"2c7a6711-23d1-4b92-98f1-bad07712ee58","block_type":"box","text":"Fund may underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds","page_number":6,"box":{"x":82,"y":625,"width":843,"height":12}},{"id":"32a9292d-c492-44c1-bbc7-32c9bb498b1f","block_type":"box","text":"with similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The","page_number":6,"box":{"x":80,"y":640,"width":820,"height":12}},{"id":"78480af6-a558-4f3b-bef2-f36c7342e9f5","block_type":"box","text":"value of a security or other asset may decline due to changes in general market conditions, economic trends or","page_number":6,"box":{"x":80,"y":655,"width":819,"height":11}},{"id":"89b03099-27ba-4ca1-8b0c-0398e3f261fe","block_type":"box","text":"events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular","page_number":6,"box":{"x":81,"y":670,"width":849,"height":11}},{"id":"69f8d6d0-89b2-4e6d-9e51-660c096d9b18","block_type":"box","text":"issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or","page_number":6,"box":{"x":82,"y":684,"width":816,"height":12}},{"id":"0df85a96-2ca8-419b-b434-8db775e85004","block_type":"box","text":"asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation","page_number":6,"box":{"x":81,"y":699,"width":836,"height":12}},{"id":"a822fa38-8872-4187-b53b-ec6803838695","block_type":"box","text":"rates, economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic","page_number":6,"box":{"x":82,"y":714,"width":789,"height":12}},{"id":"1faddaaf-deda-46dc-8f04-0eba2dafd061","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural","page_number":6,"box":{"x":81,"y":729,"width":833,"height":11}},{"id":"087e8d33-bd5b-4ff2-878b-cae720404d59","block_type":"box","text":"and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other","page_number":6,"box":{"x":81,"y":744,"width":819,"height":11}},{"id":"e1b20ee6-3665-4754-9d1a-0958c741c99d","block_type":"box","text":"events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative","page_number":6,"box":{"x":81,"y":759,"width":849,"height":11}},{"id":"a9af7afc-9555-416d-83d4-6a6b6fcf0606","block_type":"box","text":"analysis and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":81,"y":774,"width":441,"height":11}},{"id":"dc9b8fa8-450e-40ec-b3e0-215556c86080","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":793,"width":818,"height":12}},{"id":"a82a6818-dd49-40a4-ae11-adbd28c1d5a1","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":808,"width":819,"height":12}},{"id":"fb3a1085-fabc-4700-a0da-9dd7c848dc9a","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":823,"width":819,"height":12}},{"id":"be2571fa-e9bc-4609-be8e-8459a8d87f0d","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":838,"width":846,"height":11}},{"id":"9038fa83-6db4-4d32-977f-8105f010eda2","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":853,"width":848,"height":11}},{"id":"90eba4c8-4e8a-4755-81d2-4355cce95eb6","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":868,"width":125,"height":9}},{"id":"45610bc7-7740-4bae-b2f4-fb5b08471303","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":888,"width":139,"height":9}},{"id":"7e85d4cc-15be-48e2-a3ad-a2a83001de99","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":893,"width":17,"height":1}},{"id":"d7e54057-87b0-47e5-ad11-597d4f268ddb","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":887,"width":681,"height":12}},{"id":"9daff4c0-258b-477f-9c2b-e1946ad317a5","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":902,"width":843,"height":12}},{"id":"69a3c44d-e14c-42c0-b18c-39c80eaca5b6","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":6,"box":{"x":81,"y":917,"width":517,"height":12}},{"id":"6cf3c095-295a-4a4e-8035-70c6b6e0ef05","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"2cbb3a8f-5b97-4205-a0c3-752d4a3453b9","block_type":"box","text":"NM1026U-5979863-6/40","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5b539b03-8cd7-4004-bc92-70c870dc3453","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":46,"width":254,"height":11}},{"id":"0c94a760-1910-43cb-ae2a-274f1579cd6b","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":46,"width":578,"height":11}},{"id":"be3d8636-3d1a-4ebe-8498-1513cf3d2057","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":60,"width":779,"height":12}},{"id":"c0e0d0d1-d403-4e3b-ba88-60526ab26a5d","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":75,"width":811,"height":12}},{"id":"2033997b-a976-42b6-9020-8eeffcc721cb","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":90,"width":806,"height":11}},{"id":"38800624-c503-4ce8-918a-acfe89dcc340","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":105,"width":853,"height":12}},{"id":"7e203865-1fd3-4005-8c59-d392f03ef7b9","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":120,"width":841,"height":11}},{"id":"c047e051-53ef-4579-8c6e-c3f5b8815308","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":135,"width":808,"height":11}},{"id":"86df7dc6-4397-4fe8-b887-7a095f41475e","block_type":"box","text":"issuers to lose value.","page_number":7,"box":{"x":82,"y":150,"width":155,"height":9}},{"id":"06183873-3426-445b-98be-0c3adf1a8772","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":169,"width":189,"height":10}},{"id":"0ef4a98b-ca51-45ec-9004-6a31f5172afb","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":169,"width":636,"height":12}},{"id":"ed470120-b989-4b89-9af0-a6db7992b6ac","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":184,"width":824,"height":12}},{"id":"9e4e10af-2f53-4b70-b07b-abfb7f61a9cb","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":199,"width":806,"height":12}},{"id":"96ebc6e3-3714-4de2-a9ce-237ff02ae1b2","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":214,"width":842,"height":11}},{"id":"0cf8bb0b-fb8d-47a2-86a9-bd1d17bad297","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":229,"width":781,"height":11}},{"id":"6a1a9847-d429-41c4-96b7-9d6c96695b25","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":244,"width":812,"height":11}},{"id":"fb34550e-3167-4175-8980-878e8516fa68","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":259,"width":129,"height":11}},{"id":"bbe66a6d-f2ed-4f66-91ab-43ae2731dfb1","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":297,"width":224,"height":11}},{"id":"1e4f30d7-0cf9-48dd-a9bc-6709bd14328f","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. Performance for","page_number":7,"box":{"x":62,"y":323,"width":867,"height":12}},{"id":"5604195b-30dc-4b74-8d41-a2d643c9596b","block_type":"box","text":"the periods prior to June 12, 2017 shown below is based on the investment process and investment strategies utilized","page_number":7,"box":{"x":60,"y":338,"width":876,"height":12}},{"id":"c58a7bb3-8d56-4ce2-b6fb-3300ee0b7247","block_type":"box","text":"by the Fund at that time under the name “BlackRock Large Cap Value Fund.”","page_number":7,"box":{"x":61,"y":353,"width":560,"height":12}},{"id":"4ed88b46-7b46-4473-85ff-7d37ae57fca6","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":376,"width":855,"height":11}},{"id":"1b0b81a2-bec4-4679-91d9-da59e5e7ee6b","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":7,"box":{"x":61,"y":390,"width":852,"height":12}},{"id":"4c736afe-e664-446e-abb0-9a1bf67b9140","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":7,"box":{"x":61,"y":405,"width":866,"height":12}},{"id":"66c347a9-5bc2-45c5-b7ec-276fa7521eaa","block_type":"box","text":"offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares","page_number":7,"box":{"x":61,"y":420,"width":853,"height":12}},{"id":"a8f08712-41b8-491e-8f89-5e31f68cbdd4","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance","page_number":7,"box":{"x":61,"y":435,"width":842,"height":11}},{"id":"732a3d62-9a79-453f-98a4-9fca10c0596e","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":7,"box":{"x":60,"y":450,"width":820,"height":11}},{"id":"e9a39469-78f9-47f3-a090-3924d96a80d3","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":7,"box":{"x":61,"y":465,"width":873,"height":11}},{"id":"b378e63b-1fd0-407a-a630-43a52c3c1278","block_type":"box","text":"lower expenses than the Institutional Shares. The table compares the Fund’s performance to that of the Russell 1000","page_number":7,"box":{"x":62,"y":479,"width":870,"height":12}},{"id":"2de9c865-8ecf-4c59-a52c-f0e39bda48fd","block_type":"box","text":"Index and the Russell 1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has","page_number":7,"box":{"x":62,"y":494,"width":803,"height":9}},{"id":"006aa3fc-2bf1-4a28-8294-c015dd709553","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":7,"box":{"x":61,"y":509,"width":870,"height":12}},{"id":"a669e8e8-5d99-4eb1-979d-ce7be489dcc7","block_type":"box","text":"by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends","page_number":7,"box":{"x":61,"y":524,"width":857,"height":11}},{"id":"0d7ef9e5-b4e8-4a21-ba8b-810a8bb5b0f8","block_type":"box","text":"and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future","page_number":7,"box":{"x":61,"y":539,"width":874,"height":11}},{"id":"db8f7cf8-5992-4d27-82bd-4ce29822bad1","block_type":"box","text":"results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain","page_number":7,"box":{"x":61,"y":554,"width":837,"height":11}},{"id":"d4f7be53-64f0-48a5-993c-3e05fed01b6d","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s","page_number":7,"box":{"x":62,"y":568,"width":846,"height":12}},{"id":"2084e3f9-cdfe-4ce0-9dbb-9001ba767fcf","block_type":"box","text":"performance, including its current NAV, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":7,"box":{"x":62,"y":583,"width":868,"height":12}},{"id":"d7642094-1459-47a7-8f90-ae3a827b3696","block_type":"box","text":"(800) 882-0052.","page_number":7,"box":{"x":61,"y":598,"width":122,"height":11}},{"id":"adad0e06-4154-4b65-ae88-4559cd881ada","block_type":"box","text":"Class K Shares","page_number":7,"box":{"x":437,"y":621,"width":124,"height":10}},{"id":"c509eb3a-25e0-48e5-8727-bade72c1661d","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":390,"y":637,"width":212,"height":10}},{"id":"8e34dd1c-dcd5-41ce-aa3e-d4d940ed0258","block_type":"box","text":"1","page_number":7,"box":{"x":603,"y":637,"width":5,"height":5}},{"id":"17baca8e-db45-4e1f-a37b-09dd86188b12","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":7,"box":{"x":316,"y":653,"width":366,"height":13}},{"id":"8a29b972-62f8-4b22-8d22-20398bedbd25","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":669,"width":103,"height":13}},{"id":"bff863c8-90ac-43f0-8326-4c1681b54131","block_type":"box","text":"13.84%","page_number":7,"box":{"x":292,"y":751,"width":44,"height":7}},{"id":"e2daa640-3524-4848-aae1-02b771a44777","block_type":"box","text":"17.54%","page_number":7,"box":{"x":340,"y":739,"width":44,"height":8}},{"id":"94b6f400-a2e9-402b-90a1-f00611192b0f","block_type":"box","text":"-7.72%","page_number":7,"box":{"x":389,"y":833,"width":41,"height":7}},{"id":"8eb4a474-2eca-45f8-9971-a1480691e606","block_type":"box","text":"24.78%","page_number":7,"box":{"x":436,"y":717,"width":45,"height":7}},{"id":"1edb0a39-9117-499d-b595-5b7ef893f650","block_type":"box","text":"3.94%","page_number":7,"box":{"x":488,"y":782,"width":37,"height":7}},{"id":"9eaf1069-0657-44df-a54c-328c20ab920a","block_type":"box","text":"26.81%","page_number":7,"box":{"x":532,"y":710,"width":45,"height":8}},{"id":"716eb0a9-e598-4d37-85be-35c2f7b97b25","block_type":"box","text":"-8.57%","page_number":7,"box":{"x":582,"y":836,"width":40,"height":7}},{"id":"14c83ad5-6512-4cda-8e30-09f9bbab2c34","block_type":"box","text":"13.78%","page_number":7,"box":{"x":629,"y":751,"width":44,"height":7}},{"id":"6469afea-73a9-4177-8a62-3f93829dc029","block_type":"box","text":"15.51%","page_number":7,"box":{"x":677,"y":746,"width":44,"height":7}},{"id":"c76a7b8c-1e51-40f9-928b-410c9b7ec6dd","block_type":"box","text":"18.41%","page_number":7,"box":{"x":725,"y":737,"width":45,"height":7}},{"id":"6d2b472c-1ae2-41bd-b993-5cd3f1d640ea","block_type":"box","text":"-15%","page_number":7,"box":{"x":237,"y":848,"width":28,"height":7}},{"id":"b2092321-0b44-4cdb-8dbc-c4add150f709","block_type":"box","text":"-10%","page_number":7,"box":{"x":237,"y":832,"width":28,"height":8}},{"id":"7f550f18-36b4-4c3b-be85-ca0cb083e6e3","block_type":"box","text":"-5%","page_number":7,"box":{"x":245,"y":817,"width":20,"height":7}},{"id":"277f8109-1e2e-413b-9c38-7d48de7b06ca","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":801,"width":17,"height":8}},{"id":"8585e104-fd0d-407e-b075-05a386ee976f","block_type":"box","text":"5%","page_number":7,"box":{"x":248,"y":786,"width":17,"height":7}},{"id":"97dfe459-9f42-4d37-9bd4-6899018e083f","block_type":"box","text":"10%","page_number":7,"box":{"x":241,"y":770,"width":24,"height":8}},{"id":"bca7310a-8563-4811-a25a-df6f169ea1c6","block_type":"box","text":"15%","page_number":7,"box":{"x":241,"y":755,"width":24,"height":7}},{"id":"eb35df6f-111f-4fda-a99b-eea8ba07bfdc","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":739,"width":25,"height":7}},{"id":"88b9eaf6-135b-4e27-86e7-db580c351047","block_type":"box","text":"25%","page_number":7,"box":{"x":240,"y":724,"width":25,"height":7}},{"id":"f0f333be-551d-440a-bd86-153097499fdb","block_type":"box","text":"30%","page_number":7,"box":{"x":240,"y":708,"width":25,"height":7}},{"id":"48d409b7-0baf-4ed2-9e8f-45306c84b585","block_type":"box","text":"35%","page_number":7,"box":{"x":240,"y":693,"width":25,"height":7}},{"id":"cdc7bc38-92d2-4ca9-88b5-5144b72279a3","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":858,"width":465,"height":7}},{"id":"57d59c60-5023-4b63-b8d0-5f5d76abe35a","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 15.34% (quarter ended","page_number":7,"box":{"x":62,"y":878,"width":806,"height":12}},{"id":"ca2e1383-b1e5-475e-a82d-0bde2788956b","block_type":"box","text":"December 31, 2020) and the lowest return for a quarter was -25.68% (quarter ended March 31, 2020). The year-to","page_number":7,"box":{"x":62,"y":893,"width":853,"height":12}},{"id":"b81aa4e9-4e33-408f-a55f-ddd6492ccc8e","block_type":"box","text":"date return as of June 30, 2026 was 18.58%.","page_number":7,"box":{"x":61,"y":908,"width":337,"height":11}},{"id":"d355fedb-2de8-4aa1-a2f5-2d02bc781854","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"feeb355e-c464-4838-8cb9-eb27b00b2880","block_type":"box","text":"NM1026U-5979863-7/40","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"30317083-5ffd-47f6-9f3e-b333cb648a58","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":51,"width":223,"height":10}},{"id":"bccc95fa-1187-491d-80c7-0e5c587a06fb","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":62,"width":854,"height":10}},{"id":"ac14cf4b-cdd0-4b05-8d3d-7969f3751631","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund — Class K Shares","page_number":8,"box":{"x":70,"y":80,"width":413,"height":10}},{"id":"d9bba5e2-2324-43c1-bdde-1061fd441d14","block_type":"box","text":"Return Before Taxes 18.41% 12.53% 11.19%","page_number":8,"box":{"x":85,"y":93,"width":840,"height":8}},{"id":"aad9010c-d990-4a82-aa58-5e0ab6a9c9c6","block_type":"box","text":"Return After Taxes on Distributions 15.35% 9.35% 9.00%","page_number":8,"box":{"x":85,"y":106,"width":840,"height":8}},{"id":"6fc122b9-ebec-46d9-871c-f1a635339330","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":119,"width":228,"height":8}},{"id":"92367bc6-7d30-481a-873a-52830668a0d0","block_type":"box","text":"and Sale of Fund Shares 12.07% 8.89% 8.40%","page_number":8,"box":{"x":85,"y":130,"width":840,"height":9}},{"id":"206882c9-f839-4a6d-abc5-d49a3397ec3d","block_type":"box","text":"Russell 1000 Index","page_number":8,"box":{"x":70,"y":149,"width":128,"height":8}},{"id":"2dfb24c0-00b0-48a4-891c-bd4b3219c7e1","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":8,"box":{"x":69,"y":162,"width":856,"height":10}},{"id":"786edbed-6f71-4ca0-bc7b-c28bdb78761f","block_type":"box","text":"Russell 1000 Value Index","page_number":8,"box":{"x":70,"y":180,"width":168,"height":8}},{"id":"c5817bdf-802a-4680-b109-f5f173325182","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%","page_number":8,"box":{"x":69,"y":193,"width":856,"height":11}},{"id":"d53771fa-f24f-4fce-a8df-3c777de76251","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":213,"width":3,"height":4}},{"id":"981d66aa-8218-48dc-85e0-3e1342ceddf9","block_type":"box","text":"A portion of the Fund’s total return for the fiscal years ended September 30, 2016 and 2017 was attributable to proceeds received from a","page_number":8,"box":{"x":81,"y":213,"width":815,"height":9}},{"id":"bf0c9a41-2664-4e41-984f-845d93886b04","block_type":"box","text":"settlement of litigation.","page_number":8,"box":{"x":81,"y":223,"width":135,"height":10}},{"id":"05ba968f-77f2-4cbe-aa1b-fab9022646e9","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":249,"width":840,"height":11}},{"id":"15ab2839-1759-4f2b-a409-0e163b5d11d9","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":263,"width":835,"height":12}},{"id":"70cf1462-381c-4ae0-bdec-7e798166167c","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":278,"width":851,"height":12}},{"id":"73ada0f2-c36f-4b3e-837c-ae76c64dd548","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":293,"width":611,"height":12}},{"id":"7d426e9b-603d-4cab-924a-4b6e17df12a3","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":332,"width":187,"height":14}},{"id":"6427f54a-2afc-4433-a266-88b89533bb9f","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":358,"width":709,"height":12}},{"id":"c8b0e618-f9c5-47f4-9e6c-fe2140c5c584","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":397,"width":173,"height":14}},{"id":"b64f4fd4-cb9c-45bf-9d21-e3cbbe039169","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":441,"width":121,"height":10}},{"id":"48cdfd29-c892-4e29-ad6c-795bc7a10e2b","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":340,"y":429,"width":121,"height":11}},{"id":"7ef4eae7-e520-46e7-a16e-971240a75f73","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":341,"y":441,"width":425,"height":8}},{"id":"a598196a-e0f3-4a66-8893-96bdbc33b6c4","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":459,"width":825,"height":10}},{"id":"b0e725a6-0cf5-4384-ac40-46508896b381","block_type":"box","text":"Travis Cooke, CFA 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":477,"width":780,"height":11}},{"id":"d2042f31-42ff-447e-bc77-89c83f89e7a3","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":495,"width":779,"height":11}},{"id":"40605ef5-4a64-465e-b84a-4a0617e6c4c3","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":536,"width":309,"height":11}},{"id":"7f2fdf4a-be2e-4a8c-b9ea-59608c3dab0b","block_type":"box","text":"Effective July 1, 2026, Class K Shares of the Fund are offered on a limited basis.","page_number":8,"box":{"x":62,"y":562,"width":598,"height":11}},{"id":"f5707c93-de14-4b28-a79a-13c2b7e21409","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":8,"box":{"x":61,"y":584,"width":859,"height":12}},{"id":"ee3238d3-8175-4a4d-a2ac-c2fb750b5627","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":599,"width":844,"height":12}},{"id":"f46c25a0-a56b-4eb9-b51c-f811f6fb41ee","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":614,"width":791,"height":12}},{"id":"33671bf7-d58e-451f-a09b-6d64eada48d5","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":8,"box":{"x":62,"y":629,"width":874,"height":12}},{"id":"a5ae7eb8-5c87-47c3-ac32-d04eb159a60f","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":8,"box":{"x":62,"y":644,"width":871,"height":11}},{"id":"3e823d50-33fe-44d2-a662-c1d3646603c7","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":659,"width":870,"height":11}},{"id":"d6e550df-8138-49d9-891c-f7bf94c4eb5a","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":673,"width":863,"height":12}},{"id":"8bf2a246-73a7-4170-b3be-001a591c666d","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":689,"width":832,"height":11}},{"id":"992408a0-e05b-4722-9a17-6db401fbc0e9","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":703,"width":815,"height":12}},{"id":"5be72ecb-0064-49cf-8d03-60c86e2ff446","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":8,"box":{"x":61,"y":718,"width":816,"height":11}},{"id":"8077a8df-647f-4193-ab76-7d1e2120d20a","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":733,"width":867,"height":11}},{"id":"98c9f954-780d-41ae-86ae-459015c6aab4","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":8,"box":{"x":62,"y":748,"width":868,"height":11}},{"id":"ba5426e2-2c30-44b4-9143-61de4485c40e","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":8,"box":{"x":61,"y":763,"width":874,"height":11}},{"id":"c2095cd7-577b-495f-9314-08a7ee118709","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":8,"box":{"x":61,"y":777,"width":859,"height":12}},{"id":"fd278f21-4041-4e4e-af69-0af2be5e529d","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":8,"box":{"x":60,"y":792,"width":857,"height":12}},{"id":"2b233842-2cb3-429c-ab51-74923f21febc","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":8,"box":{"x":60,"y":815,"width":874,"height":11}},{"id":"95590a7b-b404-480a-b370-1668c64a4fd7","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":8,"box":{"x":61,"y":830,"width":868,"height":11}},{"id":"9441c947-6836-4063-9d70-194182b4e457","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":8,"box":{"x":61,"y":844,"width":857,"height":12}},{"id":"f060843a-e78c-43ec-a48c-b9343980aab1","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":8,"box":{"x":61,"y":859,"width":842,"height":12}},{"id":"d2d5ded2-4c49-4de7-be38-9f4e0440ef03","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":8,"box":{"x":61,"y":874,"width":586,"height":11}},{"id":"e52825c9-edca-41dd-96b7-6e9d84a6f846","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"e2984fcc-6992-4407-b61d-f66a0d14679d","block_type":"box","text":"NM1026U-5979863-8/40","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"6553c8c4-32e3-4ddb-8a8d-29a3ccbbb613","block_type":"box","text":"Tax Information","page_number":9,"box":{"x":63,"y":46,"width":138,"height":11}},{"id":"8f24e996-327e-4bbb-a563-94382ac73d89","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":9,"box":{"x":62,"y":73,"width":865,"height":11}},{"id":"23827568-e93b-4d8a-a235-98c56dca38af","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":9,"box":{"x":62,"y":88,"width":842,"height":11}},{"id":"66ae3482-b919-4a6c-9e54-c0aa698fe7f7","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":9,"box":{"x":62,"y":102,"width":850,"height":12}},{"id":"be0aac5f-cd44-49cf-9032-21f0c36c39ce","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":9,"box":{"x":60,"y":117,"width":833,"height":12}},{"id":"28edfee9-0d25-4558-8cf9-d10211cee075","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":9,"box":{"x":60,"y":132,"width":865,"height":12}},{"id":"2a46c5b3-c1bb-4ace-bf3c-6830af55e59b","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":9,"box":{"x":61,"y":147,"width":851,"height":11}},{"id":"e7b98796-d690-4695-8427-274652794c1a","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":9,"box":{"x":62,"y":162,"width":451,"height":11}},{"id":"45e07127-8583-47d4-aff9-f77757c3e736","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":9,"box":{"x":61,"y":201,"width":578,"height":13}},{"id":"a780a412-bb99-4bb7-8e14-dd0157279c9b","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":9,"box":{"x":62,"y":227,"width":848,"height":11}},{"id":"7159eca9-6d48-4d35-b129-85e5f165b6e8","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":9,"box":{"x":62,"y":242,"width":868,"height":11}},{"id":"50ad6053-44a4-4979-b033-5015b5b89985","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":9,"box":{"x":60,"y":264,"width":867,"height":12}},{"id":"9608b895-f6c5-45e6-90b7-5bf1bc124bb5","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":9,"box":{"x":62,"y":279,"width":455,"height":11}},{"id":"8a41a766-910f-4ff9-8604-038fa95d30d5","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":9,"box":{"x":61,"y":302,"width":849,"height":11}},{"id":"71c6b25e-4dbc-4030-8597-f5903c8ff795","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":9,"box":{"x":62,"y":316,"width":857,"height":12}},{"id":"1d0d3c56-f939-4d50-9d44-b55b5a00d704","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":9,"box":{"x":60,"y":331,"width":869,"height":12}},{"id":"88d94c61-6ea2-443e-bdbc-1cfc1cc8c2ce","block_type":"box","text":"assets invested in Class K Shares.","page_number":9,"box":{"x":61,"y":346,"width":256,"height":9}},{"id":"7b213f87-0d22-4c6e-a4f9-0078974c84f6","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":9,"box":{"x":60,"y":369,"width":790,"height":11}},{"id":"98662d1b-3810-4299-983e-2ebbf29977e0","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"d56c4965-cd5a-4967-bd60-1876952df120","block_type":"box","text":"NM1026U-5979863-9/40","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4a103a47-5f04-448a-956b-7cea0498afb0","block_type":"box","text":"Details About the Fund","page_number":10,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"f099a0b1-cc64-4faa-8140-1a5760d1a058","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":10,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"dc8bbf74-d6d7-44b1-b7b7-8e852e53d85d","block_type":"box","text":"shareholder features of BlackRock Advantage Large Cap Value Fund (the “Fund”), a series of BlackRock Large Cap","page_number":10,"box":{"x":61,"y":161,"width":841,"height":12}},{"id":"d880255d-47b9-4820-8e4d-ee36c53ea418","block_type":"box","text":"Series Funds, Inc. (the “Corporation”), and your rights as a shareholder.","page_number":10,"box":{"x":61,"y":176,"width":527,"height":11}},{"id":"c2415942-a113-4dc7-bed4-9b6102251936","block_type":"box","text":"How the Fund Invests","page_number":10,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"506326ad-e4ee-4ff8-8a24-79a902c3a3ad","block_type":"box","text":"Investment Process","page_number":10,"box":{"x":61,"y":242,"width":163,"height":9}},{"id":"a34185fe-6ffc-4caf-af06-7d256722ddd2","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap value equity securities in a disciplined","page_number":10,"box":{"x":60,"y":258,"width":836,"height":11}},{"id":"4a542584-0564-49cf-a518-2299aae11f2f","block_type":"box","text":"manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are","page_number":10,"box":{"x":61,"y":273,"width":866,"height":11}},{"id":"479e5d4a-4576-4c81-89ee-d2225c85c2f9","block_type":"box","text":"designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under","page_number":10,"box":{"x":61,"y":287,"width":823,"height":12}},{"id":"2f3c3128-3120-4219-b6fa-6eb96782d889","block_type":"box","text":"weighting particular equities while seeking to control incremental risk. BlackRock Advisors, LLC, the Fund’s investment","page_number":10,"box":{"x":60,"y":302,"width":873,"height":12}},{"id":"4a19d748-09fa-4f09-9734-46edb1fea540","block_type":"box","text":"manager (“BlackRock”), then constructs and rebalances the portfolio by integrating its investment insights with the","page_number":10,"box":{"x":61,"y":317,"width":846,"height":12}},{"id":"4b02f198-f0b1-4d72-88f2-0f3681bf21df","block_type":"box","text":"model-based optimization process. The Fund has no stated minimum holding period for investments and may buy or","page_number":10,"box":{"x":61,"y":332,"width":851,"height":11}},{"id":"06545acb-f467-4e3a-9cf2-71cea9b40641","block_type":"box","text":"sell securities whenever Fund management sees an appropriate opportunity. The Fund may engage in active and","page_number":10,"box":{"x":61,"y":347,"width":824,"height":11}},{"id":"6b6c8bb5-8610-4905-9171-da9735a4c93b","block_type":"box","text":"frequent trading of its investments.","page_number":10,"box":{"x":60,"y":361,"width":258,"height":12}},{"id":"9d9baa41-75c9-4256-babd-cb4b27f1a8ac","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":10,"box":{"x":60,"y":384,"width":862,"height":12}},{"id":"38bc1a67-bdf3-4b65-b27b-b26eb1e52773","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":10,"box":{"x":60,"y":399,"width":873,"height":11}},{"id":"b73a4342-20d9-4c80-85bf-d20e251168c6","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":10,"box":{"x":62,"y":414,"width":871,"height":11}},{"id":"fd1e5b1c-e28b-43ec-8fb5-35101858f10c","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":10,"box":{"x":61,"y":428,"width":331,"height":12}},{"id":"4bc0ef66-3780-42ec-9ddc-fdc1b1c0226d","block_type":"box","text":"Investment Objective","page_number":10,"box":{"x":61,"y":452,"width":175,"height":12}},{"id":"cfc76b63-6e29-4a42-9687-8351f9376af1","block_type":"box","text":"The investment objective of the Fund is to seek long-term capital growth. In other words, the Fund tries to choose","page_number":10,"box":{"x":60,"y":468,"width":833,"height":11}},{"id":"942e62f8-6ed8-4861-9e7d-5dd4ae4f8509","block_type":"box","text":"investments that will increase in value.","page_number":10,"box":{"x":62,"y":483,"width":283,"height":9}},{"id":"3a1b0799-269e-4644-a1ea-1a92f521348b","block_type":"box","text":"This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of","page_number":10,"box":{"x":60,"y":505,"width":876,"height":12}},{"id":"764fa6d6-7d1a-4502-8db5-eed302d80eb6","block_type":"box","text":"the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the","page_number":10,"box":{"x":60,"y":520,"width":814,"height":12}},{"id":"078d3881-c079-4880-9622-4c49268ad3b2","block_type":"box","text":"“Investment Company Act”).","page_number":10,"box":{"x":62,"y":535,"width":204,"height":11}},{"id":"c8cc29c0-410e-4a0f-bed2-bd9d50dbdbff","block_type":"box","text":"Principal Investment Strategies","page_number":10,"box":{"x":61,"y":558,"width":260,"height":12}},{"id":"5a5a49d9-2f68-4e4a-8634-7ca30f76050c","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":10,"box":{"x":62,"y":574,"width":798,"height":12}},{"id":"2c7bb569-a867-4659-86f6-ef8bbcf528ab","block_type":"box","text":"borrowings for investment purposes in large cap value equity securities of U.S. issuers and derivatives that provide","page_number":10,"box":{"x":61,"y":589,"width":845,"height":12}},{"id":"1c27ac58-734c-461b-bdeb-3748eab5fad9","block_type":"box","text":"investment exposure to such securities or to one or more market risk factors associated with such securities. For","page_number":10,"box":{"x":62,"y":604,"width":833,"height":11}},{"id":"f0bb6b35-8a40-4d09-ab71-c68ccff3160f","block_type":"box","text":"purposes of the Fund’s 80% policy, large cap value equity securities are equity securities that (i) at the time of","page_number":10,"box":{"x":62,"y":619,"width":809,"height":11}},{"id":"ffb322af-b76d-4c73-a7d5-86a20e2af355","block_type":"box","text":"purchase have a market capitalization within the range of companies included in the Russell 1000 Value Index (the","page_number":10,"box":{"x":62,"y":633,"width":843,"height":12}},{"id":"f5d2fdd8-528c-4280-ba6b-58b4c41734bf","block_type":"box","text":"“Russell 1000 Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the","page_number":10,"box":{"x":62,"y":648,"width":837,"height":12}},{"id":"95d8f83a-e240-4081-bdb3-10788d977bb7","block_type":"box","text":"“Value Indices”). This policy is a non-fundamental policy of the Fund and may not be changed without 60 days’ notice","page_number":10,"box":{"x":62,"y":663,"width":858,"height":12}},{"id":"7388e123-80e6-401e-9453-660cfcd8cea2","block_type":"box","text":"to shareholders. Currently, such Value Indices are the Russell 3000 Value Index, the S&P Composite 1500 Value Index","page_number":10,"box":{"x":60,"y":678,"width":874,"height":11}},{"id":"8b99379b-aacb-43db-ae0e-a0ffd51a8aba","block_type":"box","text":"and the MSCI World Value Index. The Russell 1000 Value Index includes equity securities of issuers which range in","page_number":10,"box":{"x":61,"y":693,"width":842,"height":11}},{"id":"3ba3eb27-1ba3-494d-9749-0fad3c46dd05","block_type":"box","text":"size between approximately $1.98 billion and $4.647 trillion as of August 31, 2026. The Fund primarily intends to","page_number":10,"box":{"x":61,"y":707,"width":838,"height":12}},{"id":"bf31ced6-23b0-44fc-831e-c0b558fcb682","block_type":"box","text":"invest in equity securities, which include common stock and preferred stock, or other financial instruments that are","page_number":10,"box":{"x":62,"y":722,"width":846,"height":12}},{"id":"4e4a9ad6-a2f4-4b35-9b3a-b4b0c718d240","block_type":"box","text":"components of, or have characteristics similar to, the securities included in the Value Indices. The Russell 1000 Value","page_number":10,"box":{"x":61,"y":737,"width":869,"height":11}},{"id":"ce78c6c7-36c0-4c2f-b292-a91bdde1cbd4","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":10,"box":{"x":62,"y":752,"width":861,"height":12}},{"id":"fa80f6a3-d145-432b-ab42-9168f4fe46fc","block_type":"box","text":"group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From","page_number":10,"box":{"x":60,"y":767,"width":842,"height":11}},{"id":"bd9ff0c6-91e0-4155-980b-ed6def452e2b","block_type":"box","text":"time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The","page_number":10,"box":{"x":60,"y":782,"width":871,"height":11}},{"id":"8577b988-c2f8-412b-9fbf-788db1bad742","block_type":"box","text":"Fund may also purchase convertible securities. The Fund may use derivatives, including options, futures, swaps","page_number":10,"box":{"x":62,"y":797,"width":820,"height":11}},{"id":"e4922855-7780-4008-bafe-56e09de56787","block_type":"box","text":"(including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and","page_number":10,"box":{"x":61,"y":811,"width":842,"height":12}},{"id":"b882e6cc-dec0-4fe1-a22d-5563edf4e31b","block_type":"box","text":"forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets","page_number":10,"box":{"x":60,"y":826,"width":841,"height":12}},{"id":"86dbf5b3-3a38-4b2d-ab70-23823ad5b1c5","block_type":"box","text":"against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In","page_number":10,"box":{"x":61,"y":841,"width":850,"height":12}},{"id":"f0bf2677-27b0-4f87-992a-dd2ebd62b2ae","block_type":"box","text":"order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or","page_number":10,"box":{"x":61,"y":856,"width":869,"height":11}},{"id":"69db97e1-7143-4d93-af8e-4d8160348dac","block_type":"box","text":"options on such contracts. Derivatives are financial instruments whose value is derived from another security, a","page_number":10,"box":{"x":61,"y":871,"width":820,"height":11}},{"id":"7adefdf4-6cab-4a2e-90ca-a3385cc12572","block_type":"box","text":"currency or an index, including but not limited to the Value Indices. The use of options, futures, swaps and forward","page_number":10,"box":{"x":61,"y":885,"width":842,"height":12}},{"id":"e5e386d7-64db-4c0c-bb11-791caece85ad","block_type":"box","text":"contracts can be effective in protecting or enhancing the value of the Fund’s assets.","page_number":10,"box":{"x":61,"y":900,"width":618,"height":12}},{"id":"362558ca-a1a7-44e2-9934-b90c9551f07f","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0530535b-a838-4c15-9ddd-a467df72c09e","block_type":"box","text":"NM1026U-5979863-10/40","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3139c7c4-a233-404a-b0dc-39a3d144f91c","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":46,"width":863,"height":11}},{"id":"237a71cd-9088-421c-9399-297956032006","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds","page_number":11,"box":{"x":60,"y":60,"width":876,"height":12}},{"id":"3626d2d4-3cac-4b81-bf31-b3ef85953d04","block_type":"box","text":"that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":11,"box":{"x":60,"y":76,"width":864,"height":11}},{"id":"a2e32335-a54d-434f-a73e-e42e7e0ccabd","block_type":"box","text":"commodities.","page_number":11,"box":{"x":61,"y":90,"width":97,"height":9}},{"id":"ba6ec5f9-3964-4e64-a021-b031e77f9eec","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":11,"box":{"x":61,"y":113,"width":327,"height":13}},{"id":"386cb512-b5ee-4375-8cc8-d0d26da91ba2","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":11,"box":{"x":62,"y":129,"width":870,"height":12}},{"id":"8086b94b-7bea-4b78-8a7e-3c0231f8d25c","block_type":"box","text":"investments/strategies:","page_number":11,"box":{"x":62,"y":145,"width":173,"height":11}},{"id":"4ab114fb-0b4b-4f0c-8c6d-602d51fa8bec","block_type":"box","text":"Borrowing","page_number":11,"box":{"x":81,"y":164,"width":78,"height":12}},{"id":"92ca85bd-4923-4c73-ba62-20bae223e59c","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":11,"box":{"x":162,"y":164,"width":751,"height":12}},{"id":"dc5f532e-057c-4ae2-9cd6-1409136fbc87","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":11,"box":{"x":82,"y":179,"width":815,"height":11}},{"id":"71fda9f6-8fe2-4dbc-8288-5816b9706321","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":11,"box":{"x":82,"y":194,"width":801,"height":11}},{"id":"f273e96d-0d45-4733-8882-06804f49048d","block_type":"box","text":"Illiquid Investments","page_number":11,"box":{"x":81,"y":214,"width":148,"height":11}},{"id":"89a3ac3e-eac2-4e1e-8a1c-f96687b1a272","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":11,"box":{"x":233,"y":214,"width":677,"height":11}},{"id":"92b6cfab-ce77-4294-8235-9c4ab970829e","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":11,"box":{"x":82,"y":229,"width":811,"height":11}},{"id":"9d712931-6e1a-48d3-aaac-493e03797182","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":11,"box":{"x":82,"y":244,"width":831,"height":11}},{"id":"39ef7db7-af66-4d11-8029-bf10ea4bd868","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":11,"box":{"x":81,"y":258,"width":811,"height":12}},{"id":"76319e14-dd60-4cb9-bffe-0c3630eb4506","block_type":"box","text":"Investment Companies","page_number":11,"box":{"x":81,"y":278,"width":172,"height":12}},{"id":"46d61188-1c73-41b1-92df-223f43979fa7","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":11,"box":{"x":258,"y":279,"width":643,"height":11}},{"id":"cc2d4500-cf8b-413f-8ab2-a5d4d491f16a","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":11,"box":{"x":80,"y":293,"width":848,"height":12}},{"id":"70b4ceee-dcf1-4798-8fab-1499bc13dc01","block_type":"box","text":"Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment companies,","page_number":11,"box":{"x":82,"y":308,"width":790,"height":11}},{"id":"aa715e50-a360-41dc-867a-7faabdfc521e","block_type":"box","text":"including affiliated money market funds and affiliated exchange-traded funds.","page_number":11,"box":{"x":82,"y":323,"width":565,"height":11}},{"id":"54459eb0-9b43-4f1c-9b70-824f3f4242d0","block_type":"box","text":"Money Market Securities","page_number":11,"box":{"x":81,"y":343,"width":190,"height":11}},{"id":"b7a4cf61-fd67-44b2-b392-4005acdec445","block_type":"box","text":"— The Fund may invest in money market securities or commercial paper.","page_number":11,"box":{"x":276,"y":343,"width":534,"height":11}},{"id":"9f69ac01-008d-4a01-aabe-0eafeb195882","block_type":"box","text":"Real Estate Investment Trusts","page_number":11,"box":{"x":81,"y":363,"width":229,"height":9}},{"id":"231f868c-2b05-455e-920a-fbdc79ee3f0e","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”).","page_number":11,"box":{"x":314,"y":363,"width":484,"height":11}},{"id":"165e03a6-1af8-4f59-bc6e-367030814d8c","block_type":"box","text":"Restricted Securities","page_number":11,"box":{"x":81,"y":383,"width":159,"height":9}},{"id":"3f624fb0-ebf8-4fdf-a651-ee47f276b1d2","block_type":"box","text":"—","page_number":11,"box":{"x":245,"y":388,"width":17,"height":1}},{"id":"0f52374c-c391-427e-b938-f3954d51a9a4","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":11,"box":{"x":268,"y":383,"width":602,"height":11}},{"id":"4a722187-f649-4c03-a426-328e0fcfe834","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":11,"box":{"x":82,"y":398,"width":820,"height":11}},{"id":"af5828c0-0618-4894-894b-13377e1d6b04","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":11,"box":{"x":82,"y":412,"width":839,"height":12}},{"id":"6c610ec4-d516-4a4b-aa9e-2b7db587efeb","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":11,"box":{"x":82,"y":427,"width":837,"height":12}},{"id":"c0e703bb-1c3f-4a5a-82c5-92c1663b15d2","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":11,"box":{"x":80,"y":442,"width":736,"height":12}},{"id":"ed8e2650-bcea-4452-8f34-bed12a139df4","block_type":"box","text":"Securities Lending","page_number":11,"box":{"x":81,"y":462,"width":140,"height":11}},{"id":"c875a379-94d5-4fc8-a27a-43540c8ebb30","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":11,"box":{"x":225,"y":462,"width":396,"height":11}},{"id":"6e34aafd-945a-4701-9da1-1603bc13f9f6","block_type":"box","text":"1⁄","page_number":11,"box":{"x":622,"y":462,"width":6,"height":6}},{"id":"6b4f046e-8302-468e-be70-c636a3336c1d","block_type":"box","text":"1⁄3","page_number":11,"box":{"x":626,"y":462,"width":8,"height":9}},{"id":"295839f4-bfe8-4afd-a9b5-4e733baf3b3f","block_type":"box","text":"⁄3","page_number":11,"box":{"x":632,"y":466,"width":6,"height":5}},{"id":"c6947db5-a2d0-4a0c-bc14-ee8bbe6a1f4e","block_type":"box","text":"% of its total assets to financial","page_number":11,"box":{"x":639,"y":462,"width":231,"height":9}},{"id":"71f28411-cd68-46a3-9e93-d6c2ba130daf","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":11,"box":{"x":82,"y":477,"width":748,"height":11}},{"id":"49bcc717-292d-40d1-806f-ea9d84bd5d5d","block_type":"box","text":"Temporary Defensive Strategies","page_number":11,"box":{"x":82,"y":497,"width":238,"height":11}},{"id":"2d1a7f1f-7d62-4f07-ad1f-1265d38459e9","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":11,"box":{"x":325,"y":497,"width":600,"height":11}},{"id":"51e5e319-9395-44d0-8fc2-130d908a3824","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":11,"box":{"x":81,"y":512,"width":802,"height":11}},{"id":"1006bc0a-e23f-4d0f-8597-41ce09f01493","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":11,"box":{"x":82,"y":527,"width":833,"height":11}},{"id":"96d0b3aa-0713-413c-acd9-7ba70f434bb2","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":11,"box":{"x":81,"y":541,"width":796,"height":12}},{"id":"0d3ff1e6-8547-4344-8737-3e1113761928","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":11,"box":{"x":81,"y":556,"width":802,"height":12}},{"id":"74e56e69-fadd-467f-983e-b4af9663cd11","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":11,"box":{"x":82,"y":571,"width":778,"height":12}},{"id":"b7ed8225-52b2-4129-b1c3-f2bc042461bd","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":11,"box":{"x":81,"y":586,"width":781,"height":11}},{"id":"3bbf381e-4603-4424-bba0-e05fc17bd5be","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":11,"box":{"x":83,"y":606,"width":545,"height":11}},{"id":"48673365-2fd3-4e89-a4e9-956a3060d6a1","block_type":"box","text":"— The purchase or sale of securities on","page_number":11,"box":{"x":632,"y":606,"width":295,"height":11}},{"id":"9abf19d6-6cba-48de-982d-97e5adfdfaab","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":11,"box":{"x":81,"y":621,"width":845,"height":11}},{"id":"c031af06-37f0-4c66-9e21-f4405d54ce64","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":11,"box":{"x":81,"y":635,"width":814,"height":12}},{"id":"e961aee3-2597-4906-8ff4-1c1e09e17920","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":11,"box":{"x":81,"y":650,"width":799,"height":12}},{"id":"c94efe5e-a5e2-4b24-8559-e0da4f1df4d5","block_type":"box","text":"entering into the transaction.","page_number":11,"box":{"x":81,"y":665,"width":211,"height":12}},{"id":"7bb4e778-57fb-47f7-b636-fb4b8820f2e8","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":11,"box":{"x":272,"y":722,"width":453,"height":9}},{"id":"a11663d6-275a-4ea4-83f3-790ab5856401","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Travis Cooke, CFA, and Richard Mathieson","page_number":11,"box":{"x":70,"y":744,"width":853,"height":12}},{"id":"481345cc-7ce1-431b-ae16-51191db90cf8","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":11,"box":{"x":71,"y":759,"width":826,"height":12}},{"id":"b640ea18-18f4-4fcd-97f0-e8cbb7d561f5","block_type":"box","text":"Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":11,"box":{"x":72,"y":774,"width":840,"height":12}},{"id":"7fc14922-9d0b-484e-9b75-6c235c07337a","block_type":"box","text":"portfolio management team.","page_number":11,"box":{"x":72,"y":789,"width":207,"height":11}},{"id":"b2d20798-3dbe-4112-ad64-f829361e6a9d","block_type":"box","text":"Investment Risks","page_number":11,"box":{"x":62,"y":841,"width":156,"height":11}},{"id":"05b53728-237e-4646-b497-250a78c69f7c","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":11,"box":{"x":60,"y":867,"width":811,"height":11}},{"id":"b3ded959-ea31-42d6-88a4-a6ea32979efa","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":11,"box":{"x":61,"y":882,"width":866,"height":11}},{"id":"a3f02299-35e0-48c6-9036-3a9f3f07fa42","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":11,"box":{"x":62,"y":896,"width":863,"height":12}},{"id":"990f6c28-89e4-4109-bf95-3a3b0e9a7581","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":11,"box":{"x":61,"y":911,"width":836,"height":12}},{"id":"8a9a1afd-c7b8-48d1-a18c-761f339dbba0","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"473b0f8a-7c50-4560-a55c-41f1f03fa316","block_type":"box","text":"NM1026U-5979863-11/40","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a63a7ae0-a70f-474d-bafb-01a589c1e43b","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":46,"width":856,"height":11}},{"id":"762b3e3e-7e49-481c-9ec5-4655441979d9","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":60,"width":875,"height":12}},{"id":"c9f8bc8c-d331-4211-9cf9-6b7ea924b0b9","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":12,"box":{"x":61,"y":83,"width":322,"height":13}},{"id":"eaf4090f-b5c0-4f1e-8193-ba84b4dcbac0","block_type":"box","text":"Commodities Related Investments Risk","page_number":12,"box":{"x":81,"y":105,"width":298,"height":9}},{"id":"2fb0104b-781f-4a4b-ab48-c43f2eee7e75","block_type":"box","text":"—","page_number":12,"box":{"x":384,"y":110,"width":17,"height":1}},{"id":"1f564204-30cc-4cf9-8425-95d63745dd0b","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":12,"box":{"x":406,"y":105,"width":517,"height":12}},{"id":"8c933544-5bf7-4aa4-81ec-d74d86761fef","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":12,"box":{"x":80,"y":120,"width":824,"height":11}},{"id":"53e4ee33-5ae3-4d9d-9800-84e2054ea31a","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":12,"box":{"x":81,"y":135,"width":849,"height":11}},{"id":"c5b79337-ad44-4d96-80e5-ff91e191d810","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":12,"box":{"x":81,"y":149,"width":804,"height":12}},{"id":"c74a95b1-9fcf-4fd6-8cfe-ebada619e865","block_type":"box","text":"international economic, political and regulatory developments.","page_number":12,"box":{"x":82,"y":165,"width":455,"height":11}},{"id":"1fa44f4a-9f64-4815-83a4-2afd7ee923d8","block_type":"box","text":"Convertible Securities Risk","page_number":12,"box":{"x":81,"y":184,"width":206,"height":9}},{"id":"96ef1505-929c-4e55-8664-e4bb44a3166d","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":12,"box":{"x":291,"y":184,"width":593,"height":12}},{"id":"4440f7bc-cde7-463a-ab84-f42ada12faee","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":12,"box":{"x":81,"y":199,"width":853,"height":11}},{"id":"e0eafcd8-8633-485f-b546-8f9cb794af67","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":12,"box":{"x":81,"y":214,"width":855,"height":11}},{"id":"4d348436-0cb0-4c70-87a2-2b3ccc69a9ef","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":12,"box":{"x":80,"y":229,"width":816,"height":11}},{"id":"40560c08-b747-46ff-b8f4-aba61004affc","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":12,"box":{"x":82,"y":244,"width":796,"height":11}},{"id":"f113a7d3-8227-470e-a949-cf39de48f6cf","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":12,"box":{"x":81,"y":258,"width":812,"height":12}},{"id":"99cf1e27-f78f-47ce-b621-eb67e56a0b6d","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":12,"box":{"x":82,"y":273,"width":809,"height":12}},{"id":"7d3bcb4d-98fe-4417-953c-355e83df048c","block_type":"box","text":"Derivatives Risk","page_number":12,"box":{"x":81,"y":293,"width":123,"height":9}},{"id":"d7a08115-c429-4535-a396-11976e0c6557","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":12,"box":{"x":207,"y":293,"width":664,"height":12}},{"id":"403bbd65-673d-4d7e-b7c5-3eaeb92455da","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":12,"box":{"x":82,"y":308,"width":469,"height":12}},{"id":"2d4b2627-a6db-4ea7-8651-87b7e432388b","block_type":"box","text":"Leverage Risk","page_number":12,"box":{"x":82,"y":331,"width":102,"height":11}},{"id":"372e90a7-ba8a-4428-ae99-dfa50f4b5d0e","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":12,"box":{"x":188,"y":331,"width":723,"height":11}},{"id":"8d0307c2-3ccf-428e-ae3b-c30da06b324c","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":12,"box":{"x":82,"y":345,"width":832,"height":12}},{"id":"cfaaa822-7f6b-418e-a785-19b2cc7e321a","block_type":"box","text":"exceed the amount originally invested.","page_number":12,"box":{"x":81,"y":360,"width":280,"height":12}},{"id":"82e4fd55-bb4b-46c9-a23c-11bd93f27d11","block_type":"box","text":"Market Risk","page_number":12,"box":{"x":82,"y":383,"width":87,"height":9}},{"id":"428c07e7-d958-4af1-9408-3d7b27f54cde","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":12,"box":{"x":173,"y":383,"width":728,"height":11}},{"id":"d6c9273b-1ca2-4a33-8b34-25eb6bbe90ee","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":12,"box":{"x":81,"y":398,"width":834,"height":11}},{"id":"94343ed4-5e56-4ae0-90c2-b100826f346d","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":12,"box":{"x":82,"y":413,"width":832,"height":11}},{"id":"bfd542e8-89e7-443f-a78a-0e1dafd26951","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":12,"box":{"x":80,"y":427,"width":779,"height":11}},{"id":"feb9448b-77bb-48e0-8c07-aca6aec73edb","block_type":"box","text":"derivatives positions to lose value.","page_number":12,"box":{"x":81,"y":442,"width":253,"height":11}},{"id":"375854be-13e1-40f4-a65c-9f70417426fe","block_type":"box","text":"Counterpar ty Risk","page_number":12,"box":{"x":82,"y":465,"width":131,"height":11}},{"id":"b04144f9-1d17-4383-9939-8d1e4f5d91e7","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":12,"box":{"x":217,"y":465,"width":697,"height":11}},{"id":"0c719fb3-01e3-4b7a-ae09-430fa57e4360","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":12,"box":{"x":80,"y":479,"width":855,"height":12}},{"id":"1db8d17b-6ecb-4d13-88bb-517544825db2","block_type":"box","text":"exposure to such a counterparty.","page_number":12,"box":{"x":81,"y":495,"width":240,"height":11}},{"id":"2e531529-9ea3-4db7-9cd4-028b00df9234","block_type":"box","text":"Illiquidity Risk —","page_number":12,"box":{"x":82,"y":517,"width":122,"height":11}},{"id":"629df2f7-fbbc-4db8-a4eb-05a035177da4","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":12,"box":{"x":208,"y":517,"width":728,"height":11}},{"id":"60169cf0-6e0e-4d60-ace6-3e960b92bced","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":12,"box":{"x":80,"y":532,"width":839,"height":11}},{"id":"99a6cb02-1477-4372-b2a0-ba8ba5506880","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":12,"box":{"x":81,"y":546,"width":293,"height":12}},{"id":"5134e2ae-ddef-4bf9-839e-302aad9edda8","block_type":"box","text":"Operational Risk","page_number":12,"box":{"x":82,"y":569,"width":120,"height":11}},{"id":"b62c7dc4-cf31-494e-ad42-a1e11ae493ac","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":12,"box":{"x":206,"y":569,"width":727,"height":12}},{"id":"5cd64b62-2c06-40e2-b3fe-0da193b01a40","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":12,"box":{"x":82,"y":584,"width":607,"height":11}},{"id":"499ac44d-729d-4fb5-a404-e31980d0b004","block_type":"box","text":"Legal Risk","page_number":12,"box":{"x":82,"y":607,"width":75,"height":11}},{"id":"ff943dbb-b5cb-4dc6-8edb-c0a6c0297334","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":12,"box":{"x":161,"y":606,"width":761,"height":12}},{"id":"7ae3dcbe-4636-4dae-bd18-ff606bde3c06","block_type":"box","text":"enforceability of a contract.","page_number":12,"box":{"x":81,"y":621,"width":198,"height":12}},{"id":"55f6690b-68d7-4e86-a783-8a77dd070fa2","block_type":"box","text":"Volatility and Correlation Risk","page_number":12,"box":{"x":83,"y":644,"width":214,"height":11}},{"id":"bcbcd41f-0ae0-4afe-afef-5109efcf33de","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":12,"box":{"x":300,"y":644,"width":590,"height":11}},{"id":"564802af-5bf7-4959-bd1b-cf17997b318b","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":12,"box":{"x":80,"y":659,"width":855,"height":11}},{"id":"89adea22-3e24-4b15-93d0-5fc833805692","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":12,"box":{"x":80,"y":673,"width":820,"height":12}},{"id":"5c92435b-3aa4-42b4-afd7-b08448398234","block_type":"box","text":"correlate with the overall securities markets.","page_number":12,"box":{"x":81,"y":689,"width":326,"height":9}},{"id":"926c2d38-6d8d-4d2b-9b7b-7a0240d39b68","block_type":"box","text":"Valuation Risk","page_number":12,"box":{"x":83,"y":711,"width":102,"height":9}},{"id":"cd5a095f-e15f-45cd-ade1-2211bc22c1f8","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":12,"box":{"x":189,"y":711,"width":747,"height":11}},{"id":"e3b97c1a-bde5-4357-a2f0-9c9292dd0256","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":12,"box":{"x":82,"y":726,"width":783,"height":11}},{"id":"c0c32a8c-a04e-4091-a7a8-e24b1dfdeac4","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":12,"box":{"x":82,"y":740,"width":837,"height":12}},{"id":"42710334-b20e-4d8d-a326-5701e9842eb6","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":12,"box":{"x":81,"y":755,"width":826,"height":12}},{"id":"2a3cb27e-165b-4142-9e52-71c64190e76f","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":12,"box":{"x":80,"y":770,"width":405,"height":12}},{"id":"ed7c0500-fd8e-4885-9aff-231dbced6b9e","block_type":"box","text":"Hedging Risk","page_number":12,"box":{"x":82,"y":793,"width":95,"height":11}},{"id":"790a6c29-4163-4333-94e3-089d5e23829c","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":12,"box":{"x":181,"y":793,"width":752,"height":11}},{"id":"a87f6c33-927c-4691-a12a-042717918528","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":12,"box":{"x":80,"y":808,"width":820,"height":11}},{"id":"c81f8117-b722-4e56-b364-69b232473115","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":12,"box":{"x":82,"y":823,"width":823,"height":11}},{"id":"57e7ca57-d549-4f51-96df-a31f85b1459f","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":12,"box":{"x":82,"y":837,"width":813,"height":12}},{"id":"d788fde7-9783-47a5-b237-9b93e737f0e1","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":12,"box":{"x":82,"y":852,"width":832,"height":12}},{"id":"d288ac76-fc43-4eb1-8b52-f16f303499db","block_type":"box","text":"noted below.","page_number":12,"box":{"x":82,"y":867,"width":90,"height":9}},{"id":"2d691024-a904-45c1-80a4-37317b9a7456","block_type":"box","text":"Tax Risk","page_number":12,"box":{"x":83,"y":890,"width":59,"height":9}},{"id":"929e9474-af82-4307-bbbc-8e70993732d9","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":12,"box":{"x":145,"y":889,"width":766,"height":12}},{"id":"4d611ff7-6299-423a-ae35-68384c85e2b3","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":12,"box":{"x":82,"y":904,"width":826,"height":12}},{"id":"120001ad-a5f3-4238-9402-75c28ea1ed71","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"817fbd56-f6d8-448c-9d21-8ea6d77053ee","block_type":"box","text":"NM1026U-5979863-12/40","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cce86263-4882-412f-8406-c75e2dc1b9df","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":46,"width":846,"height":11}},{"id":"6062059e-5afb-4a1a-9374-2570bc4d4646","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":60,"width":817,"height":12}},{"id":"1696b609-1074-4196-9128-2b71edcbdb9a","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":75,"width":835,"height":12}},{"id":"effaf9e3-3323-4050-9f9d-cf420971654b","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":13,"box":{"x":81,"y":90,"width":840,"height":12}},{"id":"e95a1e99-2165-4bfe-84d6-e3a6d1993b81","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":13,"box":{"x":81,"y":105,"width":750,"height":12}},{"id":"0404ec78-3b84-415a-b570-c71c90470303","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":13,"box":{"x":81,"y":120,"width":611,"height":11}},{"id":"0194c5c6-fc3e-498f-b525-90b85c824770","block_type":"box","text":"Regulatory Risk","page_number":13,"box":{"x":82,"y":143,"width":115,"height":11}},{"id":"a6eaa4a4-d9ab-4e1a-a879-c2b9055aabf2","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":13,"box":{"x":201,"y":142,"width":688,"height":12}},{"id":"07275b3d-f050-40ee-a5ef-b19ab1a57a47","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":13,"box":{"x":81,"y":157,"width":851,"height":12}},{"id":"01011991-1af1-4565-941f-a68bd75082ad","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":13,"box":{"x":81,"y":172,"width":811,"height":11}},{"id":"1fb0fb17-d3f7-4553-a3e4-e8a6592d5a3f","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":13,"box":{"x":82,"y":187,"width":850,"height":11}},{"id":"c0acdd22-a1bb-442c-a968-4aecf9dd9e21","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":13,"box":{"x":81,"y":202,"width":850,"height":11}},{"id":"d03f894d-78f6-4636-a811-e0456fe1481b","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":13,"box":{"x":81,"y":216,"width":838,"height":12}},{"id":"81b8a064-7f20-46d6-815a-0d84cea1939c","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":13,"box":{"x":81,"y":232,"width":807,"height":11}},{"id":"0adc1f5f-bee8-4b2b-bf31-a36fbd094929","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":13,"box":{"x":81,"y":246,"width":787,"height":12}},{"id":"0b24e3e4-2e20-4b58-8894-8ed20507b989","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":13,"box":{"x":82,"y":261,"width":837,"height":11}},{"id":"7b2b8683-c726-44aa-a0ed-f3ad04bab136","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":13,"box":{"x":80,"y":276,"width":804,"height":11}},{"id":"80d53d6f-355b-468b-a039-a9bcb3b7c135","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":13,"box":{"x":81,"y":291,"width":781,"height":11}},{"id":"ef636354-f4fb-43e9-93be-93a363a8675a","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":13,"box":{"x":82,"y":305,"width":773,"height":12}},{"id":"9b86bc7d-6f08-4726-a736-6a7723019c47","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":13,"box":{"x":82,"y":320,"width":836,"height":12}},{"id":"17448a8b-f3cb-416f-9ddb-519f8a3aedba","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":13,"box":{"x":82,"y":335,"width":814,"height":12}},{"id":"78ad80f1-8126-405b-aa97-548adcaf523e","block_type":"box","text":"investors in the Fund.","page_number":13,"box":{"x":82,"y":350,"width":156,"height":9}},{"id":"b7c39fcd-7c36-46d5-b996-5438a9aa9841","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":13,"box":{"x":82,"y":373,"width":823,"height":11}},{"id":"675e9ffe-6a4e-4991-8cd8-b765c9549af0","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":13,"box":{"x":82,"y":387,"width":827,"height":12}},{"id":"b6fc6b8c-7a6c-4ba3-b1bb-a6e880222123","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":13,"box":{"x":80,"y":402,"width":849,"height":12}},{"id":"56a99c8c-49b6-4c00-9a8a-53425c2ea231","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":13,"box":{"x":81,"y":417,"width":846,"height":11}},{"id":"58150c43-1e62-47f7-84fa-4e457ff82aaa","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":432,"width":509,"height":11}},{"id":"bd52b275-e1b3-4605-8b07-bdd1ab7b438c","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":13,"box":{"x":82,"y":454,"width":399,"height":12}},{"id":"97ad705d-98d6-43b5-bd7c-a88d45741047","block_type":"box","text":"Swaps","page_number":13,"box":{"x":102,"y":474,"width":47,"height":12}},{"id":"8d2448dc-17e7-40b5-8a92-c43bbb187b10","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":13,"box":{"x":154,"y":474,"width":775,"height":12}},{"id":"9c3b00ac-859b-466d-a8fe-cc64d5994842","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":13,"box":{"x":101,"y":489,"width":829,"height":12}},{"id":"41254922-7599-4316-ad6e-a97eac90b193","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":13,"box":{"x":101,"y":504,"width":807,"height":12}},{"id":"f71bb42b-135c-4cc9-bb58-0788814844b5","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":13,"box":{"x":102,"y":519,"width":811,"height":11}},{"id":"27063b67-1539-435d-b39b-fe8f82dc3113","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":13,"box":{"x":101,"y":534,"width":820,"height":11}},{"id":"835c8847-0b17-458e-8250-be8fa39a93aa","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":13,"box":{"x":102,"y":548,"width":791,"height":12}},{"id":"653f71cd-90dd-491b-a870-6736259bd238","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":13,"box":{"x":101,"y":563,"width":789,"height":12}},{"id":"8eba4788-dc3b-4714-b234-a00c4e10ed20","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":13,"box":{"x":101,"y":578,"width":796,"height":12}},{"id":"45c5db2b-be58-4bda-8d0e-c8d7cce4585d","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":13,"box":{"x":102,"y":598,"width":335,"height":12}},{"id":"3c05c671-7ec7-4792-9b1c-f63f22221b3c","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":13,"box":{"x":442,"y":598,"width":437,"height":12}},{"id":"6016e1bd-126c-4cfc-963f-00203fe97402","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":13,"box":{"x":101,"y":613,"width":820,"height":11}},{"id":"f508eb23-d0cd-407e-90d9-43779aae731a","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":13,"box":{"x":101,"y":628,"width":801,"height":11}},{"id":"cc7dd6f4-ecee-4861-9453-7be98131c2d7","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":13,"box":{"x":101,"y":642,"width":824,"height":12}},{"id":"b0427566-c101-4a39-8c20-7ef57d4b66a9","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":13,"box":{"x":101,"y":657,"width":831,"height":12}},{"id":"c95f987f-02a7-4a5b-8725-e109b5de7ee4","block_type":"box","text":"Futures","page_number":13,"box":{"x":102,"y":678,"width":54,"height":9}},{"id":"e94f6b81-67d0-4e4f-be12-2382415f42f9","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":13,"box":{"x":161,"y":678,"width":765,"height":11}},{"id":"fb9d43f2-e61c-4233-813e-4a620e6d5a80","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":13,"box":{"x":101,"y":692,"width":786,"height":12}},{"id":"f6421645-576f-43d0-b522-378a73f59905","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":13,"box":{"x":102,"y":707,"width":769,"height":11}},{"id":"ed904494-c5b0-4521-b97d-943ee0a06d97","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":13,"box":{"x":102,"y":722,"width":822,"height":11}},{"id":"c1152c75-12bd-444a-8fb5-68581f5333ac","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":13,"box":{"x":101,"y":737,"width":832,"height":11}},{"id":"68cf5a3c-04c7-4c86-874e-a4bbdc37b182","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":13,"box":{"x":101,"y":751,"width":806,"height":12}},{"id":"17fc1893-f60d-479b-be4c-36906e3b7d03","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":13,"box":{"x":102,"y":766,"width":793,"height":12}},{"id":"b24ca247-0b70-44f9-88ba-cc051fe2d05d","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":13,"box":{"x":102,"y":781,"width":787,"height":12}},{"id":"2fb51453-ff85-4b38-9d2a-d2a6ed2a0e66","block_type":"box","text":"default in the performance of its obligations.","page_number":13,"box":{"x":101,"y":796,"width":327,"height":11}},{"id":"2e6b237b-2522-426e-9373-c97bca435397","block_type":"box","text":"Options","page_number":13,"box":{"x":102,"y":816,"width":55,"height":11}},{"id":"d27cb36e-a2f2-46a5-bf10-338235ba282b","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":13,"box":{"x":162,"y":816,"width":772,"height":11}},{"id":"45c2f2fe-0679-4a15-8309-70ecc9cdd652","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":13,"box":{"x":101,"y":831,"width":812,"height":11}},{"id":"326fdb5f-26c8-4ec8-8ec0-832de857c89d","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":13,"box":{"x":101,"y":846,"width":827,"height":11}},{"id":"fe441de4-b37e-4e3d-9748-d71d181819d3","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":13,"box":{"x":101,"y":860,"width":781,"height":12}},{"id":"4b4bef82-e241-463b-9932-9004aa0a649f","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":13,"box":{"x":102,"y":875,"width":785,"height":12}},{"id":"6de056c8-f7a4-4e99-ba7e-ebf8f7f26e9c","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":13,"box":{"x":101,"y":890,"width":831,"height":11}},{"id":"5b300f57-8fc1-4912-9853-0ffc3c1aeaa3","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":13,"box":{"x":101,"y":905,"width":814,"height":11}},{"id":"b1a21f0e-9b3d-4d94-b97e-d84ac2fe9b49","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"90a74f0f-5f0d-472a-b908-30c2879e5d17","block_type":"box","text":"NM1026U-5979863-13/40","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e5cec426-4ef5-4058-a6e7-a0876910f3a2","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":46,"width":826,"height":11}},{"id":"66716d81-10e1-4dff-b269-58c1852726c4","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":61,"width":822,"height":11}},{"id":"d191f689-9817-47c2-a44b-8f891ca78987","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":14,"box":{"x":101,"y":75,"width":816,"height":12}},{"id":"df974529-413f-47ee-bdad-22422099874b","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":14,"box":{"x":101,"y":90,"width":442,"height":11}},{"id":"b9fb04b6-bd9b-4d15-97d1-7a5a14e82a1d","block_type":"box","text":"Commodity-Linked Derivatives","page_number":14,"box":{"x":102,"y":110,"width":218,"height":12}},{"id":"8c1ef09f-c5fe-43e1-966e-2888c687c555","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":14,"box":{"x":325,"y":110,"width":588,"height":12}},{"id":"162d5d33-0747-4859-874f-ea757fff1370","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":14,"box":{"x":101,"y":125,"width":809,"height":11}},{"id":"bdfb27ef-5f8f-430d-8359-a7e2f72ce95b","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":14,"box":{"x":102,"y":140,"width":833,"height":11}},{"id":"2b862df6-9b84-48db-b336-51938cdb43b5","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":14,"box":{"x":102,"y":155,"width":781,"height":11}},{"id":"d616f3f1-4dd1-404c-bf20-083bbfea2657","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":14,"box":{"x":101,"y":169,"width":768,"height":12}},{"id":"948d1f58-67ed-4eac-8554-83c78052ad4d","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":14,"box":{"x":101,"y":184,"width":813,"height":12}},{"id":"1635e8cc-f860-49f2-b52a-6c8ec6b65144","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":14,"box":{"x":102,"y":199,"width":744,"height":12}},{"id":"c61cfce2-e810-4c02-8d49-983500b345d2","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":14,"box":{"x":102,"y":214,"width":772,"height":11}},{"id":"6101d850-d4cf-456e-a18a-b7bcf6593cdb","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":14,"box":{"x":102,"y":229,"width":815,"height":11}},{"id":"992d7671-5d6f-4f2e-870f-158ce2582ce7","block_type":"box","text":"can be no assurance that one will develop.","page_number":14,"box":{"x":101,"y":244,"width":313,"height":11}},{"id":"51b38abc-9afd-490f-a564-35379b1d1c88","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":14,"box":{"x":101,"y":267,"width":785,"height":12}},{"id":"28e1c100-19bb-4147-9003-5b103244c109","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":14,"box":{"x":101,"y":282,"width":789,"height":12}},{"id":"7f2d4864-2a55-4946-85c5-ef3f06fe5717","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":14,"box":{"x":101,"y":297,"width":784,"height":12}},{"id":"54470083-e27f-41d5-98c4-12f29eed9f3e","block_type":"box","text":"interest payments.","page_number":14,"box":{"x":102,"y":312,"width":135,"height":11}},{"id":"0d81b924-84f1-4fcb-b09e-2e02ca8716fe","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":14,"box":{"x":102,"y":336,"width":781,"height":11}},{"id":"11a230d0-5d64-41f8-9718-71a5020d6027","block_type":"box","text":"attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to","page_number":14,"box":{"x":101,"y":351,"width":835,"height":11}},{"id":"8b1ca692-e376-4d6a-b4b3-4d1be4161ab7","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":14,"box":{"x":101,"y":365,"width":833,"height":12}},{"id":"91ef7b6f-ec87-4d66-a8d0-b00e754eafe8","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest","page_number":14,"box":{"x":101,"y":380,"width":820,"height":12}},{"id":"35aca988-29d3-46fc-95c5-f793a2dd729d","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":14,"box":{"x":102,"y":395,"width":783,"height":11}},{"id":"a06f0d83-f368-4ae4-92d5-a07786539606","block_type":"box","text":"increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to","page_number":14,"box":{"x":102,"y":410,"width":830,"height":11}},{"id":"28e8bd45-2e84-4274-8aa3-b2928a826277","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":14,"box":{"x":102,"y":425,"width":373,"height":11}},{"id":"0595cbbb-3aff-40b7-a3b9-059f785a5a9a","block_type":"box","text":"Equity Securities Risk","page_number":14,"box":{"x":81,"y":445,"width":166,"height":11}},{"id":"8bf14de4-d5b4-461b-9991-a0b18ee36fc3","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":14,"box":{"x":251,"y":445,"width":666,"height":11}},{"id":"c3d3e0ea-7244-4507-954b-33488e0b1ca8","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":14,"box":{"x":81,"y":459,"width":850,"height":12}},{"id":"5be6346d-681d-4033-8048-7c3f4f41758d","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":14,"box":{"x":82,"y":474,"width":802,"height":12}},{"id":"fc14c9a7-0c10-4b44-bce5-9e9fba03a0c3","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":14,"box":{"x":81,"y":489,"width":854,"height":12}},{"id":"cd9a4e22-e294-4e62-9da4-2da47d2b034d","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":14,"box":{"x":81,"y":504,"width":848,"height":11}},{"id":"1b783393-e294-44de-a87d-8a3988d581cf","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":14,"box":{"x":81,"y":519,"width":824,"height":11}},{"id":"06d1a39a-7ebe-4bed-9f41-557a7ecdf168","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":14,"box":{"x":81,"y":534,"width":782,"height":11}},{"id":"a3172a9f-6bf4-4fb5-bc8c-348bdd2c70df","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":14,"box":{"x":82,"y":548,"width":849,"height":12}},{"id":"cae5e6c5-d97b-4adb-83dd-6ebe0917203d","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":14,"box":{"x":82,"y":563,"width":482,"height":12}},{"id":"996aa08f-3814-440a-a508-b9d650f03382","block_type":"box","text":"Financial Services Industry Risk","page_number":14,"box":{"x":81,"y":583,"width":242,"height":12}},{"id":"25161614-263e-48e9-9216-50e038af4d32","block_type":"box","text":"— Because of its investments in the financial services industry, the Fund will be","page_number":14,"box":{"x":327,"y":583,"width":591,"height":12}},{"id":"7a983af5-ab98-410d-b10e-61e4746b52dd","block_type":"box","text":"more susceptible to any economic, business, political or other developments which generally affect this industry","page_number":14,"box":{"x":82,"y":598,"width":825,"height":12}},{"id":"22a4688c-1957-4ce9-b044-d737301367b9","block_type":"box","text":"sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as","page_number":14,"box":{"x":81,"y":613,"width":824,"height":11}},{"id":"a348722b-c0b5-41ac-a4b6-227936966d2c","block_type":"box","text":"government regulation, the availability and cost of capital funds (including the availability and stability of deposits in","page_number":14,"box":{"x":81,"y":628,"width":849,"height":11}},{"id":"3455f266-8835-4f34-b806-bf60103d3c57","block_type":"box","text":"the case of deposit-taking institutions), consolidation and general economic conditions. Financial services","page_number":14,"box":{"x":80,"y":642,"width":779,"height":12}},{"id":"8af7d0d3-7575-4a2a-aa24-97ce4ec05f10","block_type":"box","text":"companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or","page_number":14,"box":{"x":81,"y":657,"width":843,"height":12}},{"id":"a53d7155-d853-4ba3-9e12-6b3b723ee821","block_type":"box","text":"cannot repay their obligations.","page_number":14,"box":{"x":81,"y":672,"width":221,"height":12}},{"id":"3f163e3e-a572-4729-b57c-1673a02b4ce2","block_type":"box","text":"When interest rates go up, the value of securities issued by many types of financial services companies generally","page_number":14,"box":{"x":81,"y":692,"width":834,"height":12}},{"id":"8c17f63f-af71-4104-86eb-a7624c3ad9d8","block_type":"box","text":"goes down. In many countries, financial services and the companies that provide them are regulated by","page_number":14,"box":{"x":81,"y":707,"width":761,"height":12}},{"id":"b97e6524-addf-4b48-acc4-4bc8ab9320cb","block_type":"box","text":"governmental entities, which can increase costs for new services or products and make it difficult to pass","page_number":14,"box":{"x":81,"y":722,"width":780,"height":11}},{"id":"3c52eb92-f8fa-4972-ad2b-74cdb048f35d","block_type":"box","text":"increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in","page_number":14,"box":{"x":82,"y":737,"width":823,"height":11}},{"id":"80356ee3-9528-4229-a017-5ee132366052","block_type":"box","text":"increased competition and reduced profitability for certain companies.","page_number":14,"box":{"x":82,"y":751,"width":513,"height":12}},{"id":"91ad59d6-0feb-4c11-a4c3-66e3485074bb","block_type":"box","text":"The profitability of many types of financial services companies may be adversely affected in certain market cycles,","page_number":14,"box":{"x":81,"y":771,"width":840,"height":12}},{"id":"8f069ff9-4a24-406a-95e6-310931302f8f","block_type":"box","text":"including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and","page_number":14,"box":{"x":82,"y":786,"width":817,"height":12}},{"id":"10074d28-747d-4354-ad5b-219ba6f7968f","block_type":"box","text":"declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because","page_number":14,"box":{"x":81,"y":801,"width":825,"height":12}},{"id":"07cc7bd7-c914-48cf-92fd-f793afe63ba9","block_type":"box","text":"many types of financial services companies are vulnerable to these economic cycles, the Fund’s investments may","page_number":14,"box":{"x":82,"y":816,"width":837,"height":11}},{"id":"7016065c-11d1-46b1-93cc-6de4f315ccc3","block_type":"box","text":"lose value during such periods.","page_number":14,"box":{"x":82,"y":831,"width":226,"height":11}},{"id":"166907bd-9439-45df-8f0b-90f22d21df41","block_type":"box","text":"High Portfolio Turnover Risk","page_number":14,"box":{"x":81,"y":851,"width":212,"height":11}},{"id":"7f8e15be-5986-4718-a609-08d877d78af3","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":14,"box":{"x":297,"y":851,"width":629,"height":11}},{"id":"1c46d76c-d6f4-448b-98fe-bcb59484c6fd","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":14,"box":{"x":82,"y":866,"width":812,"height":11}},{"id":"1a696948-3b40-4f03-ab3b-b6dc9a1d13a0","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":14,"box":{"x":81,"y":880,"width":817,"height":12}},{"id":"9ddbc26e-2472-4920-ad0c-0c4566d43f26","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":14,"box":{"x":81,"y":895,"width":760,"height":12}},{"id":"215f4ac8-a497-4cc9-bad7-0e50301857dc","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9474471a-225a-4f2c-9c17-cb2d3eb27ddf","block_type":"box","text":"NM1026U-5979863-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5cd75cba-01a8-490e-9e30-ddb7cc6ce64c","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":46,"width":852,"height":11}},{"id":"51c50fdb-e76e-41bb-a8f3-9eec36ee0767","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":15,"box":{"x":81,"y":60,"width":589,"height":12}},{"id":"a21ae764-6b4c-4759-8ea7-25bc1f22e7b2","block_type":"box","text":"Investment Style Risk","page_number":15,"box":{"x":81,"y":81,"width":166,"height":11}},{"id":"fcf309e6-9a65-4e0b-8547-e31653c34098","block_type":"box","text":"— Under certain market conditions, value investments have performed better during periods","page_number":15,"box":{"x":251,"y":80,"width":681,"height":12}},{"id":"697f3295-228c-421d-8026-94e931e77583","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":15,"box":{"x":81,"y":95,"width":809,"height":12}},{"id":"0385f668-b34d-4b93-a4d6-7f5fde4ba172","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":15,"box":{"x":82,"y":110,"width":841,"height":12}},{"id":"56257c80-65d0-4501-94e6-1ba61d1681e4","block_type":"box","text":"investment styles.","page_number":15,"box":{"x":82,"y":125,"width":131,"height":11}},{"id":"c82cf32c-66ad-4b40-a235-2b80465492c9","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":15,"box":{"x":81,"y":145,"width":276,"height":11}},{"id":"f00184cc-788e-4a97-81df-92d20f90b5b5","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":15,"box":{"x":361,"y":145,"width":573,"height":11}},{"id":"685d065a-3e03-4672-8c1c-0ee9ac5655a7","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":15,"box":{"x":81,"y":160,"width":848,"height":11}},{"id":"e2cbfb83-01a9-4119-842e-c31b9f7fd05e","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":15,"box":{"x":81,"y":175,"width":839,"height":11}},{"id":"092f1a11-d55b-4944-b531-f1e0ecd7a930","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":15,"box":{"x":82,"y":189,"width":851,"height":12}},{"id":"13952c40-bbec-47f7-9455-9e91d343bfdf","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":81,"y":209,"width":107,"height":12}},{"id":"363f24f3-1aba-401d-9146-75e25a1f66c9","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":209,"width":741,"height":12}},{"id":"3271f0db-2aac-4de4-b173-37d2bc24144f","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":224,"width":787,"height":12}},{"id":"6390a3a4-a387-48a4-970d-8602d339b6f4","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":239,"width":831,"height":12}},{"id":"a2596836-b0cf-4722-ad5f-b320cc446848","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":254,"width":853,"height":11}},{"id":"fe98d305-c8c7-4bc3-aa97-1cf643d8407e","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":269,"width":808,"height":11}},{"id":"a35b64f9-eb35-4292-a89d-0bf2d17d6a48","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":283,"width":837,"height":12}},{"id":"909e8879-6d11-4f70-9e54-d304106d05dd","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":298,"width":807,"height":12}},{"id":"acc830e6-9e60-480f-a50e-9bf05e3d2aba","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":313,"width":840,"height":12}},{"id":"ee7a1e31-aae3-4d2a-a752-9942f75effcf","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":328,"width":558,"height":12}},{"id":"a6dc1ec8-590a-428c-b54d-8debf7db3bf5","block_type":"box","text":"Market Risk and Selection Risk","page_number":15,"box":{"x":81,"y":348,"width":240,"height":9}},{"id":"6e8b7e46-3ef2-4f0a-9bfc-5bf0ea0407bc","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":348,"width":593,"height":9}},{"id":"fc3e30c4-6607-4cf6-bb24-1ac059750ce5","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":363,"width":851,"height":11}},{"id":"6c8c4386-c6cd-4186-a2a3-aab231494ccc","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value (“NAV”) in response to short-term","page_number":15,"box":{"x":82,"y":378,"width":826,"height":11}},{"id":"9e482a16-6b22-4d6f-ab87-3fe335fd8998","block_type":"box","text":"market movements and over longer periods during market downturns. Securities or other investments held by the","page_number":15,"box":{"x":82,"y":393,"width":831,"height":11}},{"id":"06df8e49-cdad-484a-afca-5b8325c3368b","block_type":"box","text":"Fund may underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds","page_number":15,"box":{"x":82,"y":407,"width":843,"height":12}},{"id":"b683b64a-0362-40a2-b2a4-7423c9ee7ae5","block_type":"box","text":"with similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The","page_number":15,"box":{"x":80,"y":422,"width":820,"height":12}},{"id":"a08fc30f-3900-4830-966d-3f2694a7e795","block_type":"box","text":"value of a security or other asset may decline due to changes in general market conditions, economic trends or","page_number":15,"box":{"x":80,"y":437,"width":819,"height":11}},{"id":"cd831d37-47ef-4b38-9d5f-2a711c763619","block_type":"box","text":"events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular","page_number":15,"box":{"x":81,"y":452,"width":849,"height":11}},{"id":"ffccca4f-e18d-43ec-a16e-e8479e83233c","block_type":"box","text":"issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or","page_number":15,"box":{"x":82,"y":467,"width":816,"height":11}},{"id":"1844a279-95d4-4820-aabf-f1b43e34e8e6","block_type":"box","text":"asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation","page_number":15,"box":{"x":81,"y":481,"width":836,"height":12}},{"id":"8f92ccb6-fc76-416a-a839-fb39d45dc93e","block_type":"box","text":"rates, economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic","page_number":15,"box":{"x":82,"y":496,"width":789,"height":12}},{"id":"edc1f2ae-cb9e-4d2c-94a4-f1be822c02b0","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural","page_number":15,"box":{"x":81,"y":511,"width":833,"height":12}},{"id":"fffaa6e5-eee7-49fd-84e3-5382e8f79f86","block_type":"box","text":"and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other","page_number":15,"box":{"x":81,"y":526,"width":819,"height":11}},{"id":"7ec50243-7cba-486d-9693-f5314f5853f0","block_type":"box","text":"events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative","page_number":15,"box":{"x":81,"y":541,"width":849,"height":11}},{"id":"04bb071c-58a2-4ae1-a3f7-67317cf2ba64","block_type":"box","text":"analysis and is subject to “Model Risk” as described below.","page_number":15,"box":{"x":81,"y":556,"width":438,"height":11}},{"id":"f9e30aeb-62e4-4544-8267-228106c7ebc9","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":576,"width":818,"height":11}},{"id":"be9fc3e8-33ac-4a18-8fe8-1f45bf16ca94","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":591,"width":819,"height":11}},{"id":"28fda71d-8382-49e5-b14a-758c5ee46165","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":605,"width":819,"height":12}},{"id":"c7c568fa-341a-4a5b-8115-0d8c7be1795a","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":620,"width":846,"height":12}},{"id":"7463e2e1-79ec-44f4-8879-56b1f0968503","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":635,"width":848,"height":11}},{"id":"242f7051-cadf-4ba5-9ef7-6d18379e933f","block_type":"box","text":"the Fund invests.","page_number":15,"box":{"x":80,"y":650,"width":125,"height":9}},{"id":"6346bbad-bcbc-4804-a1c8-7b79d05ab9db","block_type":"box","text":"Model Risk","page_number":15,"box":{"x":81,"y":670,"width":85,"height":9}},{"id":"d8b013b5-deae-43e0-bcc2-068a38b21e77","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":670,"width":722,"height":11}},{"id":"e925eee1-a1a8-47b2-906e-ed7c6b513203","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":684,"width":840,"height":12}},{"id":"c642ad0c-cfd8-43d1-85a7-82af9f225789","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":699,"width":854,"height":12}},{"id":"413fc510-a2e1-4b13-80a7-f74cb84c433f","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":714,"width":845,"height":12}},{"id":"d8596133-b07a-4c0a-80a4-cbd887a7c6f2","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":729,"width":852,"height":11}},{"id":"76864fc8-bbb2-4eb6-8401-b7bba56706cd","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":15,"box":{"x":82,"y":744,"width":840,"height":11}},{"id":"59186aa6-5403-4e96-b148-b1a4b0f0b9ef","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":15,"box":{"x":81,"y":759,"width":779,"height":11}},{"id":"3c42f324-003e-4bcf-937e-5b02320f51c8","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":15,"box":{"x":82,"y":773,"width":838,"height":12}},{"id":"bccea315-6afe-4553-8f19-7852ad48f866","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":15,"box":{"x":82,"y":788,"width":338,"height":9}},{"id":"0f078a35-28aa-44f5-a15f-f9e61e615564","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":15,"box":{"x":81,"y":808,"width":789,"height":12}},{"id":"1120cb16-7490-4a09-af02-9caafd6f878e","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":15,"box":{"x":82,"y":823,"width":800,"height":12}},{"id":"4a86d98a-1a2c-44d4-a336-55352c3e9383","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":15,"box":{"x":82,"y":838,"width":824,"height":11}},{"id":"1d502a02-892d-41fa-a570-c618a4365eb8","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":15,"box":{"x":81,"y":853,"width":814,"height":11}},{"id":"6e1a2561-b51b-4371-a9dd-c7db34fd2666","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":15,"box":{"x":82,"y":868,"width":774,"height":11}},{"id":"f57fe073-87f3-4e0a-81e0-06e37333bd77","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":15,"box":{"x":82,"y":882,"width":808,"height":12}},{"id":"e343dcfe-294e-4fff-9e38-56cefa323f97","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"eb9236e5-4a6e-4574-8b24-48cbb3844aa7","block_type":"box","text":"NM1026U-5979863-15/40","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2504f7b9-c247-4c3a-a6aa-38a1736ea022","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":46,"width":840,"height":11}},{"id":"ac67e1c1-1bd6-4131-bf5f-18bd002d04eb","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":60,"width":834,"height":12}},{"id":"4fd6fb08-6deb-4243-a4a5-293d8ffb2fd7","block_type":"box","text":"data.","page_number":16,"box":{"x":81,"y":76,"width":36,"height":9}},{"id":"b736d286-22ef-42d6-8ff6-40a808533ed4","block_type":"box","text":"“New Issues” Risk","page_number":16,"box":{"x":83,"y":95,"width":139,"height":9}},{"id":"33220d29-efad-463a-ade2-a4855d75dd45","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":16,"box":{"x":226,"y":95,"width":673,"height":12}},{"id":"4116fa9f-8ce0-40f4-993a-7a964496ac16","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":110,"width":833,"height":12}},{"id":"ff15a5b2-051f-4211-b354-89b89bf6d416","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":125,"width":853,"height":11}},{"id":"cb4d5cd5-d23d-42e7-9dde-a646684122dc","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":140,"width":778,"height":11}},{"id":"23fc0f1b-c95d-4e0c-8ca2-c5ba7f11483f","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":155,"width":827,"height":11}},{"id":"90f65407-1bec-420f-ad12-37f17b3a91ff","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":169,"width":838,"height":12}},{"id":"79401d33-ecd7-4a54-8806-0035efebdbef","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":184,"width":776,"height":12}},{"id":"74aef5b9-3eb5-4387-9c8d-d85b1ead4e7e","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":199,"width":830,"height":12}},{"id":"4b415383-c49e-4a19-ba1c-eb6f183ad4a0","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":214,"width":834,"height":11}},{"id":"c210392a-f79a-43d3-b8dc-f5b1b966b421","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":229,"width":844,"height":11}},{"id":"b690a28c-ffef-4345-93fb-38ee524d79be","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":244,"width":840,"height":11}},{"id":"c7156549-17f8-43f0-a213-07449c180591","block_type":"box","text":"price as it would like.","page_number":16,"box":{"x":82,"y":259,"width":153,"height":11}},{"id":"8a968eff-2f80-4017-b956-0adcf0151230","block_type":"box","text":"Operational and Technology Risks","page_number":16,"box":{"x":82,"y":278,"width":254,"height":12}},{"id":"ed71d2c0-a8f8-4742-80cc-6dbf7f6a54ff","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":16,"box":{"x":340,"y":279,"width":549,"height":11}},{"id":"297c771a-4d4a-459b-a2dd-12f1bba21fb5","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":293,"width":790,"height":12}},{"id":"73ca6fb6-82e2-4c67-901a-259bdb5e2329","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":308,"width":833,"height":11}},{"id":"8c67dab6-cf72-4f9e-9303-a2f0426a118c","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":323,"width":826,"height":11}},{"id":"33b957d0-968b-4f9d-a38b-a42c070d65d4","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":338,"width":754,"height":11}},{"id":"f47734f3-2bfe-45c8-91c2-2c8045e74545","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":16,"box":{"x":81,"y":352,"width":845,"height":12}},{"id":"465f666e-a671-4660-9d32-d378555fa99d","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":16,"box":{"x":82,"y":367,"width":805,"height":12}},{"id":"bb0efb6a-1fff-4a29-b6fe-dac393468fcb","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":382,"width":815,"height":12}},{"id":"0cb8e584-2021-4d85-855a-db1afc30cc3f","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":397,"width":850,"height":11}},{"id":"f8c32337-8269-4ffa-bf45-ade1a8bb513c","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":16,"box":{"x":82,"y":412,"width":558,"height":11}},{"id":"540ea003-18a6-48aa-bb62-b7c0de899d45","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":432,"width":821,"height":11}},{"id":"155ba2fe-663c-4354-98ff-d95b4f4cd1c6","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":447,"width":814,"height":11}},{"id":"f902904d-7427-4e00-b836-fbd22be65ac7","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":461,"width":824,"height":12}},{"id":"7c4da1b5-dd52-44cc-b856-167cb85af3e8","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":16,"box":{"x":81,"y":476,"width":791,"height":12}},{"id":"6f82b822-edaf-4339-95cc-006d9e1a8cb7","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":491,"width":852,"height":12}},{"id":"9993ea34-259b-4e3d-9c7f-b784c6aac3ee","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":506,"width":784,"height":11}},{"id":"33cb9680-9fa6-4b6c-92ac-b67d6daf404f","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":521,"width":787,"height":11}},{"id":"0019b0e2-948f-4a18-a8e1-2904e7ad4434","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":535,"width":840,"height":12}},{"id":"261103d4-f22a-431d-af08-ad43f0b5d7d8","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":550,"width":809,"height":12}},{"id":"d19c65a1-6607-4645-a87c-cd02bf1585d3","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":16,"box":{"x":81,"y":565,"width":829,"height":12}},{"id":"af257000-73f9-453d-9167-fc4cb535f6a8","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":580,"width":798,"height":12}},{"id":"6a43dd7f-a8e6-4c20-a9a0-0b4ab478b0fc","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":595,"width":829,"height":11}},{"id":"169e8ed9-82c4-4490-b5b2-4abf42de3965","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":16,"box":{"x":82,"y":610,"width":846,"height":11}},{"id":"95c4ce4d-f73c-4526-9bd8-022a5d48f946","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":625,"width":846,"height":11}},{"id":"0fc4ea2e-d192-48f2-a008-329fc525a2a5","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":639,"width":838,"height":12}},{"id":"b9cf88df-0dae-47c8-b810-9e46207439da","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":654,"width":770,"height":12}},{"id":"03b77ec6-7d1c-4aba-a842-dde88965cfeb","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":669,"width":792,"height":12}},{"id":"bb54396b-0bcd-4bbc-8efe-944c37af11ae","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":684,"width":845,"height":11}},{"id":"b43d5a7e-cf69-4c36-bd87-c92dcc8e0996","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":699,"width":840,"height":11}},{"id":"66368339-9e5b-4fda-b216-52650c5bad31","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":714,"width":841,"height":11}},{"id":"d6134f0e-f142-4a84-8cdf-5230657b3118","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":728,"width":847,"height":12}},{"id":"2fd66fd2-24ee-428e-b3e4-8219c3da930e","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":743,"width":838,"height":12}},{"id":"c93dafa8-98b8-4cdf-a24f-98171aaf09c5","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":758,"width":847,"height":11}},{"id":"4570e2ea-57c1-4079-9623-8a43ad7be29e","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":16,"box":{"x":81,"y":773,"width":845,"height":11}},{"id":"08b9589a-3e6b-4ece-ad24-72bd4aebb9a8","block_type":"box","text":"and the associated risks to the Fund.","page_number":16,"box":{"x":81,"y":788,"width":273,"height":9}},{"id":"62f0a0e7-f17e-49e0-a0fa-bee0081ef9d1","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":16,"box":{"x":81,"y":808,"width":769,"height":11}},{"id":"4f92047f-b6d8-4657-aff4-7659a351b468","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":16,"box":{"x":81,"y":822,"width":855,"height":12}},{"id":"93ad987f-3037-47a9-8fbb-b0e05c8bef88","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":16,"box":{"x":80,"y":837,"width":848,"height":12}},{"id":"56c7027f-93ef-424c-9d4d-f1733aa6292d","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":16,"box":{"x":81,"y":852,"width":777,"height":12}},{"id":"42e7353a-a38c-4663-acc1-67388da3c598","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":16,"box":{"x":81,"y":867,"width":824,"height":11}},{"id":"cd3403b9-7b2d-47d2-8462-0f25b624565d","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":16,"box":{"x":81,"y":882,"width":785,"height":11}},{"id":"5d46eafb-9211-4e4b-94f2-04b59709efbd","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":16,"box":{"x":82,"y":896,"width":853,"height":12}},{"id":"77c05f4f-8e1f-4ce5-87f7-813f6a83abf7","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":16,"box":{"x":82,"y":911,"width":855,"height":12}},{"id":"fae6f4a0-a6e4-4f5e-8e6d-2ddf1720aa3e","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3b5de846-52c5-4ebd-a8a3-d800092c7ff8","block_type":"box","text":"NM1026U-5979863-16/40","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a961dff2-af7b-40b8-9fdc-65a84781410b","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":46,"width":813,"height":11}},{"id":"c0b66226-55fe-47a0-bd54-8d20cd2aa619","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":60,"width":806,"height":12}},{"id":"5ae47314-4e8d-4252-8d9b-a10b667ef241","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":17,"box":{"x":82,"y":75,"width":602,"height":12}},{"id":"68116046-608a-44d2-b870-88d9e5f5b1c0","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":96,"width":794,"height":11}},{"id":"15254faf-5c40-4f0b-857a-e4855f095041","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":110,"width":840,"height":12}},{"id":"d9df8491-0892-4798-86ba-d309da34fce3","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":125,"width":801,"height":11}},{"id":"85e7c498-b717-4969-ab83-05cd4db2ebd5","block_type":"box","text":"resources to monitor and implement required changes.","page_number":17,"box":{"x":82,"y":140,"width":402,"height":11}},{"id":"7c564d6d-4426-47d0-8090-f333b1bc4b86","block_type":"box","text":"Preferred Securities Risk","page_number":17,"box":{"x":81,"y":160,"width":189,"height":9}},{"id":"6e1c8c21-80aa-463b-9a33-0b0e21969528","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":17,"box":{"x":274,"y":160,"width":636,"height":11}},{"id":"3f2b790f-b36e-48c3-8bd1-7bd2e936e9bb","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":175,"width":824,"height":11}},{"id":"536fb874-2d4b-4494-9892-27ec0f58172e","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":189,"width":806,"height":12}},{"id":"16ebafac-1cd6-4af9-b83b-74d97b67d71b","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":204,"width":842,"height":12}},{"id":"bcb14ebf-f8fc-4bbe-a235-287835390c77","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":219,"width":781,"height":12}},{"id":"edd92c8b-ca88-4a05-bc72-a81a6a194841","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":234,"width":812,"height":11}},{"id":"2ed32722-97cc-40e1-af8c-c8948749b961","block_type":"box","text":"larger companies.","page_number":17,"box":{"x":82,"y":249,"width":129,"height":11}},{"id":"82bbf4fb-ccf0-45bd-8209-e64f5b1c5fcf","block_type":"box","text":"Risk of Investing in the United States","page_number":17,"box":{"x":81,"y":269,"width":283,"height":11}},{"id":"61736b32-cdca-4f3a-bf57-01b4c3701bf0","block_type":"box","text":"—","page_number":17,"box":{"x":369,"y":274,"width":17,"height":1}},{"id":"305862bf-babb-47c3-8819-7afea2af6cfd","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":17,"box":{"x":390,"y":269,"width":519,"height":11}},{"id":"ad508244-7b00-4fa7-9959-1158cfce7bf3","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":283,"width":790,"height":12}},{"id":"9d1fceff-60b1-40aa-9c57-428456b74f04","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":298,"width":835,"height":12}},{"id":"7214355b-6c9a-42d1-93e5-c52c54b50b6c","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":313,"width":784,"height":12}},{"id":"fb6cef02-c8a9-4e2d-aaea-568f83b2c553","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":328,"width":849,"height":12}},{"id":"8ac24afc-d130-4132-8988-2529413686f4","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":343,"width":832,"height":11}},{"id":"72d8f45b-cae8-4e44-ae05-4d5331348f96","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":358,"width":851,"height":11}},{"id":"b116b268-b2d3-4d4f-bcb5-5e2c4d2221e2","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":17,"box":{"x":82,"y":372,"width":471,"height":12}},{"id":"149fde31-a7a5-46f8-b106-0745036c6736","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":392,"width":847,"height":12}},{"id":"27a896e6-a462-4177-ac07-629f128cad2e","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":407,"width":810,"height":12}},{"id":"be789bbc-59d7-4dfd-892b-dbabcfa26827","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":422,"width":832,"height":11}},{"id":"590d3a69-9b47-4e86-93e2-9555224b6f20","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":437,"width":826,"height":11}},{"id":"3bcf142b-e205-4091-a55c-5dc206ab1eb0","block_type":"box","text":"Fund invests.","page_number":17,"box":{"x":82,"y":452,"width":95,"height":9}},{"id":"060fcf07-0819-444d-9172-6b1f764f0e5b","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":17,"box":{"x":61,"y":475,"width":296,"height":12}},{"id":"f2dced9d-24e9-4873-9603-4984443037be","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":491,"width":832,"height":11}},{"id":"aba0a612-6477-4a5b-9b10-e3a18b961cc8","block_type":"box","text":"strategies, including:","page_number":17,"box":{"x":61,"y":506,"width":151,"height":11}},{"id":"42a2aada-3024-4dac-ac8b-793683ac131a","block_type":"box","text":"Borrowing Risk","page_number":17,"box":{"x":81,"y":526,"width":115,"height":11}},{"id":"778d19e5-f2b4-49cb-a38d-3f472d5391b0","block_type":"box","text":"— Borrowing may exaggerate changes in the NAV of Fund shares and in the return on the Fund’s","page_number":17,"box":{"x":200,"y":526,"width":710,"height":11}},{"id":"8e861679-716c-4303-ad4b-869b1b4eca68","block_type":"box","text":"portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the","page_number":17,"box":{"x":82,"y":541,"width":811,"height":11}},{"id":"c3b002aa-8916-4350-857f-0c67ca39cb1a","block_type":"box","text":"Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to","page_number":17,"box":{"x":82,"y":556,"width":828,"height":11}},{"id":"aca9eafd-b08c-4a66-bfb3-54cbf91f5996","block_type":"box","text":"satisfy its obligations.","page_number":17,"box":{"x":81,"y":570,"width":159,"height":12}},{"id":"f2363068-a6b6-4637-b9d0-69c7cce248b5","block_type":"box","text":"Expense Risk","page_number":17,"box":{"x":81,"y":590,"width":102,"height":12}},{"id":"a6277c24-ea80-49d1-af6b-d6c85f93579e","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":590,"width":734,"height":12}},{"id":"556d2423-f919-4d39-9ae6-5504ada1d4eb","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":605,"width":855,"height":12}},{"id":"7f65b4e3-92ff-4c94-aef1-389553439b8a","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":620,"width":842,"height":12}},{"id":"a5bbf863-1bf4-4e9a-ac42-5d9b02fa225b","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":635,"width":808,"height":11}},{"id":"723d3304-e1f4-4d68-ab0a-9aafdeb086d3","block_type":"box","text":"significant.","page_number":17,"box":{"x":81,"y":650,"width":78,"height":11}},{"id":"281173fe-79a4-4621-817d-ff920fa2fd2c","block_type":"box","text":"Illiquid Investments Risk","page_number":17,"box":{"x":81,"y":670,"width":186,"height":11}},{"id":"ab6918a1-e129-463e-b260-6cc3159f3028","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":17,"box":{"x":271,"y":670,"width":648,"height":11}},{"id":"43b815b9-ef8f-438d-971c-4f3560dde24f","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":684,"width":841,"height":12}},{"id":"86eccd7d-c65a-4a0f-bac4-bee4f67c5c29","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":699,"width":831,"height":12}},{"id":"150e560d-1873-4e08-8305-75b181578cc4","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":714,"width":811,"height":12}},{"id":"77e40adb-8bf6-4102-80ac-8abae7e67d6e","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":729,"width":825,"height":11}},{"id":"4247fd2c-6328-4f21-b861-256ccf71c96f","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":744,"width":837,"height":11}},{"id":"39de7971-124f-42ff-aa31-c7c8295a9299","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":759,"width":851,"height":11}},{"id":"7b0959d6-50a3-404a-9b5d-15bf81547811","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":17,"box":{"x":82,"y":774,"width":835,"height":11}},{"id":"62186c72-fd0d-4d51-b213-41375a8d0474","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":17,"box":{"x":82,"y":788,"width":835,"height":12}},{"id":"a734d08b-5086-4841-81c5-c939ddabc3b6","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":17,"box":{"x":81,"y":803,"width":791,"height":12}},{"id":"518a7d20-cd6a-440c-bb3a-765800c9b948","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":17,"box":{"x":81,"y":818,"width":846,"height":11}},{"id":"f650c387-8054-4107-95c2-74c1c52eed7c","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":17,"box":{"x":81,"y":833,"width":835,"height":11}},{"id":"a728e4d1-3875-4504-bf3c-fbeecdfc9637","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":17,"box":{"x":82,"y":847,"width":839,"height":12}},{"id":"c35ed3d8-3484-461c-82c7-483eaabba806","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":17,"box":{"x":80,"y":863,"width":834,"height":11}},{"id":"58bf7bea-64a3-4170-a059-d60bf15df682","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":17,"box":{"x":81,"y":877,"width":815,"height":12}},{"id":"0eefcfc0-a231-4379-ab1b-dc115927ec19","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":17,"box":{"x":82,"y":892,"width":835,"height":12}},{"id":"ca73edd6-00dd-432f-af8f-77e79533d128","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":17,"box":{"x":82,"y":907,"width":827,"height":11}},{"id":"6c13d4df-c887-43e6-aef4-f21ca64b6b72","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"363903b4-965e-40ec-89b6-6103f62252ce","block_type":"box","text":"NM1026U-5979863-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0f1d1678-1bf2-40a6-b836-600aadb54d75","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":46,"width":831,"height":11}},{"id":"119028e4-ebab-453f-9566-a0b7e15a222b","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":18,"box":{"x":81,"y":61,"width":304,"height":11}},{"id":"91aa00ad-2329-4d54-ba8f-f7db004015dc","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":18,"box":{"x":81,"y":81,"width":366,"height":11}},{"id":"de97a737-1570-4c47-9883-0582daa970e0","block_type":"box","text":"— As with other investments, investments in other investment","page_number":18,"box":{"x":450,"y":81,"width":459,"height":10}},{"id":"c52ca776-ee8e-43e0-9dc4-bac766e0985b","block_type":"box","text":"companies, including exchange-traded funds, are subject to market and selection risk. In addition, if the Fund","page_number":18,"box":{"x":81,"y":95,"width":802,"height":12}},{"id":"4cc53bd7-0936-43e4-80e8-c4798451b5aa","block_type":"box","text":"acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their","page_number":18,"box":{"x":81,"y":110,"width":816,"height":12}},{"id":"dd8cc886-640d-457b-b037-73ac4b77f74b","block_type":"box","text":"proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the","page_number":18,"box":{"x":82,"y":125,"width":782,"height":11}},{"id":"05d27507-dc0f-4ef0-aa94-a8d7bf1d57b2","block_type":"box","text":"expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the","page_number":18,"box":{"x":81,"y":140,"width":830,"height":11}},{"id":"24974745-4e5b-4216-9eea-7d7bb78a24f6","block_type":"box","text":"Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":18,"box":{"x":82,"y":155,"width":836,"height":11}},{"id":"128375fb-dc72-41bd-8cd8-bb7bb9eefb20","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":18,"box":{"x":81,"y":175,"width":396,"height":11}},{"id":"9f6dceb4-096b-41e5-8c14-371e29d896cb","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":18,"box":{"x":481,"y":175,"width":440,"height":11}},{"id":"dbb183d4-065d-4a16-b766-10e4b36d4bfb","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":189,"width":801,"height":12}},{"id":"880e1b3c-3b62-4843-96dd-d3029caf50a2","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":204,"width":825,"height":12}},{"id":"2024dec2-595d-4a04-8377-24241c55e2a5","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":219,"width":816,"height":11}},{"id":"ce8ff955-f397-4464-a82c-b611d69d8147","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":234,"width":818,"height":11}},{"id":"e61abfe1-5878-4a02-949b-13cb6c88ae09","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":249,"width":835,"height":11}},{"id":"66e8b3ad-49e9-4d46-ab7b-2ca29282696d","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":263,"width":807,"height":12}},{"id":"71e8d18b-3c3e-4368-bb6c-8422bd23c5e6","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":279,"width":841,"height":11}},{"id":"7159d165-755a-4ccd-84e6-b18c7a86a015","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":293,"width":855,"height":12}},{"id":"1f8b41b8-7e8c-408d-bcf0-4731c7ee67d4","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":308,"width":751,"height":11}},{"id":"9b706f38-470f-4517-b433-fa0051221b89","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":18,"box":{"x":81,"y":323,"width":785,"height":11}},{"id":"312fbfa1-8140-4dbd-bb6b-61bed3787d43","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":338,"width":841,"height":11}},{"id":"00a84f1e-3472-47bc-8329-8fa221a780b4","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":353,"width":824,"height":11}},{"id":"d2a65bee-96aa-49b5-8e6b-18b74992eaa8","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":367,"width":822,"height":12}},{"id":"c81243eb-2e0d-4250-b3d0-abd871cbf6e7","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":382,"width":801,"height":12}},{"id":"e8172105-a8d1-46c1-9acb-1fbc46c3ba65","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":397,"width":765,"height":12}},{"id":"501e848a-8ea8-4640-a370-14540f34ca82","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":412,"width":852,"height":11}},{"id":"2e9a31e2-a4af-49c9-98ed-6f37bd17e271","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":427,"width":847,"height":11}},{"id":"ff82f715-0a8d-455c-bf60-8ccfdb1f07eb","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":441,"width":847,"height":12}},{"id":"a729d9c1-64cc-4d9c-872b-b889c12d35a5","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":456,"width":845,"height":12}},{"id":"86f89717-56fc-427c-9cb6-450a35f35870","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":471,"width":835,"height":12}},{"id":"86c7be2f-db4b-4b64-baca-75fbb3f45a77","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":486,"width":839,"height":11}},{"id":"03a7465d-8585-453d-898d-1254cde835a1","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":18,"box":{"x":82,"y":501,"width":461,"height":11}},{"id":"397976be-706e-4325-908a-041369d5575c","block_type":"box","text":"Mid Cap Securities Risk","page_number":18,"box":{"x":81,"y":521,"width":182,"height":11}},{"id":"4c2516d2-f0c2-4ace-9e9e-c17742f28df0","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":521,"width":665,"height":11}},{"id":"0e27081e-282a-465a-91d2-1f707a709b66","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":535,"width":789,"height":12}},{"id":"330cf99d-ebe8-41c7-8a26-708edc206d84","block_type":"box","text":"Money Market Securities Risk","page_number":18,"box":{"x":81,"y":556,"width":229,"height":11}},{"id":"b8b233ec-56a8-4d07-abef-205e40cbf209","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":555,"width":570,"height":12}},{"id":"8a057c2b-3e9d-49d9-bdb0-17b936d46b85","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":570,"width":819,"height":12}},{"id":"90dd9c7d-6ead-4ffb-94d2-1f4990544b36","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":18,"box":{"x":82,"y":585,"width":657,"height":12}},{"id":"648261b8-cdec-46b1-987c-931cfa44f899","block_type":"box","text":"Ownership Limitations Risk","page_number":18,"box":{"x":82,"y":605,"width":205,"height":11}},{"id":"aed9d622-1606-4c71-8637-fca8442b2678","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":18,"box":{"x":291,"y":605,"width":610,"height":12}},{"id":"2116b37d-2e4b-456d-8d23-3e9aa788e4c9","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":620,"width":849,"height":11}},{"id":"534e04ab-7449-4901-baa1-8242b2fb230b","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":635,"width":798,"height":11}},{"id":"4cce1fa5-66bd-4c2e-a9d8-ca448fa03642","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":650,"width":833,"height":11}},{"id":"1e1ca601-ce97-403b-bc47-2d76701b94ca","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":664,"width":851,"height":12}},{"id":"06ac778e-11bc-4db8-8535-23d2ba900c1c","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":679,"width":813,"height":12}},{"id":"cfd00671-fc1d-4bac-9883-683c0ad902b9","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":18,"box":{"x":82,"y":694,"width":331,"height":12}},{"id":"2b07fa88-3406-4ede-b37b-5b2fce8e8cd9","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":714,"width":826,"height":12}},{"id":"e040da48-cff2-411c-884b-7434e0037f44","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":729,"width":848,"height":11}},{"id":"2b6650e8-34d2-4bb4-adda-90662952099d","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":744,"width":799,"height":11}},{"id":"ed7713c4-0616-4f62-8dca-ddb5bb7243fc","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":759,"width":828,"height":11}},{"id":"fe30cf0e-c4c8-4e41-b774-91d73f410257","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":18,"box":{"x":81,"y":773,"width":828,"height":12}},{"id":"82b3621c-638e-4df0-82b4-446b2df87a22","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":18,"box":{"x":80,"y":788,"width":837,"height":12}},{"id":"415f036e-8fae-4796-96c3-d8d4c81faf4c","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":18,"box":{"x":80,"y":803,"width":837,"height":12}},{"id":"d7e59dc5-e9d1-42f8-962b-f967764b32ab","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":18,"box":{"x":82,"y":818,"width":800,"height":11}},{"id":"0f266495-58a9-4ef7-8e33-fa2b5f77e9cc","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":18,"box":{"x":81,"y":833,"width":678,"height":11}},{"id":"f3232b63-308d-4dae-89bf-7dbef2b215a7","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":18,"box":{"x":81,"y":853,"width":842,"height":11}},{"id":"c7d22614-6763-4f0f-b8bc-db44c5059983","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":18,"box":{"x":81,"y":868,"width":833,"height":11}},{"id":"ce6188ad-fe87-4aab-92f7-2d4f31b6e0c1","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":18,"box":{"x":82,"y":882,"width":582,"height":12}},{"id":"9db44d39-6dc5-491f-8daf-8e9a592bded1","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":18,"box":{"x":81,"y":902,"width":269,"height":9}},{"id":"e28704c8-8c37-4da4-93e3-0f821a3f0057","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":18,"box":{"x":354,"y":902,"width":527,"height":9}},{"id":"6e07be79-d502-4abd-a6f5-5de42a046764","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":18,"box":{"x":82,"y":917,"width":816,"height":12}},{"id":"dce42550-288c-44aa-a08d-a108aca210ca","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d7c2dca7-2cfc-43c4-bd37-314eaa941a0e","block_type":"box","text":"NM1026U-5979863-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e8ab99c3-f99f-4eee-967c-0b59cdf97e02","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":46,"width":845,"height":11}},{"id":"3a7fe8c5-747c-4649-9c27-bd809c29f6a0","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":60,"width":841,"height":12}},{"id":"fb6b0c62-2519-43ff-8aef-ef5147bcac2c","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":75,"width":852,"height":12}},{"id":"9d98661f-4ab3-4a8d-81ae-117b229c97f1","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":90,"width":841,"height":12}},{"id":"58883536-00c8-43d8-bf07-bd02097875e6","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":105,"width":807,"height":12}},{"id":"063667f7-74f8-4be1-a8a7-107501e481a5","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":120,"width":815,"height":11}},{"id":"de24d274-d43b-4f87-83ef-e02c961eefb7","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":135,"width":845,"height":11}},{"id":"bfa993fd-3fbe-4df2-8584-413699d18887","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":149,"width":828,"height":12}},{"id":"07365022-d421-4156-b08f-ebdc154ca894","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":164,"width":805,"height":12}},{"id":"70d9eb3a-cd09-4c7d-9fc3-adade0b2f683","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":179,"width":767,"height":11}},{"id":"542e955a-16a9-4263-aa21-cbb408961b62","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":194,"width":831,"height":11}},{"id":"00b13887-ba4a-410a-8fde-a643ffed3fe8","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":209,"width":824,"height":11}},{"id":"7a7d996e-7668-44e5-925c-d6a5235c2904","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":224,"width":817,"height":11}},{"id":"8c5a337e-d632-46d5-87f7-f0d9f2f7a4de","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":19,"box":{"x":81,"y":238,"width":367,"height":12}},{"id":"f6823207-eb70-41bb-9a3b-2e533295f404","block_type":"box","text":"REIT Investment Risk","page_number":19,"box":{"x":81,"y":258,"width":163,"height":10}},{"id":"21027b87-35fa-4b6f-b1a2-0a80b5b3f0ea","block_type":"box","text":"—","page_number":19,"box":{"x":248,"y":263,"width":17,"height":2}},{"id":"3d094c36-7c6b-4ad0-b9c1-30b3bbb80d5c","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":258,"width":653,"height":12}},{"id":"2ef665c1-a3f3-442a-ae52-cd242e170301","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":273,"width":846,"height":12}},{"id":"c47ca916-de02-426b-8c48-a6b5617787a9","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":288,"width":829,"height":11}},{"id":"dd3a4fd0-52db-40dc-ab1e-cefb488d313d","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":303,"width":793,"height":11}},{"id":"bd0a1ae7-7a63-4367-b6f4-ba8e46e70e1a","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":318,"width":836,"height":11}},{"id":"dab7f1bc-5e14-48b3-87a2-53125aa4f703","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":332,"width":814,"height":12}},{"id":"33993fb3-0907-4ddc-9ec8-fb1543c6d0c4","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":347,"width":825,"height":12}},{"id":"9dcd0ada-bb08-4a7d-9ed0-85599c779716","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":362,"width":797,"height":12}},{"id":"ede103e8-3aac-470e-8b04-c6a5fe08810d","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":377,"width":812,"height":12}},{"id":"96686845-505a-4d86-9817-5ba5a6d4e116","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":392,"width":838,"height":11}},{"id":"a112525f-dbfe-43a0-85f6-37f173a088a3","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":407,"width":832,"height":11}},{"id":"dda7943b-76ea-470a-8585-48e7484b0125","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":421,"width":809,"height":12}},{"id":"cc5d3b36-7b52-41a6-aff9-3409d4d84fb3","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":436,"width":819,"height":12}},{"id":"eac95472-ba19-4cee-9ffe-a375bfc7b278","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":451,"width":813,"height":12}},{"id":"6f11cf30-64ef-4c12-beb3-fe37a7678d44","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":19,"box":{"x":81,"y":466,"width":434,"height":11}},{"id":"b526f51c-e1a8-4ee9-aec2-b9806a584e47","block_type":"box","text":"Reliance on Advisor Risk","page_number":19,"box":{"x":81,"y":486,"width":188,"height":9}},{"id":"8d591f62-eacb-409b-a7c6-17d0de7fc390","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":19,"box":{"x":273,"y":486,"width":614,"height":11}},{"id":"18ae77fe-f494-4452-8a2f-c1a1e38f48d5","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":501,"width":830,"height":11}},{"id":"fb0cf638-ddfe-428e-b54b-53b7a132094d","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":516,"width":856,"height":11}},{"id":"3701679e-7624-4267-9c23-3064c53e31a8","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":530,"width":841,"height":12}},{"id":"01e14754-a45d-4c58-a704-85f68965ac77","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":545,"width":649,"height":12}},{"id":"2376794f-50e6-4fbe-b90e-72c99a68044e","block_type":"box","text":"Restricted Securities Risk","page_number":19,"box":{"x":81,"y":565,"width":198,"height":9}},{"id":"c7c34893-1d97-4117-be1b-5284e9bae0a6","block_type":"box","text":"—","page_number":19,"box":{"x":284,"y":571,"width":17,"height":0}},{"id":"fd6770c0-8f8a-4717-8e46-eb52108b8f03","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":19,"box":{"x":306,"y":565,"width":571,"height":12}},{"id":"e3f19808-baa8-41a7-82d6-35bd5fe3d200","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":580,"width":843,"height":11}},{"id":"f52ebf11-c18c-4256-b950-9fcdeea63ca3","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":595,"width":813,"height":11}},{"id":"3d77f54b-fb2a-498a-b210-11eb1ff5ec0f","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":610,"width":851,"height":11}},{"id":"4757367f-0fdb-470a-a557-cfabbf0fbe21","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":624,"width":774,"height":12}},{"id":"bedb0ef8-cdf3-4ee0-a72a-d36b1813d050","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":639,"width":839,"height":12}},{"id":"1d127dd7-5e09-4ba1-8e1a-26561aa30d22","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":654,"width":828,"height":12}},{"id":"bdaf5bae-aaaf-4523-b732-77914f25acf4","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":669,"width":830,"height":12}},{"id":"59e75ca1-22e8-4863-91b0-0f4e6f92ff08","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":684,"width":787,"height":11}},{"id":"a2bd3c0f-2d01-486e-b6ce-b81182e65a5a","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":699,"width":838,"height":11}},{"id":"2586046f-93ee-4fe1-bd3d-30cdbe45bea4","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":713,"width":843,"height":12}},{"id":"6e6dd98c-0162-40e5-9392-7ba8c8806cce","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":19,"box":{"x":81,"y":728,"width":827,"height":12}},{"id":"de2a13e7-c86f-4995-84e2-702ecdb1a123","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":19,"box":{"x":82,"y":743,"width":812,"height":11}},{"id":"d3dbde88-2097-45cd-bea2-9b665ab3cd84","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":19,"box":{"x":82,"y":758,"width":795,"height":11}},{"id":"75a93d21-666c-4d16-9d7b-c88a5c2acde5","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":19,"box":{"x":81,"y":773,"width":468,"height":11}},{"id":"071a7e7f-4f72-41f1-9061-0494361c832b","block_type":"box","text":"Securities Lending Risk","page_number":19,"box":{"x":81,"y":793,"width":178,"height":11}},{"id":"8dfd02e9-4c74-4376-a3ae-3031de073edf","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":19,"box":{"x":263,"y":793,"width":661,"height":11}},{"id":"6c2a2bf8-8230-4e11-ba0c-f0b1933761fe","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":19,"box":{"x":82,"y":808,"width":852,"height":11}},{"id":"c3da403a-132f-4c36-84bf-c53ccf246dd0","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":19,"box":{"x":81,"y":822,"width":811,"height":12}},{"id":"b7476ddc-676b-4fb1-8210-9e06948bbf3e","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":19,"box":{"x":81,"y":837,"width":829,"height":12}},{"id":"2b28432c-4997-4212-99eb-ebcd212f5e1c","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":19,"box":{"x":81,"y":852,"width":292,"height":11}},{"id":"b0afb4ef-81b4-4636-aad4-4ef04decce1a","block_type":"box","text":"Valuation Risk","page_number":19,"box":{"x":83,"y":872,"width":107,"height":9}},{"id":"e7d9a545-ce77-48d3-98c9-e5c2704abcc0","block_type":"box","text":"—","page_number":19,"box":{"x":194,"y":877,"width":17,"height":1}},{"id":"919893a0-bc63-43f2-9eed-06eac9e033d8","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":19,"box":{"x":215,"y":872,"width":700,"height":11}},{"id":"2d8c8687-7cc4-45a7-9f78-eb1f91a65d64","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":19,"box":{"x":81,"y":887,"width":835,"height":11}},{"id":"1a2751a1-bebc-42af-9ccd-8ce31bf49832","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":19,"box":{"x":81,"y":902,"width":848,"height":11}},{"id":"6c30ee76-e547-4c55-81d7-c827ecf19ce9","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":19,"box":{"x":82,"y":916,"width":845,"height":12}},{"id":"840889bf-24f7-49d9-a8c2-cb26d06c7422","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"afc1380f-9031-4e25-8ae5-c30a98e33b24","block_type":"box","text":"NM1026U-5979863-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ac18d19f-6844-47c1-8481-16b58de5763a","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":20,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"176f18ae-450d-418d-9695-f6f6670c4bd3","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":20,"box":{"x":80,"y":60,"width":783,"height":12}},{"id":"d9590d4a-1db6-4967-a485-0ba78318a2f8","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":20,"box":{"x":81,"y":76,"width":810,"height":11}},{"id":"77858949-a55b-43aa-93ee-fecd1424ff01","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":20,"box":{"x":81,"y":90,"width":847,"height":12}},{"id":"880fd31f-a77a-4c1b-9fc6-7a965463588e","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":20,"box":{"x":82,"y":105,"width":848,"height":11}},{"id":"515d38d8-421a-4d0f-bf8f-0f85e495443a","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":20,"box":{"x":80,"y":120,"width":819,"height":11}},{"id":"a25e1547-a5fb-4d77-af34-6a347212a42f","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":20,"box":{"x":81,"y":135,"width":837,"height":11}},{"id":"fb0f8900-0fe4-48b2-a169-e40ae90dffa6","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":20,"box":{"x":80,"y":150,"width":672,"height":11}},{"id":"a77dbf27-19cb-4a97-8a62-434052c1861c","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":20,"box":{"x":83,"y":170,"width":584,"height":11}},{"id":"3cb0f0ef-c6e0-4a1a-8f11-ce7430c30f01","block_type":"box","text":"— When-issued and delayed","page_number":20,"box":{"x":671,"y":170,"width":208,"height":11}},{"id":"4fd860d3-1956-4d2c-8196-470729880030","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":20,"box":{"x":81,"y":184,"width":843,"height":12}},{"id":"c76635a1-8ac0-4e98-bb3b-983193f5823e","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":20,"box":{"x":82,"y":199,"width":830,"height":11}},{"id":"815ddafa-6724-4e2e-b409-e876709d210c","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":20,"box":{"x":82,"y":214,"width":849,"height":11}},{"id":"8d0f43ec-c261-4df8-ba43-dba95f12c5b1","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":20,"box":{"x":80,"y":229,"width":425,"height":11}},{"id":"ffa0d470-9f80-4314-97ba-156cd207b0b3","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7910d080-5dd0-4ade-9e05-d2ac5136c598","block_type":"box","text":"NM1026U-5979863-20/40","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f221beba-c40f-4691-8abf-a3faa33eddab","block_type":"box","text":"Account Information","page_number":21,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"232d6ac8-5689-4547-af8d-909dcbf8cb8b","block_type":"box","text":"Details About the Share Class","page_number":21,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"75b7e029-3fe1-47a3-a425-106dc234004a","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":21,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"0363090d-750b-47dc-9f0c-9fa892320db2","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":21,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"0b2c8c94-3b08-4f13-a1cd-c45eaf2abca3","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":21,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"f29b342e-157b-4ed6-85d3-8a92370563e6","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":21,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"6d4449b8-2299-4515-a30b-8d2715c9c4f9","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":21,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"84ea3ed2-a24c-43dd-b412-942fcd7b9438","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can","page_number":21,"box":{"x":61,"y":256,"width":864,"height":12}},{"id":"74e49220-389c-4b6e-8b2e-d9129ea45bed","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":21,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"e9a93e6d-1fc5-4327-aaa2-76691fb5b405","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":21,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"2f22b161-f6f9-43a9-b855-b07c721814cc","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":21,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"f23d5430-4df9-4704-b017-7acd910163fb","block_type":"box","text":"Class K Shares at a Glance","page_number":21,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"ff5a4028-6167-40b3-87d0-d0a17fc76478","block_type":"box","text":"Availability","page_number":21,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"24661ad6-2db1-48de-9b49-3fb0381ad936","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":21,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"08bfcfc0-a557-4e46-acb7-0bd0d8f8639e","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":21,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"4e37263d-dc9d-41c2-ab40-94808c73908d","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":21,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"bbb4a49d-a7c0-48d5-a7a4-c3ba7326bb05","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":21,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"bef4427f-33d4-43fe-b63d-78e7e5284d78","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":21,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"30cee120-5aa1-48dd-99df-6b1e52439b0f","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":21,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"8cde56f8-2f81-43ee-897e-8b8ab91a9de6","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":21,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"1a23b2dd-7a27-4389-91d3-2792245faefa","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":21,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"b2fef952-d5f9-48b2-b982-b9ee82ac54cd","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":21,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"a45da968-7116-454e-84a6-a362f094cf7b","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":21,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"dff67e1b-5c61-49fb-bd7a-78be9057d052","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":21,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"bb1b3a90-277a-476c-91f1-a7b8e77f31e8","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":21,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"80022aa4-17e3-4bfe-9011-7556ac4819b6","block_type":"box","text":"to sell such shares, (v) fee-based advisory platforms of a Financial Intermediary that","page_number":21,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"3645a072-faf9-459f-b6da-3f0cc3201400","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":21,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"c5e5794e-5fcd-4f6b-a931-47064d4525e6","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":21,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"0997cfef-bbf1-4d0b-96bf-0f33d357c19e","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":21,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"80b78e6d-bf83-482f-9edd-30a6eb678216","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":21,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"1cbbc669-0414-403b-8ff4-9ea968c3054e","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":21,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"fdd55a0c-8d30-4bf1-987f-d47e8da92c48","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":21,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"2df6cbf2-a5c8-43b0-b5ff-95b64c4beab9","block_type":"box","text":"same account since August 15, 2016.","page_number":21,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"a5e65094-aaf3-4ff8-9523-a00aad773b54","block_type":"box","text":"Availability will be further limited as follows:","page_number":21,"box":{"x":348,"y":649,"width":287,"height":10}},{"id":"1a031f7d-c80d-4394-8968-1a535cf99d41","block_type":"box","text":"•","page_number":21,"box":{"x":351,"y":665,"width":4,"height":3}},{"id":"a805d2db-bb38-420d-b389-a885f6ee2916","block_type":"box","text":"Effective beginning July 1, 2026, no new accounts held directly with BlackRock","page_number":21,"box":{"x":359,"y":662,"width":520,"height":11}},{"id":"f80d8d1f-096d-4009-8a97-c742f7cb4f99","block_type":"box","text":"(including IRAs) will be opened.","page_number":21,"box":{"x":358,"y":676,"width":204,"height":10}},{"id":"5464ab97-f294-45ce-8140-c04ed3424fd2","block_type":"box","text":"•","page_number":21,"box":{"x":351,"y":692,"width":4,"height":3}},{"id":"cf06f5b4-7f71-40ec-b173-d6abef609c02","block_type":"box","text":"Effective beginning November 2, 2026, shareholders holding their accounts directly","page_number":21,"box":{"x":359,"y":689,"width":551,"height":11}},{"id":"85cea313-94a2-4dab-9755-34a23259127a","block_type":"box","text":"with BlackRock (including IRAs) will not be permitted to purchase additional Class K","page_number":21,"box":{"x":358,"y":703,"width":553,"height":10}},{"id":"fc2ab72d-1d4a-435d-ad39-5ebc0a85a56a","block_type":"box","text":"Shares. Shareholders holding their accounts directly with BlackRock may continue to","page_number":21,"box":{"x":358,"y":716,"width":559,"height":11}},{"id":"cd38331e-3613-47b8-a00f-0c2abcebb33d","block_type":"box","text":"reinvest dividends and distributions on Class K Shares.","page_number":21,"box":{"x":359,"y":730,"width":364,"height":8}},{"id":"900aa398-87ce-4664-abaa-34c6b4fe440e","block_type":"box","text":"•","page_number":21,"box":{"x":351,"y":746,"width":4,"height":3}},{"id":"b3ce23a6-67b6-46da-ab15-2ed0f046ead9","block_type":"box","text":"Effective beginning November 6, 2026, no new accounts to purchase Class K Shares","page_number":21,"box":{"x":359,"y":743,"width":563,"height":11}},{"id":"d41b144b-fe6a-490a-b693-ddfe15bf213a","block_type":"box","text":"through a Financial Intermediary will be opened.","page_number":21,"box":{"x":358,"y":757,"width":316,"height":10}},{"id":"730e77bc-4210-41b3-b6f7-c5bfc0719199","block_type":"box","text":"•","page_number":21,"box":{"x":351,"y":773,"width":4,"height":3}},{"id":"7a28d452-e479-4e6e-98b8-5e316adf9a3a","block_type":"box","text":"Effective beginning November 6, 2026, shareholders holding accounts through a","page_number":21,"box":{"x":359,"y":770,"width":532,"height":11}},{"id":"c7ae6457-b18c-4905-9bf7-3b6f56e19255","block_type":"box","text":"Financial Intermediary will not be permitted to purchase additional Class K Shares.","page_number":21,"box":{"x":359,"y":784,"width":547,"height":10}},{"id":"6f40f910-d163-42e4-8b81-8dd6f8dc17f2","block_type":"box","text":"Shareholders already holding Class K Shares through a Financial Intermediary may","page_number":21,"box":{"x":358,"y":798,"width":548,"height":10}},{"id":"9115ad4e-d772-41c1-b0d5-7e30efa51e2f","block_type":"box","text":"continue to reinvest dividends and distributions.","page_number":21,"box":{"x":358,"y":811,"width":316,"height":8}},{"id":"e4c895a5-7099-4f53-b0e3-e1ef3726e331","block_type":"box","text":"Minimum Investment","page_number":21,"box":{"x":61,"y":829,"width":142,"height":8}},{"id":"67296d19-2e0f-4d98-bf20-8f3d878800e2","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":21,"box":{"x":348,"y":828,"width":421,"height":10}},{"id":"573e5dd1-6817-4205-b5d6-57b6f57e222f","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":21,"box":{"x":348,"y":845,"width":528,"height":10}},{"id":"86dbd645-f6bd-4dcb-a137-6d8f0bf48ccc","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":21,"box":{"x":349,"y":859,"width":535,"height":10}},{"id":"52938850-f00c-45e8-9bb9-005b28213b9d","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":21,"box":{"x":348,"y":875,"width":439,"height":10}},{"id":"1a07baa9-819a-4a3e-97a5-44ba640873c0","block_type":"box","text":"Initial Sales Charge?","page_number":21,"box":{"x":61,"y":893,"width":140,"height":10}},{"id":"cbb5552d-e789-4c19-9e96-fc1ca2b4f442","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":21,"box":{"x":349,"y":893,"width":391,"height":10}},{"id":"7b41b5ab-c611-4e3b-9964-7cba6450f376","block_type":"box","text":"Deferred Sales Charge?","page_number":21,"box":{"x":61,"y":911,"width":159,"height":10}},{"id":"3398e8a2-be60-4651-9e3a-2dbd9e216e72","block_type":"box","text":"No.","page_number":21,"box":{"x":349,"y":911,"width":20,"height":8}},{"id":"bb9d1995-d439-4d43-bba5-4de30c026f9d","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"eeafe573-87a0-4d20-aca2-f8eea742e8e7","block_type":"box","text":"NM1026U-5979863-21/40","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f73ae0ab-8239-4e2c-b47c-a6366119834b","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":22,"box":{"x":61,"y":67,"width":261,"height":10}},{"id":"147c1282-a1f4-4f9f-8fe8-78fbfff19971","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":67,"width":20,"height":8}},{"id":"9cf5b526-b3f8-460e-8f2e-cbc93216c5d8","block_type":"box","text":"Redemption Fees?","page_number":22,"box":{"x":61,"y":85,"width":125,"height":10}},{"id":"59682c37-701f-4fef-b9f0-fdc6278bc205","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":85,"width":20,"height":9}},{"id":"4e585b71-0768-46fd-a909-2495406c8054","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":22,"box":{"x":60,"y":117,"width":620,"height":12}},{"id":"3221a16f-d175-44b4-b461-384264a39aec","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":22,"box":{"x":60,"y":140,"width":874,"height":11}},{"id":"5d1b506e-e95f-4ba1-b79c-5a6efbacb406","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":22,"box":{"x":62,"y":155,"width":778,"height":11}},{"id":"28bf72e9-2bb8-41c4-9771-d1edca83a230","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":22,"box":{"x":61,"y":169,"width":817,"height":12}},{"id":"a1eb6cfd-5877-431d-9b07-ae0019f53728","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":22,"box":{"x":61,"y":184,"width":807,"height":12}},{"id":"dd50ff6f-af5c-4f68-860b-1e339e190c9f","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":22,"box":{"x":62,"y":199,"width":410,"height":11}},{"id":"9583f067-474b-4f55-9a95-ee30bc23348c","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":22,"box":{"x":62,"y":222,"width":856,"height":11}},{"id":"70eb8c5b-5ca7-4bbe-8da0-2f53531a59a3","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":22,"box":{"x":61,"y":236,"width":862,"height":12}},{"id":"3d818a34-b07f-4d56-ac32-98e6942a5c93","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":22,"box":{"x":61,"y":251,"width":833,"height":12}},{"id":"309e04b0-a08d-42e5-9d15-657e84d6bc2c","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":22,"box":{"x":62,"y":266,"width":871,"height":12}},{"id":"225a7a56-36a9-4b16-828a-ede8159a1d30","block_type":"box","text":"by that type of account.","page_number":22,"box":{"x":61,"y":281,"width":170,"height":11}},{"id":"8bcc339f-d24b-44a0-bd77-c9c8247d0f1f","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":22,"box":{"x":62,"y":303,"width":873,"height":12}},{"id":"fd112847-eb4a-4604-93d3-1980ced8cf55","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":22,"box":{"x":61,"y":318,"width":369,"height":12}},{"id":"57ddb14e-d6bc-48e2-a68b-f5928707d1da","block_type":"box","text":"Right of Accumulation","page_number":22,"box":{"x":61,"y":341,"width":183,"height":13}},{"id":"d4252a97-bd5f-4360-a045-819792114e74","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":22,"box":{"x":62,"y":358,"width":839,"height":11}},{"id":"35810a82-1033-45e8-b340-9d3d537d8b21","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":22,"box":{"x":61,"y":372,"width":856,"height":12}},{"id":"5b735e94-896a-4676-a9ed-f235e77f19b3","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":22,"box":{"x":82,"y":395,"width":821,"height":12}},{"id":"b6fa8a1d-960b-4dc1-8d81-7c3a79c11a9e","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":22,"box":{"x":102,"y":410,"width":823,"height":11}},{"id":"9a8c7663-0422-4737-8afa-52a20530bcab","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":22,"box":{"x":82,"y":432,"width":792,"height":12}},{"id":"379afe21-15cc-41c5-aa0a-9db22d66a932","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":22,"box":{"x":101,"y":447,"width":501,"height":12}},{"id":"96ce6e2b-6d31-4bfd-a564-80622186b274","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":22,"box":{"x":82,"y":470,"width":788,"height":11}},{"id":"d333118f-f01d-4e2f-9e6f-23af27d2eaf4","block_type":"box","text":"investor’s spouse and children.","page_number":22,"box":{"x":102,"y":485,"width":228,"height":11}},{"id":"86ce0ba0-a6e3-4d13-b15d-ab7cdfdf5fbe","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":22,"box":{"x":62,"y":507,"width":866,"height":12}},{"id":"7c2f61ea-89a8-4a30-ac4b-961ec8dae7e4","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":22,"box":{"x":61,"y":522,"width":866,"height":12}},{"id":"c9649b02-a2f6-4304-9579-b0afad7ca8fc","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":22,"box":{"x":62,"y":537,"width":854,"height":11}},{"id":"a588d438-e8a8-44e9-a162-235327f60f7b","block_type":"box","text":"any previously purchased shares.","page_number":22,"box":{"x":61,"y":552,"width":243,"height":11}},{"id":"487364ba-dcb6-4841-ad70-ddc2ff2f045f","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":22,"box":{"x":61,"y":590,"width":434,"height":14}},{"id":"f27247f7-fd65-4d0c-8fcc-eca711e64d58","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":22,"box":{"x":60,"y":617,"width":846,"height":11}},{"id":"b44d0c1d-9d4d-4876-b825-be84f3e95c33","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":22,"box":{"x":62,"y":632,"width":874,"height":11}},{"id":"0576f5d9-e320-4362-874d-1f0467f90f83","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":22,"box":{"x":61,"y":646,"width":857,"height":12}},{"id":"142eb76b-a4f1-4339-ab2b-de6fb1e0d5d1","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":22,"box":{"x":61,"y":661,"width":867,"height":12}},{"id":"bea02649-1ae2-40e8-86e4-c305f945efd0","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":22,"box":{"x":61,"y":676,"width":754,"height":11}},{"id":"9734114e-8a8e-482a-af63-3585f6ff9b3b","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":22,"box":{"x":60,"y":699,"width":867,"height":11}},{"id":"83594270-a3f0-4578-ad03-053f811a16eb","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":22,"box":{"x":61,"y":713,"width":858,"height":12}},{"id":"fae4c592-782d-4985-a2cd-e0fcf64a0f02","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":22,"box":{"x":62,"y":728,"width":845,"height":12}},{"id":"c38cf96f-5d4d-4834-9da8-7dc95275c4bf","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":22,"box":{"x":61,"y":743,"width":860,"height":12}},{"id":"3cd3ff9f-a7b6-4d03-bf63-1d26b98ee693","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":22,"box":{"x":60,"y":758,"width":868,"height":11}},{"id":"2409f591-b777-41e7-ac3f-0298a10c02ac","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":22,"box":{"x":61,"y":773,"width":863,"height":11}},{"id":"26faca21-bd57-4c11-b5a8-b44b0236c791","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":22,"box":{"x":61,"y":788,"width":787,"height":11}},{"id":"bd547c12-22d9-4222-b406-c9f5b679842d","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":22,"box":{"x":62,"y":802,"width":857,"height":12}},{"id":"3bd32bb1-6b40-4eb3-aae6-cc1a5adc6f80","block_type":"box","text":"restricted from making additional investments.","page_number":22,"box":{"x":61,"y":817,"width":341,"height":12}},{"id":"9f4306f9-51bb-41e1-a555-9327b4b05dd6","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":22,"box":{"x":60,"y":840,"width":861,"height":11}},{"id":"90701858-c774-4048-94ac-28ab2072bdb4","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":22,"box":{"x":60,"y":855,"width":856,"height":11}},{"id":"e1e78650-6a98-461a-9074-a56e0c44e14f","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":22,"box":{"x":61,"y":869,"width":822,"height":12}},{"id":"06a18e27-2b9a-49e1-8de9-b237382f0f20","block_type":"box","text":"described below.","page_number":22,"box":{"x":61,"y":884,"width":121,"height":9}},{"id":"63c40618-8ebc-44c4-9b7b-aab8b75418d9","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2a120636-fcce-4ec8-99ab-ef79e6f7d73c","block_type":"box","text":"NM1026U-5979863-22/40","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4432e883-2b03-40d8-a27a-43a0f4543dc6","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":23,"box":{"x":62,"y":46,"width":797,"height":11}},{"id":"7be4d2a6-1e3a-4ca5-a75f-48c5fdc8885b","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":23,"box":{"x":61,"y":60,"width":487,"height":12}},{"id":"fa5cfc45-324e-482f-bf18-b7a03855c4cf","block_type":"box","text":"How to Buy Shares","page_number":23,"box":{"x":61,"y":84,"width":156,"height":12}},{"id":"53536a06-bd13-43f8-a6a6-7bfc8ac6cb25","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":23,"box":{"x":213,"y":106,"width":478,"height":9}},{"id":"78e8a79b-0997-4d2d-b760-4e0037d2d277","block_type":"box","text":"Initial Purchase","page_number":23,"box":{"x":61,"y":123,"width":105,"height":8}},{"id":"33bcc08d-0440-45b6-a184-2961faf6ae1d","block_type":"box","text":"Determine the amount of","page_number":23,"box":{"x":214,"y":123,"width":166,"height":8}},{"id":"ea9923dc-8e14-4e0a-9d58-3f4e0a1a5e85","block_type":"box","text":"your investment","page_number":23,"box":{"x":213,"y":136,"width":105,"height":10}},{"id":"d8abec72-a276-4b9f-8e5d-b77e42e22fec","block_type":"box","text":"There is no minimum initial investment for any Employer-Sponsored","page_number":23,"box":{"x":460,"y":123,"width":444,"height":10}},{"id":"ba084b21-8ff8-4d32-9d08-886f2896faeb","block_type":"box","text":"Retirement Plans or any other investors other than Institutional","page_number":23,"box":{"x":461,"y":136,"width":415,"height":10}},{"id":"0650ea5e-01ee-403d-8113-f086a7043e6a","block_type":"box","text":"Investors.","page_number":23,"box":{"x":461,"y":150,"width":63,"height":8}},{"id":"7639377f-ba67-4be6-b898-1199b11179b8","block_type":"box","text":"For Institutional Investors, there is a $5 million minimum initial","page_number":23,"box":{"x":461,"y":165,"width":414,"height":10}},{"id":"41ac170e-cbcb-48f6-8388-3b4cf4282aff","block_type":"box","text":"investment for all accounts.","page_number":23,"box":{"x":461,"y":179,"width":181,"height":9}},{"id":"3b41d061-2130-4158-8792-a6569549d20f","block_type":"box","text":"Have your Financial","page_number":23,"box":{"x":214,"y":198,"width":125,"height":10}},{"id":"8e6cbd41-6c14-4997-b511-cc88dff6e3ba","block_type":"box","text":"Intermediary submit","page_number":23,"box":{"x":214,"y":211,"width":132,"height":10}},{"id":"d35ab05f-fea3-420d-8f81-57ba71ed9919","block_type":"box","text":"your purchase order","page_number":23,"box":{"x":213,"y":225,"width":132,"height":10}},{"id":"9b5e2cdc-d51b-42b7-a7bf-f3f3077bfa44","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":23,"box":{"x":460,"y":197,"width":466,"height":11}},{"id":"8cccce98-37a6-4c40-843f-d4fe76fa289c","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":23,"box":{"x":461,"y":211,"width":463,"height":10}},{"id":"954e3942-fd25-46da-b276-ee3dcfc49aa9","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":23,"box":{"x":461,"y":224,"width":443,"height":11}},{"id":"e422c9e1-c6fe-4d18-b312-f7a4cbc3958d","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":23,"box":{"x":461,"y":238,"width":445,"height":10}},{"id":"e39c7333-6753-4eca-9155-c89c1747b1b6","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":23,"box":{"x":461,"y":252,"width":435,"height":10}},{"id":"256ab1c3-527f-4a6f-b2c5-9ba8d6798d29","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":23,"box":{"x":461,"y":265,"width":469,"height":10}},{"id":"b51efafe-b2dd-4dad-b8e1-bf2a86d3936e","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":23,"box":{"x":461,"y":279,"width":429,"height":10}},{"id":"afcd25dc-1559-48d5-8c5c-eef6e0801c4e","block_type":"box","text":"determined on the next business day.","page_number":23,"box":{"x":461,"y":292,"width":247,"height":10}},{"id":"18235264-2c12-4b52-b481-c4bf7388a30d","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":23,"box":{"x":460,"y":308,"width":468,"height":11}},{"id":"b966c080-357a-4b8d-83a8-522573de02dc","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":23,"box":{"x":460,"y":322,"width":470,"height":10}},{"id":"38ca1b01-226f-4177-93a7-8fe0747e501c","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":23,"box":{"x":460,"y":335,"width":471,"height":10}},{"id":"f4bec91a-825f-477b-bdb5-aa82e8a20e5e","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":23,"box":{"x":460,"y":349,"width":434,"height":10}},{"id":"bef24616-51a6-4605-8b09-57d8bbfc39e6","block_type":"box","text":"table.","page_number":23,"box":{"x":460,"y":363,"width":36,"height":8}},{"id":"3470ec89-f8d7-4793-88c2-fab7c2ec8f73","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":23,"box":{"x":460,"y":379,"width":473,"height":10}},{"id":"a2051e15-81a3-4f9a-88b7-a1ddd0f5dc5b","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":23,"box":{"x":461,"y":392,"width":453,"height":10}},{"id":"14e0983c-a56d-4677-af8d-3d290c9738bb","block_type":"box","text":"processing fee to confirm a purchase.","page_number":23,"box":{"x":461,"y":406,"width":249,"height":10}},{"id":"bc974cd2-88b3-484e-8053-b2987a10dac3","block_type":"box","text":"Or contact BlackRock","page_number":23,"box":{"x":214,"y":424,"width":140,"height":8}},{"id":"9b4108bc-2624-4cc3-8f9d-750b637f484c","block_type":"box","text":"(for accounts held","page_number":23,"box":{"x":214,"y":437,"width":117,"height":10}},{"id":"b661d15a-f188-4389-9892-b953f70f1f3b","block_type":"box","text":"directly with BlackRock)","page_number":23,"box":{"x":214,"y":451,"width":154,"height":10}},{"id":"37a60f06-cedf-4b76-b2c7-730a20ad03e8","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":23,"box":{"x":461,"y":424,"width":450,"height":10}},{"id":"8e55478e-cd64-4e17-a02a-6f1825cfe902","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":23,"box":{"x":461,"y":437,"width":432,"height":10}},{"id":"c3de47eb-351e-4615-a397-77053c1ea2b5","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":23,"box":{"x":461,"y":451,"width":370,"height":10}},{"id":"94b98131-0ccd-4ac6-a2a1-e746c737baea","block_type":"box","text":"Add to Your","page_number":23,"box":{"x":60,"y":469,"width":78,"height":8}},{"id":"d9649b50-a04c-4ab5-b787-d6381aa097a4","block_type":"box","text":"Investment","page_number":23,"box":{"x":61,"y":481,"width":75,"height":8}},{"id":"769d9584-3d9f-48e1-a1f2-f5726dd4b732","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":23,"box":{"x":214,"y":469,"width":685,"height":10}},{"id":"a565f9c8-7021-4f88-bfd4-7bb4e1c1692c","block_type":"box","text":"Have your Financial","page_number":23,"box":{"x":214,"y":499,"width":125,"height":10}},{"id":"c87352c9-d2f8-4ac7-bade-18b24579b5ec","block_type":"box","text":"Intermediary submit","page_number":23,"box":{"x":214,"y":512,"width":132,"height":10}},{"id":"9481f771-b3fa-41c4-976f-da2993a99eaf","block_type":"box","text":"your purchase order for","page_number":23,"box":{"x":213,"y":525,"width":154,"height":11}},{"id":"d86094c0-ec70-4a4c-bffd-8d50a22afc81","block_type":"box","text":"additional shares","page_number":23,"box":{"x":214,"y":539,"width":113,"height":8}},{"id":"917eee7f-1dc3-4110-8f9e-4aea83af61bc","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":23,"box":{"x":460,"y":499,"width":409,"height":10}},{"id":"3049009a-e68f-461a-baf9-35c2a8a47a96","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":23,"box":{"x":461,"y":512,"width":353,"height":10}},{"id":"da1a8a67-ec6b-447c-b5c6-40c01428597d","block_type":"box","text":"Or contact BlackRock","page_number":23,"box":{"x":214,"y":557,"width":140,"height":8}},{"id":"20c80697-3445-4298-9c49-881502b4b9c7","block_type":"box","text":"(for accounts held","page_number":23,"box":{"x":214,"y":571,"width":117,"height":10}},{"id":"be9aa2cf-1101-45b7-924a-4733d28651b0","block_type":"box","text":"directly with BlackRock)","page_number":23,"box":{"x":214,"y":584,"width":154,"height":10}},{"id":"d99a6558-809f-4c95-b3e9-c18840672445","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":23,"box":{"x":461,"y":557,"width":450,"height":10}},{"id":"c37864cc-fec7-4dc4-a22b-13e98465191a","block_type":"box","text":"Retirement Plan:","page_number":23,"box":{"x":461,"y":571,"width":108,"height":8}},{"id":"f030fa4e-1cb7-4c8a-8d53-d8c16c03b4f4","block_type":"box","text":"Purchase by Telephone","page_number":23,"box":{"x":461,"y":587,"width":154,"height":10}},{"id":"5eb778cb-6d48-4fd6-b625-eee0134f78c4","block_type":"box","text":":","page_number":23,"box":{"x":617,"y":589,"width":4,"height":6}},{"id":"5c819f55-7671-4568-b4a1-6afe0417955f","block_type":"box","text":"Call the Fund at (800) 537-4942 and speak","page_number":23,"box":{"x":625,"y":587,"width":290,"height":10}},{"id":"7f1d7f03-f150-48ef-baf2-47e81bd7c08b","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":23,"box":{"x":460,"y":600,"width":449,"height":11}},{"id":"934155a0-ee75-47f6-95cd-178eec4cf7e0","block_type":"box","text":"telephone request for any reason.","page_number":23,"box":{"x":460,"y":614,"width":223,"height":10}},{"id":"d504ebb6-1889-4553-ad2b-8c3352f48f78","block_type":"box","text":"Purchase by Internet","page_number":23,"box":{"x":461,"y":630,"width":140,"height":10}},{"id":"eaaf6117-2f43-439f-88a6-008df4e8274b","block_type":"box","text":":","page_number":23,"box":{"x":603,"y":632,"width":4,"height":6}},{"id":"012b7fd1-2a38-4bd1-9478-8ed7423665de","block_type":"box","text":"You may purchase your shares and view activity","page_number":23,"box":{"x":611,"y":630,"width":314,"height":10}},{"id":"128409ab-81a8-4ee1-bcb1-7f1f43b25f11","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":23,"box":{"x":461,"y":644,"width":374,"height":10}},{"id":"8e9325e6-e843-436f-b539-15099764d3ab","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":23,"box":{"x":460,"y":657,"width":416,"height":10}},{"id":"178bcffe-8b42-4d9d-b329-d40e75635c84","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":23,"box":{"x":460,"y":671,"width":450,"height":10}},{"id":"3d16096b-3011-4b04-b241-8a11bf44e9ae","block_type":"box","text":"day after the purchase is made.","page_number":23,"box":{"x":461,"y":684,"width":209,"height":10}},{"id":"a0fe3405-d996-4b72-ac9a-f1fdddd655bf","block_type":"box","text":"Certain institutional clients’ purchase orders placed by wire prior to the","page_number":23,"box":{"x":461,"y":700,"width":470,"height":10}},{"id":"a0c8be10-2794-4c4c-a2e4-56d25b9ce78e","block_type":"box","text":"close of business on the NYSE will be priced at the net asset value","page_number":23,"box":{"x":461,"y":714,"width":443,"height":10}},{"id":"b7fd9687-519e-4cfe-90b8-a4f5900f5b4b","block_type":"box","text":"determined that day. Contact your Financial Intermediary or BlackRock","page_number":23,"box":{"x":461,"y":727,"width":464,"height":11}},{"id":"cabb0667-1947-43d7-8c83-ee30cfe6ce91","block_type":"box","text":"for further information. Limits on amounts that may be purchased via","page_number":23,"box":{"x":460,"y":741,"width":458,"height":10}},{"id":"44df020c-4980-451e-b9f2-c1d899f8d0ab","block_type":"box","text":"Internet may vary. For additional information call BlackRock at","page_number":23,"box":{"x":461,"y":754,"width":409,"height":11}},{"id":"1713a19c-8080-43d4-95e0-51a74cff58d5","block_type":"box","text":"(800) 537-4942.","page_number":23,"box":{"x":461,"y":768,"width":110,"height":10}},{"id":"2fce1b74-200c-4226-b1df-3c39da323de0","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":23,"box":{"x":461,"y":784,"width":430,"height":8}},{"id":"c8cd4fca-bbd1-49cc-ab52-e2467092ee4d","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":23,"box":{"x":460,"y":798,"width":417,"height":10}},{"id":"3bd31b36-6b6e-4157-9426-28b6e5ed1a03","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":23,"box":{"x":461,"y":811,"width":448,"height":10}},{"id":"ca438e75-1e91-4e3e-9fcc-4337d2bf76d9","block_type":"box","text":"before attempting to transact online.","page_number":23,"box":{"x":461,"y":825,"width":240,"height":10}},{"id":"29079e37-35b6-44ea-96b7-e5b526151957","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":23,"box":{"x":460,"y":841,"width":464,"height":10}},{"id":"c5c9d427-3d71-4b6e-9b24-9b38b8f4993c","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":23,"box":{"x":461,"y":854,"width":419,"height":11}},{"id":"96e8a166-bbd0-47a7-9c96-c0c6b342d7f4","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":23,"box":{"x":460,"y":868,"width":431,"height":10}},{"id":"bfe7d5ef-4c4b-48a0-b1bb-0fe9a9f168ee","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":23,"box":{"x":460,"y":881,"width":453,"height":11}},{"id":"3e0fca6d-01b6-428c-9f3d-db3e658b3ab8","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":23,"box":{"x":460,"y":895,"width":440,"height":10}},{"id":"c88432bd-4626-46a3-b402-7d9ce0c8ec25","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"6b3f2c79-4426-4cba-bbd2-c8f6c53bb09e","block_type":"box","text":"NM1026U-5979863-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"12b72634-a091-423e-a924-b07f2c98a9ca","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"b98719ca-b66e-4921-a1a5-f269d6752ed9","block_type":"box","text":"Add to Your","page_number":24,"box":{"x":60,"y":67,"width":78,"height":8}},{"id":"f157bd43-59af-4270-86ab-4f1b8570999a","block_type":"box","text":"Investment","page_number":24,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"2baa49d3-5246-42df-855e-aacdfd914c8c","block_type":"box","text":"(continued)","page_number":24,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"22a54520-9108-455a-8a5f-9c7e61f40a52","block_type":"box","text":"Acquire additional shares by","page_number":24,"box":{"x":213,"y":67,"width":187,"height":10}},{"id":"10501b57-4ac9-4f8a-8929-3497721ee302","block_type":"box","text":"reinvesting dividends and","page_number":24,"box":{"x":214,"y":81,"width":166,"height":10}},{"id":"c4cef557-3005-4d6a-ac88-d5d76676ce01","block_type":"box","text":"capital gains","page_number":24,"box":{"x":214,"y":94,"width":82,"height":11}},{"id":"b3dcebd4-04cb-4b9b-8a32-fd1117d07420","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":24,"box":{"x":460,"y":67,"width":405,"height":11}},{"id":"27d13c35-a587-495f-9cf8-6ce5467109fa","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":24,"box":{"x":461,"y":81,"width":429,"height":10}},{"id":"cc02c438-d9d6-40a1-b177-4f8d788a8554","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":24,"box":{"x":461,"y":94,"width":445,"height":11}},{"id":"0a87cef0-cce9-4b28-bc20-d9abbe1ea5ee","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":24,"box":{"x":461,"y":108,"width":447,"height":10}},{"id":"c7609f58-99c1-413e-9b76-9c1a38285c48","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":24,"box":{"x":461,"y":121,"width":468,"height":11}},{"id":"747eef04-7c6d-40b0-b157-6a0d1142ce8a","block_type":"box","text":"contact your Financial Intermediary.","page_number":24,"box":{"x":461,"y":135,"width":233,"height":10}},{"id":"c6e21f67-104a-4a2c-b0a6-9e9c2685c2f3","block_type":"box","text":"How to Pay for","page_number":24,"box":{"x":61,"y":153,"width":99,"height":10}},{"id":"ee949524-4da7-4d45-b730-5998cb28bab0","block_type":"box","text":"Shares","page_number":24,"box":{"x":60,"y":165,"width":46,"height":8}},{"id":"dff84dc6-15a7-456a-8c12-ae21a8425043","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":214,"y":153,"width":648,"height":10}},{"id":"977a13f6-3e7e-4594-847e-c19ff9002880","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":24,"box":{"x":461,"y":166,"width":462,"height":11}},{"id":"1e561eb1-8b7e-4d01-a3e2-f26d88b7d8f8","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":24,"box":{"x":461,"y":180,"width":433,"height":10}},{"id":"81b73526-42df-47f4-903c-777ff1251baa","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":24,"box":{"x":461,"y":194,"width":449,"height":10}},{"id":"3672852d-0ab4-473b-8248-6adf390133a9","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":24,"box":{"x":460,"y":207,"width":439,"height":10}},{"id":"9cf0f5e2-7292-438e-badd-2f09094e5a9c","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":24,"box":{"x":461,"y":221,"width":445,"height":10}},{"id":"37125609-cfbf-455d-a9f0-567edb697d59","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":24,"box":{"x":460,"y":234,"width":460,"height":10}},{"id":"9d9b46b7-d4ab-4887-9b78-3489877fd5d4","block_type":"box","text":"the Fund.","page_number":24,"box":{"x":460,"y":248,"width":61,"height":8}},{"id":"d9c208a3-3133-44ad-9b4f-7b830aca0b33","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":264,"width":427,"height":10}},{"id":"630b15b8-ebe3-4a06-a8c2-39419992cd2d","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":24,"box":{"x":461,"y":277,"width":470,"height":11}},{"id":"85f28340-3e16-440b-88c5-7643ef63004d","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":24,"box":{"x":460,"y":291,"width":475,"height":10}},{"id":"3b69177e-76da-45f9-a1e0-2638971e0b56","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":24,"box":{"x":461,"y":305,"width":446,"height":10}},{"id":"06104ed0-85e0-458c-964f-abc1ce1d5a22","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":24,"box":{"x":460,"y":318,"width":424,"height":10}},{"id":"18a8b660-fde4-45c7-9fd0-705d6af783c6","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":24,"box":{"x":461,"y":331,"width":459,"height":11}},{"id":"d97e2907-00ba-400a-9f47-baba2ea4f8df","block_type":"box","text":"of securities that are permissible investments for the respective fund. If","page_number":24,"box":{"x":461,"y":345,"width":476,"height":10}},{"id":"68f0d477-cadb-46bf-8354-a8a2874e907d","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":24,"box":{"x":461,"y":359,"width":472,"height":10}},{"id":"fa96c7c1-3a97-437a-b172-2f9c4455b8de","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":24,"box":{"x":461,"y":372,"width":458,"height":10}},{"id":"2d8162b7-1324-4884-acad-87797f56b12b","block_type":"box","text":"Fund.","page_number":24,"box":{"x":461,"y":386,"width":34,"height":8}},{"id":"e6f4e64d-27e6-4d28-b3a1-a81c0a513b27","block_type":"box","text":"How to Sell Shares","page_number":24,"box":{"x":61,"y":410,"width":156,"height":10}},{"id":"6399a944-0cb8-402c-9185-b362c1e232d0","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":432,"width":478,"height":9}},{"id":"1052626f-a0ea-4252-87e8-52fcd4e5bb0c","block_type":"box","text":"Full or Partial","page_number":24,"box":{"x":61,"y":450,"width":90,"height":8}},{"id":"52aa89da-2e8e-4ba9-b378-86ad0f020db1","block_type":"box","text":"Redemption of","page_number":24,"box":{"x":61,"y":461,"width":98,"height":10}},{"id":"48886508-066f-465b-ac30-8279cc010adb","block_type":"box","text":"Shares","page_number":24,"box":{"x":60,"y":473,"width":46,"height":8}},{"id":"ec240bbb-0dd9-4efc-a4b2-4d66a08b7cfb","block_type":"box","text":"Have your Financial","page_number":24,"box":{"x":214,"y":450,"width":125,"height":10}},{"id":"a42d5f94-c0c7-4246-a793-28c169070f8e","block_type":"box","text":"Intermediary submit","page_number":24,"box":{"x":214,"y":463,"width":132,"height":10}},{"id":"e16c7491-51a5-44c7-90cc-85ff3bc4081a","block_type":"box","text":"your sales order","page_number":24,"box":{"x":213,"y":477,"width":107,"height":10}},{"id":"1812ac77-8688-49dd-baa5-924424a75c19","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":24,"box":{"x":461,"y":449,"width":450,"height":11}},{"id":"4d95e85c-c817-425a-9825-c4e0481c6775","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":24,"box":{"x":461,"y":463,"width":418,"height":10}},{"id":"72d16e91-dcc7-4d28-9db1-ebfa24b967df","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":24,"box":{"x":461,"y":477,"width":436,"height":10}},{"id":"5f1bcde8-8d6c-49d6-ba9b-01f4b15b2beb","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":24,"box":{"x":461,"y":490,"width":467,"height":10}},{"id":"76078858-2a57-4003-8bbb-75dd4a0d1f3e","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":24,"box":{"x":461,"y":504,"width":466,"height":10}},{"id":"c664faf4-be2b-4f48-8808-d88c12c75ac4","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":24,"box":{"x":460,"y":517,"width":465,"height":11}},{"id":"dfcddb3e-92f0-4344-9d23-2628a0640d4e","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":24,"box":{"x":461,"y":531,"width":432,"height":10}},{"id":"a25b9ebb-04ff-4923-be18-d5304d4296e3","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":24,"box":{"x":461,"y":544,"width":434,"height":10}},{"id":"7c42221b-fe09-4fbb-b6b8-b2f634309285","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":24,"box":{"x":461,"y":558,"width":424,"height":10}},{"id":"2e813105-4fbc-4415-bd3d-7b0950e73eef","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":24,"box":{"x":461,"y":571,"width":409,"height":11}},{"id":"13ffb5c5-6b2c-48c3-a5ba-2ddff5054763","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":24,"box":{"x":461,"y":585,"width":303,"height":8}},{"id":"6b6c783f-d574-48bc-8dbb-28b83d1ef2cd","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":601,"width":446,"height":10}},{"id":"ef578404-9a17-4b38-b3ad-74173b1a17a0","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":24,"box":{"x":461,"y":615,"width":434,"height":10}},{"id":"eebc4c4a-82ce-4600-b72d-9418118aedfd","block_type":"box","text":"Financial Intermediary.","page_number":24,"box":{"x":461,"y":628,"width":147,"height":10}},{"id":"f18b7ab1-76c5-4fb6-ae3a-d929dcd6691d","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":24,"box":{"x":460,"y":644,"width":442,"height":10}},{"id":"8cd3e8cd-7299-4628-a44c-3561cb92d5e2","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":24,"box":{"x":461,"y":658,"width":460,"height":10}},{"id":"9b72f5ec-f5c2-40e5-8841-58299791e087","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":24,"box":{"x":461,"y":671,"width":463,"height":10}},{"id":"9c7ecb15-5b8f-4af2-8d13-e5cba78e6f66","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":24,"box":{"x":460,"y":685,"width":448,"height":10}},{"id":"de577da4-678a-4e63-bbfa-689ff67ef417","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. Eastern","page_number":24,"box":{"x":460,"y":698,"width":467,"height":11}},{"id":"0d8935e0-99bf-467e-9207-7565486861c1","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":24,"box":{"x":460,"y":712,"width":402,"height":10}},{"id":"f1738862-b736-4e73-ab1b-db77736ba16d","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":24,"box":{"x":461,"y":725,"width":468,"height":11}},{"id":"3ce6b60b-32c4-4951-a99b-fba2d3214ac8","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":24,"box":{"x":461,"y":739,"width":435,"height":10}},{"id":"3dca8921-c58a-4763-b112-b5f2fb3b90a1","block_type":"box","text":"business on the next business day.","page_number":24,"box":{"x":461,"y":753,"width":232,"height":10}},{"id":"e6e43168-4102-4169-931c-dc3f2b22a5b0","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":24,"box":{"x":461,"y":768,"width":437,"height":11}},{"id":"19de1222-6b7d-433d-8247-ad0850f74bbf","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":24,"box":{"x":461,"y":782,"width":421,"height":10}},{"id":"3f8620ce-cfec-4ea0-a69f-561ab28037b1","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":24,"box":{"x":460,"y":796,"width":465,"height":10}},{"id":"db842fdb-b616-4af4-a422-bb4eb6dcd4f6","block_type":"box","text":"but in any event, within seven days.","page_number":24,"box":{"x":461,"y":809,"width":233,"height":10}},{"id":"ef0dc966-4464-48cd-b4a8-06e1521fbbfd","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":24,"box":{"x":461,"y":825,"width":415,"height":11}},{"id":"cdfae4a9-765b-4ba3-be46-f06db1308fca","block_type":"box","text":"redemption of shares.","page_number":24,"box":{"x":461,"y":839,"width":144,"height":10}},{"id":"378909da-9160-47c1-bd7f-ef02435d0007","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":24,"box":{"x":460,"y":855,"width":380,"height":10}},{"id":"238f6f12-4484-4180-889c-edc91370d807","block_type":"box","text":"circumstances.","page_number":24,"box":{"x":461,"y":869,"width":98,"height":8}},{"id":"7a25af20-bc8c-40ac-a53b-816fb8c0a069","block_type":"box","text":"Selling shares held","page_number":24,"box":{"x":214,"y":887,"width":125,"height":10}},{"id":"3e10eaae-8ef1-4f5e-aa18-5d85972fea6d","block_type":"box","text":"directly with BlackRock","page_number":24,"box":{"x":214,"y":900,"width":150,"height":10}},{"id":"4526b37b-a8a1-4459-9f11-a028676c7db2","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":24,"box":{"x":461,"y":887,"width":462,"height":10}},{"id":"027f6a05-1cad-4b1c-95f9-45facbf0d646","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":24,"box":{"x":460,"y":900,"width":271,"height":10}},{"id":"adc842ab-27b9-4d8d-a240-0eab54a11c34","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"788638ff-2584-4288-84a0-c3f18eee928c","block_type":"box","text":"NM1026U-5979863-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c1ac0ff2-4ded-4aa1-aea0-eba44eaf850d","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"159c23f9-b005-4e1d-8e34-3d156da4122c","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"9a85a757-8218-4d08-b7d7-56e348bf3040","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"1b4dd963-7200-4add-b015-2aac0c094e3e","block_type":"box","text":"Shares (continued)","page_number":25,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"e7d42e4c-1bec-43b7-993b-79135912b86b","block_type":"box","text":"Selling shares held","page_number":25,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"20166028-5a6e-486c-9dab-32fafefb5869","block_type":"box","text":"directly with BlackRock","page_number":25,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"66a205fe-d4f3-448a-b7a2-69c800da84ba","block_type":"box","text":"(continued)","page_number":25,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"21fe91ca-3d8d-44c4-9bb6-d548c42ffd42","block_type":"box","text":"Redeem by Telephone","page_number":25,"box":{"x":461,"y":70,"width":146,"height":10}},{"id":"417946d5-3a2b-4fb8-aa4a-a3ad3601a81b","block_type":"box","text":": You may sell shares held at BlackRock by","page_number":25,"box":{"x":609,"y":70,"width":282,"height":10}},{"id":"d2886077-ec0b-4768-af6f-95a442e716b3","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":25,"box":{"x":460,"y":83,"width":341,"height":10}},{"id":"57fc7a0f-2c1a-48c1-91e9-aec9c834876f","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":25,"box":{"x":460,"y":100,"width":468,"height":10}},{"id":"1d28e911-4d3e-4f54-85af-0b33911308b5","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":25,"box":{"x":461,"y":113,"width":474,"height":10}},{"id":"f13102e1-114f-4241-a95c-b10685f035eb","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":25,"box":{"x":460,"y":126,"width":450,"height":11}},{"id":"7af9e234-6346-4a1e-9602-333405811c02","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":25,"box":{"x":461,"y":140,"width":450,"height":10}},{"id":"d1b85df1-6712-4e76-802d-63354027269d","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":25,"box":{"x":460,"y":154,"width":445,"height":10}},{"id":"6787b2f3-a9b8-4d36-b641-024720b6cb97","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":25,"box":{"x":461,"y":167,"width":463,"height":10}},{"id":"80ba91c5-afaa-4599-a583-ac5024a17fdd","block_type":"box","text":"believes it is advisable to do so.","page_number":25,"box":{"x":461,"y":181,"width":212,"height":8}},{"id":"0f732d42-2e12-4349-8f07-9be153e1792f","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":25,"box":{"x":461,"y":197,"width":452,"height":10}},{"id":"9c48dbe1-1485-4204-8581-98cf5874d144","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":25,"box":{"x":461,"y":210,"width":427,"height":11}},{"id":"7cc89d12-d7ae-47b8-a0d4-3ca7a4556f71","block_type":"box","text":"redemption methods below.","page_number":25,"box":{"x":461,"y":224,"width":181,"height":10}},{"id":"729f0d1e-831e-4bf9-959c-ea653aeef1a8","block_type":"box","text":"Redeem by Internet:","page_number":25,"box":{"x":461,"y":240,"width":136,"height":10}},{"id":"405bc28a-db47-43cc-bda5-79539aaf11be","block_type":"box","text":"You may redeem in your account by logging onto","page_number":25,"box":{"x":603,"y":240,"width":317,"height":10}},{"id":"899d1e44-8010-4363-bd60-797179d5ae23","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":25,"box":{"x":460,"y":253,"width":461,"height":9}},{"id":"48f81fc5-e7b5-4c8c-b1f6-350ed81aca1a","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":25,"box":{"x":461,"y":267,"width":419,"height":10}},{"id":"921a1ba3-080d-4713-9a43-7613d760f3c3","block_type":"box","text":"Redeem in Writing:","page_number":25,"box":{"x":461,"y":283,"width":127,"height":10}},{"id":"0e939655-1ea9-4974-bd4a-bb7b77a0de21","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":25,"box":{"x":595,"y":283,"width":324,"height":10}},{"id":"9dd4524c-826d-4a9a-a343-025c4821c1b3","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":25,"box":{"x":460,"y":297,"width":468,"height":10}},{"id":"57100f91-9e2f-40bb-bcb8-9f7c6ebff6c5","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":25,"box":{"x":461,"y":310,"width":463,"height":11}},{"id":"e5a4241b-84c0-401c-b5e7-66493575f5c2","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":25,"box":{"x":461,"y":324,"width":463,"height":10}},{"id":"a3956db6-f9ae-4af5-9c64-ad48e8503d5f","block_type":"box","text":"medallion signature guarantee will be required.","page_number":25,"box":{"x":461,"y":337,"width":308,"height":11}},{"id":"88fe5824-e8b2-4f5f-9f6c-9f5df7542cc0","block_type":"box","text":"Payment of Redemption Proceeds","page_number":25,"box":{"x":461,"y":353,"width":228,"height":11}},{"id":"5461b95e-365e-4cc9-82de-e7a7e061bb9d","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":25,"box":{"x":461,"y":369,"width":467,"height":11}},{"id":"e42351ed-4b92-45dd-b0b6-1f1b6da9a7b9","block_type":"box","text":"banking information on file, by wire transfer.","page_number":25,"box":{"x":461,"y":383,"width":289,"height":10}},{"id":"7fcba8fe-3fec-4329-818a-9d22ee429158","block_type":"box","text":"Payment by Check:","page_number":25,"box":{"x":461,"y":399,"width":129,"height":10}},{"id":"4a60e351-9b32-4029-8da1-b0637b94c2a0","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":25,"box":{"x":597,"y":399,"width":329,"height":10}},{"id":"ba3c55d5-60a9-424a-ab0b-5df2c8aef059","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":25,"box":{"x":460,"y":413,"width":430,"height":10}},{"id":"cef3f04e-9ebc-4899-b0b9-5f2122178d1d","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":25,"box":{"x":461,"y":426,"width":460,"height":10}},{"id":"5c6ddb51-9253-407e-b3ea-6de2414d4061","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":25,"box":{"x":461,"y":440,"width":468,"height":10}},{"id":"22b8de96-736f-4ffe-bed5-df7bc87d53d7","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":25,"box":{"x":461,"y":453,"width":467,"height":11}},{"id":"fccdadeb-c653-4e7e-89df-5e1641e5a4c4","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":25,"box":{"x":461,"y":467,"width":467,"height":10}},{"id":"1e5acecc-570a-4cdf-a3e5-730d055866ed","block_type":"box","text":"charges imposed by your bank for this service.","page_number":25,"box":{"x":461,"y":480,"width":307,"height":11}},{"id":"db47875e-4a1f-4a33-b6bf-98aac39c02c5","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":25,"box":{"x":460,"y":497,"width":438,"height":10}},{"id":"e736cab7-fdaa-4eeb-803c-a90a58dbea55","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":25,"box":{"x":461,"y":510,"width":429,"height":10}},{"id":"3737713d-da13-4d1f-9b10-76c20b0f5a34","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":25,"box":{"x":461,"y":524,"width":403,"height":10}},{"id":"465d8578-b553-4ff3-b927-172a06cc18d4","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":25,"box":{"x":461,"y":537,"width":467,"height":8}},{"id":"d6e7394d-0e5d-48ff-ac72-28e3a11bb54d","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":25,"box":{"x":460,"y":551,"width":456,"height":10}},{"id":"6b5f710c-ddeb-47e5-84a2-7d5b43a04129","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":25,"box":{"x":460,"y":564,"width":402,"height":10}},{"id":"1d58cbe0-b999-444f-ad93-b38167a0bac7","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":25,"box":{"x":461,"y":578,"width":430,"height":10}},{"id":"ac2e062e-645f-4b51-b8cb-c7dec0012f80","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":25,"box":{"x":461,"y":591,"width":465,"height":11}},{"id":"7885a00a-9f76-45c8-969d-30ee8fe922ec","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":25,"box":{"x":461,"y":605,"width":473,"height":8}},{"id":"40baf2f6-f587-47b4-a00e-92ecab912646","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":25,"box":{"x":461,"y":618,"width":456,"height":11}},{"id":"2c2ab3e8-9d16-4823-8c52-8c4aa2f15e3c","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":25,"box":{"x":461,"y":632,"width":461,"height":10}},{"id":"fa5cf338-81e7-4665-87ed-e5956b35085a","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":25,"box":{"x":460,"y":646,"width":469,"height":10}},{"id":"73ce5ba6-6a1c-4473-91b0-b03025e91b75","block_type":"box","text":"as of the date of payment of the distribution.","page_number":25,"box":{"x":461,"y":659,"width":295,"height":10}},{"id":"d183702c-4e50-4627-ab6d-50446ed762c4","block_type":"box","text":"Payment by Wire Transfer:","page_number":25,"box":{"x":461,"y":675,"width":177,"height":10}},{"id":"7e33ed52-f5a7-4e22-81be-55cf6103f814","block_type":"box","text":"Payment for redeemed shares for which a","page_number":25,"box":{"x":644,"y":675,"width":275,"height":10}},{"id":"c085c5c0-6142-4bda-9c05-3948a96156ba","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":25,"box":{"x":461,"y":689,"width":437,"height":10}},{"id":"9d270d36-a906-4923-9968-5894921ab9c1","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":25,"box":{"x":461,"y":702,"width":471,"height":11}},{"id":"b05f0b4b-73da-4059-bfed-95f39614b5ca","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":25,"box":{"x":461,"y":716,"width":417,"height":10}},{"id":"6a9d29ae-bc76-496a-94ca-0e35889b0175","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":25,"box":{"x":461,"y":729,"width":449,"height":10}},{"id":"d5967e73-abf8-4c13-b83b-e9d48de72a12","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":25,"box":{"x":461,"y":743,"width":449,"height":10}},{"id":"143b8c08-e2b0-4b8f-a659-415831ac7e34","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":25,"box":{"x":461,"y":756,"width":433,"height":11}},{"id":"5b042734-5118-4ebe-9b26-56e2ff40785f","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":25,"box":{"x":461,"y":770,"width":449,"height":10}},{"id":"8e3729db-59e3-40a7-8b83-840befac18ae","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":25,"box":{"x":461,"y":783,"width":437,"height":11}},{"id":"64f4209c-09d9-4a33-830c-acabc09f5fbf","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":25,"box":{"x":461,"y":797,"width":469,"height":10}},{"id":"50217383-c8ba-4fa8-a267-48ef122df49e","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":25,"box":{"x":459,"y":810,"width":448,"height":11}},{"id":"fbb2d3bd-a0c4-4aea-b69b-ab067ee3409c","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":25,"box":{"x":461,"y":824,"width":439,"height":10}},{"id":"f170a3d3-c472-490d-b39f-7b730087db67","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":25,"box":{"x":461,"y":837,"width":455,"height":11}},{"id":"ad0cf5cc-dc63-4eb3-8b61-27af468467f9","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":25,"box":{"x":461,"y":851,"width":462,"height":10}},{"id":"6f0a3fc4-511c-4a08-8d21-f747222d1206","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":25,"box":{"x":461,"y":865,"width":448,"height":10}},{"id":"138c954b-1869-481e-8c23-0dc87290af65","block_type":"box","text":"wire transfers.","page_number":25,"box":{"x":460,"y":878,"width":94,"height":8}},{"id":"8686bb0f-d0bf-4625-972f-28708e087161","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":25,"box":{"x":460,"y":894,"width":425,"height":10}},{"id":"d5270600-3b4f-48df-a229-ecbe56f08d2e","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":25,"box":{"x":461,"y":908,"width":455,"height":10}},{"id":"66c847cf-0d17-4d1f-96f9-071af9d14fae","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"990d9cad-c08b-4276-b0e4-cbe4784287fe","block_type":"box","text":"NM1026U-5979863-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b70405ee-d769-4922-b791-668e95fbd378","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"e89223df-49dc-4ad1-b95f-45760f5072ba","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c83baf9e-a3d1-4718-bf44-8101e2f8908b","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"3b17ef86-0faa-42bb-8e93-e9fa94b67ae4","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"b87e03e8-b315-4f0c-946c-02f6f8fb78ba","block_type":"box","text":"Selling shares held","page_number":26,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"890e9a22-40f3-42f4-904e-6670236cabc3","block_type":"box","text":"directly with BlackRock","page_number":26,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"b62f0a15-ca1f-4e21-9259-51e22f305dfd","block_type":"box","text":"(continued)","page_number":26,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"b9de4a1a-67e8-4356-b5ba-8cd8990d0485","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":26,"box":{"x":461,"y":67,"width":476,"height":11}},{"id":"f4b7e79d-686b-4b46-911d-38527933961e","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":26,"box":{"x":461,"y":81,"width":455,"height":10}},{"id":"819526c3-4c8f-4714-9cca-8b47bb7b7058","block_type":"box","text":"the back cover of this prospectus.","page_number":26,"box":{"x":460,"y":94,"width":224,"height":10}},{"id":"bd788d23-dbfb-4d94-9a1d-34d7ca00a165","block_type":"box","text":"***","page_number":26,"box":{"x":686,"y":111,"width":25,"height":4}},{"id":"3a453ae1-baad-4b34-af3c-97ae1fddac8f","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":26,"box":{"x":461,"y":126,"width":423,"height":11}},{"id":"446947ea-87c2-4b47-8cac-b419629a7307","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":26,"box":{"x":461,"y":140,"width":456,"height":10}},{"id":"363b2487-f634-4ca8-8810-4cf7bf8e16c2","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":26,"box":{"x":461,"y":154,"width":352,"height":10}},{"id":"beb85e7a-61bc-469a-9215-ff651ab5cbd6","block_type":"box","text":"Redemption","page_number":26,"box":{"x":61,"y":172,"width":80,"height":10}},{"id":"e7850c61-5875-43c9-b48c-09e835d35a23","block_type":"box","text":"Proceeds","page_number":26,"box":{"x":61,"y":183,"width":62,"height":9}},{"id":"698a6e56-6608-4679-b973-4df8b53ae373","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":26,"box":{"x":461,"y":174,"width":445,"height":10}},{"id":"a952da98-8207-458f-a862-c79757dac90c","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":26,"box":{"x":461,"y":188,"width":467,"height":10}},{"id":"df14ee65-d06c-45bc-b616-fba8b61cb19b","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":26,"box":{"x":461,"y":201,"width":455,"height":11}},{"id":"90216d20-555d-43df-a498-657ac26a9eb1","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":26,"box":{"x":461,"y":215,"width":450,"height":10}},{"id":"efa50b0c-c73e-42f7-a875-2666cd7180bb","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":26,"box":{"x":461,"y":228,"width":452,"height":11}},{"id":"12756a72-4696-4c95-9d74-f0da7355574c","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":26,"box":{"x":461,"y":242,"width":471,"height":10}},{"id":"499979d6-f38a-4204-8bec-cab421be180f","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":26,"box":{"x":461,"y":255,"width":471,"height":11}},{"id":"11f1a2a4-7fc5-461a-b9ca-d00beaddb891","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in kind to you. The","page_number":26,"box":{"x":461,"y":269,"width":454,"height":10}},{"id":"b09be402-59c7-4243-a777-e84c6e3b8a0b","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":26,"box":{"x":461,"y":282,"width":405,"height":9}},{"id":"2f69cbe4-4a56-4a14-adc3-f7105af5e3f7","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":26,"box":{"x":461,"y":299,"width":408,"height":10}},{"id":"b865acb7-fb67-4444-9900-a9e411a13735","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":26,"box":{"x":461,"y":312,"width":457,"height":10}},{"id":"8bb546b7-6259-4375-a04e-0f1990e36fba","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":26,"box":{"x":460,"y":326,"width":440,"height":10}},{"id":"127c706a-cfa2-4b24-9495-3996878545de","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":26,"box":{"x":460,"y":339,"width":340,"height":10}},{"id":"6fa4b2f3-879f-474a-a4be-e3d0843af0f2","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":26,"box":{"x":61,"y":377,"width":415,"height":13}},{"id":"a4cf9d89-53d5-4316-8685-db0c02591eef","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":399,"width":478,"height":9}},{"id":"bd0c6747-4f5b-4289-a68a-09004411b895","block_type":"box","text":"Exchange Privilege","page_number":26,"box":{"x":61,"y":417,"width":128,"height":10}},{"id":"1cbec91e-8558-40f4-bcc3-79b7a8824b4c","block_type":"box","text":"Selling shares of one BlackRock","page_number":26,"box":{"x":214,"y":417,"width":212,"height":10}},{"id":"c4760f05-450c-47e6-b1cc-1caceda597d6","block_type":"box","text":"Fund to purchase shares of","page_number":26,"box":{"x":214,"y":430,"width":181,"height":10}},{"id":"869a18f3-3f4c-4e5e-b4b1-044df6963ef2","block_type":"box","text":"another BlackRock Fund","page_number":26,"box":{"x":214,"y":444,"width":158,"height":8}},{"id":"f03f8b6b-eae5-43d6-abf1-55274f00d184","block_type":"box","text":"(“exchanging”)","page_number":26,"box":{"x":214,"y":457,"width":95,"height":11}},{"id":"ab45f455-694a-45d7-8997-561a6a69a20f","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":26,"box":{"x":461,"y":417,"width":454,"height":10}},{"id":"672c4941-b460-4005-a6cd-b44e3d7008a2","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":26,"box":{"x":460,"y":430,"width":461,"height":10}},{"id":"4870a154-6fa5-4847-907e-2e73b7fed96d","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":26,"box":{"x":461,"y":444,"width":465,"height":10}},{"id":"f6958b9e-f9ff-4269-835f-91713d91ae1f","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":26,"box":{"x":461,"y":457,"width":463,"height":11}},{"id":"af09d0c3-86a1-419b-a2e6-f9d4e13fd956","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":26,"box":{"x":461,"y":471,"width":457,"height":10}},{"id":"10f7967d-c3ee-4609-8e39-c9f4fc4cb682","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":26,"box":{"x":461,"y":484,"width":447,"height":9}},{"id":"b238fc2d-1cbe-4f48-bc56-14e27e63fb46","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":26,"box":{"x":460,"y":498,"width":429,"height":10}},{"id":"cc9b83cf-a69b-4152-80cb-8b42a2e7757f","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":26,"box":{"x":461,"y":511,"width":423,"height":11}},{"id":"e6d26382-9b47-498e-99df-185e8e71f310","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":26,"box":{"x":461,"y":525,"width":446,"height":10}},{"id":"595a56eb-1374-440b-bf54-37be71ce235f","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":26,"box":{"x":461,"y":539,"width":430,"height":10}},{"id":"0cb123cf-e4dc-45fb-bcc7-6f7cca166a8a","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":26,"box":{"x":461,"y":552,"width":383,"height":10}},{"id":"c8453d67-cefe-449b-a051-da9d339aabb8","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":26,"box":{"x":460,"y":568,"width":435,"height":10}},{"id":"07dd20c4-d84f-417b-89ab-9705bd1159fd","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":26,"box":{"x":461,"y":582,"width":406,"height":10}},{"id":"c8b69c93-21d4-41be-ae5d-34ac8e63a125","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":26,"box":{"x":461,"y":595,"width":468,"height":10}},{"id":"ab051028-5307-4d13-8720-9979af4d4026","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":26,"box":{"x":461,"y":609,"width":455,"height":10}},{"id":"70a248da-9c15-4851-b3fc-4ddefeece59e","block_type":"box","text":"your account online at www.blackrock.com or (iii) send a written request","page_number":26,"box":{"x":460,"y":622,"width":475,"height":10}},{"id":"960c2cb0-7c69-461f-951d-2e7b90bbedca","block_type":"box","text":"to the Fund at the address on the back cover of this prospectus. Please","page_number":26,"box":{"x":460,"y":636,"width":475,"height":10}},{"id":"e0824778-035c-4be5-992e-e416784d17bf","block_type":"box","text":"note, if you indicated on your new account application that you did not","page_number":26,"box":{"x":461,"y":649,"width":462,"height":11}},{"id":"a703c0e2-1c45-458b-8781-7f54c4745076","block_type":"box","text":"want the Telephone Exchange Privilege, you will not be able to place","page_number":26,"box":{"x":460,"y":663,"width":448,"height":10}},{"id":"07969e0e-a68f-431e-9e91-0321f96e8624","block_type":"box","text":"exchanges via the telephone until you update this option either in","page_number":26,"box":{"x":461,"y":677,"width":431,"height":10}},{"id":"b01d26b5-205d-4500-85da-cf0067debc26","block_type":"box","text":"writing or by calling (800) 537-4942. The Fund has the right to reject","page_number":26,"box":{"x":460,"y":690,"width":454,"height":10}},{"id":"a00ffc04-aa67-40bd-a888-0cd916e74fd2","block_type":"box","text":"any telephone request for any reason.","page_number":26,"box":{"x":461,"y":703,"width":249,"height":11}},{"id":"b7b34c03-2add-4051-8118-ca527b83fc2a","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":26,"box":{"x":460,"y":719,"width":450,"height":11}},{"id":"1e3a1d28-c7b1-4361-802c-12e497d4c2d1","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":26,"box":{"x":460,"y":733,"width":473,"height":10}},{"id":"18a92b6d-e6c8-4681-9b9b-9846d544f2db","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":26,"box":{"x":461,"y":747,"width":420,"height":10}},{"id":"190c4b62-765d-476d-a060-96a1fd260ec4","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":26,"box":{"x":461,"y":760,"width":439,"height":11}},{"id":"8976b753-ec4a-49af-9686-d65128180644","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":26,"box":{"x":461,"y":774,"width":460,"height":10}},{"id":"eba5ad3e-e282-4fb9-bf77-3979418e9204","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":26,"box":{"x":461,"y":787,"width":430,"height":11}},{"id":"8453feea-f4e5-4162-87ce-310b027906c9","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":26,"box":{"x":461,"y":801,"width":469,"height":10}},{"id":"09997f16-046f-456a-bf63-f6d251fee9d4","block_type":"box","text":"gain or loss may be realized.","page_number":26,"box":{"x":460,"y":814,"width":188,"height":11}},{"id":"b4c9167f-c755-4d5b-a8ef-8fab21c7d098","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":26,"box":{"x":461,"y":830,"width":457,"height":11}},{"id":"1eb9fc4c-647e-4084-b021-e3d7e37c08eb","block_type":"box","text":"making an exchange request.","page_number":26,"box":{"x":461,"y":844,"width":192,"height":10}},{"id":"3eeed65f-c798-4178-82e2-32e38e98421e","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9e6efe19-b76c-402b-b542-5426d0bd3b01","block_type":"box","text":"NM1026U-5979863-26/40","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b04be651-ffe6-4a12-98b4-1ca162f6af9c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"88aad937-43cb-48ba-b373-dd96c00f0e39","block_type":"box","text":"Transfer Shares to","page_number":27,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"92ae5633-7d5b-4219-9a96-64bf0eceb1cf","block_type":"box","text":"Another Financial","page_number":27,"box":{"x":60,"y":79,"width":118,"height":8}},{"id":"ecf824eb-9aa7-4543-b9e3-3067fe588e6d","block_type":"box","text":"Intermediary","page_number":27,"box":{"x":61,"y":91,"width":85,"height":10}},{"id":"a3b00d3e-d194-46cb-934f-2f41f472d8c2","block_type":"box","text":"Transfer to a participating","page_number":27,"box":{"x":213,"y":67,"width":171,"height":11}},{"id":"1504d6fe-9c20-43c2-b579-08f62513c37d","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"eb1f9dc1-f416-4332-a0df-d8400dda491d","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":27,"box":{"x":460,"y":67,"width":432,"height":10}},{"id":"9acf4c59-ead4-467d-ad09-2e3d1cc7d39e","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":27,"box":{"x":461,"y":81,"width":441,"height":10}},{"id":"9ea8513f-bbfe-4bd5-bc3f-a0da5bd6d37a","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":27,"box":{"x":461,"y":94,"width":456,"height":11}},{"id":"6afa6930-bc1a-45db-901f-d86fe35c3f58","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":27,"box":{"x":460,"y":108,"width":407,"height":10}},{"id":"6a720f80-c6ef-4e82-a632-30e8876b4068","block_type":"box","text":"coordinated by the receiving firm. Please contact your Financial","page_number":27,"box":{"x":461,"y":121,"width":415,"height":11}},{"id":"acbc8f5e-56b7-4432-be93-21b9f169f51f","block_type":"box","text":"Intermediary to accomplish the transfer of your Class K Shares.","page_number":27,"box":{"x":461,"y":135,"width":420,"height":10}},{"id":"6fb8c670-4db2-443e-9fea-0801368a3ee0","block_type":"box","text":"Transfer to a non-participating","page_number":27,"box":{"x":213,"y":153,"width":199,"height":10}},{"id":"245c58dd-789d-44eb-a990-571e23284c0a","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":167,"width":145,"height":10}},{"id":"7e7a6a9c-4cf2-4d17-898d-2838bdb917d1","block_type":"box","text":"You must either:","page_number":27,"box":{"x":460,"y":153,"width":107,"height":8}},{"id":"f2246b7a-5dce-412a-a10f-fdb94151702f","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":169,"width":3,"height":3}},{"id":"122a5289-c39e-41ec-9c4d-6e1378a6eef0","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":27,"box":{"x":470,"y":166,"width":402,"height":11}},{"id":"b84ea575-c6cb-4e1a-bd3d-a8511e2f5417","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":183,"width":3,"height":3}},{"id":"96d84c1e-bebb-482f-85e2-daab97216d37","block_type":"box","text":"Sell your Class K Shares.","page_number":27,"box":{"x":471,"y":180,"width":166,"height":10}},{"id":"7c66877b-2ba3-47c1-b16e-ac15d689a105","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":27,"box":{"x":461,"y":196,"width":475,"height":10}},{"id":"4a41389f-075f-4474-a9ff-ef7c3a43e32a","block_type":"box","text":"your Class K Shares.","page_number":27,"box":{"x":460,"y":210,"width":137,"height":10}},{"id":"1d64c38d-391e-41e6-af54-0064b4127a98","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":27,"box":{"x":60,"y":234,"width":815,"height":13}},{"id":"6487a601-6fd2-43a1-9460-d453db76a1d3","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":27,"box":{"x":60,"y":251,"width":467,"height":13}},{"id":"0ae03862-9d98-4c77-b30d-80eef4d9061d","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":27,"box":{"x":62,"y":273,"width":872,"height":11}},{"id":"0612eb44-9ec7-407b-b689-6f7d338ded38","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":27,"box":{"x":61,"y":287,"width":814,"height":12}},{"id":"36c050ba-0cd7-4012-8d2f-dee6250eedb6","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":27,"box":{"x":62,"y":302,"width":826,"height":12}},{"id":"ab8eebac-ce30-42af-92c7-ce17707aa95c","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":27,"box":{"x":62,"y":317,"width":836,"height":11}},{"id":"4f4494bc-4bfc-42d0-9cbf-16bb35985141","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":27,"box":{"x":60,"y":332,"width":861,"height":11}},{"id":"320c6098-4968-4803-b174-c944eed4a517","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":27,"box":{"x":61,"y":347,"width":875,"height":11}},{"id":"e0838561-38f4-4e9d-a5e9-8e780f0b2421","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":27,"box":{"x":61,"y":361,"width":853,"height":12}},{"id":"2196d593-90dd-4dee-82b6-5374893e2d00","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":27,"box":{"x":61,"y":376,"width":862,"height":12}},{"id":"c46e44f0-c3b2-4135-8ccb-e7c47f462641","block_type":"box","text":"they are so accepted.","page_number":27,"box":{"x":60,"y":391,"width":158,"height":12}},{"id":"ca9183a6-fed2-4181-8515-b0ca99a979ea","block_type":"box","text":"Fund’s Rights","page_number":27,"box":{"x":61,"y":430,"width":124,"height":14}},{"id":"1308ed39-5f2e-49e7-99fc-fe3679a62743","block_type":"box","text":"The Fund may:","page_number":27,"box":{"x":60,"y":456,"width":106,"height":12}},{"id":"0ce56a89-e67a-4a31-acb4-cd15a7340b6f","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":27,"box":{"x":81,"y":476,"width":840,"height":12}},{"id":"4d916add-378d-47db-875c-4d77e765b167","block_type":"box","text":"described in the Investment Company Act;","page_number":27,"box":{"x":81,"y":491,"width":308,"height":11}},{"id":"5acb3e3b-7736-4cdf-a87b-05e7d57961a8","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":27,"box":{"x":81,"y":511,"width":789,"height":12}},{"id":"2de10de6-8cbc-418a-810a-698e7c74a549","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":27,"box":{"x":81,"y":526,"width":850,"height":11}},{"id":"59c77c22-9156-4437-a939-6ee6e0716d33","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":27,"box":{"x":82,"y":541,"width":368,"height":11}},{"id":"3f02602f-8b05-41cd-802e-acf96ea51ef2","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":27,"box":{"x":82,"y":561,"width":781,"height":11}},{"id":"09444e5f-7009-4a3c-acff-fb53237516b8","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":27,"box":{"x":82,"y":581,"width":798,"height":11}},{"id":"1c0f808f-3f29-419e-8ded-c7d3e4ba3bbd","block_type":"box","text":"specified level.","page_number":27,"box":{"x":81,"y":595,"width":108,"height":12}},{"id":"8eb0321b-0413-46b9-acfa-f89e38113312","block_type":"box","text":"Note on Low Balance Accounts.","page_number":27,"box":{"x":61,"y":618,"width":239,"height":9}},{"id":"8b1e80f9-c8ab-4e41-8457-205089c93151","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":27,"box":{"x":307,"y":618,"width":600,"height":12}},{"id":"a3a36d6f-4c70-46b8-af56-d5f108a7d09e","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":27,"box":{"x":61,"y":632,"width":846,"height":12}},{"id":"5a8de3f5-1133-4138-ab78-0c4d0adb60ee","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":27,"box":{"x":61,"y":647,"width":872,"height":12}},{"id":"b64c75a1-0025-457b-b008-31074c30ba01","block_type":"box","text":"reason, including market fluctuation.","page_number":27,"box":{"x":61,"y":662,"width":267,"height":12}},{"id":"2f4835fa-e4d1-4a98-b0b4-1937eb10492a","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":27,"box":{"x":60,"y":685,"width":799,"height":11}},{"id":"35a9c6a7-8c95-4fdb-8e5d-de935e2b71cf","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":27,"box":{"x":62,"y":700,"width":796,"height":11}},{"id":"0abfe4bc-476e-40c7-b399-3c5bd3be167d","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":27,"box":{"x":62,"y":714,"width":800,"height":12}},{"id":"18f5ffbd-6c37-4119-9fb6-e3ec9dccf593","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":27,"box":{"x":61,"y":730,"width":859,"height":11}},{"id":"a3d6b73d-697d-4578-b28b-b09e345ab92e","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":27,"box":{"x":61,"y":744,"width":868,"height":12}},{"id":"caa96ea5-16d0-4631-8534-9008fe80ddd8","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":27,"box":{"x":61,"y":759,"width":420,"height":12}},{"id":"7c855504-bc69-416f-b8b6-d2610d77d694","block_type":"box","text":"Short-Term Trading Policy","page_number":27,"box":{"x":61,"y":798,"width":232,"height":14}},{"id":"48226d25-faab-4c4b-b1e6-9ba85ce70af1","block_type":"box","text":"The Board of Directors of the Corporation (the “Board”) has determined that the interests of long-term shareholders","page_number":27,"box":{"x":60,"y":824,"width":852,"height":12}},{"id":"78d51d89-f475-4523-89dd-b15727452eba","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":27,"box":{"x":61,"y":839,"width":860,"height":12}},{"id":"57b2352a-6f49-417a-a977-25ff8ce3cfe5","block_type":"box","text":"or exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not","page_number":27,"box":{"x":61,"y":854,"width":814,"height":12}},{"id":"6c5a73a8-1a82-4c04-92c3-e8488e1359ff","block_type":"box","text":"designed for market timing organizations or other entities using programmed or frequent purchases and sales or","page_number":27,"box":{"x":61,"y":869,"width":827,"height":11}},{"id":"50cd4b36-f8fb-46c7-8b47-d26fdcf2fffa","block_type":"box","text":"exchanges. The exchange privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or","page_number":27,"box":{"x":61,"y":884,"width":866,"height":11}},{"id":"82a2b4c1-62ca-42b6-bef4-47712e23370b","block_type":"box","text":"exchange activity may interfere with portfolio management, increase expenses and taxes and may have an adverse","page_number":27,"box":{"x":61,"y":898,"width":846,"height":12}},{"id":"39791c7c-676f-4eb3-8294-77d9fca7d672","block_type":"box","text":"effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of","page_number":27,"box":{"x":61,"y":913,"width":876,"height":12}},{"id":"744843aa-f208-40a4-b732-abe8f847ecaa","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"294acd82-6960-496d-9cc8-fcd62330396c","block_type":"box","text":"NM1026U-5979863-27/40","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"06a6e02d-a342-4cdd-86d9-c5031f6b6dde","block_type":"box","text":"the Fund may require the management team to allocate a significant amount of assets to cash or other short-term","page_number":28,"box":{"x":60,"y":46,"width":841,"height":11}},{"id":"d0ffd8ff-310d-4197-9d7f-af3809dfd4ab","block_type":"box","text":"investments or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s","page_number":28,"box":{"x":62,"y":61,"width":815,"height":11}},{"id":"c193cee4-7608-48d8-823e-1f131364472f","block_type":"box","text":"investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction","page_number":28,"box":{"x":62,"y":75,"width":859,"height":12}},{"id":"5a7aba48-c2af-4240-985a-e01813b4be8a","block_type":"box","text":"costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":28,"box":{"x":61,"y":90,"width":564,"height":12}},{"id":"bf49f0d4-8cea-4fc5-85f6-9710638da6e1","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":28,"box":{"x":60,"y":113,"width":873,"height":11}},{"id":"b443a9f3-3710-49bf-afab-4c0386e259e6","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":28,"box":{"x":61,"y":127,"width":872,"height":12}},{"id":"39c3cfcc-b681-4547-aa36-9f60cc88cec0","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":28,"box":{"x":61,"y":142,"width":865,"height":12}},{"id":"5b2cf2dd-538d-4d8a-8c98-a369d858111a","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":28,"box":{"x":61,"y":157,"width":817,"height":11}},{"id":"b66383db-377c-49f4-873b-0b1388753538","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (“junk bonds”) that are thinly traded and","page_number":28,"box":{"x":61,"y":172,"width":834,"height":12}},{"id":"d1a7154f-3009-4318-beb7-f56ee69492b3","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":28,"box":{"x":60,"y":187,"width":865,"height":11}},{"id":"eab81fc5-d7e3-40a5-a4bc-bdb79131ee5f","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":28,"box":{"x":61,"y":202,"width":829,"height":11}},{"id":"a460c78d-9041-42a1-8d6a-c69e2d05708e","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":28,"box":{"x":62,"y":216,"width":671,"height":12}},{"id":"854a6062-d689-4121-a3d7-e870fe739677","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":28,"box":{"x":60,"y":239,"width":869,"height":12}},{"id":"3162b630-2b58-4036-90ee-c01a711cf219","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":28,"box":{"x":60,"y":254,"width":839,"height":11}},{"id":"74a16088-795f-4e9c-a2e1-12ecce3ca5d1","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":28,"box":{"x":61,"y":269,"width":869,"height":11}},{"id":"083bc263-749e-485e-8124-dc3f4e2c2b27","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":28,"box":{"x":61,"y":283,"width":870,"height":12}},{"id":"3d4a7d23-ea68-4dba-8787-f36ea746bfce","block_type":"box","text":"Fund or its shareholders.","page_number":28,"box":{"x":62,"y":299,"width":181,"height":9}},{"id":"9835f311-f857-4b23-829d-ed0705030c94","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":28,"box":{"x":62,"y":321,"width":796,"height":11}},{"id":"a6fd7f83-3eed-43bb-a915-b57daba57ae2","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":28,"box":{"x":61,"y":336,"width":860,"height":11}},{"id":"9ad86f02-a4e8-47ab-8c3e-a3583a706388","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":28,"box":{"x":62,"y":351,"width":871,"height":11}},{"id":"712146c4-a716-492d-bb91-c7e23cfca8e7","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":28,"box":{"x":62,"y":365,"width":858,"height":12}},{"id":"53cdc80c-586c-405f-9f13-dc9acfb3eec0","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":28,"box":{"x":61,"y":380,"width":866,"height":12}},{"id":"8f021ed0-be27-473c-b211-ce296c457e8d","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":28,"box":{"x":61,"y":395,"width":829,"height":12}},{"id":"2b3103c3-c89b-491a-beb3-42244e7333a6","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":28,"box":{"x":62,"y":410,"width":862,"height":11}},{"id":"6fe94de6-1ca5-4437-80c2-60c72e5f1c1e","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":28,"box":{"x":61,"y":425,"width":849,"height":11}},{"id":"6d7d2fe4-38e0-4eb0-82be-38d37176a804","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":28,"box":{"x":61,"y":440,"width":866,"height":11}},{"id":"90a0badc-c8a6-468b-99c9-15394b4f5aca","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":28,"box":{"x":60,"y":455,"width":806,"height":11}},{"id":"556577b7-9280-4cb2-89fc-41685402910f","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":28,"box":{"x":61,"y":469,"width":804,"height":12}},{"id":"c46350e5-1417-452d-af90-28ef98e5b271","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":28,"box":{"x":61,"y":484,"width":849,"height":12}},{"id":"94137100-08d9-4a78-9904-e67cb16f3c5b","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":28,"box":{"x":61,"y":499,"width":875,"height":11}},{"id":"9a08a91c-ec3a-4adf-a874-3fd4d8661e1b","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":28,"box":{"x":62,"y":514,"width":869,"height":11}},{"id":"360a81f1-93d7-4cde-b18b-bb812778b917","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":28,"box":{"x":61,"y":528,"width":845,"height":12}},{"id":"66455b7d-45ec-4bf8-bcea-1336a4bb047b","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":28,"box":{"x":62,"y":544,"width":868,"height":11}},{"id":"04032d38-a83a-4d00-a5eb-79352fe8c95b","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":28,"box":{"x":61,"y":558,"width":861,"height":12}},{"id":"4fd0eddb-2bf7-4c91-b2e0-9b6cc32aa355","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":28,"box":{"x":61,"y":573,"width":868,"height":11}},{"id":"f63c3922-ef86-47a6-b7cd-7ff7a200e360","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":28,"box":{"x":60,"y":588,"width":847,"height":11}},{"id":"45534b30-57f3-448d-bdb1-1974e42d3875","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Fund’s","page_number":28,"box":{"x":60,"y":603,"width":806,"height":11}},{"id":"07f29479-88d6-4900-bd5e-bce68740e9ae","block_type":"box","text":"Distributor, suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":28,"box":{"x":62,"y":618,"width":748,"height":11}},{"id":"0a37860f-3afa-4425-bf59-c4cabf700965","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":28,"box":{"x":60,"y":640,"width":824,"height":12}},{"id":"3a0a3546-2ddb-452b-841c-5dda60bc7203","block_type":"box","text":"deemed abusive.","page_number":28,"box":{"x":61,"y":655,"width":123,"height":9}},{"id":"201e984d-6afa-4391-a066-28cdd97f1d68","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":28,"box":{"x":60,"y":677,"width":841,"height":12}},{"id":"486549c2-505f-47f3-a1ee-03504aa096a5","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":28,"box":{"x":60,"y":692,"width":572,"height":12}},{"id":"0ae1380d-2131-4efb-aa7e-a5b95c4d817a","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7aa330bd-4bfc-4f90-8a30-d348c742ffc7","block_type":"box","text":"NM1026U-5979863-28/40","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"635f5118-c6cc-4fda-a413-6f64c22ea7f4","block_type":"box","text":"Management of the Fund","page_number":29,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"bbe4c512-38b7-4833-a272-63208102ca98","block_type":"box","text":"BlackRock","page_number":29,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"2917d240-96d3-4386-b50b-f73d130b938f","block_type":"box","text":"BlackRock serves as the manager to the Fund and manages the investments and business operations of the Fund","page_number":29,"box":{"x":62,"y":182,"width":839,"height":12}},{"id":"2df485d8-4082-48a1-9682-da5df21ad27b","block_type":"box","text":"subject to the oversight of the Board. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":29,"box":{"x":61,"y":197,"width":862,"height":12}},{"id":"6c86014c-7245-4c9f-a491-62c7db23375e","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":29,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"eb0b0831-4cb9-448a-bd95-9b85c53039c5","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":29,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"67009fd7-c618-456b-9470-f5e5305e660e","block_type":"box","text":"BlackRock, Inc.","page_number":29,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"e42b7f44-527a-4b31-9daf-688f98552913","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":29,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"671f1111-b6d6-4a47-8703-8b427ae2cc25","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":29,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"5f1c58a1-262a-4367-9e2f-f3a5c2a9cdb6","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":29,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"961aad6e-355f-43bb-a9ce-5ee36569b95a","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Pursuant to the","page_number":29,"box":{"x":60,"y":317,"width":868,"height":11}},{"id":"772417bc-abe1-4945-89e2-8a57387885b3","block_type":"box","text":"Management Agreement, BlackRock is entitled to fees computed daily and payable monthly.","page_number":29,"box":{"x":62,"y":331,"width":673,"height":12}},{"id":"80f0ab44-e008-4448-95dc-5e196c900952","block_type":"box","text":"The maximum annual management fees that can be paid to BlackRock (as a percentage of average daily net assets)","page_number":29,"box":{"x":60,"y":354,"width":856,"height":11}},{"id":"cd0bb9c8-fd31-4aad-b2c6-250ac2a44e39","block_type":"box","text":"are calculated as follows:","page_number":29,"box":{"x":61,"y":369,"width":185,"height":9}},{"id":"d3f59cf3-7113-4d02-9b86-49a43ec1cf4a","block_type":"box","text":"Average Daily Net Assets","page_number":29,"box":{"x":69,"y":407,"width":151,"height":9}},{"id":"919af375-5e07-47c1-b98e-a1075b5f821d","block_type":"box","text":"Rate of","page_number":29,"box":{"x":844,"y":397,"width":43,"height":7}},{"id":"879e746a-2a13-4e4a-ac9c-da56d50f0f10","block_type":"box","text":"Management Fee","page_number":29,"box":{"x":813,"y":407,"width":104,"height":9}},{"id":"439c3554-1296-41ea-90bb-8aaafaa4046a","block_type":"box","text":"First $1 billion","page_number":29,"box":{"x":70,"y":424,"width":92,"height":9}},{"id":"040be498-cdb7-4842-980a-0fd1d06ed875","block_type":"box","text":"0.49%","page_number":29,"box":{"x":849,"y":424,"width":42,"height":9}},{"id":"f3fd432b-3d5c-4bbb-8d47-125846388919","block_type":"box","text":"$1 billion – $3 billion","page_number":29,"box":{"x":70,"y":442,"width":138,"height":9}},{"id":"59d1ad3a-f723-4282-bda2-d59830a5f666","block_type":"box","text":"0.46%","page_number":29,"box":{"x":849,"y":442,"width":42,"height":9}},{"id":"ffa26145-e6ee-483b-b3e4-7d936cfc27ce","block_type":"box","text":"$3 billion – $5 billion","page_number":29,"box":{"x":70,"y":460,"width":138,"height":9}},{"id":"c0b45b0d-bf78-4a23-b3d5-977a2788db4f","block_type":"box","text":"0.44%","page_number":29,"box":{"x":849,"y":460,"width":42,"height":9}},{"id":"5be62922-1b0d-4246-bef7-2bbbd3640932","block_type":"box","text":"$5 billion – $10 billion","page_number":29,"box":{"x":70,"y":478,"width":147,"height":9}},{"id":"a0ba9e2c-839b-49be-b02c-859cebdb2e01","block_type":"box","text":"0.43%","page_number":29,"box":{"x":849,"y":479,"width":42,"height":8}},{"id":"8587f731-271e-46f4-9a5f-ba8d73eb19e6","block_type":"box","text":"Greater than $10 billion","page_number":29,"box":{"x":69,"y":496,"width":157,"height":10}},{"id":"21b7c777-a928-46e3-a467-ba69056e1e00","block_type":"box","text":"0.42%","page_number":29,"box":{"x":849,"y":497,"width":42,"height":8}},{"id":"b7aa9a32-d846-4c99-b9dd-f0f2e8fb2ee6","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":29,"box":{"x":62,"y":528,"width":840,"height":12}},{"id":"721b761f-23dd-4fb9-a988-2d76de0c1ca1","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":29,"box":{"x":61,"y":543,"width":861,"height":12}},{"id":"0f3bae23-f6a9-4c0f-88cf-ddd22900c842","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition,","page_number":29,"box":{"x":61,"y":558,"width":856,"height":12}},{"id":"5e87de2c-09a6-4f48-834a-71c41545f39d","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund","page_number":29,"box":{"x":62,"y":573,"width":872,"height":11}},{"id":"c9e8e8f7-67ab-4b57-bc2a-6807289a0a02","block_type":"box","text":"pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":29,"box":{"x":62,"y":588,"width":866,"height":11}},{"id":"4e7d7861-e231-4e77-af40-b0032005d405","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":29,"box":{"x":62,"y":603,"width":860,"height":11}},{"id":"190f1f55-7672-4602-906e-acf3a1a56dbc","block_type":"box","text":"90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the","page_number":29,"box":{"x":61,"y":617,"width":810,"height":12}},{"id":"4656abc1-ff2f-4b49-b036-00599f8003db","block_type":"box","text":"outstanding voting securities of the Fund.","page_number":29,"box":{"x":61,"y":632,"width":302,"height":12}},{"id":"a37db3e1-850f-4d15-9c58-9c5fb61b6a02","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses of the Fund (excluding: (i) interest, taxes, dividends tied to","page_number":29,"box":{"x":62,"y":655,"width":846,"height":11}},{"id":"1f6d2f36-d619-4210-bb47-abf2f976cc52","block_type":"box","text":"short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally","page_number":29,"box":{"x":61,"y":670,"width":819,"height":11}},{"id":"56e09be5-fa3f-4aaa-9a89-afd921a52161","block_type":"box","text":"accepted accounting principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund","page_number":29,"box":{"x":61,"y":684,"width":863,"height":12}},{"id":"0b14a6b6-1dcb-4658-a19b-220b53d86109","block_type":"box","text":"as a result of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of,","page_number":29,"box":{"x":61,"y":699,"width":867,"height":12}},{"id":"bcb10cee-13f9-4c9f-a1cc-2c4ff977b529","block_type":"box","text":"the Fund’s investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary","page_number":29,"box":{"x":60,"y":714,"width":841,"height":12}},{"id":"98d9ec06-3872-4d58-9316-c2069eef7bee","block_type":"box","text":"course of the Fund’s business, if any) of Class K Shares of the Fund at the level shown below and in the Fund’s fees","page_number":29,"box":{"x":61,"y":729,"width":857,"height":11}},{"id":"4df82024-2d46-49ed-bca9-46e89b4d092f","block_type":"box","text":"and expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding","page_number":29,"box":{"x":61,"y":744,"width":827,"height":11}},{"id":"07b27303-3772-4a1c-aace-5f04c05f1bec","block_type":"box","text":"sentence are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and","page_number":29,"box":{"x":61,"y":759,"width":800,"height":11}},{"id":"cf956a44-f5ff-402f-9ec0-08e2fab8c7d6","block_type":"box","text":"Expenses and certain other Fund expenses.” To achieve this expense cap, BlackRock has agreed to waive and/or","page_number":29,"box":{"x":62,"y":774,"width":835,"height":11}},{"id":"b2602359-43e0-420e-9e37-6468b1c94018","block_type":"box","text":"reimburse fees or expenses if these operating expenses exceed a certain limit.","page_number":29,"box":{"x":61,"y":788,"width":581,"height":12}},{"id":"557a23f3-9b23-49e1-b5b0-9790f69a7dd8","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to","page_number":29,"box":{"x":60,"y":811,"width":863,"height":11}},{"id":"c8d2c060-4843-4d8f-8355-15952c5db076","block_type":"box","text":"limit Total Annual Fund Operating Expenses to the amount noted in the table below.","page_number":29,"box":{"x":62,"y":826,"width":609,"height":11}},{"id":"e0ad29f7-d46b-4f07-aec0-e4fb660249e7","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"59056374-eb30-435e-b867-1e7a3f5a5599","block_type":"box","text":"NM1026U-5979863-29/40","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d4c22038-0c26-418f-8013-4f5a7fd89be7","block_type":"box","text":"Contractual Cap(s)","page_number":30,"box":{"x":795,"y":50,"width":113,"height":9}},{"id":"44f701bd-a47d-46ce-a6c3-8102241fc330","block_type":"box","text":"1","page_number":30,"box":{"x":910,"y":50,"width":3,"height":4}},{"id":"5a777884-7fe7-4000-a853-b64693af4577","block_type":"box","text":"on Total Annual Fund","page_number":30,"box":{"x":791,"y":61,"width":125,"height":7}},{"id":"ec298097-4f8d-4b22-85ee-65773196b18d","block_type":"box","text":"Operating Expenses","page_number":30,"box":{"x":792,"y":71,"width":120,"height":9}},{"id":"cc8908bd-3b8c-4feb-9050-1f88b09d082b","block_type":"box","text":"2","page_number":30,"box":{"x":912,"y":71,"width":4,"height":3}},{"id":"f109434f-f155-4c74-b16f-997ac5abcfc0","block_type":"box","text":"(excluding Dividend","page_number":30,"box":{"x":795,"y":81,"width":118,"height":9}},{"id":"a933f1c5-8c35-4361-abc8-6ce73a8f8365","block_type":"box","text":"Expense, Interest","page_number":30,"box":{"x":802,"y":92,"width":105,"height":8}},{"id":"ca49ad94-d894-4ce7-ac4e-15c4b94ee629","block_type":"box","text":"Expense, Acquired","page_number":30,"box":{"x":799,"y":102,"width":110,"height":9}},{"id":"af73a250-d953-41f2-bd49-f45b15f42721","block_type":"box","text":"Fund Fees and","page_number":30,"box":{"x":811,"y":112,"width":86,"height":7}},{"id":"4e6c4c69-a258-4fb0-a009-6cd92d1237aa","block_type":"box","text":"Expenses and","page_number":30,"box":{"x":813,"y":122,"width":82,"height":9}},{"id":"47400088-8ff4-448d-9553-72000a4ddcf5","block_type":"box","text":"certain other","page_number":30,"box":{"x":815,"y":133,"width":78,"height":7}},{"id":"2b9ba98e-e10a-4647-8554-19fca8859b28","block_type":"box","text":"Fund expenses)","page_number":30,"box":{"x":807,"y":143,"width":93,"height":9}},{"id":"b59e226a-b6d9-4418-a43d-06048e07e8ee","block_type":"box","text":"Class K Shares","page_number":30,"box":{"x":69,"y":160,"width":101,"height":8}},{"id":"65d7ec31-4393-4dd8-bcdb-4bc6af8f9761","block_type":"box","text":"0.49%","page_number":30,"box":{"x":839,"y":160,"width":41,"height":8}},{"id":"00de08a1-4166-4f1a-bf25-94adfb820f62","block_type":"box","text":"1","page_number":30,"box":{"x":61,"y":180,"width":3,"height":3}},{"id":"8fa6115a-9168-4b62-9d96-45b10bcd8f25","block_type":"box","text":"The contractual cap is in effect through June 30, 2028. The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":30,"box":{"x":81,"y":180,"width":836,"height":9}},{"id":"62451128-9693-456b-8059-0ac45c832e71","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":30,"box":{"x":81,"y":190,"width":839,"height":9}},{"id":"ca6de7cc-a4ed-4bf9-beb5-5b169c39d5b7","block_type":"box","text":"2","page_number":30,"box":{"x":61,"y":203,"width":3,"height":4}},{"id":"63edf094-f954-49ea-9e76-c695d476c4f5","block_type":"box","text":"As a percentage of average daily net assets.","page_number":30,"box":{"x":81,"y":203,"width":260,"height":9}},{"id":"0beec805-cc18-4e20-b96f-3a077064caac","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":30,"box":{"x":60,"y":228,"width":875,"height":11}},{"id":"28200c71-6085-48fd-88e9-776b47c8ce78","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":30,"box":{"x":61,"y":243,"width":705,"height":11}},{"id":"8815d9d6-2906-418b-81b1-806f4e455748","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":30,"box":{"x":60,"y":265,"width":850,"height":12}},{"id":"d6edf4bb-ec71-4c92-8332-17346cab51e9","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":30,"box":{"x":62,"y":280,"width":556,"height":12}},{"id":"04abce34-4f3d-496e-8a01-a53801d73539","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":30,"box":{"x":62,"y":303,"width":851,"height":11}},{"id":"78b18509-cb5c-4abe-a513-7ddf39d293ea","block_type":"box","text":"the annual rate of 0.49% of the Fund’s average daily net assets.","page_number":30,"box":{"x":60,"y":318,"width":473,"height":11}},{"id":"3cc43c6a-e1f8-46d8-815a-75547da92636","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":30,"box":{"x":62,"y":340,"width":864,"height":12}},{"id":"9ba8ac1a-4814-40c3-aec8-93347539fc69","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":30,"box":{"x":62,"y":355,"width":863,"height":11}},{"id":"d6082474-a793-4a26-b5c5-2779cb3c36b2","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":30,"box":{"x":60,"y":370,"width":861,"height":11}},{"id":"d62e72f1-7676-48c7-9147-ac7d5b1474d8","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":30,"box":{"x":61,"y":385,"width":864,"height":11}},{"id":"eccd6a09-100a-49a1-bd03-c5a64b384e82","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":30,"box":{"x":61,"y":400,"width":872,"height":11}},{"id":"663e8b08-744c-4661-9557-2e4bfbf0c9da","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":30,"box":{"x":61,"y":414,"width":841,"height":12}},{"id":"37670c49-9766-43cd-85af-13f581f9e7c2","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":30,"box":{"x":61,"y":429,"width":472,"height":12}},{"id":"af4801de-c62d-4c78-ad46-e209ca359eba","block_type":"box","text":"Portfolio Manager Information","page_number":30,"box":{"x":61,"y":468,"width":272,"height":14}},{"id":"b505a810-bb3f-4411-9444-2a113db8bf18","block_type":"box","text":"Information regarding the portfolio managers is set forth below. Further information regarding the portfolio managers,","page_number":30,"box":{"x":62,"y":494,"width":862,"height":12}},{"id":"a405b20a-707f-49d0-9a5b-8ed145796bed","block_type":"box","text":"including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is","page_number":30,"box":{"x":62,"y":509,"width":836,"height":12}},{"id":"4b5b1239-0095-443a-ab66-d3bac4bdd3fa","block_type":"box","text":"available in the SAI.","page_number":30,"box":{"x":61,"y":524,"width":144,"height":9}},{"id":"0f85cdee-34ec-41bb-88ae-02f09624d3d7","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":30,"box":{"x":61,"y":552,"width":797,"height":9}},{"id":"c2775dae-5d81-41bd-a0e9-f870cacbca67","block_type":"box","text":"Raffaele Savi Jointly and primarily responsible for","page_number":30,"box":{"x":61,"y":569,"width":424,"height":11}},{"id":"a5c39cf9-7b53-42c8-9e86-4ebd3314a98a","block_type":"box","text":"the day-to-day management of the","page_number":30,"box":{"x":252,"y":583,"width":223,"height":10}},{"id":"5cdbc3f2-04b2-447e-8b50-dac58ef790bf","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":30,"box":{"x":253,"y":596,"width":245,"height":11}},{"id":"0a132f6d-cb41-487f-be8d-72b44d31c437","block_type":"box","text":"Fund’s overall investment strategy","page_number":30,"box":{"x":253,"y":610,"width":225,"height":10}},{"id":"8227ceb7-3403-4393-af9c-a0c821db4030","block_type":"box","text":"and overseeing the management of","page_number":30,"box":{"x":253,"y":623,"width":233,"height":11}},{"id":"ccd3282b-5911-4636-bdef-06280060260b","block_type":"box","text":"the Fund.","page_number":30,"box":{"x":252,"y":637,"width":60,"height":8}},{"id":"7f4c6098-eb78-4666-a981-29326dc15968","block_type":"box","text":"2017 Senior Managing Director of BlackRock, Inc.","page_number":30,"box":{"x":545,"y":569,"width":358,"height":11}},{"id":"59627785-bba9-44bb-bfe6-0cb79bbc2d37","block_type":"box","text":"since 2023; Managing Director of BlackRock,","page_number":30,"box":{"x":615,"y":583,"width":298,"height":10}},{"id":"5da9253d-9f45-451f-9351-9789c5582765","block_type":"box","text":"Inc. from 2009 to 2022.","page_number":30,"box":{"x":616,"y":596,"width":159,"height":9}},{"id":"e94f3bd0-4dd5-403b-ae42-6b485f398dd0","block_type":"box","text":"Travis Cooke, CFA Jointly and primarily responsible for","page_number":30,"box":{"x":60,"y":655,"width":425,"height":10}},{"id":"fcc255a1-017d-45ba-be67-38c0464ccc55","block_type":"box","text":"the day-to-day management of the","page_number":30,"box":{"x":252,"y":669,"width":223,"height":10}},{"id":"4cc18713-21f0-42a2-a6ff-295aec8e73cc","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":30,"box":{"x":253,"y":682,"width":245,"height":11}},{"id":"9873362f-14de-4559-89b8-c0d14031f43c","block_type":"box","text":"Fund’s overall investment strategy","page_number":30,"box":{"x":253,"y":696,"width":225,"height":10}},{"id":"55c3e6e0-2a4f-48e7-9ef6-dc16733dae5c","block_type":"box","text":"and overseeing the management of","page_number":30,"box":{"x":253,"y":709,"width":233,"height":11}},{"id":"d6438e5d-344e-4307-851f-a58ad6ce475a","block_type":"box","text":"the Fund.","page_number":30,"box":{"x":252,"y":723,"width":60,"height":8}},{"id":"9f2c0620-8a8d-4b0a-b3ea-860a29e75437","block_type":"box","text":"2017 Managing Director of BlackRock, Inc. since","page_number":30,"box":{"x":545,"y":655,"width":352,"height":10}},{"id":"887cdec7-5811-4b74-8d7e-4557b3986693","block_type":"box","text":"2012.","page_number":30,"box":{"x":615,"y":669,"width":39,"height":8}},{"id":"c9c1a955-2d6c-4b2e-b45f-03448fefaf49","block_type":"box","text":"Richard Mathieson Jointly and primarily responsible for","page_number":30,"box":{"x":61,"y":741,"width":424,"height":10}},{"id":"85d8ac0d-045f-4d8c-9995-e97ea76b399c","block_type":"box","text":"the day-to-day management of the","page_number":30,"box":{"x":252,"y":754,"width":223,"height":11}},{"id":"b87309c0-3f1c-4144-a320-1f4816e3ddfe","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":30,"box":{"x":253,"y":768,"width":245,"height":10}},{"id":"a2646af9-e99d-48f7-b6b3-f3ec817cc388","block_type":"box","text":"Fund’s overall investment strategy","page_number":30,"box":{"x":253,"y":782,"width":225,"height":10}},{"id":"dfb06b29-10f2-409d-b928-e15e5b232b7f","block_type":"box","text":"and overseeing the management of","page_number":30,"box":{"x":253,"y":795,"width":233,"height":10}},{"id":"225c7773-68e4-4b77-ba24-763535f041c3","block_type":"box","text":"the Fund.","page_number":30,"box":{"x":252,"y":809,"width":60,"height":8}},{"id":"53a1c24d-9bb9-467c-831e-25ad495a0a76","block_type":"box","text":"2017 Managing Director of BlackRock, Inc. since","page_number":30,"box":{"x":545,"y":741,"width":352,"height":10}},{"id":"a94edec5-c7bb-4e97-99dc-9ebb5494c93a","block_type":"box","text":"2011.","page_number":30,"box":{"x":615,"y":754,"width":39,"height":9}},{"id":"9e7ffc0c-8f94-4451-9a88-ac5b35e06aa1","block_type":"box","text":"Conflicts of Interest","page_number":30,"box":{"x":61,"y":849,"width":181,"height":11}},{"id":"54e5d250-f4a6-44e4-95c2-9fe2897986c6","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":30,"box":{"x":60,"y":875,"width":871,"height":12}},{"id":"c070a424-5956-4062-9bff-2972c61a748e","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":30,"box":{"x":62,"y":890,"width":801,"height":12}},{"id":"a4b0488e-4984-47d6-a07b-95062467b318","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":30,"box":{"x":61,"y":905,"width":723,"height":11}},{"id":"bed0d0f9-df28-4dd2-852e-14ee7bdd386a","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"074642a2-52b4-4149-8ef2-cf9eb856ea1f","block_type":"box","text":"NM1026U-5979863-30/40","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"02ea9afa-cbe3-455f-852d-3ba52ab02291","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":31,"box":{"x":62,"y":46,"width":871,"height":11}},{"id":"584fc0fa-62c0-44c5-ab91-c9b693c8d4e3","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":31,"box":{"x":61,"y":60,"width":845,"height":12}},{"id":"606c72e3-b37d-4b76-857a-e31ac5b01269","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":31,"box":{"x":61,"y":75,"width":865,"height":12}},{"id":"2abd24c7-ec54-43b8-ae76-9f5b97e33e06","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":31,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"0225cf34-dd56-4b98-bc50-eb15c8089358","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":31,"box":{"x":60,"y":105,"width":850,"height":12}},{"id":"fae4f1c4-868e-4a82-b178-abc2c31216e5","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":31,"box":{"x":62,"y":120,"width":813,"height":11}},{"id":"07fa95d9-67c0-4be9-91f4-712794000092","block_type":"box","text":"indirectly invest.","page_number":31,"box":{"x":62,"y":135,"width":116,"height":11}},{"id":"48b34542-9604-4e5d-84ea-85cec27f047a","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":31,"box":{"x":62,"y":157,"width":801,"height":12}},{"id":"3fda3029-66d3-4aab-9698-6fcfb1950d0d","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":31,"box":{"x":62,"y":172,"width":865,"height":12}},{"id":"0a42899f-1efc-4358-859a-ecef0e9aaf73","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":31,"box":{"x":61,"y":187,"width":829,"height":11}},{"id":"4c934a64-05c7-4fb1-9b32-435bb7bc384b","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":31,"box":{"x":61,"y":202,"width":856,"height":11}},{"id":"524b52f1-540d-4dd7-b15d-3cf497489038","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":31,"box":{"x":61,"y":216,"width":814,"height":12}},{"id":"c932da0f-ec2d-474c-8f6e-7b4264afa3c5","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":31,"box":{"x":61,"y":231,"width":860,"height":12}},{"id":"b74e0a29-9db1-4a1a-a077-212c09c0e050","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":31,"box":{"x":62,"y":246,"width":862,"height":12}},{"id":"f9856c12-69c8-4fcc-b20a-9075f5297dc4","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":31,"box":{"x":60,"y":261,"width":565,"height":11}},{"id":"64fc5580-5eb0-4021-9e27-d20927747ece","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":31,"box":{"x":60,"y":283,"width":855,"height":12}},{"id":"48343978-6d55-441b-9341-a97ef653e5b7","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":31,"box":{"x":61,"y":298,"width":807,"height":12}},{"id":"cda5a877-c540-4501-8be8-739a8584a1b5","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":31,"box":{"x":61,"y":313,"width":862,"height":12}},{"id":"a646b248-8f82-4699-a08d-001b2072c09d","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":31,"box":{"x":61,"y":328,"width":866,"height":12}},{"id":"f98f27ba-2d5a-4d6c-beb7-db2b4e8b7c1e","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":31,"box":{"x":62,"y":343,"width":444,"height":11}},{"id":"959c6220-8f9b-4cec-be86-820127bd9f85","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":31,"box":{"x":60,"y":365,"width":862,"height":12}},{"id":"6937333a-48be-49a9-a7be-b7aea1084f6e","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":31,"box":{"x":60,"y":380,"width":567,"height":12}},{"id":"1bcea20c-b3ab-4650-9ecb-6e952ae59f67","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":31,"box":{"x":62,"y":403,"width":851,"height":11}},{"id":"7f84e728-1384-4784-a1d0-31c4e42e9fc1","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":31,"box":{"x":60,"y":418,"width":864,"height":11}},{"id":"c559fc69-9fdb-4169-b50b-0aa46824519b","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":31,"box":{"x":60,"y":432,"width":865,"height":12}},{"id":"1a19324b-775b-4ff5-baea-874325db87a6","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":31,"box":{"x":60,"y":447,"width":834,"height":12}},{"id":"105001c2-a597-421e-88b4-70a5967aafec","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":31,"box":{"x":61,"y":462,"width":815,"height":12}},{"id":"6fa32693-01b0-483e-b6af-b26fa907df36","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":31,"box":{"x":62,"y":485,"width":802,"height":11}},{"id":"6c6f23b3-a518-443b-84c9-84d0e99f08ea","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":31,"box":{"x":61,"y":499,"width":840,"height":12}},{"id":"4f21d6d7-c01f-49bf-ba89-ae2802dc500e","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":31,"box":{"x":61,"y":514,"width":648,"height":12}},{"id":"1ac31950-2b43-4da4-a02f-a1036f44d1b2","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":31,"box":{"x":62,"y":537,"width":854,"height":11}},{"id":"17ba5476-3ee7-4196-9ed1-920cebcd80d0","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":31,"box":{"x":60,"y":552,"width":814,"height":11}},{"id":"b86694e8-c4a5-48ba-9d73-a91889c39605","block_type":"box","text":"expense ratio of the Fund may be impacted by purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":31,"box":{"x":61,"y":566,"width":853,"height":12}},{"id":"8076b8a6-5415-4e10-9c2f-f6e0d85c602d","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BlackRock or an Affiliate or their","page_number":31,"box":{"x":60,"y":589,"width":858,"height":12}},{"id":"17e3425b-b4da-4a7d-be5d-9e0a4a2c6acd","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":31,"box":{"x":62,"y":604,"width":367,"height":11}},{"id":"fafe97b7-7784-4ac8-ade9-4b0f827840d4","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Investment Management,","page_number":31,"box":{"x":62,"y":627,"width":869,"height":11}},{"id":"f1f652a6-b99e-44a3-b516-c2b165090e10","block_type":"box","text":"LLC, an Affiliate of BlackRock, to serve as its securities lending agent to the extent that it participates in the securities","page_number":31,"box":{"x":62,"y":641,"width":875,"height":12}},{"id":"58c5bb26-11d4-4a1b-83bf-fa9e022ae9b6","block_type":"box","text":"lending program. For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":31,"box":{"x":62,"y":656,"width":857,"height":12}},{"id":"abde02ba-8f13-45db-bc20-f900bffe0d7a","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":31,"box":{"x":61,"y":671,"width":857,"height":11}},{"id":"f3077d1f-a805-4f18-8e80-a4f37e0c94fa","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":31,"box":{"x":60,"y":686,"width":841,"height":11}},{"id":"9a88bfe0-61d9-4f4a-96d3-6f43c75d8030","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":31,"box":{"x":62,"y":701,"width":415,"height":11}},{"id":"bf160b6c-1b3e-4216-8b95-1e4a53eceb61","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":31,"box":{"x":62,"y":723,"width":864,"height":12}},{"id":"1711b217-fbf6-4f6c-8cc4-c879130702d6","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":31,"box":{"x":61,"y":738,"width":868,"height":11}},{"id":"0ba16ddb-9302-4cc7-b84d-3c00adba0617","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":31,"box":{"x":62,"y":753,"width":870,"height":11}},{"id":"2e633a5b-5fed-4b0b-a5f7-34139eaefbaa","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":31,"box":{"x":60,"y":768,"width":545,"height":11}},{"id":"d4b4a649-d795-4674-9ce6-1058869f05b6","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":31,"box":{"x":60,"y":790,"width":837,"height":12}},{"id":"edf28a26-4089-4335-a863-795c02cf2fef","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":31,"box":{"x":61,"y":805,"width":865,"height":12}},{"id":"f08a904d-6d2e-4347-b751-0894bfb9778c","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":31,"box":{"x":62,"y":820,"width":819,"height":11}},{"id":"21ccc7e6-df87-4e52-b841-4d825a408ea1","block_type":"box","text":"Valuation of Fund Investments","page_number":31,"box":{"x":63,"y":859,"width":271,"height":11}},{"id":"a186118c-d910-46b5-a2ca-98358d863102","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":31,"box":{"x":60,"y":885,"width":849,"height":11}},{"id":"2535cca3-175c-4209-be4d-46870a6dfc0c","block_type":"box","text":"asset value, minus any applicable redemption fee. The net asset value used in determining your share price is the next","page_number":31,"box":{"x":61,"y":900,"width":876,"height":11}},{"id":"115f4fc3-c467-4e2e-a171-c6e549faf2bf","block_type":"box","text":"one calculated after your purchase or redemption order is received. The net asset value of each class of shares","page_number":31,"box":{"x":61,"y":915,"width":821,"height":11}},{"id":"d0b34b21-c1a4-4cb1-906b-062b81612e7b","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"6bec922d-aad9-4369-81b7-af9d308bc298","block_type":"box","text":"NM1026U-5979863-31/40","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5ece8d1e-4da3-4fe5-a0d9-6641740935cd","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":32,"box":{"x":61,"y":46,"width":866,"height":11}},{"id":"1ff9265d-a7af-405c-907e-8d8f1e7e35a2","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":32,"box":{"x":60,"y":60,"width":831,"height":12}},{"id":"cf86f4a3-3b98-467b-ad36-844d88134cbb","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":32,"box":{"x":61,"y":75,"width":843,"height":12}},{"id":"d905aff8-97d0-453c-8de7-c704307fd69c","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":32,"box":{"x":60,"y":90,"width":876,"height":12}},{"id":"a20cacaa-45e7-4d13-9be3-789e8e8bc3cc","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":32,"box":{"x":61,"y":105,"width":868,"height":12}},{"id":"3b67a0ba-8ccb-42d9-be66-d3a1ca1362fa","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":32,"box":{"x":61,"y":120,"width":825,"height":11}},{"id":"3ff4693f-6142-4e98-b43e-b10a58ddfea1","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":32,"box":{"x":61,"y":135,"width":430,"height":11}},{"id":"f74ef9ba-b1c3-4a53-939e-a58e4928af77","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":32,"box":{"x":60,"y":157,"width":844,"height":12}},{"id":"4ed0b20f-bd96-45c5-bcea-39460601755d","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":32,"box":{"x":60,"y":172,"width":837,"height":12}},{"id":"b2c60c61-592e-4e8c-beb5-6d9b126883a1","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":32,"box":{"x":62,"y":187,"width":464,"height":11}},{"id":"9712fb91-c540-495c-9238-596010bb0b23","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":32,"box":{"x":62,"y":210,"width":863,"height":11}},{"id":"1cb69687-f405-4617-ad93-9c3253243565","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":32,"box":{"x":60,"y":224,"width":858,"height":12}},{"id":"f1664fd8-33a0-4d82-9005-54e06051d96b","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":32,"box":{"x":62,"y":239,"width":863,"height":12}},{"id":"d25e6887-5513-4656-a4a6-8af5b7165222","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":32,"box":{"x":61,"y":254,"width":852,"height":11}},{"id":"ffdfc20f-5d66-4abc-9b8e-24054921da67","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":32,"box":{"x":61,"y":269,"width":872,"height":11}},{"id":"dece04d0-84b2-46f1-b339-5cf1f344f78b","block_type":"box","text":"underlying exchange-traded closed-end funds or other exchange-traded funds are valued at their most recent closing","page_number":32,"box":{"x":61,"y":283,"width":851,"height":12}},{"id":"22f21f9d-b00c-4759-be30-044d2ef85505","block_type":"box","text":"price.","page_number":32,"box":{"x":62,"y":299,"width":37,"height":11}},{"id":"9e0b6f7e-2ab6-44a7-921c-61af47134b8a","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":32,"box":{"x":60,"y":321,"width":857,"height":11}},{"id":"b32bdc95-fd4a-4cf3-9fd8-7d1ba8d4b483","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":32,"box":{"x":61,"y":336,"width":870,"height":11}},{"id":"c5268d72-583d-4e68-b42b-f1c5cd7e425b","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":32,"box":{"x":61,"y":351,"width":868,"height":11}},{"id":"d357c6b9-c8a0-49e1-9a23-2d196d4f5137","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":32,"box":{"x":61,"y":365,"width":842,"height":12}},{"id":"e1e0150f-faad-44e1-b227-be8285057f4b","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":32,"box":{"x":61,"y":380,"width":853,"height":12}},{"id":"784ef4b7-0ab9-4316-b61a-09e9dbde0412","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":32,"box":{"x":61,"y":395,"width":844,"height":11}},{"id":"9c0ebdf5-6544-480e-aadf-baabb6a9b29d","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":32,"box":{"x":61,"y":410,"width":822,"height":11}},{"id":"93921c19-446d-4646-9c19-06bcd8dff2ab","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":32,"box":{"x":61,"y":425,"width":845,"height":11}},{"id":"c4551487-7d66-4950-8c1d-3f6294052170","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":32,"box":{"x":61,"y":439,"width":733,"height":12}},{"id":"ae1cb0c2-e8f6-44fc-8486-928e325dd47a","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":32,"box":{"x":61,"y":462,"width":829,"height":12}},{"id":"5ce748dc-8364-4641-be8d-a066f60158bb","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":32,"box":{"x":61,"y":477,"width":857,"height":11}},{"id":"d53f5c9d-c2d4-4723-8983-9c32fcd6d440","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":32,"box":{"x":61,"y":492,"width":841,"height":11}},{"id":"a60e534c-dfcd-4cee-8d93-49a0a97d3d3d","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":32,"box":{"x":61,"y":506,"width":583,"height":12}},{"id":"9c378b27-9266-48b9-b6a7-46adce41e406","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":32,"box":{"x":60,"y":529,"width":839,"height":11}},{"id":"a051c7ec-2ef3-4eae-aa31-9f347b67ef10","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":32,"box":{"x":60,"y":544,"width":858,"height":11}},{"id":"9d3c9cac-906f-4a85-bcc3-087a6ca403c5","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":32,"box":{"x":61,"y":559,"width":844,"height":11}},{"id":"ecafabda-52cd-4890-bbba-abaec0f52c8f","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":32,"box":{"x":61,"y":574,"width":845,"height":11}},{"id":"d4ae29d6-b7b9-4ffd-a7e2-7f3967b4a0c4","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":32,"box":{"x":61,"y":588,"width":841,"height":12}},{"id":"509ca36f-f4d5-4d4b-b1be-3842879827f0","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":32,"box":{"x":60,"y":603,"width":820,"height":12}},{"id":"131ea574-700d-4a47-a45e-9316ff3533ee","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":32,"box":{"x":61,"y":618,"width":828,"height":12}},{"id":"dd424e80-a274-4f1b-ac8b-62b252ce59ab","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":32,"box":{"x":61,"y":633,"width":836,"height":11}},{"id":"ad7c5a16-4aff-4b03-8ce8-eefb376526a6","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":32,"box":{"x":62,"y":648,"width":862,"height":11}},{"id":"051a20c3-db71-45dd-8bb6-ce9e905befa2","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":32,"box":{"x":62,"y":662,"width":623,"height":12}},{"id":"a0b3be55-6c3a-4fad-979b-a3f9e0ba71e9","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":32,"box":{"x":62,"y":685,"width":817,"height":12}},{"id":"04780312-a241-4bbb-8137-30a35ae6794c","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":32,"box":{"x":61,"y":700,"width":871,"height":11}},{"id":"1cc668dc-26e7-40ce-bc9e-603159c18502","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":32,"box":{"x":62,"y":715,"width":872,"height":11}},{"id":"b475bab0-1d81-4ad5-b9e1-a6937ee96b59","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":32,"box":{"x":61,"y":730,"width":697,"height":11}},{"id":"dae710e9-b3d3-4f8e-afd3-f0200735440e","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":32,"box":{"x":62,"y":752,"width":825,"height":12}},{"id":"a7bb711d-aa68-4ecf-87e8-0e2ee5493b32","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":32,"box":{"x":62,"y":767,"width":871,"height":11}},{"id":"b637047a-cf7f-4f3a-aa48-98527f9d2fad","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":32,"box":{"x":61,"y":782,"width":847,"height":11}},{"id":"25ae1abb-cf6c-40c8-8afd-2e0aa277076a","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":32,"box":{"x":62,"y":797,"width":829,"height":11}},{"id":"eeb181ee-8dbb-4cb4-aaca-63963f3e99c7","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":32,"box":{"x":60,"y":811,"width":760,"height":12}},{"id":"d2f6549b-846b-4bcb-8237-49898bc3e3e9","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":32,"box":{"x":60,"y":834,"width":830,"height":12}},{"id":"8e3fc1c4-6d32-42ca-9377-ed8ab286f0dd","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":32,"box":{"x":61,"y":849,"width":848,"height":11}},{"id":"530affa9-cb4d-4550-8c08-247dfff1f95d","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":32,"box":{"x":61,"y":864,"width":868,"height":11}},{"id":"539ce9a6-5f39-4836-9a33-9f5eb92e0611","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":32,"box":{"x":61,"y":878,"width":856,"height":12}},{"id":"c8a19fea-32d1-4a19-ac81-ed46bf2f7dc6","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3234a069-31b2-4217-88a7-eee9800f7f7c","block_type":"box","text":"NM1026U-5979863-32/40","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1f5219f8-7ed5-4789-b0cd-dde5552822d1","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":33,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"1d101c10-c1b1-46d8-aa2a-51a06cdd6846","block_type":"box","text":"BUYING A DIVIDEND","page_number":33,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"aabb762e-8a56-40d4-8a87-6c3a2f5ca534","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":33,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"6b0ebc32-2e7a-44cd-9768-5f304ff6419d","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":33,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"4e85df67-59f9-482e-862b-b30bbe3a7653","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":33,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"cd6bce12-135f-418e-9be0-de3d79258c48","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":33,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"12eb345d-6089-4968-ae33-78569f5c309a","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":33,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"84a0a7c7-0403-4437-b90d-b48936f2e98b","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":33,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"0aed1ee6-a42b-4836-b696-8148fa43aad5","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you would like to","page_number":33,"box":{"x":61,"y":225,"width":863,"height":11}},{"id":"8c2bed7b-5668-43da-8359-b2d9beebbd70","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":33,"box":{"x":61,"y":240,"width":543,"height":11}},{"id":"83d7a2c6-d2ff-4f01-9248-26525d936835","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":33,"box":{"x":60,"y":262,"width":856,"height":12}},{"id":"cd45676d-e343-4fc3-ad66-e6f82d09b923","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":33,"box":{"x":60,"y":277,"width":692,"height":11}},{"id":"79732dac-7b42-476e-8740-d6c2b2804cd5","block_type":"box","text":"Investments Through a Qualified Plan","page_number":33,"box":{"x":62,"y":300,"width":272,"height":11}},{"id":"2e56645d-63e2-4771-92ce-6798d37eba6a","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":33,"box":{"x":61,"y":322,"width":864,"height":12}},{"id":"dfa332f1-b7fb-44a8-8c55-8f866ad9d246","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":33,"box":{"x":62,"y":337,"width":851,"height":11}},{"id":"2c5f0fc5-8768-44eb-a070-8c84c48efd24","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":33,"box":{"x":60,"y":352,"width":875,"height":11}},{"id":"d52d67ae-50a5-4a2a-933d-204a8c98b5f4","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":33,"box":{"x":61,"y":367,"width":841,"height":11}},{"id":"2d3f513b-d132-4be4-84fc-23b7d5a76294","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":33,"box":{"x":60,"y":381,"width":455,"height":12}},{"id":"15364cb0-4328-4b5d-830f-13eea2c5efc9","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":33,"box":{"x":62,"y":404,"width":344,"height":12}},{"id":"9b819542-b8c8-4217-b00e-eccfbb13041f","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":33,"box":{"x":62,"y":427,"width":831,"height":11}},{"id":"2b994dc2-86b7-4483-a72f-0fda63ee1a0a","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":33,"box":{"x":61,"y":441,"width":847,"height":12}},{"id":"38b0df79-b40e-4002-af04-99cd23cfea69","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":33,"box":{"x":60,"y":456,"width":851,"height":12}},{"id":"f4d8d67d-17f5-4d15-ac4c-f44bf6e7e48f","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":33,"box":{"x":61,"y":471,"width":859,"height":11}},{"id":"d55ceb00-6a8c-4e51-91ec-ae9a2ccc8bec","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":33,"box":{"x":61,"y":486,"width":863,"height":11}},{"id":"7cc7f586-bbd5-4f95-8e96-b6a19ac337f6","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":33,"box":{"x":60,"y":501,"width":875,"height":11}},{"id":"8412fdf3-2737-4a53-a8b8-23b7b003fd56","block_type":"box","text":"inflation.","page_number":33,"box":{"x":62,"y":516,"width":61,"height":9}},{"id":"0a9bfc25-5a2c-47a3-a829-b617028ceac4","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":33,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"11a61db2-8880-4f2c-bab3-53f1c3e0b236","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":33,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"421697c6-73ea-47c8-a263-d5c0385f2271","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":33,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"c45c87a6-23ae-43b8-85ff-c31b44952607","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":33,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"d89a0048-3448-44bb-8e78-92bf6c56e5b9","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":33,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"c9693153-5a29-4116-807b-235dbe462464","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":33,"box":{"x":62,"y":628,"width":326,"height":11}},{"id":"22081069-7a68-40cc-ac3f-7f92f4050340","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":33,"box":{"x":62,"y":650,"width":864,"height":12}},{"id":"8042a09b-7a7c-480d-96f4-42fefdd536a9","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":33,"box":{"x":62,"y":665,"width":856,"height":12}},{"id":"5dadb6bc-e3c1-49a6-a8f2-87a5becf6469","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":33,"box":{"x":62,"y":680,"width":857,"height":11}},{"id":"d1a07f0c-4291-4ecd-b060-33f5d449defd","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":33,"box":{"x":61,"y":695,"width":862,"height":11}},{"id":"8245d6a0-1b7c-499f-bf47-0bf1650fda5c","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":33,"box":{"x":61,"y":710,"width":770,"height":11}},{"id":"8b3a4871-db84-4c26-924d-e4153d54610b","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":33,"box":{"x":61,"y":732,"width":868,"height":12}},{"id":"fdb3ff72-77a7-4a5e-be31-cde66b4344ec","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":33,"box":{"x":60,"y":747,"width":808,"height":12}},{"id":"c2ff10db-657b-4233-9363-dd8bc433d655","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":33,"box":{"x":60,"y":762,"width":874,"height":11}},{"id":"b3574a28-22c3-4170-9e95-06b66ef179b8","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":33,"box":{"x":62,"y":777,"width":789,"height":11}},{"id":"2cc34041-4ef3-4643-8bd0-95c6dbbf2a7d","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":33,"box":{"x":62,"y":791,"width":858,"height":12}},{"id":"5b56b176-0f5d-4c1a-8e33-5dc762415788","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":33,"box":{"x":61,"y":806,"width":865,"height":12}},{"id":"0eeef496-697a-4cbd-81fd-0bc082caf9ce","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":33,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"0eec56fd-7536-4dad-ab30-2d1ad54cbc00","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":33,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"431596ef-f231-4aab-8c9f-b6675b3f437a","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":33,"box":{"x":60,"y":858,"width":855,"height":12}},{"id":"820ab2dc-5719-4faa-87a4-1664d8954ab2","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":33,"box":{"x":61,"y":873,"width":832,"height":12}},{"id":"47be7be9-43ce-484e-9888-51f0b7bd330c","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":33,"box":{"x":62,"y":888,"width":383,"height":11}},{"id":"9c590075-e28e-40c1-961f-932a4c23f5d3","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"52b3ff61-81a3-4f95-8993-1b6a13e73866","block_type":"box","text":"NM1026U-5979863-33/40","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d9634ef9-03d1-44cb-83e8-88d6f741bc31","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":34,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"0d333707-f1d7-4222-9a98-7394b95f90c3","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":34,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"037610be-325a-4891-ad7a-7f919b391251","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":34,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"aef687f1-9b52-4e1a-85e8-6e99901e4cb3","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP, whose","page_number":34,"box":{"x":61,"y":120,"width":840,"height":11}},{"id":"0dc4340c-a131-435b-a60b-ba31b5d3aafc","block_type":"box","text":"report along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":34,"box":{"x":61,"y":135,"width":857,"height":11}},{"id":"63916d20-09eb-439f-94cb-fc741c65cb46","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which are","page_number":34,"box":{"x":60,"y":149,"width":813,"height":12}},{"id":"a169d3be-87b4-4cfc-8c46-8dcd4fcee5d4","block_type":"box","text":"available upon request and at www.blackrock.com.","page_number":34,"box":{"x":61,"y":165,"width":370,"height":10}},{"id":"a82fd76d-9a83-4d89-af4e-a885ad6ca2fb","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":34,"box":{"x":564,"y":185,"width":266,"height":9}},{"id":"43676ab7-4191-4802-9241-642dd0b370f1","block_type":"box","text":"Class K","page_number":34,"box":{"x":674,"y":201,"width":45,"height":7}},{"id":"ab76d39a-46b1-4f82-b2bb-f763bab04bbe","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":34,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"3b3cf869-5085-45d9-9fc7-0045b9d4a66a","block_type":"box","text":"Year Ended","page_number":34,"box":{"x":470,"y":217,"width":66,"height":7}},{"id":"ffcc9745-ae8a-4e65-88fc-02ef89cf34ae","block_type":"box","text":"05/31/26","page_number":34,"box":{"x":471,"y":227,"width":64,"height":9}},{"id":"a6d32af7-6f1c-45bb-84b1-608906939f34","block_type":"box","text":"Year Ended","page_number":34,"box":{"x":567,"y":217,"width":66,"height":7}},{"id":"738c9031-bd1d-4776-8cfa-bff386b02e40","block_type":"box","text":"05/31/25","page_number":34,"box":{"x":568,"y":227,"width":64,"height":9}},{"id":"1bcf201c-325a-42c0-83be-96f81001a28d","block_type":"box","text":"Year Ended","page_number":34,"box":{"x":664,"y":217,"width":65,"height":7}},{"id":"c6f8a3cf-78b1-4b9b-a40b-b138809361b4","block_type":"box","text":"05/31/24","page_number":34,"box":{"x":665,"y":227,"width":64,"height":9}},{"id":"b98fe067-f18e-48a6-a76d-67ea162f2332","block_type":"box","text":"Year Ended","page_number":34,"box":{"x":760,"y":217,"width":66,"height":7}},{"id":"8cc0ac00-fe74-4a48-8ffc-2934a1cdacd0","block_type":"box","text":"05/31/23","page_number":34,"box":{"x":762,"y":227,"width":63,"height":9}},{"id":"23577eaa-72f0-4d6a-b69f-8a176bfe1928","block_type":"box","text":"Year Ended","page_number":34,"box":{"x":857,"y":217,"width":66,"height":7}},{"id":"cb687f5b-29b5-4409-b61a-4dc575a80d1f","block_type":"box","text":"05/31/22","page_number":34,"box":{"x":859,"y":227,"width":63,"height":9}},{"id":"d1dadeaf-4d37-4c32-a87a-ea86259be087","block_type":"box","text":"Net asset value, beginning of year","page_number":34,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"d20b0554-b2a7-4eeb-9ee4-8895684b3d23","block_type":"box","text":"$ 30.91 $ 32.45 $ 26.64 $ 29.80 $ 35.08","page_number":34,"box":{"x":478,"y":244,"width":438,"height":8}},{"id":"4520ab4c-e1fa-4c3a-aed7-5ae0f25fc9a9","block_type":"box","text":"Net investment income","page_number":34,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"308af5fb-a976-46a9-b18c-a72a5dee4a76","block_type":"box","text":"(a)","page_number":34,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"def117d4-33f5-4ca9-b3c7-2efd945da7f9","block_type":"box","text":"0.46 0.50 0.53 0.48 0.47","page_number":34,"box":{"x":502,"y":261,"width":414,"height":7}},{"id":"a58d6bbf-1882-4622-a13b-e7b5696b0a63","block_type":"box","text":"Net realized and unrealized gain (loss) 9.10 2.31 6.14 (2.01) (0.22)","page_number":34,"box":{"x":85,"y":273,"width":835,"height":9}},{"id":"f49a0e80-1ce4-42d4-b7e8-a79a593ce15d","block_type":"box","text":"Net increase (decrease) from investment operations 9.56 2.81 6.67 (1.53) 0.25","page_number":34,"box":{"x":70,"y":284,"width":846,"height":9}},{"id":"f5e7c705-9dfc-44a2-b309-7834bcd7b51e","block_type":"box","text":"Distributions","page_number":34,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"5b7e2043-b3e9-45dd-a129-b764bcc60401","block_type":"box","text":"(b)","page_number":34,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"3cfdb22f-ecf0-4337-a22d-3c02aec6b722","block_type":"box","text":"From net investment income (0.45) (0.51) (0.51) (0.49) (0.48)","page_number":34,"box":{"x":85,"y":312,"width":835,"height":9}},{"id":"ea6cb3b9-8ad1-4b64-86b1-a1d1c6748fd0","block_type":"box","text":"From net realized gain (2.58) (3.84) (0.35) (1.14) (5.05)","page_number":34,"box":{"x":85,"y":324,"width":835,"height":9}},{"id":"23373580-5318-48df-9047-6beff48177e7","block_type":"box","text":"Total distributions (3.03) (4.35) (0.86) (1.63) (5.53)","page_number":34,"box":{"x":69,"y":341,"width":851,"height":9}},{"id":"05e1695f-ac96-4a17-b4ff-60fe100c9d48","block_type":"box","text":"Net asset value, end of year","page_number":34,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"9eb5aa94-dba6-4c74-99de-20c3ea2e96a9","block_type":"box","text":"$ 37.44 $ 30.91 $ 32.45 $ 26.64 $ 29.80","page_number":34,"box":{"x":478,"y":357,"width":438,"height":9}},{"id":"cd87a565-414a-48ca-a055-426318308a55","block_type":"box","text":"Total Return","page_number":34,"box":{"x":69,"y":374,"width":73,"height":8}},{"id":"b77a3d70-f5d1-4d1d-ae00-9ceb584105c6","block_type":"box","text":"(c)","page_number":34,"box":{"x":143,"y":374,"width":8,"height":5}},{"id":"093311c6-44fb-4ecb-a9f9-521b2ae551ed","block_type":"box","text":"Based on net asset value 33.16% 8.94% 25.49% (4.91)% 0.69%","page_number":34,"box":{"x":70,"y":391,"width":856,"height":9}},{"id":"984e7191-09fa-4986-92f2-a77070ba1f60","block_type":"box","text":"Ratios to Average Net Assets","page_number":34,"box":{"x":70,"y":408,"width":176,"height":9}},{"id":"583abd5d-2c43-4022-8383-8e67c042f9db","block_type":"box","text":"(d)","page_number":34,"box":{"x":247,"y":408,"width":8,"height":4}},{"id":"9684823c-cb73-45fc-9caa-374414b14db2","block_type":"box","text":"Total expenses 0.64% 0.63% 0.62% 0.63% 0.63%","page_number":34,"box":{"x":69,"y":425,"width":857,"height":9}},{"id":"e1603ee6-5d85-4907-893b-7a053f9bf6ee","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.49% 0.49% 0.49% 0.49% 0.49%","page_number":34,"box":{"x":69,"y":441,"width":857,"height":9}},{"id":"210d0d97-9876-4ddc-b0d5-2034f70b7660","block_type":"box","text":"Net investment income 1.39% 1.57% 1.80% 1.77% 1.47%","page_number":34,"box":{"x":70,"y":458,"width":856,"height":7}},{"id":"4a75e471-1797-4a39-96af-a98706160b5f","block_type":"box","text":"Supplemental Data","page_number":34,"box":{"x":69,"y":475,"width":114,"height":9}},{"id":"b4e6f087-a39f-4b7e-80c0-eaa98db7f14e","block_type":"box","text":"Net assets, end of year (000) $17,076 $12,116 $12,053 $10,451 $10,210","page_number":34,"box":{"x":70,"y":491,"width":846,"height":10}},{"id":"5009285d-3db5-4b85-b34c-92a3f236ddc0","block_type":"box","text":"Portfolio turnover rate 120% 120% 118% 116% 136%","page_number":34,"box":{"x":69,"y":508,"width":857,"height":8}},{"id":"ffd09774-3c05-48b5-91da-d83546b11fbc","block_type":"box","text":"(a)","page_number":34,"box":{"x":61,"y":529,"width":7,"height":4}},{"id":"e2086a94-92e1-4df8-9061-72bab77f05d8","block_type":"box","text":"Based on average shares outstanding.","page_number":34,"box":{"x":81,"y":529,"width":225,"height":9}},{"id":"f80d84a5-9b44-427a-9ee8-56217a22da0c","block_type":"box","text":"(b)","page_number":34,"box":{"x":61,"y":541,"width":7,"height":5}},{"id":"f5dab6a2-a134-4090-a07a-370edec2920a","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":34,"box":{"x":82,"y":541,"width":582,"height":9}},{"id":"5fe0a986-1ce9-40da-a2c2-9ba9088adb90","block_type":"box","text":"(c)","page_number":34,"box":{"x":61,"y":554,"width":6,"height":5}},{"id":"c1f8e188-1e2e-4f84-bf68-1efb3c8629f0","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":34,"box":{"x":81,"y":554,"width":361,"height":9}},{"id":"3059822e-f3ca-4dc1-9b52-a80a8f74b63a","block_type":"box","text":"(d)","page_number":34,"box":{"x":61,"y":567,"width":7,"height":5}},{"id":"a4c995aa-3f8e-47b2-9673-606ad11790cc","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":34,"box":{"x":82,"y":567,"width":550,"height":9}},{"id":"145e1003-2521-416b-8835-e8159d82ffe1","block_type":"box","text":"Financial Highlights","page_number":34,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"c27b588f-8398-4efc-b66a-5ac8dffd3c0c","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"25d089b8-a8a1-4dc6-881e-743abdb5fb6a","block_type":"box","text":"NM1026U-5979863-34/40","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"34607d66-e79d-47b7-a683-8fd928403150","block_type":"box","text":"General Information","page_number":35,"box":{"x":63,"y":82,"width":431,"height":27}},{"id":"26ea5257-5d40-4166-932c-4c0b4e8c9663","block_type":"box","text":"Shareholder Documents","page_number":35,"box":{"x":61,"y":156,"width":216,"height":11}},{"id":"3786cd94-9013-4758-86c9-6ba003a802e1","block_type":"box","text":"Electronic Access to Annual and Semi-Annual Reports, Annual and Semi-Annual Financial Statements and","page_number":35,"box":{"x":61,"y":183,"width":875,"height":12}},{"id":"429f3e3d-97a3-4978-8d25-bbfdefe61238","block_type":"box","text":"Additional Information and Prospectuses","page_number":35,"box":{"x":60,"y":200,"width":336,"height":12}},{"id":"12315855-c215-459e-a8f7-830ac8c89831","block_type":"box","text":"Electronic copies of most financial reports and prospectuses are available on BlackRock’s website. Shareholders can","page_number":35,"box":{"x":62,"y":216,"width":862,"height":11}},{"id":"aeaf2dcf-b7c3-48c7-83f1-5915822eb52e","block_type":"box","text":"sign up for e-mail notifications of annual and semi-annual reports, Annual and Semi-Annual Financial Statements and","page_number":35,"box":{"x":61,"y":231,"width":858,"height":11}},{"id":"faffa75e-0ba1-4592-bf1a-8ec78c7d0366","block_type":"box","text":"Additional Information and prospectuses by enrolling in the Fund’s electronic delivery program. To enroll:","page_number":35,"box":{"x":60,"y":245,"width":767,"height":12}},{"id":"69013cf5-62fc-4d99-8efc-4d989b88da94","block_type":"box","text":"Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:","page_number":35,"box":{"x":60,"y":268,"width":619,"height":11}},{"id":"2655afa9-bb1f-4a32-b5dd-ab52a3039b4d","block_type":"box","text":"Please contact your Financial","page_number":35,"box":{"x":686,"y":268,"width":211,"height":11}},{"id":"7d613d3f-20c9-47df-8876-96eb9f7bc72f","block_type":"box","text":"Intermediary. Please note that not all investment advisers, banks or brokerages may offer this service.","page_number":35,"box":{"x":62,"y":283,"width":754,"height":11}},{"id":"9f5481f2-b963-498a-bb15-d2238b6a878b","block_type":"box","text":"Shareholders Who Hold Accounts Directly With BlackRock:","page_number":35,"box":{"x":60,"y":306,"width":445,"height":11}},{"id":"d3d4b706-b3dc-43f3-bd3b-e67bb80f1e53","block_type":"box","text":"Access the BlackRock website at http://www.blackrock.com/edelivery; and","page_number":35,"box":{"x":81,"y":326,"width":552,"height":11}},{"id":"2fb83f9b-6ad9-4a0f-9b7a-90d90571354a","block_type":"box","text":"Log into your account.","page_number":35,"box":{"x":82,"y":346,"width":159,"height":11}},{"id":"cb65c64a-0a72-43c3-aa37-18672fa504a4","block_type":"box","text":"Delivery of Shareholder Documents","page_number":35,"box":{"x":61,"y":368,"width":289,"height":13}},{"id":"2faed456-fe90-4b60-afc7-57f559b576c1","block_type":"box","text":"The Fund delivers only one copy of shareholder documents, including prospectuses, shareholder reports and proxy","page_number":35,"box":{"x":60,"y":385,"width":843,"height":11}},{"id":"1b9c90f4-d30a-4475-8a33-e186499fd6f1","block_type":"box","text":"statements, to shareholders with multiple accounts at the same address. This practice is known as “householding”","page_number":35,"box":{"x":61,"y":400,"width":849,"height":11}},{"id":"cb71a606-d146-47f0-b11b-313670c0dea2","block_type":"box","text":"and is intended to eliminate duplicate mailings and reduce expenses. Mailings of your shareholder documents may be","page_number":35,"box":{"x":61,"y":414,"width":868,"height":12}},{"id":"033bcd76-a389-497d-8c69-9861ac66e3e1","block_type":"box","text":"householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be","page_number":35,"box":{"x":61,"y":429,"width":844,"height":12}},{"id":"8b107508-54bc-40b4-9eb2-117cd32ec1fa","block_type":"box","text":"combined with those for other members of your household, please contact the Fund at (800) 537-4942.","page_number":35,"box":{"x":61,"y":444,"width":764,"height":11}},{"id":"d3f1538c-533a-4db1-800e-af47e999c15d","block_type":"box","text":"Certain Fund Policies","page_number":35,"box":{"x":61,"y":483,"width":194,"height":11}},{"id":"31c239d6-e3d9-4222-a4e7-b893d5b4d142","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":35,"box":{"x":60,"y":510,"width":309,"height":12}},{"id":"2a641a8d-6980-44a4-bd65-030423681349","block_type":"box","text":"The Fund is subject to the USA PATRIOT Act (the “Patriot Act”). The Patriot Act is intended to prevent the use of the","page_number":35,"box":{"x":60,"y":526,"width":844,"height":11}},{"id":"f28c091b-a20e-4075-ae0e-86e17d429ee4","block_type":"box","text":"U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements","page_number":35,"box":{"x":62,"y":541,"width":861,"height":11}},{"id":"a2d2ccfa-9029-458f-bb2f-357c2148ec2d","block_type":"box","text":"under the Patriot Act, the Fund is required to obtain sufficient information from shareholders to enable it to form a","page_number":35,"box":{"x":61,"y":555,"width":840,"height":12}},{"id":"ec79f0ce-8801-4f33-9c38-88641c3fcd0a","block_type":"box","text":"reasonable belief that it knows the true identity of its shareholders. This information will be used to verify the identity","page_number":35,"box":{"x":61,"y":570,"width":861,"height":12}},{"id":"0d86010c-c8f3-4ce6-9891-79d0b50d4ba1","block_type":"box","text":"of investors or, in some cases, the status of Financial Intermediaries. Such information may be verified using third","page_number":35,"box":{"x":61,"y":585,"width":844,"height":12}},{"id":"6c5af944-3f6f-450e-a0d4-17f74ac5a4fb","block_type":"box","text":"party sources. This information will be used only for compliance with the Patriot Act or other applicable laws,","page_number":35,"box":{"x":62,"y":600,"width":795,"height":11}},{"id":"d6bf9806-b623-4e51-a201-7e7c2ca159f8","block_type":"box","text":"regulations and rules in connection with money laundering, terrorism or economic sanctions.","page_number":35,"box":{"x":61,"y":615,"width":679,"height":11}},{"id":"0659723c-5e5b-4b29-8ebf-3791f51a181d","block_type":"box","text":"The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to","page_number":35,"box":{"x":60,"y":637,"width":858,"height":12}},{"id":"988be598-be19-42a0-9e08-2915cb5dc224","block_type":"box","text":"allow the Fund to verify their identity. The Fund also reserves the right to redeem any amounts in the Fund from","page_number":35,"box":{"x":61,"y":652,"width":815,"height":12}},{"id":"8e2b8d8e-0689-4c1f-94e9-96666dd127d2","block_type":"box","text":"persons whose identity it is unable to verify on a timely basis. It is the Fund’s policy to cooperate fully with appropriate","page_number":35,"box":{"x":62,"y":667,"width":869,"height":11}},{"id":"2af0a2ed-9651-4723-bb2b-17438b70de5f","block_type":"box","text":"regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit","page_number":35,"box":{"x":61,"y":682,"width":805,"height":11}},{"id":"4f6ffba7-e092-4c80-b295-cae88e067f8b","block_type":"box","text":"activities.","page_number":35,"box":{"x":61,"y":697,"width":68,"height":9}},{"id":"d9fae663-58b0-4bf4-ae6f-8f7f60cf257b","block_type":"box","text":"BlackRock Privacy Principles","page_number":35,"box":{"x":61,"y":720,"width":241,"height":12}},{"id":"e5e556b0-8044-46c1-a062-7646387b6f69","block_type":"box","text":"BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients","page_number":35,"box":{"x":62,"y":736,"width":821,"height":12}},{"id":"923fa7b8-2258-408b-a2ef-48455ea6b181","block_type":"box","text":"(collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided","page_number":35,"box":{"x":61,"y":751,"width":868,"height":11}},{"id":"6c0616e1-3a62-4f14-ae47-6471c7777b36","block_type":"box","text":"to help you understand what personal information BlackRock collects, how we protect that information and why in","page_number":35,"box":{"x":60,"y":766,"width":834,"height":11}},{"id":"fb77fd70-b66f-4eeb-963f-ac5e8bbb5167","block_type":"box","text":"certain cases we share such information with select parties.","page_number":35,"box":{"x":61,"y":780,"width":445,"height":12}},{"id":"ccf27ba5-f96b-4dd8-8c3f-9b1e63cb5ea3","block_type":"box","text":"If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with","page_number":35,"box":{"x":62,"y":803,"width":823,"height":12}},{"id":"541c7c44-d623-49a5-af91-aed7ee156acb","block_type":"box","text":"additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those","page_number":35,"box":{"x":61,"y":818,"width":832,"height":11}},{"id":"763bbd9b-d50b-400d-a922-699ae5cc5929","block_type":"box","text":"specific laws, rules or regulations.","page_number":35,"box":{"x":61,"y":833,"width":250,"height":11}},{"id":"54cc5999-e9fd-481f-9bab-3a3801f4e709","block_type":"box","text":"BlackRock obtains or verifies personal non-public information from and about you from different sources, including the","page_number":35,"box":{"x":62,"y":855,"width":867,"height":12}},{"id":"b48c8d11-1912-44fc-a6b3-9ddc5de335cb","block_type":"box","text":"following: (i) information we receive from you or, if applicable, your Financial Intermediary, on applications, forms or","page_number":35,"box":{"x":60,"y":870,"width":847,"height":12}},{"id":"e39db707-6f5b-45ab-9504-cf539b7a89a1","block_type":"box","text":"other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive","page_number":35,"box":{"x":61,"y":885,"width":858,"height":11}},{"id":"5ecd2424-342b-4efb-9b1f-fbf001ea11d6","block_type":"box","text":"from a consumer reporting agency; and (iv) from visits to our website.","page_number":35,"box":{"x":60,"y":900,"width":511,"height":11}},{"id":"0f6a3bd4-b713-4770-9d37-afdff80893d4","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"2bf43459-c8bd-4629-affa-8693f3ffa161","block_type":"box","text":"NM1026U-5979863-35/40","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9844aec9-5b4b-431b-9313-1903f67a81c6","block_type":"box","text":"BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients,","page_number":36,"box":{"x":62,"y":46,"width":872,"height":11}},{"id":"80c3267b-68b6-44c0-b6bf-e1878a0607e2","block_type":"box","text":"except as permitted by law, or as is necessary to respond to regulatory requests or to service Client accounts. These","page_number":36,"box":{"x":61,"y":61,"width":863,"height":11}},{"id":"230752f5-67e3-40ed-9b52-890d53739d85","block_type":"box","text":"non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only","page_number":36,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"25774230-3ba1-4fc5-b6fe-4e771543a071","block_type":"box","text":"for its intended purpose.","page_number":36,"box":{"x":60,"y":90,"width":180,"height":11}},{"id":"4689e024-56e2-4412-a201-ad679c257f38","block_type":"box","text":"We may share information with our affiliates to service your account or to provide you with information about other","page_number":36,"box":{"x":60,"y":113,"width":842,"height":11}},{"id":"081ed9b5-2b72-4ed8-8b13-ce6037889a64","block_type":"box","text":"BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public","page_number":36,"box":{"x":62,"y":127,"width":846,"height":12}},{"id":"51c3a76b-8ffc-42a2-b9e5-3bdc254ba4a1","block_type":"box","text":"personal information about its Clients to those BlackRock employees with a legitimate business need for the","page_number":36,"box":{"x":62,"y":142,"width":798,"height":12}},{"id":"f0a76352-e57a-4e99-a93b-7161ab8d2be6","block_type":"box","text":"information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non","page_number":36,"box":{"x":62,"y":157,"width":867,"height":12}},{"id":"e6c00f36-9076-4473-ad0d-df1f1fe8ba01","block_type":"box","text":"public personal information of its Clients, including procedures relating to the proper storage and disposal of such","page_number":36,"box":{"x":62,"y":172,"width":836,"height":12}},{"id":"10639d2d-ed04-4c59-87ef-1d5c01d2e56d","block_type":"box","text":"information.","page_number":36,"box":{"x":62,"y":187,"width":85,"height":9}},{"id":"81bbfc1a-aa9f-4f36-922c-a4fd096f5a72","block_type":"box","text":"Statement of Additional Information","page_number":36,"box":{"x":61,"y":226,"width":324,"height":11}},{"id":"945573a5-1ba3-4686-a844-c47ebcc9eb63","block_type":"box","text":"If you would like further information about the Fund, including how the Fund invests, please see the SAI.","page_number":36,"box":{"x":62,"y":252,"width":763,"height":11}},{"id":"130824ae-efbf-4735-be62-4d9efac55d2f","block_type":"box","text":"For a discussion of the Fund’s policies and procedures regarding the selective disclosure of its portfolio holdings,","page_number":36,"box":{"x":62,"y":274,"width":833,"height":12}},{"id":"587de248-9bea-480b-9008-b2f93347da01","block_type":"box","text":"please see the SAI. The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally","page_number":36,"box":{"x":62,"y":289,"width":867,"height":12}},{"id":"663a1a16-292c-411e-89fa-ab939bcd3ea0","block_type":"box","text":"within 5 business days after the end of the month to which the information applies.","page_number":36,"box":{"x":60,"y":304,"width":612,"height":12}},{"id":"e9f80f77-078d-42e0-be03-ffd8ca13208c","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"731c0ca3-627d-4b79-9892-983c044ae739","block_type":"box","text":"NM1026U-5979863-36/40","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3678b13f-9db4-4bc2-aced-d0dd0015e918","block_type":"box","text":"Glossary","page_number":37,"box":{"x":63,"y":82,"width":192,"height":34}},{"id":"1ac39828-3956-4fde-a8b3-a64d207a54d7","block_type":"box","text":"This glossary contains an explanation of some of the common terms used in this prospectus. For additional","page_number":37,"box":{"x":60,"y":146,"width":792,"height":12}},{"id":"726b2e56-e8f8-4cdb-99ab-8be124599a1d","block_type":"box","text":"information about the Fund, please see the SAI.","page_number":37,"box":{"x":62,"y":161,"width":350,"height":11}},{"id":"9006a2df-d6cb-48f3-b432-84e050f058bc","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":37,"box":{"x":60,"y":184,"width":259,"height":11}},{"id":"f5db29a0-3461-4836-968e-f34f4d78f293","block_type":"box","text":"— the Fund’s pro rata share of the fees and expenses incurred indirectly by the","page_number":37,"box":{"x":323,"y":184,"width":585,"height":11}},{"id":"28c3a142-9997-4886-af86-4b8c4e7ea1e9","block_type":"box","text":"Fund as a result of investing in other investment companies.","page_number":37,"box":{"x":62,"y":198,"width":442,"height":12}},{"id":"cfbc3b40-ff8e-4f63-b56b-a36174d63d78","block_type":"box","text":"Annual Fund Operating Expenses","page_number":37,"box":{"x":60,"y":221,"width":249,"height":11}},{"id":"e2fa9f60-a1bc-418e-8e2f-df7e8ad4853f","block_type":"box","text":"— expenses that cover the costs of operating the Fund.","page_number":37,"box":{"x":313,"y":221,"width":409,"height":12}},{"id":"7eb73cfe-b6b8-4237-937b-e844ebd3dd79","block_type":"box","text":"Distribution Fees","page_number":37,"box":{"x":61,"y":244,"width":128,"height":9}},{"id":"37c2118f-9413-4289-860e-4c832fc2f702","block_type":"box","text":"— fees used to support the Fund’s marketing and distribution efforts, such as compensating","page_number":37,"box":{"x":193,"y":244,"width":688,"height":11}},{"id":"d9da8d0c-ec13-47b2-b981-f3c887f1b9da","block_type":"box","text":"Financial Intermediaries, advertising and promotion.","page_number":37,"box":{"x":62,"y":259,"width":380,"height":11}},{"id":"d8bdd215-3850-4757-85c8-87302235d974","block_type":"box","text":"Dividend Expense","page_number":37,"box":{"x":61,"y":281,"width":132,"height":11}},{"id":"7f244abf-8176-4a1a-a346-ce72d838c1b4","block_type":"box","text":"— if the Fund sells a security short, the Fund will generally have to borrow the shares for delivery to","page_number":37,"box":{"x":198,"y":281,"width":735,"height":11}},{"id":"3faf1a4c-bbf5-44d1-af27-a96ebd0f1aa8","block_type":"box","text":"the broker that sold the shares. If a cash dividend is paid on securities that are sold short, the Fund will be required to","page_number":37,"box":{"x":60,"y":296,"width":875,"height":11}},{"id":"beb20d70-b6ea-43d6-9e66-88debdd1a2fe","block_type":"box","text":"reimburse the lender of the shares for the amount of that dividend.","page_number":37,"box":{"x":61,"y":311,"width":491,"height":9}},{"id":"ac004e0b-7137-448c-bb5a-d98cc2b32f13","block_type":"box","text":"Interest Expense","page_number":37,"box":{"x":61,"y":333,"width":128,"height":11}},{"id":"cfea0b3e-4793-49e1-89b1-01098d65a51c","block_type":"box","text":"— the cost of borrowing money to buy additional securities.","page_number":37,"box":{"x":193,"y":333,"width":437,"height":12}},{"id":"dda0d398-8f66-4d96-a9ed-95fedf6e9705","block_type":"box","text":"Management Fee","page_number":37,"box":{"x":61,"y":356,"width":131,"height":11}},{"id":"0419e17a-536a-4aae-8993-3baedcd8c737","block_type":"box","text":"— a fee paid to BlackRock for managing the Fund.","page_number":37,"box":{"x":196,"y":356,"width":369,"height":11}},{"id":"f0a522af-ea25-49f8-8eb0-10afd6689861","block_type":"box","text":"MSCI World Value Index","page_number":37,"box":{"x":61,"y":378,"width":181,"height":9}},{"id":"1bbbf930-b3af-4292-95fe-41707d7be41b","block_type":"box","text":"— an index that captures large- and mid-cap securities exhibiting overall value style","page_number":37,"box":{"x":246,"y":379,"width":613,"height":11}},{"id":"d8c25cde-2438-4963-ab70-cfe87d6da436","block_type":"box","text":"characteristics across 23 developed market countries. The value investment style characteristics for index","page_number":37,"box":{"x":61,"y":393,"width":782,"height":11}},{"id":"a0be4f0d-a449-4609-8923-9575535a3a30","block_type":"box","text":"construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend","page_number":37,"box":{"x":61,"y":408,"width":853,"height":11}},{"id":"d7921c5c-80ce-408e-9ca2-723e8f98d47e","block_type":"box","text":"yield.","page_number":37,"box":{"x":60,"y":423,"width":37,"height":11}},{"id":"7aeb976e-dfbc-48b3-84cb-407e867c507c","block_type":"box","text":"Other Expenses","page_number":37,"box":{"x":62,"y":445,"width":117,"height":12}},{"id":"022ffebb-c896-460d-a73d-25b7ae92b0e5","block_type":"box","text":"— include accounting, administration, transfer agency, custody, professional and registration fees.","page_number":37,"box":{"x":184,"y":445,"width":722,"height":12}},{"id":"5dcd5dd9-e4f2-4ece-ad47-fcd35c80e555","block_type":"box","text":"Russell 1000 Index","page_number":37,"box":{"x":61,"y":468,"width":147,"height":9}},{"id":"40cf12a1-c879-4bf1-a263-5bab4760b952","block_type":"box","text":"— an index that measures the performance of the large-cap segment of the U.S. equity universe.","page_number":37,"box":{"x":212,"y":468,"width":714,"height":11}},{"id":"75f6aabd-5f93-4d76-85bf-7b3d7e709201","block_type":"box","text":"It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a","page_number":37,"box":{"x":62,"y":483,"width":813,"height":11}},{"id":"eddd7c05-f10a-4fa2-86a3-e7669e50b56d","block_type":"box","text":"combination of their market cap and current index membership.","page_number":37,"box":{"x":61,"y":497,"width":466,"height":12}},{"id":"d6b939a1-7946-40d9-84a5-9b2c7f59448f","block_type":"box","text":"Russell 1000 Value Index","page_number":37,"box":{"x":61,"y":520,"width":192,"height":9}},{"id":"82cf96a9-3a60-4e25-a57c-861f0fb33251","block_type":"box","text":"— an index that measures the performance of the large-cap value segment of the U.S.","page_number":37,"box":{"x":257,"y":520,"width":638,"height":12}},{"id":"c2033a15-cd02-4c2a-bcb1-46493d02cdf1","block_type":"box","text":"equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth","page_number":37,"box":{"x":61,"y":535,"width":854,"height":11}},{"id":"3b623502-a0e3-495a-aa71-cd2f164fb404","block_type":"box","text":"values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the","page_number":37,"box":{"x":60,"y":550,"width":832,"height":11}},{"id":"3c380982-e3da-4b75-b1e7-51c37967d43c","block_type":"box","text":"large-cap value segment.","page_number":37,"box":{"x":62,"y":565,"width":180,"height":11}},{"id":"9ce25ba0-c786-41c8-9b4b-3197cb2c9b55","block_type":"box","text":"Russell 3000 Value Index","page_number":37,"box":{"x":61,"y":587,"width":192,"height":9}},{"id":"3f50f489-bcf8-4e5f-b8b0-0d4f857d9795","block_type":"box","text":"— an index that measures the performance of the broad value segment of the U.S. equity","page_number":37,"box":{"x":257,"y":587,"width":664,"height":12}},{"id":"208686c8-a76c-4983-86d3-4296b5ac80d3","block_type":"box","text":"value universe. It includes those Russell 3000 companies with relatively lower price-to-book ratios, lower I/B/E/S","page_number":37,"box":{"x":60,"y":602,"width":834,"height":11}},{"id":"3a10da22-10a1-4d2f-a383-1d5c7cfd4501","block_type":"box","text":"forecast medium term (2-year) growth and lower sales per share historical growth (5 years).","page_number":37,"box":{"x":60,"y":617,"width":671,"height":11}},{"id":"ba4fe4d8-cea8-4820-adff-bbf765e16b2d","block_type":"box","text":"S&P Composite 1500 Value Index","page_number":37,"box":{"x":61,"y":639,"width":255,"height":12}},{"id":"40146982-b15f-46ee-ba9b-7d0f46f2c3e7","block_type":"box","text":"— an index that measures constituents from the S&P Composite 1500 that are","page_number":37,"box":{"x":321,"y":639,"width":586,"height":12}},{"id":"1cc8a12f-5e69-419d-9ab0-1e2d942ab974","block_type":"box","text":"classified as value stocks based on three factors: the ratios of book value, earnings and sales to price.","page_number":37,"box":{"x":61,"y":654,"width":759,"height":12}},{"id":"85d4eb79-ccd8-4535-89d3-dbb7861f2a18","block_type":"box","text":"Service Fees","page_number":37,"box":{"x":61,"y":677,"width":97,"height":9}},{"id":"436dd681-610a-4ad1-b01f-e16eaa95a889","block_type":"box","text":"— fees used to compensate Financial Intermediaries for certain shareholder servicing activities.","page_number":37,"box":{"x":162,"y":677,"width":708,"height":11}},{"id":"6f054e5f-8d22-4fb5-9e3e-cafac4e78a45","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"5e1eb1d3-1aca-4359-abbb-b20c788b0122","block_type":"box","text":"NM1026U-5979863-37/40","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6b78c386-7e6c-4d09-bf60-1e04b3ad4b81","block_type":"box","text":"[This page intentionally left blank]","page_number":38,"box":{"x":376,"y":479,"width":246,"height":11}},{"id":"1f1b4f52-e969-4d6a-92fe-1459427501bc","block_type":"box","text":"NM1026U-5979863-38/40","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5e055257-450f-4125-8c03-4aaf1b6a96dc","block_type":"box","text":"For More Information","page_number":39,"box":{"x":64,"y":82,"width":455,"height":27}},{"id":"26c67ddc-5bfc-4009-aa46-4bedbab3865b","block_type":"box","text":"Fund and Service Providers","page_number":39,"box":{"x":61,"y":156,"width":246,"height":11}},{"id":"caafd00a-23e5-464d-a194-8a87af1c821b","block_type":"box","text":"FUND","page_number":39,"box":{"x":102,"y":188,"width":39,"height":9}},{"id":"d6e09b2f-e9f9-4af5-a214-86b940baa88c","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":39,"box":{"x":102,"y":211,"width":288,"height":12}},{"id":"48901606-767c-4ed2-b712-682dbfb69057","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":39,"box":{"x":102,"y":227,"width":318,"height":11}},{"id":"34a48c7b-6c2c-4390-9984-b23a3a74371b","block_type":"box","text":"100 Bellevue Parkway","page_number":39,"box":{"x":102,"y":242,"width":161,"height":12}},{"id":"0aff7c40-ffe1-4cdc-a936-43f4e391129b","block_type":"box","text":"Wilmington, Delaware 19809","page_number":39,"box":{"x":101,"y":258,"width":213,"height":11}},{"id":"d365e68d-672c-4a31-976a-17e9326df0d2","block_type":"box","text":"Written Correspondence:","page_number":39,"box":{"x":103,"y":277,"width":180,"height":11}},{"id":"55cd3a7e-348f-4103-969c-956727ac02e5","block_type":"box","text":"P.O. Box 534429","page_number":39,"box":{"x":102,"y":293,"width":124,"height":9}},{"id":"a94f5a08-e441-4283-ad98-e3e397eab09b","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":39,"box":{"x":102,"y":308,"width":277,"height":12}},{"id":"e18db4ea-572b-4c97-988c-c8c4f3044433","block_type":"box","text":"Overnight Mail:","page_number":39,"box":{"x":102,"y":327,"width":109,"height":12}},{"id":"4804d661-aaf9-43d5-992c-c98c7f84eaf4","block_type":"box","text":"Attention: 534429","page_number":39,"box":{"x":101,"y":343,"width":135,"height":9}},{"id":"10b88555-136b-45a8-a6a6-fb8303f540fa","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":39,"box":{"x":102,"y":358,"width":221,"height":11}},{"id":"99044b4d-769a-46f1-9003-92fc938c3a39","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":39,"box":{"x":102,"y":374,"width":233,"height":11}},{"id":"32bb31dc-4a2c-427b-a01e-ac06de34e981","block_type":"box","text":"(800) 537-4942","page_number":39,"box":{"x":101,"y":393,"width":118,"height":11}},{"id":"920c0447-3aa7-4773-8ddb-150f992a142f","block_type":"box","text":"MANAGER AND ADMINISTRATOR","page_number":39,"box":{"x":102,"y":416,"width":241,"height":9}},{"id":"b8437cf7-e984-4f8f-90b5-155895eec933","block_type":"box","text":"BlackRock Advisors, LLC","page_number":39,"box":{"x":102,"y":432,"width":171,"height":10}},{"id":"45a9c12b-07a2-4022-b869-504faaf7ffa1","block_type":"box","text":"100 Bellevue Parkway","page_number":39,"box":{"x":102,"y":447,"width":154,"height":12}},{"id":"7bc4a7d2-030c-4d2f-9c7e-faf755cc0488","block_type":"box","text":"Wilmington, Delaware 19809","page_number":39,"box":{"x":101,"y":463,"width":205,"height":11}},{"id":"eb753c98-7159-40d7-a69e-ca17dd48a11d","block_type":"box","text":"TRANSFER AGENT","page_number":39,"box":{"x":101,"y":486,"width":134,"height":9}},{"id":"feff1348-33a0-4bab-a5e3-7249b960173c","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc.","page_number":39,"box":{"x":102,"y":501,"width":295,"height":12}},{"id":"e5cb9be2-4144-4013-bbb5-bcb08835bc85","block_type":"box","text":"118 Flanders Road","page_number":39,"box":{"x":102,"y":517,"width":133,"height":9}},{"id":"5576ad75-403a-4ab5-9c6c-5674a736b4ef","block_type":"box","text":"Westborough, Massachusetts 01581","page_number":39,"box":{"x":101,"y":532,"width":263,"height":12}},{"id":"d91cf7e7-9472-4954-ac9b-1a5a21f8060c","block_type":"box","text":"INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM","page_number":39,"box":{"x":525,"y":188,"width":410,"height":9}},{"id":"cbd09765-f1a8-48a8-a71f-29b4ed1c8485","block_type":"box","text":"Deloitte & Touche LLP","page_number":39,"box":{"x":525,"y":204,"width":153,"height":9}},{"id":"f200e33c-6983-40b6-8dff-fde2e11b8268","block_type":"box","text":"115 Federal Street","page_number":39,"box":{"x":525,"y":219,"width":132,"height":9}},{"id":"767bddba-f609-4b81-b7ab-6304508e70c5","block_type":"box","text":"Boston, Massachusetts 02110","page_number":39,"box":{"x":525,"y":235,"width":220,"height":10}},{"id":"795a2787-a31f-40fb-aca3-f4c92203da7a","block_type":"box","text":"ACCOUNTING SERVICES PROVIDER","page_number":39,"box":{"x":524,"y":258,"width":260,"height":9}},{"id":"60a9fc49-70de-4956-8556-09fa744598a6","block_type":"box","text":"The Bank of New York Mellon","page_number":39,"box":{"x":524,"y":277,"width":204,"height":9}},{"id":"20b9b8ff-3fbc-440e-9204-51ab70241b42","block_type":"box","text":"240 Greenwich Street","page_number":39,"box":{"x":525,"y":293,"width":154,"height":9}},{"id":"d4362ba2-2ed5-4fcc-aa39-dbf3c48bba07","block_type":"box","text":"New York, New York 10286","page_number":39,"box":{"x":525,"y":308,"width":190,"height":11}},{"id":"c33a53cd-e72b-4d97-ad3a-aae0072c4c83","block_type":"box","text":"DISTRIBUTOR","page_number":39,"box":{"x":525,"y":331,"width":100,"height":9}},{"id":"9e73055f-8c7f-4e77-8c24-ef021790c67c","block_type":"box","text":"BlackRock Investments, LLC","page_number":39,"box":{"x":525,"y":347,"width":198,"height":10}},{"id":"e513f4b3-5abf-4284-a592-373606fd1b1c","block_type":"box","text":"50 Hudson Yards","page_number":39,"box":{"x":525,"y":362,"width":120,"height":9}},{"id":"64016ee5-a70f-4184-b068-2d338f908a39","block_type":"box","text":"New York, New York 10001","page_number":39,"box":{"x":525,"y":378,"width":190,"height":10}},{"id":"0953a1b4-7b10-456e-8497-783e359a504d","block_type":"box","text":"CUSTODIAN","page_number":39,"box":{"x":524,"y":401,"width":86,"height":9}},{"id":"6eeb0d29-fae0-4bb9-a635-a46fcc3eec07","block_type":"box","text":"The Bank of New York Mellon","page_number":39,"box":{"x":524,"y":420,"width":204,"height":9}},{"id":"6efc0c73-fe31-414a-b249-778e8eb7c22f","block_type":"box","text":"240 Greenwich Street","page_number":39,"box":{"x":525,"y":436,"width":154,"height":9}},{"id":"cb5c5fdb-364f-4c56-b5a0-2d866eaf129a","block_type":"box","text":"New York, New York 10286","page_number":39,"box":{"x":525,"y":451,"width":190,"height":11}},{"id":"79092565-621d-4f49-a539-2882746d2e4a","block_type":"box","text":"COUNSEL","page_number":39,"box":{"x":524,"y":474,"width":70,"height":10}},{"id":"9f50f8d0-33c4-4d16-9a0b-d2b701eefbd8","block_type":"box","text":"Ropes & Gray LLP","page_number":39,"box":{"x":525,"y":490,"width":125,"height":11}},{"id":"0b80bdb1-822e-4e60-abab-5a56e2019490","block_type":"box","text":"1211 Avenue of the Americas","page_number":39,"box":{"x":525,"y":505,"width":208,"height":9}},{"id":"a4e0d5be-02e7-489b-9a65-befc1a187f0f","block_type":"box","text":"New York, New York 10036","page_number":39,"box":{"x":525,"y":521,"width":190,"height":10}},{"id":"a9dbeb3a-715b-4d65-bb41-c881422f8518","block_type":"box","text":"NM1026U-5979863-39/40","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"60c9f7db-1fbf-4d5a-a000-886b515b9e5f","block_type":"box","text":"Additional Information","page_number":40,"box":{"x":90,"y":87,"width":197,"height":10}},{"id":"4e178b7e-35d8-42f5-a1a4-fca6148c7683","block_type":"box","text":"For more information:","page_number":40,"box":{"x":92,"y":140,"width":155,"height":9}},{"id":"d84ed48c-19ff-44c3-b50b-40e887b7cff8","block_type":"box","text":"This prospectus contains important information you should","page_number":40,"box":{"x":91,"y":156,"width":390,"height":11}},{"id":"458cbe66-74b4-4749-b21d-8b7ca38b1071","block_type":"box","text":"know before investing, including information about risks.","page_number":40,"box":{"x":91,"y":171,"width":372,"height":11}},{"id":"515ad3f3-633c-46f7-ad8b-704ced098dc4","block_type":"box","text":"Please read it before you invest and keep it for future","page_number":40,"box":{"x":92,"y":187,"width":350,"height":11}},{"id":"874c9caa-1197-42aa-8c8d-e4bfd3fcb770","block_type":"box","text":"reference. More information about the Fund is available at","page_number":40,"box":{"x":91,"y":202,"width":387,"height":9}},{"id":"da932254-ec35-41ea-b8c9-40d1086ad31c","block_type":"box","text":"no charge upon request. This information includes:","page_number":40,"box":{"x":91,"y":218,"width":338,"height":11}},{"id":"dda398d5-ff61-4ad7-8a92-b8d2f58777fc","block_type":"box","text":"Annual/Semi-Annual Reports and Form N-CSR","page_number":40,"box":{"x":90,"y":241,"width":335,"height":11}},{"id":"5cc00520-c91d-4eca-9304-c116dacc7cc2","block_type":"box","text":"The Fund’s annual and semi-annual reports and Form N","page_number":40,"box":{"x":91,"y":257,"width":381,"height":10}},{"id":"f5eda9de-5668-4e8c-bcc4-8988714ff9cd","block_type":"box","text":"CSR contain additional information about the Fund’s","page_number":40,"box":{"x":91,"y":272,"width":349,"height":8}},{"id":"372dc4cb-7ddd-4307-b5cd-55cb311d1e67","block_type":"box","text":"investments. The annual report describes the Fund’s","page_number":40,"box":{"x":91,"y":288,"width":350,"height":10}},{"id":"d87682c3-8ec5-4473-8a84-7ca25d7869d7","block_type":"box","text":"performance, lists portfolio holdings, and discusses recent","page_number":40,"box":{"x":91,"y":303,"width":388,"height":11}},{"id":"b2dc0c99-c3fb-4877-9821-1338d9a5c7b6","block_type":"box","text":"market conditions, economic trends and Fund investment","page_number":40,"box":{"x":91,"y":318,"width":381,"height":10}},{"id":"a2c82f4d-21fd-4dae-b328-ba224bca8f48","block_type":"box","text":"strategies that significantly affected the Fund’s","page_number":40,"box":{"x":91,"y":334,"width":309,"height":11}},{"id":"139c680a-b7bd-4ae1-878f-14acf5fa4a87","block_type":"box","text":"performance for the last fiscal year. In Form N-CSR, you","page_number":40,"box":{"x":91,"y":349,"width":373,"height":11}},{"id":"30b0fcab-66f2-4911-bd46-749ae266969e","block_type":"box","text":"will find the Fund’s financial statements.","page_number":40,"box":{"x":91,"y":365,"width":264,"height":8}},{"id":"764cb8ee-15b1-41a1-8eda-551fcda578b4","block_type":"box","text":"Statement of Additional Information","page_number":40,"box":{"x":91,"y":388,"width":255,"height":8}},{"id":"8eb8e396-dfcb-434b-9ce3-1ae9e13856df","block_type":"box","text":"A Statement of Additional Information (“SAI”), dated","page_number":40,"box":{"x":90,"y":403,"width":347,"height":11}},{"id":"b59fe7e2-905a-404c-aa06-33ec86d77115","block_type":"box","text":"September 28, 2026, has been filed with the Securities","page_number":40,"box":{"x":91,"y":419,"width":365,"height":11}},{"id":"ba55ec73-0e2b-4cf9-9f16-b1acca2e3cc6","block_type":"box","text":"and Exchange Commission (the “SEC”). The SAI, which","page_number":40,"box":{"x":91,"y":434,"width":373,"height":11}},{"id":"9d3668ba-ad0e-493d-96fd-d525d4757567","block_type":"box","text":"includes additional information about the Fund, may be","page_number":40,"box":{"x":91,"y":450,"width":367,"height":11}},{"id":"c4a3d17f-9c5b-4897-8898-28417e221d2e","block_type":"box","text":"obtained free of charge, along with the Fund’s annual and","page_number":40,"box":{"x":91,"y":465,"width":385,"height":11}},{"id":"073730aa-2b08-47df-9c8a-ed3ac1eee8bb","block_type":"box","text":"semi-annual reports and other information such as Fund","page_number":40,"box":{"x":91,"y":481,"width":376,"height":10}},{"id":"7b73eadb-36c5-4d58-9c0d-3f38ec3ed17b","block_type":"box","text":"financial statements, by calling (800) 537-4942. The SAI,","page_number":40,"box":{"x":91,"y":496,"width":378,"height":11}},{"id":"86c3c99c-e295-48e1-a6ce-728506027e85","block_type":"box","text":"as amended and/or supplemented from time to time, is","page_number":40,"box":{"x":91,"y":512,"width":364,"height":10}},{"id":"cb4df94b-5489-4d5a-82cf-b34f81128dd1","block_type":"box","text":"incorporated by reference into this prospectus.","page_number":40,"box":{"x":91,"y":527,"width":308,"height":11}},{"id":"98eccfd4-ce33-4b69-ba9a-9765cd5942bd","block_type":"box","text":"BlackRock Investor Services","page_number":40,"box":{"x":92,"y":550,"width":205,"height":9}},{"id":"ed8540a5-1d4b-469d-9768-bdc282292885","block_type":"box","text":"Representatives are available to discuss account balance","page_number":40,"box":{"x":92,"y":566,"width":382,"height":11}},{"id":"5d4848b4-c1e1-4c13-9b16-57dc1302d0d1","block_type":"box","text":"information, mutual fund prospectuses, literature,","page_number":40,"box":{"x":91,"y":581,"width":326,"height":11}},{"id":"85477d5c-d214-4626-b7ef-fc76284c0c7a","block_type":"box","text":"programs and services available. Hours: 8:00 a.m. to","page_number":40,"box":{"x":91,"y":597,"width":353,"height":11}},{"id":"3b78be35-3104-4b6e-84fc-9858a2fb9591","block_type":"box","text":"6:00 p.m. (Eastern time), on any business day. Call:","page_number":40,"box":{"x":91,"y":612,"width":342,"height":11}},{"id":"a5822364-18be-42db-a3da-f93e5e2277db","block_type":"box","text":"(800) 537-4942.","page_number":40,"box":{"x":91,"y":628,"width":106,"height":11}},{"id":"17f217c2-cf76-4364-9470-ab8b89930875","block_type":"box","text":"Purchases and Redemptions","page_number":40,"box":{"x":92,"y":651,"width":205,"height":11}},{"id":"e7f3d3af-a173-4347-950e-d14d5d48ae69","block_type":"box","text":"Call your Financial Intermediary or BlackRock","page_number":40,"box":{"x":91,"y":666,"width":306,"height":11}},{"id":"8433e9d6-bb7c-4c27-9971-ebf4d76bedea","block_type":"box","text":"Investor Services at (800) 537-4942.","page_number":40,"box":{"x":92,"y":682,"width":242,"height":11}},{"id":"d923e2d4-c892-4e26-a522-77fbdadfd6ee","block_type":"box","text":"World Wide Web","page_number":40,"box":{"x":91,"y":705,"width":118,"height":9}},{"id":"cb326eea-01ad-4b25-959a-659504f95649","block_type":"box","text":"General Fund information and specific Fund performance,","page_number":40,"box":{"x":91,"y":721,"width":386,"height":10}},{"id":"20dfb85d-9647-47eb-9925-fb16a9a4b845","block_type":"box","text":"including the SAI, annual/semi-annual reports and other","page_number":40,"box":{"x":91,"y":736,"width":374,"height":11}},{"id":"81f04d74-48c1-4f64-a383-c4ddd30af75e","block_type":"box","text":"information such as Fund financial statements, can be","page_number":40,"box":{"x":91,"y":751,"width":361,"height":11}},{"id":"5443aa48-3c54-469f-931e-fe7eccc312e7","block_type":"box","text":"accessed free of charge at www.blackrock.com/","page_number":40,"box":{"x":91,"y":767,"width":320,"height":11}},{"id":"b8bccb28-4004-46b2-a20b-367a3938a8e0","block_type":"box","text":"prospectus. Mutual fund prospectuses and literature can","page_number":40,"box":{"x":91,"y":782,"width":375,"height":11}},{"id":"33b455ab-1f49-4d5e-9f0d-2b9a8d37279a","block_type":"box","text":"also be requested via this website.","page_number":40,"box":{"x":91,"y":798,"width":228,"height":11}},{"id":"f702b93a-8218-4b26-b396-233d7b56287e","block_type":"box","text":"Written Correspondence","page_number":40,"box":{"x":514,"y":140,"width":176,"height":11}},{"id":"00a831cc-b8f7-4afa-8787-95744eb28c9e","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":40,"box":{"x":515,"y":156,"width":269,"height":11}},{"id":"f3f4be95-6ae7-4f16-a41a-4bf258e8ae84","block_type":"box","text":"P.","page_number":40,"box":{"x":515,"y":171,"width":8,"height":9}},{"id":"45f8586c-46db-474c-babc-7e62cc149789","block_type":"box","text":"P.O. Box 534429","page_number":40,"box":{"x":521,"y":171,"width":101,"height":9}},{"id":"c78c41e8-27fa-4d69-9f22-83152655e7ff","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":40,"box":{"x":515,"y":187,"width":248,"height":11}},{"id":"64646034-897b-4779-8626-290a3f9a08db","block_type":"box","text":"Overnight Mail","page_number":40,"box":{"x":514,"y":210,"width":104,"height":11}},{"id":"14eb7b5f-efa9-40cd-8345-c55a231e8f66","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":40,"box":{"x":515,"y":225,"width":269,"height":11}},{"id":"c114c7bd-33fd-463f-b948-fcd7ee03498c","block_type":"box","text":"Attention: 534429","page_number":40,"box":{"x":514,"y":241,"width":118,"height":9}},{"id":"b935dd44-92b0-4b85-9f31-366f0c6ddb58","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":40,"box":{"x":515,"y":256,"width":196,"height":10}},{"id":"77ea7498-2092-4c1a-ac7d-ec8b39ccd95e","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":40,"box":{"x":515,"y":272,"width":210,"height":11}},{"id":"40a8576a-1b4f-417c-b13a-fc7bfbc125a3","block_type":"box","text":"Internal Wholesalers/Broker Dealer Support","page_number":40,"box":{"x":515,"y":295,"width":312,"height":11}},{"id":"f3652b60-279f-4935-8eac-13b67c811f17","block_type":"box","text":"Available on any business day to support investment","page_number":40,"box":{"x":514,"y":311,"width":350,"height":10}},{"id":"d705973b-fd18-4967-9759-426e40ed4fb1","block_type":"box","text":"professionals. Call: (800) 882-0052.","page_number":40,"box":{"x":515,"y":326,"width":236,"height":11}},{"id":"e790fa9f-6aa8-4406-8ae2-1e308d190fba","block_type":"box","text":"Portfolio Characteristics and Holdings","page_number":40,"box":{"x":515,"y":349,"width":274,"height":11}},{"id":"325179d5-ba99-431e-b176-d31b04067f19","block_type":"box","text":"A description of the Fund’s policies and procedures","page_number":40,"box":{"x":514,"y":365,"width":343,"height":10}},{"id":"aa14f6c9-a74d-4f25-b519-e41110783b59","block_type":"box","text":"related to disclosure of portfolio characteristics and","page_number":40,"box":{"x":515,"y":380,"width":341,"height":11}},{"id":"60589aad-aa59-4ffe-990b-6f1d13ab99a4","block_type":"box","text":"holdings is available in the SAI.","page_number":40,"box":{"x":515,"y":396,"width":207,"height":11}},{"id":"bcbd988b-0f74-4ab9-a69e-e130739ca837","block_type":"box","text":"For information about portfolio holdings and","page_number":40,"box":{"x":515,"y":419,"width":290,"height":11}},{"id":"23e147ee-71c9-494d-8781-483919a0e25a","block_type":"box","text":"characteristics, BlackRock fund shareholders and","page_number":40,"box":{"x":514,"y":434,"width":330,"height":10}},{"id":"2e2b154c-ee53-45ce-97c0-089ea13e0625","block_type":"box","text":"prospective investors may call (800) 882-0052.","page_number":40,"box":{"x":515,"y":450,"width":309,"height":11}},{"id":"797a07dd-1552-44f2-adc6-48ed97bbadcb","block_type":"box","text":"Securities and Exchange Commission","page_number":40,"box":{"x":514,"y":473,"width":273,"height":11}},{"id":"bcbd3d8f-3fc2-4f8a-b65d-8630d11f883e","block_type":"box","text":"You may also view and copy public information about the","page_number":40,"box":{"x":514,"y":488,"width":379,"height":11}},{"id":"43e5bdd8-8ad5-4a94-82dd-d02f4587bb52","block_type":"box","text":"Fund, including the SAI, by visiting the EDGAR database","page_number":40,"box":{"x":515,"y":504,"width":379,"height":11}},{"id":"6c69efd4-9265-492e-b1ea-b4b41961610a","block_type":"box","text":"on the SEC’s website (http://www.sec.gov). Copies of this","page_number":40,"box":{"x":514,"y":519,"width":383,"height":11}},{"id":"421c7c9c-a08a-47fa-b6eb-0010c9d480c3","block_type":"box","text":"information can be obtained, for a duplicating fee, by","page_number":40,"box":{"x":515,"y":535,"width":350,"height":11}},{"id":"c9eb03a2-44d6-4acf-b3be-5bb0be8053b1","block_type":"box","text":"electronic request at the following e-mail address:","page_number":40,"box":{"x":514,"y":550,"width":330,"height":11}},{"id":"0563e78b-fc4c-4598-a74e-42b6c0d98581","block_type":"box","text":"publicinfo@sec.gov.","page_number":40,"box":{"x":515,"y":566,"width":130,"height":11}},{"id":"791f14d5-ad97-48fd-8b38-4a32a29c78a2","block_type":"box","text":"You should rely only on the information contained in","page_number":40,"box":{"x":514,"y":589,"width":378,"height":11}},{"id":"c5c4f382-836e-4613-9aac-57043a5ac8d1","block_type":"box","text":"this prospectus. No one is authorized to provide you","page_number":40,"box":{"x":514,"y":605,"width":377,"height":10}},{"id":"eb990d16-9441-4176-8a7d-cb3c339a4503","block_type":"box","text":"with information that is different from information","page_number":40,"box":{"x":514,"y":620,"width":355,"height":9}},{"id":"ddaf191b-7cf6-4bac-b2f2-7decf4b7ec8a","block_type":"box","text":"contained in this prospectus.","page_number":40,"box":{"x":514,"y":636,"width":209,"height":10}},{"id":"cba399c1-0c7a-40f2-a4b9-5b48788d2d94","block_type":"box","text":"The SEC has not approved or disapproved these","page_number":40,"box":{"x":514,"y":659,"width":326,"height":10}},{"id":"2bdcd22e-2c74-4f7d-91a9-efba96a010d2","block_type":"box","text":"securities or passed upon the adequacy of this","page_number":40,"box":{"x":514,"y":674,"width":313,"height":11}},{"id":"104065c0-8da5-4122-87f6-03118b4957eb","block_type":"box","text":"prospectus. Any representation to the contrary is a","page_number":40,"box":{"x":515,"y":690,"width":336,"height":10}},{"id":"6c070eb5-8194-46e0-999b-b36785fd4091","block_type":"box","text":"criminal offense.","page_number":40,"box":{"x":514,"y":705,"width":108,"height":9}},{"id":"e1caf494-dc1e-4f4e-b438-f643572132ce","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 811-09637","page_number":40,"box":{"x":515,"y":728,"width":334,"height":9}},{"id":"7cdee0c5-dec0-4c58-bd7b-913b1e09c637","block_type":"box","text":"PRO-ALCV-K-0926","page_number":40,"box":{"x":793,"y":919,"width":113,"height":7}},{"id":"1d648e26-e56d-42c2-bca3-a1bc84cb901f","block_type":"box","text":"NM1026U-5979863-40/40","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":40}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"4f7dc273-f476-4375-9110-46691c610374"},"user_id":1000002,"date_created":"2026-10-02T11:58:20.293000Z","date_modified":"2026-10-02T11:58:20.293000Z","private":false}