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The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or","page_number":2,"box":{"x":81,"y":781,"width":847,"height":9}},{"id":"1ce5bf42-1836-4b34-adf6-28f30ec27cf5","block_type":"box","text":"by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":791,"width":413,"height":10}},{"id":"e48d21d1-cc6b-46c2-b000-456534f89d18","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":804,"width":4,"height":4}},{"id":"53212a36-59c5-41ce-9abd-58ce317fee32","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":804,"width":837,"height":9}},{"id":"5f4355b9-e226-4ee3-99ed-766e19614477","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":2,"box":{"x":80,"y":814,"width":771,"height":10}},{"id":"6f6652ad-95fb-4467-bb1c-8dad31962f2f","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.75%","page_number":2,"box":{"x":81,"y":825,"width":844,"height":9}},{"id":"767c0b52-7137-402e-bf15-1c91832b47d9","block_type":"box","text":"(for Investor A Shares), 1.50% (for Investor C Shares), 0.50% (for Institutional Shares) and 1.00% (for Class R Shares) of average daily net","page_number":2,"box":{"x":81,"y":835,"width":814,"height":9}},{"id":"50c97ec3-24b4-4bf3-9847-88003b9cf482","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":2,"box":{"x":81,"y":845,"width":845,"height":10}},{"id":"3614e1f3-11ed-489f-9ef7-e905784d2c68","block_type":"box","text":"of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":856,"width":501,"height":9}},{"id":"e41e8ff2-bda2-46a4-998e-ff7ac4b3a2cb","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"2fafc69b-93da-45d8-b717-4fbc7c31d8c1","block_type":"box","text":"NM1026U-5978953-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1af43189-7918-4909-8d13-2fd5f20d7e73","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"7f18505d-52db-4ef9-be89-70d097e3da56","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":59,"width":830,"height":11}},{"id":"66809772-5707-4fd4-accf-94ed88411daf","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":73,"width":832,"height":12}},{"id":"c9107abf-0ae3-40cd-83b6-d8f28cc60c80","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":88,"width":832,"height":12}},{"id":"6f010b19-39b1-4312-acf8-fa0998dedff1","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":103,"width":859,"height":12}},{"id":"4ef90da1-80fc-4ecd-80fc-3fff4c63f52f","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"25fa5b00-eb24-46b5-b702-d593253d9748","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"6d65b672-84fd-408b-8c9a-1305049247b9","block_type":"box","text":"Investor A Shares $598 $781 $979 $1,551","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"31f6c2d7-ef09-42d4-8695-ed7e2ffdca34","block_type":"box","text":"Investor C Shares $253 $520 $913 $1,791","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"40c16224-6b25-4696-a1f4-064f77f8a324","block_type":"box","text":"Institutional Shares $ 51 $184 $329 $ 752","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"5db6a928-88fb-4f4b-8683-69d786a30234","block_type":"box","text":"Class R Shares $102 $368 $654 $1,468","page_number":3,"box":{"x":69,"y":218,"width":849,"height":10}},{"id":"15924db5-9cb2-4a43-8219-32fed93af18e","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":251,"width":532,"height":11}},{"id":"18712d02-47c2-46de-8336-d01d01476330","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":279,"width":292,"height":9}},{"id":"b329a3dc-ae6a-42f2-9bb1-4ede3b7f3bc1","block_type":"box","text":"Investor C Shares $153 $520 $913 $1,791","page_number":3,"box":{"x":70,"y":297,"width":848,"height":10}},{"id":"dd255880-5c58-4168-9cb6-d580d56d20ec","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":322,"width":151,"height":10}},{"id":"1758c2ba-e238-45ee-ae73-8c74000924d0","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":339,"width":800,"height":11}},{"id":"7dff361c-68e9-4376-ad30-072bdd50bf2e","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":353,"width":850,"height":12}},{"id":"d5965a00-8c6d-482f-bcae-bf802c2590bc","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":368,"width":870,"height":11}},{"id":"fd7b6ef5-a7fb-4bdf-ade4-7f1cfdbc3f31","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":383,"width":839,"height":11}},{"id":"6b47f37e-06a6-49f6-8e86-bb34c9550a5b","block_type":"box","text":"99% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":398,"width":298,"height":11}},{"id":"b963b129-e2f9-4ddd-b124-73d7555a694c","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":436,"width":394,"height":14}},{"id":"d2a72946-088e-4ac5-bc97-06eaf85ab1b0","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":3,"box":{"x":62,"y":463,"width":798,"height":11}},{"id":"153f743b-23dc-4ae0-a88e-e5d4bd6fb803","block_type":"box","text":"borrowings for investment purposes in non-U.S. equity securities and equity-like instruments of companies that are","page_number":3,"box":{"x":61,"y":477,"width":843,"height":12}},{"id":"dd99e3dd-7008-4dc9-9a52-52046eabbfd6","block_type":"box","text":"components of, or have characteristics similar to, the companies included in the MSCI EAFE","page_number":3,"box":{"x":61,"y":492,"width":676,"height":12}},{"id":"d09681cd-0b07-493e-b9f7-be805a32b64a","block_type":"box","text":"®","page_number":3,"box":{"x":737,"y":493,"width":6,"height":4}},{"id":"f7daaa3c-de7c-4b7f-bd5e-053042ce90f0","block_type":"box","text":"Index (the “MSCI EAFE","page_number":3,"box":{"x":750,"y":492,"width":164,"height":12}},{"id":"5a717188-45fc-459c-b252-49331e0129e3","block_type":"box","text":"Index”) and derivatives that are tied economically to securities of the MSCI EAFE Index. Investments in derivatives are","page_number":3,"box":{"x":62,"y":507,"width":864,"height":12}},{"id":"39dcb1ad-4f87-4b29-8183-f8506d84d4fd","block_type":"box","text":"counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included","page_number":3,"box":{"x":61,"y":522,"width":853,"height":11}},{"id":"88b6b0e8-7dba-4555-a0d2-cb71798fb640","block_type":"box","text":"within that policy or to one or more market risk factors associated with such securities. The MSCI EAFE Index is a","page_number":3,"box":{"x":60,"y":537,"width":834,"height":11}},{"id":"778e2f0b-003c-4135-87bb-1d8df052f418","block_type":"box","text":"capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group","page_number":3,"box":{"x":61,"y":552,"width":831,"height":11}},{"id":"2afacf7f-55e4-480d-9f35-4b0b01e0af4e","block_type":"box","text":"representation.","page_number":3,"box":{"x":61,"y":567,"width":110,"height":11}},{"id":"cdd32dcd-4b9b-4883-ba72-9a15fdcf7621","block_type":"box","text":"Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may","page_number":3,"box":{"x":62,"y":589,"width":861,"height":11}},{"id":"c8269597-9fca-445d-9c80-802844667dbd","block_type":"box","text":"also invest in preferred stock. From time to time, the Fund may invest in shares of companies through “new issues” or","page_number":3,"box":{"x":61,"y":604,"width":873,"height":11}},{"id":"56f4ee78-ae9d-41c8-a957-cb66e6cb6d1f","block_type":"box","text":"initial public offerings (“IPOs”). The Fund may also purchase conver tible securities.","page_number":3,"box":{"x":62,"y":619,"width":607,"height":11}},{"id":"78d13b1c-a4dc-4fda-b564-c109e5e4ee16","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based on a","page_number":3,"box":{"x":60,"y":641,"width":823,"height":9}},{"id":"0a67757d-45bd-4ddb-8962-6d3b80a59a86","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":3,"box":{"x":61,"y":656,"width":862,"height":12}},{"id":"ef64caf1-8a6d-42bc-86d9-02e3abe30f56","block_type":"box","text":"seek total return.","page_number":3,"box":{"x":61,"y":671,"width":125,"height":9}},{"id":"2f33ca6e-4785-4620-b304-714d211d8f1b","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":3,"box":{"x":60,"y":693,"width":875,"height":12}},{"id":"8168face-35a2-4bff-8a85-9b1f3c545577","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":3,"box":{"x":61,"y":708,"width":859,"height":12}},{"id":"a26eb616-61a6-4509-884d-75a223a76eab","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":3,"box":{"x":60,"y":723,"width":839,"height":12}},{"id":"06e9bda0-92dd-4afb-9a6b-ea79546c8cab","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":3,"box":{"x":62,"y":738,"width":808,"height":11}},{"id":"d2c00c56-290a-4d6a-859a-19a568e3fb8c","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":3,"box":{"x":61,"y":753,"width":872,"height":11}},{"id":"75da27b7-af1b-4a8a-a89a-2238a18769da","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI","page_number":3,"box":{"x":62,"y":768,"width":868,"height":11}},{"id":"c98bb5be-97a0-45c1-9416-5df22e0b5338","block_type":"box","text":"EAFE Index. The use of options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":3,"box":{"x":62,"y":782,"width":873,"height":12}},{"id":"656c9913-9de5-4b46-b592-cc56063ff6b6","block_type":"box","text":"referred to as contracts for difference) and forward contracts can be effective in protecting or enhancing the value of","page_number":3,"box":{"x":61,"y":797,"width":859,"height":12}},{"id":"926b1d8d-4c45-471b-ac24-fc7dabe29739","block_type":"box","text":"the Fund’s assets.","page_number":3,"box":{"x":60,"y":812,"width":136,"height":9}},{"id":"36decbd0-01b7-4a8e-b737-d5ceb557e9f4","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in securities in a disciplined manner, by using","page_number":3,"box":{"x":60,"y":835,"width":802,"height":11}},{"id":"1d2046fd-790f-48ae-918f-4f7f96fee46b","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":3,"box":{"x":62,"y":849,"width":826,"height":12}},{"id":"b5b576a9-c3eb-45e3-8042-aefc2b27de26","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting par ticular","page_number":3,"box":{"x":62,"y":864,"width":874,"height":12}},{"id":"f6733b8d-435e-4113-ada4-b53811e9b48f","block_type":"box","text":"equity securities while seeking to control incremental risk. BlackRock then constructs and rebalances the por tfolio by","page_number":3,"box":{"x":61,"y":879,"width":862,"height":12}},{"id":"0af92e56-f535-445f-adc5-f0d32ad81e39","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":3,"box":{"x":62,"y":894,"width":570,"height":11}},{"id":"82b24af4-be02-4aec-9da4-9df50e563612","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"7ab06d8c-c85e-4006-9ad0-85759a7ce9ef","block_type":"box","text":"NM1026U-5978953-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7287fb57-1a49-4542-b7d1-135851a12a6b","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":43,"width":354,"height":13}},{"id":"e5d64164-9188-424c-841d-fca2043395e3","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":69,"width":860,"height":11}},{"id":"23b81a3a-887d-44c5-a3b6-6852c5a882c7","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":4,"box":{"x":61,"y":84,"width":802,"height":11}},{"id":"96244fca-2c8a-4ede-af01-3aa826eba2b6","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":4,"box":{"x":62,"y":98,"width":866,"height":12}},{"id":"15ca73da-a663-4102-9507-74aed0cf4d86","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":4,"box":{"x":62,"y":113,"width":869,"height":12}},{"id":"c1b6a9a2-72b1-4633-8f99-5745051bcd60","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":128,"width":864,"height":12}},{"id":"89ed84ce-7712-4af5-8efc-58d244474a6c","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":143,"width":793,"height":12}},{"id":"cab80ca8-b0b2-4ec3-8045-ac6f353e4432","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":163,"width":166,"height":11}},{"id":"c0fd2190-654e-4536-b2d7-0f980ab49f00","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":163,"width":685,"height":12}},{"id":"d58f37a2-505c-4849-9655-bcc86389051d","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":178,"width":550,"height":11}},{"id":"1ba0f6b5-1ed4-4a63-a5fc-bc619c19c2ef","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":198,"width":176,"height":11}},{"id":"0cab708e-3a87-476c-ab66-052f3a1c562c","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":198,"width":668,"height":11}},{"id":"e1998b52-a703-4886-b1fc-6064c5f31510","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":213,"width":531,"height":11}},{"id":"7674a6db-8791-4bd9-b6de-9750df4011af","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":233,"width":823,"height":11}},{"id":"25172897-1e7d-44cc-9508-a6aa7724b65d","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":4,"box":{"x":102,"y":247,"width":823,"height":12}},{"id":"3bc66dd1-e06d-414a-b7c3-1510adaad309","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":262,"width":70,"height":12}},{"id":"b2cbf32b-2f8b-4858-a46f-d38afb672f81","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":4,"box":{"x":101,"y":282,"width":644,"height":12}},{"id":"ac4e97a8-076c-4c89-b5a5-14a983e98ac6","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":302,"width":830,"height":12}},{"id":"828ae927-1b32-457b-9e8d-3e9ed3151ca8","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":317,"width":808,"height":12}},{"id":"e4d6f2ee-12f7-4e13-b570-380d32b85c4b","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":332,"width":137,"height":11}},{"id":"dd1b4593-d492-4c0e-9fde-f19d778c5c7b","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":4,"box":{"x":101,"y":352,"width":821,"height":11}},{"id":"03a32131-8037-481f-a939-46c456d525e7","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":367,"width":809,"height":11}},{"id":"443dd814-74e3-4179-99a5-1f1cd6ba9b3b","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":381,"width":784,"height":12}},{"id":"24c7dee0-6c3e-49ab-b8bb-921774bf3d06","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":397,"width":352,"height":11}},{"id":"5a96adad-5d8c-4a05-8adc-a71982daa019","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":416,"width":823,"height":12}},{"id":"5d416994-1bbb-4e2e-a7de-7c930bd66ba8","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":4,"box":{"x":101,"y":431,"width":811,"height":12}},{"id":"10a40f87-364a-4ded-83fe-9d311bd97fc7","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":446,"width":148,"height":9}},{"id":"561744f9-2a0e-429c-9e41-fe37468d46c9","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":466,"width":834,"height":11}},{"id":"a8827843-5e0e-4785-8741-eff8ad81741c","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":481,"width":628,"height":11}},{"id":"0891fe84-5575-4a37-b603-d558b877bfeb","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":4,"box":{"x":101,"y":501,"width":830,"height":11}},{"id":"88676ff3-703d-4867-8907-1b725d0aeae7","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":516,"width":831,"height":11}},{"id":"16e8d09f-0b14-42c0-81f6-7f02b338be58","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":4,"box":{"x":101,"y":530,"width":813,"height":12}},{"id":"36c4b2bd-c121-4fae-b0d2-9c3dc0986ade","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":545,"width":395,"height":12}},{"id":"f69b9a13-afe5-4243-ac38-f2092130ea3b","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":565,"width":85,"height":9}},{"id":"e08aebb8-bc3f-4bc0-bef5-93899b02ef62","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":565,"width":722,"height":12}},{"id":"62c4b6ab-ff4a-4224-b0a4-eead2401bb3f","block_type":"box","text":"quantitative analysis. Investments selected using these models may per form differently than as forecasted due to","page_number":4,"box":{"x":81,"y":580,"width":840,"height":12}},{"id":"8e27a313-9b57-4d89-97af-59b15bdb342a","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":595,"width":807,"height":11}},{"id":"811788ac-e22f-40ad-801a-e21b714cdf91","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":610,"width":842,"height":11}},{"id":"8193c0ab-68e3-4f2c-8341-e2ccf8b43872","block_type":"box","text":"related to the use of ar tificial intelligence and machine learning (“AI”) and other technological issues). There is no","page_number":4,"box":{"x":82,"y":624,"width":836,"height":12}},{"id":"7f376b16-cc20-481b-9667-b459e617801a","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":639,"width":777,"height":12}},{"id":"c35625d7-ba1e-47cb-9ef3-dbe635d40b6f","block_type":"box","text":"The information and data used in the models may be supplied by third par ties. Inaccurate or incomplete data may","page_number":4,"box":{"x":81,"y":659,"width":837,"height":12}},{"id":"c654b30e-4414-4eff-87d0-810316509ca2","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":4,"box":{"x":82,"y":674,"width":819,"height":12}},{"id":"c2d091ce-8dc6-43f7-954e-da75954c7e9c","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":4,"box":{"x":80,"y":689,"width":843,"height":11}},{"id":"9245cddb-dccf-4b94-a86d-3ea048c5f789","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":4,"box":{"x":81,"y":704,"width":834,"height":11}},{"id":"b75281ba-3289-43d3-95bb-6b6ff07d4624","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":719,"width":176,"height":11}},{"id":"09ce5511-b40a-4aa6-ac91-ba13c6507d5c","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":739,"width":206,"height":9}},{"id":"945a783e-71f1-418c-8f42-9b476c5fb1cf","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":739,"width":593,"height":11}},{"id":"a919d8f3-7311-4d91-a70f-de92aec6c759","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":753,"width":853,"height":12}},{"id":"c33ef6fe-c36a-41ba-8fdb-db715db4fb17","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":4,"box":{"x":81,"y":768,"width":855,"height":12}},{"id":"4f9813a4-b5a2-4f92-89d6-2096762b1a68","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":4,"box":{"x":80,"y":783,"width":816,"height":12}},{"id":"3a4cf210-9393-4253-b088-9936a18ed267","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":798,"width":796,"height":11}},{"id":"2c4bfece-adb7-4d63-a32a-ae8e959cf3e7","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":813,"width":812,"height":11}},{"id":"96c7d7cd-2dcd-47d0-8c3f-2bbe7be0ae24","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":827,"width":809,"height":12}},{"id":"2affbc33-eee1-4770-a22c-f65018e418b6","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":848,"width":123,"height":9}},{"id":"3c30898c-4ff8-454b-ae77-148a41148eea","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":4,"box":{"x":207,"y":847,"width":664,"height":12}},{"id":"61bc3ca5-edfa-4fba-8713-20bd8c03b719","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":862,"width":469,"height":12}},{"id":"5b342540-9a4c-4553-9bcb-e1444112ca07","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":883,"width":102,"height":11}},{"id":"d5b379fb-aa9f-4b09-a39d-21bbf9da79a2","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":882,"width":723,"height":12}},{"id":"8f61a0c3-5e57-4c98-a50a-06f869b81c39","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":4,"box":{"x":82,"y":897,"width":832,"height":12}},{"id":"e9c9be2b-412a-45a3-a2a5-08bfe2b6115c","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":912,"width":280,"height":12}},{"id":"6c6f28f9-0a56-4e22-b554-7e505ceff6f5","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"06553eff-da45-48c3-b85d-dffa264f4236","block_type":"box","text":"NM1026U-5978953-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5e2a458f-0f53-4561-971a-5e29922cbca9","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":42,"width":87,"height":9}},{"id":"36000e0d-14f5-4e2f-9abb-ac634d94a710","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":42,"width":728,"height":11}},{"id":"6fb291f5-c5de-4574-93d5-cff2efebfc5b","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":57,"width":834,"height":11}},{"id":"03ffce05-74b9-4b70-bf5d-b77f8c550495","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":72,"width":832,"height":11}},{"id":"b395e19c-0079-442d-99ee-ea2b0fd3113d","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":86,"width":779,"height":11}},{"id":"3a57ccce-b651-452c-a771-b0e68021ced0","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":101,"width":253,"height":11}},{"id":"37ac3397-5fed-40aa-b357-f8bfb147ce26","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":121,"width":131,"height":11}},{"id":"b70887d6-e69b-4c44-9777-633e045931fd","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":5,"box":{"x":217,"y":121,"width":697,"height":11}},{"id":"2065e8f1-b7ea-4e83-be6b-3fb8ffb0b5a9","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":136,"width":855,"height":11}},{"id":"0e9f272c-467e-4373-bfd2-a5adc08cbf9f","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":151,"width":240,"height":11}},{"id":"432b3c7a-1c14-40bf-9d79-1373c21b1cec","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":171,"width":100,"height":11}},{"id":"7878bc7a-80cd-497a-94b7-1c863123b921","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":171,"width":750,"height":11}},{"id":"432bebeb-5f5c-450a-aed8-c8ce0c009887","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":186,"width":839,"height":11}},{"id":"65b4d1fd-0d32-44d0-9709-b9df1ff76532","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":200,"width":293,"height":12}},{"id":"247af798-a3af-4435-942b-63a26034c045","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":220,"width":120,"height":12}},{"id":"d410c2b7-b66e-47d8-bdc8-bde64fdcfb03","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":220,"width":727,"height":12}},{"id":"06d68b17-8846-45cd-a125-d2e717efc8b2","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":235,"width":607,"height":12}},{"id":"bea7986e-f0df-46c4-8c9e-b5f1e2e2c31b","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":255,"width":75,"height":12}},{"id":"9a0b7b98-7b3c-4255-a077-7d8b57c89883","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":255,"width":761,"height":12}},{"id":"eaab25cf-a467-43a3-9dc6-7c61a7d56a2e","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":270,"width":198,"height":11}},{"id":"4f15f144-7b71-4e27-8a6b-869d16bf093b","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":290,"width":214,"height":11}},{"id":"a2aa48c7-5e2b-4105-9e0f-00148e16ee5c","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":290,"width":590,"height":11}},{"id":"0636de24-7bc4-431b-9aaa-49bcf52a475c","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":305,"width":775,"height":11}},{"id":"94aaefca-60ae-4c57-9fc2-4599eef7670f","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":320,"width":589,"height":11}},{"id":"b7b170d2-6f4b-408b-8769-2f09501c3888","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":340,"width":102,"height":9}},{"id":"6dafbccc-b5ba-4a6d-a315-04cbfc44cd99","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":340,"width":747,"height":11}},{"id":"5b72d0dd-77d3-49cc-9691-eeb0a686b8dc","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":354,"width":783,"height":12}},{"id":"ece1726e-f348-443a-84ce-4b195ea36640","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":369,"width":273,"height":11}},{"id":"78afb624-c106-4cc9-ba9e-f086bff7356e","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":389,"width":95,"height":12}},{"id":"cef777ef-bf37-4f8c-b423-52e5a114209f","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":389,"width":728,"height":12}},{"id":"1338fdb6-c4e4-42a5-8220-f1cd7f1f33f7","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":404,"width":839,"height":12}},{"id":"c2af0d2c-c3d1-41bb-be86-60460da29971","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":419,"width":354,"height":11}},{"id":"706b573a-1895-4845-95ec-95fcf674d233","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":439,"width":59,"height":9}},{"id":"40d9e907-78d2-405a-9cb8-a1a02503e819","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":439,"width":719,"height":11}},{"id":"33b9c511-9d2d-4146-a87b-79bde41d6409","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":454,"width":801,"height":11}},{"id":"e571fea7-fa61-45b5-850b-3d10c7b62f57","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":468,"width":802,"height":12}},{"id":"52245128-ecfd-4e60-8df3-b28939dee623","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":483,"width":830,"height":12}},{"id":"91dbdd78-e709-4ca4-9e3d-c46e9d200235","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":498,"width":215,"height":9}},{"id":"e3071345-2dac-487a-a6eb-a6b92328ae0b","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":518,"width":212,"height":12}},{"id":"b2cda952-5ad3-4be5-bf2b-80d4b3f0cc3e","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":5,"box":{"x":297,"y":518,"width":629,"height":12}},{"id":"2e26619d-6237-4167-9a2f-3f19cf4ff75a","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":5,"box":{"x":82,"y":533,"width":812,"height":12}},{"id":"fb8c36f3-93f3-467c-a5e0-d241e673caab","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":5,"box":{"x":81,"y":548,"width":817,"height":11}},{"id":"03a3f243-b839-44e6-ab09-2417b778b10f","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":5,"box":{"x":81,"y":563,"width":760,"height":11}},{"id":"096b3699-74b3-4587-808f-17ba2a5fd6c1","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":5,"box":{"x":81,"y":577,"width":852,"height":12}},{"id":"92739b4d-4ce4-499e-b8f0-0925ce528978","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":5,"box":{"x":81,"y":592,"width":589,"height":12}},{"id":"36d5b409-e423-4adb-b2a1-89940029319c","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":612,"width":107,"height":12}},{"id":"58868d38-6b12-4809-b06f-a91e8806813c","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":5,"box":{"x":192,"y":612,"width":741,"height":12}},{"id":"ca1fa2ac-ab9e-4b0c-a7e7-f4f851d5eb49","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":5,"box":{"x":81,"y":627,"width":853,"height":12}},{"id":"2d8cbde9-963b-4cdd-bded-acedd028c5de","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":5,"box":{"x":81,"y":642,"width":856,"height":11}},{"id":"d41fa0c1-c7c0-4cf3-a075-98dfa141b484","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":5,"box":{"x":80,"y":657,"width":775,"height":11}},{"id":"a22845bd-9138-4a64-90cd-bb25c48ebbdc","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":5,"box":{"x":80,"y":671,"width":814,"height":12}},{"id":"53309945-57e0-4690-954e-7029a5d34152","block_type":"box","text":"leverage.","page_number":5,"box":{"x":82,"y":687,"width":63,"height":11}},{"id":"a56ccca5-40de-493c-9089-12b639680c94","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":706,"width":240,"height":10}},{"id":"da278849-880f-40a9-8e92-11799638bed0","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":707,"width":593,"height":9}},{"id":"79be1e9b-bed8-4ab5-af0b-280203f90166","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":5,"box":{"x":81,"y":721,"width":851,"height":12}},{"id":"19d1f7db-526e-4cac-8754-423f621d3aaf","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":5,"box":{"x":82,"y":736,"width":824,"height":11}},{"id":"987a3b74-c1e6-4590-a2bf-887c652a9cba","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":5,"box":{"x":82,"y":751,"width":851,"height":11}},{"id":"7e5ed4a1-e304-4425-8450-6cc135abfc9e","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":766,"width":802,"height":11}},{"id":"113e8210-aa9c-435b-9d06-bfffdb9a02a4","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":5,"box":{"x":81,"y":780,"width":849,"height":12}},{"id":"9648744e-341f-4456-ba20-2ecbac270c6d","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":5,"box":{"x":81,"y":796,"width":843,"height":11}},{"id":"bb47c62b-81cb-462d-8124-4a8003352a3b","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":5,"box":{"x":81,"y":810,"width":830,"height":12}},{"id":"c8ae2b43-d0a1-49d1-ae23-527008ab1aee","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":825,"width":840,"height":11}},{"id":"5351c232-f738-43e8-8dda-a63de36ef74d","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":5,"box":{"x":81,"y":840,"width":789,"height":11}},{"id":"56d8e93a-af29-464e-824f-4cb7e8485ec3","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":5,"box":{"x":81,"y":855,"width":823,"height":11}},{"id":"4052a733-1db2-4ed0-8805-d899838ba8c3","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":5,"box":{"x":81,"y":869,"width":784,"height":12}},{"id":"88bbafa7-caef-40b5-985a-71549a216707","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":884,"width":844,"height":11}},{"id":"780579fb-2142-4c7b-a3f0-f7a63453859b","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":5,"box":{"x":81,"y":899,"width":855,"height":12}},{"id":"ea7229aa-5756-48ec-88c9-24982aa0d965","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":5,"box":{"x":81,"y":914,"width":376,"height":11}},{"id":"a2ddcc2f-56c2-4fd2-bc8e-1fd545150ca6","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"5a5ca839-d5b8-4917-9b31-ff19d350a816","block_type":"box","text":"NM1026U-5978953-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"37f4cc80-ee47-4434-a067-250df1383cbf","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":42,"width":818,"height":11}},{"id":"fa2f4bac-105d-433f-b24a-16732f62644f","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":6,"box":{"x":80,"y":57,"width":819,"height":11}},{"id":"21ab02de-faa2-48dc-81b3-79793c8e18f5","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":6,"box":{"x":81,"y":71,"width":819,"height":12}},{"id":"8cfb864c-4c85-4136-83a3-02552da274d9","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":86,"width":846,"height":12}},{"id":"afaf59f3-1026-45fb-b518-46c21c17821e","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":101,"width":848,"height":12}},{"id":"3ddc2ea7-b94b-47c4-a6b4-d6c4f19bf662","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":116,"width":125,"height":9}},{"id":"97c9e7f6-d007-45e0-b97d-5aa0adda77c4","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":136,"width":182,"height":11}},{"id":"74f1ce93-2078-422e-9c1a-baa419366266","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":136,"width":665,"height":11}},{"id":"60623d5a-6acd-464c-a76a-deb8ece2dd79","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":151,"width":789,"height":11}},{"id":"d2a77e50-f137-45f9-8e86-1f62b3fbac77","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":171,"width":139,"height":9}},{"id":"89b718c7-578b-4173-b4c2-6b3f4151dd29","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":176,"width":17,"height":1}},{"id":"11642105-8f42-4f4e-9bd9-f0d7fb262936","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":171,"width":681,"height":11}},{"id":"04fc5168-42fc-4b29-9e4a-70238d966b62","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":185,"width":843,"height":12}},{"id":"d06b5047-66fb-40dc-b4a2-57f45ecc888a","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":6,"box":{"x":81,"y":200,"width":517,"height":12}},{"id":"1f10b178-8a31-4c2f-8012-103be39f09c7","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":220,"width":254,"height":12}},{"id":"3ab04fef-8290-4ff2-bcbf-4ed47555349a","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":221,"width":578,"height":11}},{"id":"b69ce59c-9bcb-4e5e-919e-796ad25e690f","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":235,"width":779,"height":12}},{"id":"a41bb039-6f23-4e69-aee4-50e95f25ec47","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":6,"box":{"x":81,"y":250,"width":811,"height":11}},{"id":"426a6962-8a74-4611-bfbf-6b81e492c4fc","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":6,"box":{"x":82,"y":265,"width":806,"height":11}},{"id":"793a0672-18f7-4518-a3bd-382b813a1db7","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":6,"box":{"x":82,"y":280,"width":853,"height":11}},{"id":"a4f084f2-5fb2-4c54-aca0-2f65a73a77fc","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":6,"box":{"x":82,"y":294,"width":841,"height":12}},{"id":"612e5a1e-cc74-412a-86ae-73c3e8f08922","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":6,"box":{"x":81,"y":309,"width":808,"height":12}},{"id":"68fa3da4-0c41-45e8-9fd8-45edcbcae88f","block_type":"box","text":"issuers to lose value.","page_number":6,"box":{"x":82,"y":324,"width":155,"height":9}},{"id":"26bf9d32-63b6-4518-a15b-67639898e175","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":344,"width":189,"height":9}},{"id":"8d082fd5-186e-41be-a24f-ef884ffb9848","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":344,"width":636,"height":12}},{"id":"76e1854d-005d-4592-9cec-79ef0a298dd6","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":359,"width":824,"height":11}},{"id":"9374df7f-f7bd-4940-aa17-369dd11e7fdc","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":374,"width":806,"height":11}},{"id":"27cfbc6b-c3a5-4d8e-97db-51599960f3fa","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":6,"box":{"x":81,"y":389,"width":842,"height":11}},{"id":"0c17a5d4-5c38-494c-9098-0e4c0e40787a","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":6,"box":{"x":81,"y":403,"width":781,"height":12}},{"id":"f3d48d1b-2065-4888-acf2-437e09da7f4c","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":6,"box":{"x":81,"y":418,"width":812,"height":12}},{"id":"9b676dd0-1e03-405e-b2ee-c2ff62667f15","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":433,"width":129,"height":12}},{"id":"b0fdd75c-300f-4f1e-97d7-fe38bf5b5b5c","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":472,"width":224,"height":11}},{"id":"508f4693-396c-4700-b9e8-ad8fd2072771","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. Per formance for","page_number":6,"box":{"x":62,"y":498,"width":867,"height":12}},{"id":"8c9e9d62-873a-4efd-9f1a-9cd3256c256a","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":6,"box":{"x":60,"y":513,"width":876,"height":12}},{"id":"01f0d509-3a01-4bf7-aac6-53713da91aca","block_type":"box","text":"by the Fund at that time under the name “BlackRock Global Oppor tunities Por tfolio.”","page_number":6,"box":{"x":61,"y":528,"width":619,"height":11}},{"id":"27f70e83-e82f-4fd5-a6b4-112b8772fcbe","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":6,"box":{"x":60,"y":550,"width":855,"height":12}},{"id":"3b38cc0d-cd0f-4035-933a-aba1642b1f3b","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the MSCI EAFE Index (Net). To the","page_number":6,"box":{"x":61,"y":565,"width":874,"height":12}},{"id":"06427a8d-1f22-4c3c-90fc-8a956e225284","block_type":"box","text":"extent that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the","page_number":6,"box":{"x":61,"y":580,"width":849,"height":11}},{"id":"f813111f-c367-48e0-bb85-5f39dbfbf933","block_type":"box","text":"char t and table assumes reinvestment of the dividends and distributions. As with all such investments, past","page_number":6,"box":{"x":61,"y":595,"width":797,"height":11}},{"id":"04458c89-4699-4965-84bc-0070cebf0423","block_type":"box","text":"per formance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar","page_number":6,"box":{"x":62,"y":610,"width":856,"height":11}},{"id":"2d3d091c-13b5-45fd-8930-ed905f084560","block_type":"box","text":"char t. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales","page_number":6,"box":{"x":61,"y":624,"width":865,"height":12}},{"id":"69ce3f1d-a58b-46c2-8503-facfa5e76589","block_type":"box","text":"charges. If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the","page_number":6,"box":{"x":61,"y":639,"width":867,"height":12}},{"id":"8ac6475b-0fdb-4420-bd8a-e72e2d7dcd3a","block_type":"box","text":"Fund’s returns would have been lower. 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