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0.42%","page_number":3,"box":{"x":689,"y":605,"width":236,"height":8}},{"id":"8f1f8d4d-f3d8-45ca-9bf2-ef994c2bd4b1","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None","page_number":3,"box":{"x":70,"y":623,"width":844,"height":10}},{"id":"9cf98a23-db1a-480f-8656-c2193d7d1ce3","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":641,"width":103,"height":10}},{"id":"279bdfe2-c38d-4b7a-bc09-e0e19f1601b7","block_type":"box","text":"0.25% 0.26% 0.16%","page_number":3,"box":{"x":689,"y":641,"width":236,"height":8}},{"id":"f4b3f8e6-3724-4e6f-977b-bef954f850e2","block_type":"box","text":"Total Annual Fund Operating Expenses 0.92% 1.68% 0.58%","page_number":3,"box":{"x":69,"y":659,"width":856,"height":10}},{"id":"e68cd039-ecc3-4ac1-986f-718fe7f76176","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":677,"width":304,"height":10}},{"id":"911bc7ce-c932-46e2-b1ea-2a941c874c00","block_type":"box","text":"3,4","page_number":3,"box":{"x":375,"y":677,"width":11,"height":5}},{"id":"3ecf7935-ca56-4dc0-8dd9-a01032163626","block_type":"box","text":"(0.17)% (0.18)% (0.08)%","page_number":3,"box":{"x":685,"y":677,"width":245,"height":10}},{"id":"c4622aee-f24d-4240-a62d-fedbab5430ca","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":69,"y":695,"width":481,"height":10}},{"id":"52a945ce-5b56-41a7-a69f-61c17bae2bc9","block_type":"box","text":"Reimbursements","page_number":3,"box":{"x":70,"y":709,"width":110,"height":8}},{"id":"a1efbcbb-3fc5-4c81-aa2e-805a6c48a179","block_type":"box","text":"3,4","page_number":3,"box":{"x":181,"y":708,"width":11,"height":5}},{"id":"a434c0cd-cc12-4548-afe3-8f52a65dd2f0","block_type":"box","text":"0.75% 1.50% 0.50%","page_number":3,"box":{"x":689,"y":709,"width":236,"height":8}},{"id":"90f5ffe3-992c-4298-a754-fea75ab0096d","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":728,"width":3,"height":4}},{"id":"c71d4a0b-f521-458d-a99c-d6b8c8a13ecd","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":728,"width":835,"height":9}},{"id":"8916eea0-6f86-43e6-baef-77019706da82","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":738,"width":718,"height":10}},{"id":"5479302e-3190-463e-a945-bd7cb6374a23","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":751,"width":3,"height":4}},{"id":"cd498663-9ffd-4b75-92de-fa2a9962adef","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":751,"width":318,"height":9}},{"id":"fa40ed0e-637e-4719-b45f-213702122a15","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":764,"width":3,"height":4}},{"id":"f357996a-337b-4763-b275-0043a6556b6b","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":3,"box":{"x":81,"y":764,"width":837,"height":9}},{"id":"a921f599-8bd5-48b0-9c06-4ce0c0e74ce9","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":775,"width":854,"height":9}},{"id":"a2757067-ddfb-4889-82dd-2e75a8232f40","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, 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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":795,"width":832,"height":9}},{"id":"3194ecaa-bb90-4379-abf4-8047cc010dfa","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":805,"width":847,"height":10}},{"id":"a2642a10-5ac8-4d73-8879-bbfdef4c605b","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":3,"box":{"x":81,"y":816,"width":834,"height":9}},{"id":"aa747c5c-2d4e-43e5-9cba-1ee15f2f9382","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":826,"width":330,"height":9}},{"id":"db80b08c-31c1-416e-bef2-42eb0aa6f276","block_type":"box","text":"4","page_number":3,"box":{"x":60,"y":839,"width":4,"height":4}},{"id":"43e8c8ab-ca83-41bd-b307-646c6742efea","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":3,"box":{"x":81,"y":839,"width":837,"height":9}},{"id":"1710b1b8-1611-4189-a290-a7092a33d595","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":849,"width":771,"height":10}},{"id":"66bc6778-54cc-4270-98d9-0f5a1e20a576","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.75%","page_number":3,"box":{"x":81,"y":860,"width":844,"height":9}},{"id":"bf780fee-56d6-4e63-8bb2-1eaac321bccf","block_type":"box","text":"(for Investor A Shares), 1.50% (for Investor C Shares) and 0.50% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":3,"box":{"x":81,"y":870,"width":833,"height":9}},{"id":"3b295b78-9d37-47bf-aa86-8c13c19cd92e","block_type":"box","text":"The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":3,"box":{"x":81,"y":880,"width":827,"height":10}},{"id":"b5f2d3ac-0388-4dee-bef2-903555ecffce","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":891,"width":330,"height":9}},{"id":"62391498-ed90-4887-b519-85e0e18d57d3","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"37cc2efd-ba33-42ee-b1d8-372929a53b17","block_type":"box","text":"NM0926U-5977720-3/68","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"efc1a8ab-b565-4c7f-b308-ffddfa68dc9c","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":46,"width":74,"height":12}},{"id":"09d3cdcb-ede7-4ba9-8bdb-eb4a0590b5c7","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":4,"box":{"x":60,"y":62,"width":830,"height":12}},{"id":"7a936612-c2d2-4067-9df5-d5f6f130494b","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":4,"box":{"x":61,"y":77,"width":832,"height":12}},{"id":"02fee65d-4656-4143-8085-3045d922e099","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":4,"box":{"x":61,"y":92,"width":832,"height":11}},{"id":"0c3ffda2-1e2c-4055-ad88-4af584bc215b","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":4,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"c007d9b0-01fb-4d99-ab33-6c58f5199333","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":122,"width":436,"height":11}},{"id":"6bd69351-8efe-4434-a446-5a58c8e45d55","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":150,"width":292,"height":9}},{"id":"9c6390a0-57da-4386-bfdc-c072e6ced503","block_type":"box","text":"Investor A Shares $598 $787 $992 $1,582","page_number":4,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"eac70ca7-a352-45bd-99ba-b26a3542d294","block_type":"box","text":"Investor C Shares $253 $512 $896 $1,770","page_number":4,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"bbf70c78-3d2f-455c-80ad-d8f8034f6c2f","block_type":"box","text":"Institutional Shares $ 51 $178 $316 $ 718","page_number":4,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"30b7c04f-7ca2-475d-95cb-cfd10aae2594","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":236,"width":532,"height":12}},{"id":"1c06cfc8-e6c2-43d7-86b3-f7c106ae67ac","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":265,"width":292,"height":8}},{"id":"12c3e4a4-4cca-49d1-8877-3c4a6be88b7a","block_type":"box","text":"Investor C Shares $153 $512 $896 $1,770","page_number":4,"box":{"x":70,"y":283,"width":848,"height":10}},{"id":"aa93120d-2ff1-4ff0-acd3-47a0b78aa582","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":308,"width":151,"height":10}},{"id":"d13f214c-8101-4ea3-b406-73e8ed76529d","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":324,"width":800,"height":12}},{"id":"2044cf54-a6cb-438e-9558-b65ca790289a","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":339,"width":850,"height":11}},{"id":"87a86534-2993-4cd9-8f50-af3edffe2439","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":354,"width":870,"height":11}},{"id":"a6ee5dc4-1a4b-4900-866f-9ab1082dc658","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":369,"width":839,"height":11}},{"id":"7137e957-6f7e-44f9-a727-5c04252f3cb9","block_type":"box","text":"92% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":383,"width":298,"height":12}},{"id":"47e32969-071b-4413-9cf9-719bc61b2a1c","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":422,"width":394,"height":14}},{"id":"b4b29036-97c6-45c2-b6d7-a261509a8070","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for","page_number":4,"box":{"x":62,"y":448,"width":800,"height":12}},{"id":"d850afd7-5801-44f4-ac8a-678c6ac02f43","block_type":"box","text":"investment purposes in equity securities or other financial instruments that are components of, or have market","page_number":4,"box":{"x":62,"y":463,"width":816,"height":12}},{"id":"f69256ce-adb1-47f3-b26e-fd1d8478fc3f","block_type":"box","text":"capitalizations similar to, the securities included in the Russell 2000 Index. With respect to such equity investments,","page_number":4,"box":{"x":61,"y":478,"width":859,"height":12}},{"id":"242de614-6951-40b6-8dbc-e2a0c4be2b6e","block_type":"box","text":"investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":4,"box":{"x":62,"y":493,"width":815,"height":11}},{"id":"7580fe4b-637e-4f3e-a9ab-60bbfedb9010","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":4,"box":{"x":61,"y":508,"width":821,"height":11}},{"id":"e609067a-f640-43fd-980e-bcf65ed0884b","block_type":"box","text":"securities. The companies included in the Russell 2000 Index have market capitalizations that range from","page_number":4,"box":{"x":61,"y":523,"width":777,"height":11}},{"id":"27bf9940-037d-41a1-9280-0459301ab326","block_type":"box","text":"approximately $0.37 million to $12.12 billion as of August 31, 2026. The Fund primarily seeks to buy common stock","page_number":4,"box":{"x":61,"y":537,"width":860,"height":12}},{"id":"1bb44b4f-c101-4bd1-a074-23e97e219522","block_type":"box","text":"and may also invest in preferred stock and convertible securities. From time to time the Fund may invest in shares of","page_number":4,"box":{"x":61,"y":552,"width":863,"height":12}},{"id":"88cf5bd4-2693-4cee-a36f-40d7af1b29ea","block_type":"box","text":"companies through “new issues” or initial public offerings (“IPOs”).","page_number":4,"box":{"x":61,"y":567,"width":493,"height":12}},{"id":"35e0fe1f-86e6-48a8-a483-e154ee31305d","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the","page_number":4,"box":{"x":60,"y":590,"width":850,"height":11}},{"id":"b60edc9b-67d7-4a47-b0ca-3a12654604c1","block_type":"box","text":"return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange","page_number":4,"box":{"x":61,"y":604,"width":859,"height":12}},{"id":"402e56cd-8ad1-4407-bef5-56dbb26dbf6c","block_type":"box","text":"rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":4,"box":{"x":61,"y":619,"width":857,"height":12}},{"id":"68d8d52f-96a6-4003-ad64-62a1a0b52111","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":4,"box":{"x":61,"y":634,"width":872,"height":12}},{"id":"9c9e93ac-8a15-41e7-97a0-e3c6707b9c9f","block_type":"box","text":"instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index,","page_number":4,"box":{"x":62,"y":649,"width":844,"height":12}},{"id":"92910a3a-04e7-4c0f-bdec-83db5b920f96","block_type":"box","text":"including but not limited to the Russell 2000 Index. The use of options, futures, swaps and forward contracts can be","page_number":4,"box":{"x":62,"y":664,"width":857,"height":11}},{"id":"89f90911-beb5-49be-96a7-97a2867c31f4","block_type":"box","text":"effective in protecting or enhancing the value of the Fund’s assets.","page_number":4,"box":{"x":61,"y":679,"width":491,"height":11}},{"id":"7fddf377-4e3a-4119-b513-a85992dbfb21","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in small cap securities in a disciplined manner, by","page_number":4,"box":{"x":60,"y":701,"width":834,"height":12}},{"id":"88884031-dde4-446c-808e-a60c523e2a58","block_type":"box","text":"using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":4,"box":{"x":61,"y":716,"width":871,"height":12}},{"id":"8183a2f6-17cb-4a5c-aded-8cfdedac15eb","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":4,"box":{"x":62,"y":731,"width":874,"height":11}},{"id":"7da0a08d-eb21-4a79-9bbd-3230984b3880","block_type":"box","text":"equities while seeking to control incremental risk. The Fund’s manager then constructs and rebalances the portfolio by","page_number":4,"box":{"x":61,"y":746,"width":874,"height":11}},{"id":"f21545a2-ac54-417b-ba93-3fdd0fd3c793","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":4,"box":{"x":62,"y":761,"width":570,"height":11}},{"id":"61a1de12-632c-4435-bd12-60dbb5493b71","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":799,"width":354,"height":14}},{"id":"78ef541c-2eea-4ce0-ac2f-04743b85e11f","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":826,"width":860,"height":11}},{"id":"a09e57b1-09bc-4282-8fcc-8af2288ec60c","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":840,"width":802,"height":12}},{"id":"4d394d53-327a-4c42-af7c-5964dba305cd","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":4,"box":{"x":62,"y":855,"width":866,"height":12}},{"id":"44a75209-ee97-491e-85b1-51601aa4b0a7","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":870,"width":869,"height":12}},{"id":"a650fb30-39aa-48f1-b5d3-938f00a1f1a0","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":61,"y":885,"width":865,"height":11}},{"id":"da9c9587-cdcc-4fff-a550-ec4801c0f022","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":900,"width":793,"height":11}},{"id":"191c52e5-7171-4372-a1da-0a663fb2c659","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"adfe4bd2-bdb5-4789-89bf-5bda3df911ba","block_type":"box","text":"NM0926U-5977720-4/68","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5ba53578-ae2e-4e65-93b3-515327f5e0fd","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":46,"width":166,"height":11}},{"id":"9cce28dc-cbbd-44fc-a511-bf8c0acf53de","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":46,"width":685,"height":11}},{"id":"68a1e038-d611-4b89-83f5-e56b46360d7e","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":60,"width":550,"height":12}},{"id":"10d8a58f-089b-423c-976c-030266fabf09","block_type":"box","text":"Small Cap Securities Risk","page_number":5,"box":{"x":81,"y":81,"width":196,"height":11}},{"id":"6e3b7bf6-7738-4361-ad00-c7500a16fa33","block_type":"box","text":"—","page_number":5,"box":{"x":281,"y":86,"width":17,"height":1}},{"id":"45d70fb1-6303-49e3-b40b-c41ac1fbe7a1","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":5,"box":{"x":303,"y":81,"width":607,"height":11}},{"id":"d941a77c-9c75-48ad-83f7-9d2b66429ec9","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":5,"box":{"x":81,"y":95,"width":852,"height":12}},{"id":"7c2d2250-5023-4829-bc5d-65441f25d5bd","block_type":"box","text":"than larger capitalized companies.","page_number":5,"box":{"x":80,"y":110,"width":251,"height":12}},{"id":"e8185d38-bdc3-4aea-9393-bd5d66fb73af","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":130,"width":166,"height":11}},{"id":"ddb5d150-fdda-4d88-b1f6-539a3b662a39","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":5,"box":{"x":251,"y":130,"width":660,"height":12}},{"id":"09d2856d-138b-4660-8223-f2aa762dee59","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":5,"box":{"x":82,"y":145,"width":804,"height":11}},{"id":"f9955d8e-3d50-4b5d-822e-644cfcf223eb","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":5,"box":{"x":82,"y":160,"width":823,"height":11}},{"id":"31bc493c-06fb-4b8e-a368-7605f07fa490","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":5,"box":{"x":81,"y":175,"width":842,"height":11}},{"id":"a1cbff20-394f-47d9-9fee-e90e2cb3b720","block_type":"box","text":"styles.","page_number":5,"box":{"x":81,"y":190,"width":46,"height":11}},{"id":"16db3a6e-b724-4d56-ae86-78b57201aeda","block_type":"box","text":"Model Risk","page_number":5,"box":{"x":81,"y":209,"width":85,"height":10}},{"id":"94aab94e-e1a0-4d64-9b0a-5e241c067b2b","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":5,"box":{"x":170,"y":210,"width":722,"height":11}},{"id":"810fdc52-e383-419b-9def-b8c8ce1802ca","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":5,"box":{"x":81,"y":224,"width":840,"height":12}},{"id":"abf9e265-b47f-405e-ad57-3067e41eb6ab","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":5,"box":{"x":80,"y":239,"width":807,"height":12}},{"id":"817c4ed4-4685-4887-8b52-197e8b1d103d","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":5,"box":{"x":82,"y":254,"width":842,"height":11}},{"id":"da79804a-0371-46ed-b38b-64ef68e4a729","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":5,"box":{"x":82,"y":269,"width":841,"height":11}},{"id":"a238e162-a2b0-478c-8a04-e222fd74cb3b","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":5,"box":{"x":81,"y":283,"width":777,"height":12}},{"id":"3c5a50a0-0be1-4f85-a8c3-0307eca05c41","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":303,"width":837,"height":12}},{"id":"7a2ab6b1-3c1c-4c9f-9de2-ac9871c29e44","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":318,"width":819,"height":12}},{"id":"c1e35e9f-6972-407f-a4b5-5ea522be2230","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":333,"width":843,"height":12}},{"id":"29c57165-4144-45d0-a153-f7d3d95e20a8","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":348,"width":834,"height":12}},{"id":"60df1dbb-83fa-495c-8995-1285d528f0b1","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":363,"width":176,"height":11}},{"id":"72f9dcf2-8990-4d4c-8788-3ef7f7884e5b","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":383,"width":283,"height":11}},{"id":"87412b71-a6bf-4268-bdaa-44213050e256","block_type":"box","text":"—","page_number":5,"box":{"x":369,"y":388,"width":17,"height":1}},{"id":"14325019-cb34-4d74-9899-625273850062","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":383,"width":518,"height":11}},{"id":"48de1a0a-9e65-4fa3-8a43-c899c08061ef","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":398,"width":847,"height":11}},{"id":"9061cdf1-dd79-4f5e-ac1e-8007e3e7e596","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":415,"width":70,"height":9}},{"id":"f373bb74-1bd1-4b68-915e-7b17ce61fe91","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":433,"width":206,"height":9}},{"id":"443057a5-8cb9-4b9b-8973-c538c59c126e","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":432,"width":593,"height":12}},{"id":"f1794581-94c1-4861-a291-44b13a79b135","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":447,"width":853,"height":12}},{"id":"a4fa363b-dd7a-4e13-81d4-cf21f21df2e4","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":462,"width":855,"height":11}},{"id":"e3107af9-4414-42a5-a69a-54a3d7f227e7","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":477,"width":816,"height":11}},{"id":"fc36d4e8-73d3-4958-a5fe-cd2f6d0d1418","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":492,"width":796,"height":11}},{"id":"059c9d9c-83c7-4557-9f42-3dec66cbe10f","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":506,"width":812,"height":12}},{"id":"57971d17-eb09-4da4-95ff-b62a66d5cf71","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":521,"width":809,"height":12}},{"id":"0740ddc5-933c-44ac-aea9-5a2a6b9092ea","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":541,"width":123,"height":10}},{"id":"920d9778-cd01-41a7-a111-ba3ea7793a80","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":541,"width":664,"height":12}},{"id":"82ba2030-2428-4404-b476-8538e2d441a9","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":556,"width":469,"height":12}},{"id":"988338a5-f447-4f36-86b4-cac5324090a4","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":576,"width":102,"height":12}},{"id":"3c95c57d-a295-40c8-a7d0-2efe7edd5a89","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":576,"width":723,"height":12}},{"id":"e47622fb-5a1b-4e7c-9d33-a513bca08f63","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":591,"width":832,"height":12}},{"id":"3ba7d11e-3680-4d9c-b9f0-f6a233e541d9","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":606,"width":280,"height":11}},{"id":"22d17a23-0a6e-416a-8a3f-832b7e741d59","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":626,"width":87,"height":9}},{"id":"a360d2ba-9b69-4e70-94e6-5aa72fc2c963","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":626,"width":728,"height":11}},{"id":"aa5e04a9-ca48-4e78-8195-236a3ac51ead","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":641,"width":834,"height":11}},{"id":"ebfc8db8-73a4-413f-9a81-ea0727d9df2d","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":656,"width":832,"height":11}},{"id":"9218c9b0-555f-453f-b242-27c51f636c74","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":670,"width":779,"height":11}},{"id":"37ec821a-8712-4fe1-b85c-8fce42d44f60","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":685,"width":253,"height":11}},{"id":"a66faa43-796a-4542-8509-aac73810bd44","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":705,"width":131,"height":11}},{"id":"277f2700-f5da-46d5-9bcc-3783d325a588","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":705,"width":697,"height":11}},{"id":"6d79caaa-c5d9-4531-8f39-07845d060297","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":720,"width":855,"height":11}},{"id":"0ed55454-3e7a-4244-bda4-5e55c59c6c43","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":735,"width":240,"height":11}},{"id":"1ac64741-8906-4420-9ecc-02a6d09dac1e","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":755,"width":100,"height":11}},{"id":"044b089f-7d1c-4b32-84c6-230f1e1d264b","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":755,"width":750,"height":11}},{"id":"4e0a4cff-f93f-4622-9e45-5ebfcde1b728","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":770,"width":839,"height":11}},{"id":"6260e63f-a7d2-4a99-a66a-001693ef2e83","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":784,"width":293,"height":12}},{"id":"1d167423-009c-46bb-adfe-92465a85112a","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":804,"width":120,"height":12}},{"id":"b3876f26-dfdf-47ef-8698-f9cfd8cd9dc6","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":804,"width":727,"height":12}},{"id":"722dad1c-d8ae-4874-b1d4-274f86e03115","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":819,"width":607,"height":12}},{"id":"ea59d18e-65b4-4d0a-8729-41e9f60ea9ec","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":839,"width":75,"height":12}},{"id":"70499234-6086-40e5-86a2-d4db9973ed1b","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":839,"width":761,"height":12}},{"id":"d910d0c0-2e9a-416f-9057-f049b55f19c1","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":854,"width":198,"height":11}},{"id":"68e18622-2961-4abd-a678-9e5b877dcd92","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":874,"width":214,"height":11}},{"id":"3e85f290-f921-44a9-ba77-0923864174e8","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":874,"width":590,"height":11}},{"id":"1a1e7b7d-337e-4db6-b13d-9edd4aad3355","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":889,"width":775,"height":11}},{"id":"7b6a0258-c563-42f8-8ae4-58720bf1dff2","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":904,"width":589,"height":11}},{"id":"3a367f4a-844d-4f92-b57f-55191c13536b","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"16459842-7a55-4b8b-9566-373a2499f4b6","block_type":"box","text":"NM0926U-5977720-5/68","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b53c49a5-ad4d-4358-9027-fed07221b207","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":46,"width":102,"height":9}},{"id":"db6489ae-8e83-4daf-8ce7-24f293ac0b9f","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":46,"width":747,"height":11}},{"id":"4435adb3-5566-4b21-b998-0fc671c1d3b6","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":60,"width":783,"height":12}},{"id":"e02ad7cd-620c-4282-bc9d-5ce34704c39f","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":75,"width":273,"height":12}},{"id":"721735ac-c376-4f64-a744-17b43cb0a603","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":96,"width":95,"height":11}},{"id":"2ba7b1c8-0781-4b55-8cfe-09e1ce2fd594","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":95,"width":728,"height":12}},{"id":"ab23094f-a442-4034-9a07-c3e204127e20","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":110,"width":839,"height":12}},{"id":"6ac54e09-212d-432a-9685-2e20cc2e6b1a","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":125,"width":354,"height":11}},{"id":"6d8c0fdc-88a2-4abd-84d0-e5fc07fba5fc","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":145,"width":59,"height":9}},{"id":"6018a5dd-ca1c-44c7-9c89-b4e7c6763c95","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":145,"width":719,"height":11}},{"id":"b28d7f18-f4bc-4f50-bbfc-a038e9db831e","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":160,"width":801,"height":11}},{"id":"b27c4581-c9e0-4caa-930b-34898b40daa3","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":175,"width":802,"height":11}},{"id":"3fc8dcc4-168d-45ed-905c-eba79661f0d5","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":189,"width":830,"height":12}},{"id":"475f92f5-07d5-4471-acb9-151a8a6dcfac","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":204,"width":215,"height":9}},{"id":"77aeaff9-ce23-48a1-9869-d7b138ab196e","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":224,"width":212,"height":12}},{"id":"866cfdf0-6680-4a84-8fb5-9606b9cb26de","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":224,"width":629,"height":12}},{"id":"77a354fb-69ee-45ec-886e-d6d34b3fca7a","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":239,"width":812,"height":12}},{"id":"a39087e1-052b-47c6-ad25-95b4ef76f7e6","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":254,"width":817,"height":11}},{"id":"618090a4-0c4e-4a33-8cde-1dee8ed8c8b4","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":269,"width":760,"height":11}},{"id":"28546a86-99a8-456d-b7fe-5a78bed7f8b8","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":283,"width":852,"height":12}},{"id":"08f3ce75-9aad-444a-8446-8ba1c284f88f","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":6,"box":{"x":81,"y":298,"width":589,"height":12}},{"id":"ddb5a4c7-3cf1-4538-abd1-aa4d15620265","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":318,"width":107,"height":12}},{"id":"0a85a8b8-34ae-4ba4-b7bf-8297fc60058a","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":318,"width":741,"height":12}},{"id":"b1bec376-bb69-4fd4-bc4a-03781af5adc2","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":333,"width":853,"height":12}},{"id":"91a6333f-5b19-44b4-ba1f-a92a0853a15d","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":348,"width":856,"height":12}},{"id":"799a7c32-b886-4ea7-b4cb-11004fdb12d3","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":6,"box":{"x":80,"y":363,"width":796,"height":11}},{"id":"e7fb8266-4270-4147-abb4-4eabef7c0c37","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":6,"box":{"x":81,"y":378,"width":805,"height":11}},{"id":"b272758f-83b1-4986-b2c9-a586a34bb436","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":6,"box":{"x":82,"y":392,"width":293,"height":12}},{"id":"2ce37068-513d-4673-952b-380e28c6c129","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":413,"width":240,"height":9}},{"id":"199e4db7-3a51-4a15-bbc5-3038bacba4aa","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":413,"width":593,"height":9}},{"id":"02e1d6af-469a-4fb3-bc82-5d5bf84f85bc","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":427,"width":851,"height":12}},{"id":"6a54578b-222e-428c-abb7-d171ac83fedb","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":6,"box":{"x":82,"y":442,"width":824,"height":11}},{"id":"8247d237-6c4c-451a-9aaf-b1e51e33b3a3","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":457,"width":851,"height":11}},{"id":"92423526-30d9-4f4e-87d5-8a373ed8ad48","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":472,"width":802,"height":11}},{"id":"d074c0d6-12e3-4826-ab58-71d5470bfd24","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":6,"box":{"x":81,"y":487,"width":849,"height":11}},{"id":"7beecb62-c30e-46fd-9452-30fe3b262a07","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":502,"width":843,"height":11}},{"id":"3bed0420-426a-46b2-bc0d-dde0d5057d42","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":6,"box":{"x":81,"y":516,"width":830,"height":12}},{"id":"d4314358-8627-4a37-98c4-54f8525b3a85","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":531,"width":840,"height":12}},{"id":"be41e79c-5844-4db0-9215-396847a5acc6","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":546,"width":789,"height":11}},{"id":"24787c54-6217-41ae-87ab-fca6a3a77106","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":561,"width":823,"height":11}},{"id":"b2686433-bcf1-4e5a-a716-8c289c6bbb76","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":575,"width":784,"height":12}},{"id":"25600d1e-409b-4c36-855f-d575c2065527","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics,","page_number":6,"box":{"x":81,"y":590,"width":848,"height":12}},{"id":"9af03675-1c19-4b29-adf0-e4f29d3b30f6","block_type":"box","text":"recessions, or other events. The Fund seeks to pursue its investment objective by using proprietary models that","page_number":6,"box":{"x":82,"y":605,"width":823,"height":12}},{"id":"112ef82b-1ff6-4790-a337-784dd07ae188","block_type":"box","text":"incorporate quantitative analysis and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":82,"y":620,"width":618,"height":11}},{"id":"4995ed5c-e438-4a76-aa00-39e49aab4494","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":640,"width":818,"height":12}},{"id":"62674681-817f-4023-819a-d8c21cf24587","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":655,"width":819,"height":11}},{"id":"9232ca2c-33d7-4148-996c-02256310ee1e","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":670,"width":819,"height":11}},{"id":"a87ad3be-c8b9-4881-b50a-c04e8512b283","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":684,"width":846,"height":12}},{"id":"838f76d8-695b-4277-a863-fbc909571c88","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":699,"width":848,"height":12}},{"id":"322a8257-bb71-400b-bb07-8db3f1041ce6","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":714,"width":125,"height":9}},{"id":"24f4da0f-b502-4af0-a226-0b2710ec1ec7","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":734,"width":139,"height":9}},{"id":"6c201a25-5bb1-4c51-8de6-7c7dd53e571a","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":739,"width":17,"height":1}},{"id":"8a846e65-79f9-4168-a0b2-8af79c46a1db","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":734,"width":681,"height":12}},{"id":"bb749678-8434-42fe-911c-d5c207947028","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":749,"width":843,"height":11}},{"id":"8d5a9209-1c03-4e1e-9cd0-be5b8d51847a","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":764,"width":517,"height":11}},{"id":"4b4055c9-f47c-4c26-97b6-474c2309ba76","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":784,"width":254,"height":11}},{"id":"68211b57-4d38-4541-a5f6-7a5c4370ebd2","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":784,"width":578,"height":11}},{"id":"09fa6d7f-8df9-4236-b9bd-d98ac7b85856","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":798,"width":779,"height":12}},{"id":"ebb77163-8677-44c3-a689-aa36ac74e856","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":813,"width":848,"height":12}},{"id":"0723fe71-0ef9-4c40-8368-b82bebe69fef","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":6,"box":{"x":81,"y":828,"width":806,"height":12}},{"id":"6269c9e6-8729-41fd-9c8e-351737584b74","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":843,"width":807,"height":12}},{"id":"d37aabfa-bba3-4fe3-9552-e89d2dbcd97d","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":6,"box":{"x":82,"y":858,"width":846,"height":11}},{"id":"16120f2b-b9e0-41b4-95bb-7d9a6987cd67","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":6,"box":{"x":81,"y":873,"width":836,"height":11}},{"id":"1b2334aa-8382-4092-96f6-24973b3b6388","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":888,"width":474,"height":11}},{"id":"c491d2f7-ae34-4b73-b15a-1cba11ec595a","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"6c6e6eb4-b2a1-473d-8cef-9dafd7290f56","block_type":"box","text":"NM0926U-5977720-6/68","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4b1cdcfe-23da-47c3-a062-abd690776259","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":46,"width":189,"height":9}},{"id":"1d18e63a-a0de-4af6-8291-8046cced899f","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":46,"width":636,"height":11}},{"id":"14a99cd3-b8b0-4d1e-90d0-09f830763e81","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":60,"width":824,"height":12}},{"id":"0484398e-7bae-475b-915f-99528c731822","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":75,"width":806,"height":12}},{"id":"c78ebf8a-2966-4803-9dcc-b10a2eb0dcbb","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":90,"width":842,"height":12}},{"id":"a6a57541-82d8-4595-b51e-2c9b91d9e51f","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":105,"width":781,"height":12}},{"id":"95936591-41af-46c9-81cb-2e6d85f047a9","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":120,"width":812,"height":11}},{"id":"1e743851-a441-4aaf-a81d-a184ecf4e464","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":135,"width":129,"height":11}},{"id":"aed8b3c6-3c88-42df-add1-9a66f50ee69d","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":173,"width":224,"height":11}},{"id":"d6642822-6540-4948-8d54-063590af0cff","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":200,"width":855,"height":11}},{"id":"d95bb1a3-0eb3-41e0-9bc3-0598865e4d43","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 3000 Index and the","page_number":7,"box":{"x":61,"y":214,"width":858,"height":12}},{"id":"345c8c16-b027-48a8-ae23-1d0bb3545fec","block_type":"box","text":"Russell 2000 Index. The Russell 2000 Index is relevant to the Fund because it has characteristics similar to the","page_number":7,"box":{"x":62,"y":229,"width":824,"height":10}},{"id":"592cc02e-7b2b-4a5d-90ae-ad3d941b8e1e","block_type":"box","text":"Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":7,"box":{"x":62,"y":244,"width":778,"height":12}},{"id":"cd3b325c-15a8-4f95-a79e-c80afc3c4fac","block_type":"box","text":"performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions.","page_number":7,"box":{"x":62,"y":259,"width":866,"height":11}},{"id":"b1a194f1-90f1-4b2f-b494-bb5e0586aa1d","block_type":"box","text":"As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales","page_number":7,"box":{"x":60,"y":274,"width":849,"height":11}},{"id":"cb26dccb-c167-470c-82f4-1195ded57751","block_type":"box","text":"charges are not reflected in the bar chart. If they were, returns would be less than those shown. 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Updated","page_number":7,"box":{"x":61,"y":319,"width":797,"height":11}},{"id":"c0bd906d-bc4d-4f22-bd02-3431973c15f6","block_type":"box","text":"information on the Fund’s performance, including its current net asset value, can be obtained by visiting","page_number":7,"box":{"x":62,"y":333,"width":766,"height":12}},{"id":"3992bf11-b876-4595-be70-f275861047f8","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":7,"box":{"x":60,"y":348,"width":505,"height":11}},{"id":"03b5150c-96de-4822-bb1d-299ec87ae7d5","block_type":"box","text":"Investor A Shares","page_number":7,"box":{"x":427,"y":371,"width":144,"height":10}},{"id":"f7dbd133-a7a5-4e1d-86eb-41c4e3bfbd26","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":387,"width":212,"height":10}},{"id":"56b47cc5-1b11-4c05-99a9-3393ef5f9ef8","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":7,"box":{"x":319,"y":403,"width":360,"height":13}},{"id":"4e30cac2-126f-4252-b13d-bbea6dc97ea9","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":419,"width":103,"height":13}},{"id":"3c3d4db3-12ce-493d-be3b-3cc30a23157e","block_type":"box","text":"23.52%","page_number":7,"box":{"x":291,"y":471,"width":45,"height":8}},{"id":"b529af2c-4bf1-4934-89ee-0b07f96b3cd5","block_type":"box","text":"10.53%","page_number":7,"box":{"x":340,"y":500,"width":44,"height":8}},{"id":"b2eed9ef-f53c-4d6e-bb43-6b7a8bfec405","block_type":"box","text":"-9.09%","page_number":7,"box":{"x":389,"y":559,"width":41,"height":7}},{"id":"420bbba2-fdd4-4dc4-b9b3-ce8f49ee7748","block_type":"box","text":"31.79%","page_number":7,"box":{"x":436,"y":453,"width":45,"height":7}},{"id":"8b1c058e-f0d2-4820-ada6-97ab483557f1","block_type":"box","text":"19.35%","page_number":7,"box":{"x":484,"y":481,"width":45,"height":7}},{"id":"89e9efd5-0ba6-4c20-b29a-827998a92407","block_type":"box","text":"14.35%","page_number":7,"box":{"x":532,"y":492,"width":45,"height":7}},{"id":"0438266a-78ef-40fd-aebe-fb78b984f3ce","block_type":"box","text":"-20.03%","page_number":7,"box":{"x":578,"y":583,"width":49,"height":8}},{"id":"166f19a4-1890-45af-acb9-e1148750d188","block_type":"box","text":"16.19%","page_number":7,"box":{"x":629,"y":488,"width":44,"height":7}},{"id":"6d5a17fc-5e8b-4658-91ee-081abbf48ebc","block_type":"box","text":"11.57%","page_number":7,"box":{"x":677,"y":498,"width":44,"height":7}},{"id":"2e65aa0c-1b40-4a1b-bdd9-26bb84a646e6","block_type":"box","text":"13.39%","page_number":7,"box":{"x":725,"y":494,"width":45,"height":7}},{"id":"673b60e8-b6aa-4d9b-8715-240c597e5df9","block_type":"box","text":"-30%","page_number":7,"box":{"x":237,"y":598,"width":28,"height":7}},{"id":"132de39a-d8e8-4c7c-95c0-3f11ffafd6a9","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":576,"width":28,"height":7}},{"id":"66391b59-f8c3-41b5-ae46-feddd75fe04b","block_type":"box","text":"-10%","page_number":7,"box":{"x":237,"y":554,"width":28,"height":7}},{"id":"d558558a-46d8-4707-8a32-2c6e88b0314b","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":531,"width":17,"height":8}},{"id":"7ed17980-f62f-4411-966d-fe69e989cee8","block_type":"box","text":"10%","page_number":7,"box":{"x":241,"y":509,"width":24,"height":7}},{"id":"04daa772-f38e-4967-b49a-d22b0a46502b","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":487,"width":25,"height":7}},{"id":"d1a2e82b-cf59-41cd-aa30-766c9d7ac765","block_type":"box","text":"30%","page_number":7,"box":{"x":240,"y":465,"width":25,"height":7}},{"id":"5feb6a99-ea69-41a8-9173-82765d473198","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":442,"width":25,"height":8}},{"id":"ae806427-a1ca-4523-95ac-8d6b9da7357f","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":608,"width":465,"height":7}},{"id":"34164277-c3d7-43ee-b54d-3bd89da4922e","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 30.93% (quarter ended","page_number":7,"box":{"x":62,"y":628,"width":806,"height":12}},{"id":"a6a1c926-19a9-4b63-bcea-aef99f95ef01","block_type":"box","text":"December 31, 2020) and the lowest return for a quarter was -31.32% (quarter ended March 31, 2020). 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The use of options, futures, swaps and forward contracts can be","page_number":10,"box":{"x":62,"y":798,"width":857,"height":12}},{"id":"dcf4a597-decb-4576-a878-d5a2c1f4b8cc","block_type":"box","text":"effective in protecting or enhancing the value of the Fund’s assets.","page_number":10,"box":{"x":61,"y":813,"width":491,"height":12}},{"id":"3361acc6-3d53-46f8-96cd-d0aef35c00b7","block_type":"box","text":"The Fund is classified as diversified under the Investment Company Act.","page_number":10,"box":{"x":60,"y":836,"width":528,"height":11}},{"id":"2fd4a417-d0a5-4a45-a415-7fd520dae3e0","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":10,"box":{"x":61,"y":859,"width":327,"height":12}},{"id":"b2d1edb2-3482-47c1-bf71-ffaf730b4ba0","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":10,"box":{"x":62,"y":875,"width":870,"height":12}},{"id":"7e0f9478-fb04-49c5-a48b-97df70fe9192","block_type":"box","text":"investments/strategies:","page_number":10,"box":{"x":62,"y":890,"width":173,"height":12}},{"id":"b786943e-14e0-4eff-99fe-a8819e0dc2be","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a2a69c4d-2865-4613-986b-4a681a49a9f8","block_type":"box","text":"NM0926U-5977720-10/68","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"238c8ce4-5c25-4664-a50f-701ee659439e","block_type":"box","text":"Borrowing","page_number":11,"box":{"x":81,"y":46,"width":78,"height":11}},{"id":"b9d85a37-7883-4d42-a914-74a4809ad4c0","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act, the rules and","page_number":11,"box":{"x":162,"y":46,"width":732,"height":11}},{"id":"6dd9abdc-e8be-4268-9afa-4165c8b6ff74","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":11,"box":{"x":82,"y":60,"width":432,"height":12}},{"id":"3969b089-d3f1-4f8d-a55a-a6ae533ac44c","block_type":"box","text":"Foreign Securities","page_number":11,"box":{"x":81,"y":81,"width":137,"height":11}},{"id":"0bd33524-f687-42da-9257-f443c0c85064","block_type":"box","text":"— The Fund may invest in equity securities of companies located outside the United States.","page_number":11,"box":{"x":222,"y":80,"width":676,"height":12}},{"id":"0ba3a70f-4de2-4d8c-90ea-850bcc99a17b","block_type":"box","text":"Illiquid Investments","page_number":11,"box":{"x":81,"y":101,"width":148,"height":11}},{"id":"fe60f237-c8de-4032-9fc4-3aa611f2496d","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":100,"width":677,"height":12}},{"id":"a87b626b-f570-4999-9590-4bc697f7bff4","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":115,"width":811,"height":12}},{"id":"c5d64f71-1dad-480d-bd63-13f2155f5995","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":130,"width":831,"height":12}},{"id":"60d98960-cd95-4145-b960-7acbe5681f7c","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":145,"width":811,"height":11}},{"id":"68ce8b95-37f8-423e-8d2b-210b2467bbf0","block_type":"box","text":"Indexed and Inverse Securities","page_number":11,"box":{"x":81,"y":165,"width":232,"height":9}},{"id":"6664573d-1d3a-4d04-998e-fb5cce8d6e46","block_type":"box","text":"— The Fund may invest in securities that provide a return based on fluctuations in a","page_number":11,"box":{"x":317,"y":165,"width":619,"height":11}},{"id":"40387f95-13d8-41a3-963f-3989db2eef48","block_type":"box","text":"stock or other financial index. For example, the Fund may invest in a security that increases in value with the price","page_number":11,"box":{"x":81,"y":180,"width":838,"height":11}},{"id":"f3b9fe2b-fb96-4615-a973-12971dc70028","block_type":"box","text":"of a particular securities index. In some cases, the return of the security may be inversely related to the price of the","page_number":11,"box":{"x":81,"y":195,"width":852,"height":11}},{"id":"9476e66a-7180-4926-89c9-f525226e03b9","block_type":"box","text":"index. This means that the value of the security will rise as the price of the index falls and vice versa. Although","page_number":11,"box":{"x":82,"y":209,"width":811,"height":12}},{"id":"40b580b4-f129-4a8c-af69-33687712a445","block_type":"box","text":"these types of securities can make it easier for the Fund to access certain markets or hedge risks of other assets","page_number":11,"box":{"x":80,"y":224,"width":840,"height":12}},{"id":"539d7f0b-ff55-4650-9254-6a25d01a78c4","block_type":"box","text":"held by the Fund, these securities are subject to the risks related to the underlying index or other assets.","page_number":11,"box":{"x":82,"y":239,"width":771,"height":12}},{"id":"17a816ca-98cb-499d-b8dc-dff16151b0b9","block_type":"box","text":"Investment Companies","page_number":11,"box":{"x":81,"y":259,"width":172,"height":11}},{"id":"095e7e55-d7da-4c63-9af1-dd4001ff9689","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":259,"width":643,"height":12}},{"id":"67301ba0-1fea-410e-80fb-8fdcaa383665","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":274,"width":848,"height":11}},{"id":"699b8ddf-9e4c-4e7b-89fd-93b13e2df633","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":289,"width":790,"height":11}},{"id":"e763e56e-fc72-49ab-bc73-747231b8fce8","block_type":"box","text":"including affiliated money market funds and affiliated exchange-traded funds.","page_number":11,"box":{"x":82,"y":303,"width":565,"height":12}},{"id":"c6f59ab8-c89d-4b40-9d7a-5016ed65fc9a","block_type":"box","text":"Money Market Securities","page_number":11,"box":{"x":81,"y":324,"width":190,"height":11}},{"id":"fe20fc77-922a-4fb0-a4e7-88b059f7f071","block_type":"box","text":"— As part of its normal operations, the Fund may hold high quality money market","page_number":11,"box":{"x":276,"y":323,"width":599,"height":12}},{"id":"d877732b-8ca4-4f03-affc-8c2d74dff836","block_type":"box","text":"securities pending investments or when it expects to need cash to pay redeeming shareholders. The Fund also may","page_number":11,"box":{"x":81,"y":339,"width":849,"height":11}},{"id":"e666c497-4f12-4334-9840-6efe13764fef","block_type":"box","text":"invest in these securities in order to achieve its investment goal. Money market securities are short term securities","page_number":11,"box":{"x":82,"y":353,"width":848,"height":12}},{"id":"45f87d1b-7f37-4721-8674-641c6d0dc1e6","block_type":"box","text":"consisting primarily of short term U.S. Government securities, U.S. Government agency securities, securities issued","page_number":11,"box":{"x":81,"y":368,"width":852,"height":11}},{"id":"828c5968-b7f9-468d-9654-fb9a563a7020","block_type":"box","text":"by U.S. Government sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial","page_number":11,"box":{"x":81,"y":383,"width":831,"height":11}},{"id":"7c26cffb-fb9d-4f40-bbb9-cacf2d929ca6","block_type":"box","text":"paper, including asset backed commercial paper, corporate notes and repurchase agreements.","page_number":11,"box":{"x":82,"y":398,"width":695,"height":11}},{"id":"74c3688b-6273-4313-b990-b77431617b56","block_type":"box","text":"Real Estate Investment Trusts","page_number":11,"box":{"x":81,"y":418,"width":229,"height":9}},{"id":"74d08d1d-b994-4d52-ba40-039f526457ff","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”). REITs are","page_number":11,"box":{"x":314,"y":418,"width":559,"height":11}},{"id":"43dd05b8-ddcd-4d64-94e7-da8cd0a812bd","block_type":"box","text":"companies that own interests in real estate or in real estate-related loans or other interests, and have revenue","page_number":11,"box":{"x":81,"y":433,"width":815,"height":11}},{"id":"bbdc533b-b629-497e-a491-c30d4f9e4020","block_type":"box","text":"primarily consisting of rent derived from owned, income producing real estate properties and capital gains from the","page_number":11,"box":{"x":82,"y":447,"width":844,"height":12}},{"id":"4e45ae8e-5478-4ec4-87db-1040efc2b4b9","block_type":"box","text":"sale of such properties. REITs can generally be classified as equity REITs, mortgage REITs and hybrid REITs. Equity","page_number":11,"box":{"x":81,"y":462,"width":842,"height":12}},{"id":"9c93c05e-891d-4ce4-9188-1b3d9abf2663","block_type":"box","text":"REITs invest the majority of their assets directly in real property and derive their income primarily from rents. Equity","page_number":11,"box":{"x":82,"y":477,"width":844,"height":11}},{"id":"9bfa77b0-74d0-46d8-8a68-38c35a3923b6","block_type":"box","text":"REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the","page_number":11,"box":{"x":82,"y":492,"width":840,"height":11}},{"id":"fbc17bd7-aeba-498d-9682-1a8aba578fe2","block_type":"box","text":"majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid","page_number":11,"box":{"x":82,"y":506,"width":829,"height":12}},{"id":"d1490aa2-9271-44d6-8d84-6ced4b72a4eb","block_type":"box","text":"REITs combine the characteristics of both equity REITs and mortgage REITs. REITs are not taxed on income","page_number":11,"box":{"x":82,"y":521,"width":783,"height":12}},{"id":"67ba7514-3dde-4f2d-8dbe-7d22f984713c","block_type":"box","text":"distributed to shareholders provided they comply with the requirements of the Internal Revenue Code of 1986, as","page_number":11,"box":{"x":81,"y":536,"width":834,"height":12}},{"id":"c956cfd9-05a3-402f-9774-4be21bb197b5","block_type":"box","text":"amended (the “Internal Revenue Code”).","page_number":11,"box":{"x":81,"y":551,"width":297,"height":11}},{"id":"16271035-6a5c-4f6f-9e57-c618d473c82f","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":11,"box":{"x":81,"y":571,"width":442,"height":11}},{"id":"18b0f550-a1ba-4ab5-8395-d927e762cc54","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":11,"box":{"x":527,"y":571,"width":406,"height":11}},{"id":"b05d65da-22cd-4a9b-a851-811e65ab1c32","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":11,"box":{"x":81,"y":586,"width":813,"height":11}},{"id":"9d86569e-8322-41f7-901c-6f17a24688a9","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":11,"box":{"x":81,"y":601,"width":779,"height":11}},{"id":"7617fc1f-4e76-497e-b2a7-86068f8096dd","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":11,"box":{"x":81,"y":616,"width":832,"height":11}},{"id":"e125a2d1-3bc9-4d7d-be58-d4b66f808201","block_type":"box","text":"paid during the period.","page_number":11,"box":{"x":82,"y":631,"width":162,"height":11}},{"id":"79db8224-a65c-4fe4-a0fe-e4cafb362f23","block_type":"box","text":"Restricted Securities","page_number":11,"box":{"x":81,"y":650,"width":159,"height":9}},{"id":"880cf8b1-d1a2-490e-ab2f-9de7c93c331a","block_type":"box","text":"—","page_number":11,"box":{"x":245,"y":656,"width":17,"height":0}},{"id":"ba0250f6-fd2d-4941-81a5-e3c70f194973","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":11,"box":{"x":268,"y":650,"width":602,"height":11}},{"id":"ef711d05-6eaf-41ee-a654-9b1667516d00","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":665,"width":820,"height":12}},{"id":"ffaef8a8-2c7e-4b0b-9d7d-7c846c2286df","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":680,"width":839,"height":11}},{"id":"47f1c696-9b15-442e-9c9b-11a7e246c0a4","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":695,"width":837,"height":11}},{"id":"7a0c7023-9177-47e1-b5fc-34b2baca1dbd","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":710,"width":736,"height":11}},{"id":"3c6bab28-4338-4379-af51-9d314e38c432","block_type":"box","text":"Reverse Repurchase Agreements","page_number":11,"box":{"x":81,"y":730,"width":251,"height":11}},{"id":"f827a440-a74c-49a5-bddb-8665ea778b83","block_type":"box","text":"— The Fund may enter into reverse repurchase agreements with the same","page_number":11,"box":{"x":336,"y":730,"width":547,"height":11}},{"id":"3fe686f3-ee21-4ed6-bba6-78195a0e54df","block_type":"box","text":"parties with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, the Fund sells","page_number":11,"box":{"x":82,"y":745,"width":849,"height":11}},{"id":"c5308380-bdd2-4bca-b616-c3291e802cbf","block_type":"box","text":"securities to another party and agrees to repurchase them at a particular date and price. The Fund may enter into a","page_number":11,"box":{"x":81,"y":759,"width":851,"height":12}},{"id":"4b897e62-d89c-46a7-a44d-139ca2c2f825","block_type":"box","text":"reverse repurchase agreement when it is anticipated that the interest income to be earned from the investment of","page_number":11,"box":{"x":82,"y":774,"width":839,"height":12}},{"id":"2e21e22d-ccbb-4fbc-a5e4-50696fe83b3a","block_type":"box","text":"the proceeds of the transaction is greater than the interest expense of the transaction.","page_number":11,"box":{"x":80,"y":789,"width":639,"height":11}},{"id":"f2be0ef3-73cf-4b99-ada4-c8b3f7c6542c","block_type":"box","text":"Securities Lending","page_number":11,"box":{"x":81,"y":809,"width":140,"height":11}},{"id":"e9b2dea6-0895-44e9-8864-ce7d44be099e","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":11,"box":{"x":225,"y":809,"width":396,"height":11}},{"id":"b9819d90-08a3-43df-8d2f-d4ddebe744d6","block_type":"box","text":"1⁄","page_number":11,"box":{"x":622,"y":809,"width":6,"height":5}},{"id":"a763427e-04f9-49a1-8afc-9de5f9f27585","block_type":"box","text":"1⁄3","page_number":11,"box":{"x":626,"y":809,"width":8,"height":9}},{"id":"eec9532c-d5df-40eb-8eb2-0d16911e8aff","block_type":"box","text":"⁄3","page_number":11,"box":{"x":632,"y":813,"width":6,"height":5}},{"id":"fdfae0ac-33ce-4c18-a144-0a8ff6b8070d","block_type":"box","text":"% of its total assets to financial","page_number":11,"box":{"x":639,"y":809,"width":231,"height":9}},{"id":"b4c92dac-72fa-478c-9692-a16a6bca1c79","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":824,"width":748,"height":11}},{"id":"94291bd4-d389-41ea-83df-bd0f62a8401a","block_type":"box","text":"Temporary Defensive Strategies","page_number":11,"box":{"x":82,"y":844,"width":238,"height":11}},{"id":"b272719a-3550-4e0c-b324-e5256fb7720d","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":11,"box":{"x":325,"y":844,"width":600,"height":11}},{"id":"6d9def08-c168-4857-8d18-dd96cff3c1e7","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":858,"width":802,"height":12}},{"id":"247a2732-b77d-43f9-8ed0-b7e5c265241a","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":874,"width":833,"height":11}},{"id":"4bdc9255-a306-40b3-b064-7a52682879cf","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":888,"width":796,"height":12}},{"id":"73b68550-cfbe-4a53-b06b-4f4312382d1d","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":11,"box":{"x":81,"y":903,"width":802,"height":11}},{"id":"23e7e7dd-e002-4c7d-a8ba-ff200af6efc3","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"fd3ee1cd-701f-4c90-8618-073cdb45608e","block_type":"box","text":"NM0926U-5977720-11/68","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0291d538-ea0e-42e3-8e33-41c193ddaf9c","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":12,"box":{"x":82,"y":46,"width":778,"height":11}},{"id":"a6eb35e4-fe88-4b98-a07c-9baa58a7c9cf","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":12,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"d97db807-6cd6-480a-a6da-939f7951e565","block_type":"box","text":"Warrants","page_number":12,"box":{"x":83,"y":81,"width":66,"height":9}},{"id":"6742bbed-379a-41e7-b71b-0de7ed8f979e","block_type":"box","text":"— The Fund may purchase warrants, which are privileges issued by corporations enabling the owners to","page_number":12,"box":{"x":153,"y":81,"width":763,"height":11}},{"id":"dc68adaa-d263-44d9-900a-b300eb59a4e5","block_type":"box","text":"subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified","page_number":12,"box":{"x":81,"y":95,"width":831,"height":12}},{"id":"4d106ed9-e0b6-4519-98de-472c0fcb966e","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration.","page_number":12,"box":{"x":82,"y":110,"width":581,"height":12}},{"id":"3272b271-6c58-46eb-ba91-3b14f8250e2d","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":130,"width":545,"height":11}},{"id":"6a8ebdea-e492-4f45-8818-7dfdcd80f16e","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":130,"width":295,"height":11}},{"id":"48f86275-523f-41ff-ac4b-34b33723e0b2","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":12,"box":{"x":81,"y":145,"width":851,"height":11}},{"id":"8e8d6038-6ac5-440f-a36c-376cfbec365e","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":12,"box":{"x":81,"y":160,"width":847,"height":11}},{"id":"105f4cec-45ff-40cc-a8a2-fb501be538b5","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":12,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"5b81cacc-7c76-499a-8ce6-0230e980174e","block_type":"box","text":"the transaction.","page_number":12,"box":{"x":80,"y":190,"width":115,"height":9}},{"id":"f358345c-4791-414d-aa6b-7edb22d5a032","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":246,"width":453,"height":9}},{"id":"6f1a1a0b-7326-4097-9e32-b68800831ca0","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Travis Cooke, CFA, and Richard Mathieson","page_number":12,"box":{"x":70,"y":269,"width":853,"height":11}},{"id":"133066b5-20e6-4dff-a0ef-c245a231fcbb","block_type":"box","text":"are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund.","page_number":12,"box":{"x":71,"y":283,"width":817,"height":12}},{"id":"2c44729b-f671-472a-bf45-b12d6e53934b","block_type":"box","text":"Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":12,"box":{"x":71,"y":298,"width":796,"height":12}},{"id":"3d2c5c14-ca74-4d71-95e4-cb30f840ed1c","block_type":"box","text":"portfolio management team.","page_number":12,"box":{"x":72,"y":313,"width":207,"height":12}},{"id":"b5ba7732-f90a-45ad-a1d4-c6170f4b60db","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":365,"width":156,"height":11}},{"id":"4e248f66-9a2e-4bed-8361-e2612be22ddb","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":12,"box":{"x":60,"y":391,"width":811,"height":12}},{"id":"73033cdc-8525-4be9-9037-854302f36ac2","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":12,"box":{"x":61,"y":406,"width":871,"height":11}},{"id":"dfbcfdab-14f3-4f0d-a89e-1cfeedad5192","block_type":"box","text":"its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its","page_number":12,"box":{"x":62,"y":421,"width":799,"height":11}},{"id":"ef0c4469-ae1d-4872-a6c5-89cf82abf087","block_type":"box","text":"investment objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund","page_number":12,"box":{"x":62,"y":436,"width":860,"height":11}},{"id":"b1946c8b-dd80-45ba-8027-4c13d5ce9bcf","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":12,"box":{"x":62,"y":451,"width":856,"height":11}},{"id":"c4fa2bbe-2e59-4183-95df-6cd9290756dd","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":12,"box":{"x":61,"y":465,"width":853,"height":12}},{"id":"f94f7340-4f46-46ec-9ab1-9233b4f3cd48","block_type":"box","text":"risk factor.","page_number":12,"box":{"x":61,"y":480,"width":76,"height":9}},{"id":"e6c5cb82-5445-4de0-a459-bf2a6e9f8696","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":12,"box":{"x":61,"y":503,"width":322,"height":13}},{"id":"c78fdb4d-affe-424f-a473-7a24f96ee481","block_type":"box","text":"Convertible Securities Risk","page_number":12,"box":{"x":81,"y":525,"width":206,"height":9}},{"id":"ee2df1a4-cf9a-40f5-844a-0df8bce36809","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":525,"width":593,"height":11}},{"id":"3994921f-a635-4120-8d46-cc4da739ab69","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":539,"width":853,"height":12}},{"id":"f13d7fe4-1fe8-491f-acb5-28d7432429b8","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":554,"width":855,"height":12}},{"id":"34f6352d-bac7-4397-81e9-7b750b5842b3","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":569,"width":816,"height":12}},{"id":"9ebd9c6c-f2a1-4a17-aeaf-157c83d1691a","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":584,"width":796,"height":11}},{"id":"45f6f425-d896-4a93-827c-4a9a50669ccb","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":599,"width":812,"height":11}},{"id":"a81bc60c-7779-483e-937e-c8e77f0071a5","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":613,"width":809,"height":12}},{"id":"0d3d07bb-758c-4f6a-9fe9-f45f883d449b","block_type":"box","text":"Derivatives Risk","page_number":12,"box":{"x":81,"y":634,"width":123,"height":9}},{"id":"ca0a2517-ae53-4dfc-b460-3be1cebf1f5d","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":633,"width":664,"height":12}},{"id":"f5869d90-6f44-49de-926f-ffd5ead38672","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":12,"box":{"x":82,"y":648,"width":469,"height":12}},{"id":"49179de7-eae6-4ea1-8df6-d43f9344f789","block_type":"box","text":"Leverage Risk","page_number":12,"box":{"x":82,"y":671,"width":102,"height":11}},{"id":"8cb49f38-9631-45f3-aa1a-5ec77cd892ec","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":671,"width":723,"height":11}},{"id":"2c63bbc8-163c-4ed9-8bf0-aec9b64f02fc","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":686,"width":832,"height":11}},{"id":"87f314c5-d09f-43dc-b630-8429fa9ca3e6","block_type":"box","text":"exceed the amount originally invested.","page_number":12,"box":{"x":81,"y":701,"width":280,"height":11}},{"id":"5e17b09f-025d-4842-a347-f7ada2cbdb62","block_type":"box","text":"Market Risk","page_number":12,"box":{"x":82,"y":723,"width":87,"height":9}},{"id":"06df7c19-eff7-4921-b353-fa1167706a71","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":723,"width":728,"height":12}},{"id":"e004fa1d-0d5e-4eed-a704-3d1ffa92ebdc","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":738,"width":834,"height":11}},{"id":"3be11f5c-696d-441c-aa78-39cd2e310952","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock Advisors, LLC (“BlackRock”) may not","page_number":12,"box":{"x":82,"y":753,"width":841,"height":11}},{"id":"a82a69bb-637a-4c2f-922b-2f022f3baebb","block_type":"box","text":"be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could","page_number":12,"box":{"x":81,"y":768,"width":848,"height":11}},{"id":"001ae84c-f457-4306-b4bf-46158ccebaab","block_type":"box","text":"cause the Fund’s derivatives positions to lose value.","page_number":12,"box":{"x":81,"y":783,"width":385,"height":11}},{"id":"d39a4292-c298-4177-9008-7983bf9bc85a","block_type":"box","text":"Counterpar ty Risk","page_number":12,"box":{"x":82,"y":805,"width":131,"height":11}},{"id":"d7a84d1d-41d9-4a56-8575-249b77a7772d","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":805,"width":697,"height":11}},{"id":"6756452e-8acf-432b-9534-16b9d0dcf719","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":820,"width":855,"height":11}},{"id":"5b968a57-4f60-44b7-993b-040a76c15cb6","block_type":"box","text":"exposure to such a counterparty.","page_number":12,"box":{"x":81,"y":835,"width":240,"height":11}},{"id":"238fdf05-0489-4897-8c4b-e68aebcee110","block_type":"box","text":"Illiquidity Risk —","page_number":12,"box":{"x":82,"y":857,"width":122,"height":12}},{"id":"c3f2b578-3769-4f1d-8f2b-c420507822c1","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":857,"width":728,"height":12}},{"id":"e1bd2fdc-b0d1-4a39-8ea3-cd50d2f9c174","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":872,"width":839,"height":11}},{"id":"113dc792-2afa-49fd-8cd2-f343f639b3cf","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":12,"box":{"x":81,"y":887,"width":293,"height":11}},{"id":"360f6677-128a-4b02-8249-9f89069d2aee","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a115c17f-f2f5-4df8-a7e2-0315abe86f0e","block_type":"box","text":"NM0926U-5977720-12/68","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a5624ee4-34c9-4bea-8fb3-8989d5cbfa39","block_type":"box","text":"Operational Risk","page_number":13,"box":{"x":82,"y":46,"width":120,"height":11}},{"id":"230e2994-8bae-4840-8120-e1ef3530bf56","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":13,"box":{"x":206,"y":46,"width":727,"height":11}},{"id":"ab87b17f-ba14-4716-92ac-117e2a52cc0f","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":13,"box":{"x":82,"y":60,"width":607,"height":12}},{"id":"923a2cb0-c323-424e-a27e-7a148fb56f3d","block_type":"box","text":"Legal Risk","page_number":13,"box":{"x":82,"y":83,"width":75,"height":12}},{"id":"63144341-83fc-4eba-be50-153a9d49976f","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":13,"box":{"x":161,"y":83,"width":761,"height":12}},{"id":"fc3ccc24-1519-4717-8a11-cc72110043be","block_type":"box","text":"enforceability of a contract.","page_number":13,"box":{"x":81,"y":98,"width":198,"height":11}},{"id":"a43fbbd0-6775-4f02-aae7-9e2c125a1045","block_type":"box","text":"Volatility and Correlation Risk","page_number":13,"box":{"x":83,"y":121,"width":214,"height":11}},{"id":"33939adc-bbb3-4c92-a92c-c52977e1f909","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":13,"box":{"x":300,"y":120,"width":590,"height":12}},{"id":"a5cf62fd-eb01-4bf6-ad71-8e8f7bf7ed67","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":13,"box":{"x":80,"y":135,"width":855,"height":12}},{"id":"25934fe7-2626-44df-be74-6f7b79106b24","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":13,"box":{"x":80,"y":150,"width":820,"height":11}},{"id":"9d4e6ae1-1233-41ac-8d8e-9d868a9a4b5f","block_type":"box","text":"correlate with the overall securities markets.","page_number":13,"box":{"x":81,"y":165,"width":326,"height":9}},{"id":"e29611e7-e32e-45d4-a79a-39e063289bf2","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":83,"y":188,"width":102,"height":9}},{"id":"b95797ac-7c15-4385-b878-fd170df28716","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":13,"box":{"x":189,"y":187,"width":747,"height":12}},{"id":"ac00d58f-3e4f-4ea2-854a-25584e999916","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":13,"box":{"x":82,"y":202,"width":783,"height":12}},{"id":"4d83c4d7-5795-46d1-bb54-74b7071d6340","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":13,"box":{"x":82,"y":217,"width":837,"height":12}},{"id":"c356c590-a426-4c52-b6a8-57dac3d91170","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":13,"box":{"x":81,"y":232,"width":826,"height":11}},{"id":"20fdab40-9b7c-4117-8c80-0e89c628c6cf","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":13,"box":{"x":80,"y":247,"width":405,"height":11}},{"id":"b044b748-76cb-41ce-a50d-8f42af640627","block_type":"box","text":"Hedging Risk","page_number":13,"box":{"x":82,"y":270,"width":95,"height":11}},{"id":"79912843-757f-430f-9098-d291d5b6d381","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":13,"box":{"x":181,"y":270,"width":752,"height":11}},{"id":"74cab892-f2f8-4b30-a97a-6d032a49164b","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":13,"box":{"x":80,"y":284,"width":820,"height":12}},{"id":"1747c3e7-a718-432d-9550-2037cdae5af1","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":13,"box":{"x":82,"y":299,"width":823,"height":12}},{"id":"fed0ac93-c10d-4ec5-b9e9-ef2281aa13b7","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":13,"box":{"x":82,"y":314,"width":813,"height":11}},{"id":"2ea7dcef-8cb6-4431-8a11-d198bf07dd94","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":13,"box":{"x":82,"y":329,"width":832,"height":11}},{"id":"cbd4424c-04d5-466b-b1b9-48d64778e01b","block_type":"box","text":"noted below.","page_number":13,"box":{"x":82,"y":344,"width":90,"height":9}},{"id":"86790eba-e917-44ac-8536-7cd8002bf8bc","block_type":"box","text":"Tax Risk","page_number":13,"box":{"x":83,"y":366,"width":59,"height":9}},{"id":"0cd29989-00ea-453c-b2c7-213cede59199","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":13,"box":{"x":145,"y":366,"width":766,"height":11}},{"id":"5cd51f75-4b27-4b01-ab8e-03bfae2c2849","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":13,"box":{"x":82,"y":381,"width":826,"height":11}},{"id":"7ba3dd26-fd7f-452e-aea8-85b085343de8","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":396,"width":846,"height":11}},{"id":"28b79ccc-b9af-4350-ae4f-6dc60730e468","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":410,"width":817,"height":12}},{"id":"b7b4620e-b886-4bad-aa32-4541d3d07558","block_type":"box","text":"Revenue Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable","page_number":13,"box":{"x":82,"y":425,"width":845,"height":12}},{"id":"597a4f61-2a28-4fb7-98d1-b59ca7b0cf00","block_type":"box","text":"dividends paid by the Fund. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and","page_number":13,"box":{"x":81,"y":440,"width":827,"height":12}},{"id":"b18c63c6-3306-4676-8568-5f96ca36f030","block_type":"box","text":"may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue","page_number":13,"box":{"x":82,"y":455,"width":828,"height":12}},{"id":"33d471e9-0fdf-48f1-99dd-f7e36681776b","block_type":"box","text":"Service (the “IRS”).","page_number":13,"box":{"x":81,"y":470,"width":142,"height":11}},{"id":"9af9eb96-d71c-47a5-a902-9da6728123d6","block_type":"box","text":"Regulatory Risk","page_number":13,"box":{"x":82,"y":493,"width":115,"height":11}},{"id":"cb38c6d0-6a97-4dec-9dec-8b309b2ff3de","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":492,"width":688,"height":12}},{"id":"b1a7b044-59e4-4153-b117-806355b1bcdf","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":507,"width":851,"height":12}},{"id":"c4379b06-4a63-4c51-a5df-73fa3b83398a","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":522,"width":811,"height":11}},{"id":"8b10c0a1-61c4-4a17-afe1-4819d1c5d336","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":537,"width":850,"height":11}},{"id":"60e1e9ca-291d-41d6-87f1-f804fb203fbd","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":552,"width":850,"height":11}},{"id":"cb708de9-e4f3-416e-9eb3-6ef25d0a06b2","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":566,"width":838,"height":12}},{"id":"620305f9-82fb-4f33-9f59-7ab10c1b77e3","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":13,"box":{"x":81,"y":582,"width":807,"height":11}},{"id":"d871c554-f133-4a96-a600-9d1773346820","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":596,"width":787,"height":12}},{"id":"52efaacc-b62e-44e3-b1da-19554d53e73f","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":611,"width":837,"height":11}},{"id":"7758d2a8-31c3-468e-bd7e-2ed8d61679b5","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":626,"width":804,"height":11}},{"id":"edc88a7b-a87c-4fd1-a8eb-cde72f57840b","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":641,"width":781,"height":11}},{"id":"02085c14-46cf-4d73-9743-79c61c992c7f","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":655,"width":773,"height":12}},{"id":"efd40fa4-7d15-4e03-b955-b7e7f3774231","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":670,"width":836,"height":12}},{"id":"3f71bfcc-ad85-455c-8645-b2c1e738df65","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":685,"width":814,"height":12}},{"id":"0f757d4d-c822-4e1c-9ad5-f994caf8ebae","block_type":"box","text":"investors in the Fund.","page_number":13,"box":{"x":82,"y":700,"width":156,"height":9}},{"id":"71f9a297-cb92-48d9-8e3f-c9b847c0cd5f","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":723,"width":823,"height":11}},{"id":"65af625d-fe28-433b-819a-dc0f004ea8e9","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":737,"width":827,"height":12}},{"id":"1c93add1-f869-4844-b841-9d0846370a1f","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":752,"width":849,"height":12}},{"id":"1296a85e-4043-472f-9c2d-237b2e9da684","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":767,"width":846,"height":11}},{"id":"6354ddb3-00f2-4be2-8333-80c8a5fc9050","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":782,"width":509,"height":11}},{"id":"eed0741b-cca3-48ed-afdc-975a4fd7093d","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":13,"box":{"x":82,"y":804,"width":399,"height":12}},{"id":"77aa96a2-227c-49c8-9c46-9bc687989e73","block_type":"box","text":"Swaps","page_number":13,"box":{"x":102,"y":824,"width":47,"height":12}},{"id":"952c4db7-3f52-4857-b6f7-37b86e8d985d","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":824,"width":775,"height":12}},{"id":"798190a4-b536-48ec-84eb-84d0a85e15e8","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":839,"width":829,"height":12}},{"id":"a35d32ed-299f-41b2-bbb4-2dfc8b60d746","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":854,"width":807,"height":12}},{"id":"70c4c9e2-a025-4741-b8a8-2e6386cb6db8","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":869,"width":811,"height":11}},{"id":"2c4c053f-9ed5-41de-9feb-2ec7d8959bda","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":884,"width":820,"height":11}},{"id":"cd7cdf76-ccb5-4852-874e-7d94a9504163","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":898,"width":791,"height":12}},{"id":"94c3b2a6-faa6-4dd0-9e0e-996ee64b532a","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"37f64066-ed13-47e0-8efa-35ddb47be8f5","block_type":"box","text":"NM0926U-5977720-13/68","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"39843766-f061-4e0d-9f97-e6f2adc3dabf","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":14,"box":{"x":101,"y":46,"width":789,"height":11}},{"id":"af2ac088-0a0b-4d00-b0fc-cc51193f8ef1","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":14,"box":{"x":101,"y":61,"width":796,"height":11}},{"id":"e907f055-da17-46fb-bdd0-a9cd527c7cd2","block_type":"box","text":"Credit Default Swaps","page_number":14,"box":{"x":102,"y":80,"width":153,"height":12}},{"id":"12603aa0-b8c4-4728-99cc-8f95d06fd395","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":14,"box":{"x":260,"y":80,"width":663,"height":12}},{"id":"b951fdeb-81d8-465e-bca9-04ac4de2b0a1","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":14,"box":{"x":102,"y":95,"width":825,"height":12}},{"id":"b8f8ce8f-95a3-41b0-b6ff-40b5da6bb195","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":14,"box":{"x":102,"y":110,"width":816,"height":12}},{"id":"fa5d3017-9074-4029-a6ee-21d4fe4235aa","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":14,"box":{"x":101,"y":125,"width":827,"height":11}},{"id":"6c86d4a8-7eee-45e7-bbaf-f0bbe41fcf96","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":14,"box":{"x":101,"y":140,"width":812,"height":11}},{"id":"1bfe62fc-ecdc-4453-8649-65155732306b","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":14,"box":{"x":101,"y":155,"width":822,"height":11}},{"id":"6f7d2741-02e3-4f54-ac9c-c5cadbb629eb","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":14,"box":{"x":101,"y":169,"width":758,"height":12}},{"id":"c382c2d6-ae2b-4718-ba19-014e18f30725","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":14,"box":{"x":102,"y":190,"width":335,"height":11}},{"id":"756fbc74-6e58-4be1-9779-9d4660395d67","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":14,"box":{"x":442,"y":189,"width":437,"height":12}},{"id":"41d22ee1-9a82-4b5f-8ed9-d7d6c6a8f281","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":14,"box":{"x":101,"y":204,"width":820,"height":12}},{"id":"0e1d826e-5f50-4203-9d70-ccc58650a2ca","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":14,"box":{"x":101,"y":219,"width":801,"height":12}},{"id":"61e58e35-874c-49d9-b9ba-a87f816364a0","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":14,"box":{"x":101,"y":234,"width":824,"height":11}},{"id":"4963d422-7695-4639-a536-7b9dfb06683d","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":14,"box":{"x":101,"y":249,"width":831,"height":11}},{"id":"b3cde432-3003-4f56-98fd-e5e21c0abacc","block_type":"box","text":"Futures","page_number":14,"box":{"x":102,"y":269,"width":54,"height":9}},{"id":"16df5135-d796-49df-b9b9-0f4df05471a9","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":14,"box":{"x":161,"y":269,"width":765,"height":11}},{"id":"d9a99cc0-5618-41fd-9a71-5c4d60c777dc","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":14,"box":{"x":101,"y":283,"width":786,"height":12}},{"id":"f0cc72b3-6449-4479-91ac-08aaf9a77e33","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":14,"box":{"x":102,"y":298,"width":769,"height":12}},{"id":"84fb106e-5a56-41e6-9e66-50e94be37ee3","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":14,"box":{"x":102,"y":313,"width":822,"height":12}},{"id":"a0e7871e-da93-48fa-9904-ec75c8598b0c","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":14,"box":{"x":101,"y":328,"width":832,"height":12}},{"id":"90b32594-8f7f-4c00-9ebb-a0b075607005","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":14,"box":{"x":101,"y":343,"width":806,"height":11}},{"id":"232fd989-76b2-4a3f-a47d-b4b0d768d7bd","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":14,"box":{"x":102,"y":358,"width":793,"height":11}},{"id":"2ebbe5b1-84d3-4089-bd86-aa6cadec3c05","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":14,"box":{"x":102,"y":372,"width":787,"height":12}},{"id":"5903efaa-4ce9-4fc8-82b9-0370e55e1299","block_type":"box","text":"default in the performance of its obligations.","page_number":14,"box":{"x":101,"y":387,"width":327,"height":12}},{"id":"f2b2eebf-4ee6-42ad-9d0f-9acb9d47cd25","block_type":"box","text":"Options","page_number":14,"box":{"x":102,"y":407,"width":55,"height":11}},{"id":"9f00df36-9e2b-40c7-abe5-dd96154f51e7","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":14,"box":{"x":162,"y":407,"width":772,"height":12}},{"id":"1b93bde7-a596-4eac-93a7-d1d05e7ce4ce","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":14,"box":{"x":101,"y":422,"width":812,"height":12}},{"id":"59dff3b1-8d0e-488d-9665-62f1ae5a5915","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":14,"box":{"x":101,"y":437,"width":827,"height":11}},{"id":"c18bd62a-1f48-4a2c-ae6d-b1a322b330e1","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":14,"box":{"x":101,"y":452,"width":781,"height":11}},{"id":"9c96a844-c956-4004-bca1-096aaafb21c9","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":14,"box":{"x":102,"y":467,"width":785,"height":11}},{"id":"ac279203-ab1d-4f74-a5b2-20412b8bc576","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":14,"box":{"x":101,"y":481,"width":831,"height":12}},{"id":"d488f2c0-632b-4485-8c8a-7fbe75814c4f","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":14,"box":{"x":101,"y":496,"width":814,"height":11}},{"id":"f493f985-0576-4b82-975d-b4684ea7cbd8","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":511,"width":826,"height":12}},{"id":"c6bb1bff-6ac6-4d7b-8f8f-444da31d0512","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":526,"width":822,"height":11}},{"id":"e4fe09f6-80ed-424e-8305-05b7ff490a89","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":541,"width":816,"height":11}},{"id":"8b258239-caa6-4620-b121-58f9c01bc8b5","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":14,"box":{"x":101,"y":556,"width":442,"height":11}},{"id":"1b0c197a-b15d-4793-8cc6-e9d69f9373ec","block_type":"box","text":"Commodity-Linked Derivatives","page_number":14,"box":{"x":102,"y":576,"width":218,"height":11}},{"id":"f48c2b7d-43f6-4dad-aa1c-26f67fab7112","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":14,"box":{"x":325,"y":575,"width":588,"height":12}},{"id":"654dd092-10f2-43c1-9def-c927de148f06","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":590,"width":809,"height":12}},{"id":"c8ae2c43-d2c4-4482-b3a0-389931e4ddb1","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":605,"width":833,"height":12}},{"id":"4d0fcc58-398d-4e63-ae31-9eddb1eb6535","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":620,"width":781,"height":12}},{"id":"fa23c112-44c8-43d0-b318-06c02b7dc201","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":635,"width":768,"height":11}},{"id":"5756ec05-889d-4a6e-a0e5-b52365262b07","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":14,"box":{"x":101,"y":650,"width":813,"height":11}},{"id":"dc10f7bf-8cb1-48da-a880-9d078f71f7bb","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":664,"width":744,"height":12}},{"id":"bd96c423-6097-45cb-93ef-12169488d02a","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":680,"width":772,"height":11}},{"id":"998a7168-75ab-4a8a-99f4-adaa733c4214","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":694,"width":815,"height":12}},{"id":"bc3ab24a-aaf7-4dc0-b66e-29be814399c9","block_type":"box","text":"can be no assurance that one will develop.","page_number":14,"box":{"x":101,"y":709,"width":313,"height":11}},{"id":"34e974cb-0eca-4dbc-925d-69acca5a4e81","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":731,"width":785,"height":12}},{"id":"439cb36c-dbbf-413a-9355-4fb5a2facf20","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":746,"width":789,"height":12}},{"id":"061e5fc6-0b8d-4f48-b2fc-7736397b0475","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":761,"width":784,"height":12}},{"id":"4ec1d7a0-0894-423e-ad24-e72b1d821381","block_type":"box","text":"interest payments.","page_number":14,"box":{"x":102,"y":776,"width":135,"height":11}},{"id":"66d5b3b6-57c3-482b-86e1-60f0b791aaa3","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":799,"width":781,"height":11}},{"id":"19c1ab5d-1e91-4160-9c03-ea34c2de0f13","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":814,"width":835,"height":11}},{"id":"47f44e19-374d-49ac-a12a-0e5d70bc3240","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":828,"width":833,"height":12}},{"id":"5bff52e3-dd8e-42d0-a012-e3cb2b7c4032","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":843,"width":820,"height":12}},{"id":"6e3e4333-1e7e-4095-ad11-1718d76a3ac2","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":858,"width":783,"height":11}},{"id":"75a3f370-2468-4516-8cda-a9faaf75eec4","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":873,"width":830,"height":11}},{"id":"4d878e00-f020-44e1-b134-a901e46d980f","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":14,"box":{"x":102,"y":888,"width":373,"height":11}},{"id":"74f87615-979f-47a5-a7df-965e841da9f2","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c92aa082-58fd-4ba1-aea3-e8414d2b22f6","block_type":"box","text":"NM0926U-5977720-14/68","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e9523387-ff24-457f-b1eb-14f6ceaf7250","block_type":"box","text":"Commodity-Linked Notes","page_number":15,"box":{"x":102,"y":46,"width":180,"height":11}},{"id":"ea743d80-f146-4bcf-9960-2033a963e0a2","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":15,"box":{"x":287,"y":46,"width":602,"height":11}},{"id":"a3e97042-1de2-4794-9907-645399f2c03a","block_type":"box","text":"significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":15,"box":{"x":101,"y":60,"width":827,"height":12}},{"id":"91f0f3ca-3cf0-4a9c-bd5a-d49fcfc9d54f","block_type":"box","text":"subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and","page_number":15,"box":{"x":101,"y":75,"width":807,"height":12}},{"id":"cb619979-c30f-49c2-98db-6c241d5022e3","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":15,"box":{"x":102,"y":90,"width":581,"height":12}},{"id":"9f05c278-cbfb-41fa-896c-a3ce0d6f9984","block_type":"box","text":"Equity Securities Risk","page_number":15,"box":{"x":81,"y":110,"width":166,"height":11}},{"id":"68e6f406-4bb6-4337-a677-6ea3c586f834","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":15,"box":{"x":251,"y":110,"width":666,"height":12}},{"id":"7036eab4-27e8-4975-aa1e-7adf4bdcfdce","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":15,"box":{"x":81,"y":125,"width":850,"height":11}},{"id":"cee6e81e-18ba-45cb-9fa9-054995749004","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":15,"box":{"x":82,"y":140,"width":802,"height":11}},{"id":"eefd738a-965a-450a-b141-49a461ca643c","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":15,"box":{"x":81,"y":155,"width":854,"height":11}},{"id":"042921bd-d1c3-460e-8849-eb30e83b4ca0","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":15,"box":{"x":81,"y":169,"width":848,"height":12}},{"id":"ef8cf690-f5b1-4179-aa55-1b47cd85575b","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":15,"box":{"x":81,"y":184,"width":824,"height":12}},{"id":"ffd03f27-62f4-46b4-b98b-3307cc9cd322","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":15,"box":{"x":81,"y":199,"width":782,"height":12}},{"id":"07012303-1d8a-485c-8c49-8094f388560f","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":15,"box":{"x":82,"y":214,"width":849,"height":11}},{"id":"ca891eb3-76e8-4b64-85b3-ae1aa03996b7","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":15,"box":{"x":82,"y":229,"width":482,"height":11}},{"id":"f0f72d65-189d-4b49-ab7a-9bdbc58b0f35","block_type":"box","text":"High Portfolio Turnover Risk","page_number":15,"box":{"x":81,"y":249,"width":212,"height":11}},{"id":"9f117a4a-a7ed-4336-ad74-41726aa5e61f","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":15,"box":{"x":297,"y":249,"width":629,"height":11}},{"id":"016dacd7-fa30-4b95-948a-ce58a893542e","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":15,"box":{"x":82,"y":263,"width":812,"height":12}},{"id":"9e7de2ef-2ae2-4100-b26c-882a331e0628","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":15,"box":{"x":81,"y":278,"width":817,"height":12}},{"id":"78cc901f-f5f0-4228-8339-73242dab8497","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":15,"box":{"x":81,"y":293,"width":760,"height":12}},{"id":"9e5b93e7-27bd-4102-b112-08f0ea20c263","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":308,"width":852,"height":12}},{"id":"cd688ed5-d2de-4fb5-8046-d2c5e4c73ae1","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":15,"box":{"x":81,"y":323,"width":589,"height":11}},{"id":"1092718f-c5f1-4e93-a945-3a6e2e9179c6","block_type":"box","text":"Investment Style Risk","page_number":15,"box":{"x":81,"y":343,"width":166,"height":11}},{"id":"3aad089d-7b59-4e8e-a24d-0a1545b646ab","block_type":"box","text":"—","page_number":15,"box":{"x":252,"y":348,"width":17,"height":1}},{"id":"140cb568-62a9-4dab-8872-7c741dea9760","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":15,"box":{"x":274,"y":343,"width":637,"height":11}},{"id":"1fbd5f9c-93cd-4358-83de-74e473f145cf","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":15,"box":{"x":82,"y":358,"width":804,"height":11}},{"id":"61314682-019f-4ce5-b416-befbe32947a5","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":15,"box":{"x":82,"y":372,"width":823,"height":12}},{"id":"0d55ada4-4794-4659-b9a5-96a866b9ae62","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":15,"box":{"x":81,"y":387,"width":842,"height":12}},{"id":"e971867f-c2da-4eb6-9c63-8e6fa67eec2f","block_type":"box","text":"styles.","page_number":15,"box":{"x":81,"y":402,"width":46,"height":12}},{"id":"8980649a-3a35-4e25-a6b8-c29caee73dab","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":81,"y":422,"width":107,"height":11}},{"id":"7b028375-a7b2-4fb0-bd66-9ff10c934a86","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":422,"width":741,"height":12}},{"id":"75927ff9-3c81-4b1d-8909-01b9dc36d9d4","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":437,"width":787,"height":11}},{"id":"8a3b4e52-6c3c-4811-bd5c-51af2de928a5","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":452,"width":831,"height":11}},{"id":"c51a0f0b-64c9-4b04-9a8c-afb4b2a69c8b","block_type":"box","text":"the federal securities laws, including the Investment Company Act. Under Rule 18f-4 under the Investment Company","page_number":15,"box":{"x":80,"y":467,"width":854,"height":11}},{"id":"e29433a2-4f6e-4b3c-9e9b-7429e16db1ac","block_type":"box","text":"Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on","page_number":15,"box":{"x":81,"y":482,"width":835,"height":11}},{"id":"48d6ebdd-d106-4711-a93b-9e0f3edbf787","block_type":"box","text":"fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions","page_number":15,"box":{"x":81,"y":496,"width":828,"height":12}},{"id":"64f29fe2-e787-4385-96c4-1117521c2816","block_type":"box","text":"when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the","page_number":15,"box":{"x":80,"y":511,"width":833,"height":12}},{"id":"898b1edc-e0dc-4fd1-8b48-dbc786ec100d","block_type":"box","text":"Investment Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will","page_number":15,"box":{"x":82,"y":526,"width":848,"height":11}},{"id":"0fe2ffe1-cbe0-4cc6-85ca-fd637eb25ce1","block_type":"box","text":"be magnified when the Fund uses leverage.","page_number":15,"box":{"x":81,"y":541,"width":317,"height":11}},{"id":"758d8c87-2430-4e5d-95de-b7fadca2b4bd","block_type":"box","text":"Market Risk and Selection Risk","page_number":15,"box":{"x":81,"y":561,"width":240,"height":9}},{"id":"91c3902f-7da8-444b-8814-8fbf0ada2895","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":561,"width":593,"height":9}},{"id":"5365d6bf-18f5-42da-b14e-9c195cec59cb","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":576,"width":851,"height":11}},{"id":"d6df7165-e9f9-461b-ae18-02a6f06dfce7","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":15,"box":{"x":82,"y":590,"width":824,"height":12}},{"id":"bc422915-087e-47b3-a541-960a2e3af019","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":15,"box":{"x":82,"y":605,"width":851,"height":12}},{"id":"2fbbb025-ddcb-4ccd-a1bf-16b5dc0cdc4f","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":15,"box":{"x":82,"y":620,"width":802,"height":11}},{"id":"077bed55-5790-465a-81e1-96400755f0a5","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":15,"box":{"x":81,"y":635,"width":849,"height":11}},{"id":"f3d245b8-101a-4aa5-b0a3-2fba3d08eec3","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":15,"box":{"x":81,"y":650,"width":843,"height":11}},{"id":"1a59f679-368a-4d19-8f04-375e3fd33cbc","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":15,"box":{"x":81,"y":664,"width":830,"height":12}},{"id":"3ddd85f5-e4e7-4327-865b-ceb942162bc0","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":15,"box":{"x":82,"y":679,"width":840,"height":12}},{"id":"749527b3-357a-492e-a075-c4fdc4c15451","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":15,"box":{"x":81,"y":694,"width":789,"height":12}},{"id":"ee0eb2fd-70b5-4441-a924-ab17ed57cb2c","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":15,"box":{"x":81,"y":709,"width":823,"height":11}},{"id":"a1b379c1-747b-4b36-b243-c11c9ba727e2","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":15,"box":{"x":81,"y":724,"width":784,"height":11}},{"id":"bfc85f64-2c66-4f93-b1c8-2423fabfe3dd","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics,","page_number":15,"box":{"x":81,"y":739,"width":848,"height":11}},{"id":"8e0ff125-8e05-4780-a89e-e208814ed275","block_type":"box","text":"recessions, or other events. The Fund seeks to pursue its investment objective by using proprietary models that","page_number":15,"box":{"x":82,"y":754,"width":823,"height":11}},{"id":"a907b59c-4944-4547-9c3b-4f65b64b5527","block_type":"box","text":"incorporate quantitative analysis and is subject to “Model Risk” as described below.","page_number":15,"box":{"x":82,"y":768,"width":616,"height":12}},{"id":"a6b1ad6e-3c17-4531-9006-b7a00a8459e0","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":788,"width":818,"height":12}},{"id":"b0be6c72-2311-4847-927f-bd4fc7265154","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":803,"width":819,"height":12}},{"id":"9c50ac8a-015c-41bf-afef-816710f83ef2","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":818,"width":819,"height":11}},{"id":"ae14d4db-9bc0-4f55-9c18-0810c4bc8874","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":833,"width":846,"height":11}},{"id":"da79886b-7a75-4987-bd54-fc5c937869ca","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":847,"width":848,"height":12}},{"id":"066a2b1a-f895-4e8f-9338-b82602e9bce3","block_type":"box","text":"the Fund invests.","page_number":15,"box":{"x":80,"y":863,"width":125,"height":9}},{"id":"e87330fb-2239-4a57-af10-604bbfa38162","block_type":"box","text":"Model Risk","page_number":15,"box":{"x":81,"y":882,"width":85,"height":10}},{"id":"dfd6163c-a939-4feb-9c09-f57b2e485bb9","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":883,"width":722,"height":11}},{"id":"049c6e2b-ed7c-46ac-afe7-da0c3212d3dc","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":897,"width":840,"height":12}},{"id":"72b1cc14-bf37-4752-823f-a6ab7f886eb1","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":912,"width":854,"height":12}},{"id":"f0deb5ae-d248-4e79-a742-283c12126418","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f204cd5c-7a5f-4acf-81f2-c21de37886c1","block_type":"box","text":"NM0926U-5977720-15/68","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e39ddd76-cd9e-47a6-9041-e89f4b5a15cf","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":16,"box":{"x":81,"y":46,"width":845,"height":11}},{"id":"3cd40423-9596-4d19-a4e8-b4a4a75a0672","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":16,"box":{"x":81,"y":60,"width":852,"height":12}},{"id":"d15b8639-a269-488f-8aa4-aa3e9476b63c","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":16,"box":{"x":82,"y":75,"width":840,"height":12}},{"id":"bd9f2bc7-b118-44d4-8209-cb9fbfca66fc","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":16,"box":{"x":81,"y":90,"width":779,"height":12}},{"id":"a0aa6b16-4d6f-4e74-96e1-80f84f54d0cd","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":16,"box":{"x":82,"y":105,"width":838,"height":12}},{"id":"e6df1482-e32b-4d46-932a-e44a4d6e1368","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":16,"box":{"x":82,"y":120,"width":338,"height":9}},{"id":"0aa7bcf8-48a7-42f5-a150-ddf576ecca56","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":16,"box":{"x":81,"y":140,"width":789,"height":11}},{"id":"182f9ddf-c07c-4602-b012-5b0cb3a39541","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":16,"box":{"x":82,"y":155,"width":800,"height":11}},{"id":"e88ff6e0-2e0c-47f6-b7fd-ec0e63b90104","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":16,"box":{"x":82,"y":169,"width":824,"height":12}},{"id":"b6638a14-d2ce-4cb0-aff4-deead1d1e35b","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":16,"box":{"x":81,"y":184,"width":814,"height":12}},{"id":"bfb948e1-d0a8-4870-b61e-88eb7c688198","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":16,"box":{"x":82,"y":199,"width":774,"height":11}},{"id":"6c1f11ce-6a28-4b5e-b68a-886ebe49274a","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":16,"box":{"x":82,"y":214,"width":808,"height":11}},{"id":"6a12c65e-430e-4203-903f-607320ef8ea7","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":229,"width":840,"height":11}},{"id":"6aeecb6a-edec-4baa-b153-090494cbe10d","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":244,"width":834,"height":11}},{"id":"15a0a2f5-95de-4080-a4b0-81ac87e27e38","block_type":"box","text":"data.","page_number":16,"box":{"x":81,"y":259,"width":36,"height":9}},{"id":"73f882c3-0b18-4f8f-96d5-607774d165b5","block_type":"box","text":"“New Issues” Risk","page_number":16,"box":{"x":83,"y":278,"width":139,"height":10}},{"id":"63eea3df-d9b6-48b8-b1a6-b16ba144bda3","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":16,"box":{"x":226,"y":278,"width":673,"height":12}},{"id":"f18a78c7-f35f-4adb-875a-3bab415340e1","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":293,"width":833,"height":12}},{"id":"a2f5b30f-5738-428e-9e62-61f1f3f8f212","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":308,"width":853,"height":12}},{"id":"188ca055-a5ee-4673-b782-3e3053106434","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":323,"width":778,"height":11}},{"id":"79cafe81-71ac-4778-bbcf-f8c7dbed8901","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":338,"width":827,"height":11}},{"id":"93b7cb9f-7268-45be-b27e-8cf0b8052981","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":352,"width":838,"height":12}},{"id":"37793ab2-7e9f-4599-9b88-84454dda5d64","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":367,"width":776,"height":12}},{"id":"345cf97b-f91f-4ecd-9f56-27737bc63d8b","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":382,"width":830,"height":12}},{"id":"8fecf792-1d27-4535-881c-2de637cc3a7a","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":397,"width":834,"height":12}},{"id":"f9cdf787-92e5-4e44-8fe3-ebde69c0a291","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":412,"width":844,"height":11}},{"id":"77788646-f090-460a-8233-58bb83011b95","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":427,"width":840,"height":11}},{"id":"e310f43a-c877-4fd1-b822-40d92ebc69e6","block_type":"box","text":"price as it would like.","page_number":16,"box":{"x":82,"y":442,"width":153,"height":11}},{"id":"94d30130-fa21-4e99-988a-e187307bcd0e","block_type":"box","text":"Operational and Technology Risks","page_number":16,"box":{"x":82,"y":462,"width":254,"height":11}},{"id":"b6951148-9403-4d88-846b-097f917b56f4","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":16,"box":{"x":340,"y":462,"width":549,"height":11}},{"id":"bd3ea320-f444-42da-8c5e-f0fd78f83539","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":476,"width":790,"height":12}},{"id":"69521ca9-b7ea-4a42-b6c3-20512663cd3f","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":16,"box":{"x":81,"y":491,"width":837,"height":12}},{"id":"904534c1-b8a0-4caf-8583-15607f5e6948","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":16,"box":{"x":82,"y":506,"width":845,"height":11}},{"id":"aabd68a8-8593-4374-bb17-42240c6453b1","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":16,"box":{"x":81,"y":521,"width":832,"height":11}},{"id":"5643b27d-021f-4b35-89bb-5bf0a247ad98","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":16,"box":{"x":82,"y":535,"width":763,"height":12}},{"id":"1cc4581a-e2b1-457b-bbb7-e3d94ae8cf41","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":16,"box":{"x":81,"y":550,"width":825,"height":12}},{"id":"0d2eada5-b111-4bb5-b16a-24e2aeda18f9","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":16,"box":{"x":81,"y":565,"width":842,"height":12}},{"id":"a23c4a30-5854-41a0-8fe6-583343466771","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":16,"box":{"x":81,"y":580,"width":852,"height":11}},{"id":"2a55ba59-6f81-49b0-860c-33c56e10504b","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":16,"box":{"x":82,"y":595,"width":827,"height":11}},{"id":"f4bfc456-cf52-4456-b4bb-2213d9f26fee","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":615,"width":821,"height":11}},{"id":"1028417e-d0ba-4300-a39a-85def74727d6","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":630,"width":814,"height":11}},{"id":"f12e3224-e2d1-4c0b-90aa-4d9adf61c6ef","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":644,"width":824,"height":12}},{"id":"9c560ac5-c3b0-45fa-8e10-4642fdcef66d","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":16,"box":{"x":81,"y":659,"width":791,"height":12}},{"id":"745236f4-a569-4a02-ae73-3303f6e2e180","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":674,"width":852,"height":12}},{"id":"6944d99d-3975-45df-9ab1-ab70a39514b1","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its net asset value (“NAV”);","page_number":16,"box":{"x":81,"y":689,"width":825,"height":11}},{"id":"3ad90289-d67a-4c09-8f50-77a2d0d1b72c","block_type":"box","text":"disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or","page_number":16,"box":{"x":81,"y":704,"width":807,"height":11}},{"id":"ddad2658-33b8-41fb-9462-6d0a90a08eff","block_type":"box","text":"erroneous subscription or redemption orders; the inability of the Fund or its service providers to transact business;","page_number":16,"box":{"x":81,"y":719,"width":844,"height":11}},{"id":"a5bb3a28-e97b-4f7f-a59f-567a9401410c","block_type":"box","text":"violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or","page_number":16,"box":{"x":80,"y":733,"width":842,"height":12}},{"id":"0b8554c1-b942-4524-a618-95bc569e31be","block_type":"box","text":"other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may","page_number":16,"box":{"x":81,"y":748,"width":820,"height":12}},{"id":"eca3b9cf-58a8-4423-b37b-ea7b538570af","block_type":"box","text":"render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":16,"box":{"x":82,"y":763,"width":850,"height":12}},{"id":"26e3b2d8-0610-4d53-b4fa-eaf264e95560","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":778,"width":829,"height":11}},{"id":"6d78524b-60d7-497e-addd-647568467480","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":16,"box":{"x":82,"y":793,"width":846,"height":11}},{"id":"69159f92-afea-492a-a261-238569eb9782","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":808,"width":846,"height":11}},{"id":"949536d9-7ac7-415b-81a0-9e80102fcd28","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":822,"width":838,"height":12}},{"id":"327bc6ea-66a0-4190-8230-f0557f506277","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":837,"width":770,"height":12}},{"id":"87115256-96f8-45f0-acd0-24f1647b51eb","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":852,"width":792,"height":12}},{"id":"916f88ed-9dc4-4603-85d0-bca269a1dc63","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":867,"width":845,"height":11}},{"id":"b5dc1838-ce81-4b7f-8130-42efe4f600f3","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":882,"width":840,"height":11}},{"id":"01b85453-e17c-4816-9b56-e89650602e43","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":897,"width":841,"height":11}},{"id":"e11e7309-0536-44b6-a8a6-247a9a6f210e","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":911,"width":847,"height":12}},{"id":"eb72e6c0-ef67-4dea-8c49-1569339615a9","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fd6320c8-caa0-4fcb-a74b-31a0d1822802","block_type":"box","text":"NM0926U-5977720-16/68","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"09f4df2f-4a8e-4015-bf1f-97463a2f77a3","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":17,"box":{"x":82,"y":46,"width":838,"height":11}},{"id":"0a1febc0-310f-434e-9141-613620920303","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":17,"box":{"x":81,"y":60,"width":847,"height":12}},{"id":"91ca94a6-7417-4c2c-89ee-35367f079c25","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":17,"box":{"x":81,"y":75,"width":845,"height":12}},{"id":"1a8bbbfa-2262-4b5e-aa51-921f195367b2","block_type":"box","text":"and the associated risks to the Fund.","page_number":17,"box":{"x":81,"y":90,"width":273,"height":9}},{"id":"cdd33834-6108-45c0-9fd9-55e424aa1aea","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":17,"box":{"x":81,"y":110,"width":769,"height":12}},{"id":"5fdc110d-d5d6-4c07-81bd-0c9d76d394ea","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":17,"box":{"x":81,"y":125,"width":855,"height":11}},{"id":"4ce04a52-eee5-4781-b702-a4e3052c33c5","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":17,"box":{"x":80,"y":140,"width":848,"height":11}},{"id":"d222a4fb-eafc-4853-8bb8-ef6d4d5a2c90","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":17,"box":{"x":81,"y":155,"width":777,"height":11}},{"id":"112203eb-2dd7-4b38-952c-c5949647c360","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":17,"box":{"x":81,"y":170,"width":824,"height":11}},{"id":"80090bb2-eace-49b5-9aa0-225347098bb2","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":17,"box":{"x":81,"y":184,"width":785,"height":12}},{"id":"c60e2705-682e-45cc-85a0-dcf6b1205926","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":17,"box":{"x":82,"y":199,"width":853,"height":12}},{"id":"16f236e2-7ec1-48f2-8228-0cbbf3b9a64e","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":17,"box":{"x":82,"y":214,"width":855,"height":11}},{"id":"c7cae418-3cc2-4d17-a4bf-0cac78b88a8f","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":229,"width":813,"height":11}},{"id":"adf8ed67-e7ca-4f1b-ab77-3fd91b248c02","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":244,"width":806,"height":11}},{"id":"aa4a8b5d-9cd0-474c-92b8-01529e721754","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":17,"box":{"x":82,"y":258,"width":602,"height":12}},{"id":"689fea92-5eed-4715-9558-6a2cf6af6429","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":279,"width":794,"height":11}},{"id":"d2b12af4-7254-442a-89b5-64ae82d3edc2","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":293,"width":840,"height":12}},{"id":"02850129-7bcd-4247-a4a4-06e516fd7427","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":308,"width":801,"height":12}},{"id":"78e0422b-dfd4-4eb5-8bed-c5a9c01c5fc9","block_type":"box","text":"resources to monitor and implement required changes.","page_number":17,"box":{"x":82,"y":323,"width":402,"height":11}},{"id":"6da5e310-a135-471c-886f-89b34cad9ec0","block_type":"box","text":"Preferred Securities Risk","page_number":17,"box":{"x":81,"y":343,"width":189,"height":9}},{"id":"7118f4fa-2019-4dc2-a5c7-6e6e81bcccba","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":17,"box":{"x":274,"y":343,"width":636,"height":11}},{"id":"1d766078-519c-43e8-8bda-94c230ab5262","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":358,"width":824,"height":11}},{"id":"8b5f79bf-e6a0-429f-8aca-c4ac020fa1e9","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":372,"width":806,"height":12}},{"id":"40e8e001-ba46-4cd7-8675-6534b9878277","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":387,"width":842,"height":12}},{"id":"f470ce6f-6be0-451c-8344-6af81b056427","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":402,"width":781,"height":12}},{"id":"d07ae453-a395-4e5b-8783-70044176b3f9","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":417,"width":812,"height":11}},{"id":"3013b21d-5e42-4db6-a79d-71dc16612c33","block_type":"box","text":"larger companies.","page_number":17,"box":{"x":82,"y":432,"width":129,"height":11}},{"id":"09048ced-9f99-4c64-b936-48dfe0d53fc0","block_type":"box","text":"Risk of Investing in the United States","page_number":17,"box":{"x":81,"y":452,"width":283,"height":11}},{"id":"3b1c9781-d044-4ecc-a2de-3d3c00f11dcb","block_type":"box","text":"—","page_number":17,"box":{"x":369,"y":457,"width":17,"height":1}},{"id":"66e55952-c34e-4ceb-8ce3-5703772e46fc","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":17,"box":{"x":390,"y":452,"width":519,"height":11}},{"id":"37cc30b4-2708-4145-9b67-e7f83a13fb1d","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":467,"width":790,"height":11}},{"id":"64a1ff7b-3eca-410a-a815-f3c8707174fd","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":482,"width":835,"height":11}},{"id":"4addfda2-af93-489b-98cc-f362312ccdc8","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":496,"width":784,"height":12}},{"id":"d23cb772-97fb-4789-8f8e-387f63d4a0dc","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":511,"width":849,"height":12}},{"id":"ff64112a-b9b0-4f67-af25-f1ddf3ad107b","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":526,"width":832,"height":11}},{"id":"a4cee4c3-eaa4-4b14-986c-54c997134ab9","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":541,"width":851,"height":11}},{"id":"b9aa9f67-57ff-4435-8f57-4fbcbe74566c","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":17,"box":{"x":82,"y":555,"width":471,"height":12}},{"id":"4bdfc100-8474-45e2-a8ca-9e9fc6c9095a","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":575,"width":847,"height":12}},{"id":"748f993b-4721-4bf2-b2a3-dda89bd48eb0","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":590,"width":810,"height":12}},{"id":"3bbf65dd-1b55-4d79-8dac-d57156215d2e","block_type":"box","text":"United States for trade. The United States has also experienced increased internal political discord. If these trends","page_number":17,"box":{"x":82,"y":605,"width":845,"height":11}},{"id":"b32d19b1-e30b-4b19-8f9f-610fb8a622a0","block_type":"box","text":"were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.","page_number":17,"box":{"x":80,"y":620,"width":829,"height":11}},{"id":"93a0644b-49ca-4018-91fc-a9bf7342bc3d","block_type":"box","text":"Small Cap Securities Risk","page_number":17,"box":{"x":81,"y":640,"width":196,"height":11}},{"id":"c098c550-72fd-4376-87fa-27552db0fbb8","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":17,"box":{"x":280,"y":640,"width":630,"height":11}},{"id":"f34da312-9dcf-4cdd-afec-3929166054b7","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":17,"box":{"x":81,"y":655,"width":844,"height":11}},{"id":"01758d83-02dc-404b-8f3c-241d0b2e0ed1","block_type":"box","text":"If a product fails or there are other adverse developments, or if management changes, the Fund’s investment in a","page_number":17,"box":{"x":82,"y":670,"width":835,"height":11}},{"id":"eb0bab21-54e7-41b3-983e-a5cd00180a13","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":17,"box":{"x":81,"y":684,"width":787,"height":12}},{"id":"db755bdc-e1e1-4acd-b21b-4365a56ea74a","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":17,"box":{"x":81,"y":699,"width":854,"height":12}},{"id":"4a626154-5868-4cde-85cf-94298458c0a4","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":17,"box":{"x":82,"y":714,"width":501,"height":12}},{"id":"7d999a7d-0030-4bf9-b51c-f786a474f87e","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":17,"box":{"x":81,"y":734,"width":794,"height":12}},{"id":"b7d64a90-5b18-4518-958d-e2ebf919d9a0","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":17,"box":{"x":82,"y":749,"width":830,"height":11}},{"id":"ac15339f-4a52-4bd3-a5b5-7987c8590d26","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":17,"box":{"x":82,"y":764,"width":812,"height":11}},{"id":"cc66b9ac-0a77-496b-9406-c07cbd8aeb34","block_type":"box","text":"securities requires a longer term view.","page_number":17,"box":{"x":81,"y":779,"width":279,"height":11}},{"id":"f7e35e30-399c-496c-a5d5-417afb350810","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":17,"box":{"x":61,"y":802,"width":296,"height":12}},{"id":"2dfec5f7-fc68-43b2-900c-a9c3a3278d39","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":818,"width":832,"height":11}},{"id":"af8654dc-d8fa-4f8f-a5ea-fd45eadd18c2","block_type":"box","text":"strategies, including:","page_number":17,"box":{"x":61,"y":833,"width":151,"height":11}},{"id":"49ab28de-0ca4-4348-9b11-1357d7339bfc","block_type":"box","text":"Borrowing Risk","page_number":17,"box":{"x":81,"y":853,"width":115,"height":11}},{"id":"0baaf558-b085-4993-9647-3a341c5e0494","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":17,"box":{"x":200,"y":853,"width":711,"height":11}},{"id":"37482c1e-9d1e-4283-afb7-875fcd432cbe","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":17,"box":{"x":80,"y":867,"width":813,"height":12}},{"id":"6b0bcad5-475b-4b6d-8045-8413185b85f3","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":17,"box":{"x":82,"y":883,"width":846,"height":11}},{"id":"2324fe7f-2684-491a-9811-9d90fb24dafb","block_type":"box","text":"do so to satisfy its obligations.","page_number":17,"box":{"x":81,"y":897,"width":225,"height":12}},{"id":"ddfcd5a7-40d9-4dce-a546-338a5f3cbbe1","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"59de425c-3b8c-42fe-90bf-d6b4a0d2a203","block_type":"box","text":"NM0926U-5977720-17/68","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"882d2ffd-eb04-486b-98c3-ac6f4303c19b","block_type":"box","text":"Expense Risk","page_number":18,"box":{"x":81,"y":46,"width":102,"height":11}},{"id":"86f67cbc-7cc5-40cd-8566-90608de43764","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":18,"box":{"x":187,"y":46,"width":734,"height":11}},{"id":"a6004ffc-8bef-4e89-9875-9e83a92f47e4","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":18,"box":{"x":81,"y":61,"width":855,"height":11}},{"id":"0152cd5a-5e05-4cd5-b423-5e361a77c4b2","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":18,"box":{"x":82,"y":75,"width":842,"height":12}},{"id":"2ee5b43d-7b83-43d1-9d81-3b29547d4aad","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":18,"box":{"x":82,"y":90,"width":808,"height":12}},{"id":"1742b63c-a59b-4d4b-b667-b520cc0f7d59","block_type":"box","text":"significant.","page_number":18,"box":{"x":81,"y":105,"width":78,"height":12}},{"id":"b0658a2c-4fe1-4ace-9867-a1b4aa47b83b","block_type":"box","text":"Foreign Securities Risk","page_number":18,"box":{"x":81,"y":125,"width":176,"height":11}},{"id":"6817559a-7b15-47cf-ba4e-3f3ba2fa4f5e","block_type":"box","text":"— Because the Fund may invest in companies located in countries other than the United","page_number":18,"box":{"x":260,"y":125,"width":652,"height":11}},{"id":"083e4fed-20fb-4b7a-8c55-4aef93b08b4a","block_type":"box","text":"States, the Fund may be exposed to risks associated with foreign investments.","page_number":18,"box":{"x":81,"y":140,"width":579,"height":11}},{"id":"f85146ff-8ab7-4a04-90f0-b677d31a6420","block_type":"box","text":"The value of holdings traded outside the United States (and any hedging transactions in foreign currencies) will","page_number":18,"box":{"x":101,"y":160,"width":814,"height":11}},{"id":"b7c6c8a9-85f5-4ee1-8b09-e87e4b02d118","block_type":"box","text":"be affected by changes in currency exchange rates.","page_number":18,"box":{"x":102,"y":175,"width":376,"height":11}},{"id":"66ef8e58-bf67-4194-82b6-13923fb07cfe","block_type":"box","text":"The costs of non-U.S. securities transactions tend to be higher than those of U.S. transactions.","page_number":18,"box":{"x":101,"y":195,"width":699,"height":11}},{"id":"b3fc844e-0041-4f64-a847-214762d29adc","block_type":"box","text":"Foreign holdings may be adversely affected by foreign government action.","page_number":18,"box":{"x":102,"y":214,"width":537,"height":12}},{"id":"f12a6370-4a3d-4308-bd52-e0a1c2f9cbee","block_type":"box","text":"International trade barriers or economic sanctions against certain non-U.S. countries may adversely affect these","page_number":18,"box":{"x":102,"y":234,"width":825,"height":12}},{"id":"ffe95e0a-4491-4d26-910c-5fb61c1b11d0","block_type":"box","text":"holdings.","page_number":18,"box":{"x":102,"y":250,"width":64,"height":11}},{"id":"194d1d80-fedb-40e0-bcae-26dd05479af9","block_type":"box","text":"The economies of certain countries may compare unfavorably with the U.S. economy.","page_number":18,"box":{"x":101,"y":269,"width":624,"height":12}},{"id":"19797122-4b39-4846-8770-89b2debcbefe","block_type":"box","text":"Foreign securities markets may be smaller than the U.S. markets, which may make trading more difficult.","page_number":18,"box":{"x":102,"y":289,"width":771,"height":12}},{"id":"b206cc74-1166-4d97-a2f2-b51690c61986","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, which may adversely affect the","page_number":18,"box":{"x":101,"y":309,"width":805,"height":12}},{"id":"1f202478-5ff7-4fc2-8dd9-10cca7b39a36","block_type":"box","text":"Fund’s net asset value.","page_number":18,"box":{"x":102,"y":324,"width":169,"height":9}},{"id":"7fd5f18a-0b0a-4817-8470-67e53b98e5a0","block_type":"box","text":"Illiquid Investments Risk","page_number":18,"box":{"x":81,"y":344,"width":186,"height":11}},{"id":"29634b30-e478-4a3a-8de8-2e4d05aa5848","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":18,"box":{"x":271,"y":344,"width":648,"height":12}},{"id":"f2f20457-4d2e-445c-aaf4-c109cc51f9e1","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":18,"box":{"x":80,"y":359,"width":841,"height":11}},{"id":"9ba222c9-4116-47f5-bfc7-ddb9aa1b504d","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":18,"box":{"x":82,"y":374,"width":831,"height":11}},{"id":"e5efaa2c-0059-4389-83ab-5b1ab8c1239e","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":18,"box":{"x":81,"y":389,"width":811,"height":11}},{"id":"2e3a6ab5-0ba5-460a-8526-b15e72ec87f4","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":18,"box":{"x":82,"y":403,"width":825,"height":12}},{"id":"c952763b-a5dc-40c5-ab24-746eaa72db2e","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":18,"box":{"x":81,"y":418,"width":837,"height":12}},{"id":"f106dc0c-36fd-4a69-a5cd-d7b49381ec09","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":18,"box":{"x":80,"y":433,"width":851,"height":12}},{"id":"29c2b819-35d4-4096-aa28-d52efcb7a833","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":18,"box":{"x":82,"y":448,"width":835,"height":11}},{"id":"d9cd3809-348a-4ddc-a398-83831310f456","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":18,"box":{"x":82,"y":463,"width":835,"height":11}},{"id":"d7607d77-ba28-4dac-a33c-a531dc53a9e1","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":18,"box":{"x":81,"y":477,"width":791,"height":12}},{"id":"1e403eb2-8f6f-4cc3-8873-af6cc878128c","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":18,"box":{"x":81,"y":493,"width":846,"height":11}},{"id":"078b00e5-eea4-4f4c-9b45-9c8495b54ed8","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":18,"box":{"x":81,"y":507,"width":835,"height":12}},{"id":"2b05a753-6639-44bd-a867-b80162ac5f0d","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":18,"box":{"x":82,"y":522,"width":839,"height":12}},{"id":"75132228-7b5b-4ac0-b614-5d8773eda2be","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":18,"box":{"x":80,"y":537,"width":834,"height":11}},{"id":"9f5ea401-9533-4e90-b85c-0a8b0f5a30f4","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":18,"box":{"x":81,"y":552,"width":815,"height":11}},{"id":"69563d6b-45d0-4d30-a7e2-2d41fb51c4d8","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":18,"box":{"x":82,"y":566,"width":835,"height":12}},{"id":"e2afed7d-cd7f-4bad-aa91-7c9c130fe298","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":18,"box":{"x":82,"y":581,"width":827,"height":12}},{"id":"f0a295ac-b73c-443f-8fc5-30b8ae834109","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":596,"width":831,"height":12}},{"id":"90986a2d-3725-439d-8b53-af97a30a43a0","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":18,"box":{"x":81,"y":611,"width":304,"height":11}},{"id":"664d0d56-e701-41c2-bf57-adcd8f3be296","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":18,"box":{"x":81,"y":631,"width":271,"height":9}},{"id":"78764474-0fac-4b8c-8c58-190000a04568","block_type":"box","text":"—","page_number":18,"box":{"x":356,"y":636,"width":17,"height":1}},{"id":"e15d3f42-295b-4249-98bb-be73810de98e","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":18,"box":{"x":379,"y":631,"width":499,"height":11}},{"id":"7e2dd47a-5a67-4cff-ad3c-a2caec59a2ce","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":18,"box":{"x":82,"y":646,"width":839,"height":11}},{"id":"e17f628c-6520-4a06-9736-2808f422f1d5","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":18,"box":{"x":80,"y":661,"width":799,"height":11}},{"id":"d750c4fc-c0c9-495d-8f08-eca57557b4ac","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":18,"box":{"x":82,"y":676,"width":796,"height":11}},{"id":"6c5b676a-82b7-4fd6-b1a7-68507263425f","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":18,"box":{"x":81,"y":690,"width":855,"height":12}},{"id":"643c768d-4865-4f83-b2d2-6fe5203f0d7e","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":18,"box":{"x":82,"y":705,"width":441,"height":12}},{"id":"c7aa58db-2eb4-4491-8a32-084e77acdbcd","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":18,"box":{"x":81,"y":725,"width":366,"height":11}},{"id":"5a4a892b-2213-40c9-b376-3c22f85ac1a2","block_type":"box","text":"— As with other investments, investments in other investment","page_number":18,"box":{"x":450,"y":725,"width":459,"height":11}},{"id":"ec4122a8-bd52-475f-b9b2-78fbf31ab73a","block_type":"box","text":"companies, including exchange-traded funds (“ETFs”), are subject to market and selection risk. In addition, if the","page_number":18,"box":{"x":81,"y":740,"width":828,"height":11}},{"id":"5f1ac62f-909c-48de-a9bc-491e76542cd4","block_type":"box","text":"Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both","page_number":18,"box":{"x":82,"y":755,"width":817,"height":11}},{"id":"00ea1057-a215-4088-b4c7-e5888fba798c","block_type":"box","text":"their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the","page_number":18,"box":{"x":80,"y":769,"width":822,"height":12}},{"id":"00c78775-4e47-4a7b-b3dc-f00a591f97d1","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":784,"width":830,"height":12}},{"id":"9c73f041-3bd1-4d60-9fd7-76c4aabe635f","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":799,"width":836,"height":12}},{"id":"dbb619f9-437b-4f70-adb8-95332f31fa55","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":18,"box":{"x":81,"y":819,"width":396,"height":12}},{"id":"148f592c-559c-4f08-ad9d-82f65232da63","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":18,"box":{"x":481,"y":819,"width":440,"height":12}},{"id":"58648ffa-4d0f-4178-bb94-f48fb7aec541","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":834,"width":801,"height":12}},{"id":"ac32f9c3-c4df-4946-b463-dac035968939","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":849,"width":825,"height":11}},{"id":"753741d5-b0ff-49e6-bc80-991cf2b757d7","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":864,"width":816,"height":11}},{"id":"555d622b-fcc8-4b0a-b231-8678daaded89","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":878,"width":818,"height":12}},{"id":"8faa59dd-d006-4010-8223-b8f1cbfb2a61","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":893,"width":835,"height":12}},{"id":"c5e52f90-1a50-47bb-b7a4-d6b4438831d6","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":908,"width":807,"height":12}},{"id":"65c437aa-dcaa-4802-894c-233fc8a8d831","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2593b269-18b6-410e-b8ba-7760ae162b27","block_type":"box","text":"NM0926U-5977720-18/68","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9074eff2-7bf3-4cfe-b37b-eaa40482a75e","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s net asset value","page_number":19,"box":{"x":82,"y":46,"width":825,"height":11}},{"id":"48fee8eb-a645-452a-bb5d-6220e4738c37","block_type":"box","text":"and increase the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to","page_number":19,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"57849b54-a1eb-4852-9185-9f5ff9d8ff22","block_type":"box","text":"make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":19,"box":{"x":82,"y":76,"width":853,"height":10}},{"id":"87c9f9e1-cd24-4b1d-8811-820f29c7ea95","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":19,"box":{"x":81,"y":90,"width":785,"height":12}},{"id":"0fbb40d1-908d-4b15-9442-af620244b068","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":19,"box":{"x":81,"y":105,"width":841,"height":12}},{"id":"28211fcd-cddb-4e5a-841b-5a0e94d90587","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":19,"box":{"x":80,"y":120,"width":824,"height":11}},{"id":"5849093a-ca67-4739-aff5-0bec62cf865c","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":19,"box":{"x":81,"y":135,"width":822,"height":11}},{"id":"515fd3cb-6907-48df-82dd-e6811f3ab710","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":19,"box":{"x":81,"y":149,"width":801,"height":12}},{"id":"e9958605-6c2c-47e8-9e29-1654674ba998","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":19,"box":{"x":80,"y":165,"width":765,"height":11}},{"id":"1c857d6a-c382-4fdb-9238-9f9b5ff740ac","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":19,"box":{"x":82,"y":179,"width":852,"height":12}},{"id":"7d291a24-a6fd-472d-8a21-14363dc5cb9a","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":19,"box":{"x":82,"y":194,"width":847,"height":11}},{"id":"39a2d0ef-4178-4d39-bca9-89a92dd47477","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":19,"box":{"x":80,"y":209,"width":847,"height":11}},{"id":"980a1f71-c64e-494b-ba9f-e6eacca10697","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":19,"box":{"x":81,"y":224,"width":845,"height":11}},{"id":"10b6c7a6-e8a3-4ae2-b461-4cd30bd9d168","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":19,"box":{"x":82,"y":238,"width":835,"height":12}},{"id":"d4ffa980-1f5f-4822-b648-8760989b4ea0","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":19,"box":{"x":82,"y":253,"width":839,"height":12}},{"id":"42824d61-e236-4867-8421-13aba2c6199e","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":19,"box":{"x":82,"y":268,"width":461,"height":12}},{"id":"b1abedb4-0d21-4f20-895d-78fe0bb2b177","block_type":"box","text":"Money Market Securities Risk","page_number":19,"box":{"x":81,"y":288,"width":229,"height":11}},{"id":"228931b7-aa08-4ab9-b8ea-4d32cd3f5679","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":19,"box":{"x":314,"y":288,"width":570,"height":11}},{"id":"ea3a4665-6d58-48b3-8fc1-5bfeef82332a","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":19,"box":{"x":81,"y":303,"width":819,"height":11}},{"id":"4b691209-ecb2-4c29-a4d7-f619760be678","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":19,"box":{"x":82,"y":318,"width":657,"height":11}},{"id":"31b5bf43-bbb4-4cf9-b9f6-b7421a3d74d5","block_type":"box","text":"Ownership Limitations Risk","page_number":19,"box":{"x":82,"y":338,"width":205,"height":11}},{"id":"4948ab0e-7c33-487a-97c4-f48a93698f22","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":19,"box":{"x":291,"y":338,"width":610,"height":11}},{"id":"bab8f787-da88-46b9-857d-b5acc295a25a","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":19,"box":{"x":80,"y":352,"width":849,"height":12}},{"id":"e203d349-b48c-4bf7-9d46-8906f64bc7eb","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":19,"box":{"x":81,"y":367,"width":798,"height":12}},{"id":"8586dc17-1aeb-49c1-9956-446323b1a97a","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":19,"box":{"x":82,"y":382,"width":833,"height":12}},{"id":"f9f2a967-5ec3-4cfb-bef2-d2f903bed0df","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":19,"box":{"x":82,"y":397,"width":851,"height":11}},{"id":"4acc23f8-1e53-4732-bca4-b4caada220f6","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":19,"box":{"x":81,"y":412,"width":813,"height":11}},{"id":"efbda742-d8fe-49cb-a957-8b70b1785cf2","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":19,"box":{"x":82,"y":427,"width":331,"height":11}},{"id":"b970d15a-7fb5-427c-abe9-a747883d345f","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":19,"box":{"x":82,"y":447,"width":826,"height":11}},{"id":"fe57507e-6499-4492-aa8e-ca517a5d2a0e","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":19,"box":{"x":81,"y":462,"width":848,"height":11}},{"id":"29e12de3-1bc1-47fc-a0bd-deb53081be5d","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":19,"box":{"x":81,"y":476,"width":799,"height":12}},{"id":"b76f1ed4-c45d-41b8-a958-e13d124cae9d","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":19,"box":{"x":81,"y":491,"width":828,"height":12}},{"id":"5b053f40-69dc-4a48-8be1-1d160d031210","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":19,"box":{"x":81,"y":506,"width":828,"height":11}},{"id":"bc9ae3ff-ec81-42d5-b08e-df21664d679b","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":19,"box":{"x":80,"y":521,"width":837,"height":11}},{"id":"6f20b0d0-7819-4630-b915-5df0f32d84cc","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":19,"box":{"x":80,"y":535,"width":837,"height":12}},{"id":"5012c8e5-68ca-4abd-ae25-5be370450fe1","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":19,"box":{"x":82,"y":551,"width":800,"height":11}},{"id":"9f833723-ab51-48e4-82c6-717e408d7a9e","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":19,"box":{"x":81,"y":565,"width":678,"height":12}},{"id":"0b74d21f-bf70-4bb8-9abb-40229595148e","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":19,"box":{"x":81,"y":585,"width":842,"height":12}},{"id":"4ceabef5-6998-4917-902e-69e456e85f70","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":19,"box":{"x":81,"y":600,"width":833,"height":12}},{"id":"d3d92fa2-d740-4e2b-b0e0-151024251ef1","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":19,"box":{"x":82,"y":615,"width":582,"height":11}},{"id":"3c8805b5-063a-4e14-b4e1-e38b3d8f9c70","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":19,"box":{"x":81,"y":635,"width":269,"height":9}},{"id":"ccd0733a-f1fa-4ffe-8bde-1a06f0ca0edc","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":19,"box":{"x":354,"y":635,"width":527,"height":9}},{"id":"28d8eaaa-edff-4852-a068-276edeaaccd4","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":19,"box":{"x":82,"y":650,"width":816,"height":11}},{"id":"78dd9b9f-08ca-426b-8117-1bcc9f7a280f","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":665,"width":845,"height":11}},{"id":"be2d0225-175e-4e2d-bd14-f99933548fe6","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":679,"width":841,"height":12}},{"id":"ceb7b8f0-6749-40e6-852d-326cc143a8d8","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":694,"width":852,"height":12}},{"id":"de5b87fb-b126-4f59-bf57-cac7a3fb77dd","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":709,"width":841,"height":11}},{"id":"9ba52f44-cb71-4be4-ab3b-e673c55abba5","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":724,"width":807,"height":11}},{"id":"edca6133-49a0-452b-aad0-b7bfb9fcaa62","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":739,"width":815,"height":11}},{"id":"30959d29-5b26-4335-92bb-7b6cad9126a3","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":753,"width":845,"height":12}},{"id":"28039b5f-5d80-4efb-883c-41ab601b9efb","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":768,"width":828,"height":12}},{"id":"bb296be7-5f76-4760-aa1d-4ffceeec4ee6","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":783,"width":805,"height":11}},{"id":"64dd3866-8e86-491d-a43c-da8ca24e1ac6","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":798,"width":767,"height":11}},{"id":"0512a4cb-43e6-4d00-ab17-3162c6fd5f4d","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":813,"width":831,"height":11}},{"id":"7f0f785d-33fd-46a1-8f93-47752a36e4b8","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":827,"width":824,"height":12}},{"id":"5da6151c-93a6-4325-a359-641c98e6f5ac","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":842,"width":817,"height":12}},{"id":"25c11a4d-9cfc-4047-ade4-555b78d5256b","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":19,"box":{"x":81,"y":857,"width":367,"height":12}},{"id":"c370e049-5b94-4152-934d-a66e1f18c5d3","block_type":"box","text":"REIT Investment Risk","page_number":19,"box":{"x":81,"y":877,"width":163,"height":9}},{"id":"c70ed743-480f-418b-85cc-fe620663a5f3","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":248,"y":877,"width":676,"height":12}},{"id":"a80ac8d7-c861-47cb-a0e6-b80c3117c7a8","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":892,"width":846,"height":12}},{"id":"88f83a28-b1d3-464c-ad20-20fccd364393","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":907,"width":829,"height":11}},{"id":"14a04d59-4933-4d95-8db1-60564b2d5e68","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"b2635386-4b02-46ce-80b1-dc637e2e693e","block_type":"box","text":"NM0926U-5977720-19/68","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c9601707-0ece-4e7a-bd06-dda200390d96","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":20,"box":{"x":80,"y":46,"width":793,"height":11}},{"id":"ab57e5ff-1f9e-4e33-8f21-8b85bc2d7214","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":20,"box":{"x":82,"y":60,"width":836,"height":12}},{"id":"0e982d7c-43e0-45ee-ab1d-de2622e5e2fe","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":20,"box":{"x":81,"y":75,"width":814,"height":12}},{"id":"b2b4db78-fb0c-4c19-a70c-febb77163988","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":20,"box":{"x":81,"y":90,"width":825,"height":12}},{"id":"7b69855b-92aa-4944-a599-61e66ee59964","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":20,"box":{"x":81,"y":105,"width":797,"height":11}},{"id":"6ac37654-fe9a-46ff-a64d-2f3950aa6ae5","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":20,"box":{"x":81,"y":120,"width":812,"height":11}},{"id":"368ea050-aaac-4d4a-961e-82665d301f6a","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":20,"box":{"x":82,"y":135,"width":838,"height":11}},{"id":"a379e081-17f4-41fe-a360-737b561df8fb","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":20,"box":{"x":81,"y":149,"width":832,"height":12}},{"id":"6a7652d3-df4a-4669-99d2-f854d201d16f","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":20,"box":{"x":82,"y":164,"width":809,"height":12}},{"id":"7fd0e152-dd96-45bc-8b94-4ca836f5b28a","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":20,"box":{"x":81,"y":179,"width":819,"height":12}},{"id":"9d75df92-51d5-411b-ba5a-ee7872f118b1","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":20,"box":{"x":81,"y":194,"width":813,"height":11}},{"id":"c0f6cd1b-fedc-4c21-ac5d-47414ac3cf1d","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":20,"box":{"x":81,"y":209,"width":434,"height":11}},{"id":"e9e31278-2fb6-4077-a8a8-40bb90102044","block_type":"box","text":"Reliance on Advisor Risk","page_number":20,"box":{"x":81,"y":229,"width":188,"height":9}},{"id":"94130c52-a25c-4661-8e98-0970bbd06a29","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":20,"box":{"x":273,"y":229,"width":614,"height":11}},{"id":"ea3b0486-a45a-4edf-ab0d-b9408042f764","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":20,"box":{"x":80,"y":244,"width":830,"height":11}},{"id":"5d34fee1-8e1b-4fc8-a78c-298ec58167b0","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":20,"box":{"x":80,"y":258,"width":856,"height":12}},{"id":"542d0ed3-66e2-424f-a991-118132c59ee3","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":20,"box":{"x":80,"y":273,"width":841,"height":12}},{"id":"732d48ad-7c3c-4fa3-aefb-e41e42fceb35","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":20,"box":{"x":81,"y":288,"width":649,"height":12}},{"id":"a2897e50-011c-4e09-9525-c98bad8090da","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":20,"box":{"x":81,"y":308,"width":481,"height":11}},{"id":"a9092030-a0af-461a-859a-35570f60815c","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":20,"box":{"x":565,"y":308,"width":370,"height":12}},{"id":"023c489a-8ea6-47fd-bae6-4df56ab29ff5","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":20,"box":{"x":82,"y":323,"width":827,"height":11}},{"id":"61046e42-79af-4de6-a885-76638559e760","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":20,"box":{"x":81,"y":338,"width":816,"height":11}},{"id":"bc04d662-beba-4229-81b4-47ea876bb9fc","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":20,"box":{"x":81,"y":352,"width":647,"height":12}},{"id":"749d1fec-f5b0-4d37-b150-d08233d19e4d","block_type":"box","text":"Restricted Securities Risk","page_number":20,"box":{"x":81,"y":373,"width":198,"height":9}},{"id":"bf1389b2-6c27-4a36-ad9f-a55095f60bcd","block_type":"box","text":"—","page_number":20,"box":{"x":284,"y":378,"width":17,"height":1}},{"id":"f34c18c9-ff46-4dea-a6aa-9bcee9063d97","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":20,"box":{"x":306,"y":372,"width":571,"height":12}},{"id":"f72fb69a-9eea-43e3-9017-53616a6e5b2b","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":20,"box":{"x":82,"y":387,"width":843,"height":12}},{"id":"ea3c06c7-8ae6-472c-9f10-b11fefcda3eb","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":20,"box":{"x":81,"y":402,"width":813,"height":12}},{"id":"55046289-205f-45f0-8351-a95edf7d3166","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":20,"box":{"x":81,"y":417,"width":851,"height":11}},{"id":"99b53eb6-309d-44e7-bafc-04ee63956392","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":20,"box":{"x":81,"y":432,"width":774,"height":11}},{"id":"00676f1d-0664-4d5a-a2cb-166d0734bb1b","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":20,"box":{"x":82,"y":447,"width":839,"height":11}},{"id":"2627e94e-f99a-4b15-b8e2-b71f75a65357","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":20,"box":{"x":81,"y":461,"width":828,"height":12}},{"id":"c1075088-d5a6-4530-aa9b-8d5b5e47d385","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":20,"box":{"x":81,"y":476,"width":830,"height":12}},{"id":"d43d1dd1-7772-4b78-8c3d-bea2b14205fd","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":20,"box":{"x":80,"y":491,"width":787,"height":12}},{"id":"0290419a-da90-481c-a734-2cd10ee12f3e","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":20,"box":{"x":80,"y":506,"width":838,"height":11}},{"id":"e35fa163-f616-46ab-895f-2e709c1ee3e6","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":20,"box":{"x":81,"y":521,"width":843,"height":11}},{"id":"7e7ce3a6-51df-4f23-8774-a968775b91d2","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":20,"box":{"x":81,"y":535,"width":827,"height":12}},{"id":"da74b652-ed2c-45a5-a25c-0c1d4b2f044a","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":20,"box":{"x":82,"y":551,"width":812,"height":11}},{"id":"c494f661-aa1b-49ce-8625-8d7c6cfe24ed","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":20,"box":{"x":82,"y":565,"width":795,"height":12}},{"id":"dccd6448-511f-4a28-a33a-6007f3f8473b","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":20,"box":{"x":81,"y":580,"width":468,"height":11}},{"id":"0aae1137-c50e-4d3a-88e0-6294b2d341ab","block_type":"box","text":"Reverse Repurchase Agreements Risk","page_number":20,"box":{"x":81,"y":600,"width":289,"height":11}},{"id":"7b7dcc28-4a03-4f90-9c4b-3c9d4b58da02","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":20,"box":{"x":374,"y":600,"width":562,"height":12}},{"id":"39992935-596d-4855-ad9e-d0775f145030","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":20,"box":{"x":82,"y":615,"width":838,"height":11}},{"id":"fdffe032-cd04-4796-9d5c-41bb834ae3d1","block_type":"box","text":"repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at","page_number":20,"box":{"x":82,"y":630,"width":852,"height":11}},{"id":"ed8f204f-399c-41cb-8448-9a32b355fbe7","block_type":"box","text":"all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the","page_number":20,"box":{"x":81,"y":644,"width":821,"height":12}},{"id":"9b3ea3fc-a1a2-4423-90e5-ffd14b5a0033","block_type":"box","text":"Fund, including the value of the investments made with cash collateral, is less than the value of the securities.","page_number":20,"box":{"x":82,"y":659,"width":812,"height":12}},{"id":"276ad78d-5eef-4b2e-80a2-a54ef8ea8f11","block_type":"box","text":"These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements","page_number":20,"box":{"x":81,"y":674,"width":854,"height":12}},{"id":"511b0534-ce24-474f-bd6f-25226f3a8edd","block_type":"box","text":"involve the risk that the interest income earned in the investment of the proceeds will be less than the interest","page_number":20,"box":{"x":82,"y":689,"width":814,"height":11}},{"id":"1e027f8c-4944-4e22-854c-24bb0bb63b06","block_type":"box","text":"expense.","page_number":20,"box":{"x":81,"y":706,"width":64,"height":9}},{"id":"5c8bcbd8-98c9-42cc-8676-c2d7ad7e821d","block_type":"box","text":"Securities Lending Risk","page_number":20,"box":{"x":81,"y":724,"width":178,"height":11}},{"id":"d97b56c7-c1a7-4c43-af88-986c6ad4e073","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":20,"box":{"x":263,"y":724,"width":661,"height":11}},{"id":"bfd5e54c-efdb-40a2-b104-cf42c68d84d8","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":20,"box":{"x":82,"y":739,"width":852,"height":11}},{"id":"60407a96-e588-4d64-bec8-df5eb6d25d3f","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":20,"box":{"x":81,"y":753,"width":811,"height":12}},{"id":"fcb8a027-cebf-4525-bb1b-d3b983fae63d","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":20,"box":{"x":81,"y":768,"width":829,"height":12}},{"id":"0f9ce1fc-9ec0-4479-aa6d-4db002872b6a","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":20,"box":{"x":81,"y":783,"width":292,"height":11}},{"id":"b80e32d6-fd7d-4af1-a988-e6610489335f","block_type":"box","text":"Valuation Risk","page_number":20,"box":{"x":83,"y":803,"width":107,"height":9}},{"id":"bb400efb-80ae-4d0d-b9cd-29cf5feb48cf","block_type":"box","text":"—","page_number":20,"box":{"x":194,"y":808,"width":17,"height":1}},{"id":"e47615bf-b05a-4350-9ed5-40f1703220aa","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":20,"box":{"x":215,"y":803,"width":700,"height":11}},{"id":"5e98bf61-58dd-4dfb-93c5-9ae2c214b92c","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":20,"box":{"x":81,"y":818,"width":835,"height":11}},{"id":"0a5ad81b-fcc6-429d-912d-c26ce22103fe","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":20,"box":{"x":81,"y":833,"width":848,"height":11}},{"id":"56ccc101-d9c1-4123-bbe9-eb2457c5ab5e","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":20,"box":{"x":82,"y":847,"width":845,"height":12}},{"id":"7a6d09ef-4a6c-4d90-a63a-5e594a775a0e","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. 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Applications without a Financial Intermediary that select Investor C Shares will not be","page_number":25,"box":{"x":81,"y":304,"width":800,"height":9}},{"id":"fef9b6bb-5616-402d-a784-125f17f76ebe","block_type":"box","text":"accepted and accounts without an associated Financial Intermediary will not be eligible to hold Investor C Shares.","page_number":25,"box":{"x":81,"y":314,"width":669,"height":10}},{"id":"caece362-9f89-42ab-b002-940c5dd8dc8e","block_type":"box","text":"3","page_number":25,"box":{"x":61,"y":327,"width":3,"height":4}},{"id":"c8c09769-b0fc-4f90-8fb3-de9839d2545c","block_type":"box","text":"The Fund will not accept a purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a lower breakpoint","page_number":25,"box":{"x":81,"y":327,"width":838,"height":9}},{"id":"4c5ab835-2b22-4589-bcbb-57414c073ca7","block_type":"box","text":"for purchasing Investor A Shares without a front-end sales charge). Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":25,"box":{"x":81,"y":338,"width":844,"height":9}},{"id":"3ae362c0-0347-4bb6-bb5d-a565675fd046","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional Share","page_number":25,"box":{"x":60,"y":363,"width":770,"height":11}},{"id":"a799eb78-8b05-46cf-853f-dd946604b046","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share","page_number":25,"box":{"x":61,"y":378,"width":819,"height":11}},{"id":"367ee950-182b-46fa-9321-cf7e78bfac41","block_type":"box","text":"contingent deferred sales charge (“CDSC”) information, and sales charge waivers.","page_number":25,"box":{"x":61,"y":392,"width":604,"height":12}},{"id":"80a74c60-70da-41f5-9802-b814394cbdb4","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":25,"box":{"x":60,"y":415,"width":825,"height":12}},{"id":"529b1252-c40d-40db-aa2d-b5fb8ff32cb3","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. Financial Intermediaries may have different policies and","page_number":25,"box":{"x":61,"y":430,"width":840,"height":11}},{"id":"bf0b428b-401a-4852-8faa-15a73adc4700","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":25,"box":{"x":62,"y":445,"width":838,"height":11}},{"id":"db6cd20c-33ba-4327-a9ce-4bfc12f3f271","block_type":"box","text":"discussed below. In all instances, it is your responsibility to notify the Fund or your Financial Intermediary at the time","page_number":25,"box":{"x":61,"y":459,"width":857,"height":12}},{"id":"41bbcfd5-cded-4808-ab46-221232493497","block_type":"box","text":"of purchase of any relationship or other facts qualifying you for sales charge waivers or reductions.","page_number":25,"box":{"x":61,"y":474,"width":724,"height":12}},{"id":"f59236cf-fe20-4c68-b058-186f0c932285","block_type":"box","text":"For waivers and","page_number":25,"box":{"x":792,"y":474,"width":117,"height":10}},{"id":"2791fc65-a9e5-4155-a9b4-17380c3018d7","block_type":"box","text":"discounts not available through a particular Financial Intermediary, shareholders will have to purchase Fund shares","page_number":25,"box":{"x":61,"y":489,"width":867,"height":12}},{"id":"c5a1861c-51cc-4743-bebf-865ab20c469f","block_type":"box","text":"directly from the Fund or through another Financial Intermediary to receive these waivers or reductions. Please see","page_number":25,"box":{"x":61,"y":504,"width":869,"height":11}},{"id":"9232b1dd-12d1-46e1-b664-aba0de6eeb3b","block_type":"box","text":"the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus to","page_number":25,"box":{"x":60,"y":519,"width":872,"height":11}},{"id":"73350904-eed5-4095-8d1e-ec79fc97d8d5","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":25,"box":{"x":61,"y":534,"width":776,"height":11}},{"id":"f3dc9086-823b-4042-bb19-d91c402e3d28","block_type":"box","text":"Intermediary.","page_number":25,"box":{"x":61,"y":549,"width":97,"height":11}},{"id":"cf31d05e-65e5-40ea-9d9b-8d2306e9be6e","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":25,"box":{"x":62,"y":571,"width":805,"height":12}},{"id":"3a5b43f8-2daf-42a5-bd2e-c0719f1d791c","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":25,"box":{"x":62,"y":586,"width":857,"height":11}},{"id":"806a0e8f-cecd-40d0-8704-799061af26f6","block_type":"box","text":"Details About the Share Classes","page_number":25,"box":{"x":61,"y":625,"width":293,"height":11}},{"id":"45abd4bb-d7ed-4677-a879-02537c99d45d","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":25,"box":{"x":61,"y":651,"width":396,"height":13}},{"id":"3a15956c-76c1-45df-b190-3fb22a2bafa0","block_type":"box","text":"The following table shows the front-end sales charges that you may pay if you buy Investor A Shares. The offering price","page_number":25,"box":{"x":60,"y":668,"width":873,"height":11}},{"id":"0c2a29a0-4df4-4093-82e3-e89855664530","block_type":"box","text":"for Investor A Shares includes any front-end sales charge. The front-end sales charge expressed as a percentage of","page_number":25,"box":{"x":60,"y":682,"width":851,"height":12}},{"id":"e1153e84-92eb-484c-a667-75a7f7aec6ec","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. Similarly, any CDSC paid","page_number":25,"box":{"x":60,"y":697,"width":851,"height":12}},{"id":"ab323ad6-faef-4208-a0d4-d6c7b965938c","block_type":"box","text":"upon certain redemptions of Investor A Shares expressed as a percentage of the applicable redemption amount may","page_number":25,"box":{"x":61,"y":712,"width":859,"height":12}},{"id":"7aa7f5ef-b8a5-4f90-9254-dce75070bc71","block_type":"box","text":"be higher or lower than the charge described below due to rounding. You may qualify for a reduced front-end sales","page_number":25,"box":{"x":61,"y":727,"width":836,"height":12}},{"id":"b007d45b-50a7-4643-95db-68505d86be23","block_type":"box","text":"charge. Purchases of Investor A Shares at certain fixed dollar levels, known as “breakpoints,” cause a reduction in the","page_number":25,"box":{"x":61,"y":742,"width":873,"height":11}},{"id":"e9eb64c0-138c-47c1-8dae-05a467608a50","block_type":"box","text":"front-end sales charge. Once you achieve a breakpoint, you pay that sales charge on your entire purchase amount (and","page_number":25,"box":{"x":60,"y":757,"width":874,"height":11}},{"id":"a10b0dc1-5337-49e1-8d84-e79575c87b0e","block_type":"box","text":"not just the portion above the breakpoint). If you select Investor A Shares, you will pay a sales charge at the time of","page_number":25,"box":{"x":61,"y":771,"width":852,"height":12}},{"id":"b0e02755-383f-4038-a1f7-fc5c0d0758fc","block_type":"box","text":"purchase as shown in the following table.","page_number":25,"box":{"x":62,"y":786,"width":302,"height":12}},{"id":"63c1d6f0-6010-4e75-9958-ee777538e529","block_type":"box","text":"Your Investment","page_number":25,"box":{"x":69,"y":846,"width":96,"height":7}},{"id":"7df07941-3583-41ff-b2df-87da07712dbe","block_type":"box","text":"Sales Charge","page_number":25,"box":{"x":548,"y":825,"width":79,"height":9}},{"id":"1c58a02d-8889-4bf8-9c37-a865ae9903fe","block_type":"box","text":"as a % of","page_number":25,"box":{"x":561,"y":835,"width":54,"height":8}},{"id":"8c1798b3-5314-48f2-9b17-2675c8752972","block_type":"box","text":"Offering 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5.00%","page_number":25,"box":{"x":70,"y":862,"width":830,"height":10}},{"id":"09556f91-e723-4325-997a-d86194c05409","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":25,"box":{"x":70,"y":880,"width":830,"height":10}},{"id":"691a5433-4231-4d29-8a78-3aa994db7547","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":25,"box":{"x":70,"y":898,"width":830,"height":10}},{"id":"b862c40c-994b-47df-9a2b-e3f755929269","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"88fcfa12-1299-4b9d-88c5-48bad56c6c40","block_type":"box","text":"NM0926U-5977720-25/68","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0d973cfe-385a-410f-8b86-08e5ca21001a","block_type":"box","text":"Your Investment","page_number":26,"box":{"x":69,"y":81,"width":96,"height":7}},{"id":"b75b4c24-e15e-44f5-a1f3-b001784a4183","block_type":"box","text":"Sales 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2.75%","page_number":26,"box":{"x":70,"y":98,"width":830,"height":10}},{"id":"f55ba8a3-19b3-4d10-ae95-0fdc730171fc","block_type":"box","text":"$250,000 but less than $500,000 2.50% 2.56% 2.25%","page_number":26,"box":{"x":70,"y":116,"width":830,"height":10}},{"id":"e7bbe37f-bd91-4e27-b0fc-0a0576872ae1","block_type":"box","text":"$500,000 but less than $750,000 2.00% 2.04% 1.75%","page_number":26,"box":{"x":70,"y":134,"width":830,"height":10}},{"id":"b1a436e2-9c17-4b19-b787-33c85362355a","block_type":"box","text":"$750,000 but less than $1,000,000 1.50% 1.52% 1.25%","page_number":26,"box":{"x":70,"y":152,"width":830,"height":10}},{"id":"30b4d8b2-4dc9-42dd-a3e3-679ef5b22c08","block_type":"box","text":"$1,000,000 and 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percent.","page_number":26,"box":{"x":81,"y":190,"width":278,"height":9}},{"id":"6372771b-f62e-4ac0-9bf3-170b9936fe60","block_type":"box","text":"2","page_number":26,"box":{"x":61,"y":203,"width":3,"height":4}},{"id":"95f00f09-c1ed-46ea-86e3-9f8f73c946f7","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the","page_number":26,"box":{"x":82,"y":202,"width":802,"height":10}},{"id":"b26a17b4-4459-41be-a820-36e694ec0d5b","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":26,"box":{"x":81,"y":213,"width":819,"height":9}},{"id":"f4b9e0b2-e079-4667-be8d-0063e2c599c2","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":26,"box":{"x":81,"y":223,"width":821,"height":10}},{"id":"6c9920ce-3137-4537-b390-158f6bc65147","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":26,"box":{"x":81,"y":234,"width":444,"height":9}},{"id":"fa5560c0-1514-493d-a93d-67efd95d66b0","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":26,"box":{"x":62,"y":259,"width":837,"height":12}},{"id":"01dc6319-c778-41ab-b3d9-8c75f5787e27","block_type":"box","text":"gains.","page_number":26,"box":{"x":60,"y":274,"width":43,"height":11}},{"id":"01413141-6543-4ad3-8f54-e2eea55eb326","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":26,"box":{"x":60,"y":297,"width":490,"height":12}},{"id":"0296ff04-ed25-4eb9-a636-53acc20531e2","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":26,"box":{"x":60,"y":313,"width":841,"height":12}},{"id":"53498f11-aeeb-4992-91b9-7b42aa2f2494","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":26,"box":{"x":61,"y":328,"width":831,"height":12}},{"id":"f1f293d2-6096-4843-938b-c15d71b0e08e","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":26,"box":{"x":61,"y":343,"width":876,"height":11}},{"id":"cd78cd0d-6380-4867-b154-bd8fb254c2ed","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":26,"box":{"x":61,"y":358,"width":856,"height":11}},{"id":"4fd8064f-4b08-48f9-b193-08ea05c8525e","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":26,"box":{"x":61,"y":372,"width":872,"height":12}},{"id":"113fdee4-8fa7-41f5-94db-ab574f1e5910","block_type":"box","text":"below).","page_number":26,"box":{"x":61,"y":388,"width":50,"height":11}},{"id":"bf25b844-ea03-455c-b468-ea58bd16b401","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or right of accumulation will apply to the value of all qualifying","page_number":26,"box":{"x":62,"y":410,"width":840,"height":11}},{"id":"cf544201-4ab9-4b1d-b4ad-36ef72ceabb2","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":26,"box":{"x":61,"y":425,"width":875,"height":11}},{"id":"7dcb35f4-fd1d-4f7b-baef-68306ba8b0c5","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":26,"box":{"x":61,"y":439,"width":875,"height":12}},{"id":"6a141374-5b93-4fdb-b2bc-dee989db4416","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":26,"box":{"x":61,"y":454,"width":847,"height":12}},{"id":"7533e50a-c245-43e2-860f-41abf609ea53","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":26,"box":{"x":61,"y":469,"width":844,"height":12}},{"id":"bdf6b825-9906-4197-8576-65f43fe9643f","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":26,"box":{"x":62,"y":484,"width":484,"height":12}},{"id":"bed44077-f663-47b7-bcb0-99557a2e20cf","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":26,"box":{"x":61,"y":504,"width":861,"height":11}},{"id":"3b693d2d-79f2-4c80-989f-c54392786b40","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":26,"box":{"x":60,"y":519,"width":817,"height":11}},{"id":"f770eb9b-2e78-47c0-b17c-4587f408f651","block_type":"box","text":"Qualifying Holdings","page_number":26,"box":{"x":62,"y":541,"width":143,"height":12}},{"id":"0c8f849f-003a-4452-8fcb-cd56fc7ab3b2","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":26,"box":{"x":209,"y":541,"width":696,"height":12}},{"id":"14696ef2-5c38-4cb5-8fd3-7225ff0729e2","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":26,"box":{"x":62,"y":556,"width":836,"height":12}},{"id":"03f7474f-32a6-4c13-8089-878dab1e49bd","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":26,"box":{"x":61,"y":571,"width":808,"height":12}},{"id":"f67cdd8b-6d35-4480-b6be-68ef324aeb50","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":26,"box":{"x":62,"y":586,"width":314,"height":11}},{"id":"2b6ce1c0-f397-46e7-b4f5-a989ac622559","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":26,"box":{"x":61,"y":608,"width":867,"height":12}},{"id":"df2fa07a-bd4d-4f33-baa1-6b66567abe38","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":26,"box":{"x":61,"y":623,"width":844,"height":12}},{"id":"e5909570-8e42-4522-8c37-4e53e99e441b","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":26,"box":{"x":61,"y":638,"width":856,"height":11}},{"id":"b24d41a3-f1b9-47f0-ad44-f679c2d365bd","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":26,"box":{"x":62,"y":653,"width":818,"height":11}},{"id":"e3e23b18-1dc7-4dc3-984b-61ef8398495a","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":26,"box":{"x":62,"y":668,"width":811,"height":11}},{"id":"f615573f-7b53-4cbd-bb1d-2aefa9c4cdd1","block_type":"box","text":"nominee or custodian.","page_number":26,"box":{"x":61,"y":683,"width":162,"height":9}},{"id":"2d71db55-ef78-4641-abd5-2554467bd2c4","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":26,"box":{"x":62,"y":705,"width":861,"height":12}},{"id":"c523a2a4-0e5c-4124-8bdd-afde50834857","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":26,"box":{"x":62,"y":720,"width":836,"height":11}},{"id":"5e722b0b-a780-4fad-986c-ff69d20d1adb","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":26,"box":{"x":62,"y":735,"width":862,"height":11}},{"id":"0a4fbbf6-cd94-48ba-b44f-11fd3da34b75","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":26,"box":{"x":61,"y":749,"width":875,"height":12}},{"id":"299aae73-e625-44ea-8db7-b027f8854e5b","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":26,"box":{"x":60,"y":765,"width":312,"height":9}},{"id":"af4a5795-529e-4b3a-ba3a-0dd5a64780e4","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":26,"box":{"x":60,"y":787,"width":828,"height":11}},{"id":"90b24aed-5516-49fe-9b8d-41d06bc5490c","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":26,"box":{"x":61,"y":802,"width":850,"height":11}},{"id":"2a1a8a38-277d-49a6-8474-ed2f7f1c7910","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":26,"box":{"x":60,"y":817,"width":856,"height":11}},{"id":"c7541d28-4454-464c-b9a2-c625f99940d6","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":26,"box":{"x":60,"y":831,"width":845,"height":12}},{"id":"ff206b9e-ce90-46ab-918e-0f9c899bc022","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":26,"box":{"x":62,"y":846,"width":667,"height":12}},{"id":"01501fc2-acda-49de-9aee-4eab30f8070a","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":26,"box":{"x":62,"y":869,"width":531,"height":11}},{"id":"611d4a05-951c-47e7-b424-1d31ef477070","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"854f748f-b760-4904-9010-96f0d85ea515","block_type":"box","text":"NM0926U-5977720-26/68","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1828a269-ee6b-4596-82b6-b157746a9338","block_type":"box","text":"Letter of Intent","page_number":27,"box":{"x":61,"y":46,"width":124,"height":10}},{"id":"5c6eb82e-a97d-47d3-82a8-2b83a59dcef3","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":27,"box":{"x":60,"y":62,"width":839,"height":12}},{"id":"3dbf1ec2-af32-4031-97ad-00f24ed61028","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":27,"box":{"x":62,"y":77,"width":875,"height":12}},{"id":"8500e1b9-8537-4fa8-88d0-3e74b0848e34","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":27,"box":{"x":61,"y":92,"width":431,"height":12}},{"id":"549813b3-f1fa-4c23-83ee-eb11bf6363c7","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":27,"box":{"x":82,"y":115,"width":794,"height":11}},{"id":"391f0726-0730-4cc3-b779-8c2678beb1e1","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":27,"box":{"x":82,"y":137,"width":675,"height":12}},{"id":"3cc5c158-a401-431f-a4df-ae011e58a937","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":27,"box":{"x":82,"y":160,"width":820,"height":11}},{"id":"8817260f-a562-4e85-ad5e-034fab228aa8","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":27,"box":{"x":60,"y":182,"width":830,"height":12}},{"id":"9e985d06-4741-4970-a470-c4293c458782","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":27,"box":{"x":61,"y":197,"width":524,"height":12}},{"id":"dfb8d74f-7db3-4352-8cfe-d95fc46b378b","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":27,"box":{"x":60,"y":220,"width":865,"height":11}},{"id":"cc535720-3b32-46ac-bea7-4b01098d4118","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":27,"box":{"x":61,"y":235,"width":862,"height":11}},{"id":"527d6145-2e43-4e03-8870-6797f10aa711","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":27,"box":{"x":61,"y":249,"width":870,"height":12}},{"id":"d992f972-7c50-4b4b-9a52-e0b04d1c0072","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":27,"box":{"x":61,"y":264,"width":384,"height":12}},{"id":"d4be3a8f-3d65-49ff-b832-79b2d415b6f5","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":27,"box":{"x":60,"y":287,"width":823,"height":11}},{"id":"7af09582-f7e8-41e5-8057-57a20a28dbcf","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":27,"box":{"x":61,"y":302,"width":842,"height":11}},{"id":"1f859122-09f0-4fa7-b61f-296f17b21be6","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":27,"box":{"x":61,"y":316,"width":765,"height":12}},{"id":"4f5c3c0b-ce54-4a07-9454-2cee49aa8271","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":27,"box":{"x":62,"y":339,"width":833,"height":11}},{"id":"df98c5e9-8e10-41e0-8cff-56f31564d087","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":27,"box":{"x":61,"y":354,"width":852,"height":11}},{"id":"2f8e9377-7f8d-4d11-b43e-8de4c3db3827","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":27,"box":{"x":61,"y":369,"width":872,"height":11}},{"id":"d3c56d1d-1d93-4cfc-b271-f4aef0031dd0","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":27,"box":{"x":60,"y":383,"width":860,"height":12}},{"id":"4d3879b2-6c7f-4d46-a671-9777bc3c3e0d","block_type":"box","text":"difference.","page_number":27,"box":{"x":61,"y":398,"width":77,"height":9}},{"id":"7fa080e1-0afd-42f9-9e7a-a2cec5d3aee0","block_type":"box","text":"Right of Accumulation","page_number":27,"box":{"x":61,"y":421,"width":183,"height":13}},{"id":"b5f20850-82e0-4033-afc8-8849688a3e16","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":27,"box":{"x":62,"y":438,"width":839,"height":11}},{"id":"19ab75c2-106f-47ee-8acb-7c955f5cef8e","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":27,"box":{"x":61,"y":452,"width":856,"height":12}},{"id":"18f85dd2-dbea-4d60-855e-cd767710ead4","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":27,"box":{"x":82,"y":475,"width":821,"height":11}},{"id":"f59905d1-9725-451d-bac0-185b6411cbc9","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":27,"box":{"x":102,"y":490,"width":306,"height":11}},{"id":"6744c213-49ba-4835-bf0b-735a61dc54dc","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":27,"box":{"x":82,"y":512,"width":771,"height":12}},{"id":"d004d744-b579-46a5-8243-4bd54a883f88","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":27,"box":{"x":82,"y":535,"width":788,"height":11}},{"id":"8ce9f7a6-9178-45c1-87d7-95eda7a5f0f4","block_type":"box","text":"investor’s spouse and children.","page_number":27,"box":{"x":102,"y":550,"width":228,"height":11}},{"id":"e46b42f8-c443-4246-ae7d-1dfe819f84c8","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":27,"box":{"x":62,"y":572,"width":866,"height":12}},{"id":"37202532-0c98-4208-9894-c9b66f797e0d","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":27,"box":{"x":61,"y":587,"width":866,"height":12}},{"id":"57d9a5e0-e96d-45ab-a4bd-fb2704875254","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":27,"box":{"x":62,"y":602,"width":854,"height":11}},{"id":"98b8ac2a-e1d9-40c2-9068-aff6113d6c98","block_type":"box","text":"any previously purchased shares.","page_number":27,"box":{"x":61,"y":617,"width":243,"height":11}},{"id":"c0acd794-ad0c-4da4-bb0e-c09bb95e1af0","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":27,"box":{"x":61,"y":640,"width":314,"height":12}},{"id":"15fb2991-7e30-4ce9-a914-2a0c1fa54331","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":27,"box":{"x":60,"y":656,"width":623,"height":12}},{"id":"3aec7d2d-1333-410f-97bc-1c1e00ade17e","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":27,"box":{"x":81,"y":676,"width":846,"height":11}},{"id":"bc4f10cd-ed25-444f-9eb8-af7882b5e37d","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":27,"box":{"x":82,"y":691,"width":352,"height":11}},{"id":"b9dfca05-006f-4954-a863-6fa272803690","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":27,"box":{"x":82,"y":711,"width":817,"height":11}},{"id":"8d3cae4b-6bcf-485e-8c38-aa256bc3f710","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":27,"box":{"x":80,"y":726,"width":854,"height":11}},{"id":"660e6761-fb77-4cfc-a85b-5ca8a1513db8","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":27,"box":{"x":81,"y":741,"width":840,"height":11}},{"id":"cf9dcfdf-e5e7-4a1b-9b6d-1cc121272fe4","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":27,"box":{"x":81,"y":755,"width":760,"height":12}},{"id":"ee7fe86c-abc5-4070-b9d7-23df17c398df","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":27,"box":{"x":82,"y":770,"width":812,"height":12}},{"id":"67269980-1ca8-4ce5-a107-e8f2e182bb01","block_type":"box","text":"Distributor;","page_number":27,"box":{"x":82,"y":785,"width":79,"height":11}},{"id":"bffc7e31-4d6b-4c4e-b053-28ab52d85e68","block_type":"box","text":"Insurance company separate accounts;","page_number":27,"box":{"x":82,"y":805,"width":286,"height":11}},{"id":"2b13c2ff-5680-4d99-a82c-6d9600f2e4e0","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":27,"box":{"x":82,"y":825,"width":836,"height":11}},{"id":"7b961ec8-dba6-4582-ba18-74aa6b06e3af","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":27,"box":{"x":81,"y":840,"width":446,"height":11}},{"id":"a45fa396-1c17-47a5-8ac2-362f68ee8ab6","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":27,"box":{"x":81,"y":860,"width":815,"height":11}},{"id":"9043c518-5e64-439f-9605-d63d4a6bbb21","block_type":"box","text":"broker-dealer or other financial institution;","page_number":27,"box":{"x":81,"y":875,"width":306,"height":10}},{"id":"b672a07c-964f-46cc-a137-18acf75b2307","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"673f2163-8c03-432b-8896-c6dd540094b2","block_type":"box","text":"NM0926U-5977720-27/68","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ecfc7f72-692c-4d0d-9862-894a71f6f1cf","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":28,"box":{"x":82,"y":46,"width":828,"height":11}},{"id":"f94b84fe-c8a1-4aca-8cfc-fdb14569cf6c","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":28,"box":{"x":82,"y":60,"width":800,"height":12}},{"id":"3b9afffd-9cce-45f2-83f5-86698ffc25cb","block_type":"box","text":"transaction fee;","page_number":28,"box":{"x":80,"y":75,"width":114,"height":11}},{"id":"65c0901c-ddb4-4b3b-ad35-fda2b8fa28e3","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":28,"box":{"x":81,"y":95,"width":819,"height":12}},{"id":"89eced9d-41a7-447b-8e98-c614f78e5392","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":28,"box":{"x":81,"y":110,"width":846,"height":12}},{"id":"bd23349d-e7ea-44db-879e-fea03cc33ad5","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":28,"box":{"x":82,"y":125,"width":843,"height":11}},{"id":"6bff75cc-dac1-4969-9bbb-5ef45a020469","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":28,"box":{"x":82,"y":140,"width":829,"height":11}},{"id":"308335e2-a7fe-4df1-a8c7-0d8a5dddff48","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":28,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"275ab69d-6f21-45a9-8b47-5560ea0a014a","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":28,"box":{"x":81,"y":175,"width":841,"height":11}},{"id":"229c0bf2-c6d6-4046-921c-7da1b442beaa","block_type":"box","text":"Internal Revenue Code; and","page_number":28,"box":{"x":82,"y":190,"width":201,"height":10}},{"id":"57898a12-120d-4284-b01e-f8f78b99b4c7","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":28,"box":{"x":81,"y":210,"width":808,"height":11}},{"id":"daa9492a-7966-4eb0-9c0b-5f0f37750c37","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":28,"box":{"x":62,"y":232,"width":852,"height":11}},{"id":"f75dc1ba-1abb-490f-a54f-799e2dd63209","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":28,"box":{"x":62,"y":247,"width":846,"height":11}},{"id":"8b893c84-b959-404d-a5bc-8b1b27ea02d9","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":28,"box":{"x":62,"y":262,"width":434,"height":11}},{"id":"33dd8fd2-3a5a-47b9-8be6-c1e00be3ded5","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":28,"box":{"x":62,"y":284,"width":864,"height":12}},{"id":"c7123637-3fa9-4d2d-b3fb-bf6fd9969f0b","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":28,"box":{"x":61,"y":299,"width":852,"height":12}},{"id":"af571a92-e8f8-46d2-a78c-75c3c02b4e38","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":28,"box":{"x":62,"y":314,"width":837,"height":11}},{"id":"0f6e545d-a9c8-4fb4-bb6c-984d25d08546","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":28,"box":{"x":62,"y":329,"width":873,"height":11}},{"id":"6c556070-cd92-43cf-8152-e4be2630b870","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":28,"box":{"x":62,"y":343,"width":317,"height":12}},{"id":"61a045d7-9cb5-4a7b-8c5b-d187fe4a8a05","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":28,"box":{"x":61,"y":363,"width":861,"height":12}},{"id":"8b8578e4-693b-4a22-ba52-9ec8c58c37f2","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":28,"box":{"x":60,"y":378,"width":817,"height":12}},{"id":"9bf347f2-5097-4abb-9af5-d0118363d192","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":28,"box":{"x":61,"y":401,"width":306,"height":10}},{"id":"bd635fe8-502c-4b0e-81c3-98e28261100f","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":28,"box":{"x":62,"y":417,"width":814,"height":12}},{"id":"7b735019-a82f-4bd8-8ca5-fd264b2f594c","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":28,"box":{"x":61,"y":432,"width":828,"height":12}},{"id":"7b7f3817-43de-4c1e-be69-0cc36cab0667","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":28,"box":{"x":62,"y":447,"width":857,"height":12}},{"id":"aa81ab20-66a0-407a-a5cf-b6e79f157d18","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":28,"box":{"x":61,"y":462,"width":451,"height":12}},{"id":"265e62b8-e763-4830-9eec-adc9cba76063","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":28,"box":{"x":62,"y":485,"width":860,"height":11}},{"id":"6d85ef19-5186-4dc0-b586-40df603ac04c","block_type":"box","text":"Shares are subject to a front-end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":28,"box":{"x":61,"y":499,"width":847,"height":12}},{"id":"9cefc658-fe2d-417d-b92d-da5aaabd2f69","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":28,"box":{"x":60,"y":514,"width":863,"height":12}},{"id":"f0dd8a0d-7da8-4d8d-a4bb-cfd4a69e23fb","block_type":"box","text":"monthly basis.","page_number":28,"box":{"x":61,"y":529,"width":105,"height":11}},{"id":"0594ebf6-8fb0-4054-9bea-f124c9f89f1a","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":28,"box":{"x":61,"y":552,"width":420,"height":13}},{"id":"b2c0f985-74ec-40e4-b913-d13f4d8ea57a","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":28,"box":{"x":62,"y":568,"width":865,"height":12}},{"id":"4b825ab1-8fe6-43ba-95d1-d3428cd5bf04","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":28,"box":{"x":60,"y":583,"width":858,"height":12}},{"id":"e0a4e959-20c6-42ec-8fcc-49aebf79559a","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":28,"box":{"x":60,"y":598,"width":795,"height":12}},{"id":"08932814-0bf2-40c7-9eea-98470b9ef94b","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":28,"box":{"x":61,"y":613,"width":874,"height":11}},{"id":"9bb589b7-ac9d-4b18-92b6-e52ba3bc3069","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":28,"box":{"x":61,"y":628,"width":867,"height":11}},{"id":"13e0247c-2189-4559-80be-aa8823e105e1","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":28,"box":{"x":60,"y":642,"width":843,"height":12}},{"id":"5ccad7ae-a51a-404b-b701-357435069e09","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":28,"box":{"x":62,"y":657,"width":873,"height":12}},{"id":"601d736b-8c94-4168-ae2b-32a49b7ab2ba","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":28,"box":{"x":60,"y":672,"width":745,"height":12}},{"id":"ba9f499d-d854-4c6a-abe7-97d8899241c4","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":28,"box":{"x":62,"y":695,"width":864,"height":11}},{"id":"f8f941e2-2229-4125-b6d3-8612dfd782e1","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":28,"box":{"x":61,"y":710,"width":870,"height":11}},{"id":"9157f2cd-9cfa-4297-b859-a80948932984","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":28,"box":{"x":61,"y":724,"width":823,"height":12}},{"id":"919311d1-acea-435e-a11f-ee3dbbd951da","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":28,"box":{"x":62,"y":739,"width":847,"height":12}},{"id":"f354865f-b915-4628-8016-05d268e205a5","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":28,"box":{"x":61,"y":754,"width":842,"height":11}},{"id":"95c00f5a-b683-446b-9d11-ea50755ebe17","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":28,"box":{"x":62,"y":769,"width":865,"height":11}},{"id":"efc7c8a7-4ed7-42da-b6e3-5a28f887c50a","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":28,"box":{"x":61,"y":784,"width":832,"height":11}},{"id":"6a2f7dfd-db98-481a-ae4e-23d17f607765","block_type":"box","text":"Intermediary for additional information.","page_number":28,"box":{"x":62,"y":798,"width":285,"height":12}},{"id":"05cf868b-feff-4b43-8aa2-06731d3ad417","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":28,"box":{"x":62,"y":821,"width":869,"height":12}},{"id":"078e1755-81db-47c8-871c-9be73fc6d433","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":28,"box":{"x":61,"y":836,"width":810,"height":11}},{"id":"8426acf2-29cb-486c-a73f-4c91f541214a","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":28,"box":{"x":61,"y":856,"width":861,"height":11}},{"id":"2d7e83a2-12c7-40fa-a17e-f86f2913f384","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":28,"box":{"x":60,"y":871,"width":817,"height":11}},{"id":"6cdbed87-17b5-472f-9f08-89a077581f84","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":28,"box":{"x":60,"y":893,"width":870,"height":12}},{"id":"2ad79b56-a987-4cae-9e9f-59b0df531a04","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":28,"box":{"x":60,"y":908,"width":870,"height":12}},{"id":"6f64cd3e-a463-4970-9871-5e76b1e8552d","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"00a9a5cd-0f9d-4400-84ba-0ef39404f416","block_type":"box","text":"NM0926U-5977720-28/68","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"315fda74-41d9-40fa-ab85-4d97908a670f","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":29,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"1c71a19c-29d2-4d35-8201-8300af9dc4cf","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":29,"box":{"x":60,"y":60,"width":849,"height":12}},{"id":"75277c93-a496-46c7-b0a2-04c35962a640","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":29,"box":{"x":60,"y":76,"width":517,"height":11}},{"id":"c57464da-d095-4257-97f4-d3a03cdc9446","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":29,"box":{"x":60,"y":98,"width":870,"height":11}},{"id":"d9fa6389-e00f-4f6b-8eab-87df0497ee51","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":29,"box":{"x":61,"y":113,"width":853,"height":11}},{"id":"66781a35-c2c7-42c6-8990-0811bdd3e264","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":29,"box":{"x":62,"y":127,"width":851,"height":12}},{"id":"0ce10deb-990b-4de6-b1b0-116b8797115e","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":29,"box":{"x":60,"y":142,"width":856,"height":12}},{"id":"68c8576c-2938-435e-9725-1aeca1ed1d59","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":29,"box":{"x":61,"y":157,"width":850,"height":12}},{"id":"06a79e88-7ea2-44aa-ad23-81f802afa208","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":29,"box":{"x":62,"y":172,"width":866,"height":12}},{"id":"8517fc8e-6cf9-4527-8c9e-bca28b2c2512","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":60,"y":187,"width":782,"height":11}},{"id":"10b65048-a57c-44ec-bcc4-387470a94f06","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":202,"width":317,"height":11}},{"id":"df92c0b5-ebab-41f0-9f81-67f23d4d9263","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":29,"box":{"x":61,"y":225,"width":352,"height":12}},{"id":"0c5f7900-7e44-4cfc-a3cf-65e1afd6a82f","block_type":"box","text":"The deferred sales charge relating to Investor A and Investor C Shares may be reduced or waived in certain","page_number":29,"box":{"x":60,"y":241,"width":788,"height":12}},{"id":"7df17246-f749-4efa-b690-a769ca5545e3","block_type":"box","text":"circumstances, such as:","page_number":29,"box":{"x":61,"y":256,"width":177,"height":11}},{"id":"91f7ba99-617a-47e4-9195-cc1df21e2ffc","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":29,"box":{"x":82,"y":276,"width":824,"height":11}},{"id":"17f69442-311e-4c64-9671-ba8e35a803f5","block_type":"box","text":"investments in the Fund through such plans;","page_number":29,"box":{"x":82,"y":291,"width":324,"height":11}},{"id":"134d7b00-a2ab-4dd3-876d-a22d7c573fa7","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":29,"box":{"x":82,"y":311,"width":844,"height":11}},{"id":"cca9d795-082a-4563-8085-d5d9914bbdd8","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":29,"box":{"x":82,"y":325,"width":375,"height":12}},{"id":"bf240af8-3703-454b-84f7-4280a494b87e","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":29,"box":{"x":82,"y":345,"width":826,"height":12}},{"id":"3820238b-1c4b-468a-be04-e0dc5980e4b5","block_type":"box","text":"shareholder reaching the age of 72;","page_number":29,"box":{"x":81,"y":360,"width":262,"height":12}},{"id":"fca2eba9-735d-439b-8c56-1aea3556182f","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":29,"box":{"x":82,"y":380,"width":804,"height":12}},{"id":"eca57e58-4a68-4db8-8bc1-975484787832","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":29,"box":{"x":82,"y":400,"width":847,"height":12}},{"id":"1910a062-1703-4b98-b2c5-9d010d057ccd","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":29,"box":{"x":82,"y":415,"width":834,"height":12}},{"id":"97d5b4ee-4052-49a6-a142-6e46c837a5e1","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":29,"box":{"x":81,"y":430,"width":297,"height":11}},{"id":"220320ba-8d7d-4282-a808-1b39e728c5f6","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":29,"box":{"x":81,"y":450,"width":847,"height":11}},{"id":"9f4c8df2-76ea-45ec-a3cf-526be0c50173","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":29,"box":{"x":81,"y":465,"width":360,"height":11}},{"id":"a5f38c87-b23d-4884-93c7-56504f3dca68","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":29,"box":{"x":82,"y":485,"width":525,"height":11}},{"id":"dd6e819c-37a3-40bb-bec6-e34a96e45676","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":29,"box":{"x":81,"y":505,"width":833,"height":11}},{"id":"1282a282-d929-4823-9e98-0489580e567f","block_type":"box","text":"affiliate;","page_number":29,"box":{"x":81,"y":519,"width":59,"height":11}},{"id":"8cba2005-4cd6-4a5c-8aff-fb3694817785","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":29,"box":{"x":82,"y":539,"width":823,"height":12}},{"id":"ce2cd935-c59d-4c58-9845-9f8298feb4fe","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":29,"box":{"x":82,"y":559,"width":732,"height":12}},{"id":"25d62cd6-5a0a-4141-b779-695f633f64bf","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":579,"width":861,"height":12}},{"id":"3086c95b-560b-420d-bd25-0999707f90ca","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":594,"width":817,"height":12}},{"id":"389846ed-f9ef-4ce6-abf4-ef2c688fe616","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":29,"box":{"x":62,"y":617,"width":805,"height":11}},{"id":"fffd327d-d5ea-4e5f-afcc-49f4fb51cdb9","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":29,"box":{"x":62,"y":632,"width":857,"height":11}},{"id":"57a6990b-9f6e-401c-932c-b59158971ffd","block_type":"box","text":"Institutional Shares","page_number":29,"box":{"x":61,"y":655,"width":161,"height":10}},{"id":"f77737b3-9d01-4ab5-9414-1e7f7da98000","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":29,"box":{"x":62,"y":671,"width":864,"height":11}},{"id":"8e87e12e-4d2d-4d9a-bf8c-c6c5d4f35826","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":29,"box":{"x":60,"y":686,"width":865,"height":11}},{"id":"05057eb1-f72f-42d5-9b7a-5b8607a1e72b","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":29,"box":{"x":62,"y":701,"width":845,"height":11}},{"id":"61f301f6-dad1-4daf-a4eb-33a2b53e18ac","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":29,"box":{"x":61,"y":716,"width":557,"height":11}},{"id":"64873b8e-e21a-46f6-a5fb-5d5b3102ae07","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":29,"box":{"x":62,"y":738,"width":826,"height":11}},{"id":"4ac20613-6084-439a-b740-19bc47122d18","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":29,"box":{"x":61,"y":753,"width":838,"height":11}},{"id":"9819e2de-cdcf-440e-9503-0f253c669c24","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":29,"box":{"x":61,"y":768,"width":816,"height":11}},{"id":"42c55894-7eaa-45fa-a725-00d41f93a6b1","block_type":"box","text":"classes that have different fees and expenses.","page_number":29,"box":{"x":61,"y":782,"width":345,"height":12}},{"id":"f530a6d0-210a-44d5-ba38-fffe98185eeb","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":29,"box":{"x":62,"y":805,"width":421,"height":12}},{"id":"96faa424-0d59-4abc-a0d1-ffd7d0edf697","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":29,"box":{"x":82,"y":824,"width":854,"height":12}},{"id":"cc440782-995a-4744-a18d-b1fffbfdddbc","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":29,"box":{"x":80,"y":840,"width":849,"height":11}},{"id":"cdbb48b3-6618-404d-90c3-6da54df4ae92","block_type":"box","text":"shares;","page_number":29,"box":{"x":81,"y":855,"width":53,"height":10}},{"id":"f90d792f-2b69-4006-b459-64a19415c39b","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":29,"box":{"x":81,"y":875,"width":838,"height":11}},{"id":"d5ea73af-26d3-4d46-a85a-1d2ca2d2a7c8","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":29,"box":{"x":81,"y":889,"width":829,"height":12}},{"id":"5c5e3452-7f87-40af-8677-3ab3bd1c1b00","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":29,"box":{"x":82,"y":904,"width":604,"height":12}},{"id":"c5a899fe-ad9a-4701-be9f-59700d503cbc","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"94f1e9f6-a347-47a1-af85-f4eee5b2624d","block_type":"box","text":"NM0926U-5977720-29/68","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c5c38bf7-8e28-49a2-b734-2ce04b10528b","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":30,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"9961be99-d1ac-4690-a94f-5fceec3b38ea","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":30,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"229f0e1f-79f0-4287-8c4b-ac5bc41e5488","block_type":"box","text":"initial investment of $1,000;","page_number":30,"box":{"x":82,"y":75,"width":207,"height":11}},{"id":"6859d503-ca83-4f93-acfa-3809425d8639","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":30,"box":{"x":81,"y":95,"width":816,"height":12}},{"id":"7275ad9b-fb5f-4731-802b-2f6c577ff254","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":30,"box":{"x":82,"y":110,"width":821,"height":12}},{"id":"b5365eac-2e97-441f-8e4e-9016d463da1b","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":30,"box":{"x":80,"y":125,"width":835,"height":11}},{"id":"bdf136a7-3ac9-4955-862b-eab3ea86a876","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":30,"box":{"x":81,"y":140,"width":835,"height":11}},{"id":"4caf18d1-9aa3-4d50-a74a-52049fb3f162","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":30,"box":{"x":80,"y":155,"width":849,"height":11}},{"id":"8625ca76-6ad6-408b-8a59-4d21ba25a367","block_type":"box","text":"shares;","page_number":30,"box":{"x":81,"y":170,"width":53,"height":10}},{"id":"938ea2a4-7ef3-42ac-a66d-6603d090bb4f","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":30,"box":{"x":81,"y":189,"width":810,"height":12}},{"id":"54d29771-2818-48e9-806a-f53b906b4d07","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":30,"box":{"x":81,"y":204,"width":812,"height":12}},{"id":"17ccba72-a714-447a-9dea-793a65701579","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":30,"box":{"x":81,"y":218,"width":719,"height":12}},{"id":"08ecf312-7b7f-4ba4-9c27-5b801e62cc25","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":30,"box":{"x":82,"y":239,"width":799,"height":11}},{"id":"4b20b75a-610e-4c44-8399-d4a3bddb1f42","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":30,"box":{"x":82,"y":254,"width":794,"height":11}},{"id":"27fdc1ba-e090-482a-acef-b6b7565ed96a","block_type":"box","text":"investment;","page_number":30,"box":{"x":82,"y":269,"width":83,"height":10}},{"id":"437c508b-cecb-4579-8090-4f4c1a2e6960","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":30,"box":{"x":82,"y":289,"width":805,"height":11}},{"id":"33a5c8cd-3d7d-4272-8263-f299d01b2132","block_type":"box","text":"respective affiliates and immediate family members of such persons, who are not subject to any minimum initial","page_number":30,"box":{"x":82,"y":303,"width":824,"height":12}},{"id":"44d13aaf-877c-468b-aebb-6b29a91a810d","block_type":"box","text":"investment;","page_number":30,"box":{"x":82,"y":319,"width":83,"height":10}},{"id":"c0496b86-6d10-4d4a-a5b3-8e3fb1e510f6","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":30,"box":{"x":81,"y":338,"width":836,"height":12}},{"id":"aa1912f2-2fa4-4a7e-bd24-c30d37a8280b","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":30,"box":{"x":81,"y":353,"width":851,"height":12}},{"id":"0e9c00a8-2573-4f71-a258-4377bbea09d8","block_type":"box","text":"of such persons; and","page_number":30,"box":{"x":81,"y":368,"width":154,"height":11}},{"id":"b7e09d6a-6d3f-4f1a-9c69-bc8e8d1ff7b9","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":30,"box":{"x":81,"y":388,"width":816,"height":11}},{"id":"c276cfe9-73f9-4e54-aae2-0d3f6d8be292","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":30,"box":{"x":82,"y":403,"width":851,"height":11}},{"id":"b765aa53-aeaf-4f11-8286-c8ac114f0438","block_type":"box","text":"the Fund on an omnibus basis.","page_number":30,"box":{"x":80,"y":418,"width":227,"height":9}},{"id":"e9de0073-634a-4ec3-a30f-6e493a4c42a1","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":30,"box":{"x":60,"y":440,"width":620,"height":12}},{"id":"d42298a1-17af-4dbe-8a59-7474f4bb4c8f","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":30,"box":{"x":61,"y":479,"width":442,"height":14}},{"id":"674760bc-2faf-4358-b6d6-4c13b7bf6a71","block_type":"box","text":"Plan Payments","page_number":30,"box":{"x":61,"y":506,"width":122,"height":12}},{"id":"d39b027e-3b0d-45e2-a5ef-a364f82202af","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":30,"box":{"x":60,"y":522,"width":815,"height":11}},{"id":"202d66cc-6a59-4b76-8fa1-ef8bd013f1d0","block_type":"box","text":"Company Act with respect to the Investor Shares that allows the Fund to pay distribution fees for the sale of its shares","page_number":30,"box":{"x":61,"y":537,"width":872,"height":11}},{"id":"415ce189-e5bc-4b7b-89af-11d3539366eb","block_type":"box","text":"and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":30,"box":{"x":61,"y":552,"width":612,"height":11}},{"id":"18db9eac-d7f8-4fe4-94fb-04d62e40023f","block_type":"box","text":"Under the Plan, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates for distribution and sales","page_number":30,"box":{"x":62,"y":574,"width":874,"height":12}},{"id":"29932835-df0a-4a65-b907-6bdc08acec60","block_type":"box","text":"support services. The distribution fees may be used to pay the Distributor for distribution and sales support services","page_number":30,"box":{"x":61,"y":589,"width":861,"height":11}},{"id":"7a9f4d41-88bc-43d3-a50a-6b2f6202289d","block_type":"box","text":"and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related expenses","page_number":30,"box":{"x":61,"y":604,"width":854,"height":11}},{"id":"623037b6-2f57-451c-8179-c6b541a51aa5","block_type":"box","text":"incurred in connection with the sale of Investor C Shares. The distribution fees may also be used to pay Financial","page_number":30,"box":{"x":62,"y":619,"width":829,"height":11}},{"id":"d6890173-3acd-4e23-bdd6-5c7525c6f57b","block_type":"box","text":"Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum distribution fee","page_number":30,"box":{"x":62,"y":633,"width":865,"height":12}},{"id":"488cc8ba-20b7-43c0-858c-906205dd1971","block_type":"box","text":"per year that is a percentage of the average daily net asset value of the Investor C Shares of the Fund. Institutional","page_number":30,"box":{"x":62,"y":648,"width":844,"height":12}},{"id":"796742d2-61d9-4433-927a-e7224cae3f20","block_type":"box","text":"and Investor A Shares do not pay distribution fees.","page_number":30,"box":{"x":61,"y":663,"width":371,"height":12}},{"id":"0992f6f0-32fe-4af8-8a8d-238c6beb9742","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":30,"box":{"x":62,"y":686,"width":873,"height":11}},{"id":"5d33ba62-2917-4511-a257-619a71f10bda","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":30,"box":{"x":60,"y":701,"width":838,"height":11}},{"id":"bb0fc810-f54a-43c1-bfc9-78eceb7efaf8","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":30,"box":{"x":62,"y":715,"width":837,"height":12}},{"id":"4bb800e2-c8a0-4905-93d4-6b91cfa30701","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a","page_number":30,"box":{"x":62,"y":730,"width":853,"height":12}},{"id":"42ce2e3f-7232-4b94-a9aa-e4ed50b9fb76","block_type":"box","text":"shareholder servicing fee.","page_number":30,"box":{"x":61,"y":745,"width":189,"height":12}},{"id":"d3e7d716-a7e6-44f8-8ca2-c3192c775ee9","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":30,"box":{"x":62,"y":768,"width":859,"height":11}},{"id":"0548c12d-41de-47b9-bc7e-69264e425dc3","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":30,"box":{"x":60,"y":782,"width":492,"height":12}},{"id":"2c52bba0-904a-4e78-acf3-87ba4daac079","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":30,"box":{"x":81,"y":803,"width":848,"height":11}},{"id":"466287e0-3f2e-47b1-b8d7-6f5fb56de231","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":30,"box":{"x":82,"y":817,"width":811,"height":12}},{"id":"d15f4a1f-fa29-47cf-8d6c-80a9afa0a6ad","block_type":"box","text":"investments;","page_number":30,"box":{"x":82,"y":832,"width":92,"height":11}},{"id":"1a3bffd7-07b7-409a-9595-8019655ccd84","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":30,"box":{"x":81,"y":852,"width":801,"height":12}},{"id":"e1c7e513-0220-41fa-9fee-153c16163987","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":30,"box":{"x":81,"y":872,"width":379,"height":12}},{"id":"f0ff2568-c317-4eb9-963f-6d6197e438db","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"00a807eb-01aa-4c37-ab7b-6f091732eebd","block_type":"box","text":"NM0926U-5977720-30/68","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6d02adf8-fd1c-488e-a7f0-60879e5bff49","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":31,"box":{"x":60,"y":46,"width":856,"height":11}},{"id":"7aeb58a1-406e-4698-b97e-27430554e09d","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":31,"box":{"x":61,"y":60,"width":848,"height":12}},{"id":"1eee397a-b1db-4235-a0fa-2a7ffabacbce","block_type":"box","text":"sale of the Fund’s shares.","page_number":31,"box":{"x":61,"y":75,"width":191,"height":10}},{"id":"53f6a63f-532f-43b5-98d3-a924a3544684","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":31,"box":{"x":62,"y":98,"width":850,"height":11}},{"id":"40311611-4fe5-44c4-b2d7-1e4a0f69d649","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":31,"box":{"x":60,"y":113,"width":836,"height":11}},{"id":"1c30ebd6-244b-4a71-9bc1-8887c6e3d0c2","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales","page_number":31,"box":{"x":61,"y":127,"width":848,"height":12}},{"id":"d135e1e3-af26-4200-b7ac-80739c9f8be2","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":31,"box":{"x":61,"y":142,"width":800,"height":12}},{"id":"647a0a58-1c02-4f12-a2d5-3f5a360d6cad","block_type":"box","text":"thereunder, see the SAI.","page_number":31,"box":{"x":60,"y":157,"width":178,"height":11}},{"id":"cd2afef9-e863-406b-a3f4-dee1b622206f","block_type":"box","text":"Other Payments by the Fund","page_number":31,"box":{"x":61,"y":180,"width":233,"height":13}},{"id":"65929172-d06f-4d7c-b36d-c8f7914bc3a5","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":31,"box":{"x":62,"y":196,"width":874,"height":12}},{"id":"04f3f9bf-6d14-4b8d-8d7c-f3f7b6b8193e","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":31,"box":{"x":60,"y":211,"width":846,"height":12}},{"id":"1cf30de1-c77c-40aa-a99e-90d4f9df10cb","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":31,"box":{"x":61,"y":226,"width":874,"height":12}},{"id":"4e0d5c1b-a2ec-4b7a-b571-47e4a8ed79d9","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":31,"box":{"x":60,"y":241,"width":843,"height":12}},{"id":"d9ee6dd4-13d6-4c11-a640-c538373f004c","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":31,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"1e013554-e173-4377-a2a3-43c18b14226e","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":31,"box":{"x":61,"y":271,"width":815,"height":11}},{"id":"73dd456a-423e-4aab-960c-01c078e2e2ef","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":31,"box":{"x":61,"y":285,"width":791,"height":12}},{"id":"a79485b2-972d-4de8-84ab-d93b6b180aaa","block_type":"box","text":"Other Payments by BlackRock","page_number":31,"box":{"x":61,"y":309,"width":252,"height":12}},{"id":"c4a902bc-851b-40cd-92d4-df4c3883d008","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":31,"box":{"x":62,"y":325,"width":851,"height":11}},{"id":"ebc69cdb-0944-452c-a5c1-9b34011b5ba0","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":31,"box":{"x":61,"y":340,"width":843,"height":11}},{"id":"6d00d21c-c044-4706-9a2a-3c4e5e7cb8c6","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":31,"box":{"x":60,"y":354,"width":853,"height":12}},{"id":"62d7c30c-a0cc-4664-bce5-48870a8f7568","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":31,"box":{"x":61,"y":369,"width":866,"height":12}},{"id":"24be8ded-3d5a-4e8f-8295-b5178960c468","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":31,"box":{"x":60,"y":384,"width":839,"height":11}},{"id":"2f98f33d-f588-40ae-93eb-362973ba8ec0","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":31,"box":{"x":61,"y":399,"width":860,"height":11}},{"id":"f89f26b7-f011-438e-b2e0-49821eae5644","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":31,"box":{"x":61,"y":414,"width":841,"height":11}},{"id":"dd5ace89-e5ea-4e94-a7f8-f6df6d718d0b","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":31,"box":{"x":61,"y":428,"width":856,"height":12}},{"id":"27b6e654-1cb7-48a0-813f-4fe8c12d2ed6","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":31,"box":{"x":61,"y":443,"width":813,"height":12}},{"id":"bde9764b-025f-4458-9bb6-c00cc7c989f1","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":31,"box":{"x":62,"y":458,"width":415,"height":12}},{"id":"380c108e-3035-4bb1-aadc-d79f7dc67613","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":31,"box":{"x":61,"y":481,"width":869,"height":11}},{"id":"c6e640f7-f22f-43d4-a775-c2d3b6945054","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":31,"box":{"x":60,"y":496,"width":495,"height":10}},{"id":"734a832b-e154-4e3c-a43e-d70ea8e80fea","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":31,"box":{"x":61,"y":534,"width":434,"height":14}},{"id":"157a770f-4af6-4616-8912-b2f56a851322","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":31,"box":{"x":60,"y":561,"width":846,"height":11}},{"id":"c7cd8cbf-c2af-4b68-8bac-78bc9c8095ac","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":31,"box":{"x":62,"y":575,"width":857,"height":12}},{"id":"cd030ca4-773a-42d2-96ff-35c3949fcae1","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":31,"box":{"x":60,"y":590,"width":809,"height":12}},{"id":"dc2aa083-5fc0-4291-a6e7-37d766f648c7","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":31,"box":{"x":61,"y":605,"width":847,"height":12}},{"id":"f125495b-30b3-4ce9-a9ae-5551b0731a35","block_type":"box","text":"may help you with this decision.","page_number":31,"box":{"x":61,"y":620,"width":232,"height":11}},{"id":"186f6a00-4c4f-4ce5-83f6-b9861baf475a","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":31,"box":{"x":60,"y":643,"width":867,"height":11}},{"id":"e5bf6dd2-022d-4086-857d-ababe51e55ca","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":31,"box":{"x":61,"y":657,"width":858,"height":12}},{"id":"6f645a40-b849-43b9-bc97-e18d09140573","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":31,"box":{"x":62,"y":672,"width":845,"height":12}},{"id":"e9e79ab9-0ddc-439e-b321-033062898df4","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":31,"box":{"x":61,"y":687,"width":860,"height":12}},{"id":"4a204b7d-974b-438b-b182-a0b2cf90c841","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":31,"box":{"x":60,"y":702,"width":868,"height":11}},{"id":"5f6ae012-610c-4552-b93e-ec4170602235","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":31,"box":{"x":61,"y":717,"width":863,"height":11}},{"id":"4614be7a-2378-4378-8c30-ec533b2d0dbb","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":31,"box":{"x":61,"y":731,"width":787,"height":12}},{"id":"633b94d2-b15b-4866-bdbe-74948aca6bed","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":31,"box":{"x":62,"y":746,"width":857,"height":12}},{"id":"4f46130c-969a-4f78-b42d-2674204730c6","block_type":"box","text":"restricted from making additional investments.","page_number":31,"box":{"x":61,"y":761,"width":341,"height":12}},{"id":"816965dc-929a-432f-b1e0-a05b5cfe39f5","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":31,"box":{"x":60,"y":784,"width":861,"height":11}},{"id":"8cee6675-be89-4074-acf5-d42124da73f1","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time, for any reason. In","page_number":31,"box":{"x":60,"y":798,"width":861,"height":12}},{"id":"6b51657a-0ba3-42b3-b102-9a901462e0f1","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":31,"box":{"x":61,"y":813,"width":822,"height":12}},{"id":"f858ebcf-7164-44a6-a4c9-23cfc980c5de","block_type":"box","text":"described below.","page_number":31,"box":{"x":61,"y":828,"width":121,"height":9}},{"id":"15fda2a7-bdac-4634-bae9-ece1d8b9cdb9","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":31,"box":{"x":62,"y":851,"width":797,"height":11}},{"id":"1786a100-811f-4ffd-97e0-853e6521b2af","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":31,"box":{"x":61,"y":866,"width":487,"height":11}},{"id":"373c0914-063b-4fcc-82b2-c231f5dcd542","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"9b86e086-1359-4525-b78b-59863ac52f85","block_type":"box","text":"NM0926U-5977720-31/68","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"43cb419c-d1e7-4020-9ed4-a0a0cb684665","block_type":"box","text":"How to Buy Shares","page_number":32,"box":{"x":61,"y":46,"width":156,"height":13}},{"id":"3351b5ad-6d23-4f06-ba82-e8095bfc04ac","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":32,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"a9b9c35d-c179-400d-af6f-5f58c75cd048","block_type":"box","text":"Initial Purchase","page_number":32,"box":{"x":61,"y":85,"width":105,"height":9}},{"id":"6f605f23-fd8f-4b4f-958c-38ff034e4c92","block_type":"box","text":"First, select the share class","page_number":32,"box":{"x":214,"y":85,"width":183,"height":10}},{"id":"fab02c37-96ef-4892-a5fc-9f344357a0a6","block_type":"box","text":"appropriate for you","page_number":32,"box":{"x":214,"y":99,"width":123,"height":10}},{"id":"1e607239-9561-4a2e-badc-1df2bdbc5231","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":32,"box":{"x":461,"y":85,"width":458,"height":10}},{"id":"c1d29762-7115-4a5d-a2ba-75b725146697","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":32,"box":{"x":461,"y":99,"width":435,"height":10}},{"id":"eda346df-32d2-476c-9865-bfeb5b7c5e95","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":32,"box":{"x":461,"y":112,"width":444,"height":11}},{"id":"5fc50eeb-8264-4519-8600-1c840f1d84d6","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":32,"box":{"x":461,"y":126,"width":426,"height":10}},{"id":"850ed15b-2636-486a-b783-2c71322f6414","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":32,"box":{"x":461,"y":139,"width":284,"height":11}},{"id":"d47771bf-9b8a-4593-8dd2-cd83b3d6d577","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":32,"box":{"x":461,"y":155,"width":435,"height":11}},{"id":"d34f8035-6024-4147-813d-ca7236c22748","block_type":"box","text":"frame for investing and your financial goals, may affect which share","page_number":32,"box":{"x":460,"y":169,"width":446,"height":10}},{"id":"b5deb0b1-3c10-41db-ad4b-6d865675a8d6","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":32,"box":{"x":461,"y":183,"width":460,"height":10}},{"id":"d7dde55f-8eba-4252-a98b-95cd6870ff69","block_type":"box","text":"which share class is appropriate for you.","page_number":32,"box":{"x":460,"y":196,"width":267,"height":10}},{"id":"954c6ead-be97-4a40-ac2a-5134c9fdc959","block_type":"box","text":"Next, determine the amount of","page_number":32,"box":{"x":214,"y":214,"width":203,"height":10}},{"id":"ef17e2d0-11db-4e12-ada0-ec80fa756f74","block_type":"box","text":"your investment","page_number":32,"box":{"x":213,"y":228,"width":105,"height":10}},{"id":"6d055b51-679b-4321-ba38-d13618a16566","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":32,"box":{"x":461,"y":214,"width":440,"height":8}},{"id":"de9c35d4-8f90-4e3f-ba86-20cc39ff893e","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":32,"box":{"x":461,"y":228,"width":418,"height":10}},{"id":"77ebb176-d21a-45fa-aaba-a5469e4205df","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":32,"box":{"x":461,"y":241,"width":276,"height":9}},{"id":"45cc9dd6-1297-4472-89e9-9e3fd170aa84","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":32,"box":{"x":461,"y":257,"width":437,"height":9}},{"id":"5a16b894-4c33-4022-9134-9fb3b59ba615","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":32,"box":{"x":461,"y":271,"width":457,"height":10}},{"id":"fbc8f620-55a3-409f-955a-b6ab8db5ac73","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":32,"box":{"x":461,"y":284,"width":471,"height":11}},{"id":"f8a43a24-ae91-46fd-a3c0-adb03e83c8ac","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":32,"box":{"x":461,"y":298,"width":413,"height":10}},{"id":"54ef4ecf-89ea-4dfb-842d-f803b51e04c2","block_type":"box","text":"requirement.","page_number":32,"box":{"x":461,"y":312,"width":82,"height":10}},{"id":"f81bd192-4938-4591-82f6-9475f9cd49a6","block_type":"box","text":"Have your Financial Intermediary","page_number":32,"box":{"x":214,"y":330,"width":215,"height":10}},{"id":"a57cacbc-3fbf-4dc9-90c5-773656ac2cd5","block_type":"box","text":"submit your purchase order","page_number":32,"box":{"x":214,"y":343,"width":181,"height":10}},{"id":"4594dd0c-7140-42ce-8b1c-c419f3d7ca38","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":32,"box":{"x":460,"y":330,"width":466,"height":10}},{"id":"d90a907e-67a8-4ec9-a7eb-75453f3bb1af","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":32,"box":{"x":461,"y":343,"width":463,"height":10}},{"id":"409c7aa0-4781-4260-9336-42380d9d76cc","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":32,"box":{"x":461,"y":357,"width":443,"height":10}},{"id":"b3817b5e-e3ee-4616-b606-dd4cef868f20","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":32,"box":{"x":461,"y":370,"width":445,"height":11}},{"id":"4133c3a0-fdbf-457a-94b9-1cb080c1e013","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":32,"box":{"x":461,"y":384,"width":435,"height":10}},{"id":"9102599a-60ea-4706-8ecf-6fe7dccf1a3b","block_type":"box","text":"however, may require submission of orders prior to that time. 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You may also wire Federal funds to the Fund","page_number":33,"box":{"x":461,"y":622,"width":465,"height":10}},{"id":"fc72b0cf-6b62-4260-9567-8992565abf5a","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":33,"box":{"x":460,"y":635,"width":470,"height":10}},{"id":"532da0bd-7601-46fb-926e-6a5599ff79dc","block_type":"box","text":"to confirm the wiring instructions.","page_number":33,"box":{"x":460,"y":649,"width":221,"height":10}},{"id":"58f47903-d4cd-4c73-8db0-0c9376d6a818","block_type":"box","text":"How to Sell Shares","page_number":33,"box":{"x":61,"y":673,"width":156,"height":10}},{"id":"4f68f6f4-0a08-4071-9d54-8fe89172533e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":695,"width":478,"height":9}},{"id":"cffa387a-1384-4c51-9bbf-c7e54c14fd77","block_type":"box","text":"Full or Partial","page_number":33,"box":{"x":61,"y":713,"width":90,"height":8}},{"id":"3b067b76-5036-427c-908e-399fb675a1f6","block_type":"box","text":"Redemption of","page_number":33,"box":{"x":61,"y":724,"width":98,"height":10}},{"id":"28d33a28-a2d6-408e-9056-3a6e20cb13ff","block_type":"box","text":"Shares","page_number":33,"box":{"x":60,"y":736,"width":46,"height":8}},{"id":"d099510d-949a-4c5f-98dc-8e9d51185b8a","block_type":"box","text":"Have your Financial Intermediary","page_number":33,"box":{"x":214,"y":713,"width":215,"height":10}},{"id":"229f78bf-2580-407d-95f4-00a30480e398","block_type":"box","text":"submit your sales order","page_number":33,"box":{"x":214,"y":726,"width":155,"height":10}},{"id":"e459398d-7ccc-49fb-ad88-6062923a042f","block_type":"box","text":"You can make redemption requests through your Financial","page_number":33,"box":{"x":460,"y":713,"width":382,"height":10}},{"id":"31789968-09e8-4233-bb8a-74d1b1ddec49","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":33,"box":{"x":461,"y":726,"width":398,"height":10}},{"id":"bd2b5c83-b9b5-4384-b299-08364b48ecb2","block_type":"box","text":"redeeming Investor A, Investor C or Institutional Shares. The price of","page_number":33,"box":{"x":461,"y":739,"width":453,"height":11}},{"id":"6c8a1fa2-1ec6-412c-9947-a4489ac1ede2","block_type":"box","text":"your shares is based on the next calculation of the Fund’s net asset","page_number":33,"box":{"x":460,"y":753,"width":451,"height":10}},{"id":"f251382b-081e-426a-944d-e2a2c76f816e","block_type":"box","text":"value after your order is placed. For your redemption request to be","page_number":33,"box":{"x":460,"y":767,"width":438,"height":10}},{"id":"ad80abed-5bb1-4412-9dc6-7fb5203f1c8e","block_type":"box","text":"priced at the net asset value on the day of your request, you must","page_number":33,"box":{"x":461,"y":780,"width":436,"height":10}},{"id":"8b49805b-6612-4a6d-a9ae-a71f4019c00f","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":33,"box":{"x":461,"y":794,"width":452,"height":10}},{"id":"5b940ff8-3d4f-461d-a00a-f92da3badb34","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":33,"box":{"x":461,"y":807,"width":438,"height":11}},{"id":"b55cd67a-ab57-40c7-ab06-d485c7864aad","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":33,"box":{"x":461,"y":821,"width":457,"height":10}},{"id":"8f877d27-d493-42b7-9048-882c16de2bf5","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":33,"box":{"x":461,"y":834,"width":470,"height":11}},{"id":"09ad7475-81fe-4a91-8ab3-fd64b0069848","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":33,"box":{"x":460,"y":848,"width":447,"height":10}},{"id":"c4438a79-bcd2-4f60-9318-83017ee1d9b9","block_type":"box","text":"next business day.","page_number":33,"box":{"x":461,"y":862,"width":121,"height":10}},{"id":"319ea0de-be9b-497e-92d5-531ea7f67a8f","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":33,"box":{"x":461,"y":877,"width":437,"height":11}},{"id":"2d43ba24-ec82-4afa-af19-19346bc71bf8","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":33,"box":{"x":461,"y":891,"width":458,"height":10}},{"id":"ac6e719b-6b81-4e31-88bf-17070565f336","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":33,"box":{"x":460,"y":904,"width":465,"height":11}},{"id":"15cdf9f1-8d63-4945-98a8-e7c50e8f2a37","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"4bc467c9-3768-41c2-aa65-f56637fcb46c","block_type":"box","text":"NM0926U-5977720-33/68","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"61cd3fde-af02-4268-b696-859f06b6f5ca","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"a15d1cdd-0164-406d-ad1e-d7b1ca80b9e0","block_type":"box","text":"Full or Partial","page_number":34,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"79b4ead8-23b7-46ff-a7f9-3b6187dfbf05","block_type":"box","text":"Redemption of","page_number":34,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"f1626174-df17-426b-bec2-69315635259a","block_type":"box","text":"Shares 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a","page_number":34,"box":{"x":461,"y":83,"width":415,"height":11}},{"id":"f1329c7a-287f-44ba-8bf3-440456899d3e","block_type":"box","text":"redemption of shares.","page_number":34,"box":{"x":461,"y":97,"width":144,"height":10}},{"id":"cdcae5ed-0be3-4b58-b1ae-e989c48c710c","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":34,"box":{"x":460,"y":113,"width":380,"height":10}},{"id":"fd96a4dc-042e-4d8e-af0a-80c0f9618316","block_type":"box","text":"circumstances.","page_number":34,"box":{"x":461,"y":127,"width":98,"height":8}},{"id":"2b0c4357-6339-4393-8733-1e818bd8c6c3","block_type":"box","text":"Selling shares held directly with","page_number":34,"box":{"x":214,"y":145,"width":207,"height":10}},{"id":"071cf464-7749-4edb-8994-dfc46981d459","block_type":"box","text":"BlackRock","page_number":34,"box":{"x":214,"y":158,"width":67,"height":8}},{"id":"505beae2-7924-4bab-a02a-13e7aa49a342","block_type":"box","text":"Methods of Redeeming","page_number":34,"box":{"x":461,"y":145,"width":156,"height":10}},{"id":"0f62f6ba-1cf1-449e-bdf5-a31a12174e0f","block_type":"box","text":"Redeem by Telephone:","page_number":34,"box":{"x":461,"y":161,"width":150,"height":10}},{"id":"b67a39d7-2996-449c-b642-8a787e7d8294","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":34,"box":{"x":617,"y":161,"width":302,"height":10}},{"id":"87ca7507-52d0-41b2-ba4b-ba0f655d9d2c","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":34,"box":{"x":460,"y":174,"width":464,"height":10}},{"id":"925d9e4b-c762-4ed2-82bb-d28fb7d1c8e3","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":34,"box":{"x":461,"y":187,"width":441,"height":11}},{"id":"72a6d549-e96d-4c9d-9318-748a39b80935","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":34,"box":{"x":461,"y":201,"width":433,"height":11}},{"id":"277be309-2c21-46b7-a5d9-8c6e27620593","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":34,"box":{"x":461,"y":215,"width":418,"height":10}},{"id":"c8577c19-2479-476b-b583-5e111fbcc6f1","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":34,"box":{"x":461,"y":229,"width":462,"height":10}},{"id":"fbba703b-fbbf-47d1-93bb-6a702b624f4f","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":34,"box":{"x":461,"y":242,"width":456,"height":10}},{"id":"e3644f44-a09a-4872-8754-08d23e81fdae","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":34,"box":{"x":461,"y":256,"width":472,"height":10}},{"id":"b26cbc30-fe57-45dc-be8d-1d98ab753c1f","block_type":"box","text":"for details.","page_number":34,"box":{"x":460,"y":269,"width":70,"height":8}},{"id":"40fb7931-e685-42e5-8623-c20beb3b62f8","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":34,"box":{"x":460,"y":285,"width":448,"height":10}},{"id":"c04ab29d-a7b0-4983-b262-d82a071ec7f4","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":34,"box":{"x":461,"y":299,"width":434,"height":10}},{"id":"7289a63e-c869-4ce6-b6ea-17ede2593acc","block_type":"box","text":"association, national securities exchange or registered securities","page_number":34,"box":{"x":461,"y":312,"width":430,"height":11}},{"id":"a4d21357-1cd7-45e3-a2ba-d0bc1ce4d331","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":34,"box":{"x":461,"y":326,"width":366,"height":10}},{"id":"b2caa3b4-8877-433f-88e7-a48b93cbba9a","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":34,"box":{"x":460,"y":342,"width":468,"height":10}},{"id":"25b71b4a-d007-45c9-b454-eb39684a7a3e","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":34,"box":{"x":461,"y":355,"width":474,"height":11}},{"id":"ae530338-6ab6-4ea9-ad07-2f226ce0c520","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":34,"box":{"x":460,"y":369,"width":450,"height":10}},{"id":"4acce969-51e1-49aa-8ff2-f7b5dd42d106","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":34,"box":{"x":461,"y":382,"width":450,"height":11}},{"id":"36e24966-6733-4417-8fa5-07793e6d3c17","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":34,"box":{"x":460,"y":396,"width":445,"height":10}},{"id":"96cb8155-9254-4a7e-a378-2d8ad745d80e","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":34,"box":{"x":461,"y":409,"width":463,"height":11}},{"id":"cfed1611-56c9-4172-95c4-bcaf66e51180","block_type":"box","text":"believes it is advisable to do so.","page_number":34,"box":{"x":461,"y":423,"width":212,"height":8}},{"id":"a21d8a8d-a52d-4f41-af1b-75fe5f521103","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":34,"box":{"x":461,"y":439,"width":452,"height":11}},{"id":"e2130af5-7220-42d5-903c-4220fd5ca374","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":34,"box":{"x":461,"y":453,"width":427,"height":10}},{"id":"ff22598d-30d1-460c-a19e-6a5db32d1907","block_type":"box","text":"redemption methods below.","page_number":34,"box":{"x":461,"y":466,"width":181,"height":10}},{"id":"6ca13568-221b-4578-b8e5-9fa51c63826d","block_type":"box","text":"Redeem by VRU:","page_number":34,"box":{"x":461,"y":483,"width":111,"height":10}},{"id":"44efb9de-4332-4278-a268-da8c10ee3373","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":34,"box":{"x":579,"y":482,"width":348,"height":11}},{"id":"6fd83444-0a60-4f66-8afa-1612979b26f8","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":34,"box":{"x":461,"y":496,"width":469,"height":10}},{"id":"7a123b88-0cf0-4bd3-974d-c13aeeedc002","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":34,"box":{"x":461,"y":509,"width":420,"height":11}},{"id":"5ea52d82-9410-4ee4-b0a4-0fa71fd89703","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":34,"box":{"x":461,"y":522,"width":392,"height":11}},{"id":"ca8f2089-71ca-4855-ac06-eb93a7e62948","block_type":"box","text":"Redeem by Internet:","page_number":34,"box":{"x":461,"y":539,"width":136,"height":10}},{"id":"aa136d72-6d2c-478f-ac2f-5d4f605a40ad","block_type":"box","text":"You may redeem in your account by logging onto","page_number":34,"box":{"x":603,"y":539,"width":317,"height":10}},{"id":"c0f384e0-8358-4d12-acb6-c71e4997f031","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":34,"box":{"x":460,"y":553,"width":461,"height":8}},{"id":"92475b55-3aca-454c-bb8b-02a95c48a15a","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":34,"box":{"x":461,"y":566,"width":473,"height":10}},{"id":"acd2e645-f78f-4b76-af33-cfdfd643d699","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":34,"box":{"x":461,"y":580,"width":472,"height":10}},{"id":"0f99eb0a-858a-4236-80f4-317c792c63bf","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":34,"box":{"x":461,"y":593,"width":459,"height":10}},{"id":"a1dc7973-d300-4609-8df3-442d69148b0b","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":34,"box":{"x":461,"y":607,"width":451,"height":10}},{"id":"598e99c1-ac45-41bf-af6f-27856d6ccef8","block_type":"box","text":"certain institutional investors.","page_number":34,"box":{"x":461,"y":620,"width":196,"height":9}},{"id":"672fde49-7ab9-4857-a48b-4b967f6e5776","block_type":"box","text":"Redeem in Writing:","page_number":34,"box":{"x":461,"y":636,"width":127,"height":11}},{"id":"74be597a-6b61-4149-928f-a88af216b315","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":34,"box":{"x":594,"y":637,"width":338,"height":10}},{"id":"d189b273-cb41-4c60-b919-57571272ca3c","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":34,"box":{"x":461,"y":650,"width":468,"height":10}},{"id":"5349909d-9b2d-4eeb-9d63-dc0ba5649d5c","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":34,"box":{"x":460,"y":663,"width":446,"height":11}},{"id":"0471ecd4-b136-4a39-ad0b-8d6a36fbdc73","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":34,"box":{"x":461,"y":677,"width":466,"height":10}},{"id":"88c05b95-cb2a-4434-a1a9-ef0f035aeac7","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":34,"box":{"x":461,"y":691,"width":460,"height":10}},{"id":"af393369-859d-4d12-ad7d-e64b85465dfe","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":34,"box":{"x":461,"y":704,"width":457,"height":10}},{"id":"1e159d13-7514-4f8b-9dbe-39eb66de2a0b","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":34,"box":{"x":461,"y":718,"width":461,"height":10}},{"id":"349ec41b-c316-4a06-93a2-3a5cb88aa060","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":34,"box":{"x":461,"y":731,"width":450,"height":11}},{"id":"cb92bc99-c986-410d-a23e-4b2e37f8020e","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":34,"box":{"x":461,"y":745,"width":443,"height":10}},{"id":"96eae601-4a7c-4fd4-8f1d-acd4e30d881e","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":34,"box":{"x":461,"y":758,"width":465,"height":10}},{"id":"323e910c-833a-445d-89c3-ea583a761dd7","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":34,"box":{"x":461,"y":772,"width":462,"height":10}},{"id":"00b6bcae-4f1a-42d3-8d9b-c1563ade43a4","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":34,"box":{"x":461,"y":785,"width":404,"height":10}},{"id":"3ef18e2c-6ac0-4d1e-93bb-807c82456af9","block_type":"box","text":"Payment of Redemption Proceeds","page_number":34,"box":{"x":461,"y":799,"width":228,"height":10}},{"id":"8e7a3e7f-69a6-4784-bd5d-28f993d1316f","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":34,"box":{"x":461,"y":815,"width":467,"height":10}},{"id":"73b9514a-d029-46fe-8992-d79670ac523b","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":34,"box":{"x":461,"y":828,"width":393,"height":11}},{"id":"48902ba1-1f9e-4221-a61b-3be9ae5661e2","block_type":"box","text":"Payment by Check:","page_number":34,"box":{"x":461,"y":845,"width":129,"height":10}},{"id":"a9f85577-717f-4183-9a56-36ce4fe8f904","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":34,"box":{"x":597,"y":845,"width":329,"height":10}},{"id":"8031be99-37c2-4aee-a897-16233a66c695","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":34,"box":{"x":460,"y":858,"width":430,"height":11}},{"id":"1e0107bb-a2e7-4d32-af17-c3e1435574de","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":34,"box":{"x":461,"y":872,"width":460,"height":10}},{"id":"7d3a752a-97af-4309-acaa-ba4ce50855cd","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":34,"box":{"x":461,"y":885,"width":468,"height":10}},{"id":"0fe9bb36-d9c5-417b-939c-9dc2ecc5c9eb","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":34,"box":{"x":461,"y":898,"width":467,"height":11}},{"id":"5fd22982-58b8-4486-8e0b-d7a1b31bb5bb","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":34,"box":{"x":461,"y":912,"width":467,"height":11}},{"id":"3d8babf6-9e49-4ceb-a987-36af26ee3e80","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7bafc019-4584-4429-addb-b531f713178b","block_type":"box","text":"NM0926U-5977720-34/68","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"debce4e0-8c9b-4ecd-93f4-f1f94c532709","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"e47b1d67-ce00-4128-be20-5555cbdd2290","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"3a9087e2-ab60-441a-9996-b16b86d88170","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"66d7ace9-bbae-4f04-b726-7df06b9bd382","block_type":"box","text":"Shares (continued)","page_number":35,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"1a59bce5-4942-487b-9c08-8ef3404796d5","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"1cc70925-aa80-4fdb-9276-a43ad9ccb5cd","block_type":"box","text":"BlackRock (continued)","page_number":35,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"59653cd6-9081-413c-aef3-055f5cf7b3ec","block_type":"box","text":"charges imposed by your bank for this service.","page_number":35,"box":{"x":461,"y":67,"width":307,"height":11}},{"id":"c9ac3c26-0a16-4209-ba5e-b625c08ea1dd","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":35,"box":{"x":460,"y":84,"width":438,"height":10}},{"id":"d0df2490-4724-424e-8343-b5edc11dd8aa","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":35,"box":{"x":461,"y":97,"width":429,"height":10}},{"id":"a3c5bfac-e78b-4214-b88c-c4174dc06b9a","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":35,"box":{"x":461,"y":111,"width":403,"height":10}},{"id":"947c78ef-30cd-45a7-872d-c61c43f1e099","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":35,"box":{"x":461,"y":124,"width":467,"height":8}},{"id":"e4d67bc2-5457-4b7e-b067-7b5076d923c6","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":35,"box":{"x":460,"y":138,"width":456,"height":10}},{"id":"d9a4be3d-cef0-470c-b19f-0d20ac91244f","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":35,"box":{"x":460,"y":151,"width":402,"height":10}},{"id":"e2651cf7-30f8-4c46-b9ce-dc1a28cb6dd9","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":35,"box":{"x":461,"y":164,"width":430,"height":11}},{"id":"5425e798-ff62-4058-942e-5f4a7c68f52d","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":35,"box":{"x":461,"y":178,"width":465,"height":10}},{"id":"e0671626-03b6-4a82-b9ef-820d8e29b197","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":35,"box":{"x":461,"y":192,"width":473,"height":8}},{"id":"cb08bfc7-87a4-4f57-985b-4c42c8af547b","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":35,"box":{"x":461,"y":205,"width":456,"height":10}},{"id":"75ab34a0-0e8e-4dbc-99b0-f1ef279a6523","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":35,"box":{"x":461,"y":219,"width":461,"height":10}},{"id":"e8dde317-085b-473e-9615-e05f49c2ddf8","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":35,"box":{"x":460,"y":232,"width":469,"height":11}},{"id":"269e3632-f803-4722-a141-4c0ad4a9601f","block_type":"box","text":"as of the date of payment of the distribution.","page_number":35,"box":{"x":461,"y":246,"width":295,"height":10}},{"id":"5a4f98d8-1744-489d-8e6f-98060b3079a8","block_type":"box","text":"Payment by Wire Transfer:","page_number":35,"box":{"x":461,"y":262,"width":177,"height":10}},{"id":"f5de0173-24fa-434c-ac10-9daab69004b3","block_type":"box","text":"Payment for redeemed shares for which a","page_number":35,"box":{"x":644,"y":262,"width":275,"height":10}},{"id":"fadd3126-7bff-47f9-b9da-098845bc2405","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":35,"box":{"x":461,"y":275,"width":437,"height":11}},{"id":"cab2b731-a9e7-43ad-913e-9ae88fb6297a","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":35,"box":{"x":461,"y":289,"width":471,"height":10}},{"id":"a9d8f837-7306-4f79-9df6-7147c46f5cd0","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":35,"box":{"x":461,"y":303,"width":417,"height":10}},{"id":"e4f63aca-8cf8-4a64-b15d-1be4f3fce986","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":35,"box":{"x":461,"y":316,"width":449,"height":10}},{"id":"dc3dc45a-1b42-464a-9f4e-bed168023171","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":35,"box":{"x":461,"y":330,"width":449,"height":10}},{"id":"25e822ba-3d5e-4b77-b479-2af0567dd3bf","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":35,"box":{"x":461,"y":343,"width":433,"height":10}},{"id":"0d8904d8-8f63-45e1-9ff9-d1df5f1cd1df","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":35,"box":{"x":461,"y":357,"width":449,"height":10}},{"id":"245beaa2-d9b6-4cff-a6b6-8443cc2dc4c0","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":35,"box":{"x":461,"y":370,"width":437,"height":11}},{"id":"9c87517c-3930-40f4-a9a9-0ba65324fedd","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":35,"box":{"x":461,"y":384,"width":469,"height":10}},{"id":"8aeca748-5f3d-4fa0-87e7-0743eefe303e","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":35,"box":{"x":459,"y":397,"width":448,"height":11}},{"id":"d0497233-f451-4db7-992f-be72ff90252b","block_type":"box","text":"Fund.","page_number":35,"box":{"x":461,"y":411,"width":34,"height":8}},{"id":"2fd0122f-e564-4426-b0aa-3c2e9b49283f","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":35,"box":{"x":461,"y":427,"width":434,"height":10}},{"id":"f64db7e8-1ef7-4b2a-a158-f947accb46f4","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":35,"box":{"x":461,"y":440,"width":468,"height":11}},{"id":"e51f35a2-06ca-41a6-92ae-40e77223469f","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":35,"box":{"x":461,"y":453,"width":460,"height":11}},{"id":"7e9b7ebd-1cd9-4756-9b17-ea7a2ede1dd1","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":35,"box":{"x":461,"y":467,"width":441,"height":11}},{"id":"02cf4f8c-6d58-422a-85c9-0319a90c1b1d","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":35,"box":{"x":461,"y":481,"width":472,"height":10}},{"id":"f96f8d63-c1fe-41e4-a215-3199e478b442","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":35,"box":{"x":460,"y":495,"width":438,"height":10}},{"id":"2aeb4345-9a5e-477d-abbd-1642604a6fe0","block_type":"box","text":"imposed by the Fund.","page_number":35,"box":{"x":461,"y":508,"width":140,"height":10}},{"id":"cc644403-5664-4bb4-8b6c-69f7a648cf95","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":35,"box":{"x":460,"y":524,"width":425,"height":10}},{"id":"93736150-10ee-4bfb-a734-e85bcf55e35c","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":35,"box":{"x":461,"y":538,"width":455,"height":10}},{"id":"34bc89b8-c424-4c85-84d2-052709a264c6","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":35,"box":{"x":461,"y":552,"width":476,"height":10}},{"id":"a8f5e7f2-9433-4ddf-83a1-e66742826948","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":35,"box":{"x":461,"y":565,"width":455,"height":10}},{"id":"00f3d826-e167-4083-b3a6-062afc13c4d8","block_type":"box","text":"the back cover of this prospectus.","page_number":35,"box":{"x":460,"y":578,"width":224,"height":10}},{"id":"ccb11ba4-7562-422b-bfdd-397135bd0d17","block_type":"box","text":"Payment by ACH:","page_number":35,"box":{"x":461,"y":595,"width":116,"height":10}},{"id":"e9618bfc-5a86-4cb0-b58c-b122163c3983","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":35,"box":{"x":584,"y":595,"width":272,"height":10}},{"id":"72627f8b-03c1-4700-a1fd-7348c65daa5f","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":35,"box":{"x":461,"y":608,"width":469,"height":10}},{"id":"18a03fe5-33c0-4793-8796-7e56f2e58554","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":35,"box":{"x":461,"y":622,"width":432,"height":10}},{"id":"0e8e5cfa-ee24-46c6-a0b8-885690322572","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":35,"box":{"x":461,"y":635,"width":441,"height":10}},{"id":"c143ad34-ab1b-418a-baf7-6f634278be85","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":35,"box":{"x":461,"y":649,"width":428,"height":10}},{"id":"50502050-4e9d-4617-95ef-afe040d8a3b6","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":35,"box":{"x":461,"y":662,"width":420,"height":11}},{"id":"3bfaff78-7d53-49c7-b7f8-745d085ba737","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":35,"box":{"x":461,"y":676,"width":467,"height":10}},{"id":"11eb124c-b9a0-42f9-953a-696ab9035352","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":35,"box":{"x":460,"y":689,"width":458,"height":10}},{"id":"db41d4c8-cd7f-4a2c-9bd8-632eab503b26","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":35,"box":{"x":461,"y":703,"width":457,"height":10}},{"id":"53538972-9bc3-4f6f-8d71-23473cdc6ba1","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":35,"box":{"x":461,"y":716,"width":449,"height":11}},{"id":"370a61e4-915e-41be-bbf3-8116286e9470","block_type":"box","text":"open for business.","page_number":35,"box":{"x":461,"y":730,"width":121,"height":10}},{"id":"d4ef9ecb-3fca-4657-a77b-fdf855f1a23a","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":35,"box":{"x":460,"y":746,"width":467,"height":10}},{"id":"d2a4bf95-488e-41ba-8cf2-10f2d68bc5d2","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":35,"box":{"x":461,"y":759,"width":465,"height":11}},{"id":"0a596523-17e8-42e0-ac81-8439a4322744","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":35,"box":{"x":461,"y":773,"width":432,"height":10}},{"id":"8d7247d5-4b7a-424f-8577-f09792216799","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":35,"box":{"x":461,"y":787,"width":415,"height":10}},{"id":"aca00f3c-0adb-433a-8521-abb823944576","block_type":"box","text":"***","page_number":35,"box":{"x":686,"y":803,"width":25,"height":5}},{"id":"4f84a6c0-90e9-4eb4-8e48-9bfc98046542","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":35,"box":{"x":461,"y":816,"width":423,"height":10}},{"id":"e8107358-10fb-4246-9f69-1cf47d3330d0","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":35,"box":{"x":461,"y":830,"width":456,"height":10}},{"id":"1b968458-1162-4b05-a87a-d1b8f22938f5","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":35,"box":{"x":461,"y":844,"width":352,"height":10}},{"id":"a3da51cc-2339-4e0e-b9cd-67210b50bd8a","block_type":"box","text":"Redemption","page_number":35,"box":{"x":61,"y":861,"width":80,"height":10}},{"id":"89007f7e-9613-42d6-b4b0-268fe0e34ec6","block_type":"box","text":"Proceeds","page_number":35,"box":{"x":61,"y":873,"width":62,"height":8}},{"id":"89e806df-990b-4254-92e3-9e68decf9def","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":35,"box":{"x":461,"y":864,"width":445,"height":10}},{"id":"d0883116-849e-4005-a93d-2b653d0fe72b","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":35,"box":{"x":461,"y":877,"width":467,"height":11}},{"id":"d9910e61-4076-4cae-96b7-3b5b54f234ea","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":35,"box":{"x":461,"y":891,"width":455,"height":10}},{"id":"ca68489e-e7d3-4694-83ae-b2e511b7c0f9","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":35,"box":{"x":461,"y":904,"width":450,"height":11}},{"id":"098ae1cb-a85c-4542-ae2b-5acc05894221","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"01df2497-689b-4f19-a80c-7e62e1f5a3f4","block_type":"box","text":"NM0926U-5977720-35/68","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5b178ce6-fd65-433d-9756-43331fe81a84","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"faec0412-551b-44a7-b6a0-51d99ffe7807","block_type":"box","text":"Redemption","page_number":36,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"3ac68e36-ff42-46d9-8522-0ff6eab5b4ec","block_type":"box","text":"Proceeds","page_number":36,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"5463d58b-b2ee-4adc-b798-094bc80de357","block_type":"box","text":"(continued)","page_number":36,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"9797a2d1-6baa-4d24-8820-608d7f0b708b","block_type":"box","text":"(continued) comprised of less-liquid investments, the Fund may be more likely to","page_number":36,"box":{"x":214,"y":67,"width":699,"height":10}},{"id":"cfcc12b0-ad32-4218-8845-62ef9ce89aae","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":36,"box":{"x":461,"y":81,"width":471,"height":10}},{"id":"b05b654f-2938-4a0f-8488-aefa73e62eb7","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":36,"box":{"x":461,"y":94,"width":471,"height":11}},{"id":"df85b114-1b3a-49e9-8ed8-313173454320","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":36,"box":{"x":461,"y":108,"width":453,"height":10}},{"id":"d1a9e701-24a4-4513-8600-486dabf9f867","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":36,"box":{"x":461,"y":121,"width":405,"height":9}},{"id":"43b7d93e-2699-4323-b6d4-afbd951f2b56","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":36,"box":{"x":461,"y":137,"width":408,"height":11}},{"id":"08d445c2-607f-494b-9058-9d05956c81e0","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":36,"box":{"x":461,"y":151,"width":457,"height":10}},{"id":"28e18ccd-724e-4de3-815e-7865180e8d3c","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":36,"box":{"x":460,"y":164,"width":440,"height":11}},{"id":"9a220211-3ff3-41cc-97ce-aaf78cb39b1c","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":36,"box":{"x":460,"y":178,"width":340,"height":10}},{"id":"8975106d-7a1a-4804-b639-8f3bfdb4683b","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":36,"box":{"x":61,"y":203,"width":415,"height":12}},{"id":"78984790-48ae-4ac1-ae09-d9e460b6200e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":225,"width":478,"height":9}},{"id":"da0fe914-f642-454c-b4be-bacbcc575411","block_type":"box","text":"Exchange Privilege","page_number":36,"box":{"x":61,"y":242,"width":128,"height":10}},{"id":"0de2145c-d1d1-41c5-8c6c-781d9c74cacb","block_type":"box","text":"Selling shares of one BlackRock","page_number":36,"box":{"x":214,"y":242,"width":212,"height":10}},{"id":"ea1461af-8227-4430-a540-48980b5b38d9","block_type":"box","text":"Fund to purchase shares of","page_number":36,"box":{"x":214,"y":255,"width":181,"height":11}},{"id":"f847015b-7dea-4903-a66a-dca402edad72","block_type":"box","text":"another BlackRock Fund","page_number":36,"box":{"x":214,"y":269,"width":158,"height":8}},{"id":"608e9460-022d-4892-b0de-de7408c784f3","block_type":"box","text":"(“exchanging”)","page_number":36,"box":{"x":214,"y":283,"width":95,"height":10}},{"id":"d000cea5-ef90-4382-94e3-a45585b79c27","block_type":"box","text":"Investor A, Investor C or Institutional Shares of the Fund are generally","page_number":36,"box":{"x":461,"y":242,"width":460,"height":10}},{"id":"424245ed-0124-40a9-a1ac-a7b010c14244","block_type":"box","text":"exchangeable for shares of the same class of another BlackRock Fund,","page_number":36,"box":{"x":461,"y":255,"width":469,"height":11}},{"id":"f97ba3b1-2284-475e-91e2-04070cfe15b2","block_type":"box","text":"to the extent such shares are offered by your Financial Intermediary.","page_number":36,"box":{"x":460,"y":269,"width":452,"height":10}},{"id":"eac11995-ec8d-4571-9e4f-cd25f6e35cfc","block_type":"box","text":"You can exchange $1,000 or more of Investor A or Investor C Shares","page_number":36,"box":{"x":460,"y":284,"width":455,"height":11}},{"id":"dd6dcd94-48b4-4ec1-b95c-c75dea3d5811","block_type":"box","text":"from one fund into the same class of another fund which offers that","page_number":36,"box":{"x":460,"y":299,"width":450,"height":8}},{"id":"1b777cb8-5e69-4208-8cfd-b8141a03f140","block_type":"box","text":"class of shares (you can exchange less than $1,000 of Investor A or","page_number":36,"box":{"x":461,"y":312,"width":453,"height":11}},{"id":"1682a32e-6f5e-466f-850e-1f7aeac767a3","block_type":"box","text":"Investor C Shares if you already have an account in the fund into which","page_number":36,"box":{"x":461,"y":326,"width":468,"height":10}},{"id":"489b8073-964e-4780-ac18-7b06ff1b8141","block_type":"box","text":"you are exchanging). Investors who currently own Institutional Shares of","page_number":36,"box":{"x":460,"y":339,"width":475,"height":11}},{"id":"5584c0c0-5e2e-4b1a-8382-b1671f79ae8f","block_type":"box","text":"the Fund may make exchanges into Institutional Shares of other","page_number":36,"box":{"x":460,"y":353,"width":424,"height":10}},{"id":"232ec810-2aca-427e-a294-a0009ec042d9","block_type":"box","text":"BlackRock Funds except for investors holding shares through certain","page_number":36,"box":{"x":461,"y":366,"width":452,"height":11}},{"id":"ae8a6417-298b-42c4-9c31-742aeb20fac7","block_type":"box","text":"client accounts at Financial Intermediaries that are omnibus with the","page_number":36,"box":{"x":461,"y":380,"width":453,"height":8}},{"id":"211ccc60-8b52-4c8e-b03a-77a24bb2b466","block_type":"box","text":"Fund and do not meet applicable minimums. There is no required","page_number":36,"box":{"x":461,"y":394,"width":430,"height":9}},{"id":"c11ab4bc-e664-4c5e-bff2-63c4a5693ccf","block_type":"box","text":"minimum amount with respect to exchanges of Institutional Shares.","page_number":36,"box":{"x":461,"y":407,"width":446,"height":10}},{"id":"bf679448-ecff-43d9-a099-d18ef9048966","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":36,"box":{"x":460,"y":423,"width":449,"height":10}},{"id":"bd286531-b95d-4d50-826a-4e6ca5364d9f","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":36,"box":{"x":461,"y":437,"width":437,"height":10}},{"id":"2e687f6f-edaa-4d0d-ac4a-3d825905200a","block_type":"box","text":"closed to new investors.","page_number":36,"box":{"x":461,"y":450,"width":159,"height":8}},{"id":"2e2e21c5-15b3-4032-8e37-340031c888af","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":36,"box":{"x":461,"y":466,"width":441,"height":10}},{"id":"25fca5dc-b127-41cc-a4d1-8edf0df69eb0","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":36,"box":{"x":461,"y":480,"width":453,"height":10}},{"id":"369d4938-9181-49b0-9b30-f53e4ae7163f","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":36,"box":{"x":460,"y":493,"width":477,"height":11}},{"id":"edcd437d-6d02-44ac-bbeb-2232a01d3718","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":36,"box":{"x":461,"y":507,"width":457,"height":10}},{"id":"9ee10b30-dacc-438d-8c67-3839f2cb77ba","block_type":"box","text":"and any subsequent exchange.","page_number":36,"box":{"x":461,"y":521,"width":203,"height":10}},{"id":"72c5410f-0477-4fd3-a3ff-484c49706401","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":36,"box":{"x":460,"y":537,"width":435,"height":10}},{"id":"858afea6-5dc5-46ed-aaff-d03b33210714","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":36,"box":{"x":461,"y":550,"width":406,"height":10}},{"id":"b216d013-897e-46e4-9acb-4dd72f895779","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":36,"box":{"x":461,"y":563,"width":468,"height":11}},{"id":"cbc62e99-3f54-4334-b6eb-7ec8a34fe2d5","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":36,"box":{"x":461,"y":577,"width":455,"height":10}},{"id":"8f820b9e-ea64-4f76-a5d6-16f7c81e655a","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":36,"box":{"x":460,"y":591,"width":423,"height":10}},{"id":"1abd19ea-1095-4baf-8ac8-77dfe248d4a0","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":36,"box":{"x":461,"y":604,"width":398,"height":10}},{"id":"d9f1bfed-c8e7-4632-82e5-05b16e97d7c0","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":36,"box":{"x":461,"y":618,"width":409,"height":10}},{"id":"3b30fed3-723d-45ff-8922-57a6cccfa0a5","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":36,"box":{"x":461,"y":631,"width":469,"height":11}},{"id":"51ebcde7-9954-46f7-9160-afe22da8d329","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":36,"box":{"x":460,"y":645,"width":461,"height":10}},{"id":"524027c4-1972-4e31-9b39-9e76e49a7698","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":36,"box":{"x":460,"y":658,"width":469,"height":11}},{"id":"c66b30b3-595a-4268-b17b-1cad0ade85b3","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":36,"box":{"x":460,"y":672,"width":368,"height":10}},{"id":"46dd9db6-d30f-4e02-8e1b-e38d8dccbb98","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":36,"box":{"x":460,"y":688,"width":450,"height":10}},{"id":"34965a0e-affe-4aa7-bed3-44626cd547f8","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":36,"box":{"x":460,"y":701,"width":473,"height":11}},{"id":"96065db9-3668-4e1b-b2dd-6489060ae464","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":36,"box":{"x":461,"y":715,"width":420,"height":10}},{"id":"9201e6f7-2568-48d7-a7bd-56572664aaba","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":36,"box":{"x":461,"y":729,"width":439,"height":10}},{"id":"0ff85a2b-85e1-405c-b455-b84fbd2a8356","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":36,"box":{"x":461,"y":742,"width":460,"height":10}},{"id":"96b42eb4-9aeb-4ef6-8d88-3660338847db","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":36,"box":{"x":461,"y":756,"width":430,"height":10}},{"id":"0463a43f-54ef-4490-b201-7c7501181eec","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":36,"box":{"x":461,"y":769,"width":473,"height":11}},{"id":"8fa85e77-bc74-4215-bb49-167753b246a8","block_type":"box","text":"gain or loss may be realized.","page_number":36,"box":{"x":460,"y":783,"width":188,"height":10}},{"id":"53e1738c-1993-457c-b4fc-7ac1c69685f4","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":36,"box":{"x":461,"y":799,"width":457,"height":10}},{"id":"a4f001d1-c34e-47d0-a6ca-bc2513294284","block_type":"box","text":"making an exchange request.","page_number":36,"box":{"x":461,"y":813,"width":192,"height":10}},{"id":"6687c7dc-7689-4c22-aa51-e54ca28607c2","block_type":"box","text":"Transfer Shares to","page_number":36,"box":{"x":60,"y":830,"width":124,"height":9}},{"id":"dff93643-ed7d-490d-8a8b-6af8a67c8738","block_type":"box","text":"Another Financial","page_number":36,"box":{"x":60,"y":842,"width":118,"height":8}},{"id":"77409f96-6b63-4dd4-a4e0-33bcb3f72e84","block_type":"box","text":"Intermediary","page_number":36,"box":{"x":61,"y":854,"width":85,"height":10}},{"id":"23226760-fc3b-4cf0-af0b-9b7716f108c1","block_type":"box","text":"Transfer to a participating","page_number":36,"box":{"x":213,"y":830,"width":171,"height":11}},{"id":"bb7e142f-3d9e-4e0a-831f-32306d291b79","block_type":"box","text":"Financial Intermediary","page_number":36,"box":{"x":214,"y":844,"width":145,"height":10}},{"id":"7c32f30f-bbf3-44fc-b049-06218dc4569b","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":36,"box":{"x":460,"y":830,"width":436,"height":11}},{"id":"1fd61f57-6899-4352-8a69-5912dbbfc798","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":36,"box":{"x":461,"y":844,"width":455,"height":10}},{"id":"697de875-9eb3-4c84-9e58-53d24eb75169","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":36,"box":{"x":461,"y":857,"width":456,"height":11}},{"id":"99b1ec88-a653-42c6-8536-0caf375cf753","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":36,"box":{"x":461,"y":871,"width":456,"height":10}},{"id":"7dfc56ef-7707-4e26-a14a-b4d719a77c14","block_type":"box","text":"receiving firm.","page_number":36,"box":{"x":461,"y":884,"width":91,"height":11}},{"id":"d2c67b1f-de1e-40e2-bb87-1a9e1e866fc3","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"abf6a64d-f38a-4084-a653-1a645354d829","block_type":"box","text":"NM0926U-5977720-36/68","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"09e71fa5-6528-4057-abc5-04b9b4f3e8a4","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"5fd1e8a8-6f8d-45ce-adfa-154c68c96718","block_type":"box","text":"Transfer Shares to","page_number":37,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"21893b1c-2fb2-4b9b-96b0-a96445fb031f","block_type":"box","text":"Another Financial","page_number":37,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"de4d3ba0-31e2-44da-8114-0eb738bf20e9","block_type":"box","text":"Intermediary","page_number":37,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"9b9999c2-8d43-4bc7-8353-887f174c1254","block_type":"box","text":"(continued)","page_number":37,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"7fd90caf-6a65-40d0-a6ee-bad2b12b047d","block_type":"box","text":"Transfer to a participating","page_number":37,"box":{"x":213,"y":67,"width":171,"height":11}},{"id":"789d9d73-1e6b-4243-bde6-5e4adcd52aae","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"51d13a09-feb3-4143-8917-42ab43d79898","block_type":"box","text":"(continued)","page_number":37,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"0a2e2dcc-1ed3-46b2-b5e2-2754092e8f82","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":37,"box":{"x":461,"y":70,"width":390,"height":10}},{"id":"e5a6c2e1-d68e-423b-946a-c18b2ebf7022","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":37,"box":{"x":461,"y":83,"width":443,"height":11}},{"id":"bd4046b0-a5a1-4eeb-b1f9-27d818545365","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":37,"box":{"x":461,"y":97,"width":394,"height":10}},{"id":"3e0170c2-0bf6-4b14-91bc-8cfde0c5c427","block_type":"box","text":"Transfer to a non-participating","page_number":37,"box":{"x":213,"y":126,"width":199,"height":10}},{"id":"13ffa47a-3cc6-4670-91eb-0679307e2c15","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":140,"width":145,"height":10}},{"id":"7ff01350-0401-430d-9364-55bc7edb1d6e","block_type":"box","text":"You must either:","page_number":37,"box":{"x":460,"y":126,"width":107,"height":8}},{"id":"df720341-8078-465c-bde1-3470623027c1","block_type":"box","text":"•","page_number":37,"box":{"x":464,"y":142,"width":3,"height":3}},{"id":"5ea03797-8982-4651-a1f9-fb466f213f20","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":37,"box":{"x":470,"y":139,"width":346,"height":11}},{"id":"08d310f5-cdf1-4dc9-9798-3832f0c901ab","block_type":"box","text":"•","page_number":37,"box":{"x":464,"y":156,"width":3,"height":3}},{"id":"6d697bb9-98fa-4dac-91da-64ececa6d823","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":37,"box":{"x":471,"y":153,"width":409,"height":10}},{"id":"660df1d2-24bf-4dfa-b1ca-5aa6b983c2e7","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":37,"box":{"x":461,"y":169,"width":390,"height":10}},{"id":"f040d730-7ecc-4d7e-8a6a-45efb728cc26","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":37,"box":{"x":461,"y":183,"width":443,"height":10}},{"id":"4d9e461b-a9c8-48f1-ab6b-160e99a209db","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":37,"box":{"x":461,"y":196,"width":394,"height":10}},{"id":"c616f6c7-c645-4699-ae3f-d761ef350dd4","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"7f286ea9-efdf-4864-8e19-c68e3ba33ef8","block_type":"box","text":"NM0926U-5977720-37/68","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"227b7d13-026d-4ae7-a16e-68b9ec1d2fb8","block_type":"box","text":"Account Services and Privileges","page_number":38,"box":{"x":60,"y":47,"width":292,"height":13}},{"id":"8b2fb1aa-44d1-4d10-bb9f-8ae546b3f0be","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":38,"box":{"x":60,"y":73,"width":865,"height":11}},{"id":"c5fbae77-2d35-4e31-b59e-ae0fe360f5bb","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":38,"box":{"x":61,"y":88,"width":841,"height":11}},{"id":"cd2a6e7b-41e0-4414-8fad-44cd6660efe2","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":38,"box":{"x":61,"y":102,"width":816,"height":12}},{"id":"8c2bf275-016b-4df7-8057-04dccd4aea88","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":38,"box":{"x":60,"y":117,"width":824,"height":12}},{"id":"9cc5a6b6-e37c-44ca-afb2-fa25af26b8cb","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":38,"box":{"x":62,"y":132,"width":759,"height":12}},{"id":"1b1e89b9-5ef3-4416-a194-3460b690dc1b","block_type":"box","text":"Automatic","page_number":38,"box":{"x":60,"y":161,"width":70,"height":9}},{"id":"696fe6c0-7f62-4aab-8b65-f79b901b1f81","block_type":"box","text":"Investment Plan","page_number":38,"box":{"x":61,"y":173,"width":109,"height":8}},{"id":"5c9e20a5-0700-4986-8e92-5c2d896599ee","block_type":"box","text":"Allows systematic investments","page_number":38,"box":{"x":213,"y":162,"width":202,"height":10}},{"id":"97012fd7-c3f0-465f-8c43-16f9269499cc","block_type":"box","text":"on a periodic basis from your","page_number":38,"box":{"x":214,"y":175,"width":192,"height":10}},{"id":"54b87cc5-207a-4980-bb06-6b1e973734de","block_type":"box","text":"checking or savings account.","page_number":38,"box":{"x":214,"y":189,"width":189,"height":10}},{"id":"b7a650f3-68da-4212-8973-edec3f6b7cbe","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":38,"box":{"x":461,"y":161,"width":451,"height":11}},{"id":"a49bd424-f473-4385-9d27-90e3a31c3848","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":38,"box":{"x":461,"y":175,"width":431,"height":10}},{"id":"c8966713-4fed-4a9a-9772-ac83505567d0","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":38,"box":{"x":461,"y":188,"width":437,"height":11}},{"id":"11e16d96-ff64-4643-9e9d-9f3211a9cbca","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":38,"box":{"x":461,"y":202,"width":451,"height":10}},{"id":"a5891229-170f-41ef-95e2-c7cce7f41d8f","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":38,"box":{"x":461,"y":215,"width":300,"height":11}},{"id":"3dd9bb27-e6e1-46d4-8c8c-145477030202","block_type":"box","text":"Dividend Allocation","page_number":38,"box":{"x":61,"y":234,"width":129,"height":8}},{"id":"4e7a0392-3c69-43b7-8059-b4f0683957b8","block_type":"box","text":"Plan","page_number":38,"box":{"x":61,"y":245,"width":28,"height":8}},{"id":"1bba8477-e0c1-4af0-a180-ffdb6c15ec0d","block_type":"box","text":"Automatically invests your","page_number":38,"box":{"x":213,"y":234,"width":172,"height":10}},{"id":"4d6cbbb0-bd73-44db-83bd-079abf58a850","block_type":"box","text":"distributions into another","page_number":38,"box":{"x":214,"y":247,"width":165,"height":8}},{"id":"45ae92a7-5390-474d-8355-4f12fca50bca","block_type":"box","text":"BlackRock Fund of your choice","page_number":38,"box":{"x":214,"y":261,"width":200,"height":10}},{"id":"87913f8d-2c13-4ee6-b9c3-48d4a1004f3e","block_type":"box","text":"pursuant to your instructions,","page_number":38,"box":{"x":214,"y":274,"width":193,"height":10}},{"id":"709c1b34-1cbd-41d0-bfa6-e6beebb2dc19","block_type":"box","text":"without any fees or sales","page_number":38,"box":{"x":213,"y":288,"width":165,"height":10}},{"id":"8472f035-9508-42a0-a25b-658232b85743","block_type":"box","text":"charges.","page_number":38,"box":{"x":214,"y":301,"width":55,"height":11}},{"id":"244bae29-79f3-4a99-b101-28993d80fd7e","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":38,"box":{"x":461,"y":234,"width":433,"height":10}},{"id":"ec6497ea-55df-49cd-be1d-25336a3ab905","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":38,"box":{"x":461,"y":247,"width":427,"height":10}},{"id":"a7c55b70-1c43-439a-88e0-d6adc12bb993","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":38,"box":{"x":461,"y":261,"width":463,"height":10}},{"id":"f0c992a9-0837-4792-bc7d-cfbec0fc3c8a","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":38,"box":{"x":461,"y":274,"width":455,"height":11}},{"id":"7f94f659-9947-46b8-8599-542f78d12839","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":38,"box":{"x":461,"y":288,"width":459,"height":10}},{"id":"ffa23c87-4b12-4114-bf5e-cd55a4a3d69f","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":38,"box":{"x":461,"y":301,"width":454,"height":11}},{"id":"6cbe0ccd-bb81-42cf-9b4e-060ab1e43abf","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":38,"box":{"x":460,"y":315,"width":467,"height":10}},{"id":"987645f2-99b8-4ef8-a36a-f7cc7bc77174","block_type":"box","text":"EZ Trader","page_number":38,"box":{"x":61,"y":333,"width":65,"height":8}},{"id":"a30a959d-4243-4dca-9f88-be384ebf807b","block_type":"box","text":"Allows an investor to purchase or","page_number":38,"box":{"x":213,"y":333,"width":220,"height":10}},{"id":"a918e034-23d5-47b0-9a75-66ae41ad2ec7","block_type":"box","text":"sell Investor Shares by telephone","page_number":38,"box":{"x":214,"y":346,"width":219,"height":11}},{"id":"c4e5661d-b5b3-4980-b7cc-cd66a0e1cd83","block_type":"box","text":"or over the Internet through ACH.","page_number":38,"box":{"x":214,"y":360,"width":216,"height":10}},{"id":"f3bca111-296b-4108-9b4f-ead71f771884","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":38,"box":{"x":461,"y":333,"width":467,"height":10}},{"id":"915fbdc4-f564-41a8-9332-4d9dba44a627","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":38,"box":{"x":461,"y":347,"width":462,"height":10}},{"id":"b98d9d91-401d-4fcb-a689-34800511749e","block_type":"box","text":"if your account is held elsewhere.)","page_number":38,"box":{"x":461,"y":360,"width":225,"height":10}},{"id":"a961d533-10a6-4164-9450-b92185c72b0d","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":38,"box":{"x":461,"y":376,"width":467,"height":10}},{"id":"b1d119c8-7b27-4923-a420-cf15d304744d","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":38,"box":{"x":461,"y":389,"width":423,"height":11}},{"id":"98946c4a-acb7-4fc1-ad17-b329e7726ad3","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":38,"box":{"x":461,"y":403,"width":459,"height":10}},{"id":"7f35af04-1b8c-419c-a189-e1d3dcbbcc00","block_type":"box","text":"information, and return the application to the address listed on the","page_number":38,"box":{"x":461,"y":417,"width":442,"height":10}},{"id":"60196c0a-ee00-40fc-9bac-2f5bcd6f28ef","block_type":"box","text":"form.","page_number":38,"box":{"x":460,"y":430,"width":34,"height":8}},{"id":"f590f181-b4f9-468f-a13e-e63fc5be4508","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":38,"box":{"x":461,"y":446,"width":460,"height":11}},{"id":"63457b6e-a6bf-46b1-bbf9-2ccd4404004a","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":38,"box":{"x":461,"y":460,"width":449,"height":10}},{"id":"391c0d52-95b9-40b2-b4cf-0c73ece668d4","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":38,"box":{"x":461,"y":473,"width":466,"height":11}},{"id":"323f6792-421e-4fa2-b286-ff51e0604c18","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":38,"box":{"x":461,"y":487,"width":470,"height":10}},{"id":"9eafcaa3-a96e-4a15-9f3a-e984bd80dc6d","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":38,"box":{"x":460,"y":501,"width":323,"height":10}},{"id":"61037548-b0be-4f21-836a-ab0f0f3b6788","block_type":"box","text":"Systematic","page_number":38,"box":{"x":60,"y":519,"width":76,"height":10}},{"id":"cc0e403e-ca54-4243-a5a5-2e9f0501d365","block_type":"box","text":"Exchange Plan","page_number":38,"box":{"x":61,"y":530,"width":99,"height":10}},{"id":"9bf075cf-3086-48ce-adf7-f41433d2bd12","block_type":"box","text":"This feature can be used by","page_number":38,"box":{"x":213,"y":518,"width":184,"height":11}},{"id":"113c850a-de42-4ee9-a4ba-83948cfbe793","block_type":"box","text":"investors to systematically","page_number":38,"box":{"x":214,"y":532,"width":175,"height":10}},{"id":"3289ac67-f140-49f0-8822-bd38ab6d6295","block_type":"box","text":"exchange money from one fund","page_number":38,"box":{"x":214,"y":545,"width":205,"height":11}},{"id":"0b190fc3-1b79-4080-adea-67d9c3a32d5e","block_type":"box","text":"to up to four other funds.","page_number":38,"box":{"x":213,"y":559,"width":165,"height":10}},{"id":"c45d200a-4aa4-4824-a79d-29e31efbb359","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":38,"box":{"x":460,"y":518,"width":454,"height":11}},{"id":"744d3c3e-4667-470e-9980-278d055b0069","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":38,"box":{"x":461,"y":532,"width":414,"height":10}},{"id":"7f878f21-07ac-4bfe-97f8-26dbe9fedc45","block_type":"box","text":"investment requirements.","page_number":38,"box":{"x":461,"y":546,"width":167,"height":10}},{"id":"23d8f266-0cda-4d8d-8573-4d7cf2b14163","block_type":"box","text":"Systematic","page_number":38,"box":{"x":60,"y":577,"width":76,"height":10}},{"id":"b439e0b1-c929-46b4-95ec-1f190602ad38","block_type":"box","text":"Withdrawal Plan","page_number":38,"box":{"x":60,"y":589,"width":110,"height":8}},{"id":"d41318f8-2374-4c38-8fad-3c01cdcd9638","block_type":"box","text":"This feature can be used by","page_number":38,"box":{"x":213,"y":577,"width":184,"height":10}},{"id":"9dc5a509-a56e-4339-a351-bc86c5cbf40b","block_type":"box","text":"investors who want to receive","page_number":38,"box":{"x":214,"y":591,"width":194,"height":8}},{"id":"83c9daf2-6644-473c-bae8-091cc764bfe8","block_type":"box","text":"regular distributions from their","page_number":38,"box":{"x":214,"y":604,"width":200,"height":11}},{"id":"0dc97b1d-d295-4213-976c-bb6f7d3e5556","block_type":"box","text":"accounts.","page_number":38,"box":{"x":214,"y":618,"width":62,"height":8}},{"id":"61d6817e-8e8f-4883-b18c-1e880b175987","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":38,"box":{"x":460,"y":577,"width":438,"height":10}},{"id":"50e545a6-ff37-4bfb-a5d9-925965a58b45","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":38,"box":{"x":461,"y":590,"width":255,"height":10}},{"id":"8b1b627e-1569-4bab-bccf-889f0dabf54e","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":38,"box":{"x":461,"y":606,"width":475,"height":11}},{"id":"69ac6c31-e6cb-46df-b7f0-866dbf8881e8","block_type":"box","text":"interval they choose. 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No CDSC will be assessed on","page_number":38,"box":{"x":461,"y":745,"width":450,"height":10}},{"id":"9b6f3144-b068-4eff-9098-40e64ccda7c2","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":38,"box":{"x":461,"y":758,"width":465,"height":11}},{"id":"1633889c-3692-4136-8c66-9bb784c4c670","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":38,"box":{"x":460,"y":772,"width":416,"height":8}},{"id":"56a33175-57ed-4dde-9b69-c1bbbc1bbedf","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":38,"box":{"x":461,"y":785,"width":442,"height":11}},{"id":"c9bc1b4a-6d84-4018-9ecc-a60a17b5e594","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":38,"box":{"x":461,"y":799,"width":468,"height":10}},{"id":"0c66dade-f841-4f05-aa75-a07bb22e76fa","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":38,"box":{"x":460,"y":812,"width":457,"height":11}},{"id":"9b679a7c-e467-433e-a316-42236547f775","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":38,"box":{"x":461,"y":826,"width":474,"height":10}},{"id":"ea7ffc6a-00f6-4cfa-8a31-a43dc6b3609b","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":38,"box":{"x":461,"y":839,"width":458,"height":11}},{"id":"5d0bd748-9f69-4bc2-a57c-5cfd9641bf34","block_type":"box","text":"applicable CDSC.","page_number":38,"box":{"x":461,"y":853,"width":112,"height":10}},{"id":"44b1cb6c-7a46-42e6-b657-99c66f798edf","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":38,"box":{"x":460,"y":869,"width":281,"height":10}},{"id":"9db7926f-cfc8-4323-a0a0-111ecce008c0","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8bd43581-7d79-4d61-9794-4b3bce4b7cd7","block_type":"box","text":"NM0926U-5977720-38/68","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"08aa9110-720e-4120-8d34-0bbfe8fa30c2","block_type":"box","text":"Reinstatement","page_number":39,"box":{"x":61,"y":51,"width":99,"height":8}},{"id":"eb688737-e90c-4a27-bfce-44a04b2b9846","block_type":"box","text":"Privilege","page_number":39,"box":{"x":61,"y":63,"width":57,"height":10}},{"id":"eb3d345a-9bdd-47ce-91b3-c9a83ab9ed18","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":39,"box":{"x":461,"y":51,"width":468,"height":10}},{"id":"9c2a3f65-5d8e-45c2-a620-8875c9cb9513","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":39,"box":{"x":461,"y":65,"width":424,"height":10}},{"id":"1ffa4a2f-5f27-4701-a4e9-19dc142d0c94","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":39,"box":{"x":461,"y":78,"width":464,"height":10}},{"id":"261915b6-c240-44d0-ba5c-a00c3b554b7e","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":39,"box":{"x":460,"y":92,"width":470,"height":10}},{"id":"94c97955-44bc-4337-a7d1-b9834b423c79","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":39,"box":{"x":461,"y":105,"width":458,"height":10}},{"id":"540d4f47-ab94-4fe9-8057-a37bfaf6599e","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":39,"box":{"x":461,"y":119,"width":456,"height":10}},{"id":"dc622540-0b48-43de-8e31-531f5902833d","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":39,"box":{"x":461,"y":132,"width":454,"height":9}},{"id":"b8a2c275-5dc2-4696-bed4-7fe7f33cf6fb","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":39,"box":{"x":460,"y":146,"width":438,"height":10}},{"id":"25ed5e6f-2a4e-4f83-b631-65718bc5db63","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":39,"box":{"x":460,"y":160,"width":450,"height":10}},{"id":"78ac06cb-93cc-4923-bc37-6ba0317d622f","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":39,"box":{"x":460,"y":173,"width":435,"height":8}},{"id":"9800654c-238f-436c-942a-1d4316ec664b","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":39,"box":{"x":461,"y":186,"width":466,"height":11}},{"id":"563f53ee-e112-433f-acf5-58a53bcdd11d","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":39,"box":{"x":461,"y":200,"width":376,"height":10}},{"id":"88ea7dda-d12a-4ce0-ae9c-197e984dbea5","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":39,"box":{"x":461,"y":213,"width":371,"height":11}},{"id":"682170e1-38bc-4394-aa43-94a443f9fdb1","block_type":"box","text":"Fund’s Rights","page_number":39,"box":{"x":61,"y":254,"width":124,"height":14}},{"id":"57e92e3e-780e-4b0b-b3f2-9e76b6923c7e","block_type":"box","text":"The Fund may:","page_number":39,"box":{"x":60,"y":281,"width":106,"height":11}},{"id":"e14d8d67-b4bf-4f46-becc-275e2fd64388","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":39,"box":{"x":81,"y":300,"width":840,"height":12}},{"id":"3b132007-f008-4a08-9b57-ec1a067f5440","block_type":"box","text":"described in the Investment Company Act;","page_number":39,"box":{"x":81,"y":315,"width":308,"height":11}},{"id":"337da13e-5cd6-4381-b910-e2ca95dbf57f","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":39,"box":{"x":81,"y":335,"width":789,"height":12}},{"id":"814292dc-ad29-4597-bc7f-5466dbf9a591","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":39,"box":{"x":81,"y":350,"width":850,"height":11}},{"id":"20b296a6-92b9-42e9-a742-a2068bceea9c","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":39,"box":{"x":82,"y":365,"width":368,"height":11}},{"id":"f1152e96-1f82-441c-af69-b8c39a0fccbe","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":39,"box":{"x":82,"y":385,"width":781,"height":11}},{"id":"754c1b59-bf6e-4c5f-9207-f9e8ea132454","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":39,"box":{"x":82,"y":405,"width":798,"height":11}},{"id":"46da0f3a-ccf1-4849-9bbb-0cae20457132","block_type":"box","text":"specified level.","page_number":39,"box":{"x":81,"y":419,"width":108,"height":12}},{"id":"466ec69d-356c-4942-863a-77c4338cce8e","block_type":"box","text":"Note on Low Balance Accounts.","page_number":39,"box":{"x":61,"y":442,"width":239,"height":9}},{"id":"4ed18df3-fad9-4170-a2e8-badad2c2b074","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":39,"box":{"x":307,"y":442,"width":600,"height":12}},{"id":"f094fa94-f58e-4b36-952d-ebd4b1056009","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (“Fund Minimum”), and may","page_number":39,"box":{"x":61,"y":456,"width":854,"height":12}},{"id":"93e04da7-0be3-4739-86a9-d5eb6f5889eb","block_type":"box","text":"redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":39,"box":{"x":61,"y":471,"width":837,"height":12}},{"id":"1b49df37-1d41-4077-90a0-7340eb644705","block_type":"box","text":"reason, including market fluctuation.","page_number":39,"box":{"x":61,"y":487,"width":267,"height":11}},{"id":"4a1b4bad-d9f0-4af5-a0cf-ac5b613d9c3c","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":39,"box":{"x":60,"y":509,"width":799,"height":12}},{"id":"85ba2a51-3b33-4be0-bd0f-0ec7f1006e17","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":39,"box":{"x":62,"y":524,"width":796,"height":11}},{"id":"522f0416-f0db-4173-8816-72d3a0a84659","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":39,"box":{"x":62,"y":538,"width":800,"height":12}},{"id":"ee5b18ff-a7a5-427f-a25d-e33065433c67","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":39,"box":{"x":61,"y":554,"width":859,"height":11}},{"id":"0c7377b7-0002-40d3-97de-74b8fbf60621","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":39,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"434df5aa-aa68-404b-9ff5-6a900ad74014","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":39,"box":{"x":61,"y":583,"width":420,"height":12}},{"id":"634f73dd-b230-41ec-bc41-29c7ea27f703","block_type":"box","text":"Participation in Fee-Based Programs","page_number":39,"box":{"x":61,"y":622,"width":331,"height":14}},{"id":"3ed00240-8ac0-4cf2-a467-325b6977fb69","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":39,"box":{"x":62,"y":648,"width":826,"height":12}},{"id":"67a9455e-b1e1-445c-be4d-f63bdcc70cba","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":39,"box":{"x":62,"y":663,"width":806,"height":12}},{"id":"20bc7550-8ad8-4992-a8bb-fcbb35ccf372","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":39,"box":{"x":62,"y":678,"width":833,"height":12}},{"id":"13f523f9-f076-4f86-b98a-fa98eeb6686b","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":39,"box":{"x":61,"y":693,"width":865,"height":11}},{"id":"17effac7-5377-464e-9562-faf8af3ea20f","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":39,"box":{"x":60,"y":708,"width":863,"height":11}},{"id":"7a016925-c7b9-4397-a1a9-a163b6a19ab0","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":39,"box":{"x":62,"y":722,"width":865,"height":12}},{"id":"3b40dded-9dc1-440b-bc04-6136f02cd5f8","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":39,"box":{"x":61,"y":737,"width":842,"height":12}},{"id":"6f783283-60b3-456c-9378-28659a9e320b","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":39,"box":{"x":61,"y":752,"width":838,"height":12}},{"id":"d5837b0c-cee7-4fa1-934b-00d33133bead","block_type":"box","text":"procedures applicable to your account.","page_number":39,"box":{"x":62,"y":767,"width":282,"height":11}},{"id":"5082e1fd-1bca-44d7-8225-7acd829f2499","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in an","page_number":39,"box":{"x":61,"y":789,"width":835,"height":12}},{"id":"0161933d-9493-4a9a-8524-4992e6d982e2","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":39,"box":{"x":61,"y":805,"width":861,"height":10}},{"id":"bfaee86a-5e6a-4955-91c2-83bb4357e499","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":39,"box":{"x":61,"y":819,"width":849,"height":12}},{"id":"a3ead24c-04d7-4bde-bda5-5c072f83206e","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":39,"box":{"x":60,"y":834,"width":867,"height":12}},{"id":"64e7b1fc-4ebc-4db7-8541-3edb63bc17a9","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":39,"box":{"x":62,"y":849,"width":873,"height":11}},{"id":"9571c968-b0d1-4528-a811-779da6c58ed1","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":39,"box":{"x":61,"y":864,"width":844,"height":11}},{"id":"0893d17d-093f-4288-bd43-0d95b76a7cc6","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":39,"box":{"x":61,"y":878,"width":865,"height":12}},{"id":"ad739cf0-d31e-4312-bfa2-f8316c4b4f72","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":39,"box":{"x":61,"y":893,"width":480,"height":12}},{"id":"0dd74034-23e3-4819-9cc9-2232ff81b181","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"847f5043-60dd-4e73-a35f-5058114a0e24","block_type":"box","text":"NM0926U-5977720-39/68","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"826ff922-1609-4421-a4e6-a0a3616020eb","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":40,"box":{"x":61,"y":46,"width":854,"height":11}},{"id":"4130aec3-7c5a-4a6c-b860-6cdcc49fbd81","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":40,"box":{"x":61,"y":60,"width":790,"height":12}},{"id":"7c939742-d6c5-48e5-923d-6fd00a100d68","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":40,"box":{"x":62,"y":75,"width":855,"height":12}},{"id":"82c35b1b-d1e4-4e4e-a59c-42db12cbcec0","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":40,"box":{"x":61,"y":90,"width":831,"height":12}},{"id":"58c719b2-6ccd-4430-995a-dab23618b8e7","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":40,"box":{"x":61,"y":105,"width":828,"height":12}},{"id":"1dd20e6b-f612-4d3e-992b-822494086827","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":40,"box":{"x":61,"y":120,"width":437,"height":11}},{"id":"01a2f1b2-fcb4-41dc-adbc-ecb10c4476be","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":40,"box":{"x":62,"y":142,"width":859,"height":12}},{"id":"a6ffdf85-b046-4576-91a1-7b4402d24305","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":40,"box":{"x":60,"y":157,"width":858,"height":12}},{"id":"1c9af50f-9a54-46cd-9916-97e9dd2a71b2","block_type":"box","text":"your Financial Intermediary for more information.","page_number":40,"box":{"x":60,"y":172,"width":357,"height":11}},{"id":"aa976b62-c733-4919-bd38-5fd670655b12","block_type":"box","text":"Short-Term Trading Policy","page_number":40,"box":{"x":61,"y":211,"width":232,"height":13}},{"id":"d5a72baa-e56a-40de-b372-603af2799456","block_type":"box","text":"The Board has determined that the interests of long-term shareholders and the Fund’s ability to manage its","page_number":40,"box":{"x":60,"y":237,"width":790,"height":12}},{"id":"b4257fbc-f8d2-405b-94d5-5f136958e638","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":40,"box":{"x":62,"y":252,"width":853,"height":11}},{"id":"327f1cf6-ff53-44c7-bce6-abc8fce1e174","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":40,"box":{"x":60,"y":267,"width":863,"height":11}},{"id":"82d6a625-7bfb-4ad0-9f15-52be03e7e7e3","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege for","page_number":40,"box":{"x":61,"y":282,"width":806,"height":11}},{"id":"130ba58b-5b6a-49c3-be2d-bd0220a40bbb","block_type":"box","text":"Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive purchase and","page_number":40,"box":{"x":62,"y":296,"width":851,"height":12}},{"id":"8c34edb5-6312-4df6-8c46-25e3008fa23c","block_type":"box","text":"sale or exchange activity may interfere with portfolio management, increase expenses and taxes and may have an","page_number":40,"box":{"x":61,"y":311,"width":839,"height":12}},{"id":"1008b7d0-a79c-4f49-aec0-ead906c5c7eb","block_type":"box","text":"adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into","page_number":40,"box":{"x":61,"y":326,"width":857,"height":12}},{"id":"7a7b73eb-94f0-496b-9617-26fc346d82b5","block_type":"box","text":"and out of the Fund may require the management team to allocate a significant amount of assets to cash or other","page_number":40,"box":{"x":61,"y":341,"width":839,"height":11}},{"id":"a302b90d-0ced-42e4-b7f9-ae591d4746bc","block_type":"box","text":"short-term investments or sell securities, rather than maintaining such assets in securities selected to achieve the","page_number":40,"box":{"x":61,"y":356,"width":844,"height":11}},{"id":"766b0f75-1385-45e5-8e40-0866f8e50b53","block_type":"box","text":"Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and","page_number":40,"box":{"x":62,"y":370,"width":826,"height":12}},{"id":"af363e2f-f785-4796-9688-b507ae388e11","block_type":"box","text":"transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":40,"box":{"x":60,"y":385,"width":652,"height":12}},{"id":"6386ffc1-7619-4b0a-a984-2bc834d99edb","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":40,"box":{"x":60,"y":408,"width":873,"height":11}},{"id":"e8bbbf44-2153-483e-b03e-1ed2fdd50789","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":40,"box":{"x":61,"y":423,"width":872,"height":11}},{"id":"22bd7343-0a6e-49b6-9c1c-7945e24edacf","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":40,"box":{"x":61,"y":438,"width":865,"height":11}},{"id":"0b610344-937c-466e-b42b-59a03cf5bc6b","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":40,"box":{"x":61,"y":452,"width":817,"height":12}},{"id":"4accbeb5-3d33-44f4-989a-9e60dd3337f8","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":40,"box":{"x":61,"y":467,"width":818,"height":12}},{"id":"4eb3a954-f943-4a36-a64f-cae0e18811da","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":40,"box":{"x":60,"y":482,"width":865,"height":12}},{"id":"1835bfc1-0b76-4710-9ba9-bb26d1c98cb1","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":40,"box":{"x":61,"y":497,"width":829,"height":11}},{"id":"c933cb9a-eb90-4901-8d91-df4c3b8f1091","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":40,"box":{"x":62,"y":512,"width":671,"height":11}},{"id":"ce72db65-5381-4eb7-b0de-2d7bdf40f04f","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":40,"box":{"x":60,"y":534,"width":869,"height":12}},{"id":"4e28796a-4f38-4178-a4ce-55fcd0e8fcd9","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":40,"box":{"x":60,"y":549,"width":839,"height":12}},{"id":"f90629c0-a766-4a31-b7c0-35b102f25585","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":40,"box":{"x":61,"y":564,"width":869,"height":11}},{"id":"12a76f35-4a60-4daa-ab37-d670955033b7","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":40,"box":{"x":61,"y":579,"width":870,"height":11}},{"id":"dbf6c5db-4a5d-4c0d-924d-85b0ae07fbcf","block_type":"box","text":"Fund or its shareholders.","page_number":40,"box":{"x":62,"y":594,"width":181,"height":9}},{"id":"6b1561cf-59cd-450b-84e2-bc05bd8c702e","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":40,"box":{"x":62,"y":616,"width":795,"height":12}},{"id":"b646ac60-6999-45f1-bc70-9e492c60e058","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":40,"box":{"x":61,"y":631,"width":860,"height":11}},{"id":"6cc72479-81a2-4286-bf7f-b177a2f56a6b","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":40,"box":{"x":62,"y":646,"width":871,"height":11}},{"id":"13055f25-4881-4093-884e-d3e46b823de4","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":40,"box":{"x":62,"y":661,"width":858,"height":11}},{"id":"b2b87162-4980-4b4f-be0d-2443df5b7182","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":40,"box":{"x":61,"y":675,"width":866,"height":12}},{"id":"8a39638d-947a-43f5-b9e0-04131067aa30","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":40,"box":{"x":61,"y":690,"width":829,"height":12}},{"id":"631e2540-d55b-4da3-9a96-fff9262f426f","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":40,"box":{"x":62,"y":705,"width":862,"height":12}},{"id":"cf25d257-354a-4d76-8a9f-7bef3a2778f9","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":40,"box":{"x":61,"y":720,"width":849,"height":11}},{"id":"ec11ee55-c327-4b81-99f5-46b89a6fdca4","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":40,"box":{"x":61,"y":735,"width":866,"height":11}},{"id":"a3533b99-adc5-4ac3-95b8-da43bd6b4da3","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":40,"box":{"x":60,"y":750,"width":806,"height":11}},{"id":"0a41cfd9-3dc6-4704-a4cd-5be7695b338f","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":40,"box":{"x":61,"y":764,"width":804,"height":12}},{"id":"da26a506-c850-48d4-aa0f-114d350a478b","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":40,"box":{"x":61,"y":779,"width":849,"height":12}},{"id":"2ecc17db-a605-427e-8bef-39340a8ed350","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":40,"box":{"x":61,"y":794,"width":875,"height":12}},{"id":"f6fbaa2b-563f-4ab2-b6cc-b2f93af34f5d","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":40,"box":{"x":62,"y":809,"width":869,"height":11}},{"id":"4140cb78-2d90-42d3-ba5e-a8ccea92a982","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":40,"box":{"x":61,"y":824,"width":845,"height":11}},{"id":"8c111e2e-1670-4ff5-bf1c-6797e3e0c436","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":40,"box":{"x":62,"y":839,"width":868,"height":11}},{"id":"bd878878-f4ea-4272-9baa-248f09bd2cc0","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":40,"box":{"x":61,"y":854,"width":861,"height":11}},{"id":"7dd2d10b-657c-4e7f-b617-b1d6e5eb29ee","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":40,"box":{"x":61,"y":868,"width":868,"height":12}},{"id":"8e2ddcdb-5304-4a04-aadc-4696c4efe51c","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":40,"box":{"x":60,"y":883,"width":847,"height":12}},{"id":"1677da1f-5d66-459c-9731-b44f4c3f29d9","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":40,"box":{"x":60,"y":898,"width":837,"height":11}},{"id":"5e79a958-35ca-44cb-843c-63e6426f0d91","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":40,"box":{"x":61,"y":913,"width":663,"height":11}},{"id":"17b51662-6044-4002-81bb-d607d5d4a284","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b0777152-f8aa-4629-a685-61c2cae0fe9c","block_type":"box","text":"NM0926U-5977720-40/68","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e76b6cc4-0b27-4a34-8a1c-896a97a59ba6","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":41,"box":{"x":60,"y":46,"width":824,"height":11}},{"id":"c97ff74f-df6c-4a52-b70c-b5419230575d","block_type":"box","text":"deemed abusive.","page_number":41,"box":{"x":61,"y":61,"width":123,"height":9}},{"id":"dc4fc207-c729-4b1d-8c24-acff28830c51","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":41,"box":{"x":60,"y":83,"width":841,"height":12}},{"id":"ac065907-0d3e-4ce5-aafa-1b45a4a0540f","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":41,"box":{"x":60,"y":98,"width":572,"height":11}},{"id":"6416e032-a3f8-4504-855a-dd4ba447d580","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"87caddc6-28dd-4fda-9554-ce0effb55d2f","block_type":"box","text":"NM0926U-5977720-41/68","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"029d7d26-334b-4f89-ac87-3139197c1f15","block_type":"box","text":"Management of the Fund","page_number":42,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"2ed9a451-b5b0-4ac2-809e-a47d4cdc3203","block_type":"box","text":"BlackRock","page_number":42,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"9c35ced2-c2b0-448f-befb-aa106827d0f0","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":42,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"144f1461-14f1-4686-a9b5-b1d9882f5e5b","block_type":"box","text":"the oversight of the Board. While BlackRock is ultimately responsible for the management of the Fund, it is able to","page_number":42,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"f6bf2a46-a944-43ca-a31c-ebb4f718b488","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":42,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"1047b273-dfbb-4507-8f07-1a0bcf5769fc","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":42,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"a9492a39-881a-4cb5-80b9-08020e84ef2a","block_type":"box","text":"BlackRock, Inc.","page_number":42,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"06f41177-d258-47b5-82f6-c7ac81f70b24","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":42,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"8a3da8da-3e1e-4bdb-802b-0bd160edb444","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":42,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"388c1f36-bb36-41b2-8cd8-0a10745a1ec6","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":42,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"835cc30e-a274-42f1-bb24-d7ed1dfc4f43","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to a management agreement (the “Management Agreement”).","page_number":42,"box":{"x":62,"y":317,"width":839,"height":11}},{"id":"afb57eaa-4144-4830-8de5-311cd5178d03","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable monthly. The","page_number":42,"box":{"x":61,"y":331,"width":824,"height":12}},{"id":"18e961b2-8e87-4349-9001-fc4b6f2c58e6","block_type":"box","text":"maximum annual management fees that can be paid to BlackRock (as a percentage of average daily net assets) are","page_number":42,"box":{"x":61,"y":346,"width":853,"height":12}},{"id":"f911f15a-edb6-4706-ac23-0780200021dc","block_type":"box","text":"calculated as follows:","page_number":42,"box":{"x":61,"y":361,"width":157,"height":9}},{"id":"d63e29a9-fd17-47e0-9854-d03997e00a4d","block_type":"box","text":"Average Daily Net Assets","page_number":42,"box":{"x":69,"y":389,"width":151,"height":9}},{"id":"22de47a6-f689-454d-a5c4-38a52330cca3","block_type":"box","text":"Management Fee Rate","page_number":42,"box":{"x":780,"y":389,"width":137,"height":9}},{"id":"b00239e8-13c2-463f-9bb1-cbe9b9e61357","block_type":"box","text":"First $1 billion","page_number":42,"box":{"x":70,"y":406,"width":92,"height":9}},{"id":"9b304e63-cb02-4790-999c-59db2f5713e1","block_type":"box","text":"0.45%","page_number":42,"box":{"x":833,"y":406,"width":41,"height":9}},{"id":"18644f6f-1918-45df-8493-0ba8d530d28c","block_type":"box","text":"$1 billion – $3 billion","page_number":42,"box":{"x":70,"y":424,"width":138,"height":9}},{"id":"d0c94d11-07c2-41e8-ac8f-2cac0aa58ea3","block_type":"box","text":"0.42%","page_number":42,"box":{"x":833,"y":424,"width":41,"height":9}},{"id":"d1cff796-4cd1-4fff-96b1-f54eeb534d1a","block_type":"box","text":"$3 billion – $5 billion","page_number":42,"box":{"x":70,"y":442,"width":138,"height":9}},{"id":"3c2a6114-8b8b-4aa9-ae9b-f5c000f17342","block_type":"box","text":"0.41%","page_number":42,"box":{"x":833,"y":442,"width":41,"height":9}},{"id":"f24f37fb-d963-4967-98dd-fceb15181391","block_type":"box","text":"$5 billion – $10 billion","page_number":42,"box":{"x":70,"y":460,"width":147,"height":9}},{"id":"976d9170-a8a3-4a28-9c2a-1751836e5217","block_type":"box","text":"0.39%","page_number":42,"box":{"x":833,"y":460,"width":41,"height":9}},{"id":"5b385e68-b415-4055-9e5b-56a71554a153","block_type":"box","text":"Greater than $10 billion","page_number":42,"box":{"x":69,"y":478,"width":157,"height":9}},{"id":"3ce66177-6277-4917-809e-e9cf149d2f4c","block_type":"box","text":"0.38%","page_number":42,"box":{"x":833,"y":479,"width":41,"height":8}},{"id":"8080b52d-1c26-4223-9cff-d2403a48c2cd","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":42,"box":{"x":62,"y":510,"width":840,"height":12}},{"id":"ba1a31db-3fd5-453a-9dd5-21006c089f8b","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":42,"box":{"x":61,"y":525,"width":824,"height":12}},{"id":"0c25291d-9b3c-4451-8006-eca1886cc8dc","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":42,"box":{"x":62,"y":540,"width":843,"height":12}},{"id":"11a87749-e02d-4da4-a7c8-ec53f8e4da76","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":42,"box":{"x":61,"y":555,"width":851,"height":11}},{"id":"afe15aca-dcad-4f2d-93dc-0366ec3caa6c","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":42,"box":{"x":62,"y":570,"width":808,"height":11}},{"id":"2686e29d-3645-4e0c-8a90-4d33a951deb3","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":42,"box":{"x":62,"y":584,"width":860,"height":12}},{"id":"aba4d44d-648d-4abb-9987-90b673312d8b","block_type":"box","text":"90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding","page_number":42,"box":{"x":61,"y":599,"width":851,"height":12}},{"id":"fe1a8233-2d35-425d-81df-dee0f93af0c0","block_type":"box","text":"voting securities of the Fund.","page_number":42,"box":{"x":60,"y":614,"width":212,"height":12}},{"id":"c52bb8ac-fca5-4b91-be79-1ff5c683eb36","block_type":"box","text":"BlackRock has agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage","page_number":42,"box":{"x":62,"y":637,"width":833,"height":11}},{"id":"ac95edee-810b-4988-8c72-94ca745a9ee6","block_type":"box","text":"commissions, and other expenditures which are capitalized in accordance with generally accepted accounting","page_number":42,"box":{"x":61,"y":652,"width":803,"height":11}},{"id":"bae32d52-b9bb-4ef8-abdd-9560c9923755","block_type":"box","text":"principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of","page_number":42,"box":{"x":62,"y":666,"width":810,"height":12}},{"id":"27b0c67e-faa4-4fd1-be12-354e1ea6e64b","block_type":"box","text":"investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":42,"box":{"x":62,"y":681,"width":847,"height":12}},{"id":"3775864b-21db-4fd2-afbf-03aa6a43e6d5","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":42,"box":{"x":62,"y":696,"width":858,"height":12}},{"id":"cd81e8c5-b389-47a7-809a-894886b6d0f5","block_type":"box","text":"Fund’s business, if any) of each share class of the Fund at the levels shown below and in the Fund’s fees and","page_number":42,"box":{"x":62,"y":711,"width":807,"height":11}},{"id":"11f1e5ea-9f72-4e67-b301-a9a099f0924c","block_type":"box","text":"expenses table in the “Fund Overview” section of this prospectus. 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As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":44,"box":{"x":60,"y":497,"width":864,"height":11}},{"id":"3dd55be2-5f1b-4216-b37e-d19454339085","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":44,"box":{"x":60,"y":512,"width":865,"height":11}},{"id":"acbeedf9-002e-4763-a3cb-c1d9c791b053","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":44,"box":{"x":60,"y":526,"width":834,"height":12}},{"id":"e0e08b57-e309-422b-beed-be1536f5ea96","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":44,"box":{"x":61,"y":541,"width":815,"height":12}},{"id":"77cc5313-63ac-418a-8d44-ece72dd7b516","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":44,"box":{"x":62,"y":564,"width":802,"height":11}},{"id":"f1e394b3-0652-4c7e-a661-8eb553634b9d","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":44,"box":{"x":61,"y":579,"width":840,"height":11}},{"id":"3fd125d9-623d-4d85-bb9b-b454ca621bcf","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":44,"box":{"x":61,"y":594,"width":648,"height":11}},{"id":"51b368fa-0601-4860-adc9-68508bbdafe7","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":44,"box":{"x":62,"y":616,"width":854,"height":12}},{"id":"a0af78d3-de55-49c8-ba55-eec8ac0190d2","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":44,"box":{"x":60,"y":631,"width":814,"height":11}},{"id":"c749e118-f3c2-41d5-806c-3bb7e9706a95","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":44,"box":{"x":61,"y":646,"width":853,"height":11}},{"id":"7a0cf1f3-4e6f-4095-94dd-2b68da4ec251","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":44,"box":{"x":60,"y":668,"width":858,"height":12}},{"id":"cd1e25a1-4fc8-49a5-8ea4-eec48a4b3b3c","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":44,"box":{"x":62,"y":683,"width":367,"height":12}},{"id":"4c73e201-9f81-4d34-a26b-25bb64871f25","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Investment Management,","page_number":44,"box":{"x":62,"y":706,"width":869,"height":11}},{"id":"9ec88497-bdb8-49d4-8519-7f80f3f5b4eb","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":44,"box":{"x":62,"y":720,"width":875,"height":12}},{"id":"7328e122-a095-4611-9c22-529b5b18b2b6","block_type":"box","text":"lending program. For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":44,"box":{"x":62,"y":735,"width":857,"height":12}},{"id":"570215c5-e707-4ef4-aa7d-0ff15f71e073","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":44,"box":{"x":61,"y":750,"width":857,"height":12}},{"id":"e3585c71-ddbd-42a1-9eb5-34561303c1c5","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":44,"box":{"x":60,"y":765,"width":841,"height":12}},{"id":"713253ff-fa86-4761-bf00-14295c3dd718","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":44,"box":{"x":62,"y":780,"width":415,"height":11}},{"id":"15391827-c249-4ac6-86ab-63973b7f29cd","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":44,"box":{"x":62,"y":802,"width":864,"height":12}},{"id":"f72cafb5-5ead-498e-b7d3-c06f9de8df52","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":44,"box":{"x":61,"y":817,"width":868,"height":12}},{"id":"38194c7e-ea6f-4914-9ab2-ca96af29dc12","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":44,"box":{"x":62,"y":832,"width":870,"height":12}},{"id":"a0b4f3a7-f531-4226-b955-fd9ab9a4dfb5","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":44,"box":{"x":60,"y":847,"width":545,"height":11}},{"id":"e9e0ac09-2a18-4e9f-b8fd-e3c4190dae0d","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":44,"box":{"x":60,"y":869,"width":837,"height":12}},{"id":"77f941ca-4a56-4ac4-a93f-268e1e41d087","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":44,"box":{"x":61,"y":884,"width":865,"height":12}},{"id":"8a32905c-0c74-4e33-aba3-68ddf4be0f32","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":44,"box":{"x":62,"y":899,"width":819,"height":12}},{"id":"0b965c74-5ee4-404c-b2cd-fc7ca9dcf71f","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"247a9652-8249-405f-8521-00f76ef96f97","block_type":"box","text":"NM0926U-5977720-44/68","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c320b88c-8ff2-49e7-a5be-37a6301f2b4b","block_type":"box","text":"Valuation of Fund Investments","page_number":45,"box":{"x":63,"y":46,"width":271,"height":11}},{"id":"75cd835e-b82e-4351-af5f-a391d67d1b0a","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":45,"box":{"x":60,"y":73,"width":869,"height":11}},{"id":"b5fc0fa1-ee5a-45d8-b126-4edbdc9920cb","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":45,"box":{"x":61,"y":88,"width":868,"height":11}},{"id":"498f9c81-b6d4-4e02-8746-e5ed3b2cb230","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":45,"box":{"x":61,"y":102,"width":849,"height":12}},{"id":"79e00265-4523-4e9d-81b4-9152823c72d7","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":45,"box":{"x":60,"y":117,"width":862,"height":12}},{"id":"e5177940-6bf0-4539-8f27-66eff5fcca8a","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":45,"box":{"x":60,"y":132,"width":842,"height":12}},{"id":"4ef261ce-f604-47e4-9706-242c373a72b6","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":45,"box":{"x":61,"y":147,"width":851,"height":11}},{"id":"9fdd8a05-b3fe-4b4f-ab01-10d71bbc0c0c","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":45,"box":{"x":62,"y":162,"width":866,"height":11}},{"id":"26a1f166-388d-48bf-be3f-9a8ec31ee596","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":45,"box":{"x":61,"y":176,"width":825,"height":12}},{"id":"c4dfc58b-2563-4e65-89d0-f806042dcdaa","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":45,"box":{"x":61,"y":191,"width":854,"height":12}},{"id":"81197c5e-82a5-4a6a-9002-d29dbec8130d","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":45,"box":{"x":62,"y":206,"width":764,"height":12}},{"id":"0752eda5-c0f5-4801-b487-495ceea31d4b","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":45,"box":{"x":61,"y":229,"width":830,"height":11}},{"id":"e9235863-d945-4ff9-951d-2647037e75f7","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C Shares. Also, dividends paid on Investor A and","page_number":45,"box":{"x":62,"y":244,"width":841,"height":11}},{"id":"ba0ad7ae-a95b-4628-a6f6-5b1a95bdfc4d","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":45,"box":{"x":62,"y":258,"width":797,"height":12}},{"id":"b1149943-90cb-4ab2-9168-8c17ce181e86","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":45,"box":{"x":62,"y":273,"width":304,"height":11}},{"id":"15a6c9af-dc76-494c-957a-83627eb981a4","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":45,"box":{"x":60,"y":296,"width":844,"height":11}},{"id":"42f9f490-c50c-49c9-b2d1-2a60c0011134","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":45,"box":{"x":60,"y":311,"width":837,"height":11}},{"id":"a7c81030-e42f-4b08-9f45-f48d862fff68","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":45,"box":{"x":62,"y":326,"width":464,"height":11}},{"id":"2f69b64f-572a-4893-8efe-2d595b9889ef","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":45,"box":{"x":62,"y":348,"width":863,"height":11}},{"id":"eb22947b-1a5b-480d-9e2f-351f033f6b75","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":45,"box":{"x":60,"y":363,"width":858,"height":11}},{"id":"43133d8d-523a-4a9d-8d27-7d32dd783e0e","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":45,"box":{"x":62,"y":378,"width":863,"height":11}},{"id":"96a0ec50-d9db-438b-8dc2-d1c18e6cb17a","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":45,"box":{"x":61,"y":392,"width":852,"height":12}},{"id":"18ec5f26-c00e-49e7-91fb-cae1865446a3","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":45,"box":{"x":61,"y":407,"width":872,"height":12}},{"id":"9fb24cd3-69bc-442e-bad1-785ef8509f98","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":45,"box":{"x":61,"y":422,"width":763,"height":12}},{"id":"2eb290d2-fcca-4976-8e1b-a21afa598888","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":45,"box":{"x":60,"y":445,"width":857,"height":11}},{"id":"46e391d5-181a-443a-a660-5adaaeb9f674","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":45,"box":{"x":61,"y":460,"width":870,"height":11}},{"id":"292bcb84-75d8-4c2c-9147-cd50aef7cf9a","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":45,"box":{"x":61,"y":475,"width":868,"height":11}},{"id":"932c9db0-145d-4eb4-bf2a-305af5cee6c7","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":45,"box":{"x":61,"y":489,"width":842,"height":12}},{"id":"a948efaa-2da5-4e48-a785-c8f2dc3b5233","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":45,"box":{"x":61,"y":504,"width":853,"height":11}},{"id":"871b16b5-20e4-40b6-af4a-0b70c55ac86b","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":45,"box":{"x":61,"y":519,"width":844,"height":11}},{"id":"81e40b42-3da0-480a-b494-aaf68fbf9df2","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":45,"box":{"x":61,"y":534,"width":822,"height":11}},{"id":"5f542535-9daf-435b-a9ba-734a1b04fed3","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":45,"box":{"x":61,"y":548,"width":845,"height":12}},{"id":"6fb9db7c-a0de-425f-bac8-dc240bb73a05","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":45,"box":{"x":61,"y":563,"width":733,"height":12}},{"id":"f4e07d4b-b1ca-404e-87dd-fb22d0d5fe0f","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":45,"box":{"x":61,"y":586,"width":829,"height":11}},{"id":"20a5304a-bb23-4dee-9bf1-59c073b32181","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":45,"box":{"x":61,"y":601,"width":857,"height":11}},{"id":"081190b0-6d80-45f6-9bdd-8347b1ddaa96","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":45,"box":{"x":61,"y":615,"width":841,"height":12}},{"id":"9af9bff9-fca2-4e3c-a688-39e28a13deb1","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":45,"box":{"x":61,"y":630,"width":583,"height":12}},{"id":"892859e3-8b92-45c7-bb8d-ff573ae0756b","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":45,"box":{"x":60,"y":653,"width":839,"height":11}},{"id":"6815dfd2-9965-4e39-a93e-2a43be73a057","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":45,"box":{"x":60,"y":668,"width":858,"height":11}},{"id":"598fd20a-1cb8-46b3-8969-352ed863d1bc","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":45,"box":{"x":61,"y":682,"width":844,"height":12}},{"id":"3b9f9da5-821b-43c5-940c-4002fe18505a","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":45,"box":{"x":61,"y":697,"width":845,"height":12}},{"id":"50b7ec0a-2677-4247-a50d-a166cdfb0af6","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":45,"box":{"x":61,"y":712,"width":841,"height":12}},{"id":"19e53783-b87c-4e84-a9a4-ed162e378e4a","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":45,"box":{"x":60,"y":727,"width":820,"height":12}},{"id":"cddb3536-28f9-4238-9fc8-339c83746275","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":45,"box":{"x":61,"y":742,"width":828,"height":11}},{"id":"66968d6e-6772-42f5-a2dd-2ff17713b126","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":45,"box":{"x":61,"y":757,"width":836,"height":11}},{"id":"1e64240e-817b-43f4-b449-351964a84460","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":45,"box":{"x":62,"y":772,"width":862,"height":11}},{"id":"523883b7-0070-462f-be51-f8a9de4e1de9","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":45,"box":{"x":62,"y":786,"width":623,"height":12}},{"id":"9b7a8dc7-cfa9-431f-8ba1-209e2968f080","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":45,"box":{"x":62,"y":809,"width":817,"height":11}},{"id":"9230b779-fb83-40bb-a265-fead53f6c7ed","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":45,"box":{"x":61,"y":824,"width":871,"height":11}},{"id":"fa3dd618-2f56-4205-a294-daf3137e5b62","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":45,"box":{"x":62,"y":838,"width":872,"height":12}},{"id":"d0b9152c-163f-4d8f-9746-6517c2701334","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":45,"box":{"x":61,"y":853,"width":697,"height":12}},{"id":"4adccb94-de06-48b9-a26d-c601a7221063","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":45,"box":{"x":62,"y":876,"width":825,"height":11}},{"id":"e31d61b8-86fc-458f-82e1-32789b3b57fa","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":45,"box":{"x":62,"y":891,"width":871,"height":11}},{"id":"4a33109c-909f-452b-85a6-842a283ef335","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":45,"box":{"x":61,"y":905,"width":847,"height":12}},{"id":"89f6d618-5920-425f-b752-f39f5b7014ef","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"259c40df-97c6-4d3d-8942-e9d967fbd60b","block_type":"box","text":"NM0926U-5977720-45/68","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"49a14b72-fe71-42b8-80ac-e9e120a87cb5","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":46,"box":{"x":62,"y":46,"width":829,"height":11}},{"id":"e1796220-5ef9-4a3c-8964-bf63b10a45f9","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":46,"box":{"x":60,"y":60,"width":760,"height":12}},{"id":"04e1ddc0-4912-422b-960b-6e2e8dbe0858","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":46,"box":{"x":60,"y":83,"width":830,"height":12}},{"id":"111c5210-5c27-4607-b1bd-7dcfbf9e73bf","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":46,"box":{"x":61,"y":98,"width":848,"height":11}},{"id":"ab0805df-8d9b-4cc8-8896-f9f904979457","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":46,"box":{"x":61,"y":113,"width":868,"height":11}},{"id":"3944bbf0-a36f-4e54-8fa9-a107064cdde2","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":46,"box":{"x":61,"y":127,"width":856,"height":12}},{"id":"6ac3abb2-4809-443b-9434-b3eba245c091","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":46,"box":{"x":61,"y":166,"width":311,"height":14}},{"id":"23722bc8-c874-4f2b-ba7d-3c86b748df45","block_type":"box","text":"BUYING A DIVIDEND","page_number":46,"box":{"x":423,"y":208,"width":152,"height":9}},{"id":"7dfa2a5e-b569-4abf-a433-2c74dbb6ac81","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":46,"box":{"x":72,"y":230,"width":831,"height":12}},{"id":"65b52f96-d00c-4578-b31c-63faeca337d0","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":46,"box":{"x":72,"y":245,"width":845,"height":11}},{"id":"5cb32c3b-0ff6-436f-a436-9ef44a8e5b69","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":46,"box":{"x":71,"y":260,"width":855,"height":11}},{"id":"174f4f32-dd12-48bd-8705-d357cb3d2b9c","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":46,"box":{"x":70,"y":274,"width":554,"height":12}},{"id":"1f2657f3-7b53-42fe-b784-9dfa061b5fa8","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":46,"box":{"x":60,"y":315,"width":871,"height":12}},{"id":"7f0bfb64-c9ce-45c0-aac4-e3568f4a5997","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":46,"box":{"x":61,"y":330,"width":862,"height":11}},{"id":"cafa5a16-1414-4c16-a605-584a37d3602c","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":46,"box":{"x":61,"y":345,"width":847,"height":11}},{"id":"32095bcb-60dd-4a30-88a1-5eab8012b08f","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. 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If you redeem Fund","page_number":46,"box":{"x":60,"y":427,"width":869,"height":11}},{"id":"fd6af301-f619-4969-ab64-457fedd79501","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":46,"box":{"x":61,"y":441,"width":862,"height":12}},{"id":"7d7bb5e1-93e3-4f44-b58a-538661d608c8","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":46,"box":{"x":60,"y":456,"width":812,"height":12}},{"id":"8b103c82-96fb-4f7e-890d-00798e979950","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":46,"box":{"x":61,"y":471,"width":852,"height":12}},{"id":"3d43ae60-e76f-436a-a361-39334ba87a14","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":46,"box":{"x":60,"y":486,"width":844,"height":11}},{"id":"72264401-3c7c-42a0-8a5a-87435e6fdf5a","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":46,"box":{"x":61,"y":501,"width":565,"height":11}},{"id":"db5b1fcc-b51e-43ef-8b7c-991343e25fee","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":46,"box":{"x":60,"y":523,"width":803,"height":12}},{"id":"cf037197-c257-434e-9402-87b16d988bcf","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":46,"box":{"x":61,"y":537,"width":873,"height":13}},{"id":"ce4b8a62-84e0-4667-ae30-97f3bbaa7b9d","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":46,"box":{"x":60,"y":553,"width":282,"height":11}},{"id":"6c03cd91-de9f-47b2-8145-162c38632300","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":46,"box":{"x":60,"y":575,"width":861,"height":12}},{"id":"b2fe25bc-26d8-4ef1-ae23-da1a7868bb09","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":46,"box":{"x":62,"y":590,"width":679,"height":12}},{"id":"bf867d8e-df55-42d0-bd14-41fa140398ba","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":46,"box":{"x":62,"y":613,"width":827,"height":11}},{"id":"b0fd5d41-0504-4164-bfcd-cb69a0444936","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":46,"box":{"x":60,"y":628,"width":876,"height":11}},{"id":"84518e7f-4378-47b4-a27c-7f9758fce729","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":46,"box":{"x":61,"y":643,"width":846,"height":11}},{"id":"79aced4d-4460-4810-9dae-3592145b03bf","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":46,"box":{"x":61,"y":657,"width":869,"height":12}},{"id":"809b27d2-b4ab-446f-9cf0-08f8a346977c","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":46,"box":{"x":61,"y":672,"width":430,"height":12}},{"id":"880d7e26-d345-497a-85cd-eb143b51eb87","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":46,"box":{"x":61,"y":695,"width":868,"height":11}},{"id":"cdf4ac1d-ee6b-4aa3-b40b-71d54d3b7281","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. 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Other foreign entities will generally either need to provide detailed","page_number":46,"box":{"x":61,"y":784,"width":802,"height":11}},{"id":"c62d4405-8b83-431e-93aa-6d565d833b4e","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":46,"box":{"x":62,"y":798,"width":639,"height":12}},{"id":"5e807480-77eb-455b-b40a-78ea5a5da8dc","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":46,"box":{"x":60,"y":821,"width":855,"height":11}},{"id":"f9a34b95-750c-4467-af28-e1eae09b60a6","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":46,"box":{"x":61,"y":836,"width":832,"height":11}},{"id":"a519460d-e3bc-4e5e-b2b4-96becd0a9c8c","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":46,"box":{"x":62,"y":851,"width":383,"height":11}},{"id":"0d5b5cc2-9193-4f46-88a0-c392a0531c5f","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fa6b5a1f-1cc8-458a-b4c6-f7e6bff92c6d","block_type":"box","text":"NM0926U-5977720-46/68","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"af703bdc-14ec-4fed-aa30-61ff61969206","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":47,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"368eed04-aa76-436f-a958-89ea9f6eaed5","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":47,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"b88c33e9-7830-435b-8b7d-ea6c5c1d84f4","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":47,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"48580384-097b-4c14-9de2-6ec05008b4cd","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP,","page_number":47,"box":{"x":61,"y":120,"width":863,"height":11}},{"id":"4e500ee9-8df9-4857-814f-6afbcceb027b","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":47,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"d2b63268-e851-4cf6-9e46-a3f8e8c85bc5","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":47,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"29aab725-9ec1-402c-9125-4e605c7b7074","block_type":"box","text":"which are available upon request and at www.blackrock.com.","page_number":47,"box":{"x":60,"y":165,"width":446,"height":10}},{"id":"fd30970c-433c-46a9-b897-ff2ecde41cc0","block_type":"box","text":"BlackRock Advantage Small Cap Core 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Davidson’s policies and procedures.","page_number":54,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"3182a4a8-66ec-4223-bd17-0f6c28817755","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. 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(“Edward Jones”):","page_number":55,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"db68fb89-1594-43ca-bce3-d69899cba4e8","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":55,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"5a534a2b-cd77-4081-9113-e34e4526cedf","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":55,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"cdc80dd5-f8e9-44df-b458-b37820add1fc","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":55,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"918b2950-1f83-4a6e-b381-5d5874dc0024","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":55,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"02d7c947-531c-437b-a17a-421a157c285b","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":55,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"84e646e6-4f6a-42bd-8959-9ed47590d7b9","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":55,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"05a9fa6c-4e2c-4353-abcb-c6803eb6d95d","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":55,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"9c818fb4-9a57-445c-a593-58d40195c570","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":55,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"6f163110-805d-46c7-b78b-8a5d7f0e26ab","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":55,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"e6618df0-a4ae-4962-810d-d420ca320dc6","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":55,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"e91e24fb-aae2-489c-9e87-6d6c1c9dd935","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":55,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"1a73487f-13af-4ff7-9771-ffd03f764cd8","block_type":"box","text":"Breakpoints","page_number":55,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"bed7f3b6-eb3e-405e-b83d-3e4163c0c9eb","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":55,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"1544b207-1435-4821-8e3f-f9483ba0d756","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":55,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"5d18278a-34ac-41ad-9f1a-38738a8bb316","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":55,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"61e254f7-98d9-4e0e-90e1-9b2cec38d940","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":55,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"71e4c644-c71f-4e10-ba47-59a500d177c3","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":55,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"63ef7b65-5bb2-4149-9ae5-8f93dbaf66b2","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). 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Money market funds are included only if such","page_number":55,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"8e407b76-ea54-4a0b-bc36-9050c401cf32","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":55,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"ff8354a7-6b95-446e-bdde-de91fdbc34c7","block_type":"box","text":"sales charge.","page_number":55,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"e3d70cde-df9f-4480-a663-2c47f01182c7","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":55,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"58851369-6660-4e65-a43e-b19a8a375382","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":55,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"64dac674-2ebe-4ded-941e-e93601092386","block_type":"box","text":"shareholder or pricing group level.","page_number":55,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"22217da4-7eed-465f-8fd1-1cb8416aedfa","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":55,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"dc883de0-e9a6-482e-90a2-e811bd766405","block_type":"box","text":"by NAV).","page_number":55,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"38cc286c-7bff-41ec-b029-a94deb38586d","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":55,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"798bfa7e-0cca-437c-8d2c-d3a13746a118","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":55,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"14197542-4395-442e-aad6-62d64214902e","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. 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The inclusion of eligible BlackRock Funds","page_number":55,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"5557e198-ac0a-4c3c-add9-d3d8edd880ea","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":55,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"66a2abca-5bbd-4473-bc41-4dd23e6bb7e3","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":55,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"d97fcae0-b87f-47e3-80f9-a826f5cb983b","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":55,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"4e49868d-ad99-4c3b-ba40-ddb58673884a","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":55,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"ae265dae-ba1f-44d7-a258-d79abbb068de","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":55,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"c79d01be-127d-44ea-89b5-6fff67b026be","block_type":"box","text":"established by the employer.","page_number":55,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"41016107-0d00-4d7a-b994-8c0915273b21","block_type":"box","text":"Sales Charge Waivers","page_number":55,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"1765c386-c759-4493-b39c-fc7f537b573f","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":55,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"5947d770-860b-43c9-92bf-f35872b8f155","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":55,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"01942661-a568-43ce-905c-82a600c0edfc","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":55,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"596027e3-db7c-4f4e-9fcc-477548e8d5d3","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":55,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"e6aaf108-e661-4a8f-b911-f721513b577e","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":55,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"c9739289-199a-44af-b40a-34a970838b98","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":55,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"df210f2c-4797-4992-b949-4ac1806d3a37","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":55,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"408f9247-1d2d-4126-960d-a488d0c844ff","block_type":"box","text":"A-3","page_number":55,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"99131df8-031b-4416-ac17-5d1096b97e1a","block_type":"box","text":"NM0926U-5977720-55/68","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a7ff4e7e-35c9-4a7c-ae68-1cbc05027851","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":56,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"10b4ba32-2ad1-4a3a-8c43-0b6c1b9284ce","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":56,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"03acd4db-c5fb-487c-85b2-90118acc7259","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":56,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"4f45108c-6ce3-4580-9b48-94a8c8ef053f","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":56,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"1cbc1a49-4360-4b1f-8f27-471a9a04735a","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":56,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"d1d81828-a479-4bb1-8adc-ddae80868192","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":56,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"e9707a22-3046-48f3-b886-c9bfe9dee151","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":56,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"61c64723-38d7-49d1-9277-253567e4f0b2","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":56,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"ce9a0155-a7c0-45f1-9ae4-e07c8e87761f","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":56,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"5d9df5ef-024d-47e3-a6af-672e98786f8c","block_type":"box","text":"products.","page_number":56,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"96b67dfc-17af-4a63-addf-9909d60dc140","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":56,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"740517d6-53db-4ea9-a25d-9727f2ec507c","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":56,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"66cc2331-3f30-4174-b7af-7907705ac18b","block_type":"box","text":"BlackRock, if applicable. 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For purposes of this provision, employer","page_number":58,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"255f37e1-999e-4908-b269-c07f9635a240","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":58,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"ef3eb737-0ccd-4983-b3ab-0fb78c0211b5","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"da3d9127-9bc8-493e-8036-ddca41cf60e3","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":58,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"41b152bc-e889-4783-a04e-8041bfb01d8d","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":58,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"d2ddca4e-980f-4258-8093-d75dc7d0a56d","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":58,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"aa95fc48-eb05-4e1c-9b68-b86f5394bae3","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":58,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"80a54898-5d97-4695-b531-56f221e3dfee","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":58,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"b8c41594-abd4-44e2-b735-1088b315faf6","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":58,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"8504913f-7839-4ae4-998e-183009644914","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":58,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"87d31006-6bed-463b-872e-e38a6f2f4460","block_type":"box","text":"Revenue Code.","page_number":58,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"145a1255-5bfc-4d2f-a1ad-881c0dbd2706","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":58,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"a2217f1c-6030-463d-a955-94966be1b67d","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"12a1046c-d6ca-4458-9932-877b32a5345d","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":58,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"576f90ca-df70-4343-b2b3-5a57aafe3b1d","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":58,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"9f299ad4-03be-4453-b2be-43a07fa157f8","block_type":"box","text":"letters of intent","page_number":58,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"697f4f4f-9679-46ae-b8eb-08d77ded8dd1","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":58,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"9f9f91e4-7cc7-4e5f-8394-1935bfb2b47b","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":58,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"d8a4bad0-9dbe-403b-950a-d01975f99867","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":58,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"155773f9-365c-4895-9db9-cbc27c0155eb","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":58,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"a069558c-9328-4476-86c2-086e0f2ea6e4","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"76f5e6be-8640-45d7-a06b-9175170c0539","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":58,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"c337ecf3-3764-477b-8dc6-0268a79ad81c","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":58,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"a5c3a598-89fb-43a7-b291-d78b02777cc1","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"62538def-7939-441f-b8ba-bc6e729d6322","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":58,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"b0f276c0-a951-4e63-8a7b-46306b4e83ca","block_type":"box","text":"A-6","page_number":58,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"ddafab4e-308d-4f14-963c-5ec398f387c7","block_type":"box","text":"NM0926U-5977720-58/68","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b1ae7ddb-f101-4366-b3c2-3ab2e92491d2","block_type":"box","text":"Merrill Lynch:","page_number":59,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"c0045676-04b0-4e8c-9f7d-9ad30190a329","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":59,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"8c921003-8061-49f0-bf41-4b2e01726a65","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":59,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"1574dc09-29d5-46b3-bf51-711154a04262","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":59,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"64a0cdb8-0414-4846-91d4-7aea6ede4b0e","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":59,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"29c0c35f-9294-4cbe-ab3d-7d7eaa7e5e2f","block_type":"box","text":"waivers or discounts not listed below.","page_number":59,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"efd4b09e-2041-42c8-9ebb-587f8630b7ed","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":59,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"ea9ff8a1-569f-4121-a1b5-afa04f477931","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":59,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"628bf956-a65c-4706-bd72-1b5095a1ab7d","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":59,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"5083f800-622a-4dab-8b54-e66663ecf632","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":59,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"1299b5b1-83bd-470b-9dc4-92e8c9583c4c","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":59,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"b9cb18ed-e7fa-4d81-8ad1-6159aadeac2e","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":59,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"c698d664-cb71-4646-918c-c7ce91ee6d3b","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":59,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"12e98e53-ea85-4769-bb6d-008d473390a6","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":59,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"da6265f2-04bd-43a3-b5e7-efb028e180cf","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":59,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"e8c46bd4-b33b-4e2e-975e-79990822a56a","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":59,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"42d5ded4-d2f3-408a-bbdc-0d16796d48c2","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. 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