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The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":3,"box":{"x":81,"y":646,"width":851,"height":9}},{"id":"a7e7ee72-d288-4d78-a3cc-90d197f6e0ba","block_type":"box","text":"interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":656,"width":617,"height":9}},{"id":"b48328a9-48d2-4a70-9836-c5d337814f3f","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":674,"width":74,"height":12}},{"id":"c5466d09-ca89-4f5c-8b06-9ac40d9c75a2","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":690,"width":830,"height":12}},{"id":"0e334f0b-acfd-41d0-a1cb-86f218e645ad","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":704,"width":832,"height":12}},{"id":"ef9f3add-32da-410e-b2b0-36e01ed7c066","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":720,"width":832,"height":11}},{"id":"50228f34-a7c2-4371-a5cb-99fb2fac53c1","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":735,"width":859,"height":11}},{"id":"a9f1baae-79c3-4399-9d2b-817b36e72fd1","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":750,"width":436,"height":11}},{"id":"b4ec7119-6196-4cc3-8787-335e51236d1d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":778,"width":292,"height":8}},{"id":"643eaabd-20fb-4562-9966-59f20e3e1b82","block_type":"box","text":"Class K","page_number":3,"box":{"x":69,"y":796,"width":51,"height":8}},{"id":"86f16754-c18f-407e-9ca8-f435162f731d","block_type":"box","text":"$46 $158 $279 $635","page_number":3,"box":{"x":639,"y":796,"width":272,"height":9}},{"id":"8f392b48-e253-4618-b55e-e62aa32cdf36","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":821,"width":151,"height":10}},{"id":"0383c3bd-86b3-4e0e-91c3-6625caae720d","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":837,"width":800,"height":12}},{"id":"bf4f1644-4d70-4d43-a10c-98f4291725dc","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":852,"width":850,"height":12}},{"id":"63222db2-8633-4c81-9306-52f87a348ca8","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":867,"width":870,"height":11}},{"id":"3d594b4d-470d-4aa6-84bc-c6fe2a05db65","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":3,"box":{"x":62,"y":882,"width":839,"height":11}},{"id":"999780f5-43e6-4f26-b4bf-dc3e8dbe0c72","block_type":"box","text":"92% of the average value of its portfolio.","page_number":3,"box":{"x":61,"y":896,"width":298,"height":12}},{"id":"af6b173c-89bd-432e-befe-eb73bab234d3","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"89db0cf9-8f6b-4286-bc94-8998f652d46a","block_type":"box","text":"NM0926U-5977729-3/40","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"35a33bea-28a9-4d9d-92b1-08b98afde23a","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":46,"width":394,"height":14}},{"id":"4c51b554-b59e-49f8-958c-355a4e973388","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":73,"width":800,"height":11}},{"id":"3c6f43b7-4ef0-4068-a264-1b1d03622b6d","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":88,"width":816,"height":11}},{"id":"f0e15785-8fe8-4b76-94e6-90fe59753362","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":102,"width":859,"height":12}},{"id":"b96a462f-4a2b-4d5f-b7a6-3112f097890c","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":117,"width":815,"height":12}},{"id":"f368b02c-d708-4416-b72d-20d8c5f8dbf7","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":132,"width":821,"height":11}},{"id":"182ec3c5-bc7b-4cbe-8c2e-394192dc6f9c","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":147,"width":777,"height":11}},{"id":"587ecb67-38d5-4ef6-b896-0d49accf7c86","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":161,"width":860,"height":12}},{"id":"93c3c24e-66a5-4729-95c7-e4f05aba8307","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":176,"width":863,"height":12}},{"id":"7f04ca56-2181-4059-9608-859236cbafc9","block_type":"box","text":"companies through “new issues” or initial public offerings (“IPOs”).","page_number":4,"box":{"x":61,"y":191,"width":493,"height":12}},{"id":"02293df9-56d1-4e79-872c-cad7cb4ff9d4","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":214,"width":850,"height":11}},{"id":"c5335e2a-4804-4213-a638-2afb6d67a9f8","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":229,"width":859,"height":11}},{"id":"03b8eff9-f5c3-40e4-9feb-60acd5f96041","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":244,"width":857,"height":11}},{"id":"7caac3d8-5cf0-42a5-9b4d-4d8c6e635d89","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":258,"width":872,"height":12}},{"id":"585b38ec-4592-455f-bf27-061ca143a843","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":273,"width":844,"height":12}},{"id":"b2695f8d-037b-4121-843c-c09b773a9399","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":288,"width":857,"height":12}},{"id":"c3b56b3f-03aa-4298-9193-f7a587e3de06","block_type":"box","text":"effective in protecting or enhancing the value of the Fund’s assets.","page_number":4,"box":{"x":61,"y":303,"width":491,"height":11}},{"id":"32a8aef7-9c70-4e4e-97a6-71f7fc43cbdc","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":326,"width":834,"height":11}},{"id":"e1ebce53-29ab-4cc1-b16a-3270b5d693f2","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":340,"width":871,"height":12}},{"id":"de40fffd-77b9-4dc6-a308-a7cd5f2b6ec8","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":355,"width":874,"height":12}},{"id":"bd5ecd1d-d64d-4ca6-a2f2-625276ff1b6a","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":370,"width":874,"height":11}},{"id":"337ffe2a-e053-4d51-b760-6740a48bdc05","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":4,"box":{"x":62,"y":385,"width":570,"height":11}},{"id":"841edd27-aabd-45ed-bfdd-e5372fb02bf1","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":424,"width":354,"height":13}},{"id":"c648885b-400a-4924-ae19-82e6bc7b4772","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":450,"width":860,"height":11}},{"id":"e233e28f-115d-437d-9809-0f4ccbd661c4","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":465,"width":802,"height":11}},{"id":"96adfd58-3a8a-42f0-847d-c81b92f111a2","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":479,"width":866,"height":12}},{"id":"0d7d74a7-351a-4910-a0e3-5d9359e217a9","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":494,"width":869,"height":12}},{"id":"9141d249-4a0e-4bcf-b03a-b74a49761f84","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":61,"y":509,"width":837,"height":12}},{"id":"1f1d6272-7cd9-4fef-8f5f-1b502305fb7d","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":524,"width":793,"height":11}},{"id":"30ec8cba-e868-4d96-aa3e-991cfc7ed670","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":544,"width":166,"height":11}},{"id":"8469e894-bfee-4136-97e7-d48eb89fbdda","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":544,"width":685,"height":11}},{"id":"4d0ecfcc-dad2-41de-9194-5f0596a953a8","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":559,"width":550,"height":11}},{"id":"0e6198bf-189d-4c08-b6a1-e25c5c678021","block_type":"box","text":"Small Cap Securities Risk","page_number":4,"box":{"x":81,"y":579,"width":196,"height":11}},{"id":"4ac31ab6-c957-4dd5-aeb8-d4c65dbfc67a","block_type":"box","text":"—","page_number":4,"box":{"x":281,"y":584,"width":17,"height":1}},{"id":"858e8046-f033-43f2-91f8-f99d582c8dcd","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":4,"box":{"x":303,"y":579,"width":607,"height":11}},{"id":"7e5d2d00-c120-4a5f-ac8d-0d6e5f072cbc","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":4,"box":{"x":81,"y":594,"width":852,"height":11}},{"id":"042333a8-00c0-4927-a0dc-aab160dc3665","block_type":"box","text":"than larger capitalized companies.","page_number":4,"box":{"x":80,"y":609,"width":251,"height":11}},{"id":"d24fda06-52d7-4743-a3ed-e6222ed2a602","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":628,"width":166,"height":12}},{"id":"0b03d22a-0d9c-4aa3-9e73-e0f3b4c39c52","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":4,"box":{"x":251,"y":628,"width":660,"height":12}},{"id":"394034af-e362-4dff-8622-44ed567c71e1","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":4,"box":{"x":82,"y":643,"width":804,"height":12}},{"id":"372b9617-e644-414c-94d6-a2ac99b12d9a","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":4,"box":{"x":82,"y":658,"width":823,"height":12}},{"id":"3fcbcedc-b98d-4cc8-8ecf-0a2b1ea6866f","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":4,"box":{"x":81,"y":673,"width":842,"height":11}},{"id":"48203169-2275-496d-b3ac-be3f63a1a0ed","block_type":"box","text":"styles.","page_number":4,"box":{"x":81,"y":688,"width":46,"height":11}},{"id":"28f527a4-5e31-426a-adec-c8ae6ac72782","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":708,"width":85,"height":9}},{"id":"d1e661c4-d48f-449f-b252-33bd5a4aafbb","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":4,"box":{"x":170,"y":708,"width":722,"height":11}},{"id":"1a5f80d0-bbd3-41c8-99b9-fbb25b75ecd6","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":4,"box":{"x":81,"y":722,"width":840,"height":12}},{"id":"ecd1e3e4-93b0-4bc0-8f05-eb0e08ac67d1","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":4,"box":{"x":80,"y":737,"width":807,"height":12}},{"id":"974bc7e1-36f7-4989-a9ba-896e53e0816e","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":4,"box":{"x":82,"y":752,"width":842,"height":12}},{"id":"2047a24f-ec36-4320-a2cf-9db25b1c828c","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":4,"box":{"x":82,"y":767,"width":841,"height":11}},{"id":"1e5a0119-9bc5-4273-a81c-2378f890f89c","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":4,"box":{"x":81,"y":782,"width":777,"height":11}},{"id":"c2bfbfd8-4765-4cc7-8083-7fbe61aeee18","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":4,"box":{"x":81,"y":802,"width":837,"height":11}},{"id":"146fe3ba-a194-49f4-b0f1-62fbe189a85e","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":4,"box":{"x":82,"y":817,"width":819,"height":11}},{"id":"3a567b89-12af-4faa-ac5b-33c250110152","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":4,"box":{"x":80,"y":831,"width":843,"height":12}},{"id":"4ff02d24-d71a-4cad-85cf-fcf157608762","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":4,"box":{"x":81,"y":846,"width":834,"height":12}},{"id":"629cdd05-9826-4f48-adf6-23dde202a2b2","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":861,"width":176,"height":11}},{"id":"f762da76-8888-44a6-8f50-1fef8c8c7b07","block_type":"box","text":"Risk of Investing in the United States","page_number":4,"box":{"x":81,"y":881,"width":283,"height":11}},{"id":"0d077c90-bb8c-44bc-ae06-6df025282a68","block_type":"box","text":"—","page_number":4,"box":{"x":369,"y":886,"width":17,"height":1}},{"id":"56e87962-6ff2-4f08-8f77-6b91e41b10bb","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":4,"box":{"x":391,"y":881,"width":518,"height":12}},{"id":"6803d7fb-75b0-4300-9057-655ea7dc4d57","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":4,"box":{"x":80,"y":896,"width":847,"height":11}},{"id":"0ce98077-2f0d-4356-8c28-0fea56d9dcfa","block_type":"box","text":"exposure.","page_number":4,"box":{"x":81,"y":913,"width":70,"height":9}},{"id":"e8d53349-ab1a-4ea7-9a25-1c43e078bbf4","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"4c31c2d3-fcf8-4390-8ba9-e26d2dc8821f","block_type":"box","text":"NM0926U-5977729-4/40","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"95f438c1-10f8-4549-b684-c1ad6c42be98","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":46,"width":206,"height":9}},{"id":"419acd7b-9ee0-4998-a709-fa6b9db41cc4","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":46,"width":593,"height":11}},{"id":"057a8939-aa58-4e20-a99b-5afc4a282682","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":60,"width":853,"height":12}},{"id":"e7286dba-ed4d-4894-860a-43f469599669","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":76,"width":855,"height":11}},{"id":"95f7a5bb-8fb2-4834-90b4-54c72fcc59bc","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":90,"width":816,"height":12}},{"id":"57401616-a5b6-4cde-b344-671e6a71585f","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":105,"width":796,"height":11}},{"id":"1aaa5911-a965-45cc-91d9-af4fd1d69587","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":120,"width":812,"height":11}},{"id":"84bcddcd-59b1-4d02-a0d7-569f2c90ed56","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":135,"width":809,"height":11}},{"id":"ce281d8e-12d7-4088-9b3b-776d15891840","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":155,"width":123,"height":9}},{"id":"d7cf5871-9b0d-40d1-8f17-008cafa3b267","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":155,"width":664,"height":11}},{"id":"17a6c7b3-8a53-48c2-9078-deca05ae7fdc","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":169,"width":469,"height":12}},{"id":"aa0a9879-d493-43c8-a231-0b10d39123c2","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":190,"width":102,"height":11}},{"id":"a002738b-6005-41c3-aeb0-05b116a21331","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":189,"width":723,"height":12}},{"id":"8b7d3e7e-0085-40e0-a471-46170568de85","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":204,"width":832,"height":12}},{"id":"f7ea3eb0-f3b2-490b-8ee7-4286c2c70fc5","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":219,"width":280,"height":12}},{"id":"ee4a7c9b-3378-4341-8b5a-cba3f9465941","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":239,"width":87,"height":9}},{"id":"ba37ece0-e0b5-4ca6-b2db-7011a0d6a42d","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":239,"width":728,"height":12}},{"id":"d1062a8b-ea17-49dc-9be0-22ac386c2b3f","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":254,"width":834,"height":11}},{"id":"bb2e7a3d-1a14-416c-877b-dca0adb7cfe2","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":269,"width":832,"height":11}},{"id":"b794608b-1ac7-46e9-aa9f-b7a6510965e9","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":283,"width":779,"height":12}},{"id":"55c0899c-6c3e-4c27-b642-36e90be3fb11","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":299,"width":253,"height":11}},{"id":"e0148a55-26af-46c9-80ee-dc2dada0ef8e","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":318,"width":131,"height":12}},{"id":"61a21ea7-7ff8-4e13-a2eb-5d4ae45376af","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":319,"width":697,"height":11}},{"id":"97705149-34c8-402d-9597-a5913f229c0d","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":333,"width":855,"height":12}},{"id":"3e717d12-b674-4d0a-a0dd-76eaa1ffcb91","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":348,"width":240,"height":11}},{"id":"84929fb6-bc4c-416e-9c95-52f7e5b80bb8","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":368,"width":100,"height":11}},{"id":"df64fa5d-20fd-435c-b564-1902edb0fe2c","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":368,"width":750,"height":11}},{"id":"e9d7955c-5bcd-42a7-9849-2dba58ee4121","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":383,"width":839,"height":11}},{"id":"13839996-ede9-44f5-95c7-81c71bfe9c4c","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":398,"width":293,"height":11}},{"id":"eea32510-a112-49a9-bef7-1ca4c180c00a","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":418,"width":120,"height":11}},{"id":"651d24d4-b50f-4c2b-acd5-9cb12aa7d2c3","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":418,"width":727,"height":11}},{"id":"2d11630d-4409-4498-888e-9aa4e7710383","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":432,"width":607,"height":12}},{"id":"5532cc92-5448-4cd7-8a08-ae1c7e5ccf46","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":453,"width":75,"height":11}},{"id":"e8b60474-c347-4de3-baf3-64a0d2b56b76","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":452,"width":761,"height":12}},{"id":"ba3736f6-067e-40d7-bb6c-b1f9a48771e6","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":467,"width":198,"height":12}},{"id":"39f973c7-f481-40ed-9b04-e5c759e6ae69","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":487,"width":214,"height":12}},{"id":"68d1e489-be13-4723-a285-549ff976a222","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":487,"width":590,"height":12}},{"id":"8cffc6ce-867c-4754-91b1-d497b808563c","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":502,"width":775,"height":12}},{"id":"fe365cba-a892-4118-b86a-4801792cd7fa","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":517,"width":589,"height":11}},{"id":"e8ac60ff-29bc-4f09-9b7b-16cd555ffac3","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":537,"width":102,"height":9}},{"id":"628c7ae5-e667-4a91-8447-9d097f4b2fe3","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":537,"width":747,"height":11}},{"id":"046cace1-3b39-4a39-aaac-7c13e750adb4","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":552,"width":783,"height":11}},{"id":"4a9c42c6-696c-4c43-830e-679bd5b0e0da","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":566,"width":273,"height":12}},{"id":"bed6212a-7521-44d0-a6da-c5d9d768d57d","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":587,"width":95,"height":11}},{"id":"b8760b98-3388-41c7-8a93-8478dd50351b","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":586,"width":728,"height":12}},{"id":"d42b69b8-d1fe-4c7e-9d5d-aaf504b7447b","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":601,"width":839,"height":12}},{"id":"81abe2df-f56f-4e69-b76f-52e43afcec35","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":5,"box":{"x":82,"y":616,"width":354,"height":12}},{"id":"2456a804-ba32-4f10-8ec9-8db591ec6983","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":636,"width":59,"height":9}},{"id":"3ee057c4-a25e-4684-8e7d-6bdf5adbba2d","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":636,"width":719,"height":12}},{"id":"4136a994-c28c-4f3b-b94c-2b663a0bd7a6","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":651,"width":801,"height":11}},{"id":"4b620068-0ee3-4d9c-87a2-7d10e1226399","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":666,"width":802,"height":11}},{"id":"567a8608-7b1b-484c-99ee-a26f1fab2088","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":681,"width":830,"height":11}},{"id":"9cca9841-96d0-4a2d-b74f-422d1fff24df","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":695,"width":215,"height":10}},{"id":"fc721227-525d-4071-8cd8-1b9b1cce86a1","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":715,"width":212,"height":12}},{"id":"062fdb11-f0a1-41b8-b838-a5b581c1de15","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":5,"box":{"x":297,"y":715,"width":629,"height":12}},{"id":"94fc1c26-2596-48a4-b1d1-fbb7f0052d77","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":5,"box":{"x":82,"y":730,"width":812,"height":12}},{"id":"532ef35e-24a8-4c81-8b4d-1bed32ce815b","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":5,"box":{"x":81,"y":745,"width":817,"height":11}},{"id":"11bfa517-d8ca-42ec-b32a-f5f8a4ed9bf1","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":5,"box":{"x":81,"y":760,"width":760,"height":11}},{"id":"cf6558d7-b766-4a32-93a9-a56616f59762","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":5,"box":{"x":81,"y":775,"width":852,"height":11}},{"id":"8a7981f6-ce09-4be1-a913-ae3b3beef98d","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":5,"box":{"x":81,"y":789,"width":589,"height":12}},{"id":"ec2e310e-36db-409f-8c42-303b767f98ce","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":810,"width":107,"height":11}},{"id":"c60537ce-b147-4047-97f0-3eaa67a8775f","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":5,"box":{"x":192,"y":809,"width":741,"height":12}},{"id":"b5b2538e-5718-462e-9a1a-f32f972a4e1c","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":5,"box":{"x":81,"y":824,"width":853,"height":12}},{"id":"9fa29f5a-fe6a-4946-a022-1c8321a8d95a","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":5,"box":{"x":81,"y":839,"width":856,"height":12}},{"id":"17daa615-9476-4990-ab28-05d65aba5898","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":5,"box":{"x":80,"y":854,"width":796,"height":11}},{"id":"341c2624-f616-4726-8111-465d96df7c34","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":5,"box":{"x":81,"y":869,"width":805,"height":11}},{"id":"507dbbd0-d777-4af5-b83a-e55d0e7a5c97","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":5,"box":{"x":82,"y":884,"width":293,"height":11}},{"id":"0e5daf34-a77e-4da2-8796-6f6e6488dedc","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":904,"width":240,"height":9}},{"id":"b0aa9111-68a1-40a1-9ea9-78ec73e4955a","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":904,"width":593,"height":9}},{"id":"4be35f26-0334-4772-9101-7e46bb86a411","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":5,"box":{"x":81,"y":919,"width":851,"height":11}},{"id":"79ca6aff-eeab-43fd-8aa9-fc4a301fdef0","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"6b069804-4397-4019-a10a-003f658466a1","block_type":"box","text":"NM0926U-5977729-5/40","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"99417b67-53bf-4138-ba39-c23d300677f1","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":46,"width":824,"height":11}},{"id":"ad1e9cb5-a3d1-4770-885f-bbc42b4695a8","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":61,"width":851,"height":11}},{"id":"05809dc2-31cd-42c3-8071-dff3004ef988","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":75,"width":802,"height":12}},{"id":"6b7f9aad-b7ae-4029-af3d-b5946250b884","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":90,"width":849,"height":12}},{"id":"971ff9e0-b315-40a3-bd1c-acea821d13b6","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":105,"width":843,"height":12}},{"id":"96ef8fec-93cf-4007-99a1-9bfc54baa56c","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":120,"width":830,"height":11}},{"id":"5e3ddea8-057f-4006-92d3-ff782a1a7194","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":135,"width":840,"height":11}},{"id":"c57dd1ee-ee0e-4235-ac2c-be69a7de60d7","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":149,"width":789,"height":12}},{"id":"6cba3961-7fc5-4bcf-8ab6-33a77551ed40","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":164,"width":823,"height":12}},{"id":"a24b33f1-c86c-42a5-9849-469535f15d5b","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":179,"width":784,"height":12}},{"id":"7b2d8a70-d719-4fcb-ae86-d44d83a81780","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":194,"width":848,"height":11}},{"id":"8fab581e-6919-4a18-9f09-68a5d04a841b","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":209,"width":823,"height":11}},{"id":"3d43a89c-ac7c-4dbe-bf38-edb20d92fd56","block_type":"box","text":"incorporate quantitative analysis and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":82,"y":224,"width":618,"height":11}},{"id":"6ef58240-d4f2-48e4-9feb-4d2424c329f7","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":244,"width":818,"height":11}},{"id":"bed912ca-9a8a-4b5c-b9ef-dae0e4e57d12","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":259,"width":819,"height":11}},{"id":"2f855b96-3c7d-4113-8645-1abc2cb24c9e","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":273,"width":819,"height":12}},{"id":"def5ba72-b169-406e-9e74-303d7d2b4501","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":288,"width":846,"height":12}},{"id":"ed4311f6-087e-4858-9b03-dec4f33a2773","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":303,"width":848,"height":11}},{"id":"58d2f35b-4ea9-41a9-81e9-eca83fdb21d3","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":318,"width":125,"height":9}},{"id":"55976f05-f313-4b12-a8fa-c44d2bcfdb37","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":338,"width":139,"height":9}},{"id":"33aae6f9-b18b-496b-86b5-d79d14cc6bdc","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":343,"width":17,"height":1}},{"id":"8363787d-f608-40c1-b8e4-93e689032aca","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":338,"width":681,"height":11}},{"id":"5c4ae8f0-f950-4c0c-95b5-e08877ff34cb","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":352,"width":843,"height":12}},{"id":"ebe8b16f-3326-4a98-ab69-ce780b21a07c","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":367,"width":517,"height":12}},{"id":"016a1777-3e38-4674-bc6b-e1d8ad094d34","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":387,"width":254,"height":12}},{"id":"ba988f71-2615-4fe3-9b0e-dec31b960926","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":388,"width":578,"height":11}},{"id":"9fa1c774-1195-44b2-8fbd-270715b82079","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":402,"width":779,"height":12}},{"id":"28073147-1011-4788-8839-f1935302415d","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":417,"width":848,"height":11}},{"id":"6197dfbe-216c-41ab-b49d-1f9fdab26a27","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":432,"width":806,"height":11}},{"id":"97e499f2-dc24-4805-bfd5-907abbe51cc8","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":447,"width":807,"height":11}},{"id":"9aa43a0a-dd17-4bf4-adf3-680bd30e4e8f","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":461,"width":846,"height":12}},{"id":"aa4d4ded-142a-40d0-98e7-601c9a2b1387","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":476,"width":836,"height":11}},{"id":"8db0849b-139d-4b0b-a788-95cf7e183bc6","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":491,"width":474,"height":11}},{"id":"7f97e967-c310-4690-9e7b-124f87c715ca","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":511,"width":189,"height":9}},{"id":"6b33e1ee-d16a-47f1-bb4f-4727597675d3","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":511,"width":636,"height":11}},{"id":"082879c6-a009-4a6e-8fe3-19c1b352e261","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":526,"width":824,"height":11}},{"id":"63bc7e47-7919-4f6a-934c-83bc23f4eb07","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":541,"width":806,"height":11}},{"id":"82896681-07e6-4bfe-bffa-d3592fdc1de7","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":6,"box":{"x":81,"y":555,"width":842,"height":12}},{"id":"9365fe6e-46b5-4f5a-86f3-8762dd3849d7","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. 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The actual returns of Class K Shares would have","page_number":6,"box":{"x":62,"y":769,"width":843,"height":11}},{"id":"d87f3bfe-6457-4b5a-a7b7-df4b8e8f257b","block_type":"box","text":"been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional","page_number":6,"box":{"x":61,"y":784,"width":867,"height":11}},{"id":"574811c3-48e6-4a3e-9839-a6d571970482","block_type":"box","text":"Shares. To the extent that dividends and distributions have been paid by the Fund, the performance information for the","page_number":6,"box":{"x":61,"y":798,"width":874,"height":12}},{"id":"819b2e45-f556-427e-aa0c-7070ca5c0190","block_type":"box","text":"Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":6,"box":{"x":62,"y":813,"width":844,"height":11}},{"id":"e7baeee4-2b7e-4ace-9fc4-f22b86141477","block_type":"box","text":"past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees.","page_number":6,"box":{"x":62,"y":828,"width":863,"height":11}},{"id":"5812ba76-775d-4281-9e3c-1464582f1fc4","block_type":"box","text":"If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these","page_number":6,"box":{"x":62,"y":843,"width":861,"height":12}},{"id":"4270f76d-6225-469d-a617-def3e7815c4f","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its","page_number":6,"box":{"x":62,"y":858,"width":832,"height":11}},{"id":"060e6180-ff19-46f1-a2b2-5ea5120269f9","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":6,"box":{"x":61,"y":873,"width":757,"height":11}},{"id":"0654cb01-ce8d-4f20-b050-596197ac1198","block_type":"box","text":"(800) 882-0052.","page_number":6,"box":{"x":61,"y":888,"width":122,"height":11}},{"id":"bc6efc9c-73ad-47cc-8034-d0b8b715bc24","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"46253ae4-db89-41ac-a8f5-72856af174a4","block_type":"box","text":"NM0926U-5977729-6/40","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5fa90293-b3db-4c67-ba8c-267feacb443e","block_type":"box","text":"Class K Shares","page_number":7,"box":{"x":437,"y":46,"width":124,"height":10}},{"id":"63ab059f-673c-4a2e-9a20-fc326a13578a","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":62,"width":212,"height":10}},{"id":"2859ed46-8e30-4436-88d7-14bf5283b8bc","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":7,"box":{"x":319,"y":78,"width":360,"height":13}},{"id":"c711e05c-c336-4d83-ab37-433d0720dc8f","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":94,"width":103,"height":13}},{"id":"0e344db3-0b7d-4b61-9f13-6d0575e16103","block_type":"box","text":"24.00%","page_number":7,"box":{"x":291,"y":146,"width":45,"height":7}},{"id":"cb1d6c7b-409c-4c96-ad7f-7c2889a1d3d1","block_type":"box","text":"10.82%","page_number":7,"box":{"x":340,"y":175,"width":44,"height":7}},{"id":"c92edb6e-cd6b-4756-9a7d-460046616990","block_type":"box","text":"-8.80%","page_number":7,"box":{"x":389,"y":234,"width":41,"height":7}},{"id":"dee50415-e4ad-43f9-afb2-44f9db99ce90","block_type":"box","text":"32.26%","page_number":7,"box":{"x":436,"y":127,"width":45,"height":8}},{"id":"e526d41b-715e-4c35-82ec-9f1f336ab129","block_type":"box","text":"19.60%","page_number":7,"box":{"x":484,"y":155,"width":45,"height":8}},{"id":"067ae68f-babb-48a6-a09f-e8d7c0589751","block_type":"box","text":"14.72%","page_number":7,"box":{"x":532,"y":166,"width":45,"height":7}},{"id":"26a1507a-be0e-4305-b46c-31de1cadfbd1","block_type":"box","text":"-19.76%","page_number":7,"box":{"x":578,"y":258,"width":49,"height":7}},{"id":"a1064da5-05aa-425f-a4dd-562c568134bc","block_type":"box","text":"16.49%","page_number":7,"box":{"x":629,"y":162,"width":44,"height":8}},{"id":"9e017e85-7516-4d1a-bef5-27f9fe5f93f6","block_type":"box","text":"11.96%","page_number":7,"box":{"x":677,"y":172,"width":44,"height":8}},{"id":"f455ae3c-df0e-4188-be43-7b2047438840","block_type":"box","text":"13.70%","page_number":7,"box":{"x":725,"y":168,"width":45,"height":8}},{"id":"92de5034-7876-4ebd-9b9f-7f6caff94a1e","block_type":"box","text":"-30%","page_number":7,"box":{"x":237,"y":273,"width":28,"height":7}},{"id":"d2606f6e-a2d9-47f7-9dea-4509679546bc","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":251,"width":28,"height":7}},{"id":"6f58894b-8a52-427c-9a82-e7698b28e84e","block_type":"box","text":"-10%","page_number":7,"box":{"x":237,"y":229,"width":28,"height":7}},{"id":"9df5f7a0-b66d-4393-bdab-e177560ce41c","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":206,"width":17,"height":8}},{"id":"2162c6a5-c6fd-44d4-8476-aea88adea2ed","block_type":"box","text":"10%","page_number":7,"box":{"x":241,"y":184,"width":24,"height":8}},{"id":"9997db3c-4078-4fe6-813b-ef41fbfcf479","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":162,"width":25,"height":7}},{"id":"4c56a314-0694-4d7c-859f-48d6d1bd5ad0","block_type":"box","text":"30%","page_number":7,"box":{"x":240,"y":140,"width":25,"height":7}},{"id":"6f008cec-be3b-4f44-9832-7304589ab8e1","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":118,"width":25,"height":7}},{"id":"27fef379-62c5-497d-9edd-dd53735833c8","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":283,"width":465,"height":7}},{"id":"f0207009-fddf-41c6-9719-a570a31d43ae","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 30.99% (quarter ended","page_number":7,"box":{"x":62,"y":303,"width":806,"height":12}},{"id":"09e43645-983b-4e42-a5ba-38902bb992c7","block_type":"box","text":"December 31, 2020) and the lowest return for a quarter was -31.27% (quarter ended March 31, 2020). The year-to","page_number":7,"box":{"x":62,"y":318,"width":853,"height":12}},{"id":"13e1858f-1dcc-40fe-a360-fedb2d72f9c7","block_type":"box","text":"date return as of June 30, 2026 was 23.70%.","page_number":7,"box":{"x":61,"y":333,"width":337,"height":11}},{"id":"d814ae44-fc7b-4828-86c3-d9a2dfe37512","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":362,"width":223,"height":10}},{"id":"d678513b-6acd-4cc7-b351-e31842669573","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":373,"width":854,"height":11}},{"id":"943464c2-e6e9-43ce-82bf-ff8b2fbb1d23","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund — Class K Shares","page_number":7,"box":{"x":70,"y":392,"width":409,"height":10}},{"id":"50833a56-c789-49e1-bc61-46f67537b676","block_type":"box","text":"Return Before Taxes 13.70% 6.42% 10.47%","page_number":7,"box":{"x":85,"y":404,"width":840,"height":9}},{"id":"cc51ac1b-a8fa-44de-87be-e8856edcbfaf","block_type":"box","text":"Return After Taxes on Distributions 12.23% 5.15% 9.37%","page_number":7,"box":{"x":85,"y":417,"width":840,"height":8}},{"id":"bea9f28e-25bb-426a-a4d6-9e84190b92f4","block_type":"box","text":"Return After Taxes on Distributions","page_number":7,"box":{"x":85,"y":430,"width":228,"height":8}},{"id":"dcdba6b9-882d-4971-8424-ee2f574964bc","block_type":"box","text":"and Sale of Fund Shares 8.75% 4.66% 8.23%","page_number":7,"box":{"x":85,"y":442,"width":840,"height":8}},{"id":"832ecc8f-f0b3-490b-a23e-7753687eedc3","block_type":"box","text":"Russell 3000 Index","page_number":7,"box":{"x":70,"y":460,"width":128,"height":8}},{"id":"30923df0-8d89-4d9f-8b26-fd3c0bb410d7","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.15% 13.15% 14.29%","page_number":7,"box":{"x":69,"y":473,"width":856,"height":10}},{"id":"d110bab2-a3ef-451c-8a6c-a34a01bf7726","block_type":"box","text":"Russell 2000 Index","page_number":7,"box":{"x":70,"y":491,"width":128,"height":9}},{"id":"f0b27a80-1421-4f46-bc4e-087002bfa934","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 12.81% 6.09% 9.62%","page_number":7,"box":{"x":69,"y":505,"width":856,"height":10}},{"id":"046fbe06-201c-493e-b0dc-1dc7acbeae93","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":7,"box":{"x":60,"y":537,"width":840,"height":11}},{"id":"40aa71db-f47a-44d0-bc4c-45b7bc84d309","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":7,"box":{"x":61,"y":552,"width":835,"height":11}},{"id":"1ed7a255-dbb4-41a0-a90d-19152b42f346","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":7,"box":{"x":61,"y":566,"width":851,"height":12}},{"id":"d8cc3516-0706-40d9-b83f-e0a27013262c","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":7,"box":{"x":60,"y":581,"width":611,"height":12}},{"id":"e8571d72-b8de-4158-a03f-e916253f82d4","block_type":"box","text":"Investment Manager","page_number":7,"box":{"x":62,"y":620,"width":187,"height":14}},{"id":"ee18050f-ee95-4a56-9489-38368c53a737","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":7,"box":{"x":60,"y":646,"width":709,"height":12}},{"id":"74983d5c-ffce-424c-aab9-6c0e1dac73bf","block_type":"box","text":"Portfolio Managers","page_number":7,"box":{"x":61,"y":685,"width":173,"height":14}},{"id":"37b13458-afd8-43c8-bb67-996431d4a579","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":70,"y":729,"width":121,"height":10}},{"id":"894b0724-3070-4dab-94eb-cfd043e7b468","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":340,"y":718,"width":121,"height":10}},{"id":"90e7f145-23d5-4bb9-bc7b-c4cfbf91ee1b","block_type":"box","text":"of the Fund Since Title","page_number":7,"box":{"x":341,"y":729,"width":425,"height":8}},{"id":"4d8fc5ff-9ef6-400a-b5bd-1f5011fd8ff4","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":747,"width":825,"height":11}},{"id":"0774ee74-3023-467b-acbc-20c2f1281dd5","block_type":"box","text":"Travis Cooke, CFA 2013 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":69,"y":765,"width":803,"height":11}},{"id":"78ef0181-42c5-4875-b7fc-6b03ebe774a1","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":783,"width":802,"height":11}},{"id":"69ab714b-5f3e-45d9-a5e1-1ab8afa92211","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":61,"y":824,"width":309,"height":11}},{"id":"507fe1f4-ff4c-41b6-94b0-e3fefbc447c9","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":7,"box":{"x":61,"y":850,"width":859,"height":12}},{"id":"f63a15cb-efeb-40a1-8fa9-ca5437c0c9a0","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":7,"box":{"x":61,"y":865,"width":844,"height":11}},{"id":"f0b22adb-8abe-45ae-872a-7a4175c1ba99","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":7,"box":{"x":62,"y":880,"width":791,"height":11}},{"id":"fe40f2cf-be8e-4e36-962a-55a6fef69331","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":7,"box":{"x":62,"y":895,"width":874,"height":11}},{"id":"a5aa29dc-86b9-446b-b543-388546d6aea6","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":7,"box":{"x":62,"y":910,"width":871,"height":11}},{"id":"bbc8b866-36c5-42a0-803b-9a7184900e51","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"b2540a1b-b727-475f-a6ec-15110c283903","block_type":"box","text":"NM0926U-5977729-7/40","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5a1e231b-98a9-45cc-ae1a-9c3d0f8693f3","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":46,"width":870,"height":11}},{"id":"69f0b243-13b2-4f48-a320-f16438442445","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":60,"width":863,"height":12}},{"id":"17cb3c56-e408-48b5-8ec5-ecc5a8800481","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":76,"width":832,"height":11}},{"id":"668e5118-4bcc-4fe1-a845-bd1d1df54cad","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":90,"width":815,"height":12}},{"id":"3f333f14-d9f3-4cfb-886d-bcce127abbfc","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":8,"box":{"x":61,"y":105,"width":816,"height":12}},{"id":"eeb8391e-0ece-4da8-ac39-090082ae2c6d","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":120,"width":867,"height":11}},{"id":"0aaf40ed-b6d3-477d-9733-1dbd068d7727","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":8,"box":{"x":62,"y":135,"width":868,"height":11}},{"id":"03cfdb5d-6829-425b-9dcf-f6317f54c440","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":8,"box":{"x":61,"y":150,"width":874,"height":11}},{"id":"344d7582-e97c-4569-9394-729144750ec3","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":8,"box":{"x":61,"y":164,"width":859,"height":12}},{"id":"3065322f-0c95-446d-83ec-212a6e17cc50","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":8,"box":{"x":60,"y":179,"width":857,"height":12}},{"id":"c820471f-9aac-4556-8c3c-4d81dc8c4144","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":8,"box":{"x":60,"y":202,"width":874,"height":11}},{"id":"11d7a61e-f7b8-48fa-835a-f9d7841adb83","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":8,"box":{"x":61,"y":217,"width":868,"height":11}},{"id":"5027c113-9c17-411d-982c-da9c7831c03b","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":8,"box":{"x":61,"y":231,"width":857,"height":12}},{"id":"d034c550-3e38-43d3-9bac-4f4a1777b37e","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":8,"box":{"x":61,"y":246,"width":842,"height":12}},{"id":"30655cc9-8efe-4692-b67f-3595ec39ff26","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":8,"box":{"x":61,"y":261,"width":586,"height":11}},{"id":"65ac0e20-c47c-4810-9426-ff5bc4825421","block_type":"box","text":"Tax Information","page_number":8,"box":{"x":63,"y":300,"width":138,"height":11}},{"id":"6c81ac70-6ec0-4aa6-9bb8-c45c155cbe5c","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":8,"box":{"x":62,"y":326,"width":865,"height":12}},{"id":"fcd64377-9f4b-47df-9847-b5a6a7b9ec43","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":8,"box":{"x":62,"y":341,"width":842,"height":11}},{"id":"5a1d8f82-f29b-43ff-b82a-12ad68b2ea76","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":8,"box":{"x":62,"y":356,"width":850,"height":11}},{"id":"2849c672-1c49-436a-a617-4c1e0e439822","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":8,"box":{"x":60,"y":370,"width":833,"height":12}},{"id":"8f4ac71e-8554-4a90-bff2-111077b504ae","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":8,"box":{"x":60,"y":385,"width":865,"height":12}},{"id":"0a4af936-cc73-469a-af5f-c5028d7b0ab2","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":8,"box":{"x":61,"y":400,"width":851,"height":12}},{"id":"37ccecc7-11e1-40fb-a1da-acb5950d93fd","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":8,"box":{"x":62,"y":415,"width":451,"height":12}},{"id":"2402ce4f-7337-4f1d-8a4d-73ad5458a055","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":8,"box":{"x":61,"y":454,"width":578,"height":13}},{"id":"4dcd151e-3d27-4f8a-b9df-567f8a9bf289","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":8,"box":{"x":62,"y":480,"width":848,"height":12}},{"id":"c5977003-aa5f-415c-8613-5a4895f37791","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":8,"box":{"x":62,"y":495,"width":868,"height":11}},{"id":"487dd662-aa07-4d92-8b2d-becb3f02c7fa","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":8,"box":{"x":60,"y":519,"width":867,"height":11}},{"id":"e53970d2-4e63-4288-8086-b97a0347e2cb","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":8,"box":{"x":62,"y":534,"width":455,"height":11}},{"id":"1c8986b9-0951-40e8-a885-431f781dad75","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":8,"box":{"x":61,"y":556,"width":849,"height":12}},{"id":"d13b0d4d-e7a4-4f5b-88d2-37b63d782474","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":8,"box":{"x":62,"y":571,"width":857,"height":12}},{"id":"48b4c059-197c-479c-9127-87987fa556e8","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":8,"box":{"x":60,"y":586,"width":869,"height":11}},{"id":"212d2ce0-fa09-4f3b-a8bf-2ea7e881e327","block_type":"box","text":"assets invested in Class K Shares.","page_number":8,"box":{"x":61,"y":601,"width":256,"height":9}},{"id":"0bd0140d-e8e8-4f19-b8a5-f151e7520ea2","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":8,"box":{"x":60,"y":623,"width":790,"height":12}},{"id":"24ac2f86-3d7e-40d8-89df-bdb068d09c05","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"515fa5ea-dfd6-4cf0-a8d1-3c366ab3da0d","block_type":"box","text":"NM0926U-5977729-8/40","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0e3ee6c4-bfa8-4364-a4c7-a20c2f84629f","block_type":"box","text":"Details About the Fund","page_number":9,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"f68b03a6-cf92-4cad-9cd3-3e6b51107538","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":9,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"a1c8c847-797e-494d-828d-d1885b0da52e","block_type":"box","text":"shareholder features of BlackRock Advantage Small Cap Core Fund (the “Fund”), a series of BlackRock Funds","page_number":9,"box":{"x":61,"y":161,"width":805,"height":12}},{"id":"feb99d74-c65d-4ea3-b302-d4799a42035b","block_type":"box","text":"SM","page_number":9,"box":{"x":867,"y":161,"width":11,"height":5}},{"id":"690b7726-5021-4f97-81d2-63e078b1311c","block_type":"box","text":"(the","page_number":9,"box":{"x":885,"y":161,"width":27,"height":11}},{"id":"3f7c48da-8aec-443b-ada1-125880063858","block_type":"box","text":"“Trust”), and your rights as a shareholder.","page_number":9,"box":{"x":62,"y":176,"width":306,"height":11}},{"id":"d881c72a-731b-41c5-8a62-ec202146aa55","block_type":"box","text":"How the Fund Invests","page_number":9,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"3ba3c8da-fb90-4fe1-9a93-84b33f549d9d","block_type":"box","text":"Investment Objective","page_number":9,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"32a8ceca-354f-4269-9954-cf5d91acb181","block_type":"box","text":"The investment objective of the Fund is to seek capital appreciation over the long term.","page_number":9,"box":{"x":60,"y":258,"width":640,"height":11}},{"id":"f71d9547-4a83-469c-a475-6534f1ffed57","block_type":"box","text":"This investment objective is a non-fundamental policy of the Fund and may not be changed without 30 days’ prior","page_number":9,"box":{"x":60,"y":280,"width":831,"height":12}},{"id":"d3148905-8718-4966-bc07-493d0ee75a9e","block_type":"box","text":"notice to shareholders.","page_number":9,"box":{"x":61,"y":295,"width":168,"height":9}},{"id":"c49fea76-adb6-4ae6-8d37-9e5b1fecbf72","block_type":"box","text":"Investment Process","page_number":9,"box":{"x":61,"y":318,"width":163,"height":10}},{"id":"02f22883-5d53-4a1e-97c3-b4a1e251081e","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":9,"box":{"x":60,"y":335,"width":834,"height":11}},{"id":"2fdada89-ed2f-4f2f-837b-8132139e3400","block_type":"box","text":"using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":9,"box":{"x":61,"y":349,"width":871,"height":12}},{"id":"78f8a50d-2b65-4252-ac4a-3a9e3395fa21","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":9,"box":{"x":62,"y":364,"width":874,"height":12}},{"id":"d58b7c99-0856-418d-b1a2-590a4cf7b1aa","block_type":"box","text":"equities while seeking to control incremental risk. The Fund’s manager then constructs and rebalances the portfolio by","page_number":9,"box":{"x":61,"y":379,"width":874,"height":11}},{"id":"d155140e-7a8d-4bf2-a22d-6564dd5b92df","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":9,"box":{"x":62,"y":394,"width":570,"height":11}},{"id":"bd517f87-2e44-4d3f-8ecb-abb1ad06d71d","block_type":"box","text":"The Fund has no stated minimum holding period for investments and may buy or sell securities whenever Fund","page_number":9,"box":{"x":60,"y":416,"width":812,"height":12}},{"id":"ff0a4eaf-1ea6-4055-9a3f-f497207041e3","block_type":"box","text":"management sees an appropriate opportunity. The Fund may engage in active and frequent trading of its investments.","page_number":9,"box":{"x":61,"y":431,"width":866,"height":12}},{"id":"52e195f7-143e-46a2-85aa-19235c8ed5e1","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":9,"box":{"x":60,"y":455,"width":862,"height":12}},{"id":"cf87cd4b-ab0f-4b08-a85d-ccea1f36ab46","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":9,"box":{"x":60,"y":470,"width":873,"height":11}},{"id":"e91fbe50-75f7-4101-898c-4dd909460b35","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":9,"box":{"x":62,"y":485,"width":871,"height":11}},{"id":"40a1a073-f3b0-43ce-915f-30d70bc9beda","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":9,"box":{"x":61,"y":499,"width":331,"height":12}},{"id":"ba077054-d6b8-409e-bc06-feca05cfcbfe","block_type":"box","text":"Principal Investment Strategies","page_number":9,"box":{"x":61,"y":523,"width":260,"height":12}},{"id":"dde3fc45-2649-44c2-b65c-f4b4cd41ce99","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":9,"box":{"x":62,"y":539,"width":800,"height":11}},{"id":"a7a8cc7e-3f20-486e-b16b-5812cc33a0c4","block_type":"box","text":"investment purposes in equity securities or other financial instruments that are components of, or have market","page_number":9,"box":{"x":62,"y":554,"width":816,"height":11}},{"id":"634ef9bd-3391-431b-a42f-1e6e1f9af847","block_type":"box","text":"capitalizations similar to, the securities included in the Russell 2000 Index. This policy is a non-fundamental policy of","page_number":9,"box":{"x":61,"y":568,"width":862,"height":12}},{"id":"0eb5bf03-e59b-4566-9d57-2cf64de146f2","block_type":"box","text":"the Fund and may not be changed without 60 days’ notice to shareholders. With respect to such equity investments,","page_number":9,"box":{"x":60,"y":583,"width":856,"height":12}},{"id":"968dc2a5-7180-448f-bd8d-cedba0fd31a0","block_type":"box","text":"investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":9,"box":{"x":62,"y":598,"width":815,"height":11}},{"id":"e0fd2fdd-7f0a-488e-b2fb-385ed93e2b52","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":9,"box":{"x":61,"y":613,"width":821,"height":11}},{"id":"bbbb6036-3182-4f07-a3de-1124e6f1be10","block_type":"box","text":"securities. The companies included in the Russell 2000 Index have market capitalizations that range from","page_number":9,"box":{"x":61,"y":628,"width":777,"height":11}},{"id":"618228bd-31d5-4531-bcec-a20103d20502","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":9,"box":{"x":61,"y":642,"width":860,"height":12}},{"id":"62ec2570-6e1c-4468-908a-5ed46c79b0c2","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":9,"box":{"x":61,"y":657,"width":863,"height":12}},{"id":"5dfc31ae-e24f-4725-b305-884f84b26b29","block_type":"box","text":"companies through “new issues” or initial public offerings (“IPOs”). The Fund is not required to sell a company’s","page_number":9,"box":{"x":61,"y":672,"width":826,"height":12}},{"id":"4815a62c-3faa-4854-9205-287505e92a6a","block_type":"box","text":"securities solely because that company’s market capitalization rises above the market capitalization range of the","page_number":9,"box":{"x":61,"y":687,"width":829,"height":12}},{"id":"490acda7-afc8-43af-bd37-82e3a77f2a96","block_type":"box","text":"Russell 2000 Index. A company’s market capitalization may go up or down due to market fluctuations.","page_number":9,"box":{"x":62,"y":702,"width":749,"height":11}},{"id":"e3c48381-fa12-429a-82dd-80f64543e38d","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the","page_number":9,"box":{"x":60,"y":724,"width":850,"height":12}},{"id":"7dcbb23c-b007-4be1-9475-d11db3bbfd96","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":9,"box":{"x":61,"y":739,"width":859,"height":12}},{"id":"82325339-3a7a-40f4-a42c-ad743e2a3291","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":9,"box":{"x":61,"y":754,"width":857,"height":12}},{"id":"937ff949-1384-4fdc-943d-ed62ad4b7dd3","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":9,"box":{"x":61,"y":769,"width":872,"height":11}},{"id":"cbeb6928-6c9a-4615-9b7d-cdd87b6e2747","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":9,"box":{"x":62,"y":784,"width":844,"height":11}},{"id":"8df47305-c4cc-49ee-8847-98b7e2e78ae8","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":9,"box":{"x":62,"y":798,"width":857,"height":12}},{"id":"cfd34909-4e68-4624-8266-530269120ba2","block_type":"box","text":"effective in protecting or enhancing the value of the Fund’s assets.","page_number":9,"box":{"x":61,"y":813,"width":491,"height":12}},{"id":"8e75e155-0d73-40bf-9b14-d65d21814bfa","block_type":"box","text":"The Fund is classified as diversified under the Investment Company Act.","page_number":9,"box":{"x":60,"y":836,"width":528,"height":11}},{"id":"67da6f10-c3b4-48aa-a326-d363f387a921","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":9,"box":{"x":61,"y":859,"width":327,"height":12}},{"id":"c9e6f03b-b4f9-41bf-8bc7-b67b3bc32b26","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":9,"box":{"x":62,"y":875,"width":870,"height":12}},{"id":"6f04c466-ec8b-4514-aeda-2e978424c5dc","block_type":"box","text":"investments/strategies:","page_number":9,"box":{"x":62,"y":890,"width":173,"height":12}},{"id":"006473d0-8d7f-4ae3-aaa5-f8af68f345df","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"0fb7d2d8-ae15-445a-9b51-8106de56fb46","block_type":"box","text":"NM0926U-5977729-9/40","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4c945c20-bf16-4441-9e00-ad7cc25672d8","block_type":"box","text":"Borrowing","page_number":10,"box":{"x":81,"y":46,"width":78,"height":11}},{"id":"ea166c11-993a-45d3-951f-4bccc63414db","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act, the rules and","page_number":10,"box":{"x":162,"y":46,"width":732,"height":11}},{"id":"6870ec98-2fb0-4043-b2f6-6e3d4d171196","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":10,"box":{"x":82,"y":60,"width":432,"height":12}},{"id":"f7980b22-8483-4eea-aecc-cb469a6c1b3f","block_type":"box","text":"Foreign Securities","page_number":10,"box":{"x":81,"y":81,"width":137,"height":11}},{"id":"76bae22f-790b-4b2f-917e-aadb4de0e1ec","block_type":"box","text":"— The Fund may invest in equity securities of companies located outside the United States.","page_number":10,"box":{"x":222,"y":80,"width":676,"height":12}},{"id":"70956a8a-49eb-4295-9f8f-9b4cdf311caa","block_type":"box","text":"Illiquid Investments","page_number":10,"box":{"x":81,"y":101,"width":148,"height":11}},{"id":"50391deb-18d9-4901-81a9-066c8d007c0e","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":10,"box":{"x":233,"y":100,"width":677,"height":12}},{"id":"a34cde79-a8fe-44e8-9e09-6fb90027be63","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":10,"box":{"x":82,"y":115,"width":811,"height":12}},{"id":"9baead43-8d66-46d0-be6c-ac8fd499bcab","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":10,"box":{"x":82,"y":130,"width":831,"height":12}},{"id":"bdf6bffe-5948-4d6d-a9fc-3f2a1f8a5dcc","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":10,"box":{"x":81,"y":145,"width":811,"height":11}},{"id":"bbf20b6d-1a64-45ce-a236-57d7b77bdc3e","block_type":"box","text":"Indexed and Inverse Securities","page_number":10,"box":{"x":81,"y":165,"width":232,"height":9}},{"id":"4739740c-fbe5-47e2-8708-4f0c3bd4e325","block_type":"box","text":"— The Fund may invest in securities that provide a return based on fluctuations in a","page_number":10,"box":{"x":317,"y":165,"width":619,"height":11}},{"id":"5d0110f0-ed18-425d-bc55-8a5e97945927","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":10,"box":{"x":81,"y":180,"width":838,"height":11}},{"id":"3c845250-9f12-4342-a263-8261f0f6eb47","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":10,"box":{"x":81,"y":195,"width":852,"height":11}},{"id":"f34d4412-e4a3-440e-9b64-c3197aa680f6","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":10,"box":{"x":82,"y":209,"width":811,"height":12}},{"id":"8de20e31-e552-4e40-9b33-e768508d0201","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":10,"box":{"x":80,"y":224,"width":840,"height":12}},{"id":"84a2aecb-d50a-4d34-bf49-505c69260bcd","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":10,"box":{"x":82,"y":239,"width":771,"height":12}},{"id":"58ea1683-641e-438d-9745-e2f763cc93cf","block_type":"box","text":"Investment Companies","page_number":10,"box":{"x":81,"y":259,"width":172,"height":11}},{"id":"846cf3e9-575e-49eb-be08-b8ed0ccea60d","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":10,"box":{"x":258,"y":259,"width":643,"height":12}},{"id":"8b5a4a2e-e961-4ca7-a06e-e1405359b8b6","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":10,"box":{"x":80,"y":274,"width":848,"height":11}},{"id":"917dab0e-2572-4732-8eac-cbb40889e5e3","block_type":"box","text":"Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment companies,","page_number":10,"box":{"x":82,"y":289,"width":790,"height":11}},{"id":"e248d6fa-98ff-4e05-8698-11173f8d7e8e","block_type":"box","text":"including affiliated money market funds and affiliated exchange-traded funds.","page_number":10,"box":{"x":82,"y":303,"width":565,"height":12}},{"id":"bedc3a7c-0d0b-485d-a443-eede9e3f013f","block_type":"box","text":"Money Market Securities","page_number":10,"box":{"x":81,"y":324,"width":190,"height":11}},{"id":"d02581de-dcc6-469a-b22f-09717804c5ae","block_type":"box","text":"— As part of its normal operations, the Fund may hold high quality money market","page_number":10,"box":{"x":276,"y":323,"width":599,"height":12}},{"id":"aac0d70d-761b-437a-8138-2366054dfd32","block_type":"box","text":"securities pending investments or when it expects to need cash to pay redeeming shareholders. The Fund also may","page_number":10,"box":{"x":81,"y":339,"width":849,"height":11}},{"id":"c22a9e38-412f-4cc5-a12c-21cd13fda422","block_type":"box","text":"invest in these securities in order to achieve its investment goal. Money market securities are short term securities","page_number":10,"box":{"x":82,"y":353,"width":848,"height":12}},{"id":"2448df27-eb0f-4f23-ba80-815cdec3a07a","block_type":"box","text":"consisting primarily of short term U.S. Government securities, U.S. Government agency securities, securities issued","page_number":10,"box":{"x":81,"y":368,"width":852,"height":11}},{"id":"95bbd377-e399-43b1-8ffe-7a1c1c1290c9","block_type":"box","text":"by U.S. Government sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial","page_number":10,"box":{"x":81,"y":383,"width":831,"height":11}},{"id":"f06ad616-36c3-412d-9013-bc0fd9c504cc","block_type":"box","text":"paper, including asset backed commercial paper, corporate notes and repurchase agreements.","page_number":10,"box":{"x":82,"y":398,"width":695,"height":11}},{"id":"e9d3310d-d9e6-4e8a-92fd-0e621733de0f","block_type":"box","text":"Real Estate Investment Trusts","page_number":10,"box":{"x":81,"y":418,"width":229,"height":9}},{"id":"bf000414-93f8-4b7a-9221-ec4572a93dce","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”). REITs are","page_number":10,"box":{"x":314,"y":418,"width":559,"height":11}},{"id":"493144be-4331-44c0-ad5b-fcfb51ce3c8b","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":10,"box":{"x":81,"y":433,"width":815,"height":11}},{"id":"f6ffd4f5-d52d-40bc-9eac-ff51e05adcd1","block_type":"box","text":"primarily consisting of rent derived from owned, income producing real estate properties and capital gains from the","page_number":10,"box":{"x":82,"y":447,"width":844,"height":12}},{"id":"34cba904-9bd8-46df-b4b5-05bdd6a80753","block_type":"box","text":"sale of such properties. REITs can generally be classified as equity REITs, mortgage REITs and hybrid REITs. Equity","page_number":10,"box":{"x":81,"y":462,"width":842,"height":12}},{"id":"359e8e32-a47a-4238-9994-9a9a8552f63f","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":10,"box":{"x":82,"y":477,"width":844,"height":11}},{"id":"ec9365eb-931d-46dc-85b5-a978b3d5fdc0","block_type":"box","text":"REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the","page_number":10,"box":{"x":82,"y":492,"width":840,"height":11}},{"id":"bdea07ed-20c4-4ffc-b2cb-6a84dba5b4e5","block_type":"box","text":"majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid","page_number":10,"box":{"x":82,"y":506,"width":829,"height":12}},{"id":"f1252667-d2d5-44de-bc00-7bdb555a381f","block_type":"box","text":"REITs combine the characteristics of both equity REITs and mortgage REITs. REITs are not taxed on income","page_number":10,"box":{"x":82,"y":521,"width":783,"height":12}},{"id":"c181cdf9-e0fa-4304-abd0-f489f663e4b2","block_type":"box","text":"distributed to shareholders provided they comply with the requirements of the Internal Revenue Code of 1986, as","page_number":10,"box":{"x":81,"y":536,"width":834,"height":12}},{"id":"23a2c121-9492-4737-b727-49dabaece629","block_type":"box","text":"amended (the “Internal Revenue Code”).","page_number":10,"box":{"x":81,"y":551,"width":297,"height":11}},{"id":"5ef28bf3-44f3-4b44-8a9f-4951f0802958","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":10,"box":{"x":81,"y":571,"width":442,"height":11}},{"id":"19bbd499-d1cc-4169-9650-6e53d6a24aa0","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":10,"box":{"x":527,"y":571,"width":406,"height":11}},{"id":"cbc8dd34-cf08-49a3-95c2-6a1653e62da1","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":10,"box":{"x":81,"y":586,"width":813,"height":11}},{"id":"ecee1030-2e68-420f-adeb-fabc6f4636a5","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":10,"box":{"x":81,"y":601,"width":779,"height":11}},{"id":"7757913a-c576-47ec-8e3f-ef86f862dec5","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":10,"box":{"x":81,"y":616,"width":832,"height":11}},{"id":"9dedca07-c7a8-4f38-a95a-1847fc354fa8","block_type":"box","text":"paid during the period.","page_number":10,"box":{"x":82,"y":631,"width":162,"height":11}},{"id":"56d31153-340d-4053-a064-2c8cf4c4526f","block_type":"box","text":"Restricted Securities","page_number":10,"box":{"x":81,"y":650,"width":159,"height":9}},{"id":"88a2a7ee-a197-444e-8e3f-ac26bb5411e7","block_type":"box","text":"—","page_number":10,"box":{"x":245,"y":656,"width":17,"height":0}},{"id":"dfd49214-e3b0-4896-8f1e-53e606614beb","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":10,"box":{"x":268,"y":650,"width":602,"height":11}},{"id":"0e97bc29-e47d-49d8-a531-86275a88318b","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":10,"box":{"x":82,"y":665,"width":820,"height":12}},{"id":"d4317a34-cddb-4b92-afed-0510c4c4dae6","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":10,"box":{"x":82,"y":680,"width":839,"height":11}},{"id":"ed6a16cc-8338-4448-968e-8630689e9734","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":10,"box":{"x":82,"y":695,"width":837,"height":11}},{"id":"94f75081-e8ba-4fcf-987d-57f451a7eb41","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":10,"box":{"x":80,"y":710,"width":736,"height":11}},{"id":"38ce6bc6-f484-45dc-944e-6f19e3adb93b","block_type":"box","text":"Reverse Repurchase Agreements","page_number":10,"box":{"x":81,"y":730,"width":251,"height":11}},{"id":"213a8fef-69bb-474b-b179-de3d9eb44ad3","block_type":"box","text":"— The Fund may enter into reverse repurchase agreements with the same","page_number":10,"box":{"x":336,"y":730,"width":547,"height":11}},{"id":"1c8a01e9-5572-46fa-b5a7-2029a5ce4a35","block_type":"box","text":"parties with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, the Fund sells","page_number":10,"box":{"x":82,"y":745,"width":849,"height":11}},{"id":"8ec4190d-1af9-4ce1-b665-d7e7e34e44c6","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":10,"box":{"x":81,"y":759,"width":851,"height":12}},{"id":"71badbe9-7bc5-432a-ab1a-fbd0ae74a7c0","block_type":"box","text":"reverse repurchase agreement when it is anticipated that the interest income to be earned from the investment of","page_number":10,"box":{"x":82,"y":774,"width":839,"height":12}},{"id":"8b03eede-28bb-416b-87a7-714d31a93c69","block_type":"box","text":"the proceeds of the transaction is greater than the interest expense of the transaction.","page_number":10,"box":{"x":80,"y":789,"width":639,"height":11}},{"id":"e0a2c2b0-2957-44d0-bea1-6738c00f742d","block_type":"box","text":"Securities Lending","page_number":10,"box":{"x":81,"y":809,"width":140,"height":11}},{"id":"581f95eb-aeb5-4b0c-bc51-126c464947b3","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":10,"box":{"x":225,"y":809,"width":396,"height":11}},{"id":"1e6ea357-4bd2-4079-bafa-c997895ecb0c","block_type":"box","text":"1⁄","page_number":10,"box":{"x":622,"y":809,"width":6,"height":5}},{"id":"730a5c59-5e0f-4779-a668-db8c639c5dd5","block_type":"box","text":"1⁄3","page_number":10,"box":{"x":626,"y":809,"width":8,"height":9}},{"id":"5d771a38-d737-4ace-a841-91110985743c","block_type":"box","text":"⁄3","page_number":10,"box":{"x":632,"y":813,"width":6,"height":5}},{"id":"9adc5ed0-f5a6-4a87-864a-4465c70fdf61","block_type":"box","text":"% of its total assets to financial","page_number":10,"box":{"x":639,"y":809,"width":231,"height":9}},{"id":"a42f9ef5-b43c-4d36-aa56-18f0e9b54e9d","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":10,"box":{"x":82,"y":824,"width":748,"height":11}},{"id":"e7eef1f1-8a51-4d31-b6d9-21a30c3250d6","block_type":"box","text":"Temporary Defensive Strategies","page_number":10,"box":{"x":82,"y":844,"width":238,"height":11}},{"id":"ad71348a-dd1e-4251-a96f-55b445968da8","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":10,"box":{"x":325,"y":844,"width":600,"height":11}},{"id":"d8f40c2c-c16a-420a-a842-d4fbda8f6300","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":10,"box":{"x":81,"y":858,"width":802,"height":12}},{"id":"34d05be4-fa22-4720-ba53-ab0b9c5fda52","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":10,"box":{"x":82,"y":874,"width":833,"height":11}},{"id":"2e4203eb-feb0-425f-abcc-0feeb85540cd","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":10,"box":{"x":81,"y":888,"width":796,"height":12}},{"id":"081849a8-e935-44be-977a-e9881438f6d3","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":10,"box":{"x":81,"y":903,"width":802,"height":11}},{"id":"e6cccab9-1854-4c40-86c1-d74ddb37ea5f","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"19022ae4-7a96-4342-a280-cb459d45c3a4","block_type":"box","text":"NM0926U-5977729-10/40","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d2291c00-4df1-4ee3-ab16-f4f447b6905d","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":11,"box":{"x":82,"y":46,"width":778,"height":11}},{"id":"b9b2397b-3667-433a-a821-650e1d88c277","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":11,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"17bf7f1c-e745-4142-98c1-64d73c14766a","block_type":"box","text":"Warrants","page_number":11,"box":{"x":83,"y":81,"width":66,"height":9}},{"id":"9dc67a45-b6a4-4ff1-ba4f-fa3c4c39fb0e","block_type":"box","text":"— The Fund may purchase warrants, which are privileges issued by corporations enabling the owners to","page_number":11,"box":{"x":153,"y":81,"width":763,"height":11}},{"id":"25dcacbd-34d3-4309-8054-5437533e9ce7","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":11,"box":{"x":81,"y":95,"width":831,"height":12}},{"id":"3fd83d36-0e61-474f-8159-0c0cd306883c","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration.","page_number":11,"box":{"x":82,"y":110,"width":581,"height":12}},{"id":"4af54081-9bb3-4240-a6b0-ba2c83d8d5f6","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":11,"box":{"x":83,"y":130,"width":545,"height":11}},{"id":"4adf3fa6-1713-4085-b2e7-4be813c51892","block_type":"box","text":"— The purchase or sale of securities on","page_number":11,"box":{"x":632,"y":130,"width":295,"height":11}},{"id":"dcb4ee38-bdd0-4efa-807f-139ac98a2883","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":11,"box":{"x":81,"y":145,"width":851,"height":11}},{"id":"da02cafa-a948-4663-b6c9-2c8ffe543b5a","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":11,"box":{"x":81,"y":160,"width":847,"height":11}},{"id":"ca3619d4-d7ff-4a26-94b8-d3570adbcdc1","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":11,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"85570570-8c7f-481d-897c-7352152846f4","block_type":"box","text":"the transaction.","page_number":11,"box":{"x":80,"y":190,"width":115,"height":9}},{"id":"8e5467b2-44da-41a5-ae38-76957b294314","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":11,"box":{"x":272,"y":246,"width":453,"height":9}},{"id":"4aabfcd1-e6fa-463b-9a8a-afe6ec9b3689","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Travis Cooke, CFA, and Richard Mathieson","page_number":11,"box":{"x":70,"y":269,"width":853,"height":11}},{"id":"f6130584-8ebe-4309-8dc1-75f0e6d08cd2","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":11,"box":{"x":71,"y":283,"width":817,"height":12}},{"id":"70cf542f-538f-420b-b154-339c5fb67a01","block_type":"box","text":"Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":11,"box":{"x":71,"y":298,"width":796,"height":12}},{"id":"c791c0f6-e393-483f-bcec-2cc15d49be45","block_type":"box","text":"portfolio management team.","page_number":11,"box":{"x":72,"y":313,"width":207,"height":12}},{"id":"bff525e6-17af-447a-ad69-b637a2a4728c","block_type":"box","text":"Investment Risks","page_number":11,"box":{"x":62,"y":365,"width":156,"height":11}},{"id":"cd340c2b-7f63-4e19-a166-dd0a2f0cd161","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":11,"box":{"x":60,"y":391,"width":811,"height":12}},{"id":"04d3dcce-4fd7-454e-91c3-6016d0748ab9","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":11,"box":{"x":61,"y":406,"width":871,"height":11}},{"id":"6ea6f0ea-b8db-4e15-8b9b-3b7b0a9d59e5","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":11,"box":{"x":62,"y":421,"width":799,"height":11}},{"id":"71a55513-c95e-4ac1-bc2c-50a8c52254a3","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":11,"box":{"x":62,"y":436,"width":860,"height":11}},{"id":"bb133bd3-11f2-45d2-b38a-ff51660c457e","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":11,"box":{"x":62,"y":451,"width":856,"height":11}},{"id":"c995d81d-a881-4ac7-8c3d-045c11c5adc6","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":11,"box":{"x":61,"y":465,"width":853,"height":12}},{"id":"3ddbd9ca-a6c1-4dba-925a-20556f20dc2b","block_type":"box","text":"risk factor.","page_number":11,"box":{"x":61,"y":480,"width":76,"height":9}},{"id":"719c5aab-820e-4475-ac6a-1c84a694c0b0","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":11,"box":{"x":61,"y":503,"width":322,"height":13}},{"id":"1873c2e5-3fd4-44f0-90f3-cb187c08ceaf","block_type":"box","text":"Convertible Securities Risk","page_number":11,"box":{"x":81,"y":525,"width":206,"height":9}},{"id":"b4f9c559-c2d8-45df-ab27-a5d01e7c2a9f","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":11,"box":{"x":291,"y":525,"width":593,"height":11}},{"id":"da4e8533-9d86-4175-9fd8-aded696e2326","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":11,"box":{"x":81,"y":539,"width":853,"height":12}},{"id":"83c675a8-afe5-4d81-91cc-9a10b9aa40c0","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":11,"box":{"x":81,"y":554,"width":855,"height":12}},{"id":"8a244f07-659e-49d4-9da5-69205981641e","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":11,"box":{"x":80,"y":569,"width":816,"height":12}},{"id":"fbed5db8-d0e7-4be7-a6d1-348046fd65ae","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":11,"box":{"x":82,"y":584,"width":796,"height":11}},{"id":"7fd5a521-9945-4b44-b72f-e9ab23640b4f","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":11,"box":{"x":81,"y":599,"width":812,"height":11}},{"id":"a5a3afe1-e1d4-4cef-aa6e-a8fa104e5d49","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":11,"box":{"x":82,"y":613,"width":809,"height":12}},{"id":"678e19fa-7ac5-49cc-9cf8-5c5c2275dfa4","block_type":"box","text":"Derivatives Risk","page_number":11,"box":{"x":81,"y":634,"width":123,"height":9}},{"id":"30a1edf8-ef4d-4859-8f38-610afa6365e1","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":11,"box":{"x":207,"y":633,"width":664,"height":12}},{"id":"bf37cac6-07de-4985-8d09-4789353446e8","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":11,"box":{"x":82,"y":648,"width":469,"height":12}},{"id":"02885068-538a-4be3-ac36-0044eb42c159","block_type":"box","text":"Leverage Risk","page_number":11,"box":{"x":82,"y":671,"width":102,"height":11}},{"id":"f2640257-e09b-4875-a2c4-d3fcbabc303c","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":11,"box":{"x":188,"y":671,"width":723,"height":11}},{"id":"f2ff85b6-69ee-4cdb-bd5f-d350e8f6ec3b","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":11,"box":{"x":82,"y":686,"width":832,"height":11}},{"id":"f06fd77b-4530-4176-b065-9d52cfdaba5b","block_type":"box","text":"exceed the amount originally invested.","page_number":11,"box":{"x":81,"y":701,"width":280,"height":11}},{"id":"ece30d8b-9797-4fdc-bdca-aa75c9f87b9d","block_type":"box","text":"Market Risk","page_number":11,"box":{"x":82,"y":723,"width":87,"height":9}},{"id":"b6368888-1e60-4fb6-b5c5-a5a50a80a93f","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":11,"box":{"x":173,"y":723,"width":728,"height":12}},{"id":"2638f421-41b9-46ea-9a32-4977cca011ed","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":11,"box":{"x":81,"y":738,"width":834,"height":11}},{"id":"e4b5a8f3-2754-451f-b1ed-ca9f09ad1858","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock Advisors, LLC (“BlackRock”) may not","page_number":11,"box":{"x":82,"y":753,"width":841,"height":11}},{"id":"18e58f59-324d-46a1-b5a4-f4677c3bcb9f","block_type":"box","text":"be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could","page_number":11,"box":{"x":81,"y":768,"width":848,"height":11}},{"id":"a351cbfe-180b-4436-8bb1-3de7ee65c6d1","block_type":"box","text":"cause the Fund’s derivatives positions to lose value.","page_number":11,"box":{"x":81,"y":783,"width":385,"height":11}},{"id":"66092c2f-dc90-4c22-9706-6182b8759a05","block_type":"box","text":"Counterpar ty Risk","page_number":11,"box":{"x":82,"y":805,"width":131,"height":11}},{"id":"a6873a4c-c0ad-4397-bef4-8f353ca881f7","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":11,"box":{"x":217,"y":805,"width":697,"height":11}},{"id":"939e1976-e0c1-478f-8644-fbc9cbfa329e","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":11,"box":{"x":80,"y":820,"width":855,"height":11}},{"id":"38e91b50-0b5d-42e4-b76b-41ec71f79857","block_type":"box","text":"exposure to such a counterparty.","page_number":11,"box":{"x":81,"y":835,"width":240,"height":11}},{"id":"7cb65fda-4bb2-467c-9fc5-af455457f9a8","block_type":"box","text":"Illiquidity Risk —","page_number":11,"box":{"x":82,"y":857,"width":122,"height":12}},{"id":"0b420f06-34a9-4a22-bcb8-4fc4f8ebfa96","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":11,"box":{"x":208,"y":857,"width":728,"height":12}},{"id":"47c0b433-2a2e-4e31-bfbf-5b0eac57f586","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":11,"box":{"x":80,"y":872,"width":839,"height":11}},{"id":"e8668836-13af-4a37-bd25-8e61aba75a0a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":11,"box":{"x":81,"y":887,"width":293,"height":11}},{"id":"a710bcc2-7205-481c-8de2-af78f30735bb","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"801ea603-b5fe-4593-9939-64fa9b872b7a","block_type":"box","text":"NM0926U-5977729-11/40","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"095f89c5-bc5c-4d4c-a5d8-055713475342","block_type":"box","text":"Operational Risk","page_number":12,"box":{"x":82,"y":46,"width":120,"height":11}},{"id":"533f8b8d-7997-46f7-90ca-47684b7bfc40","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":12,"box":{"x":206,"y":46,"width":727,"height":11}},{"id":"d9dad7a5-eb56-431d-a714-878f5b3746e9","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":12,"box":{"x":82,"y":60,"width":607,"height":12}},{"id":"2e3ee0c8-cff3-446b-9e33-8baa985a42df","block_type":"box","text":"Legal Risk","page_number":12,"box":{"x":82,"y":83,"width":75,"height":12}},{"id":"6ac583ad-fdf6-4f70-83ee-6cf7e196b372","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":12,"box":{"x":161,"y":83,"width":761,"height":12}},{"id":"77624ca0-b471-41a4-9b66-0b569f43c03c","block_type":"box","text":"enforceability of a contract.","page_number":12,"box":{"x":81,"y":98,"width":198,"height":11}},{"id":"7513805c-7e72-4a68-b83f-52213955f429","block_type":"box","text":"Volatility and Correlation Risk","page_number":12,"box":{"x":83,"y":121,"width":214,"height":11}},{"id":"d20228ad-3b38-4487-b9fc-0c8980c555f7","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":12,"box":{"x":300,"y":120,"width":590,"height":12}},{"id":"2014eae9-371f-445a-b553-9ead142acf19","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":12,"box":{"x":80,"y":135,"width":855,"height":12}},{"id":"cf7b4632-e75c-4e6d-a392-435d45c1d63b","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":12,"box":{"x":80,"y":150,"width":820,"height":11}},{"id":"ed2c72e4-604f-4f69-b615-b4aef4111c18","block_type":"box","text":"correlate with the overall securities markets.","page_number":12,"box":{"x":81,"y":165,"width":326,"height":9}},{"id":"6224e542-5f24-4efc-8a83-cef718f99634","block_type":"box","text":"Valuation Risk","page_number":12,"box":{"x":83,"y":188,"width":102,"height":9}},{"id":"89330eaf-f0d1-4085-b593-5fdf9398633e","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":12,"box":{"x":189,"y":187,"width":747,"height":12}},{"id":"b524afda-b73c-486a-a42e-5958605ba6ad","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":12,"box":{"x":82,"y":202,"width":783,"height":12}},{"id":"1a0a51cf-cba9-4da7-9bfb-544704962d0d","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":12,"box":{"x":82,"y":217,"width":837,"height":12}},{"id":"e2c6f47d-b071-49ff-8d76-348a3ab7bf2e","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":12,"box":{"x":81,"y":232,"width":826,"height":11}},{"id":"e25ac613-a539-4b83-a45b-6bde87c76e6c","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":12,"box":{"x":80,"y":247,"width":405,"height":11}},{"id":"26147860-be0e-4075-8ab7-4deb3f435467","block_type":"box","text":"Hedging Risk","page_number":12,"box":{"x":82,"y":270,"width":95,"height":11}},{"id":"152b69e6-d314-4ed6-a4b0-e351a9629ad8","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":12,"box":{"x":181,"y":270,"width":752,"height":11}},{"id":"1ac8ec0a-0e96-435b-923c-c608cf62be65","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":12,"box":{"x":80,"y":284,"width":820,"height":12}},{"id":"9af16462-4f24-4fd8-8b8e-b2b9104370c5","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":12,"box":{"x":82,"y":299,"width":823,"height":12}},{"id":"3f719090-d4be-458a-a4b9-da1f9d3b74df","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":12,"box":{"x":82,"y":314,"width":813,"height":11}},{"id":"e518b1a2-d9d4-4049-821b-098d04b7f035","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":12,"box":{"x":82,"y":329,"width":832,"height":11}},{"id":"b0d551df-acd9-4692-bbeb-e18c3f4dafdd","block_type":"box","text":"noted below.","page_number":12,"box":{"x":82,"y":344,"width":90,"height":9}},{"id":"d8e16996-25e2-4080-8673-b700ed8ad578","block_type":"box","text":"Tax Risk","page_number":12,"box":{"x":83,"y":366,"width":59,"height":9}},{"id":"c682b670-bc73-4680-96dd-15cc0eac17f1","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":12,"box":{"x":145,"y":366,"width":766,"height":11}},{"id":"4d04b0f9-ac3a-4ebe-ba01-c14ba9a68389","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":12,"box":{"x":82,"y":381,"width":826,"height":11}},{"id":"862e87a1-7b33-481d-8eac-c75970356ca6","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":12,"box":{"x":82,"y":396,"width":846,"height":11}},{"id":"9b40f0ee-1e4e-49ec-b33b-551a31828cfd","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":12,"box":{"x":81,"y":410,"width":817,"height":12}},{"id":"5465eaa1-51f5-4bf2-b9ed-ff1564f429ac","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":12,"box":{"x":82,"y":425,"width":845,"height":12}},{"id":"871b8588-15b2-4291-8e72-e92813d3062c","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":12,"box":{"x":81,"y":440,"width":827,"height":12}},{"id":"81148aab-3b08-4300-a73e-4189b8740ca6","block_type":"box","text":"may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue","page_number":12,"box":{"x":82,"y":455,"width":828,"height":12}},{"id":"5df0f684-b9e7-4b30-bafd-4f0e44aea28b","block_type":"box","text":"Service (the “IRS”).","page_number":12,"box":{"x":81,"y":470,"width":142,"height":11}},{"id":"e92a1f0b-a73a-4358-bff5-57e78a363754","block_type":"box","text":"Regulatory Risk","page_number":12,"box":{"x":82,"y":493,"width":115,"height":11}},{"id":"0f065aa2-755b-44fa-bc37-e88564b5c8da","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":12,"box":{"x":201,"y":492,"width":688,"height":12}},{"id":"254ef738-b461-4f16-bc3a-32646bb3eb28","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":12,"box":{"x":81,"y":507,"width":851,"height":12}},{"id":"9378d1cf-69d5-4005-bd5f-bc22d657664f","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":12,"box":{"x":81,"y":522,"width":811,"height":11}},{"id":"ef3b6b89-d646-4e2e-ab3c-35069819b55a","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":12,"box":{"x":82,"y":537,"width":850,"height":11}},{"id":"c800fcd8-d09c-4be1-829d-e8b6ef6ce7c8","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":12,"box":{"x":81,"y":552,"width":850,"height":11}},{"id":"d27b3e46-0d45-4b70-b3c1-3c423e94c69f","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":12,"box":{"x":81,"y":566,"width":838,"height":12}},{"id":"656eafdc-8e14-4196-b20f-2527dbddee03","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":12,"box":{"x":81,"y":582,"width":807,"height":11}},{"id":"02671529-3556-471c-acf8-80232c3fc514","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":12,"box":{"x":81,"y":596,"width":787,"height":12}},{"id":"08214b5d-c8c4-4116-b681-ba84177a0eeb","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":12,"box":{"x":82,"y":611,"width":837,"height":11}},{"id":"4038f0da-24cf-4d23-871b-131163511640","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":12,"box":{"x":80,"y":626,"width":804,"height":11}},{"id":"eeb9beea-0a54-45f5-81f0-5c08d8180ec1","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":12,"box":{"x":81,"y":641,"width":781,"height":11}},{"id":"a8555732-7424-4ac8-9dbf-412ceef7f409","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":12,"box":{"x":82,"y":655,"width":773,"height":12}},{"id":"f2ffd70c-8fe1-433f-b60e-a159eef63fc4","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":12,"box":{"x":82,"y":670,"width":836,"height":12}},{"id":"92f447b5-b24f-4f8d-9ea0-31a67af636db","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":12,"box":{"x":82,"y":685,"width":814,"height":12}},{"id":"7fc06300-e610-432d-ba2d-29e80f0e0442","block_type":"box","text":"investors in the Fund.","page_number":12,"box":{"x":82,"y":700,"width":156,"height":9}},{"id":"5d1592ec-d891-4a99-8037-6d56dfae78de","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":12,"box":{"x":82,"y":723,"width":823,"height":11}},{"id":"9371fab4-bf20-4078-820a-7d7ac636db35","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":12,"box":{"x":82,"y":737,"width":827,"height":12}},{"id":"dd6cc4c8-d859-453b-b120-e738e496cc06","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":12,"box":{"x":80,"y":752,"width":849,"height":12}},{"id":"7bde92bd-5dac-499d-854f-de620b73780d","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":12,"box":{"x":81,"y":767,"width":846,"height":11}},{"id":"244d3662-9aae-465f-8ecc-93978a06c6e5","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":12,"box":{"x":81,"y":782,"width":509,"height":11}},{"id":"0c6de541-f2ea-42d0-852f-969acd5d235c","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":12,"box":{"x":82,"y":804,"width":399,"height":12}},{"id":"27cb3894-6ac3-435f-9a7c-e124a4b137bb","block_type":"box","text":"Swaps","page_number":12,"box":{"x":102,"y":824,"width":47,"height":12}},{"id":"0c5933b7-7efc-44da-96a3-698c51510583","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":12,"box":{"x":154,"y":824,"width":775,"height":12}},{"id":"33b0f977-5253-41da-9e7b-ac7eb016c996","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":12,"box":{"x":101,"y":839,"width":829,"height":12}},{"id":"0ff3da87-1bff-4d7a-b6bb-a2b3dd15a810","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":12,"box":{"x":101,"y":854,"width":807,"height":12}},{"id":"74f26494-9c6b-4dce-b07d-5ed1640fd0a2","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":12,"box":{"x":102,"y":869,"width":811,"height":11}},{"id":"ad570746-dc22-4c7b-bab7-87663d902c06","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":12,"box":{"x":101,"y":884,"width":820,"height":11}},{"id":"5c5a5226-085d-4c25-8980-ab4051ce5ac5","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":12,"box":{"x":102,"y":898,"width":791,"height":12}},{"id":"665c5a26-0c63-4bc1-af30-2cfe8ac9c62b","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"dcf771db-3992-4489-8d5a-8a30b7d0ac37","block_type":"box","text":"NM0926U-5977729-12/40","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a63a4e97-9b10-4953-a412-5fcefa597f45","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":13,"box":{"x":101,"y":46,"width":789,"height":11}},{"id":"2bfb676c-aa0c-4025-8a60-629a2a99e026","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":13,"box":{"x":101,"y":61,"width":796,"height":11}},{"id":"4aaeee87-1ec9-4ca8-a8d9-1ca2b59d524d","block_type":"box","text":"Credit Default Swaps","page_number":13,"box":{"x":102,"y":80,"width":153,"height":12}},{"id":"e2a0639f-e30b-4573-82fb-793e716cdccc","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":13,"box":{"x":260,"y":80,"width":663,"height":12}},{"id":"fd22fe93-53c4-4f76-af6c-8f913bc1bfe6","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":13,"box":{"x":102,"y":95,"width":825,"height":12}},{"id":"ec596f1b-3d70-48de-b1cd-c13223be9afb","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":13,"box":{"x":102,"y":110,"width":816,"height":12}},{"id":"441ca7f4-da94-4621-8564-2b2427a72321","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":13,"box":{"x":101,"y":125,"width":827,"height":11}},{"id":"5f85267d-9a9b-4739-93c7-74c0f0dd068f","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":13,"box":{"x":101,"y":140,"width":812,"height":11}},{"id":"9060e744-6fc5-4cbe-9234-9ffd8a2cdc72","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":13,"box":{"x":101,"y":155,"width":822,"height":11}},{"id":"67b8e403-d65a-42a8-95b4-2e982596660c","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":13,"box":{"x":101,"y":169,"width":758,"height":12}},{"id":"8b74ac2b-faf4-45d4-b292-e3f22c728287","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":13,"box":{"x":102,"y":190,"width":335,"height":11}},{"id":"c61090d5-7056-4d2d-a0f8-724333b4cba6","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":13,"box":{"x":442,"y":189,"width":437,"height":12}},{"id":"a166d742-e9e3-46ef-a7cb-2946d0d3e155","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":13,"box":{"x":101,"y":204,"width":820,"height":12}},{"id":"c2dd7a09-e8e6-4322-8122-208360000b4d","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":13,"box":{"x":101,"y":219,"width":801,"height":12}},{"id":"e3ba9d52-7c1b-4406-b64e-c9238b1c87f1","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":13,"box":{"x":101,"y":234,"width":824,"height":11}},{"id":"899d092f-e866-45ac-95a4-b054730685e2","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":13,"box":{"x":101,"y":249,"width":831,"height":11}},{"id":"eb55d835-c34d-45c1-8168-6d73ce5b0c5f","block_type":"box","text":"Futures","page_number":13,"box":{"x":102,"y":269,"width":54,"height":9}},{"id":"8de9eea4-162f-4f35-b465-2212013dc531","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":13,"box":{"x":161,"y":269,"width":765,"height":11}},{"id":"2b47ea5f-1837-46e5-b935-fcfbb38e101f","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":13,"box":{"x":101,"y":283,"width":786,"height":12}},{"id":"3325aaa4-7e87-4fb0-bb4c-81a30cf8ac60","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":13,"box":{"x":102,"y":298,"width":769,"height":12}},{"id":"1b1f4ce9-4415-440b-894e-c18884c8a7c9","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":13,"box":{"x":102,"y":313,"width":822,"height":12}},{"id":"a498d94e-f059-4d28-8c1d-27d13d7cfba7","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":13,"box":{"x":101,"y":328,"width":832,"height":12}},{"id":"8adf4fcf-b14f-42e2-b7cf-9ea67c7b2168","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":13,"box":{"x":101,"y":343,"width":806,"height":11}},{"id":"9474fd2b-89c8-43ea-aaa2-b2eb14bbb661","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":13,"box":{"x":102,"y":358,"width":793,"height":11}},{"id":"b2458a02-461a-4f5a-a272-b06d86392bd6","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":13,"box":{"x":102,"y":372,"width":787,"height":12}},{"id":"a088a3cf-5953-4aa1-9593-f71bcbb4d804","block_type":"box","text":"default in the performance of its obligations.","page_number":13,"box":{"x":101,"y":387,"width":327,"height":12}},{"id":"9c1c4c7a-ef7d-4da4-8b77-ac031dfb3ef7","block_type":"box","text":"Options","page_number":13,"box":{"x":102,"y":407,"width":55,"height":11}},{"id":"6e336780-f109-4a1a-b859-fcc481b8984b","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":13,"box":{"x":162,"y":407,"width":772,"height":12}},{"id":"1e9ace2f-0063-4bd9-95ad-3c79fe09599a","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":13,"box":{"x":101,"y":422,"width":812,"height":12}},{"id":"bf1755f9-34fd-4823-b098-66800246936d","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":13,"box":{"x":101,"y":437,"width":827,"height":11}},{"id":"c61c0eb5-1fac-45e6-9058-31068c016ff6","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":13,"box":{"x":101,"y":452,"width":781,"height":11}},{"id":"94f90854-3768-4075-9005-80e5541bfa76","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":13,"box":{"x":102,"y":467,"width":785,"height":11}},{"id":"0e5be8ac-476e-4118-b2a2-664201f78c75","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":13,"box":{"x":101,"y":481,"width":831,"height":12}},{"id":"8fbd70e8-68ce-490d-b7bf-ea908790e72e","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":13,"box":{"x":101,"y":496,"width":814,"height":11}},{"id":"8d9bf90c-6c8f-44e1-b842-984a58ea2932","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":13,"box":{"x":101,"y":511,"width":826,"height":12}},{"id":"7615d21b-69a7-4e5c-873e-504b747a373a","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":13,"box":{"x":101,"y":526,"width":822,"height":11}},{"id":"b68d880b-4d18-4eca-8335-9c8cab683c00","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":13,"box":{"x":101,"y":541,"width":816,"height":11}},{"id":"2260be1c-0b2a-4a8b-a6c0-9154ee4ffcb8","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":13,"box":{"x":101,"y":556,"width":442,"height":11}},{"id":"3fb8bea9-fda0-4bbe-b0dc-2a69cb9c9a19","block_type":"box","text":"Commodity-Linked Derivatives","page_number":13,"box":{"x":102,"y":576,"width":218,"height":11}},{"id":"9a4cf060-369e-4606-a7b1-f90b5ca1ede4","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":13,"box":{"x":325,"y":575,"width":588,"height":12}},{"id":"9e8edfca-4172-4994-afdb-7f85ecbd2293","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":13,"box":{"x":101,"y":590,"width":809,"height":12}},{"id":"a961e573-0bc3-4b87-bf81-bac4f1f3b106","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":13,"box":{"x":102,"y":605,"width":833,"height":12}},{"id":"a7bc6472-5b35-4fe9-81bb-6555fbc00948","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":13,"box":{"x":102,"y":620,"width":781,"height":12}},{"id":"14464bf3-06b8-4df9-823c-e21861b0be04","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":13,"box":{"x":101,"y":635,"width":768,"height":11}},{"id":"2d3016c3-0c0c-48f3-ac87-4d65c4a14d73","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":13,"box":{"x":101,"y":650,"width":813,"height":11}},{"id":"0c5d6df2-4474-427e-b41c-f8f74642a1ba","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":13,"box":{"x":102,"y":664,"width":744,"height":12}},{"id":"5556b65a-8713-4d0c-93a4-79ca22fee473","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":13,"box":{"x":102,"y":680,"width":772,"height":11}},{"id":"2a2fe5ad-cfd5-4499-ad10-f59a793a3a25","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":13,"box":{"x":102,"y":694,"width":815,"height":12}},{"id":"2dbe1f22-0727-4d7e-bf86-b117f53f95d5","block_type":"box","text":"can be no assurance that one will develop.","page_number":13,"box":{"x":101,"y":709,"width":313,"height":11}},{"id":"58b4a3fe-4402-429c-928c-dca99353de69","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":13,"box":{"x":101,"y":731,"width":785,"height":12}},{"id":"9535ad58-294b-4b77-b903-46bbe5e657b7","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":13,"box":{"x":101,"y":746,"width":789,"height":12}},{"id":"647f22f5-680a-4ae7-b4c2-39e723b46e25","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":13,"box":{"x":101,"y":761,"width":784,"height":12}},{"id":"473af826-0f46-4b45-a665-4b8fc27b3b30","block_type":"box","text":"interest payments.","page_number":13,"box":{"x":102,"y":776,"width":135,"height":11}},{"id":"acc42e0f-0e5d-499a-a947-89a5d4022469","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":13,"box":{"x":102,"y":799,"width":781,"height":11}},{"id":"1568944b-0050-4726-b452-932941c7ba58","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":13,"box":{"x":101,"y":814,"width":835,"height":11}},{"id":"9ac20813-0216-46d5-b879-14d243383b45","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":13,"box":{"x":101,"y":828,"width":833,"height":12}},{"id":"7dba9368-87f4-4885-9268-72f3fa9434dc","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":13,"box":{"x":101,"y":843,"width":820,"height":12}},{"id":"b07485b9-9ac8-44e3-b96a-8efc3abf4202","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":13,"box":{"x":102,"y":858,"width":783,"height":11}},{"id":"f4c898b3-ebda-4638-9a21-34b44881c04a","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":13,"box":{"x":102,"y":873,"width":830,"height":11}},{"id":"98d35daf-e808-4039-bd14-22b9ce702a0b","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":13,"box":{"x":102,"y":888,"width":373,"height":11}},{"id":"f7bd9fb7-d52a-49eb-9678-3409856a2b68","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"a56639a3-4d39-443d-9071-d8ec5ea8d3e1","block_type":"box","text":"NM0926U-5977729-13/40","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"14fd8661-22b3-4c57-859e-a3ba33fee89f","block_type":"box","text":"Commodity-Linked Notes","page_number":14,"box":{"x":102,"y":46,"width":180,"height":11}},{"id":"95e299db-4f73-45a0-8283-8bc2f8f70eab","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":14,"box":{"x":287,"y":46,"width":602,"height":11}},{"id":"e90eb4c4-5c5a-4c8c-9e66-c893f47c3ebd","block_type":"box","text":"significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":14,"box":{"x":101,"y":60,"width":827,"height":12}},{"id":"e647c03b-3da6-42ba-8a8b-ad6db5e4aea5","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":14,"box":{"x":101,"y":75,"width":807,"height":12}},{"id":"8150f01d-4074-4b52-b9ec-3e7764b56913","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":14,"box":{"x":102,"y":90,"width":581,"height":12}},{"id":"cacf771f-ace4-4ca6-8bdd-e5bf44e397bc","block_type":"box","text":"Equity Securities Risk","page_number":14,"box":{"x":81,"y":110,"width":166,"height":11}},{"id":"4e1b2abb-3519-4b70-b579-78595b8b5960","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":14,"box":{"x":251,"y":110,"width":666,"height":12}},{"id":"92f3ce5f-ffd4-4616-9294-8d097bd651e9","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":14,"box":{"x":81,"y":125,"width":850,"height":11}},{"id":"a6fec8a2-2038-477d-a78a-6bc9f5caf07d","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":14,"box":{"x":82,"y":140,"width":802,"height":11}},{"id":"59ff485d-4038-42a1-a6ee-6bcdd2505cf0","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":14,"box":{"x":81,"y":155,"width":854,"height":11}},{"id":"54997e24-40aa-4848-a0a2-3dbffd1de892","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":14,"box":{"x":81,"y":169,"width":848,"height":12}},{"id":"2f49e002-7ae6-43ed-85a8-11b651b303af","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":14,"box":{"x":81,"y":184,"width":824,"height":12}},{"id":"1dfa844a-2685-48c2-9173-2aaa03d0d514","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":14,"box":{"x":81,"y":199,"width":782,"height":12}},{"id":"d37d23ac-17ce-4474-a724-5e8859aa2790","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":14,"box":{"x":82,"y":214,"width":849,"height":11}},{"id":"28055eaf-3db1-4172-b195-4279cb765b9b","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":14,"box":{"x":82,"y":229,"width":482,"height":11}},{"id":"1a699ea9-27bb-422f-a68c-b57e3875e445","block_type":"box","text":"High Portfolio Turnover Risk","page_number":14,"box":{"x":81,"y":249,"width":212,"height":11}},{"id":"66b7bb8e-9587-4e87-9e9a-4dc7fc89a467","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":14,"box":{"x":297,"y":249,"width":629,"height":11}},{"id":"9e7392f2-1de8-4269-8bf1-62e288b09d5c","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":14,"box":{"x":82,"y":263,"width":812,"height":12}},{"id":"7baadbd5-e313-409a-8aa0-9bb94a67cc1a","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":14,"box":{"x":81,"y":278,"width":817,"height":12}},{"id":"b2e2c595-6872-4c9b-a083-d810e44312d3","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":14,"box":{"x":81,"y":293,"width":760,"height":12}},{"id":"19afa30b-281d-4f1b-af8c-a5cbb89fef59","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":14,"box":{"x":81,"y":308,"width":852,"height":12}},{"id":"d338c454-866c-4ced-b4d9-40a28cf670e8","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":14,"box":{"x":81,"y":323,"width":589,"height":11}},{"id":"7aa674ab-6459-40d5-8121-2b52dc66ed7f","block_type":"box","text":"Investment Style Risk","page_number":14,"box":{"x":81,"y":343,"width":166,"height":11}},{"id":"18bf1a70-f2e2-423f-bfa3-497ca71af253","block_type":"box","text":"—","page_number":14,"box":{"x":252,"y":348,"width":17,"height":1}},{"id":"97d51f6a-f87f-477b-92b4-301d80c2be28","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":14,"box":{"x":274,"y":343,"width":637,"height":11}},{"id":"5514a350-3772-41d2-ba1c-b97a7cc64015","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":14,"box":{"x":82,"y":358,"width":804,"height":11}},{"id":"fa12d920-8e8f-4f3c-8006-02ed09d82450","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":14,"box":{"x":82,"y":372,"width":823,"height":12}},{"id":"7f0cdc4c-4581-4e43-bd21-1b36c1e21348","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":14,"box":{"x":81,"y":387,"width":842,"height":12}},{"id":"869a2ce6-502c-4bb2-bacb-4feedde241ff","block_type":"box","text":"styles.","page_number":14,"box":{"x":81,"y":402,"width":46,"height":12}},{"id":"30ed297a-cdd0-47a4-a3d5-bf5505fe9919","block_type":"box","text":"Leverage Risk","page_number":14,"box":{"x":81,"y":422,"width":107,"height":11}},{"id":"479e5ac0-c8ab-4831-ac5c-f6a862f6f41d","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":14,"box":{"x":192,"y":422,"width":741,"height":12}},{"id":"4d67b7a3-0791-49c7-aded-22f7fcd1524a","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":14,"box":{"x":81,"y":437,"width":787,"height":11}},{"id":"8f80e481-4e16-4909-9287-c36a750224a3","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":14,"box":{"x":82,"y":452,"width":831,"height":11}},{"id":"92078d74-fd2e-44f6-8a92-86e0005f1a00","block_type":"box","text":"the federal securities laws, including the Investment Company Act. Under Rule 18f-4 under the Investment Company","page_number":14,"box":{"x":80,"y":467,"width":854,"height":11}},{"id":"653acfb7-fd1b-4b4a-8cb5-b2714e4faf47","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":14,"box":{"x":81,"y":482,"width":835,"height":11}},{"id":"9b808c39-add8-4188-9323-4ae2fe2a0dc1","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":14,"box":{"x":81,"y":496,"width":828,"height":12}},{"id":"e5812272-332e-4c24-88a1-3e1eadc76262","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":14,"box":{"x":80,"y":511,"width":833,"height":12}},{"id":"f0600ed9-8206-47d1-8fa6-4dfd1fccabbd","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":14,"box":{"x":82,"y":526,"width":848,"height":11}},{"id":"b30652b7-cacd-428d-a3e3-c7106a4e1e35","block_type":"box","text":"be magnified when the Fund uses leverage.","page_number":14,"box":{"x":81,"y":541,"width":317,"height":11}},{"id":"21e9f64f-51f3-40f2-a0de-07fefe58aea3","block_type":"box","text":"Market Risk and Selection Risk","page_number":14,"box":{"x":81,"y":561,"width":240,"height":9}},{"id":"376acfbb-07ac-4049-9630-a64d05ad2eeb","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":14,"box":{"x":324,"y":561,"width":593,"height":9}},{"id":"b898aa58-a591-45cb-b12f-edfd3becad16","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":14,"box":{"x":81,"y":576,"width":851,"height":11}},{"id":"0354fb4b-4d8e-4936-862f-f59330e5e0e7","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":14,"box":{"x":82,"y":590,"width":824,"height":12}},{"id":"03a0a2be-42ff-43e3-9afd-57a3f01c3bff","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":14,"box":{"x":82,"y":605,"width":851,"height":12}},{"id":"5ab00d6a-1014-441a-a71e-482dba4d536d","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":14,"box":{"x":82,"y":620,"width":802,"height":11}},{"id":"6d4f6292-4c1e-400f-a522-e9e30777e849","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":14,"box":{"x":81,"y":635,"width":849,"height":11}},{"id":"754c65cf-0e53-4204-9390-fb8f8f093801","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":14,"box":{"x":81,"y":650,"width":843,"height":11}},{"id":"6c5b3436-4f2c-419f-9018-fdccb999c091","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":14,"box":{"x":81,"y":664,"width":830,"height":12}},{"id":"0a0b75e9-c0d0-4237-91eb-6292b4eec9d5","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":14,"box":{"x":82,"y":679,"width":840,"height":12}},{"id":"397cde7d-f4c4-4fcc-8890-f2b563557197","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":14,"box":{"x":81,"y":694,"width":789,"height":12}},{"id":"e963d1b1-6261-4eab-bda5-0ad3bdca4662","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":14,"box":{"x":81,"y":709,"width":823,"height":11}},{"id":"e7ab17e3-5f71-4cd1-9e81-dd54d6258958","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":14,"box":{"x":81,"y":724,"width":784,"height":11}},{"id":"556f72ff-a092-4eaa-bb22-33eabc38356a","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics,","page_number":14,"box":{"x":81,"y":739,"width":848,"height":11}},{"id":"7b96be19-5f5e-4212-a33c-db65210b54d8","block_type":"box","text":"recessions, or other events. The Fund seeks to pursue its investment objective by using proprietary models that","page_number":14,"box":{"x":82,"y":754,"width":823,"height":11}},{"id":"95a85669-e53e-46f1-a5e7-43e15be4a68d","block_type":"box","text":"incorporate quantitative analysis and is subject to “Model Risk” as described below.","page_number":14,"box":{"x":82,"y":768,"width":616,"height":12}},{"id":"65c08caa-aa28-455f-b1e6-9b2afede9a11","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":14,"box":{"x":82,"y":788,"width":818,"height":12}},{"id":"57574f96-ad03-4dd4-bb7c-2f8fceee18bb","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":14,"box":{"x":80,"y":803,"width":819,"height":12}},{"id":"9d86e40f-cd80-4982-8f65-a61f67aa81de","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":14,"box":{"x":81,"y":818,"width":819,"height":11}},{"id":"1a5d86da-270d-42ac-90cd-199c82eac701","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":14,"box":{"x":81,"y":833,"width":846,"height":11}},{"id":"31a4b6d7-5bae-4341-9fdb-522bb10da7eb","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":14,"box":{"x":81,"y":847,"width":848,"height":12}},{"id":"18a20202-f6e0-4a15-89ac-16295f1c6510","block_type":"box","text":"the Fund invests.","page_number":14,"box":{"x":80,"y":863,"width":125,"height":9}},{"id":"1a57b31f-5dcb-4ef5-b222-ce882344036d","block_type":"box","text":"Model Risk","page_number":14,"box":{"x":81,"y":882,"width":85,"height":10}},{"id":"5427f3b8-3b70-41f1-a848-dfaefb9ee826","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":14,"box":{"x":170,"y":883,"width":722,"height":11}},{"id":"4a9248ff-a3af-494f-b928-e936c7e4589c","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":14,"box":{"x":81,"y":897,"width":840,"height":12}},{"id":"587c6fd1-ba3b-481e-b935-f889ff8c6a05","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":14,"box":{"x":80,"y":912,"width":854,"height":12}},{"id":"eb10ef8c-94be-4cd1-800c-ab30ea5dd3b7","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0f3e729f-0a78-4451-9033-d3d08125ff4a","block_type":"box","text":"NM0926U-5977729-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e44a1b6e-6dbf-4dc8-8d08-27242959d7d7","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":15,"box":{"x":81,"y":46,"width":845,"height":11}},{"id":"38b87a60-a739-4faa-8c16-1b399bd2ea3c","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":15,"box":{"x":81,"y":60,"width":852,"height":12}},{"id":"61fc5b80-9464-4406-bc24-ea15daa1af1d","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":15,"box":{"x":82,"y":75,"width":840,"height":12}},{"id":"85a2506d-3a6e-4791-a6c8-85bbc3deb6d9","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":15,"box":{"x":81,"y":90,"width":779,"height":12}},{"id":"0b272003-6ea4-4748-88b8-1a23e425777c","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":15,"box":{"x":82,"y":105,"width":838,"height":12}},{"id":"0a112ac5-5a0f-4002-99bd-a7e6a2fab76b","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":15,"box":{"x":82,"y":120,"width":338,"height":9}},{"id":"1c9480d0-b052-4e8b-854a-dc28e478973b","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":15,"box":{"x":81,"y":140,"width":789,"height":11}},{"id":"9df7fbc5-1d2a-44ac-b70e-8cbc1a0ef8f4","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":15,"box":{"x":82,"y":155,"width":800,"height":11}},{"id":"ab76244f-20a6-48ce-a943-0e6b556934a0","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":15,"box":{"x":82,"y":169,"width":824,"height":12}},{"id":"c3ed8917-4238-4550-88a3-caed154c7f17","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":15,"box":{"x":81,"y":184,"width":814,"height":12}},{"id":"37684b60-0510-42bd-899e-453da5148f18","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":15,"box":{"x":82,"y":199,"width":774,"height":11}},{"id":"18cf730d-ed93-446a-8f5b-bad5238c5619","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":15,"box":{"x":82,"y":214,"width":808,"height":11}},{"id":"6eae0776-3452-481c-a8e6-b5fc4458100d","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":15,"box":{"x":82,"y":229,"width":840,"height":11}},{"id":"ecd9b748-772a-435c-8146-b6dececa6fb0","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":15,"box":{"x":81,"y":244,"width":834,"height":11}},{"id":"93d1704c-957e-4b6f-b765-5ac221ace55a","block_type":"box","text":"data.","page_number":15,"box":{"x":81,"y":259,"width":36,"height":9}},{"id":"a96ba907-f8be-4157-ab3b-27ed510fbd38","block_type":"box","text":"“New Issues” Risk","page_number":15,"box":{"x":83,"y":278,"width":139,"height":10}},{"id":"b559fd01-a8fc-4a15-95a4-9a010e8f35a8","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":15,"box":{"x":226,"y":278,"width":673,"height":12}},{"id":"56956685-1459-4c8f-aa51-ef1657e00a85","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":15,"box":{"x":81,"y":293,"width":833,"height":12}},{"id":"a707fb10-f1e0-49ac-8e59-a542e6867bf7","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":15,"box":{"x":82,"y":308,"width":853,"height":12}},{"id":"2c529ef9-abb7-4a88-9cb4-118306363677","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":15,"box":{"x":81,"y":323,"width":778,"height":11}},{"id":"b79d5f23-0f69-49e0-a528-fd3fbcb62abe","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":15,"box":{"x":81,"y":338,"width":827,"height":11}},{"id":"a1e85531-e452-4198-95fa-f549be0bed98","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":15,"box":{"x":82,"y":352,"width":838,"height":12}},{"id":"8360b0c0-560b-474f-9ece-9ebe4b5ed077","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":15,"box":{"x":82,"y":367,"width":776,"height":12}},{"id":"698bb87a-261e-487c-a1c6-82ab03aed71e","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":15,"box":{"x":81,"y":382,"width":830,"height":12}},{"id":"cebb3cac-02a1-4249-8637-3b461543a521","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":15,"box":{"x":82,"y":397,"width":834,"height":12}},{"id":"33bd6358-9972-4b81-bb12-75d0b26543c7","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":15,"box":{"x":80,"y":412,"width":844,"height":11}},{"id":"3498a190-cbea-42a5-ac12-aa976b3aa198","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":15,"box":{"x":81,"y":427,"width":840,"height":11}},{"id":"1bde86ed-58de-43c4-89f4-8e2922cd903d","block_type":"box","text":"price as it would like.","page_number":15,"box":{"x":82,"y":442,"width":153,"height":11}},{"id":"6c9cee5e-2d6e-460f-b3cb-a63fc7577bb2","block_type":"box","text":"Operational and Technology Risks","page_number":15,"box":{"x":82,"y":462,"width":254,"height":11}},{"id":"04912843-9c64-4255-a5ce-78f9195a4242","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":15,"box":{"x":340,"y":462,"width":549,"height":11}},{"id":"b0f3f1ff-74ac-4151-9fde-e26fe24f13af","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":15,"box":{"x":81,"y":476,"width":790,"height":12}},{"id":"56fbb04c-7ae6-4495-839c-2215e8b83cdb","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":15,"box":{"x":81,"y":491,"width":837,"height":12}},{"id":"7d608503-9d4a-485d-b183-247d08ee6ef9","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":15,"box":{"x":82,"y":506,"width":845,"height":11}},{"id":"fe075bb4-4a66-49aa-b60a-6cb80e672a0c","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":15,"box":{"x":81,"y":521,"width":832,"height":11}},{"id":"4ce02a3a-d4a2-4f88-b0b2-ebb787c80313","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":15,"box":{"x":82,"y":535,"width":763,"height":12}},{"id":"978c01b6-7a5b-4d46-8bd4-bdcdc0109432","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":15,"box":{"x":81,"y":550,"width":825,"height":12}},{"id":"1909c091-8127-400a-986c-c9271f271f1e","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":15,"box":{"x":81,"y":565,"width":842,"height":12}},{"id":"670d245f-baf2-4189-9ba5-e8853f6ac63a","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":15,"box":{"x":81,"y":580,"width":852,"height":11}},{"id":"3d520aeb-6dc9-40e6-bbe5-aeaedee92a55","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":15,"box":{"x":82,"y":595,"width":827,"height":11}},{"id":"038f5305-0267-42bc-8580-80680c3dedea","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":15,"box":{"x":81,"y":615,"width":821,"height":11}},{"id":"3a0d649c-b948-4905-99c8-364e6c694a0f","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":15,"box":{"x":82,"y":630,"width":814,"height":11}},{"id":"4874374e-cedd-419f-85cb-fe4830661f8c","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":15,"box":{"x":81,"y":644,"width":824,"height":12}},{"id":"92a07880-7555-4895-bf01-900f8b692c5c","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":15,"box":{"x":81,"y":659,"width":791,"height":12}},{"id":"1b09b459-01fd-4045-9678-ad54aa717f00","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":15,"box":{"x":82,"y":674,"width":852,"height":12}},{"id":"2f74528a-8b68-409d-afcc-260843c545ca","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":15,"box":{"x":81,"y":689,"width":825,"height":11}},{"id":"9210a09b-b814-47f9-a90e-14f1027b4d05","block_type":"box","text":"disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or","page_number":15,"box":{"x":81,"y":704,"width":807,"height":11}},{"id":"76f76df9-27c0-4715-9010-f6147bf92d6a","block_type":"box","text":"erroneous subscription or redemption orders; the inability of the Fund or its service providers to transact business;","page_number":15,"box":{"x":81,"y":719,"width":844,"height":11}},{"id":"19b0adc2-47f4-4d25-881d-4c413716a4dc","block_type":"box","text":"violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or","page_number":15,"box":{"x":80,"y":733,"width":842,"height":12}},{"id":"3c264b61-68d1-460f-8ac9-0c85e81f89a9","block_type":"box","text":"other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may","page_number":15,"box":{"x":81,"y":748,"width":820,"height":12}},{"id":"d034c749-a2d7-4c79-ab09-222cce5a5d74","block_type":"box","text":"render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":15,"box":{"x":82,"y":763,"width":850,"height":12}},{"id":"0054bcc6-d63a-4e98-a9ea-3a104c1d3bd8","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":15,"box":{"x":81,"y":778,"width":829,"height":11}},{"id":"01308325-0e1d-40f6-be04-fece13785c0f","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":15,"box":{"x":82,"y":793,"width":846,"height":11}},{"id":"55d93d71-6710-47be-a076-14da2d099beb","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":15,"box":{"x":82,"y":808,"width":846,"height":11}},{"id":"a759f679-d19e-4d14-8f79-ee949d5dbf29","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":15,"box":{"x":81,"y":822,"width":838,"height":12}},{"id":"156e3848-68be-44c8-b0b2-42fe3473781c","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":15,"box":{"x":80,"y":837,"width":770,"height":12}},{"id":"9dac9439-e904-4e0d-9ba4-73ed7c4ace8f","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":15,"box":{"x":80,"y":852,"width":792,"height":12}},{"id":"a9354d35-88e9-4e0b-9f53-4d75942c1c6f","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":15,"box":{"x":82,"y":867,"width":845,"height":11}},{"id":"04cd9a05-bb7a-43a0-8da6-67995aeb6954","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":15,"box":{"x":80,"y":882,"width":840,"height":11}},{"id":"0dd7a526-cf89-4454-8103-3b1069bff48f","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":15,"box":{"x":81,"y":897,"width":841,"height":11}},{"id":"864198a6-12b0-4ee3-b0d6-99e947253763","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":15,"box":{"x":80,"y":911,"width":847,"height":12}},{"id":"ab647a1f-bb45-4812-8185-ec876d731427","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"65ffb78e-e139-46a2-8064-cd544d9b7279","block_type":"box","text":"NM0926U-5977729-15/40","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cb2edf10-0833-4560-95c7-864d6c24e7d9","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":16,"box":{"x":82,"y":46,"width":838,"height":11}},{"id":"13d04f02-b195-4b15-baf9-79985659246f","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":16,"box":{"x":81,"y":60,"width":847,"height":12}},{"id":"dae813c1-6577-4d75-960d-ed1b9c07379c","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":16,"box":{"x":81,"y":75,"width":845,"height":12}},{"id":"d3889d6b-ce50-4439-a4d5-19b88a31a8c9","block_type":"box","text":"and the associated risks to the Fund.","page_number":16,"box":{"x":81,"y":90,"width":273,"height":9}},{"id":"9ccd132e-2b24-4ddd-b803-061f0c7d2c43","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":16,"box":{"x":81,"y":110,"width":769,"height":12}},{"id":"35557ef3-fbb9-4eb8-ba38-e7e79c5ef563","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":16,"box":{"x":81,"y":125,"width":855,"height":11}},{"id":"3b349788-369a-426c-a26d-93231911cc52","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":16,"box":{"x":80,"y":140,"width":848,"height":11}},{"id":"a28aa9f2-3af0-41f2-a68b-99081751ed6a","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":16,"box":{"x":81,"y":155,"width":777,"height":11}},{"id":"b660f0d7-64d0-4ff1-8e16-f4189dacf2ed","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":16,"box":{"x":81,"y":170,"width":824,"height":11}},{"id":"fc3c3afe-e1a1-4843-8833-c2394e243bf3","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":16,"box":{"x":81,"y":184,"width":785,"height":12}},{"id":"8e35b58b-ed67-4bc9-a80e-1d804ec01b04","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":16,"box":{"x":82,"y":199,"width":853,"height":12}},{"id":"db1a2033-a778-40d3-b550-2be936c8430c","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":16,"box":{"x":82,"y":214,"width":855,"height":11}},{"id":"d037aa52-485e-4d2e-8d46-5ba8fdc9bf18","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":16,"box":{"x":82,"y":229,"width":813,"height":11}},{"id":"6077525d-aeb2-4392-87ff-b22bd213790a","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":16,"box":{"x":81,"y":244,"width":806,"height":11}},{"id":"5bbbf9d8-9f80-4349-8946-1a64b1adc80a","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":16,"box":{"x":82,"y":258,"width":602,"height":12}},{"id":"642ddb48-7427-4bbc-ab2a-2be7c912250b","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":16,"box":{"x":82,"y":279,"width":794,"height":11}},{"id":"e29e22bc-5f33-4e02-b833-58f0ba5d0736","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":16,"box":{"x":81,"y":293,"width":840,"height":12}},{"id":"ab59b7c1-d6ea-49cb-85e8-13321fe404c0","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":16,"box":{"x":81,"y":308,"width":801,"height":12}},{"id":"3cf80f65-1eb3-48ee-99f9-94f830303ac5","block_type":"box","text":"resources to monitor and implement required changes.","page_number":16,"box":{"x":82,"y":323,"width":402,"height":11}},{"id":"cf93e0c3-9057-453f-8034-53eb6d918448","block_type":"box","text":"Preferred Securities Risk","page_number":16,"box":{"x":81,"y":343,"width":189,"height":9}},{"id":"a7120799-e7e0-405e-bbab-84531768f815","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":16,"box":{"x":274,"y":343,"width":636,"height":11}},{"id":"6e8f89ab-9bfa-4bce-acfb-8618f5898c7a","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":16,"box":{"x":81,"y":358,"width":824,"height":11}},{"id":"ab5a1dcb-9886-419a-8474-87cf8f0f9b25","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":16,"box":{"x":82,"y":372,"width":806,"height":12}},{"id":"27c0e524-e3ce-42df-ad95-e97cedd8ba8a","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":16,"box":{"x":81,"y":387,"width":842,"height":12}},{"id":"671b366d-a523-4923-90d1-b851cafb9525","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":16,"box":{"x":81,"y":402,"width":781,"height":12}},{"id":"0692eddd-29e0-41e7-ad5f-7b2ed3a43744","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":16,"box":{"x":81,"y":417,"width":812,"height":11}},{"id":"6041bd88-10a4-4869-b6e8-3d2c511e3f3d","block_type":"box","text":"larger companies.","page_number":16,"box":{"x":82,"y":432,"width":129,"height":11}},{"id":"051d08e2-5af8-4a75-8c70-0d9050a02880","block_type":"box","text":"Risk of Investing in the United States","page_number":16,"box":{"x":81,"y":452,"width":283,"height":11}},{"id":"9fc62c76-a052-4d75-a407-ff852dcb5b2b","block_type":"box","text":"—","page_number":16,"box":{"x":369,"y":457,"width":17,"height":1}},{"id":"7e7b3058-7d9d-4b0f-9c89-fbed9f03d87b","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":16,"box":{"x":390,"y":452,"width":519,"height":11}},{"id":"e0188b9f-ce42-40e8-a677-7441fe26afee","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":16,"box":{"x":82,"y":467,"width":790,"height":11}},{"id":"9420d844-80a5-4383-add3-85f9f9834500","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":16,"box":{"x":81,"y":482,"width":835,"height":11}},{"id":"ff1a3e33-d097-4cef-99db-782ca906c948","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":16,"box":{"x":82,"y":496,"width":784,"height":12}},{"id":"15a64eaa-f1bd-4ca6-af25-4486839c4c22","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":16,"box":{"x":82,"y":511,"width":849,"height":12}},{"id":"2fbdaed0-c27d-48db-8814-100f4fe2a044","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":16,"box":{"x":81,"y":526,"width":832,"height":11}},{"id":"e0f6a9e0-d87d-4334-91db-4780801d8f31","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":16,"box":{"x":81,"y":541,"width":851,"height":11}},{"id":"a06ee2e6-8875-48db-a9b8-ba4b94d90338","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":16,"box":{"x":82,"y":555,"width":471,"height":12}},{"id":"16ddf9fa-9332-4eb1-80ed-b4d309926196","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":16,"box":{"x":81,"y":575,"width":847,"height":12}},{"id":"b258b8d0-3f28-494d-a936-a86ffd59aad0","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":16,"box":{"x":81,"y":590,"width":810,"height":12}},{"id":"624d98f9-3fa3-45ff-b660-58ae81bc5a07","block_type":"box","text":"United States for trade. The United States has also experienced increased internal political discord. If these trends","page_number":16,"box":{"x":82,"y":605,"width":845,"height":11}},{"id":"78186f3f-cb1e-4dc6-a219-49fe3fdde4f6","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":16,"box":{"x":80,"y":620,"width":829,"height":11}},{"id":"aa67a02e-a948-4677-9e02-aab0b6744c1b","block_type":"box","text":"Small Cap Securities Risk","page_number":16,"box":{"x":81,"y":640,"width":196,"height":11}},{"id":"8f1b1ac5-57c7-44c5-9e8c-91ea095de4fa","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":16,"box":{"x":280,"y":640,"width":630,"height":11}},{"id":"ba46b9af-e22f-4079-8fb4-df746173a027","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":16,"box":{"x":81,"y":655,"width":844,"height":11}},{"id":"97ec978d-9e71-4c93-8b72-a37f2f598d56","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":16,"box":{"x":82,"y":670,"width":835,"height":11}},{"id":"06084d7d-eab7-4ae2-93df-c91abb47d9ce","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":16,"box":{"x":81,"y":684,"width":787,"height":12}},{"id":"dddc9c49-225c-4597-8f5f-26f42e34bde1","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":16,"box":{"x":81,"y":699,"width":854,"height":12}},{"id":"726a030c-a7e4-4f31-ab2f-9a6d7315ac58","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":16,"box":{"x":82,"y":714,"width":501,"height":12}},{"id":"c52d70d5-940a-440a-9292-57b38d77eaba","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":16,"box":{"x":81,"y":734,"width":794,"height":12}},{"id":"01bbaf80-cd55-43d5-b06d-b4f9cd90eb7d","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":16,"box":{"x":82,"y":749,"width":830,"height":11}},{"id":"aaffbca9-a82c-42c2-8c27-7405f5f691ae","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":16,"box":{"x":82,"y":764,"width":812,"height":11}},{"id":"7c68f530-4b1a-47b7-bc88-1d2997b32d63","block_type":"box","text":"securities requires a longer term view.","page_number":16,"box":{"x":81,"y":779,"width":279,"height":11}},{"id":"9d11f225-16da-48db-960e-edd2cce25253","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":16,"box":{"x":61,"y":802,"width":296,"height":12}},{"id":"d92a51f1-b706-4427-81aa-880f0e63ede6","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":16,"box":{"x":60,"y":818,"width":832,"height":11}},{"id":"8fa22fce-8d79-417f-919d-951d1fa39d79","block_type":"box","text":"strategies, including:","page_number":16,"box":{"x":61,"y":833,"width":151,"height":11}},{"id":"dfde99a8-edbb-4dfc-994c-9ca860084bd8","block_type":"box","text":"Borrowing Risk","page_number":16,"box":{"x":81,"y":853,"width":115,"height":11}},{"id":"668fb241-fd57-402e-a3de-755041b710d5","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":16,"box":{"x":200,"y":853,"width":711,"height":11}},{"id":"d7e85750-5fe7-4c8d-9b73-4dae375c0ac3","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":16,"box":{"x":80,"y":867,"width":813,"height":12}},{"id":"8127c3d6-5352-4b25-9c19-ea1ab5015abf","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":16,"box":{"x":82,"y":883,"width":846,"height":11}},{"id":"0913b977-720a-4bea-beac-84bfd4560530","block_type":"box","text":"do so to satisfy its obligations.","page_number":16,"box":{"x":81,"y":897,"width":225,"height":12}},{"id":"b58bce86-0de8-4ff7-ae93-7d264049a128","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c9b50ef6-091b-4a08-860d-e3623a38997d","block_type":"box","text":"NM0926U-5977729-16/40","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"caa725f8-08e4-4dac-9c1e-f3cdb4fd3719","block_type":"box","text":"Expense Risk","page_number":17,"box":{"x":81,"y":46,"width":102,"height":11}},{"id":"6af5ebe6-4de0-45ad-aae8-90c58ff17718","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":17,"box":{"x":187,"y":46,"width":734,"height":11}},{"id":"0eb0b79e-bf28-4aa3-a1b8-87a6af322d0e","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":17,"box":{"x":81,"y":61,"width":855,"height":11}},{"id":"29310d8f-45ec-4450-8395-4a55bd0a58b3","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":17,"box":{"x":82,"y":75,"width":842,"height":12}},{"id":"c965c74e-dcc7-4540-b1c3-9d053d6737f2","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":17,"box":{"x":82,"y":90,"width":808,"height":12}},{"id":"25872052-0b52-4474-a812-6ad0806d851e","block_type":"box","text":"significant.","page_number":17,"box":{"x":81,"y":105,"width":78,"height":12}},{"id":"4b50d637-380a-42e0-aaad-3c089bc407ba","block_type":"box","text":"Foreign Securities Risk","page_number":17,"box":{"x":81,"y":125,"width":176,"height":11}},{"id":"aacb597f-4d7c-4d42-89fa-b6ee13688347","block_type":"box","text":"— Because the Fund may invest in companies located in countries other than the United","page_number":17,"box":{"x":260,"y":125,"width":652,"height":11}},{"id":"78dc3001-3f59-4a9c-82da-f6708f445858","block_type":"box","text":"States, the Fund may be exposed to risks associated with foreign investments.","page_number":17,"box":{"x":81,"y":140,"width":579,"height":11}},{"id":"2f667189-4233-42a6-926b-5f37b130f1cc","block_type":"box","text":"The value of holdings traded outside the United States (and any hedging transactions in foreign currencies) will","page_number":17,"box":{"x":101,"y":160,"width":814,"height":11}},{"id":"4942a653-70cb-4648-a74a-495aa9b0c1f5","block_type":"box","text":"be affected by changes in currency exchange rates.","page_number":17,"box":{"x":102,"y":175,"width":376,"height":11}},{"id":"20bb3ab4-2d46-48b9-8930-f9b47e734ff5","block_type":"box","text":"The costs of non-U.S. securities transactions tend to be higher than those of U.S. transactions.","page_number":17,"box":{"x":101,"y":195,"width":699,"height":11}},{"id":"1af785f9-6321-4922-8925-1c42d79bf7e8","block_type":"box","text":"Foreign holdings may be adversely affected by foreign government action.","page_number":17,"box":{"x":102,"y":214,"width":537,"height":12}},{"id":"48a00f10-44f6-4b69-b49e-e1f4a4b62629","block_type":"box","text":"International trade barriers or economic sanctions against certain non-U.S. countries may adversely affect these","page_number":17,"box":{"x":102,"y":234,"width":825,"height":12}},{"id":"1b8352ad-8a31-4f27-b0cf-1c4886ed1543","block_type":"box","text":"holdings.","page_number":17,"box":{"x":102,"y":250,"width":64,"height":11}},{"id":"5aac8383-94b2-4db5-8683-c7602ec3b492","block_type":"box","text":"The economies of certain countries may compare unfavorably with the U.S. economy.","page_number":17,"box":{"x":101,"y":269,"width":624,"height":12}},{"id":"9ce95ffd-fb57-4716-9142-159057bef317","block_type":"box","text":"Foreign securities markets may be smaller than the U.S. markets, which may make trading more difficult.","page_number":17,"box":{"x":102,"y":289,"width":771,"height":12}},{"id":"f8453562-23fc-4d3d-b864-107643a71c74","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, which may adversely affect the","page_number":17,"box":{"x":101,"y":309,"width":805,"height":12}},{"id":"12ba3f22-7465-47fe-85d2-898656f08843","block_type":"box","text":"Fund’s net asset value.","page_number":17,"box":{"x":102,"y":324,"width":169,"height":9}},{"id":"1d200901-9ef8-4a12-9085-375f962a2077","block_type":"box","text":"Illiquid Investments Risk","page_number":17,"box":{"x":81,"y":344,"width":186,"height":11}},{"id":"cbe54145-32ef-4be1-9b9b-000414fa8339","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":17,"box":{"x":271,"y":344,"width":648,"height":12}},{"id":"3b615cc0-3a35-4d0b-8728-1ee9a3cb3d82","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":17,"box":{"x":80,"y":359,"width":841,"height":11}},{"id":"2be98e01-f293-4bcd-a96a-b7c8f7085a8a","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":17,"box":{"x":82,"y":374,"width":831,"height":11}},{"id":"74b7d0dd-4149-4b4b-9aed-0ecace2875a9","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":17,"box":{"x":81,"y":389,"width":811,"height":11}},{"id":"f5da11c8-f4e6-4918-8ea9-11b13127b115","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":17,"box":{"x":82,"y":403,"width":825,"height":12}},{"id":"31ddcf59-679d-40b6-9c0f-4c4c1c67d73e","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":17,"box":{"x":81,"y":418,"width":837,"height":12}},{"id":"989303e3-d505-469c-9e7b-a5340e426a02","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":17,"box":{"x":80,"y":433,"width":851,"height":12}},{"id":"fc66bc54-7595-41f8-bf85-58b1cf3f28d9","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":17,"box":{"x":82,"y":448,"width":835,"height":11}},{"id":"081e94ce-7e9d-4ff5-801f-981ee82e749b","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":17,"box":{"x":82,"y":463,"width":835,"height":11}},{"id":"9c705535-69a0-4029-95da-a1e162f2e161","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":17,"box":{"x":81,"y":477,"width":791,"height":12}},{"id":"4c6ac23a-a3ae-4304-9366-33dcf94c129f","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":17,"box":{"x":81,"y":493,"width":846,"height":11}},{"id":"f7103d2a-abb1-48de-8ceb-551a1cfccf07","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":17,"box":{"x":81,"y":507,"width":835,"height":12}},{"id":"fcba1847-5acd-4369-8fd6-13c104774773","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":17,"box":{"x":82,"y":522,"width":839,"height":12}},{"id":"39de051b-d772-4ec4-8b00-6dd85d12b4da","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":17,"box":{"x":80,"y":537,"width":834,"height":11}},{"id":"2e6b5b6c-4a7f-4ee5-9254-2bedbbf650d8","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":17,"box":{"x":81,"y":552,"width":815,"height":11}},{"id":"1b5b81b8-a689-4792-b628-10b5a8b7b129","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":17,"box":{"x":82,"y":566,"width":835,"height":12}},{"id":"e67df51e-c8a7-4800-b850-b0c222859b85","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":17,"box":{"x":82,"y":581,"width":827,"height":12}},{"id":"69290cb7-f958-49c5-ba50-82371339562e","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":17,"box":{"x":80,"y":596,"width":831,"height":12}},{"id":"7a0beb3a-7546-4e8f-9d74-de500f789740","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":17,"box":{"x":81,"y":611,"width":304,"height":11}},{"id":"69ee19df-d735-41e4-a0a7-8487fb8f2edb","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":17,"box":{"x":81,"y":631,"width":271,"height":9}},{"id":"49a6891b-f4f0-42dc-b3bb-956e83b11162","block_type":"box","text":"—","page_number":17,"box":{"x":356,"y":636,"width":17,"height":1}},{"id":"6c83eed2-4ccc-456f-a900-fb85d6588d65","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":17,"box":{"x":379,"y":631,"width":499,"height":11}},{"id":"5ecd6241-bac7-4c8a-96da-12ee8a200ff3","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":17,"box":{"x":82,"y":646,"width":839,"height":11}},{"id":"fe7f13eb-c48d-4c3d-9d53-a8829803321d","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":17,"box":{"x":80,"y":661,"width":799,"height":11}},{"id":"4ad9e84d-1cfa-4d25-833e-b74fbd9b05a9","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":17,"box":{"x":82,"y":676,"width":796,"height":11}},{"id":"2bee5666-06db-4dd8-b1e0-abc5f197863b","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":17,"box":{"x":81,"y":690,"width":855,"height":12}},{"id":"f223c242-9e46-48c9-b432-b3a1d4f6e4ce","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":17,"box":{"x":82,"y":705,"width":441,"height":12}},{"id":"b75ab5a9-b626-43cd-bafc-2024a7296d9e","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":17,"box":{"x":81,"y":725,"width":366,"height":11}},{"id":"efb2b313-d80d-4eaf-96f5-2177e61a30e5","block_type":"box","text":"— As with other investments, investments in other investment","page_number":17,"box":{"x":450,"y":725,"width":459,"height":11}},{"id":"a0199dfb-a613-4f1c-b3a7-ed9d71ba469d","block_type":"box","text":"companies, including exchange-traded funds (“ETFs”), are subject to market and selection risk. In addition, if the","page_number":17,"box":{"x":81,"y":740,"width":828,"height":11}},{"id":"912df089-763f-4c7b-add6-1038088707dd","block_type":"box","text":"Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both","page_number":17,"box":{"x":82,"y":755,"width":817,"height":11}},{"id":"39cdcd3b-fde1-473c-94b0-2eca50dfbbe5","block_type":"box","text":"their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the","page_number":17,"box":{"x":80,"y":769,"width":822,"height":12}},{"id":"40dcfabb-4b63-4a1a-a0e5-2d760190e296","block_type":"box","text":"expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the","page_number":17,"box":{"x":81,"y":784,"width":830,"height":12}},{"id":"d50d8e60-8ce0-426f-8f21-ea4e5a1d7864","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":17,"box":{"x":82,"y":799,"width":836,"height":12}},{"id":"71264887-0482-4ba6-acc5-eb8554841a78","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":17,"box":{"x":81,"y":819,"width":396,"height":12}},{"id":"94dc1366-0dc0-4d60-89f6-dcf83a8e1560","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":17,"box":{"x":481,"y":819,"width":440,"height":12}},{"id":"4c2cd933-107f-4f9a-8b23-10ea6c51a275","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":17,"box":{"x":82,"y":834,"width":801,"height":12}},{"id":"093d36a2-1b33-46c4-8731-15d9d531ebbd","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":17,"box":{"x":81,"y":849,"width":825,"height":11}},{"id":"2291fbc9-30da-4d70-9d61-3698eee1a70c","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":17,"box":{"x":82,"y":864,"width":816,"height":11}},{"id":"07bdbdc9-fc72-4dda-ab86-9700a4fff5e1","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":17,"box":{"x":82,"y":878,"width":818,"height":12}},{"id":"c91db5fd-d996-4386-bf00-9615448011cc","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":17,"box":{"x":80,"y":893,"width":835,"height":12}},{"id":"deacbe2f-fcc2-4bf3-b22c-902a9ca75dfe","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":17,"box":{"x":80,"y":908,"width":807,"height":12}},{"id":"c0a16ead-6cb8-458c-a026-3aa24e7d4adf","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"70a01c92-fb86-42dc-a244-fb2e406ebb65","block_type":"box","text":"NM0926U-5977729-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0ab279f1-b2b7-4222-bbcb-7867fc62be91","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":18,"box":{"x":82,"y":46,"width":825,"height":11}},{"id":"d1aef7df-c6cd-4f57-864b-a66214e05749","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":18,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"e7118a81-4e4c-401a-9ab7-7baf2c85ad0c","block_type":"box","text":"make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":18,"box":{"x":82,"y":76,"width":853,"height":10}},{"id":"68d5c4da-d6d0-4934-8225-59e444b93ec9","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":18,"box":{"x":81,"y":90,"width":785,"height":12}},{"id":"12fc69f8-5f32-4037-8864-4cbcab9e56af","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":18,"box":{"x":81,"y":105,"width":841,"height":12}},{"id":"67e049c0-de27-4782-9370-bb2edf3e3214","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":18,"box":{"x":80,"y":120,"width":824,"height":11}},{"id":"d6b1faea-6f60-45da-8d1c-c0a940c7708a","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":18,"box":{"x":81,"y":135,"width":822,"height":11}},{"id":"b1bc8435-9a04-4cd3-b041-64d27849030a","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":18,"box":{"x":81,"y":149,"width":801,"height":12}},{"id":"cfd03899-680c-47af-8853-379a12c19456","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":18,"box":{"x":80,"y":165,"width":765,"height":11}},{"id":"5bb27add-77a9-4ed6-a08d-8e21773ea272","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":18,"box":{"x":82,"y":179,"width":852,"height":12}},{"id":"d2e5ace7-7766-42d5-a142-8838d780bc08","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":18,"box":{"x":82,"y":194,"width":847,"height":11}},{"id":"dbd16e37-4e0d-44cd-a894-2679214f3a0c","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":18,"box":{"x":80,"y":209,"width":847,"height":11}},{"id":"342797e7-ec94-4444-a687-6f62715714d4","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":18,"box":{"x":81,"y":224,"width":845,"height":11}},{"id":"afafcc3a-a14a-41c3-924c-aa4325ae3b58","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":18,"box":{"x":82,"y":238,"width":835,"height":12}},{"id":"ff74422a-3537-40e4-a5f9-c8d6ef91ef80","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":18,"box":{"x":82,"y":253,"width":839,"height":12}},{"id":"b57e0f7a-8606-4780-9213-615f6b25653e","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":18,"box":{"x":82,"y":268,"width":461,"height":12}},{"id":"cc159c96-bb47-4c26-af50-130e488946b0","block_type":"box","text":"Money Market Securities Risk","page_number":18,"box":{"x":81,"y":288,"width":229,"height":11}},{"id":"831d3599-6bc7-43bb-ad6c-c274f92c6cea","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":18,"box":{"x":314,"y":288,"width":570,"height":11}},{"id":"55bfad35-091e-4ff0-8756-c7311248c8c8","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":18,"box":{"x":81,"y":303,"width":819,"height":11}},{"id":"cdcb9d4e-37cd-4b6f-8870-916032dfe861","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":18,"box":{"x":82,"y":318,"width":657,"height":11}},{"id":"ac10fef6-2482-4cd2-907d-c1398402c61c","block_type":"box","text":"Ownership Limitations Risk","page_number":18,"box":{"x":82,"y":338,"width":205,"height":11}},{"id":"bb3dbc5a-b4e0-484f-9fcf-a112b5022679","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":18,"box":{"x":291,"y":338,"width":610,"height":11}},{"id":"a9dfc9c6-5dc2-416a-8811-bcd8628e779e","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":18,"box":{"x":80,"y":352,"width":849,"height":12}},{"id":"b1341300-4406-4044-870f-e9ece06a5eef","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":18,"box":{"x":81,"y":367,"width":798,"height":12}},{"id":"71b34af9-d048-4bfe-9079-f77c508e09b6","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":18,"box":{"x":82,"y":382,"width":833,"height":12}},{"id":"6b2efb59-8988-41f1-912c-7e34ab421e1b","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":18,"box":{"x":82,"y":397,"width":851,"height":11}},{"id":"165bb4c9-7829-4183-9bf9-c6e5a0621efa","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":18,"box":{"x":81,"y":412,"width":813,"height":11}},{"id":"f1bebdf6-e729-462f-9442-27aa04e24fbe","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":18,"box":{"x":82,"y":427,"width":331,"height":11}},{"id":"d19c0eee-3a1b-4e06-9120-a20269423bbd","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":18,"box":{"x":82,"y":447,"width":826,"height":11}},{"id":"98d25d35-bfdf-4bfd-a31f-fe24023b77ad","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":18,"box":{"x":81,"y":462,"width":848,"height":11}},{"id":"8919fa20-0d68-40ec-8076-9412468f6e7c","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":18,"box":{"x":81,"y":476,"width":799,"height":12}},{"id":"0ffe7b23-8347-4a77-8518-ef2d94748353","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":18,"box":{"x":81,"y":491,"width":828,"height":12}},{"id":"3b2091d7-e339-4799-b9a0-87c10a839dc0","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":18,"box":{"x":81,"y":506,"width":828,"height":11}},{"id":"c0106354-5289-48db-a0f7-31ccc406277c","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":18,"box":{"x":80,"y":521,"width":837,"height":11}},{"id":"a8f4f7cd-0f5f-4bfe-beeb-bd59f4d5b8d4","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":18,"box":{"x":80,"y":535,"width":837,"height":12}},{"id":"63b0a4e8-f06f-4a9b-a451-983d9d47c4fd","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":18,"box":{"x":82,"y":551,"width":800,"height":11}},{"id":"02ce4e1a-ebba-407f-935e-68e07534ff64","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":18,"box":{"x":81,"y":565,"width":678,"height":12}},{"id":"14720b91-e497-49d7-9f4e-9651b70751b8","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":18,"box":{"x":81,"y":585,"width":842,"height":12}},{"id":"a823f2bf-903e-44c7-ac13-a419f988f8c4","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":18,"box":{"x":81,"y":600,"width":833,"height":12}},{"id":"ecc8e001-964b-4024-bf40-1944f3b92a11","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":18,"box":{"x":82,"y":615,"width":582,"height":11}},{"id":"22299269-7039-4b64-8806-8ec5c4cdc39f","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":18,"box":{"x":81,"y":635,"width":269,"height":9}},{"id":"9e8c83f5-6208-4701-95b3-b132e3759f24","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":18,"box":{"x":354,"y":635,"width":527,"height":9}},{"id":"52b7df22-882b-415c-8055-4c31ee33b34a","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":18,"box":{"x":82,"y":650,"width":816,"height":11}},{"id":"c0c41b4b-fa95-4ea8-838a-26c10c790b0c","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":18,"box":{"x":81,"y":665,"width":845,"height":11}},{"id":"39388ee1-ce2a-42a7-9e0b-5c6a5d797ff8","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":18,"box":{"x":81,"y":679,"width":841,"height":12}},{"id":"199751f0-1f3a-41e2-98e6-d5027e726792","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":18,"box":{"x":82,"y":694,"width":852,"height":12}},{"id":"4fa169f9-1717-49ee-a832-9f1a02400861","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":18,"box":{"x":81,"y":709,"width":841,"height":11}},{"id":"c819d645-9ee1-48de-9b55-c4002ccad4e6","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":18,"box":{"x":81,"y":724,"width":807,"height":11}},{"id":"ac6fc4ac-7a9d-4a45-853c-c9f7579027f9","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":18,"box":{"x":82,"y":739,"width":815,"height":11}},{"id":"8faf920b-22a3-4771-9045-451d66cad2a6","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":18,"box":{"x":82,"y":753,"width":845,"height":12}},{"id":"25a430cd-0b14-4d81-83a4-d21cd0d4d68b","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":18,"box":{"x":81,"y":768,"width":828,"height":12}},{"id":"47ea16d5-fedf-4fc8-bc58-3a974bb705ab","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":18,"box":{"x":82,"y":783,"width":805,"height":11}},{"id":"005b0647-a323-46ac-8282-fba7434a272b","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":18,"box":{"x":81,"y":798,"width":767,"height":11}},{"id":"80597f8d-062e-45c2-b576-90014413410c","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":18,"box":{"x":81,"y":813,"width":831,"height":11}},{"id":"e480aee5-1413-44c5-bf17-4d63df758416","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":18,"box":{"x":82,"y":827,"width":824,"height":12}},{"id":"30f81053-cbb4-4635-952f-19691edd9af7","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":18,"box":{"x":81,"y":842,"width":817,"height":12}},{"id":"19c19231-0b84-46d8-9de4-b52cfa64ba4a","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":18,"box":{"x":81,"y":857,"width":367,"height":12}},{"id":"ffe9f955-a494-40bc-922b-78dab09265bc","block_type":"box","text":"REIT Investment Risk","page_number":18,"box":{"x":81,"y":877,"width":163,"height":9}},{"id":"96c7fdac-c2e5-4704-abae-cbfbb762fd74","block_type":"box","text":"— In addition to the risks facing real estate-related securities, such as a decline in property","page_number":18,"box":{"x":248,"y":877,"width":676,"height":12}},{"id":"31b7eebd-279b-4fc3-9488-7a39bf7b099e","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":18,"box":{"x":80,"y":892,"width":846,"height":12}},{"id":"3cb76e5f-65e7-4107-9d1d-1f5a05fcb5d6","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":18,"box":{"x":81,"y":907,"width":829,"height":11}},{"id":"d7796a18-d44a-4183-8bce-6b539074c140","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"eb23414f-1371-47e9-ad15-72d9399e9d5b","block_type":"box","text":"NM0926U-5977729-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b55d2188-58ef-4484-9647-7f740e385f71","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":19,"box":{"x":80,"y":46,"width":793,"height":11}},{"id":"1dc41583-a1d8-44ae-a354-b53d8c3d3254","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":19,"box":{"x":82,"y":60,"width":836,"height":12}},{"id":"d6820376-fd69-4a4a-90e0-a3fca0c6ae80","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":19,"box":{"x":81,"y":75,"width":814,"height":12}},{"id":"4761263d-3259-4f3b-ac9e-62bb2911d35d","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":19,"box":{"x":81,"y":90,"width":825,"height":12}},{"id":"9ab1f438-7281-4241-8281-c0c132921dc6","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":19,"box":{"x":81,"y":105,"width":797,"height":11}},{"id":"bf36831d-413d-4756-8043-87f7725de280","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":19,"box":{"x":81,"y":120,"width":812,"height":11}},{"id":"55edfc15-7f6a-4034-9e7e-c63ff7aba508","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":19,"box":{"x":82,"y":135,"width":838,"height":11}},{"id":"18069ff1-b01d-4b65-a35e-ee9cfde54cba","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":19,"box":{"x":81,"y":149,"width":832,"height":12}},{"id":"79350fcc-76df-4f0a-aeda-02d2c9c8e3f9","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":19,"box":{"x":82,"y":164,"width":809,"height":12}},{"id":"b9aea43b-7965-48e0-8797-60acc77ccec8","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":19,"box":{"x":81,"y":179,"width":819,"height":12}},{"id":"65594a00-1b83-40bf-9a2d-a77f612ecba6","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":19,"box":{"x":81,"y":194,"width":813,"height":11}},{"id":"c7823248-acb2-4c93-a7f2-d7e64ae0c71a","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":19,"box":{"x":81,"y":209,"width":434,"height":11}},{"id":"576d0d3b-838d-4a15-b2d0-55875f02ab9a","block_type":"box","text":"Reliance on Advisor Risk","page_number":19,"box":{"x":81,"y":229,"width":188,"height":9}},{"id":"eb6d90db-41ba-4840-a69a-3ff5ab29c5ca","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":19,"box":{"x":273,"y":229,"width":614,"height":11}},{"id":"1870e443-bce7-4fb7-9c53-44f764637983","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":19,"box":{"x":80,"y":244,"width":830,"height":11}},{"id":"60d43243-33cc-43db-91e5-2f27011a6368","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":19,"box":{"x":80,"y":258,"width":856,"height":12}},{"id":"c70c8f77-86d5-456d-b29e-a9410dec2d95","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":19,"box":{"x":80,"y":273,"width":841,"height":12}},{"id":"63246c50-cb2c-4840-94fb-59cdbf28e2e0","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":19,"box":{"x":81,"y":288,"width":649,"height":12}},{"id":"2c032c81-43ee-440e-9a3e-1a1576be5110","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":19,"box":{"x":81,"y":308,"width":481,"height":11}},{"id":"ef45fb02-a6c3-48ac-ac1c-fe9973a4b0ca","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":19,"box":{"x":565,"y":308,"width":370,"height":12}},{"id":"ac540cd4-0ca2-42f3-933a-647ce8b25a5b","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":19,"box":{"x":82,"y":323,"width":827,"height":11}},{"id":"1c6ffa88-0d97-4b30-a301-e0abb81adea1","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":19,"box":{"x":81,"y":338,"width":816,"height":11}},{"id":"03f20097-2a49-4fed-87a2-c869a28810c2","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":19,"box":{"x":81,"y":352,"width":647,"height":12}},{"id":"26ed0e7e-ea43-4353-a324-2f101bbe698b","block_type":"box","text":"Restricted Securities Risk","page_number":19,"box":{"x":81,"y":373,"width":198,"height":9}},{"id":"ce3c3916-f4b6-4141-912f-76e1e2f2b77c","block_type":"box","text":"—","page_number":19,"box":{"x":284,"y":378,"width":17,"height":1}},{"id":"3f3bec4b-5b5b-4019-8503-ce248eb12659","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":19,"box":{"x":306,"y":372,"width":571,"height":12}},{"id":"f18ca868-6789-47cd-b9b6-6eb31ed13a5c","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":19,"box":{"x":82,"y":387,"width":843,"height":12}},{"id":"133934d9-70e7-4e54-bf92-076f48e22a99","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":19,"box":{"x":81,"y":402,"width":813,"height":12}},{"id":"084981de-3edd-4cf8-b13b-965652b01740","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":19,"box":{"x":81,"y":417,"width":851,"height":11}},{"id":"0e095d0e-f291-41f4-99ba-20917b71b426","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":19,"box":{"x":81,"y":432,"width":774,"height":11}},{"id":"9c84649a-289c-4168-a30a-aedd003b98aa","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":19,"box":{"x":82,"y":447,"width":839,"height":11}},{"id":"bd9ae275-d36b-441c-b3ee-59f983d9af9d","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":19,"box":{"x":81,"y":461,"width":828,"height":12}},{"id":"f7bdd1c2-9191-430f-b408-9bc7e5952463","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":19,"box":{"x":81,"y":476,"width":830,"height":12}},{"id":"8c68594e-94fe-4372-845e-e5602f2b33eb","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":19,"box":{"x":80,"y":491,"width":787,"height":12}},{"id":"39f830dc-7938-4a66-bb81-06198ab1e04c","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":19,"box":{"x":80,"y":506,"width":838,"height":11}},{"id":"9e66222a-8764-462d-ac4a-5412bac947f7","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":19,"box":{"x":81,"y":521,"width":843,"height":11}},{"id":"03470884-cf44-4b72-ac74-adb7b6c64b74","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":19,"box":{"x":81,"y":535,"width":827,"height":12}},{"id":"ff4f62e3-d9e2-4a4d-a628-970d0ed8c6e1","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":19,"box":{"x":82,"y":551,"width":812,"height":11}},{"id":"bc7d6f72-5d76-42f8-a76e-060a1adc649e","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":19,"box":{"x":82,"y":565,"width":795,"height":12}},{"id":"aad7a474-2eef-4015-8d36-bf6e3108c181","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":19,"box":{"x":81,"y":580,"width":468,"height":11}},{"id":"1df6a911-d8d1-404f-81b6-6e7a10e75f79","block_type":"box","text":"Reverse Repurchase Agreements Risk","page_number":19,"box":{"x":81,"y":600,"width":289,"height":11}},{"id":"bb23b6fc-385c-4921-93a7-bd5df2ef8326","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":19,"box":{"x":374,"y":600,"width":562,"height":12}},{"id":"a5ec9ad3-83e2-4c9b-9170-e9c082293fb0","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":19,"box":{"x":82,"y":615,"width":838,"height":11}},{"id":"86044eb3-f676-4d62-a741-f1004c7fe25b","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":19,"box":{"x":82,"y":630,"width":852,"height":11}},{"id":"033dd888-0dfb-4208-88e5-e82facefe90f","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":19,"box":{"x":81,"y":644,"width":821,"height":12}},{"id":"e20b683f-e968-4d31-bf34-cb598694d96e","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":19,"box":{"x":82,"y":659,"width":812,"height":12}},{"id":"85fe539c-cec0-4fd6-8255-6011d8c20996","block_type":"box","text":"These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements","page_number":19,"box":{"x":81,"y":674,"width":854,"height":12}},{"id":"d3eaa712-9147-4789-ae34-ae5d8c128bdb","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":19,"box":{"x":82,"y":689,"width":814,"height":11}},{"id":"d0ecf910-d9cc-4205-b481-43c4b6165b11","block_type":"box","text":"expense.","page_number":19,"box":{"x":81,"y":706,"width":64,"height":9}},{"id":"30865ac8-77c0-4905-a41d-140df86fbde9","block_type":"box","text":"Securities Lending Risk","page_number":19,"box":{"x":81,"y":724,"width":178,"height":11}},{"id":"236fd2f4-1ff6-4285-8987-07907258bba9","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":19,"box":{"x":263,"y":724,"width":661,"height":11}},{"id":"f9beeaab-773b-420d-a65e-0425212f9fde","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":19,"box":{"x":82,"y":739,"width":852,"height":11}},{"id":"265c879c-8d78-4621-981a-aa8024677eda","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":19,"box":{"x":81,"y":753,"width":811,"height":12}},{"id":"8613176f-af96-4c64-9086-904d0a96b8fc","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":19,"box":{"x":81,"y":768,"width":829,"height":12}},{"id":"e4a3cf66-7ea6-452e-9464-617d2bd9c9de","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":19,"box":{"x":81,"y":783,"width":292,"height":11}},{"id":"c43195ba-5929-4296-9013-2eb2841d1b71","block_type":"box","text":"Valuation Risk","page_number":19,"box":{"x":83,"y":803,"width":107,"height":9}},{"id":"fbb5c506-8a5a-46f9-b396-a56acc6889aa","block_type":"box","text":"—","page_number":19,"box":{"x":194,"y":808,"width":17,"height":1}},{"id":"2f330b70-f511-4ab7-a4bb-a71e3ed5a442","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":19,"box":{"x":215,"y":803,"width":700,"height":11}},{"id":"ce0fa2c2-ef71-4956-a7cd-76f78ad73c05","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":19,"box":{"x":81,"y":818,"width":835,"height":11}},{"id":"891d380e-ceb0-4ebd-a13c-4bfe33bf3da1","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":19,"box":{"x":81,"y":833,"width":848,"height":11}},{"id":"3e5af156-8c47-425b-9a8d-b59dd29f4531","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":19,"box":{"x":82,"y":847,"width":845,"height":12}},{"id":"669141f9-8814-4409-9152-f7ccd7f89adf","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":19,"box":{"x":82,"y":862,"width":840,"height":12}},{"id":"181dd544-9548-41b5-b6a2-9450c1e157a8","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":19,"box":{"x":80,"y":877,"width":783,"height":12}},{"id":"ba7d63ec-aca7-46ad-a60f-f7c742b20634","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":19,"box":{"x":81,"y":892,"width":810,"height":12}},{"id":"f3e897aa-53ae-49ec-9a36-9a401b9ac6ab","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":19,"box":{"x":81,"y":907,"width":847,"height":11}},{"id":"9ec85150-64f1-4167-a081-5c5467155261","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"bcb9b153-f3d4-4a38-bdca-9e101d760983","block_type":"box","text":"NM0926U-5977729-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b9ad6d01-dbc7-451d-8a02-3f27123115fa","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":20,"box":{"x":82,"y":46,"width":848,"height":11}},{"id":"2b47cc6a-6ee8-4e3f-8d1c-2b324e833dbc","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":20,"box":{"x":80,"y":61,"width":819,"height":11}},{"id":"36f1100a-9de0-428f-a5d7-a2a1300f38a6","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":20,"box":{"x":81,"y":75,"width":837,"height":12}},{"id":"092d05db-4aea-420a-99e2-f27610534940","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":20,"box":{"x":80,"y":90,"width":672,"height":12}},{"id":"f72f79d7-925e-4b79-836c-d8ed22183fde","block_type":"box","text":"Warrants Risk","page_number":20,"box":{"x":83,"y":110,"width":105,"height":9}},{"id":"1a7e5542-c86a-4029-b2eb-1fc833809f91","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":20,"box":{"x":192,"y":110,"width":698,"height":12}},{"id":"4bdb3eb1-109d-4d51-adf0-338a5a847f79","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":20,"box":{"x":81,"y":125,"width":830,"height":11}},{"id":"873f1331-dd48-40cb-9397-d317a2abd154","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":20,"box":{"x":81,"y":140,"width":821,"height":11}},{"id":"3da8aecc-12fe-47b8-8f73-82e2347aca54","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":20,"box":{"x":82,"y":155,"width":822,"height":11}},{"id":"8a152758-266c-46fa-84ae-b436c8b82d09","block_type":"box","text":"move with the price of the underlying stock.","page_number":20,"box":{"x":82,"y":169,"width":317,"height":12}},{"id":"df0e2b14-8042-40a1-a1ab-a99f85c400c4","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":20,"box":{"x":83,"y":190,"width":584,"height":11}},{"id":"0962b7f1-f60d-45e3-94b0-2a52fe5d4823","block_type":"box","text":"— When-issued and delayed","page_number":20,"box":{"x":671,"y":190,"width":208,"height":11}},{"id":"30fd0b01-b982-4a3e-ae0b-89d6e3875a64","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":20,"box":{"x":81,"y":204,"width":843,"height":12}},{"id":"2e437f31-a8b3-4198-840d-2955c22d6fd2","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":20,"box":{"x":82,"y":219,"width":830,"height":11}},{"id":"b9a0b021-9140-4ee0-a0eb-8702e732d5bf","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":20,"box":{"x":82,"y":234,"width":849,"height":11}},{"id":"2b74d683-b950-40ba-8aff-37c50c02e827","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":20,"box":{"x":80,"y":249,"width":425,"height":11}},{"id":"85038c0d-a188-4371-8f07-8a4bab7ac9c0","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"df83fdc9-18ae-45cf-b219-523f17f980d1","block_type":"box","text":"NM0926U-5977729-20/40","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"865bf57c-7ae7-42e9-8088-fdbacbf6461a","block_type":"box","text":"Account Information","page_number":21,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"f2b3fd5c-2f06-44ce-a86b-2d8d09471eee","block_type":"box","text":"Details About the Share Class","page_number":21,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"6c33fd29-9a82-42c8-98de-34acede9a18c","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":21,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"83ad10fd-ea27-4b19-828d-f71cabf7da9e","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":21,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"c6d653a9-e33e-4796-a833-1536c308d6b1","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":21,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"32b6f959-f976-426e-a2c3-707834c7ffca","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":21,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"b93eb246-8f65-403e-b80a-802f2cde83ee","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":21,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"7e21d62b-4311-4d29-93c6-55f107ebb9bc","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can","page_number":21,"box":{"x":61,"y":256,"width":864,"height":12}},{"id":"374f15c2-a9f9-4bf1-bb95-44a60065472d","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":21,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"93fc25ea-43b7-43d6-a58b-b0a3138ec3f0","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":21,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"e6959c5f-9d33-4918-b466-410627769993","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":21,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"f8eec0d7-6acf-470f-84f4-d4c53ada32f6","block_type":"box","text":"Class K Shares at a Glance","page_number":21,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"4ff72281-32a4-4602-9e15-b1c67c7e6e15","block_type":"box","text":"Availability","page_number":21,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"76f91b6a-c302-4b2b-afa9-2850d4b34b6f","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":21,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"1070517d-f4b3-4c99-9089-4d969055913c","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":21,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"67b759d5-f94f-4404-9b60-44c9eb69fc55","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":21,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"fcef85fd-9021-45cd-befa-10bf685ea8a8","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":21,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"b0115783-a9b8-4756-839f-3a6caf17e1c0","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":21,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"d98cf885-daf6-4917-90f2-ea67ebdf7088","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":21,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"927089d1-1727-4bc5-b5ee-a65f9451efff","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":21,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"b4564e59-d85a-40fa-a52f-a82bcdfe3ef2","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":21,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"e30ad67c-e869-4ddc-9472-2c41486124a2","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":21,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"77fc293c-f4a5-42cb-8ca5-c48ab6561080","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":21,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"1b24745f-e1bd-495c-a7d8-6e4c42ffd332","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":21,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"e5a0bcde-b879-41bf-8779-51b570245952","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":21,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"733d11c4-7326-4a8d-9f4e-7abf2df571d5","block_type":"box","text":"to sell such shares, (v) fee-based advisory platforms of a Financial Intermediary that","page_number":21,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"c10f3597-67e4-49ba-a482-2df5a39b7125","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":21,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"0710aecf-6248-4e48-8792-c05d49a903c9","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":21,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"6ad5629b-7b5c-4c28-9b02-e36d672d0e48","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":21,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"c2ff7c18-8145-4422-804f-0c6a0d9554e0","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":21,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"4a0a260d-81c9-4ccf-8895-c833ec9ec868","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":21,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"0efdbb82-5f81-447f-9782-d81ee76f5776","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":21,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"b68be2d6-c9be-4fbe-940a-86a1bb329c09","block_type":"box","text":"same account since August 15, 2016.","page_number":21,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"8fd34f18-d1be-4fac-a812-e86f3df83ada","block_type":"box","text":"Minimum Investment","page_number":21,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"e9c4cf83-e836-4966-a34d-f50def847b7b","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":21,"box":{"x":348,"y":669,"width":421,"height":9}},{"id":"ae3b8b9f-953a-41c8-ac2f-eeaad98eb46f","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":21,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"09f9e45a-9c65-417a-b2aa-7ad11cf29d7b","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":21,"box":{"x":349,"y":699,"width":535,"height":10}},{"id":"b3e25437-9a5a-4f79-89ad-43660390fc83","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":21,"box":{"x":348,"y":715,"width":439,"height":10}},{"id":"5a79c55c-eb22-4d6d-89ca-f4e438217e62","block_type":"box","text":"Initial Sales Charge?","page_number":21,"box":{"x":61,"y":733,"width":140,"height":10}},{"id":"c2adc8e5-fd82-4b65-bda8-c74601edbce5","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":21,"box":{"x":349,"y":733,"width":391,"height":10}},{"id":"2bdff313-ab18-4620-bf13-b47f3e18b4df","block_type":"box","text":"Deferred Sales Charge?","page_number":21,"box":{"x":61,"y":751,"width":159,"height":10}},{"id":"68a984c1-7ac8-4b06-ae2a-4bb41618dfc6","block_type":"box","text":"No.","page_number":21,"box":{"x":349,"y":751,"width":20,"height":8}},{"id":"6d552956-e9b2-443e-82b1-0f71a1b43164","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":21,"box":{"x":61,"y":769,"width":261,"height":10}},{"id":"34e48b79-ccdd-4824-87c1-6a8407294dc9","block_type":"box","text":"No.","page_number":21,"box":{"x":349,"y":769,"width":20,"height":8}},{"id":"a581254d-7547-41b6-8fd0-5e46c386a2c7","block_type":"box","text":"Redemption Fees?","page_number":21,"box":{"x":61,"y":787,"width":125,"height":10}},{"id":"21b078de-b4b0-412e-9f60-7a397765dc67","block_type":"box","text":"No.","page_number":21,"box":{"x":349,"y":787,"width":20,"height":8}},{"id":"14a56c24-863c-4f19-87de-ef3c89862cfe","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":21,"box":{"x":60,"y":819,"width":620,"height":12}},{"id":"3919812b-cb27-40e9-baad-9a68c5f582dd","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":21,"box":{"x":60,"y":842,"width":874,"height":11}},{"id":"168c9a07-0147-467d-815b-7b3dd03d62d8","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":21,"box":{"x":62,"y":856,"width":778,"height":12}},{"id":"894d7791-2120-4167-b8cd-976d355452d0","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":21,"box":{"x":61,"y":871,"width":817,"height":12}},{"id":"5a638754-3f40-4e09-8a00-152d7bdc7472","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":21,"box":{"x":61,"y":886,"width":807,"height":12}},{"id":"d05edf54-64fd-454f-bbb2-7016cd1692a9","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":21,"box":{"x":62,"y":901,"width":410,"height":11}},{"id":"1f2feb1c-435d-453f-b20d-ba15a3b7ba27","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"246e22f8-d061-49ab-bbed-42644ce76fb7","block_type":"box","text":"NM0926U-5977729-21/40","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0e8d2000-d6c2-4001-807e-453eaa410b0e","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":22,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"0de24d6a-0200-4ca0-bde8-c8d575037202","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":22,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"56a4474c-84cd-456f-92ba-1f3cc7150807","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":22,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"47bf2c0f-8d59-4380-84ba-7928d58d5526","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":22,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"f3c4c643-7eba-42ab-bb43-351714182b95","block_type":"box","text":"by that type of account.","page_number":22,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"3c1d1a29-9c38-4733-9a4e-422cb6b5f952","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":22,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"d18575d5-930a-408c-9de2-89e2bf519c3f","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":22,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"da8cd727-baa4-40c1-a10e-43ab67c5f569","block_type":"box","text":"Right of Accumulation","page_number":22,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"55ff6ce5-8c97-40a7-ad97-36743599bfe9","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":22,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"259a7d95-eef5-43d0-b0bb-737e8383ad6c","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":22,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"d06cce67-8409-411b-b7bb-269fde1566d9","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":22,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"44a7132f-72d4-490d-8035-d5466b1c88f2","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":22,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"2b9d9a60-2dac-4b8e-950f-48a02c1d7100","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":22,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"36cdfb30-a683-4785-8a26-a08ab46b7dcc","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":22,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"1d87abb2-4a15-48fe-8a7e-ead268733536","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":22,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"f5cc68c7-2de1-4e54-a35f-04a271e1958f","block_type":"box","text":"investor’s spouse and children.","page_number":22,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"56ea2e57-978e-45a8-8633-3f2b3452e57e","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":22,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"cb084cac-412a-4fa4-964d-7b1d7a44c7c7","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":22,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"fcb89a8e-32bf-4f46-9999-b0063e69306a","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":22,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"e0e58f7d-e461-425b-bf73-d69c05bbb620","block_type":"box","text":"any previously purchased shares.","page_number":22,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"ef6d6372-f60c-4d99-a128-e0f1f544f949","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":22,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"ff23ac67-c151-4597-bdb4-c2e52bbad6cf","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":22,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"3d0bee70-4326-4f0e-9c15-115f5a171d29","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":22,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"93b875e7-4111-4422-b30b-cd678204e2b9","block_type":"box","text":"exchange and transfer shares through BlackRock, if your account is held directly with BlackRock. To learn more about","page_number":22,"box":{"x":61,"y":470,"width":862,"height":12}},{"id":"034a1102-267a-45f5-b858-ba4e6a99ae97","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":22,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"d359042e-3d2f-47ad-9be0-89b018416325","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":22,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"5a5cc371-2e8d-4dd5-ba73-be82964c335a","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":22,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"57084bff-5c89-4235-86a8-7437cb6bb90e","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":22,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"552d1648-901e-4821-a097-4dfe1a3a2e38","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":22,"box":{"x":62,"y":552,"width":845,"height":12}},{"id":"400dc480-3f3b-4978-aec0-ce6d12517e18","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":22,"box":{"x":61,"y":567,"width":860,"height":12}},{"id":"1b2d950d-496f-437f-9590-7df67915c5d2","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":22,"box":{"x":60,"y":582,"width":868,"height":11}},{"id":"f10eab9c-134c-4254-9c89-cc23bab75b0c","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":22,"box":{"x":61,"y":597,"width":863,"height":11}},{"id":"f7ac0874-2897-4749-b01d-c2d20d408a83","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":22,"box":{"x":61,"y":612,"width":787,"height":11}},{"id":"46a8d596-9239-41ac-ba5c-473ac48d4c24","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":22,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"42365025-cf66-44d2-9641-a196ab9020d6","block_type":"box","text":"restricted from making additional investments.","page_number":22,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"1dd09684-c570-4650-92dc-8595bd479e24","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":22,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"e1de7fd2-c281-4d57-830b-656e0d3befba","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. 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Purchase","page_number":23,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"23e166de-ef37-4630-b8a9-a163de7bb8fd","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":23,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"c820d455-7e3b-4277-801a-515686fbdd91","block_type":"box","text":"determined on the next business day.","page_number":23,"box":{"x":461,"y":162,"width":247,"height":10}},{"id":"8f28ed83-5329-46cf-900f-ca402ad5e972","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":23,"box":{"x":460,"y":178,"width":468,"height":10}},{"id":"aaeb8378-b42f-4be5-b7b1-3e298eca5966","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":23,"box":{"x":460,"y":192,"width":470,"height":10}},{"id":"4daaa4ec-1ce8-422b-ad4d-792c98886530","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":23,"box":{"x":460,"y":205,"width":471,"height":10}},{"id":"60bb3608-64d5-4357-809e-85dec58e8507","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":23,"box":{"x":460,"y":219,"width":434,"height":10}},{"id":"e7b1d3da-625e-4a1c-ad2c-ae419a68a8a9","block_type":"box","text":"table.","page_number":23,"box":{"x":460,"y":232,"width":36,"height":8}},{"id":"d34dfaff-982a-4ecc-b9fb-16bfb0c5a2a2","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":23,"box":{"x":460,"y":249,"width":473,"height":10}},{"id":"dd4c86be-accf-4b05-bf9d-09fa05ef72f8","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":23,"box":{"x":461,"y":262,"width":453,"height":10}},{"id":"0b2b9dcf-38e6-4ec0-a6a2-b9f3fdb5676b","block_type":"box","text":"processing fee to confirm a purchase.","page_number":23,"box":{"x":461,"y":275,"width":249,"height":11}},{"id":"d97f0cae-57ec-41e0-a972-f77677a68eb4","block_type":"box","text":"Or contact BlackRock","page_number":23,"box":{"x":214,"y":294,"width":140,"height":8}},{"id":"e0f6468d-f0d5-45fd-99b0-437e6141934d","block_type":"box","text":"(for accounts held","page_number":23,"box":{"x":214,"y":307,"width":117,"height":10}},{"id":"110e9e5e-f176-4cbc-beb6-309d72f603d3","block_type":"box","text":"directly with BlackRock)","page_number":23,"box":{"x":214,"y":321,"width":154,"height":10}},{"id":"085a7c41-d170-41a0-b574-9ec184cd3b1e","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":23,"box":{"x":461,"y":294,"width":450,"height":10}},{"id":"7f3c672c-09c9-4e2b-8310-279ad5b0d9fd","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":23,"box":{"x":461,"y":307,"width":432,"height":10}},{"id":"581e62fe-cdb3-45a6-ac53-864ef50b9418","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":23,"box":{"x":461,"y":321,"width":370,"height":10}},{"id":"aad3099d-ccc1-4d90-8e8c-a356d6296b57","block_type":"box","text":"Add to Your","page_number":23,"box":{"x":60,"y":339,"width":78,"height":8}},{"id":"560dee0f-dbd3-4359-8672-f1de46291e94","block_type":"box","text":"Investment","page_number":23,"box":{"x":61,"y":350,"width":75,"height":8}},{"id":"54f6acab-902c-40f3-a169-b0d60cfb3c5c","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":23,"box":{"x":214,"y":339,"width":685,"height":10}},{"id":"06e2ea4f-2c7d-4bcc-ade4-3abcc2cecde1","block_type":"box","text":"Have your Financial","page_number":23,"box":{"x":214,"y":368,"width":125,"height":10}},{"id":"faf03f36-3f0f-4cb9-aab6-a73da6873f4d","block_type":"box","text":"Intermediary submit","page_number":23,"box":{"x":214,"y":382,"width":132,"height":10}},{"id":"ea5ae9d1-7091-4442-8a8a-899ea035c2ad","block_type":"box","text":"your purchase order for","page_number":23,"box":{"x":213,"y":395,"width":154,"height":11}},{"id":"7e481cc7-8eed-4549-bf2e-5f7c58d31e10","block_type":"box","text":"additional shares","page_number":23,"box":{"x":214,"y":409,"width":113,"height":8}},{"id":"bebfa5c4-7664-4d07-ab0d-b98f44d86299","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":23,"box":{"x":460,"y":368,"width":409,"height":10}},{"id":"a2c0cd48-6d6b-4e4f-a96d-7e559c7be1c3","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":23,"box":{"x":461,"y":382,"width":353,"height":10}},{"id":"98af155f-6ee4-4249-890d-f4e93746edd3","block_type":"box","text":"Or contact BlackRock","page_number":23,"box":{"x":214,"y":427,"width":140,"height":8}},{"id":"1dc291ca-7067-48fa-be15-946d68d2ee6c","block_type":"box","text":"(for accounts held","page_number":23,"box":{"x":214,"y":440,"width":117,"height":11}},{"id":"c74e68d3-c216-45be-8d7a-5ffaf8597d6f","block_type":"box","text":"directly with BlackRock)","page_number":23,"box":{"x":214,"y":454,"width":154,"height":10}},{"id":"200bb18a-b2ab-4490-b69a-24ea2851cba2","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":23,"box":{"x":461,"y":427,"width":450,"height":10}},{"id":"ec132efb-d8c4-48fc-88d2-60fc6dfc5fcb","block_type":"box","text":"Retirement Plan:","page_number":23,"box":{"x":461,"y":441,"width":108,"height":8}},{"id":"0efc7d6b-3808-4b2d-9ac2-71fd31fe5118","block_type":"box","text":"Purchase by Telephone","page_number":23,"box":{"x":461,"y":457,"width":154,"height":10}},{"id":"6165ee75-5cd2-42e8-9d51-b8ad2e8b919c","block_type":"box","text":":","page_number":23,"box":{"x":617,"y":459,"width":4,"height":6}},{"id":"11800c15-390a-419c-9ee0-5730ea38da72","block_type":"box","text":"Call the Fund at (800) 537-4942 and speak","page_number":23,"box":{"x":625,"y":457,"width":290,"height":10}},{"id":"76bd599a-8c40-411b-949f-a7051171b200","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":23,"box":{"x":460,"y":470,"width":449,"height":10}},{"id":"a8721e02-9103-495e-bdba-e025fbe8a731","block_type":"box","text":"telephone request for any reason.","page_number":23,"box":{"x":460,"y":484,"width":223,"height":10}},{"id":"a6a254e8-919e-4e60-8c10-730f6abfccc9","block_type":"box","text":"Purchase by Internet","page_number":23,"box":{"x":461,"y":500,"width":140,"height":10}},{"id":"2660ccb7-ce92-4ba5-b91c-b087ff59a32e","block_type":"box","text":":","page_number":23,"box":{"x":603,"y":502,"width":4,"height":6}},{"id":"fef98170-e2b0-4efa-9461-3f38a775cff2","block_type":"box","text":"You may purchase your shares and view activity","page_number":23,"box":{"x":611,"y":500,"width":314,"height":10}},{"id":"09879f05-3bbe-41d1-9597-bea18861fd90","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":23,"box":{"x":461,"y":513,"width":374,"height":11}},{"id":"ecabd9d2-1641-47f9-8938-43b64ba7e5c2","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":23,"box":{"x":460,"y":527,"width":416,"height":10}},{"id":"f455af96-9d33-4660-96b4-8e6080da6941","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":23,"box":{"x":460,"y":540,"width":450,"height":11}},{"id":"6bb00998-b175-4b15-aa07-98a213ce55c0","block_type":"box","text":"day after the purchase is made.","page_number":23,"box":{"x":461,"y":554,"width":209,"height":10}},{"id":"3b7e6acc-9f31-4f66-9dff-20ab8aedcc5b","block_type":"box","text":"Certain institutional clients’ purchase orders placed by wire prior to the","page_number":23,"box":{"x":461,"y":570,"width":470,"height":10}},{"id":"ae294245-2f5b-4347-b2ed-a343de09ec96","block_type":"box","text":"close of business on the NYSE will be priced at the net asset value","page_number":23,"box":{"x":461,"y":583,"width":443,"height":11}},{"id":"8ddc5251-2f0d-4215-b8ec-592adc6c7544","block_type":"box","text":"determined that day. Contact your Financial Intermediary or BlackRock","page_number":23,"box":{"x":461,"y":597,"width":464,"height":10}},{"id":"2fa0fee5-a449-4226-8619-187dc97ff6b9","block_type":"box","text":"for further information. Limits on amounts that may be purchased via","page_number":23,"box":{"x":460,"y":611,"width":458,"height":10}},{"id":"ace8afee-20a0-462d-a241-9d1dfdf9531c","block_type":"box","text":"Internet may vary. For additional information call BlackRock at","page_number":23,"box":{"x":461,"y":624,"width":409,"height":10}},{"id":"93b8b63b-be63-4504-80fd-ba657e12b251","block_type":"box","text":"(800) 537-4942.","page_number":23,"box":{"x":461,"y":638,"width":110,"height":10}},{"id":"50954121-1279-4998-b5e5-a0139d186d89","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":23,"box":{"x":461,"y":654,"width":430,"height":8}},{"id":"6299c0a6-283e-4eae-adc5-066c877391e7","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":23,"box":{"x":460,"y":667,"width":417,"height":11}},{"id":"a1743301-b458-462e-b034-65d4d7034051","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":23,"box":{"x":461,"y":681,"width":448,"height":10}},{"id":"200a377c-d7c3-4931-8b50-0222592b3246","block_type":"box","text":"before attempting to transact online.","page_number":23,"box":{"x":461,"y":694,"width":240,"height":11}},{"id":"535e2c46-e174-4cfe-987f-d19771dc7161","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":23,"box":{"x":460,"y":710,"width":464,"height":11}},{"id":"07782a90-ac8e-4a86-a8e9-f24d2a0fdcda","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":23,"box":{"x":461,"y":724,"width":419,"height":10}},{"id":"89bde8a5-ac5b-4b78-9656-1496de5b9507","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":23,"box":{"x":460,"y":738,"width":431,"height":10}},{"id":"aecec067-c183-446b-becc-6d0163904907","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":23,"box":{"x":460,"y":751,"width":453,"height":11}},{"id":"eb8e7afb-d558-45e3-9be7-7d6a9d065ab9","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":23,"box":{"x":460,"y":765,"width":440,"height":10}},{"id":"135a69ac-860f-4697-b812-320de6cf6cc6","block_type":"box","text":"Acquire additional shares by","page_number":23,"box":{"x":213,"y":783,"width":187,"height":10}},{"id":"18a95756-3b53-4435-9750-92d871818daf","block_type":"box","text":"reinvesting dividends and","page_number":23,"box":{"x":214,"y":796,"width":166,"height":11}},{"id":"74d9d7bf-09fd-4432-a378-fc54faf6f3b8","block_type":"box","text":"capital gains","page_number":23,"box":{"x":214,"y":810,"width":82,"height":10}},{"id":"66ff57af-c762-4ad6-bf47-b72a6b4aa862","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":23,"box":{"x":460,"y":783,"width":405,"height":10}},{"id":"e1969ebd-4e20-44e7-a09d-92bbd8821b60","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":23,"box":{"x":461,"y":796,"width":429,"height":10}},{"id":"1cea5121-e4b0-4c35-9dc0-1e6f07875b89","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":23,"box":{"x":461,"y":810,"width":445,"height":10}},{"id":"488aacea-a677-4e67-af20-bf9c4fc43571","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":23,"box":{"x":461,"y":823,"width":447,"height":10}},{"id":"b740b68b-e900-4b3f-bef0-01b58f02f1bd","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":23,"box":{"x":461,"y":837,"width":468,"height":10}},{"id":"ef7191c0-7a8e-4ca5-a2fb-a32fe95014f3","block_type":"box","text":"contact your Financial Intermediary.","page_number":23,"box":{"x":461,"y":851,"width":233,"height":10}},{"id":"508ed634-f8af-47b9-9209-9b93f02016fa","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"92462419-d296-42bb-9723-afc0d3fa77f0","block_type":"box","text":"NM0926U-5977729-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"acc9e282-8721-45fb-9e13-7188430da7dd","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"3ea803c6-7144-423c-9da5-ee3e7f9d5f36","block_type":"box","text":"How to Pay for","page_number":24,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"8e60d87f-8299-4a10-92d4-19d273fadd5c","block_type":"box","text":"Shares","page_number":24,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"4af85811-99f9-4332-8852-dcf34b6b6d10","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"e9733735-5d9b-403a-99bb-b2a6382d1b30","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":24,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"c7799b9d-cf74-4cea-abbb-77923785b90f","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":24,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"70a27372-22fb-4953-a149-13a9cdfc20fd","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":24,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"d967218d-407b-4530-8920-340598a701ba","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":24,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"d35c987e-5018-4beb-a47f-30bb2a08c0df","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":24,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"7fef908f-a52b-47de-8a60-a690c498dffb","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":24,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"2349edfe-0971-4485-9985-b7070e7d6fc6","block_type":"box","text":"the Fund.","page_number":24,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"7c44d01d-d523-41ad-8c6f-dfc5799f50d9","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"f6fcc0a6-20fe-459e-88ce-1c8fdad44815","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":24,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"459fa67e-8c25-4c26-9d15-f22d2d45b5c8","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":24,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"5dd9a296-7f22-4ef0-9c90-1a837af6d7fa","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":24,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"4b474e78-7fd7-4e35-b9fb-5cb6f1eb10e5","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":24,"box":{"x":460,"y":232,"width":424,"height":11}},{"id":"0a71dda5-1686-40ac-9221-399eb5208be2","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":24,"box":{"x":461,"y":246,"width":459,"height":10}},{"id":"37a21cbc-41ca-40fd-a471-2296fdd6543b","block_type":"box","text":"of securities that are permissible investments for the respective fund. 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These procedures may vary according to the type of account","page_number":24,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"88e7fb01-6651-4b88-9cb8-0b3fa579162f","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":24,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"fa52b9b8-5d9e-4ab2-ab23-409927e60689","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":24,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"a61a85ef-6d44-4779-9f68-d4bde3ed76f2","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":24,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"0a22f15b-478c-42f7-8861-8e20cb272bfc","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":24,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"65b19fd6-ad96-4a5f-8e43-b0f7f9f99ece","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":24,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"39f3c72d-8e81-439a-b093-970049665361","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":24,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"7eef14d4-2117-4dd3-916f-55b37c625edb","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":24,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"9c3de09a-e7d2-410e-b0e1-e7b6659d13a0","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"fd15f4c3-461f-40f6-8430-adf994b36ae1","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":24,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"1952b26f-2249-4257-b12f-ab97db64f492","block_type":"box","text":"Financial Intermediary.","page_number":24,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"d09fd6ee-4e92-432c-8572-a77f5e023caa","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":24,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"5034d9e4-c22e-4dea-acba-4bdb7ff47536","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":24,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"4852c914-12de-47df-8e87-f1830891e125","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":24,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"7726e20f-8ce7-4c01-b4e5-1d49d630d2cc","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":24,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"582b4a7c-1685-4f0c-80d6-427d5627e7b3","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. Eastern","page_number":24,"box":{"x":460,"y":612,"width":467,"height":11}},{"id":"fa6d38a2-abed-4fd5-b3e3-ae2e448ddf77","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":24,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"9dd87e0a-bdab-49df-afc0-f3d7c6b126cd","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":24,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"fcec22a6-a378-4674-b189-374371ac74da","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":24,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"57dd3dda-f40f-4c3f-8deb-d159c99a602b","block_type":"box","text":"business on the next business day.","page_number":24,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"08824a74-ae4c-48a6-b8f6-004cda386302","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":24,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"8563ddd8-7be5-4feb-9bd3-108da258269e","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":24,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"d91e64a6-ce4e-4e8d-80ba-09f9d2335694","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":24,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"805d6a61-acb6-477c-9333-cc53fa57ce32","block_type":"box","text":"but in any event, within seven days.","page_number":24,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"c812cbb7-80ce-499c-aed9-c5beb9f2b795","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":24,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"5f545cdf-b407-4943-8be3-6cbe67574b14","block_type":"box","text":"redemption of shares.","page_number":24,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"0d027dd4-7d78-48af-8057-19b80907bb9b","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":24,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"fd4c8730-d3b2-41ed-a899-437377b9c229","block_type":"box","text":"circumstances.","page_number":24,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"fa7ee6d9-df40-4ae1-b6bd-bf6c7c6d15e2","block_type":"box","text":"Selling shares held","page_number":24,"box":{"x":214,"y":801,"width":125,"height":10}},{"id":"98825966-9ba7-4d09-9325-6de3cfed27ea","block_type":"box","text":"directly with BlackRock","page_number":24,"box":{"x":214,"y":814,"width":150,"height":11}},{"id":"2583c040-7ca1-4118-bc99-d49f3e810be1","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":24,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"6904c4db-2cb0-4c59-8bd3-c0b3359d8b43","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":24,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"836d1615-582d-4bd1-87d5-11fdb3480ed9","block_type":"box","text":"Redeem by Telephone","page_number":24,"box":{"x":461,"y":831,"width":146,"height":10}},{"id":"663ab3f7-daf9-4f64-94c8-f21205a631d9","block_type":"box","text":": You may sell shares held at BlackRock by","page_number":24,"box":{"x":609,"y":831,"width":282,"height":10}},{"id":"cfc80242-7732-4ced-9992-5e3e630676da","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":24,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"65469255-3a22-478d-92ae-6b31fcfb12a6","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":24,"box":{"x":460,"y":860,"width":468,"height":10}},{"id":"10645f30-af57-4de8-9bb2-26e22d73afc1","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":24,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"06fb38f0-6bd4-4ce1-8011-f5cef67805b8","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":24,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"6b3be774-a226-4f10-b227-cdaa6feb95a4","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":24,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"9c9d24e2-7cb6-4fdd-87c9-db5445d19b1c","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3d09c483-1ef2-4336-b1ea-5804550130dd","block_type":"box","text":"NM0926U-5977729-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"72d5e509-9485-46ba-b0c5-9aa8bc6be5ff","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"3c25e3a8-2109-4e65-b632-7f0bb65341f4","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"91d98597-5949-493a-90b5-7fcc4561e29a","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"e00a261c-a162-4eb1-96cd-7d64c4514653","block_type":"box","text":"Shares (continued)","page_number":25,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"687dfb4d-3b0d-474d-9ad9-5c29df440c0a","block_type":"box","text":"Selling shares held","page_number":25,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"62a34d8d-80e6-461b-b606-f7f2e3acb068","block_type":"box","text":"directly with BlackRock","page_number":25,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"96f02804-f53e-45f3-b8d5-13b26258b228","block_type":"box","text":"(continued)","page_number":25,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"deca16de-b58f-4c7c-9ea4-c0a8c3e5b0cd","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":25,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"b0846cb8-755f-4a22-8a07-27774d26cd2b","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":25,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"d64519db-6c8e-475c-9d8b-da4985f90791","block_type":"box","text":"believes it is advisable to do so.","page_number":25,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"368141ad-efcc-46c6-92b1-93511058e146","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":25,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"3f58e096-375e-4dba-8193-1f113e04648a","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":25,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"3984a96b-683f-4ffd-8724-d202f0f3e7d8","block_type":"box","text":"redemption methods below.","page_number":25,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"2f5e4bad-2b81-418e-a66e-a34f0953f9a4","block_type":"box","text":"Redeem by Internet:","page_number":25,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"a56484b9-61da-4229-a548-7fd3c7cb7825","block_type":"box","text":"You may redeem in your account by logging onto","page_number":25,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"a5f56a66-87da-4afa-aee9-ba6a1ad9ad52","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":25,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"33055f88-4166-4ecf-8ada-3992e7d0ac0b","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":25,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"0643e155-b238-4201-93c4-f263bae5e57f","block_type":"box","text":"Redeem in Writing:","page_number":25,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"0422224c-f16b-44ec-820a-abc5114c4edb","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":25,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"59ce5bf3-e5af-4215-8f0c-fa8115b23cb9","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":25,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"1a8bbd0d-7217-4368-81ef-9180097ce5c2","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":25,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"1a601789-0d8c-473b-9085-14deae51a403","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":25,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"8f7a2e1b-cdd2-47fb-b60d-f037bbca6a9b","block_type":"box","text":"medallion signature guarantee will be required.","page_number":25,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"ffbce8d1-5dbc-4c73-9ae2-1efedb33949c","block_type":"box","text":"Payment of Redemption Proceeds","page_number":25,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"5628a94c-17a0-4e3e-b9db-eee38fbd9dfa","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":25,"box":{"x":461,"y":283,"width":467,"height":10}},{"id":"f747f955-2d35-40dc-bb06-37d1020792b0","block_type":"box","text":"banking information on file, by wire transfer.","page_number":25,"box":{"x":461,"y":297,"width":289,"height":10}},{"id":"425729ac-8d8d-4b6a-b0e4-dc5a1684e2fe","block_type":"box","text":"Payment by Check:","page_number":25,"box":{"x":461,"y":313,"width":129,"height":10}},{"id":"e7ee3ccd-15d5-45d6-b247-24611ea468cc","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":25,"box":{"x":597,"y":313,"width":329,"height":10}},{"id":"049c8d2b-61b6-4993-b37f-a11dd6217c98","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":25,"box":{"x":460,"y":326,"width":430,"height":11}},{"id":"32c6604d-68ad-4dd6-b39f-955a3908f4eb","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":25,"box":{"x":461,"y":340,"width":460,"height":10}},{"id":"be3192c0-002d-4500-b495-cc9ec6541cb8","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":25,"box":{"x":461,"y":354,"width":468,"height":10}},{"id":"e530e9f0-50bb-4a8e-bac6-0121bde075b4","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":25,"box":{"x":461,"y":366,"width":467,"height":11}},{"id":"bdf2cd62-b9af-46cf-a8c4-3d006183027b","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":25,"box":{"x":461,"y":380,"width":467,"height":11}},{"id":"a4e98bc4-b230-433a-b04d-a80234ac11bc","block_type":"box","text":"charges imposed by your bank for this service.","page_number":25,"box":{"x":461,"y":394,"width":307,"height":10}},{"id":"be751fb4-d117-4a61-b8ee-06e07e78cea7","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":25,"box":{"x":460,"y":410,"width":438,"height":11}},{"id":"56d0a812-3a35-441b-83c8-60fe0e14a67f","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":25,"box":{"x":461,"y":424,"width":429,"height":10}},{"id":"0e37c68f-fe55-450b-b069-415e59f77527","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":25,"box":{"x":461,"y":437,"width":403,"height":10}},{"id":"729e039e-2c87-42dc-ab3e-5d3f0fbce7f0","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":25,"box":{"x":461,"y":451,"width":467,"height":8}},{"id":"a32aa3f7-6160-46b2-99bf-b5f6f2b32298","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":25,"box":{"x":460,"y":464,"width":456,"height":11}},{"id":"1ccb26bf-db89-4d13-bff3-981b1d189315","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":25,"box":{"x":460,"y":478,"width":402,"height":10}},{"id":"8ccd33e2-c85a-4aca-a42b-5a0ee8c2e5c4","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":25,"box":{"x":461,"y":491,"width":430,"height":11}},{"id":"969a2cfc-f50e-45f0-a71d-6e51649290f7","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":25,"box":{"x":461,"y":505,"width":465,"height":10}},{"id":"e9394ab6-78cf-46e8-88e7-b5a8a772b6f0","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":25,"box":{"x":461,"y":519,"width":473,"height":8}},{"id":"7d170a20-3a0f-4c87-9044-1636340c56e6","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":25,"box":{"x":461,"y":532,"width":456,"height":10}},{"id":"3cbdc4ea-8f45-4780-9973-ec615c5e194d","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":25,"box":{"x":461,"y":545,"width":461,"height":11}},{"id":"3c0f7042-efaf-4c80-8b5f-a4baa74c34b4","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":25,"box":{"x":460,"y":559,"width":469,"height":10}},{"id":"73429dcc-fff7-44bc-9a88-284c4ba9afb2","block_type":"box","text":"as of the date of payment of the distribution.","page_number":25,"box":{"x":461,"y":573,"width":295,"height":10}},{"id":"68493b9f-fc0c-46ae-ae3d-a90bca03e000","block_type":"box","text":"Payment by Wire Transfer:","page_number":25,"box":{"x":461,"y":589,"width":177,"height":10}},{"id":"00572c8e-467c-4fdd-88f3-2c7ec6e3f3e3","block_type":"box","text":"Payment for redeemed shares for which a","page_number":25,"box":{"x":644,"y":589,"width":275,"height":10}},{"id":"e894769b-81f5-4ada-b7c8-3a45bb440f28","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":25,"box":{"x":461,"y":602,"width":437,"height":10}},{"id":"17ff59d0-3b00-4512-96ea-9f9bb21e98b2","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":25,"box":{"x":461,"y":616,"width":471,"height":10}},{"id":"92577eee-0f45-4138-bbd6-ac64e5faeef7","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":25,"box":{"x":461,"y":629,"width":417,"height":11}},{"id":"fea73727-12bd-4405-8d45-fb157f183b13","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":25,"box":{"x":461,"y":643,"width":449,"height":10}},{"id":"7486b94f-84b1-4c80-a4da-062dfe225224","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":25,"box":{"x":461,"y":656,"width":449,"height":11}},{"id":"9ebf9802-9e98-4636-8f29-90117bfceca7","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":25,"box":{"x":461,"y":670,"width":433,"height":10}},{"id":"880e2637-93f8-4ea3-bd8f-2a0f6affe21f","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":25,"box":{"x":461,"y":683,"width":449,"height":11}},{"id":"8148461b-d9a3-40f1-88dd-df31ee0f5500","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":25,"box":{"x":461,"y":697,"width":437,"height":10}},{"id":"c651bd74-bfed-43ac-8b0f-d40422348009","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":25,"box":{"x":461,"y":710,"width":469,"height":11}},{"id":"a6ebed18-a75b-487f-b40c-270c96d7c801","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":25,"box":{"x":459,"y":724,"width":448,"height":10}},{"id":"c28dcceb-583b-4485-a9bb-f173b73844c2","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":25,"box":{"x":461,"y":738,"width":439,"height":10}},{"id":"f36b5470-feec-4dca-8b39-9108f40af7a2","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":25,"box":{"x":461,"y":751,"width":455,"height":11}},{"id":"aca77b2e-9f2c-4729-8861-c7c801d3d722","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":25,"box":{"x":461,"y":765,"width":462,"height":10}},{"id":"de30d72e-2b30-4373-8867-a59dbc159497","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":25,"box":{"x":461,"y":778,"width":448,"height":11}},{"id":"560cdd6e-8264-4365-87a6-b42e4d786a46","block_type":"box","text":"wire transfers.","page_number":25,"box":{"x":460,"y":792,"width":94,"height":8}},{"id":"e9501462-309b-4ccf-b34b-392ac98e317e","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":25,"box":{"x":460,"y":808,"width":425,"height":10}},{"id":"3a9a3b8a-dba8-40fb-a91c-c75d141937e6","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":25,"box":{"x":461,"y":821,"width":455,"height":11}},{"id":"eae67edd-e438-4b03-a507-ee095f63c592","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":25,"box":{"x":461,"y":835,"width":476,"height":10}},{"id":"c2ad82a7-ea70-474f-af51-4817e15a5a5b","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":25,"box":{"x":461,"y":849,"width":455,"height":10}},{"id":"27015744-36ab-4179-a413-85516dec4dd1","block_type":"box","text":"the back cover of this prospectus.","page_number":25,"box":{"x":460,"y":862,"width":224,"height":10}},{"id":"7c5d40a5-19af-4dd7-842f-f708ecc5a3a7","block_type":"box","text":"***","page_number":25,"box":{"x":686,"y":878,"width":25,"height":5}},{"id":"27ee1eae-dde8-4ab2-af7a-50fc81cba6c9","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f92c8a55-7136-4fbc-b2a0-bf09a987a14b","block_type":"box","text":"NM0926U-5977729-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"548333c9-80ab-4bec-b877-e857fa7e1210","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"76b9be9b-0f09-419d-a138-a6d3c4956a58","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c0a75dd5-ce0d-46b9-8216-2edcfe072cb9","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"affc0c33-3309-477d-9390-2d6d2aa11bdf","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"2de711d7-eefc-4cd3-ab08-ef0cfe5e6da3","block_type":"box","text":"Selling shares held","page_number":26,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"a0cba468-a512-4d40-8561-7c12766dd065","block_type":"box","text":"directly with BlackRock","page_number":26,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"06069e1f-8935-45a6-8116-7f5950085c03","block_type":"box","text":"(continued)","page_number":26,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"fcf45f25-c2f4-45e0-80c9-a51393de370f","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":26,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"a69505fb-1d7a-49e1-9a4d-5ef8ce3dddd8","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":26,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"85f76bc4-f2d1-424d-ae36-4e769bce9be8","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":26,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"d5eb4b44-e377-4d17-9434-0183096833f1","block_type":"box","text":"Redemption","page_number":26,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"f946325e-1f6b-4428-b7c2-a283fb3fffaf","block_type":"box","text":"Proceeds","page_number":26,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"5a539810-3296-4fdb-ac54-098018a4e26b","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":26,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"b39b20e5-da60-45af-a2a7-70687c1a1a62","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":26,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"01825f73-f38a-445e-938b-87b142efb9f0","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":26,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"2ea6a882-3b36-43b5-a740-1c44f752edb3","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":26,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"5ba09a76-0f14-418b-919c-f0b86926174c","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":26,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"6afb9794-8e46-4aca-99df-935c0fcfde87","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":26,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"857dc776-a21f-4b9b-8086-f9dce422c6dd","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":26,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"5b67e0f6-e2c0-4b45-8c11-e167748ce613","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in kind to you. The","page_number":26,"box":{"x":461,"y":212,"width":454,"height":11}},{"id":"470eec0e-457a-4708-89e5-8eed43d08333","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":26,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"57eed982-93b6-461b-9148-3e9320a0f87d","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":26,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"a4121970-e350-4493-b8be-0a11ffdf8779","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":26,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"798c7480-c4c3-488a-b5cc-b7c2e532b300","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":26,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"bcfe73fb-7010-44c8-8494-ab09ca65a989","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":26,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"e3a1c4af-c90c-49e7-91d1-aa4670bb5e8b","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":26,"box":{"x":61,"y":321,"width":415,"height":12}},{"id":"56fb5b90-1000-4db4-9e35-53fb56dbcb3e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":343,"width":478,"height":9}},{"id":"524edba0-e939-4573-8480-e67529fd96a5","block_type":"box","text":"Exchange Privilege","page_number":26,"box":{"x":61,"y":360,"width":128,"height":10}},{"id":"6ae65549-2cd8-4470-9f24-27415f87f593","block_type":"box","text":"Selling shares of one BlackRock","page_number":26,"box":{"x":214,"y":360,"width":212,"height":10}},{"id":"48fe2e50-cecd-4569-a527-0b687b3754bc","block_type":"box","text":"Fund to purchase shares of","page_number":26,"box":{"x":214,"y":373,"width":181,"height":10}},{"id":"ac502349-ba54-4627-842d-900c17281401","block_type":"box","text":"another BlackRock Fund","page_number":26,"box":{"x":214,"y":387,"width":158,"height":8}},{"id":"1b6de9d5-129d-46e0-b6ba-43433f32f884","block_type":"box","text":"(“exchanging”)","page_number":26,"box":{"x":214,"y":401,"width":95,"height":10}},{"id":"8a3549dc-660f-4171-8cdb-0444ffaa74a1","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":26,"box":{"x":461,"y":360,"width":454,"height":10}},{"id":"4b9b240d-7833-4ff0-acb5-64bc099a1357","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":26,"box":{"x":460,"y":373,"width":461,"height":10}},{"id":"61bd9e58-c87f-472c-bb8f-db6771d3c752","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":26,"box":{"x":461,"y":387,"width":465,"height":10}},{"id":"ddc00e1a-59d4-4af9-8ee6-dfadc5f448ce","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":26,"box":{"x":461,"y":400,"width":463,"height":11}},{"id":"a98216f4-b7f9-4fbd-a18b-32f13b981e62","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":26,"box":{"x":461,"y":414,"width":457,"height":10}},{"id":"a5b3ad5c-854d-4ec0-98f6-ad7603da8099","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":26,"box":{"x":461,"y":428,"width":447,"height":8}},{"id":"f51098f6-7b3e-41fa-a64e-2a6339806c73","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":26,"box":{"x":460,"y":441,"width":429,"height":10}},{"id":"0a2ecc76-226b-46a2-b962-ebf4abfc3d71","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":26,"box":{"x":461,"y":455,"width":423,"height":10}},{"id":"7d0509f7-8472-49b9-81a6-37c85aef79f3","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":26,"box":{"x":461,"y":468,"width":446,"height":11}},{"id":"8f4bc633-06b1-4ea7-96cb-a1656ed6ac2f","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":26,"box":{"x":461,"y":482,"width":430,"height":10}},{"id":"dee6b695-8f35-4caf-9acc-8f72f0a0fd92","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":26,"box":{"x":461,"y":495,"width":383,"height":10}},{"id":"f6801662-637c-49c9-950f-ea8c501ee4ca","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":26,"box":{"x":460,"y":512,"width":435,"height":10}},{"id":"67359b88-d09b-462e-a66d-4ac4aed58c3c","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":26,"box":{"x":461,"y":525,"width":406,"height":10}},{"id":"fba68f69-9a3b-47be-a0d6-c9e6943331a6","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":26,"box":{"x":461,"y":538,"width":468,"height":11}},{"id":"ebd6edb2-89eb-4a24-b980-b22e456e369c","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":26,"box":{"x":461,"y":552,"width":455,"height":10}},{"id":"70cbb08a-b21d-480b-832c-09f53bbe2055","block_type":"box","text":"your account online at www.blackrock.com or (iii) send a written request","page_number":26,"box":{"x":460,"y":566,"width":475,"height":10}},{"id":"81387359-4351-46a3-84cb-09648ffca963","block_type":"box","text":"to the Fund at the address on the back cover of this prospectus. Please","page_number":26,"box":{"x":460,"y":579,"width":475,"height":10}},{"id":"98e6c58e-0fbe-4666-bab0-f0ae531548c5","block_type":"box","text":"note, if you indicated on your new account application that you did not","page_number":26,"box":{"x":461,"y":592,"width":462,"height":11}},{"id":"7983d7bb-1af7-4cf1-b2cb-5cf5493ec142","block_type":"box","text":"want the Telephone Exchange Privilege, you will not be able to place","page_number":26,"box":{"x":460,"y":606,"width":448,"height":10}},{"id":"2727853a-5949-45e8-968f-7076ce77a27d","block_type":"box","text":"exchanges via the telephone until you update this option either in","page_number":26,"box":{"x":461,"y":620,"width":431,"height":10}},{"id":"c51e43f1-8e89-433e-8cb5-58f98817f22b","block_type":"box","text":"writing or by calling (800) 537-4942. The Fund has the right to reject","page_number":26,"box":{"x":460,"y":633,"width":454,"height":11}},{"id":"0b23e65d-fa6b-466f-a7e7-dcae99a02931","block_type":"box","text":"any telephone request for any reason.","page_number":26,"box":{"x":461,"y":647,"width":249,"height":10}},{"id":"2bb5cd6e-437b-4548-a886-8168fbb42e3e","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":26,"box":{"x":460,"y":663,"width":450,"height":10}},{"id":"f3b409b4-d2a9-4a78-8300-1537ba62883d","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":26,"box":{"x":460,"y":676,"width":473,"height":11}},{"id":"39063afa-3e4a-4e26-84a5-e1ecec01869f","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":26,"box":{"x":461,"y":690,"width":420,"height":10}},{"id":"7bc3eab5-e277-45bf-aa0f-ebad82c187e9","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":26,"box":{"x":461,"y":703,"width":439,"height":11}},{"id":"c95b7bb4-918c-4f24-b172-98ba1bdbc1c6","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":26,"box":{"x":461,"y":717,"width":460,"height":10}},{"id":"7ceff32b-a952-4c5a-b7f3-56830cc8728c","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":26,"box":{"x":461,"y":730,"width":430,"height":11}},{"id":"4ef915af-7fff-4f78-ac81-874e58db8572","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":26,"box":{"x":461,"y":744,"width":469,"height":10}},{"id":"ca0cdf77-b9fb-4b90-8d4e-6aca4a1ba5a9","block_type":"box","text":"gain or loss may be realized.","page_number":26,"box":{"x":460,"y":758,"width":188,"height":10}},{"id":"6fb90de5-4d04-481a-84f8-62972b0664e6","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":26,"box":{"x":461,"y":774,"width":457,"height":10}},{"id":"1815735b-75a4-4b77-b656-224dd30be095","block_type":"box","text":"making an exchange request.","page_number":26,"box":{"x":461,"y":787,"width":192,"height":11}},{"id":"8d601c7a-6ac0-4610-806c-e3440dd08319","block_type":"box","text":"Transfer Shares to","page_number":26,"box":{"x":60,"y":805,"width":124,"height":9}},{"id":"b4018bf4-5215-405b-8884-213f6be35002","block_type":"box","text":"Another Financial","page_number":26,"box":{"x":60,"y":817,"width":118,"height":8}},{"id":"4292ca02-d072-4b10-b527-6f1046a52f36","block_type":"box","text":"Intermediary","page_number":26,"box":{"x":61,"y":829,"width":85,"height":10}},{"id":"ce99f12b-252f-413d-aa77-59265c4795c8","block_type":"box","text":"Transfer to a participating","page_number":26,"box":{"x":213,"y":805,"width":171,"height":11}},{"id":"fb89a624-34e7-4d56-b05b-03a512aeeea8","block_type":"box","text":"Financial Intermediary","page_number":26,"box":{"x":214,"y":819,"width":145,"height":10}},{"id":"89927dba-bb27-4946-a413-7051ab6d9b30","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":26,"box":{"x":460,"y":805,"width":432,"height":11}},{"id":"8a9e7555-acc4-49a2-9221-e34b7a184a54","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":26,"box":{"x":461,"y":819,"width":441,"height":10}},{"id":"1bd363fe-fe37-4201-ac08-297cd6ca5286","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":26,"box":{"x":461,"y":832,"width":456,"height":11}},{"id":"38eb6f7c-4751-41b5-93c5-4608cba9f4f2","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":26,"box":{"x":460,"y":846,"width":407,"height":10}},{"id":"d69b07b5-f8f2-4151-a86a-324079e48cff","block_type":"box","text":"coordinated by the receiving firm. Please contact your Financial","page_number":26,"box":{"x":461,"y":859,"width":415,"height":11}},{"id":"5a22b63c-8f3f-49c8-a6ae-0449784fe940","block_type":"box","text":"Intermediary to accomplish the transfer of your Class K Shares.","page_number":26,"box":{"x":461,"y":873,"width":420,"height":10}},{"id":"20cd6d0d-0fe1-442e-96b6-84802971f774","block_type":"box","text":"Transfer to a non-participating","page_number":26,"box":{"x":213,"y":891,"width":199,"height":10}},{"id":"973e5ea5-7b14-4bc4-8ff1-d0ec9b3e9abc","block_type":"box","text":"Financial Intermediary","page_number":26,"box":{"x":214,"y":905,"width":145,"height":10}},{"id":"f3da2754-e192-48a7-ad26-b1602f7e8645","block_type":"box","text":"You must either:","page_number":26,"box":{"x":460,"y":891,"width":107,"height":8}},{"id":"56719c73-d598-4b90-9525-3f49b6f444e1","block_type":"box","text":"•","page_number":26,"box":{"x":464,"y":907,"width":3,"height":3}},{"id":"56df5f55-5630-4c45-bb80-142ef5b96bd5","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":26,"box":{"x":470,"y":904,"width":402,"height":11}},{"id":"b79ca2ef-2a7e-42bf-8a73-4a740c74d312","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c793ca52-0860-4e24-9bff-cf420c970450","block_type":"box","text":"NM0926U-5977729-26/40","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ddb00702-9a8b-4ad0-9a6b-ff506598192d","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"8f53373c-e37d-4e7f-81c0-d24134cd14b7","block_type":"box","text":"Transfer Shares to","page_number":27,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"df2349c8-729b-4ea1-bfa1-36c086c2a142","block_type":"box","text":"Another Financial","page_number":27,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"4a370198-82d7-4c98-8b12-567243a4342b","block_type":"box","text":"Intermediary","page_number":27,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"96a753f4-307d-42a7-9283-c17540007d02","block_type":"box","text":"(continued)","page_number":27,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"e30268db-8c37-4f79-9237-4c64d8113908","block_type":"box","text":"Transfer to a non-participating","page_number":27,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"5724e84f-0a27-45b2-819f-4aed2c911cf8","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"f83456e8-5884-4a41-970a-ceabc1a08a8d","block_type":"box","text":"(continued)","page_number":27,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"0fbec236-f478-4554-967a-56c49a3cafe6","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":70,"width":3,"height":3}},{"id":"1407277b-3a63-4a9b-a523-2d0c8c20248a","block_type":"box","text":"Sell your Class K Shares.","page_number":27,"box":{"x":471,"y":67,"width":166,"height":10}},{"id":"cfe49ab7-361d-49dd-b675-f7de24c846a7","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":27,"box":{"x":461,"y":83,"width":475,"height":11}},{"id":"f5cdc5b0-ae04-4d0d-a8bf-c9e1518fbf35","block_type":"box","text":"your Class K Shares.","page_number":27,"box":{"x":460,"y":97,"width":137,"height":10}},{"id":"b360d26c-7462-4172-98d3-8e312f0a17ca","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":27,"box":{"x":60,"y":132,"width":815,"height":13}},{"id":"68474b29-673f-4d6a-9eb2-cc51096b972a","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":27,"box":{"x":60,"y":149,"width":467,"height":13}},{"id":"358beac3-3a58-4df1-b7db-747dd6764655","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":27,"box":{"x":62,"y":171,"width":872,"height":11}},{"id":"8601ec78-d7f5-4ca2-a843-12bff5cb7d5b","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":27,"box":{"x":61,"y":185,"width":814,"height":12}},{"id":"91fbfd36-40b5-4f68-94f9-9fdb5f56f823","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":27,"box":{"x":62,"y":200,"width":826,"height":12}},{"id":"d9acfc68-9c24-41cb-8f95-204e720bef7f","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":27,"box":{"x":62,"y":215,"width":836,"height":12}},{"id":"74935290-ac51-4428-b66c-d0bf6a73e5d9","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":27,"box":{"x":60,"y":230,"width":861,"height":12}},{"id":"e1d2d9f1-3279-4056-8d36-82650f99659e","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":27,"box":{"x":61,"y":245,"width":875,"height":11}},{"id":"e42a7873-4762-48a0-add9-b3e73287d126","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":27,"box":{"x":61,"y":260,"width":853,"height":11}},{"id":"31561ab9-a235-4aa2-b8ca-07c7bed35d12","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":27,"box":{"x":61,"y":274,"width":862,"height":12}},{"id":"0c15fceb-ca99-4215-aaea-c158a6ce758c","block_type":"box","text":"they are so accepted.","page_number":27,"box":{"x":60,"y":290,"width":158,"height":11}},{"id":"98d36e24-1361-4554-8114-35672a9f1412","block_type":"box","text":"Fund’s Rights","page_number":27,"box":{"x":61,"y":328,"width":124,"height":14}},{"id":"ea0a692c-900f-4738-a75b-0d301c5adfd2","block_type":"box","text":"The Fund may:","page_number":27,"box":{"x":60,"y":355,"width":106,"height":11}},{"id":"81d97a25-4633-4088-975b-ada82495c895","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":27,"box":{"x":81,"y":374,"width":840,"height":12}},{"id":"ffe8fc26-e2fe-4632-b902-db57f2491d49","block_type":"box","text":"described in the Investment Company Act;","page_number":27,"box":{"x":81,"y":389,"width":308,"height":12}},{"id":"5ab64e15-c21f-469e-bc3d-23c1d6feb270","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":27,"box":{"x":81,"y":409,"width":789,"height":12}},{"id":"b908dd40-badf-404a-8cec-32baca353e3c","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":27,"box":{"x":81,"y":424,"width":850,"height":12}},{"id":"9b64f0d6-180d-4239-a714-890efce7e666","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":27,"box":{"x":82,"y":439,"width":368,"height":11}},{"id":"9eef31f1-5135-4b6d-a562-6a2b75ab32c6","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":27,"box":{"x":82,"y":459,"width":781,"height":11}},{"id":"f5891fa8-65ed-49ff-95ef-3d059271a1b2","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":27,"box":{"x":82,"y":479,"width":798,"height":11}},{"id":"b91d4519-e2c3-449f-9d76-2629027fd965","block_type":"box","text":"specified level.","page_number":27,"box":{"x":81,"y":494,"width":108,"height":11}},{"id":"320be162-72f4-4612-8650-f505d2205231","block_type":"box","text":"Note on Low Balance Accounts.","page_number":27,"box":{"x":61,"y":516,"width":239,"height":9}},{"id":"1d9eb19e-5738-4fa8-8a93-7cff6a02424f","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":27,"box":{"x":307,"y":516,"width":600,"height":12}},{"id":"da5b1596-5f02-40ec-ae6f-602dda8e2756","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":27,"box":{"x":61,"y":530,"width":854,"height":12}},{"id":"0170bd7c-0a06-43e5-8b1e-b3095beeb27d","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":27,"box":{"x":61,"y":545,"width":837,"height":12}},{"id":"be83d1db-2039-4320-93a9-5fb2f9093d5b","block_type":"box","text":"reason, including market fluctuation.","page_number":27,"box":{"x":61,"y":561,"width":267,"height":11}},{"id":"c7cc23f7-9a33-4673-b6b8-4f85719f360e","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":27,"box":{"x":60,"y":583,"width":799,"height":12}},{"id":"e0753ff4-15be-40e3-8913-2766576adcf0","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":27,"box":{"x":62,"y":598,"width":796,"height":11}},{"id":"6c80ec74-e8fa-4fbd-b268-512ad0444e9b","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":27,"box":{"x":62,"y":612,"width":800,"height":12}},{"id":"32531601-3db0-4769-b511-7d6b76f13771","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":27,"box":{"x":61,"y":628,"width":859,"height":11}},{"id":"a2ce3552-efc6-46b4-8942-b9296327f31f","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":27,"box":{"x":61,"y":642,"width":868,"height":12}},{"id":"5b5ed9e6-835a-4b8f-a25c-abb65914b645","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":27,"box":{"x":61,"y":657,"width":420,"height":12}},{"id":"b74172f9-87e8-4bec-bc9e-f34d780e3ed8","block_type":"box","text":"Short-Term Trading Policy","page_number":27,"box":{"x":61,"y":696,"width":232,"height":14}},{"id":"e26bc84d-be67-431c-b471-0668f97b3a2f","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":27,"box":{"x":60,"y":722,"width":790,"height":12}},{"id":"5ab68017-e9ed-41b2-9520-4ef0e4022b44","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":27,"box":{"x":62,"y":737,"width":853,"height":12}},{"id":"781f6e27-54e5-4b76-9dd7-506dd41e9e36","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":27,"box":{"x":60,"y":752,"width":863,"height":12}},{"id":"8dadde5b-eb05-45ee-83ea-02cd0b216163","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege is not","page_number":27,"box":{"x":61,"y":767,"width":828,"height":11}},{"id":"3974f749-2c86-4622-857b-5e827ddb5ff4","block_type":"box","text":"intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may interfere with","page_number":27,"box":{"x":62,"y":782,"width":826,"height":11}},{"id":"b10db7ed-a077-4b3c-bb42-c5559a85563e","block_type":"box","text":"portfolio management, increase expenses and taxes and may have an adverse effect on the performance of the Fund","page_number":27,"box":{"x":62,"y":797,"width":864,"height":11}},{"id":"3c97d3dc-9d86-409f-9276-537ef333831f","block_type":"box","text":"and its returns to shareholders. For example, large flows of cash into and out of the Fund may require the","page_number":27,"box":{"x":61,"y":811,"width":776,"height":12}},{"id":"4e4637b0-3bb5-4d61-964b-a7f881d9b274","block_type":"box","text":"management team to allocate a significant amount of assets to cash or other short-term investments or sell","page_number":27,"box":{"x":61,"y":826,"width":796,"height":12}},{"id":"d6705110-9348-4ab3-ac1a-96808dd27a97","block_type":"box","text":"securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment objective.","page_number":27,"box":{"x":61,"y":841,"width":831,"height":12}},{"id":"255886a5-8d6b-408f-b707-b53dfad9250b","block_type":"box","text":"Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such as","page_number":27,"box":{"x":62,"y":856,"width":811,"height":11}},{"id":"5179d168-19a3-448e-92fe-62aafa811f46","block_type":"box","text":"brokerage commissions, can reduce the Fund’s performance.","page_number":27,"box":{"x":61,"y":871,"width":451,"height":11}},{"id":"119e1d5a-3324-45d9-943f-c398853d0809","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":27,"box":{"x":60,"y":893,"width":873,"height":12}},{"id":"186d40f5-b689-4791-96f3-1d63746ed74f","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":27,"box":{"x":61,"y":908,"width":872,"height":12}},{"id":"fc1c37b4-46b1-4f43-b6de-ba5b9e606e75","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"b17a880b-0bdd-4e6c-8000-c7066725e8d9","block_type":"box","text":"NM0926U-5977729-27/40","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"42e90e42-cea9-4072-a4f3-a6e7f563b4fb","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":28,"box":{"x":61,"y":46,"width":865,"height":11}},{"id":"b2346bd3-ff50-4007-baeb-cd3bc9e0e140","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":28,"box":{"x":61,"y":60,"width":817,"height":12}},{"id":"2afab41d-1a6e-4cad-b993-6dd03f893643","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":28,"box":{"x":61,"y":75,"width":818,"height":12}},{"id":"401bee26-51c1-4d7e-b6bf-218b524bb3df","block_type":"box","text":"therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the","page_number":28,"box":{"x":60,"y":90,"width":865,"height":12}},{"id":"8bfd354f-64d0-47bc-a621-e5035ffbb520","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":28,"box":{"x":61,"y":105,"width":829,"height":12}},{"id":"4988a0aa-1d10-4f82-8ddf-af43fd3a6246","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":28,"box":{"x":62,"y":120,"width":671,"height":11}},{"id":"07684884-cad4-4f78-b06c-40ecb2aff508","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":28,"box":{"x":60,"y":142,"width":869,"height":12}},{"id":"1c31fd3c-abee-4460-9277-4f59387bf768","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":28,"box":{"x":60,"y":157,"width":839,"height":12}},{"id":"7a6a54d4-fd6e-46d4-9c29-8d9100100562","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":28,"box":{"x":61,"y":172,"width":869,"height":12}},{"id":"fcb22fa9-e9ef-4f63-9f6c-2919f13b6128","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":28,"box":{"x":61,"y":187,"width":870,"height":11}},{"id":"d007ef73-ce22-4d8c-8f51-75d4d44ca368","block_type":"box","text":"Fund or its shareholders.","page_number":28,"box":{"x":62,"y":202,"width":181,"height":9}},{"id":"895bb9cf-b687-489f-a066-2db35fb0f4d7","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third-party, or","page_number":28,"box":{"x":62,"y":224,"width":795,"height":12}},{"id":"c90d35a7-d3d0-4b02-8998-30f8cf603664","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":28,"box":{"x":61,"y":239,"width":860,"height":12}},{"id":"409247c4-8ae0-4f5a-95b7-1b12bdc928fa","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":28,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"82d84b34-310a-4192-a37f-d2ae7c141b4a","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":28,"box":{"x":62,"y":269,"width":858,"height":11}},{"id":"de5fc794-4b98-44df-83ad-99d760e5e416","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":28,"box":{"x":61,"y":283,"width":866,"height":12}},{"id":"0728868a-9f49-4a1a-b818-f60d8d38a907","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":28,"box":{"x":61,"y":298,"width":829,"height":12}},{"id":"da615b58-dbd0-4018-b25f-4c294db498ce","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":28,"box":{"x":62,"y":313,"width":862,"height":12}},{"id":"75e332b9-d840-4e73-9510-9940c3163366","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":28,"box":{"x":61,"y":328,"width":849,"height":11}},{"id":"8f6a086c-fc94-47e9-92e8-007e72e1b7a3","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":28,"box":{"x":61,"y":343,"width":866,"height":11}},{"id":"d117bafb-8a4b-496d-aca1-a457b9eb76c9","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":28,"box":{"x":60,"y":358,"width":806,"height":11}},{"id":"efd53391-3576-4835-abcf-64f94b0062dc","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":28,"box":{"x":61,"y":372,"width":804,"height":12}},{"id":"ac24cb2b-68a9-4954-a868-a8e987534a64","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":28,"box":{"x":61,"y":387,"width":849,"height":12}},{"id":"f5ee7417-e9ac-413f-b914-a440977ac59e","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":28,"box":{"x":61,"y":402,"width":875,"height":12}},{"id":"7d7191d7-336a-4d04-8ddb-89bac34b4bc9","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":28,"box":{"x":62,"y":417,"width":869,"height":11}},{"id":"dce32ac3-c041-40df-829a-1b9c39941b86","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":28,"box":{"x":61,"y":432,"width":845,"height":11}},{"id":"c5be053a-b1f5-40e7-83b7-6abfc2b2e76e","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":28,"box":{"x":62,"y":447,"width":868,"height":11}},{"id":"fca15826-f2e7-431a-b3c0-09ad1ff6d0e6","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":28,"box":{"x":61,"y":462,"width":861,"height":11}},{"id":"90742241-2565-4a57-8ec6-2215526e379f","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":28,"box":{"x":61,"y":476,"width":868,"height":12}},{"id":"982f3f0c-5008-4551-ac6b-11a7d1ad1293","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":28,"box":{"x":60,"y":491,"width":847,"height":12}},{"id":"33bf7a42-b025-4a3f-a365-8bf3971f1a99","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":28,"box":{"x":60,"y":506,"width":837,"height":11}},{"id":"337be51a-c773-4c2a-9257-d9ef0c7010e7","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":28,"box":{"x":61,"y":521,"width":663,"height":11}},{"id":"06bd54bc-509b-41a6-8842-cfe2b1e3457a","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":28,"box":{"x":60,"y":544,"width":824,"height":11}},{"id":"7b0c597a-7d63-4aa6-9c21-1b9edd52002d","block_type":"box","text":"deemed abusive.","page_number":28,"box":{"x":61,"y":558,"width":123,"height":9}},{"id":"2b1027ec-011c-4e35-8245-14802021f937","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":28,"box":{"x":60,"y":581,"width":841,"height":11}},{"id":"6efd6655-1210-4b4f-a7e6-089e286d3a5f","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":28,"box":{"x":60,"y":596,"width":572,"height":11}},{"id":"40d29069-d714-4006-9c8b-03ade018ccfa","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"42229667-eeb8-4353-8b5c-50479fae7fe0","block_type":"box","text":"NM0926U-5977729-28/40","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3034a92e-46f7-4904-a4b6-ce17ab792082","block_type":"box","text":"Management of the Fund","page_number":29,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"d8543718-12df-4a9e-914d-6d46efd09611","block_type":"box","text":"BlackRock","page_number":29,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"7122cd01-ed1b-498b-a905-5e4a7139f23b","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":29,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"8e71e813-92f6-4542-bfba-23a57532c130","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":29,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"185c8807-b566-459b-8ffd-81d0c5273d52","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":29,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"04658684-f25c-485f-8e66-b110841931af","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":29,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"9aef9b11-908c-4f9e-bae7-8fed43e85dd5","block_type":"box","text":"BlackRock, Inc.","page_number":29,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"3eb88660-00e1-488f-bb19-480663b35aa7","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":29,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"fb0cd37e-071f-45d3-b547-299869b44c8c","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":29,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"58886172-c5c4-403d-b2ec-f60d512ce685","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":29,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"4646954f-4f4c-475c-b77e-5bb0d01d257b","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to a management agreement (the “Management Agreement”).","page_number":29,"box":{"x":62,"y":317,"width":839,"height":11}},{"id":"52f542ff-4c44-4efc-8a39-57a0b353029a","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable monthly. The","page_number":29,"box":{"x":61,"y":331,"width":824,"height":12}},{"id":"5f186a37-7793-49f0-a038-1af206854b3a","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":29,"box":{"x":61,"y":346,"width":853,"height":12}},{"id":"028e607a-a85f-4348-81b6-ba38c30c9d5f","block_type":"box","text":"calculated as follows:","page_number":29,"box":{"x":61,"y":361,"width":157,"height":9}},{"id":"818b84f0-eca8-424f-b43d-a4f835844fa5","block_type":"box","text":"Average Daily Net Assets","page_number":29,"box":{"x":69,"y":389,"width":151,"height":9}},{"id":"a8668fe9-c20d-43a1-8e21-9e3f1b5df4b9","block_type":"box","text":"Management Fee Rate","page_number":29,"box":{"x":780,"y":389,"width":137,"height":9}},{"id":"4dc89334-c8ae-4bf7-87ee-b42a3f0be4c8","block_type":"box","text":"First $1 billion","page_number":29,"box":{"x":70,"y":406,"width":92,"height":9}},{"id":"bd36f78e-96c2-4d11-a3cb-85adfd8bab3c","block_type":"box","text":"0.45%","page_number":29,"box":{"x":833,"y":406,"width":41,"height":9}},{"id":"aa28766f-5adf-4550-8b53-8c0e0730afbf","block_type":"box","text":"$1 billion – $3 billion","page_number":29,"box":{"x":70,"y":424,"width":138,"height":9}},{"id":"7e6ab02d-8181-4f23-8de5-38c88bdb5a38","block_type":"box","text":"0.42%","page_number":29,"box":{"x":833,"y":424,"width":41,"height":9}},{"id":"41d7f1e2-783a-4c06-a6d5-70bc6449607c","block_type":"box","text":"$3 billion – $5 billion","page_number":29,"box":{"x":70,"y":442,"width":138,"height":9}},{"id":"695b40ea-564b-4b1c-962b-d6ac3a2a4fae","block_type":"box","text":"0.41%","page_number":29,"box":{"x":833,"y":442,"width":41,"height":9}},{"id":"77faec57-b976-4439-973d-0a305ffd991b","block_type":"box","text":"$5 billion – $10 billion","page_number":29,"box":{"x":70,"y":460,"width":147,"height":9}},{"id":"944d3228-7cb4-4eab-b1e1-0452a194bf93","block_type":"box","text":"0.39%","page_number":29,"box":{"x":833,"y":460,"width":41,"height":9}},{"id":"ec499c4a-f292-4a23-8c66-8b83dd0af80e","block_type":"box","text":"Greater than $10 billion","page_number":29,"box":{"x":69,"y":478,"width":157,"height":9}},{"id":"4eb821f6-57ee-4020-b9ea-6dcadaddc301","block_type":"box","text":"0.38%","page_number":29,"box":{"x":833,"y":479,"width":41,"height":8}},{"id":"a9fae95c-0219-4e59-bdb0-6203200bf1be","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":29,"box":{"x":62,"y":510,"width":840,"height":12}},{"id":"993b8c67-3d49-44f3-b735-7e896e9ef352","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":29,"box":{"x":61,"y":525,"width":824,"height":12}},{"id":"6980b41d-3e41-47ea-900e-fe0300367989","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":29,"box":{"x":62,"y":540,"width":843,"height":12}},{"id":"cb602e0d-7bd4-4b80-afbf-7a383aff5e15","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":29,"box":{"x":61,"y":555,"width":851,"height":11}},{"id":"d8987c07-a43a-434f-ae1d-8b63e9fcf84b","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":29,"box":{"x":62,"y":570,"width":808,"height":11}},{"id":"c66b8205-5177-4e19-bfca-b6c5a2d5d107","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. 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The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":31,"box":{"x":61,"y":328,"width":866,"height":12}},{"id":"c4b61779-740f-4fb0-a675-a67fde0f9551","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":31,"box":{"x":62,"y":343,"width":444,"height":11}},{"id":"beaeb00b-6584-451e-ab53-6e21b2d5b675","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":31,"box":{"x":60,"y":365,"width":862,"height":12}},{"id":"4841c115-e027-4ff2-8fd4-5c4db4bf1f28","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":31,"box":{"x":60,"y":380,"width":567,"height":12}},{"id":"03435993-a388-4341-9680-20508d35cf46","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":31,"box":{"x":62,"y":403,"width":851,"height":11}},{"id":"f47788d7-2904-4961-a9e8-5eb6c52edbef","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":31,"box":{"x":60,"y":418,"width":864,"height":11}},{"id":"e8d5f2b4-a6d9-4f83-b761-e95f845d6d62","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":31,"box":{"x":60,"y":432,"width":865,"height":12}},{"id":"11085adb-729a-4b1d-94e9-46f9f0a5c092","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":31,"box":{"x":60,"y":447,"width":834,"height":12}},{"id":"9dc40845-fcd0-498a-8be5-4ab7982791ed","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":31,"box":{"x":61,"y":462,"width":815,"height":12}},{"id":"4de070a3-39cd-4d41-84fc-bc6e8397bee0","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":31,"box":{"x":62,"y":485,"width":802,"height":11}},{"id":"a248fbdf-644b-4299-8d86-46e23b7c06e7","block_type":"box","text":"employees or clients have an adverse interest. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":31,"box":{"x":62,"y":753,"width":870,"height":11}},{"id":"ca6f1706-8a8d-4bd8-b019-9aeaf44064a5","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":31,"box":{"x":60,"y":768,"width":545,"height":11}},{"id":"d8e0bf73-21f1-4cc4-ab1b-5f7744f000a0","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":31,"box":{"x":60,"y":790,"width":837,"height":12}},{"id":"2dc968fa-4b48-4a37-beed-eacb1e56ab94","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":31,"box":{"x":61,"y":805,"width":865,"height":12}},{"id":"0f3ddb3d-e954-42e5-9b7d-d55f45bfe0a4","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":31,"box":{"x":62,"y":820,"width":819,"height":11}},{"id":"40756dcb-eded-4c23-8be3-73ca5fe6eca8","block_type":"box","text":"Valuation of Fund Investments","page_number":31,"box":{"x":63,"y":859,"width":271,"height":11}},{"id":"0e6f18e5-e530-4e8f-b490-d6bb0eb3c2d1","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":31,"box":{"x":60,"y":885,"width":849,"height":11}},{"id":"8791b52e-3e07-43af-a03b-e850344b2959","block_type":"box","text":"asset value, minus any applicable redemption fee. 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The net asset value of each class of shares","page_number":31,"box":{"x":61,"y":915,"width":821,"height":11}},{"id":"1976d779-947b-480f-b836-dd8acff7d43f","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"142e0a2a-b78c-44e7-b58e-e5f842915536","block_type":"box","text":"NM0926U-5977729-31/40","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"082462eb-28c4-49e9-8ee0-80441e5bde3f","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":32,"box":{"x":61,"y":46,"width":866,"height":11}},{"id":"60db5f27-18f5-48fc-a300-bd8237ec9dc2","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":32,"box":{"x":60,"y":60,"width":831,"height":12}},{"id":"679ef6d0-e909-464d-882c-e7698c8b0669","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":32,"box":{"x":61,"y":75,"width":843,"height":12}},{"id":"530ed5a4-c83a-42b0-8f0e-8bae34940073","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":32,"box":{"x":60,"y":90,"width":876,"height":12}},{"id":"7344866d-48af-45b9-bb21-cc15688be8fb","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":32,"box":{"x":61,"y":105,"width":868,"height":12}},{"id":"02363692-8e75-44de-b2ae-9b883573d38e","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":32,"box":{"x":61,"y":120,"width":825,"height":11}},{"id":"637a692b-2e93-4223-9dff-863a50916787","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":32,"box":{"x":61,"y":135,"width":430,"height":11}},{"id":"777a89f1-c331-4403-a0a1-d14673bf460e","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":32,"box":{"x":60,"y":157,"width":844,"height":12}},{"id":"49e19e0e-9738-45ea-98e8-e0242b5e37f1","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":32,"box":{"x":60,"y":172,"width":837,"height":12}},{"id":"56da50a3-71d6-43c3-89f1-7439a09e87a3","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":32,"box":{"x":62,"y":187,"width":464,"height":11}},{"id":"5931b469-f79f-458a-a187-f3ce0b99c83f","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":32,"box":{"x":62,"y":210,"width":863,"height":11}},{"id":"ddf8145f-fad9-4ed8-9013-6e6c84e7cdad","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":32,"box":{"x":60,"y":224,"width":858,"height":12}},{"id":"9d210533-2ea5-42c7-8030-ed005dd89f09","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":32,"box":{"x":62,"y":239,"width":863,"height":12}},{"id":"75f8c6ee-7d42-4579-9608-66df13f2fe02","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":32,"box":{"x":61,"y":254,"width":852,"height":11}},{"id":"7174d13e-a93d-4943-b323-39d617cc800e","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. 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Pricing services may use valuation models that utilize","page_number":32,"box":{"x":61,"y":336,"width":868,"height":11}},{"id":"df48f547-2816-4362-810c-0ae2db0af7a9","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":32,"box":{"x":61,"y":351,"width":842,"height":11}},{"id":"4f2ad62e-9c5f-4f6b-98a9-d46f1986f2c3","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":32,"box":{"x":61,"y":365,"width":853,"height":12}},{"id":"caaf744b-e248-476c-af0c-0539cd18921e","block_type":"box","text":"odd lot sizes. 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The","page_number":32,"box":{"x":61,"y":395,"width":822,"height":11}},{"id":"be6355d6-e442-4849-aa96-9e9e613d048f","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":32,"box":{"x":61,"y":410,"width":845,"height":11}},{"id":"183faad9-eb91-429c-8d20-27fc52b7d944","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":32,"box":{"x":61,"y":425,"width":733,"height":11}},{"id":"2183b552-610b-4085-a2bc-706ad1f1323c","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":32,"box":{"x":61,"y":447,"width":829,"height":12}},{"id":"22374ca3-010c-4ddf-9294-93f71b9ba757","block_type":"box","text":"regular trading hours of the NYSE. 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BlackRock may conclude that a market","page_number":32,"box":{"x":60,"y":529,"width":858,"height":11}},{"id":"e9b18ca9-d4a9-4f16-b85c-a8d30d8561b3","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":32,"box":{"x":61,"y":544,"width":844,"height":11}},{"id":"c23d85ae-25e9-449c-95ff-320f36f0b50d","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":32,"box":{"x":61,"y":559,"width":845,"height":11}},{"id":"5d09fbf6-bcbe-4ed6-88d0-874523e840bd","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":32,"box":{"x":61,"y":574,"width":841,"height":11}},{"id":"e59aab4a-0559-4b3a-95ec-a49fe637ff40","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":32,"box":{"x":60,"y":588,"width":820,"height":12}},{"id":"2c195871-4408-4646-b558-67752e5ce04e","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. 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The fair value of an asset or","page_number":32,"box":{"x":62,"y":737,"width":825,"height":12}},{"id":"6492ea0a-0180-4d49-8cef-a93c01a4242f","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":32,"box":{"x":62,"y":752,"width":871,"height":12}},{"id":"9890c29a-e983-4c37-8b73-a48a4af00399","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. 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The Fund will be","page_number":32,"box":{"x":60,"y":819,"width":830,"height":12}},{"id":"306e3084-c465-4f25-bfdd-bef234568e3b","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":32,"box":{"x":61,"y":834,"width":848,"height":12}},{"id":"b5f6680a-13b8-4ac2-a4ec-1861490c5440","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":32,"box":{"x":61,"y":849,"width":868,"height":11}},{"id":"ba936eb7-bdac-4837-b085-44dcb9eab302","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":32,"box":{"x":61,"y":864,"width":856,"height":11}},{"id":"872a0bd1-1276-42fc-a45c-dc5a363d553c","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6c8898f4-bbd2-4154-8235-13ea69c89b6f","block_type":"box","text":"NM0926U-5977729-32/40","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c7be2f7d-5875-42e1-b02d-24e1a7c817bc","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":33,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"534d7334-a6b0-42e7-9a3d-31a1e2fd1683","block_type":"box","text":"BUYING A DIVIDEND","page_number":33,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"d560fe64-fc57-4a9c-ad1a-bd1441a755cd","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":33,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"3f42e834-2ff2-4306-b057-b959a715fb8d","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":33,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"bf135da8-a5a3-4afb-a328-cdd9ea58215f","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":33,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"6cb37440-6aee-46fc-82f3-3f2aa4a0c551","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":33,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"821e3829-18bd-4033-ab3b-27c97efbd360","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":33,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"90663ccb-df59-4ab6-b6c6-2b9cd0ce1ed0","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":33,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"9932c939-2656-4af6-b135-39c86fef6fea","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you would like to","page_number":33,"box":{"x":61,"y":225,"width":863,"height":11}},{"id":"1f79d058-d340-42dd-8f9b-d69bcba43d80","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":33,"box":{"x":61,"y":240,"width":543,"height":11}},{"id":"c82af154-f54d-43cb-8362-2989c9d73e51","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":33,"box":{"x":60,"y":262,"width":856,"height":12}},{"id":"0520f294-c93a-4fe8-b413-4fc474876c5a","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":33,"box":{"x":60,"y":277,"width":692,"height":11}},{"id":"7fe88639-5c01-4e73-8bc2-111d22822548","block_type":"box","text":"Investments Through a Qualified Plan","page_number":33,"box":{"x":62,"y":300,"width":272,"height":11}},{"id":"740204ec-1ecd-4146-bac8-c4339dc361a4","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":33,"box":{"x":61,"y":322,"width":864,"height":12}},{"id":"20c0c14d-f3ec-4e91-a809-ed8316e6ce25","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":33,"box":{"x":62,"y":337,"width":851,"height":11}},{"id":"09d6a4c1-fad5-4502-ba1d-f71e5a45674e","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":33,"box":{"x":60,"y":352,"width":875,"height":11}},{"id":"3092e96b-5cd9-435d-a225-5052486450d9","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":33,"box":{"x":61,"y":367,"width":841,"height":11}},{"id":"c0bb3291-e3d3-4265-85bc-23ee817c90b1","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":33,"box":{"x":60,"y":381,"width":455,"height":12}},{"id":"caed380c-f2bb-4714-ae5e-51ea13b3f34b","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":33,"box":{"x":62,"y":404,"width":344,"height":12}},{"id":"ad63844e-8c73-4eef-896a-f54d3c4db7f6","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":33,"box":{"x":62,"y":427,"width":831,"height":11}},{"id":"c20e7fb3-ce2b-4e65-b500-b7092f34ace8","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":33,"box":{"x":61,"y":441,"width":847,"height":12}},{"id":"ab60edea-293a-44bd-9534-eeda146f7296","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":33,"box":{"x":60,"y":456,"width":851,"height":12}},{"id":"aaaaf225-f4da-476d-9b51-6f8c236e1686","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":33,"box":{"x":61,"y":471,"width":859,"height":11}},{"id":"70295e6d-8f70-4165-af46-2a035abee1c7","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":33,"box":{"x":61,"y":486,"width":863,"height":11}},{"id":"c6476003-1d67-4585-86ce-fa58f1359ee3","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":33,"box":{"x":60,"y":501,"width":875,"height":11}},{"id":"c6c2f761-bd91-4cdd-a02c-3447661bd2b9","block_type":"box","text":"inflation.","page_number":33,"box":{"x":62,"y":516,"width":61,"height":9}},{"id":"10190f4c-bf16-4dca-bbee-ca9313fc3244","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":33,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"6e300cd8-6209-470b-917f-44472bbbfeed","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":33,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"15d998a6-834f-4526-9d4a-2f7c1970adb4","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":33,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"b523be8d-890d-41ce-8ca5-bd439d10431b","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":33,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"99c7ecca-4067-4ce0-a2ee-0d711e1208ef","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":33,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"db7f7dd1-37a5-4149-af58-0f45d268c7a6","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":33,"box":{"x":62,"y":628,"width":326,"height":11}},{"id":"bbddaa10-385f-4fdf-8bdf-3ded16fe96d2","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":33,"box":{"x":62,"y":650,"width":864,"height":12}},{"id":"aa985e4f-69c4-4c0b-b6ea-7fcb37b38fa8","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":33,"box":{"x":62,"y":665,"width":856,"height":12}},{"id":"eaa8b1ea-9c02-414f-9fad-67ee1a12ba02","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":33,"box":{"x":62,"y":680,"width":857,"height":11}},{"id":"54cf611d-eeb2-4e75-8609-257daaa15151","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":33,"box":{"x":61,"y":695,"width":862,"height":11}},{"id":"d94f698a-8aef-4843-b0bd-f2b2b8e2d843","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":33,"box":{"x":61,"y":710,"width":770,"height":11}},{"id":"d3f42051-6065-4861-a663-0ef97d798426","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":33,"box":{"x":61,"y":732,"width":868,"height":12}},{"id":"f3e03408-81ab-468d-8886-cebc36ab71c2","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":33,"box":{"x":60,"y":747,"width":808,"height":12}},{"id":"c477fb73-07a8-4329-9397-53cb8bfe49f4","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":33,"box":{"x":60,"y":762,"width":874,"height":11}},{"id":"cf6f89fa-2a12-4408-9a3e-a53a44308036","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":33,"box":{"x":62,"y":777,"width":789,"height":11}},{"id":"a347aee7-c2ac-444b-8e19-ea114371297e","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":33,"box":{"x":62,"y":791,"width":858,"height":12}},{"id":"2005ab1f-2e66-4d37-8720-f40338527338","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":33,"box":{"x":61,"y":806,"width":865,"height":12}},{"id":"c955cb71-b3ad-4250-8c03-89b78a12bcb6","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":33,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"fd4003cb-7928-4d25-81f8-6965ccca9852","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":33,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"0e038a99-fedc-4da3-90b5-80df9387a8d1","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":33,"box":{"x":60,"y":858,"width":855,"height":12}},{"id":"66e38459-42a0-4550-a9c7-8af13741b283","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":33,"box":{"x":61,"y":873,"width":832,"height":12}},{"id":"803a7cde-9886-4403-a45a-64a6ea2ea1e7","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":33,"box":{"x":62,"y":888,"width":383,"height":11}},{"id":"f5ff1cdc-920f-47d5-9f69-a9805b61f3ff","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"b30e6dd6-2af4-4bf5-9b86-d0db4bc85796","block_type":"box","text":"NM0926U-5977729-33/40","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"49bd5cb4-167f-499b-8eb1-dbd16e4180a8","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":34,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"8f6ae9dd-d163-4e85-b7d5-5d925e04bdad","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":34,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"64b13e1a-64d0-4672-9b72-e96af57aab60","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":34,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"931f1d05-7b98-44d1-b28f-2bad3f207a65","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP, whose","page_number":34,"box":{"x":61,"y":120,"width":840,"height":11}},{"id":"c245bd71-b165-4d74-b581-ad90bf4843be","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":34,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"e7461ccf-75d2-4af3-8b78-c23b7bd1882e","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which are","page_number":34,"box":{"x":60,"y":149,"width":813,"height":12}},{"id":"5770bc85-dd8d-419e-87a0-9a18062a7df2","block_type":"box","text":"available upon request and at www.blackrock.com.","page_number":34,"box":{"x":61,"y":165,"width":370,"height":10}},{"id":"80e81f59-1ee4-421c-be83-8167ccf59ed0","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":34,"box":{"x":557,"y":185,"width":262,"height":9}},{"id":"5990fd71-188b-40fa-8578-e9a2805b210a","block_type":"box","text":"Class K","page_number":34,"box":{"x":665,"y":201,"width":46,"height":7}},{"id":"ad13209d-a68e-4ca0-be5c-ba9a7dfd8f6b","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":34,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"b86cbc2e-0d41-4fea-b3ec-e3e7861b321f","block_type":"box","text":"Year Ended","page_number":34,"box":{"x":455,"y":217,"width":66,"height":7}},{"id":"18c17ea9-c2bf-4497-a32f-445353ea39f1","block_type":"box","text":"05/31/26","page_number":34,"box":{"x":456,"y":227,"width":64,"height":9}},{"id":"72b4fc5d-a5b4-4d5d-bbe1-46069eacc203","block_type":"box","text":"Year 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Ended","page_number":34,"box":{"x":857,"y":217,"width":66,"height":7}},{"id":"825f0d1a-8938-440a-ae6e-15929983624f","block_type":"box","text":"05/31/22","page_number":34,"box":{"x":859,"y":227,"width":63,"height":9}},{"id":"6246c661-e250-4f74-8f37-b21172f63b0e","block_type":"box","text":"Net asset value, beginning of year","page_number":34,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"cc29a270-03e7-4d9e-8364-9f3e5fc9ad40","block_type":"box","text":"$ 17.28 $ 17.37 $ 14.07 $ 15.36 $ 20.73","page_number":34,"box":{"x":453,"y":244,"width":467,"height":8}},{"id":"6e62163a-bfc0-4dd1-bfae-7492e1d6cbb0","block_type":"box","text":"Net investment income","page_number":34,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"d35dafc5-da0c-453e-9bbf-ca47e2cf3279","block_type":"box","text":"(a)","page_number":34,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"c0ad15c0-13e3-44cb-901e-b24a6e71de86","block_type":"box","text":"0.15 0.15 0.14 0.14 0.13","page_number":34,"box":{"x":497,"y":261,"width":423,"height":7}},{"id":"7ecaa9f7-4b50-4066-bac9-74c06f04e476","block_type":"box","text":"Net realized and unrealized gain (loss) 7.45 (0.09) 3.33 (1.02) (3.27)","page_number":34,"box":{"x":85,"y":273,"width":839,"height":9}},{"id":"c5187064-a725-4f5f-b99d-c84d8a864c94","block_type":"box","text":"Net increase (decrease) from investment operations 7.60 0.06 3.47 (0.88) (3.14)","page_number":34,"box":{"x":70,"y":284,"width":854,"height":9}},{"id":"d35496f1-f9be-4d69-9d67-a90cce27cc52","block_type":"box","text":"Distributions","page_number":34,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"7147f4dd-2d2d-4451-9621-9ce66b51d70e","block_type":"box","text":"(b)","page_number":34,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"eee88bfe-d50c-4f64-939f-86fa26f68a90","block_type":"box","text":"From net investment income (0.15) (0.15) (0.17) (0.12) (0.15)","page_number":34,"box":{"x":85,"y":312,"width":839,"height":9}},{"id":"57ecd94a-2c5d-46d1-ad7d-4092fcf397da","block_type":"box","text":"From net realized gain (0.81) — — (0.29) (2.08)","page_number":34,"box":{"x":85,"y":324,"width":839,"height":9}},{"id":"205920f8-6a10-4b60-9e09-d514a51c8fd2","block_type":"box","text":"Total distributions (0.96) (0.15) (0.17) (0.41) (2.23)","page_number":34,"box":{"x":69,"y":341,"width":855,"height":9}},{"id":"d8f7ba62-bc80-4493-89b0-a704ac54addb","block_type":"box","text":"Net asset value, end of year","page_number":34,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"8cd5c2b3-6ef8-4b9e-ae3c-ec46e7c950a0","block_type":"box","text":"$ 23.92 $ 17.28 $ 17.37 $ 14.07 $ 15.36","page_number":34,"box":{"x":453,"y":357,"width":467,"height":9}},{"id":"b83ffdfa-a0be-4ff9-8036-293c3fb10e3f","block_type":"box","text":"Total 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waived and/or reimbursed 0.45% 0.45% 0.45% 0.45% 0.45%","page_number":34,"box":{"x":69,"y":441,"width":861,"height":9}},{"id":"f6d96f55-d62e-411f-b128-beb751e9a7b0","block_type":"box","text":"Net investment income 0.73% 0.84% 0.89% 0.97% 0.73%","page_number":34,"box":{"x":70,"y":458,"width":860,"height":7}},{"id":"df3cea58-d05a-42d1-a02d-317a3f30712b","block_type":"box","text":"Supplemental Data","page_number":34,"box":{"x":69,"y":475,"width":114,"height":9}},{"id":"19195c0e-2d7d-4150-8c07-2cb431530a6f","block_type":"box","text":"Net assets, end of year (000) $1,229,683 $1,124,484 $1,099,659 $964,449 $967,682","page_number":34,"box":{"x":70,"y":491,"width":850,"height":10}},{"id":"4f47dd99-74c7-41e4-80a0-e649f8bfacba","block_type":"box","text":"Portfolio turnover rate 92% 88% 75% 93% 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