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Any representation to the contrary is a criminal offense.","page_number":2,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"4f437ac6-272c-41cd-bd35-26f5af7832e2","block_type":"box","text":"Not FDIC Insured","page_number":2,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"4131677e-aeb3-4d10-b9ae-8d5964b5174b","block_type":"box","text":"•","page_number":2,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"6284f765-034c-49c2-9be3-e0fcb4726a1e","block_type":"box","text":"May Lose Value","page_number":2,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"2e6d85e0-cad7-4a34-adc1-34d73ef18f7b","block_type":"box","text":"•","page_number":2,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"fd0008ac-877b-4975-b51f-2e2424ba0491","block_type":"box","text":"No Bank 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7","page_number":3,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"22262342-eed5-4a4c-ba77-57f467794cc9","block_type":"box","text":"Purchase and Sale of Fund Shares ............................................................ 7","page_number":3,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"e2ba2374-03ea-45aa-a7ce-cbc0e9985f5e","block_type":"box","text":"Tax Information......................................................................................... 7","page_number":3,"box":{"x":361,"y":309,"width":577,"height":9}},{"id":"e0e44f33-81e2-462c-9fa8-636358ef704c","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries .................. 7","page_number":3,"box":{"x":360,"y":324,"width":578,"height":12}},{"id":"e41ddfd4-8447-403f-ba9b-8b332fedb2fc","block_type":"box","text":"Details About the 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Expenses","page_number":4,"box":{"x":69,"y":481,"width":103,"height":10}},{"id":"20d5fe66-c14f-4c7f-a8fc-f285864c8782","block_type":"box","text":"0.19%","page_number":4,"box":{"x":860,"y":481,"width":41,"height":8}},{"id":"a025f779-ec30-4a1d-83ee-2a502579215d","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":4,"box":{"x":69,"y":499,"width":225,"height":10}},{"id":"acfcd37f-3ad6-48f5-abf1-8eb6920791f4","block_type":"box","text":"2","page_number":4,"box":{"x":295,"y":499,"width":4,"height":4}},{"id":"e4ba8736-f515-4669-bd43-32cadc8359d8","block_type":"box","text":"0.01%","page_number":4,"box":{"x":860,"y":499,"width":41,"height":8}},{"id":"92372dc6-8fde-427d-80cc-c16adeabead1","block_type":"box","text":"Total Annual Fund Operating 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fixed","page_number":4,"box":{"x":80,"y":583,"width":854,"height":9}},{"id":"5baa6da7-2f96-479c-94a9-26551c133e13","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":4,"box":{"x":81,"y":593,"width":810,"height":10}},{"id":"b01bad75-91cc-4f6b-a025-ca97707b1a59","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":4,"box":{"x":81,"y":604,"width":832,"height":9}},{"id":"8268ce70-5ccd-44db-a07d-cd475dd109cf","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":4,"box":{"x":81,"y":614,"width":847,"height":9}},{"id":"43e336d2-9a1c-4702-9b2b-d0a58ca2d6e3","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a","page_number":4,"box":{"x":81,"y":624,"width":833,"height":10}},{"id":"9752f888-0452-4323-84b7-a84a7c50b0c6","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":635,"width":330,"height":9}},{"id":"ff70b12a-6f96-4cc6-a8f3-636c968c2867","block_type":"box","text":"2","page_number":4,"box":{"x":61,"y":648,"width":3,"height":3}},{"id":"9cad9047-b0d6-4c1d-aad3-86022ac3621d","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent","page_number":4,"box":{"x":81,"y":648,"width":820,"height":9}},{"id":"4c6a7c94-c112-4a7f-b0e2-01d447303e17","block_type":"box","text":"Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":4,"box":{"x":81,"y":658,"width":662,"height":9}},{"id":"a0e81fe1-d505-456a-9598-7004ef999ea3","block_type":"box","text":"3","page_number":4,"box":{"x":61,"y":671,"width":3,"height":4}},{"id":"69fd69c3-1c7a-415e-8abe-98d33ce29782","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":4,"box":{"x":81,"y":671,"width":837,"height":9}},{"id":"359b720b-548e-4abb-a630-b4b27e04476e","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":4,"box":{"x":80,"y":681,"width":771,"height":9}},{"id":"d5662148-539d-4f5b-9e7a-36390281960e","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.96%","page_number":4,"box":{"x":81,"y":691,"width":844,"height":10}},{"id":"5481927d-4a39-4be2-bbb4-2b8e54c7fbbb","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":4,"box":{"x":81,"y":702,"width":851,"height":9}},{"id":"78cdc9ed-74c1-4cad-87f7-68166347cf94","block_type":"box","text":"interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":712,"width":616,"height":9}},{"id":"d6466312-9765-4048-94e0-191d4ba86f0a","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":730,"width":74,"height":12}},{"id":"da1f2525-32ec-4ca2-abfd-e27f3337ed53","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":4,"box":{"x":60,"y":746,"width":830,"height":12}},{"id":"1f5dad27-395f-443a-a3ed-e4b094f03874","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":791,"width":859,"height":11}},{"id":"dfa86ccb-a3f2-4170-a314-025fef2c2d82","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":806,"width":436,"height":11}},{"id":"fbe9763e-2599-4969-ae97-b8d74222badc","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":834,"width":292,"height":9}},{"id":"5a75a411-7bab-496a-8a76-30b7273356b6","block_type":"box","text":"Service Shares $99 $318 $554 $1,233","page_number":4,"box":{"x":69,"y":852,"width":849,"height":10}},{"id":"3cd38566-3e8a-4d37-b7a4-bf87bcf1e59a","block_type":"box","text":"3","page_number":4,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"149b5ef8-32aa-496c-9c33-cfc39c2ee105","block_type":"box","text":"NM1026U-5993000-4/41","page_number":4,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"a10fce28-3c94-4978-88e7-ee76701cddf9","block_type":"box","text":"Portfolio Turnover:","page_number":5,"box":{"x":61,"y":46,"width":151,"height":10}},{"id":"8aa70ffb-def8-41f7-b4c3-6786850dca0d","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":5,"box":{"x":60,"y":63,"width":800,"height":11}},{"id":"e576409d-9e7a-4b42-bbc9-60b3ae16cecc","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":5,"box":{"x":62,"y":77,"width":850,"height":12}},{"id":"8c15b5ca-1f93-48f6-9884-5c3539a71a82","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":5,"box":{"x":61,"y":92,"width":870,"height":12}},{"id":"0e925955-ce72-48ab-9f49-d89bf90f732d","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":5,"box":{"x":62,"y":107,"width":839,"height":11}},{"id":"f649b47c-ccc1-48ba-bba6-fd614a6b5caf","block_type":"box","text":"75% of the average value of its portfolio.","page_number":5,"box":{"x":61,"y":122,"width":298,"height":11}},{"id":"54220ae2-2f22-4d30-81a0-2133d76286fd","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":5,"box":{"x":61,"y":161,"width":394,"height":13}},{"id":"628e24b7-18a6-43de-81f0-576dbd210ae8","block_type":"box","text":"The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under","page_number":5,"box":{"x":60,"y":187,"width":824,"height":11}},{"id":"9b8e9164-4ca8-43dd-bb52-0dca8dd037b6","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":5,"box":{"x":61,"y":202,"width":803,"height":11}},{"id":"5515ba1f-b3e5-4678-9153-d1d6fa1ad8f0","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":5,"box":{"x":62,"y":217,"width":872,"height":11}},{"id":"9d460ba8-58e1-43c2-8a54-db015346437a","block_type":"box","text":"one or more market risk factors associated with such securities. The Fund may invest in securities of companies with","page_number":5,"box":{"x":61,"y":231,"width":861,"height":12}},{"id":"80482fb1-d30c-4a10-a9db-28b37d594793","block_type":"box","text":"any market capitalization, but will generally focus on large cap securities. The Fund may also invest in convertible","page_number":5,"box":{"x":61,"y":246,"width":832,"height":12}},{"id":"689bcf30-a923-465a-b969-8ddb5fe07755","block_type":"box","text":"securities and non-convertible preferred stock. Equity securities include common stock, preferred stock, or securities","page_number":5,"box":{"x":61,"y":261,"width":861,"height":11}},{"id":"84dc6b30-71bf-4efe-a86e-4cabc4a90de0","block_type":"box","text":"or other instruments whose price is linked to the value of common stock. For purposes of the Fund’s 80% policy,","page_number":5,"box":{"x":61,"y":276,"width":826,"height":11}},{"id":"a10b74c6-8ac0-4d52-a3c9-21151ffa498b","block_type":"box","text":"dividend-paying equity securities are securities of companies that pay out a portion of their profits to shareholders of","page_number":5,"box":{"x":61,"y":291,"width":859,"height":11}},{"id":"1936a6ba-3c1c-4750-aaee-904c0d2f02ca","block_type":"box","text":"such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year).","page_number":5,"box":{"x":61,"y":305,"width":690,"height":12}},{"id":"b97c9b39-5c56-42de-a52f-d37891817f55","block_type":"box","text":"The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities","page_number":5,"box":{"x":60,"y":328,"width":848,"height":12}},{"id":"d10f3ec7-4aee-416d-8803-c1390a260eed","block_type":"box","text":"from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.","page_number":5,"box":{"x":60,"y":343,"width":856,"height":11}},{"id":"9d9777a0-1481-4b48-80b1-ef3f30116a52","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts, European","page_number":5,"box":{"x":60,"y":358,"width":817,"height":11}},{"id":"d958d18e-256a-4d9d-9e64-9345cc5e4686","block_type":"box","text":"Depositary Receipts or other securities convertible into securities of foreign issuers.","page_number":5,"box":{"x":62,"y":372,"width":618,"height":12}},{"id":"0b35c507-1cd8-4545-87c0-63d26c429863","block_type":"box","text":"BlackRock chooses investments for the Fund that it believes will both increase in value over the long term and provide","page_number":5,"box":{"x":62,"y":395,"width":868,"height":12}},{"id":"13b7b25a-2b7a-4830-a89d-55ee631c8dce","block_type":"box","text":"current income, focusing on investments that will do both instead of those that will favor current income over capital","page_number":5,"box":{"x":61,"y":410,"width":854,"height":11}},{"id":"6b7854ec-cc5c-4c8a-967a-a097b1e60633","block_type":"box","text":"appreciation.","page_number":5,"box":{"x":61,"y":425,"width":93,"height":11}},{"id":"b4ed7f5f-294d-40d3-b528-dd6eaa93afca","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":464,"width":354,"height":13}},{"id":"ef8aad00-5158-4933-8c5c-dfd323983073","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":5,"box":{"x":62,"y":490,"width":860,"height":11}},{"id":"e57f5bd9-44e0-49b6-999f-3d43226a1b0d","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":5,"box":{"x":61,"y":505,"width":802,"height":11}},{"id":"6a7670d7-5cca-4a14-9073-3ae6c0d64cfd","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":5,"box":{"x":62,"y":519,"width":866,"height":12}},{"id":"8ff4be0b-0e14-4218-93e7-de5ad609bfe0","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":5,"box":{"x":62,"y":534,"width":869,"height":12}},{"id":"6e1de58b-ed9e-4aa4-a7ae-15b42953f315","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":5,"box":{"x":60,"y":549,"width":835,"height":12}},{"id":"ce0203c5-b46a-47df-a931-c762e29a549a","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":564,"width":793,"height":11}},{"id":"3e362ada-0d31-4802-a92b-7220726b1a45","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":584,"width":166,"height":11}},{"id":"7df7ad5e-7aef-4bd7-8dc1-0d84800907d6","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":584,"width":685,"height":11}},{"id":"ab1190ba-43a9-4b09-b782-1008c9af5d4d","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":599,"width":550,"height":11}},{"id":"6b0e55af-e962-465d-a653-d9b1783cc0cd","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":5,"box":{"x":81,"y":619,"width":310,"height":11}},{"id":"cfbf3045-99e4-4f36-9768-e34cd3037bcf","block_type":"box","text":"—","page_number":5,"box":{"x":396,"y":624,"width":17,"height":1}},{"id":"57b578ec-9ffd-4171-b4ff-d8e50862a75a","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":5,"box":{"x":418,"y":619,"width":507,"height":11}},{"id":"5c4ba760-d703-4599-a657-e7cb2c9b813a","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":5,"box":{"x":80,"y":634,"width":837,"height":11}},{"id":"c271fdae-15b5-4704-867e-547906defa9b","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":5,"box":{"x":81,"y":648,"width":852,"height":12}},{"id":"e88226b9-c3dc-4db4-a4dc-1e7f1f3e7eee","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":668,"width":166,"height":12}},{"id":"f2784f0c-95ef-462c-a7b4-7910ef8a9024","block_type":"box","text":"—","page_number":5,"box":{"x":252,"y":674,"width":17,"height":0}},{"id":"0b23304c-a955-4bfe-bd1c-73f13de9bf3a","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":5,"box":{"x":274,"y":668,"width":658,"height":12}},{"id":"5c753059-c2ba-4663-9c4b-2200adaffa63","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":5,"box":{"x":81,"y":683,"width":809,"height":12}},{"id":"9d30ed72-0cab-4634-9be6-610575c38a83","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":5,"box":{"x":82,"y":698,"width":841,"height":11}},{"id":"f9accd47-808e-423d-90f3-98c5c4c81190","block_type":"box","text":"investment styles.","page_number":5,"box":{"x":82,"y":713,"width":131,"height":11}},{"id":"03d53f2c-d578-4284-9baf-53f5975aa5df","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":733,"width":176,"height":11}},{"id":"df7ca3e4-b903-4f87-b6d2-6d6cdc4ddd67","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":733,"width":668,"height":11}},{"id":"9d3fb67d-a0a1-42f8-9f8e-fde43331414b","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":748,"width":531,"height":11}},{"id":"703b8a74-886e-408f-b948-0818a17b3a86","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":768,"width":823,"height":11}},{"id":"c2f9e47e-2b16-4990-b404-481f40e3223b","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":5,"box":{"x":102,"y":782,"width":823,"height":12}},{"id":"60241a8a-f069-43d8-977b-38cae5a675e0","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":797,"width":70,"height":12}},{"id":"704bcb7b-8d31-43a0-8235-fd7cc476f008","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":5,"box":{"x":101,"y":817,"width":644,"height":12}},{"id":"1b461fd0-e3cb-48b7-b13b-371d28aeb54d","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":837,"width":830,"height":12}},{"id":"ed44213f-6792-4246-b2af-331831df18ab","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":852,"width":808,"height":12}},{"id":"a8060820-ddcb-43ab-8703-bf9cddb3126f","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":867,"width":137,"height":11}},{"id":"6bcb5dd0-f99d-4281-b7dd-dbe36e8f57a7","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":5,"box":{"x":101,"y":887,"width":821,"height":11}},{"id":"f88054a3-0304-447a-9d38-53e0cb0a1721","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":902,"width":809,"height":11}},{"id":"f8b9b65b-c5db-433b-9480-5a7c46835a53","block_type":"box","text":"4","page_number":5,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"802e4d3a-1a69-4812-ba65-5ef7e40d7165","block_type":"box","text":"NM1026U-5993000-5/41","page_number":5,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"20c3c8a0-0732-479a-9a51-53307dab2170","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":46,"width":784,"height":11}},{"id":"7955edd2-dea1-4730-a30e-1bafeaabb8db","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":61,"width":352,"height":11}},{"id":"f7cd5018-e07a-4d07-8351-052b155a6fa8","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":80,"width":823,"height":12}},{"id":"eda4d2d0-502a-46b2-88db-37d011226916","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":95,"width":811,"height":12}},{"id":"886bd895-4443-4d31-9fdb-d0d54b099de7","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":110,"width":148,"height":9}},{"id":"30bd8aa3-dde2-4e45-9283-b2d9f6935b8d","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":130,"width":834,"height":12}},{"id":"7f5a1f05-8c2f-4444-8617-622c301d3d84","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":145,"width":628,"height":11}},{"id":"b7f6cca9-2046-46d7-a247-f167dfd9dea3","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":165,"width":830,"height":11}},{"id":"a0cad68f-784d-4e35-b4ea-ae4733620462","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":180,"width":831,"height":11}},{"id":"bbd616a9-edd4-4904-9108-2fa57d11edba","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":195,"width":813,"height":11}},{"id":"325ae7ae-8b53-4356-b809-adac8a87fda3","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":209,"width":395,"height":12}},{"id":"46922e09-a480-4e11-8a61-289d47d775b4","block_type":"box","text":"Convertible Securities Risk","page_number":6,"box":{"x":81,"y":229,"width":206,"height":10}},{"id":"d2855d7b-6b54-48bc-ab1e-a88e00ae8c77","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":6,"box":{"x":291,"y":229,"width":593,"height":12}},{"id":"8e51f8ad-2710-444b-8953-3168a5dba8eb","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":6,"box":{"x":81,"y":244,"width":853,"height":12}},{"id":"ceadf603-daa8-4527-a518-8f18c7a5aa77","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":6,"box":{"x":81,"y":259,"width":855,"height":11}},{"id":"af3a034f-79f8-4a9e-ac19-d42ffa669f56","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":6,"box":{"x":80,"y":274,"width":816,"height":11}},{"id":"b29ba2b3-19dc-45ae-a545-d789deb7bb9e","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":6,"box":{"x":82,"y":289,"width":796,"height":11}},{"id":"a1f474d7-a04c-442e-913d-e61ba5d85e0c","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":6,"box":{"x":81,"y":303,"width":812,"height":12}},{"id":"538d3c64-0856-4210-ab4e-93288a0678a9","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":6,"box":{"x":82,"y":318,"width":809,"height":12}},{"id":"813c26a7-4bd7-4a72-982e-7897df69970e","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":338,"width":276,"height":12}},{"id":"a8cf845c-4b13-450e-9708-c14a59ca1436","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":339,"width":573,"height":11}},{"id":"6954bd4c-20cf-4b05-b39a-0feb47d9e88b","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":353,"width":848,"height":12}},{"id":"274eb873-4b12-417b-9aa4-0e02c6b59742","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":368,"width":839,"height":11}},{"id":"4977a38b-e037-4dc5-b642-39d3c5a57545","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":6,"box":{"x":82,"y":383,"width":851,"height":11}},{"id":"28b9d964-2a18-4ab7-af97-acd8a111051a","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":403,"width":240,"height":9}},{"id":"ed9f7509-5528-4b1e-a519-7ff23c38727b","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":403,"width":593,"height":9}},{"id":"b734cdb4-6244-4d86-8478-57d108dccf89","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":418,"width":851,"height":11}},{"id":"ecc2b65d-1cb9-47bd-af29-08defd278ad2","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":432,"width":824,"height":12}},{"id":"4488bf33-1bde-4b06-9123-6577faf7a8fd","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":447,"width":851,"height":12}},{"id":"80664e38-b797-4092-b423-d01f852f7f71","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":462,"width":802,"height":11}},{"id":"9ff18ed5-3b1f-4311-ba33-e90d79b5ca7e","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":477,"width":849,"height":11}},{"id":"034fbf6c-20c8-45fc-add2-334d614b6ad8","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":492,"width":843,"height":11}},{"id":"ad506f63-fd77-4b1f-a560-633bb1f6c236","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":506,"width":830,"height":12}},{"id":"2fac3bb5-707e-435d-8b0a-bf00b3ae2d20","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":521,"width":840,"height":12}},{"id":"64375480-00aa-4f0f-92ec-319b51c80a67","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":6,"box":{"x":81,"y":536,"width":851,"height":12}},{"id":"265424fa-3a44-4ec2-a7a6-b53781188e94","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":6,"box":{"x":82,"y":551,"width":815,"height":12}},{"id":"e69d716f-7233-46ed-9a6e-085734444f25","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":6,"box":{"x":81,"y":566,"width":826,"height":11}},{"id":"ca22be56-30ae-4df0-a312-d1990a44cece","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or","page_number":6,"box":{"x":81,"y":581,"width":850,"height":11}},{"id":"0c37eaee-eb1e-4b5c-a32f-88bda01e3e17","block_type":"box","text":"other events. This means you may lose money.","page_number":6,"box":{"x":81,"y":596,"width":343,"height":11}},{"id":"9483479b-ed96-44de-a491-15209d82a350","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":616,"width":818,"height":11}},{"id":"5d7bc93b-b065-49f0-9f44-e18cc9829053","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":631,"width":819,"height":11}},{"id":"d8420a02-6e1c-4625-8ec1-dab19c14c6cd","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":645,"width":819,"height":12}},{"id":"e04d158f-b834-47f6-bb3a-9acd207e8f33","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":660,"width":846,"height":11}},{"id":"da2a24a3-a1c4-44b6-8717-449a99d64a78","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":675,"width":848,"height":11}},{"id":"3cbe228f-dcb0-4838-840c-8d93b07dab72","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":690,"width":125,"height":9}},{"id":"e6ae4619-c05a-41f6-be42-f360a25cc5a1","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":710,"width":254,"height":11}},{"id":"4d95c96f-02a8-4dd6-b03f-7a1626b856d2","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":710,"width":578,"height":11}},{"id":"0eab7024-2192-43ba-b499-1de00eb11502","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":724,"width":779,"height":12}},{"id":"0209f2bc-4852-49f7-b11a-7a314c4df6cc","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":739,"width":848,"height":12}},{"id":"13991cb0-859c-4387-9f2f-7caddc31b840","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":754,"width":806,"height":11}},{"id":"d66faaee-5870-4527-bf28-cdc65bb5bc74","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":769,"width":807,"height":11}},{"id":"c618ce18-00c8-489e-9a37-5a3c901b6b2e","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":784,"width":846,"height":11}},{"id":"50b51096-045a-4a37-97f2-5acfd583e715","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":798,"width":836,"height":12}},{"id":"6541378b-c1d8-4d87-a1ad-8cfc9f800e14","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":814,"width":474,"height":11}},{"id":"84220c00-1702-41c3-8a00-36cb6902ce91","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":833,"width":189,"height":10}},{"id":"b72c406a-b994-4858-b68f-4711909f7a98","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":833,"width":636,"height":12}},{"id":"caa66467-79ef-4580-923e-427afe398ae5","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":848,"width":824,"height":12}},{"id":"692def1c-acb9-4301-8e45-f1300e5d0db4","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":863,"width":806,"height":12}},{"id":"c8354b4d-3b8d-4b75-9a77-5d1d66919cc9","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":878,"width":842,"height":11}},{"id":"9d671333-5e65-41a0-8bb2-bdcff71268e0","block_type":"box","text":"5","page_number":6,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"4d58915b-7b37-41c5-883b-21927ef26582","block_type":"box","text":"NM1026U-5993000-6/41","page_number":6,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"44a6899e-1f7f-464f-ab73-89cc4e96a0e7","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":46,"width":781,"height":11}},{"id":"9c4aa225-cce4-4034-9808-341ab2e6bd8a","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":60,"width":812,"height":12}},{"id":"a0dca4e1-32e5-4770-88c6-404ae29d5986","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":76,"width":129,"height":11}},{"id":"40c96e3e-c226-4294-8370-e5589a3a9307","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":95,"width":283,"height":12}},{"id":"1679370e-7472-4941-b6f0-017e75ec1cd4","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":101,"width":17,"height":0}},{"id":"8f0c65bf-48bf-4c7e-a4b2-cc3d26bac1c8","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":95,"width":518,"height":12}},{"id":"4edd3c61-24dd-4f01-afdc-0869a9c8e650","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":7,"box":{"x":80,"y":110,"width":847,"height":12}},{"id":"72e11e9b-8048-4e7e-9a6b-8d06eace30e0","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":127,"width":70,"height":9}},{"id":"bcfba092-f25a-4aca-91d2-810f6f5f6b9b","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":164,"width":224,"height":11}},{"id":"b0d3c5e3-52b5-4c19-b7b7-5a73f55ec74c","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":190,"width":855,"height":11}},{"id":"c908dde1-1ba8-4b1a-b768-5213a6f802f6","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Standard & Poor’s (S&P) 500","page_number":7,"box":{"x":61,"y":205,"width":871,"height":11}},{"id":"a10b1eed-14a3-4096-b5b4-0b38db31090c","block_type":"box","text":"Index and the Russell 1000 Value Index, which are relevant to the Fund because they have characteristics similar to","page_number":7,"box":{"x":62,"y":220,"width":851,"height":11}},{"id":"0c76fef4-eda1-4847-bec7-c32b15eea705","block_type":"box","text":"the Fund’s investment strategies. To the extent that dividends and distributions have been paid by the Fund, the","page_number":7,"box":{"x":60,"y":235,"width":824,"height":11}},{"id":"00e94cc2-5726-4211-9170-f034154cf97b","block_type":"box","text":"performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions.","page_number":7,"box":{"x":62,"y":249,"width":866,"height":12}},{"id":"15fb4ce8-d2e8-4af1-9a68-abf31b89bf3f","block_type":"box","text":"As with all such investments, past performance (before and after taxes) is not an indication of future results. The table","page_number":7,"box":{"x":60,"y":264,"width":875,"height":11}},{"id":"681349b2-27c6-4e12-89b2-ea53c006f9c2","block_type":"box","text":"includes all applicable fees. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain","page_number":7,"box":{"x":62,"y":279,"width":859,"height":12}},{"id":"d4d11300-61da-4ff3-86a7-9d840000e37f","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. 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To purchase or sell","page_number":8,"box":{"x":60,"y":258,"width":857,"height":12}},{"id":"de64b6d4-b20e-4669-95c2-108dff857f25","block_type":"box","text":"shares you should contact your Financial Intermediary or, if you hold your shares through the Fund, you should contact","page_number":8,"box":{"x":61,"y":273,"width":869,"height":12}},{"id":"291a65d6-135f-4f65-a5c1-11b7fc90014b","block_type":"box","text":"the Fund by phone at (800) 537-4942, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":8,"box":{"x":60,"y":288,"width":833,"height":12}},{"id":"1684cf18-b470-4561-835e-f286de9d0c4a","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":8,"box":{"x":62,"y":303,"width":827,"height":11}},{"id":"d98d2740-feb2-4860-920f-79e4cc0b3f8b","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":8,"box":{"x":60,"y":318,"width":696,"height":11}},{"id":"3d00b74f-9f04-4a11-813b-2048c01eda29","block_type":"box","text":"Service Shares","page_number":8,"box":{"x":348,"y":346,"width":89,"height":7}},{"id":"e684abea-c1ae-40ca-b2a0-5c58a39fbfd4","block_type":"box","text":"Minimum Initial Investment","page_number":8,"box":{"x":61,"y":363,"width":184,"height":8}},{"id":"c2d6aa71-c556-4f15-99a4-5d85d488595d","block_type":"box","text":"$5,000","page_number":8,"box":{"x":348,"y":362,"width":49,"height":11}},{"id":"42350f89-e11b-423f-bb30-70866cf705ae","block_type":"box","text":"Minimum Additional Investment","page_number":8,"box":{"x":61,"y":381,"width":214,"height":8}},{"id":"db4b4919-7970-461f-b8f7-c1d041abe1a4","block_type":"box","text":"There is no minimum amount for additional investments.","page_number":8,"box":{"x":348,"y":381,"width":373,"height":8}},{"id":"91208a20-4996-400d-929a-d30eae22ed62","block_type":"box","text":"Tax Information","page_number":8,"box":{"x":63,"y":422,"width":138,"height":11}},{"id":"2e4e2512-eec0-4539-b687-af9ba92696c5","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":8,"box":{"x":60,"y":448,"width":838,"height":11}},{"id":"9d9238a5-27ac-44d2-9ebb-2952e074bb4c","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":8,"box":{"x":62,"y":463,"width":829,"height":11}},{"id":"5e6315d8-a72e-4b39-bae9-f7d58ac2759a","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":8,"box":{"x":61,"y":477,"width":862,"height":12}},{"id":"6b845fec-6358-4d92-865f-d24b206a6609","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":8,"box":{"x":62,"y":492,"width":686,"height":12}},{"id":"8f170675-f969-4e01-977f-ce3d4a5823bd","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":8,"box":{"x":61,"y":531,"width":578,"height":14}},{"id":"d53e5619-2fa2-4213-b202-e79aeea0a988","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":557,"width":848,"height":12}},{"id":"b8bd7d93-0a95-41ba-972e-81a5d541a433","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":572,"width":868,"height":12}},{"id":"533dc4bf-a099-4289-9357-c0b38f8c4a05","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":595,"width":867,"height":11}},{"id":"99fbeb14-9c2c-4266-95c2-44f276ff0a94","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":8,"box":{"x":62,"y":610,"width":455,"height":11}},{"id":"cfae12a4-0457-47b8-8615-af3349b30407","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":632,"width":790,"height":12}},{"id":"f8a6ffad-3daa-433e-9a0b-c52992bd313a","block_type":"box","text":"7","page_number":8,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"73508924-a4c5-44ad-b767-bfaa4e2eb753","block_type":"box","text":"NM1026U-5993000-8/41","page_number":8,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"b30d96af-24ed-47b2-9063-1a093d337efb","block_type":"box","text":"Details About the Fund","page_number":9,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"ac4f168f-2d21-4989-826a-0dcb59bff8de","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":"c62f7be6-2d94-47e8-8f2c-f87632791009","block_type":"box","text":"shareholder features of the BlackRock Equity Dividend Fund (the “Fund”) and your rights as a shareholder.","page_number":9,"box":{"x":61,"y":161,"width":779,"height":12}},{"id":"e904a556-dbaf-4dc3-9c12-689a1da370f6","block_type":"box","text":"How the Fund Invests","page_number":9,"box":{"x":61,"y":200,"width":196,"height":11}},{"id":"f5ad4493-73a7-4234-9f28-632d9232b240","block_type":"box","text":"Investment Objective","page_number":9,"box":{"x":61,"y":227,"width":175,"height":12}},{"id":"5e66cda5-c54b-4f61-b607-cf7968b16be8","block_type":"box","text":"The investment objective of the Fund is to seek long-term total return and current income.","page_number":9,"box":{"x":60,"y":243,"width":660,"height":11}},{"id":"bad9300c-70e5-49a5-a5be-872f14050b32","block_type":"box","text":"This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of","page_number":9,"box":{"x":60,"y":265,"width":876,"height":12}},{"id":"d307345c-2513-404b-9e73-3e5543ec967f","block_type":"box","text":"the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the","page_number":9,"box":{"x":60,"y":280,"width":814,"height":12}},{"id":"8504057a-9be1-4d97-aee3-88354644175e","block_type":"box","text":"“Investment Company Act”).","page_number":9,"box":{"x":62,"y":295,"width":204,"height":12}},{"id":"eff883f8-13c3-43d3-a979-0e297e7b2853","block_type":"box","text":"Investment Process","page_number":9,"box":{"x":61,"y":318,"width":163,"height":10}},{"id":"9662cf60-1a94-47cd-8d22-563cb078ae38","block_type":"box","text":"BlackRock Advisors, LLC (“BlackRock”) chooses investments for the Fund that it believes will both increase in value","page_number":9,"box":{"x":62,"y":334,"width":848,"height":12}},{"id":"68203f8c-0d25-4606-af4a-2bda29569cd8","block_type":"box","text":"over the long term and provide current income, focusing on investments that will do both instead of those that will","page_number":9,"box":{"x":61,"y":349,"width":838,"height":12}},{"id":"ff999862-3826-4bbf-939f-24f9d1b3259e","block_type":"box","text":"favor current income over capital appreciation. Total return consists of increases in value from both capital","page_number":9,"box":{"x":60,"y":364,"width":783,"height":11}},{"id":"dadb7e68-b7fd-4f5c-9432-a322f65aef42","block_type":"box","text":"appreciation and income. The Fund will focus on issuers that have good prospects for capital appreciation. In selecting","page_number":9,"box":{"x":61,"y":379,"width":873,"height":11}},{"id":"95f39d3a-0db2-4e34-bb08-1a533d160c46","block_type":"box","text":"portfolio securities, the Fund will generally employ a value-oriented analysis, but may purchase equity securities based","page_number":9,"box":{"x":62,"y":394,"width":868,"height":11}},{"id":"f7755e77-696b-48e0-a137-e180c6bb5fa7","block_type":"box","text":"on a growth-oriented analysis when such securities pay dividends or Fund management believes such securities have","page_number":9,"box":{"x":61,"y":409,"width":860,"height":11}},{"id":"b9910177-b20a-4c2d-8394-97c1eec27bfe","block_type":"box","text":"particularly good prospects for capital appreciation.","page_number":9,"box":{"x":62,"y":423,"width":375,"height":12}},{"id":"e7d90244-ec89-4505-8f2c-30e60e7abe62","block_type":"box","text":"Fund management believes that stocks that have yields often provide more attractive long-term total return and greater","page_number":9,"box":{"x":62,"y":446,"width":874,"height":11}},{"id":"3797a27d-0203-463f-896f-654c389b43ec","block_type":"box","text":"price stability during periods of downward movements in market prices than stocks that do not pay dividends. In","page_number":9,"box":{"x":62,"y":461,"width":820,"height":11}},{"id":"728f5105-1ce7-4e6f-bfac-c3a4bca45cb7","block_type":"box","text":"certain market cycles, such as periods of high growth or high interest rates on bonds, dividend-paying stocks could go","page_number":9,"box":{"x":61,"y":476,"width":866,"height":11}},{"id":"e7c020b6-b298-4d55-aa23-40a3e62513d0","block_type":"box","text":"out of favor. During such periods, the Fund may underperform other equity funds that do not emphasize investments in","page_number":9,"box":{"x":61,"y":490,"width":872,"height":12}},{"id":"9540d871-2302-4e03-9b5e-953b3aa1b176","block_type":"box","text":"dividend-paying stocks.","page_number":9,"box":{"x":61,"y":505,"width":167,"height":12}},{"id":"a8c4e45d-a964-4e91-8992-d21a0687c932","block_type":"box","text":"The Fund has no stated minimum holding period for investments and will buy or sell securities whenever Fund","page_number":9,"box":{"x":60,"y":528,"width":805,"height":11}},{"id":"5f1a04df-5397-45fc-96b7-db2af81d734e","block_type":"box","text":"management sees an appropriate opportunity. For example, the Fund may sell shares of a company when the","page_number":9,"box":{"x":61,"y":543,"width":804,"height":11}},{"id":"4b47ee02-fbce-40f9-b605-d16309f2e5ca","block_type":"box","text":"company’s prospects for capital appreciation deteriorate or when its dividend rates become unattractive or when the","page_number":9,"box":{"x":61,"y":557,"width":855,"height":12}},{"id":"0fd19a5d-f992-4ca0-8b9a-5616b21b7fb3","block_type":"box","text":"Fund identifies another company with more attractive prospects.","page_number":9,"box":{"x":62,"y":572,"width":469,"height":12}},{"id":"ecb97a6e-7b49-4e6a-bb25-e3e7466fef9b","block_type":"box","text":"Principal Investment Strategies","page_number":9,"box":{"x":61,"y":595,"width":260,"height":13}},{"id":"93898cc3-c02c-4419-858d-846e94d416bf","block_type":"box","text":"The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under","page_number":9,"box":{"x":60,"y":612,"width":824,"height":11}},{"id":"b1ccc057-9f8b-4dec-912f-7887cad7a6ed","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":9,"box":{"x":61,"y":626,"width":803,"height":12}},{"id":"feef7ae6-2cab-4a79-b212-3891884fac30","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":9,"box":{"x":62,"y":641,"width":872,"height":12}},{"id":"911e1767-7cbd-4dc1-a803-bc2a83b34619","block_type":"box","text":"one or more market risk factors associated with such securities. Equity securities include common stock, preferred","page_number":9,"box":{"x":61,"y":656,"width":846,"height":11}},{"id":"5fe0cbcf-f3c9-42e3-91a3-a1e4edc89dd1","block_type":"box","text":"stock or securities or other instruments whose price is linked to the value of common stock. For purposes of the","page_number":9,"box":{"x":61,"y":671,"width":826,"height":11}},{"id":"01aacf32-1a27-4a94-becf-9578f153c6a7","block_type":"box","text":"Fund’s 80% policy, dividend-paying equity securities are securities of companies that pay out a portion of their profits","page_number":9,"box":{"x":62,"y":686,"width":858,"height":11}},{"id":"d9a8f94b-70c0-45e0-b1d4-485ab6461e8c","block_type":"box","text":"to shareholders of such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year). The","page_number":9,"box":{"x":60,"y":701,"width":863,"height":11}},{"id":"e9d619ad-56e6-4d6b-8a24-cc327ad8637b","block_type":"box","text":"Fund will focus on issuers that have good prospects for capital appreciation and current income. Although the Fund","page_number":9,"box":{"x":62,"y":715,"width":844,"height":12}},{"id":"27260faa-0c09-488a-8f30-945e948ff9ac","block_type":"box","text":"invests primarily in dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the","page_number":9,"box":{"x":62,"y":730,"width":862,"height":12}},{"id":"cac1fef8-1e2a-4a80-be1e-648337580f35","block_type":"box","text":"lower income tax rates applicable to dividends.","page_number":9,"box":{"x":62,"y":745,"width":342,"height":11}},{"id":"c751a2bf-af2d-4505-8498-fe1bc26d3063","block_type":"box","text":"The Fund may invest in securities of companies with any market capitalization, but will generally focus on large cap","page_number":9,"box":{"x":60,"y":768,"width":845,"height":11}},{"id":"2f0c4db7-ffb6-421b-bd42-e6b59e639b0b","block_type":"box","text":"securities. The Fund’s portfolio, in the aggregate, will be structured in a manner designed to seek long-term capital","page_number":9,"box":{"x":61,"y":782,"width":844,"height":12}},{"id":"d4a99fd3-91d2-4b33-9e81-462b3753c61b","block_type":"box","text":"appreciation as well as net portfolio yield in excess of the average yield of mutual funds invested primarily in U.S.","page_number":9,"box":{"x":61,"y":797,"width":832,"height":12}},{"id":"6a6e6e48-27be-4dc3-bc74-d15a006708ea","block_type":"box","text":"equities.","page_number":9,"box":{"x":61,"y":812,"width":61,"height":11}},{"id":"417fe469-dad6-4f19-8ee3-9e24dfbd1391","block_type":"box","text":"The Fund may also invest in securities convertible into common stock and non-convertible preferred stock. Convertible","page_number":9,"box":{"x":60,"y":835,"width":872,"height":11}},{"id":"a7827471-ca4a-4456-b6d2-f6d31ad1cd68","block_type":"box","text":"securities are generally debt securities or preferred stock that may be converted into common stock. Convertible","page_number":9,"box":{"x":61,"y":849,"width":829,"height":12}},{"id":"361f7cc9-387b-453d-a2b5-c03377dcd4f3","block_type":"box","text":"securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A","page_number":9,"box":{"x":61,"y":864,"width":856,"height":12}},{"id":"f6cb92fd-57d2-417c-8c6d-1c453d193915","block_type":"box","text":"convertible’s value usually reflects both the stream of current income payments and the market value of the underlying","page_number":9,"box":{"x":61,"y":879,"width":875,"height":12}},{"id":"1f9d7546-c75c-4802-95d0-0b5b1e5ba476","block_type":"box","text":"8","page_number":9,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"36f09648-c4a1-4c37-92ce-be581ff63e37","block_type":"box","text":"NM1026U-5993000-9/41","page_number":9,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"af2fa4a5-48a9-45f4-ac9a-5cad4ae0f66b","block_type":"box","text":"common stock. Preferred stock is a class of stock that often pays dividends at a specified rate and has preference","page_number":10,"box":{"x":61,"y":46,"width":845,"height":11}},{"id":"3106e0f0-4dcb-4328-b857-1b7bc77ad84a","block_type":"box","text":"over common stock in dividend payments and liquidation of assets. Preferred stock may also be convertible into","page_number":10,"box":{"x":61,"y":60,"width":825,"height":12}},{"id":"7f69588b-6dfb-48c1-81be-7e34999bece5","block_type":"box","text":"common stock.","page_number":10,"box":{"x":61,"y":76,"width":110,"height":9}},{"id":"beb68910-125a-4aae-9608-b3c3c7cb112e","block_type":"box","text":"The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities","page_number":10,"box":{"x":60,"y":98,"width":848,"height":11}},{"id":"1ac4a0a6-798b-44a8-acaf-c1907d0a89b5","block_type":"box","text":"from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.","page_number":10,"box":{"x":60,"y":113,"width":856,"height":11}},{"id":"20903548-cb35-41a2-9e32-a455e7bb581b","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts (“ADRs”),","page_number":10,"box":{"x":60,"y":135,"width":812,"height":12}},{"id":"a20d71df-8504-4bdd-9d1b-06a101660d69","block_type":"box","text":"European Depositary Receipts (“EDRs”) or other securities convertible into securities of foreign issuers. These","page_number":10,"box":{"x":62,"y":150,"width":813,"height":12}},{"id":"43e48f6a-8c81-4de0-abea-cbc8a72fcadb","block_type":"box","text":"securities may not necessarily be denominated in the same currency as the securities into which they may be","page_number":10,"box":{"x":61,"y":165,"width":805,"height":11}},{"id":"43732f6b-a7ca-4d63-84a0-cd456d142e6e","block_type":"box","text":"converted. ADRs are receipts typically issued by a United States bank or trust company that evidence ownership of","page_number":10,"box":{"x":61,"y":180,"width":845,"height":11}},{"id":"4fd127fe-b160-46e7-91b9-733a330fd84d","block_type":"box","text":"underlying securities issued by a foreign corporation. EDRs are receipts issued in Europe that evidence a similar","page_number":10,"box":{"x":61,"y":195,"width":825,"height":11}},{"id":"1de14ae2-8dc9-486b-8bb4-6917f44cb75d","block_type":"box","text":"ownership arrangement. Generally, ADRs, which are issued in registered form, are designed for use in the United","page_number":10,"box":{"x":61,"y":209,"width":829,"height":12}},{"id":"44df04ef-319d-485b-9b77-db4234d1c61d","block_type":"box","text":"States securities markets, and EDRs, which are issued in bearer form, are designed for use in European securities","page_number":10,"box":{"x":61,"y":224,"width":844,"height":12}},{"id":"ca72a596-4fbb-463b-9b11-6b0c3c992c73","block_type":"box","text":"markets. In a sponsored ADR or EDR arrangement, the foreign issuer assumes the obligation to pay some or all of the","page_number":10,"box":{"x":61,"y":239,"width":869,"height":12}},{"id":"6478a757-c8c0-46df-ab4f-278cbcc37b80","block_type":"box","text":"depositary’s transaction fees, whereas in an unsponsored arrangement the foreign issuer assumes no obligations and","page_number":10,"box":{"x":61,"y":254,"width":872,"height":11}},{"id":"b0eb168f-965f-476e-860b-d170297880f8","block_type":"box","text":"the depositary’s transaction fees are paid by the ADR or EDR holders. Foreign issuers in respect of whose securities","page_number":10,"box":{"x":60,"y":269,"width":857,"height":11}},{"id":"a3c044ec-49ce-46f9-a6d7-bdabf7dd9e78","block_type":"box","text":"unsponsored ADRs or EDRs have been issued are not necessarily obligated to disclose material information in the","page_number":10,"box":{"x":61,"y":283,"width":840,"height":12}},{"id":"66b449e7-7349-42be-9e10-01644afd0b44","block_type":"box","text":"markets in which the unsponsored ADRs or EDRs are traded and, therefore, there may not be a correlation between","page_number":10,"box":{"x":61,"y":298,"width":850,"height":12}},{"id":"049a17cd-1d79-4101-8c4d-0eeb283fbd2f","block_type":"box","text":"such information and the market value of such securities.","page_number":10,"box":{"x":61,"y":313,"width":423,"height":9}},{"id":"b8243ecd-9672-4f3d-bcc2-e8a9699a16d3","block_type":"box","text":"The 80% policies noted above are non-fundamental policies of the Fund and may not be changed without 60 days’ prior","page_number":10,"box":{"x":60,"y":336,"width":877,"height":11}},{"id":"3ffc216b-efb9-470c-8e45-5f01f95708f1","block_type":"box","text":"notice to shareholders.","page_number":10,"box":{"x":61,"y":351,"width":168,"height":9}},{"id":"057f06d5-1188-437c-819a-adb3ce0f2a90","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":10,"box":{"x":61,"y":374,"width":327,"height":12}},{"id":"c723adc6-42f5-4fc3-8abf-43ba1ffa6ce2","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":10,"box":{"x":62,"y":390,"width":870,"height":11}},{"id":"c20b85e9-f700-4fc3-a5a6-12f0b6a038e0","block_type":"box","text":"investments/strategies:","page_number":10,"box":{"x":62,"y":405,"width":173,"height":11}},{"id":"0ef39e56-79c9-4b43-91f1-9cf9f06acb9d","block_type":"box","text":"Borrowing","page_number":10,"box":{"x":81,"y":425,"width":78,"height":11}},{"id":"ea28fa95-0dfd-4049-a3cb-81fe0de03e2a","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":10,"box":{"x":162,"y":425,"width":751,"height":11}},{"id":"d9f13355-fea2-4642-9983-622ae10c9817","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":10,"box":{"x":82,"y":439,"width":815,"height":12}},{"id":"ace8e7bd-7a94-441c-9a00-fc4d0663b7d8","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":10,"box":{"x":82,"y":454,"width":801,"height":12}},{"id":"1b7aed4f-02ae-494b-b864-087c29c7ba64","block_type":"box","text":"Debt Securities","page_number":10,"box":{"x":81,"y":474,"width":116,"height":10}},{"id":"a70c43f1-a5df-45da-a330-b726ac3ec31c","block_type":"box","text":"— This includes fixed income securities issued by companies, as well as U.S. and foreign","page_number":10,"box":{"x":202,"y":474,"width":659,"height":12}},{"id":"21eb23e3-1e59-44af-afdd-49c1347742ec","block_type":"box","text":"sovereign debt obligations. When choosing debt securities, Fund management considers various factors including","page_number":10,"box":{"x":81,"y":489,"width":834,"height":12}},{"id":"bde9c648-db48-4ccd-a1da-81976f60f813","block_type":"box","text":"the credit quality of issuers and yield analysis. The Fund may invest in debt securities that are rated investment","page_number":10,"box":{"x":80,"y":504,"width":821,"height":11}},{"id":"d82a642d-336b-44ad-bd3b-f59ced91e08a","block_type":"box","text":"grade of any maturity or determined by Fund management to be of similar quality.","page_number":10,"box":{"x":81,"y":519,"width":595,"height":11}},{"id":"a63e84dc-294a-4072-a17e-6348f32e4fb9","block_type":"box","text":"Derivative Transactions","page_number":10,"box":{"x":81,"y":539,"width":177,"height":9}},{"id":"76fb433e-d444-4e2e-8fb4-fdabf7bc2b19","block_type":"box","text":"— The Fund may use derivatives to hedge its investment portfolio against market, interest","page_number":10,"box":{"x":262,"y":539,"width":666,"height":11}},{"id":"fb854ed9-52c1-4d4f-93fc-81a994f3c71b","block_type":"box","text":"rate and currency risks or to seek to enhance its return. The derivatives that the Fund may use include options,","page_number":10,"box":{"x":82,"y":554,"width":816,"height":11}},{"id":"c279b61a-a4ea-4f33-8fc4-3b406e7d60b0","block_type":"box","text":"futures, swaps and forward foreign exchange transactions.","page_number":10,"box":{"x":81,"y":568,"width":431,"height":12}},{"id":"da38f809-97a0-400d-96d6-9c1aa9812277","block_type":"box","text":"Illiquid Investments","page_number":10,"box":{"x":81,"y":589,"width":148,"height":11}},{"id":"f0760efe-2e79-481c-ad36-ed3758a283b2","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":588,"width":677,"height":12}},{"id":"1da9dd3c-153a-48bc-b39f-692b81ab15d7","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":603,"width":811,"height":12}},{"id":"27e90633-c623-4bb5-b808-037a50bd8802","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":618,"width":831,"height":11}},{"id":"2f9f6d19-e116-4b83-9f66-0ddbaeb14081","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":633,"width":811,"height":11}},{"id":"bc02f1b3-472a-420d-977a-ed7216c4d470","block_type":"box","text":"Indexed and Inverse Securities","page_number":10,"box":{"x":81,"y":653,"width":232,"height":9}},{"id":"e5082513-d1f7-4942-9140-c54634260cfa","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":10,"box":{"x":317,"y":653,"width":598,"height":11}},{"id":"46446c23-a789-44be-97a1-04a786133b97","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). The Fund may also invest in securities the","page_number":10,"box":{"x":81,"y":668,"width":854,"height":11}},{"id":"a7596a02-d74b-46e7-838e-ad7b543c0720","block_type":"box","text":"return of which is inversely related to changes in an interest rate or index (“inverse securities”). In general, the","page_number":10,"box":{"x":82,"y":682,"width":812,"height":12}},{"id":"8fec7ebe-562d-4d17-bf73-1b8236f48941","block_type":"box","text":"return on inverse securities will decrease when the underlying index or interest rate goes up and increase when that","page_number":10,"box":{"x":82,"y":698,"width":851,"height":11}},{"id":"63a25701-9d67-4e51-bba4-c1bed3066294","block_type":"box","text":"index or interest rate goes down.","page_number":10,"box":{"x":82,"y":712,"width":239,"height":12}},{"id":"58b0c751-f6dd-4bd2-97cb-d4a1ab3682c2","block_type":"box","text":"Investment Companies","page_number":10,"box":{"x":81,"y":732,"width":172,"height":11}},{"id":"d5477dbe-3387-442c-87c3-e81496440258","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":732,"width":643,"height":12}},{"id":"c8206519-27bb-4166-a2ad-d01c8c735c79","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":10,"box":{"x":80,"y":747,"width":837,"height":11}},{"id":"2cb11dc4-69aa-4866-ae99-f2a7c43779f3","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":10,"box":{"x":82,"y":762,"width":777,"height":11}},{"id":"caa4af6b-ce2b-49df-95ec-8f9056e8509a","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":10,"box":{"x":81,"y":777,"width":525,"height":11}},{"id":"a9a7c5fd-2a33-4218-bbc6-7608a4e2e181","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":10,"box":{"x":81,"y":797,"width":442,"height":11}},{"id":"951a2c9a-26f7-4a8b-b59f-ad5542e36fc8","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":10,"box":{"x":527,"y":797,"width":406,"height":11}},{"id":"72887c15-bd5b-4afc-b911-999fc7c0ff2e","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":812,"width":813,"height":11}},{"id":"0eca72fe-1a98-4648-afa5-ad8d12997207","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":826,"width":779,"height":12}},{"id":"75db25fb-b906-4bae-b30c-71dbc61db450","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":841,"width":832,"height":12}},{"id":"72d5211b-abf7-4aa5-b3f6-14ff004e3aee","block_type":"box","text":"paid during the period.","page_number":10,"box":{"x":82,"y":856,"width":162,"height":11}},{"id":"c98b55cc-e787-456c-b47d-1afeb41fa410","block_type":"box","text":"Restricted Securities","page_number":10,"box":{"x":81,"y":876,"width":159,"height":9}},{"id":"3a5d32c1-679d-4972-bc45-59512be1959a","block_type":"box","text":"—","page_number":10,"box":{"x":245,"y":881,"width":17,"height":1}},{"id":"ff104cb4-6e77-40c9-8a26-d09f082e88a5","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":10,"box":{"x":268,"y":876,"width":602,"height":11}},{"id":"6ced328c-a68d-439a-a308-b8458511cb59","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":891,"width":820,"height":11}},{"id":"10086f9d-4891-4eab-ac86-1dd9270fd83f","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":905,"width":839,"height":12}},{"id":"941ec1d6-ad08-42c1-8c63-ffefbfc18ff2","block_type":"box","text":"9","page_number":10,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"d552f327-d6e8-4995-8f5d-11ffc45cb24b","block_type":"box","text":"NM1026U-5993000-10/41","page_number":10,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"3e34353e-b91a-4857-a98d-a60fef99458a","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":11,"box":{"x":82,"y":46,"width":837,"height":11}},{"id":"6dc8a4cf-6086-48c9-892c-550231d9a714","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":11,"box":{"x":80,"y":60,"width":736,"height":12}},{"id":"ca23f816-b6a0-400f-a5d0-017117b4b3f7","block_type":"box","text":"Reverse Repurchase Agreements","page_number":11,"box":{"x":81,"y":81,"width":251,"height":11}},{"id":"18beba91-1e98-46f1-b4cd-bd22ab8b47e5","block_type":"box","text":"— The Fund may enter into reverse repurchase agreements. The Fund is","page_number":11,"box":{"x":336,"y":81,"width":532,"height":11}},{"id":"2523f135-07d6-4eda-a137-304007a567ce","block_type":"box","text":"permitted to invest up to one-third of its total assets in reverse repurchase agreements. Investments in reverse","page_number":11,"box":{"x":82,"y":95,"width":818,"height":12}},{"id":"d4679f02-78c6-4d43-a841-5aa033d13665","block_type":"box","text":"repurchase agreements and securities lending transactions (described below) will be aggregated for purposes of","page_number":11,"box":{"x":82,"y":110,"width":825,"height":12}},{"id":"4d146ed4-0f1e-42e2-b861-250885ebdce5","block_type":"box","text":"this investment limitation.","page_number":11,"box":{"x":80,"y":125,"width":190,"height":9}},{"id":"0da6757e-de3c-4e09-bbb1-aa9ee6dcfb9c","block_type":"box","text":"Rights","page_number":11,"box":{"x":81,"y":145,"width":49,"height":11}},{"id":"4492d249-79cc-4cef-90ad-33df9b2fad3d","block_type":"box","text":"— The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s","page_number":11,"box":{"x":134,"y":145,"width":797,"height":11}},{"id":"ea037c01-8f96-4b4e-953e-6d30991080b7","block_type":"box","text":"existing shareholders to purchase additional common stock at a price substantially below the market price of the","page_number":11,"box":{"x":81,"y":160,"width":830,"height":11}},{"id":"b3e53157-3ea4-4da5-be0d-46006b5d5ffa","block_type":"box","text":"shares.","page_number":11,"box":{"x":81,"y":175,"width":53,"height":9}},{"id":"662e622a-c8f8-4bd8-90d5-dd1d5547a214","block_type":"box","text":"Securities Lending","page_number":11,"box":{"x":81,"y":195,"width":140,"height":11}},{"id":"43b38bc1-bbf9-4561-8d1b-5760d86c3458","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":11,"box":{"x":225,"y":195,"width":396,"height":11}},{"id":"7c6c2509-2388-464c-906f-d75bbdb4374c","block_type":"box","text":"1⁄","page_number":11,"box":{"x":622,"y":195,"width":6,"height":5}},{"id":"dabafdc8-7b53-4307-abc2-4ced3b16a4e5","block_type":"box","text":"1⁄3","page_number":11,"box":{"x":626,"y":195,"width":8,"height":9}},{"id":"c3ee4339-3684-4605-8fa9-ab8bd41f04cc","block_type":"box","text":"⁄3","page_number":11,"box":{"x":632,"y":198,"width":6,"height":6}},{"id":"6ff37121-37d6-42b2-aab4-c9e64f02448b","block_type":"box","text":"% of its total assets to financial","page_number":11,"box":{"x":639,"y":195,"width":231,"height":9}},{"id":"49bd988d-569b-456a-ba45-0871575eba15","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":11,"box":{"x":82,"y":209,"width":748,"height":12}},{"id":"33efe4c6-9ba2-442d-8874-49bc349465c3","block_type":"box","text":"Short-term Securities","page_number":11,"box":{"x":81,"y":229,"width":161,"height":10}},{"id":"e9005707-0098-4399-adf7-6c913be10724","block_type":"box","text":"— The Fund will normally invest a portion of its assets in short-term debt securities, money","page_number":11,"box":{"x":246,"y":229,"width":674,"height":12}},{"id":"4359d6eb-8e29-4732-a50d-377c8f1d06b7","block_type":"box","text":"market securities, including repurchase agreements, or cash. The Fund invests in such securities or cash when","page_number":11,"box":{"x":82,"y":244,"width":816,"height":12}},{"id":"3b2dbead-280c-4220-ba05-9282f24f7520","block_type":"box","text":"Fund management is unable to find enough attractive long-term investments to reduce exposure to stocks when","page_number":11,"box":{"x":82,"y":259,"width":820,"height":12}},{"id":"be64eadb-9011-4488-b993-1ee4130f157d","block_type":"box","text":"Fund management believes it is advisable to do so or to meet redemptions. Except during temporary defensive","page_number":11,"box":{"x":82,"y":274,"width":814,"height":11}},{"id":"bbf253fd-c920-4548-acee-f51d1d226ed2","block_type":"box","text":"periods, such investments will not exceed 20% of the Fund’s assets.","page_number":11,"box":{"x":82,"y":289,"width":503,"height":11}},{"id":"3cd25429-bf2c-4af8-b646-102efddafc39","block_type":"box","text":"Standby Commitment Agreements","page_number":11,"box":{"x":81,"y":309,"width":259,"height":11}},{"id":"df815560-fd09-4e66-a3da-8e7f1329418a","block_type":"box","text":"— Standby commitment agreements commit the Fund, for a stated period of","page_number":11,"box":{"x":344,"y":309,"width":563,"height":11}},{"id":"886815ce-2569-4c59-a4c7-b681ed26dd6d","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.","page_number":11,"box":{"x":80,"y":323,"width":854,"height":12}},{"id":"f8651dd4-8ac2-4185-8c3e-4746f21702be","block_type":"box","text":"Temporary Defensive Strategies","page_number":11,"box":{"x":82,"y":344,"width":238,"height":11}},{"id":"65a3f56d-9a24-405e-8c9c-bb8b4a530b33","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":11,"box":{"x":325,"y":343,"width":600,"height":12}},{"id":"8d95b3b1-a148-495b-97fb-540cbbddb678","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":11,"box":{"x":81,"y":358,"width":802,"height":12}},{"id":"c7cdbef8-ec44-42de-b045-4ff4c63d3ccd","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":11,"box":{"x":82,"y":373,"width":833,"height":12}},{"id":"aee3a56a-ad8a-4bf6-b010-34c4f1789565","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":11,"box":{"x":81,"y":388,"width":796,"height":11}},{"id":"01d97cab-2f0e-40de-ad23-628a603da6e9","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":11,"box":{"x":81,"y":403,"width":802,"height":11}},{"id":"743bddd2-3df3-4cd1-908a-5643b7509737","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":418,"width":778,"height":11}},{"id":"1e5eb87a-091a-467b-83f6-7e4b16c30ba7","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":432,"width":781,"height":12}},{"id":"66552be8-bcd2-4393-b9c3-e8d351b1754c","block_type":"box","text":"Warrants","page_number":11,"box":{"x":83,"y":453,"width":66,"height":9}},{"id":"67541d0f-e359-4ce9-ba3c-f32e6f941f49","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":11,"box":{"x":153,"y":452,"width":767,"height":12}},{"id":"261db1e9-c268-474e-821d-ada49dcc4fcd","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":11,"box":{"x":80,"y":467,"width":815,"height":12}},{"id":"3e7ab9d9-6df2-4efc-9e60-d6dba52639c3","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":11,"box":{"x":80,"y":482,"width":810,"height":11}},{"id":"05cfa86e-7fbf-4d72-a9f5-92375d7cc2ef","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":11,"box":{"x":83,"y":502,"width":545,"height":11}},{"id":"455607e1-d99c-482a-91e7-4dc616c8d095","block_type":"box","text":"— The purchase or sale of securities on","page_number":11,"box":{"x":632,"y":502,"width":295,"height":11}},{"id":"9dca4b2b-13f5-4283-8e95-265289d2d36e","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":517,"width":851,"height":11}},{"id":"52004a19-e55f-47be-a752-65ff4cf0de68","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":532,"width":847,"height":11}},{"id":"63ed863e-0f6d-4176-86e2-c5b46680345e","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":546,"width":842,"height":12}},{"id":"6fe79f3d-9d0b-452e-85fd-c46c42108bff","block_type":"box","text":"the transaction.","page_number":11,"box":{"x":80,"y":562,"width":115,"height":9}},{"id":"bcb5933d-02a0-4d61-88a1-422a6a546d0f","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":11,"box":{"x":272,"y":618,"width":453,"height":9}},{"id":"59f820d7-602f-4d46-aae5-fe11bf0abfe7","block_type":"box","text":"The Fund is managed by a team of financial professionals. Cem Inal and David Zhao are the portfolio managers and","page_number":11,"box":{"x":70,"y":641,"width":852,"height":11}},{"id":"e5262f9f-5d60-41f1-83e1-57dca27afac3","block_type":"box","text":"are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the","page_number":11,"box":{"x":71,"y":655,"width":826,"height":12}},{"id":"c5be8b04-45e8-4c64-b194-6633bc79d1ce","block_type":"box","text":"Fund — Portfolio Manager Information” for additional information about the portfolio management team.","page_number":11,"box":{"x":72,"y":670,"width":766,"height":12}},{"id":"ff21c764-08c4-478a-aa65-4b67a07832e7","block_type":"box","text":"Investment Risks","page_number":11,"box":{"x":62,"y":722,"width":156,"height":11}},{"id":"3c6ccb3f-fe33-4f46-9f55-badafb6dd76a","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives and","page_number":11,"box":{"x":60,"y":748,"width":820,"height":12}},{"id":"0a9d4156-ab91-4764-a54d-d89d9193c301","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":11,"box":{"x":61,"y":763,"width":866,"height":11}},{"id":"3446b844-6beb-456a-b251-2a76e433cc42","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":11,"box":{"x":62,"y":778,"width":863,"height":11}},{"id":"788854a5-6482-426e-a5cb-b648f09e5182","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not","page_number":11,"box":{"x":61,"y":793,"width":822,"height":11}},{"id":"28fe1db0-76ea-4dfb-907c-f54c3618d758","block_type":"box","text":"insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order","page_number":11,"box":{"x":62,"y":808,"width":867,"height":11}},{"id":"1ed38020-7b8e-4711-bc64-55c211037556","block_type":"box","text":"of the below risk factors does not indicate the significance of any particular risk factor.","page_number":11,"box":{"x":61,"y":822,"width":635,"height":12}},{"id":"7fbb593f-792f-4368-906d-ff2f758cbe00","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":11,"box":{"x":61,"y":845,"width":322,"height":13}},{"id":"34ccee97-3aca-4445-a6bf-4470051e5271","block_type":"box","text":"Convertible Securities Risk","page_number":11,"box":{"x":81,"y":867,"width":206,"height":9}},{"id":"16605578-2412-4237-bedb-7d57b244e81f","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":867,"width":593,"height":11}},{"id":"40981750-c2d2-4bc0-85e7-88f17501d693","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":882,"width":853,"height":11}},{"id":"9780433e-d155-4f32-9e5a-a99c61df3fad","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":897,"width":855,"height":11}},{"id":"a8f804bc-0d50-433e-8175-32c1600e02c1","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":911,"width":816,"height":12}},{"id":"53484f0b-27d6-4e4c-a3e7-1d6d89cf4fc5","block_type":"box","text":"10","page_number":11,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b1117648-4599-4491-b1a5-9a69fd43262d","block_type":"box","text":"NM1026U-5993000-11/41","page_number":11,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"89628b15-356b-4425-a0a9-d4f169b02ad1","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":12,"box":{"x":82,"y":46,"width":796,"height":11}},{"id":"2b4ccfa9-2ce2-4e9c-8dac-25780fc4713a","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":12,"box":{"x":81,"y":60,"width":812,"height":12}},{"id":"c7860ce5-1d30-4f31-95ea-9c6e8942b0e8","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":12,"box":{"x":82,"y":75,"width":809,"height":12}},{"id":"a764457a-28a1-4739-acae-f7199f65a2e6","block_type":"box","text":"Equity Securities Risk","page_number":12,"box":{"x":81,"y":95,"width":166,"height":12}},{"id":"cf8dcc8f-6257-4540-877e-1b328bfef839","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":12,"box":{"x":251,"y":95,"width":666,"height":12}},{"id":"b7f11d5f-e237-47e5-9454-d676cfebae8e","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":12,"box":{"x":81,"y":110,"width":850,"height":12}},{"id":"3d4f09ab-cff1-4362-ab39-5dd9081ac365","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":12,"box":{"x":82,"y":125,"width":802,"height":11}},{"id":"6ab73458-06b4-4701-b5c0-2510a1215773","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":12,"box":{"x":81,"y":140,"width":854,"height":11}},{"id":"3f230e30-bcaf-4caa-80a1-6d354a7b07e7","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":12,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"7a0aeca0-00d9-4ec6-a63d-5c287d6eb60b","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":12,"box":{"x":81,"y":170,"width":824,"height":11}},{"id":"53ba6028-b1ce-4283-9ed3-5440e1b4b44d","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":12,"box":{"x":81,"y":184,"width":782,"height":12}},{"id":"e7017d81-e948-4280-84e9-cb4ee7f63b85","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":12,"box":{"x":82,"y":199,"width":849,"height":12}},{"id":"f02c1d38-f7b6-438e-89e1-59eb03191daa","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":12,"box":{"x":82,"y":214,"width":482,"height":11}},{"id":"6320bc66-71a4-4dd8-aa60-3801104ab191","block_type":"box","text":"Foreign Securities Risk","page_number":12,"box":{"x":81,"y":234,"width":176,"height":11}},{"id":"54f38d4e-37a1-4293-87bd-b9ac797e191e","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":12,"box":{"x":260,"y":234,"width":677,"height":11}},{"id":"d25afc69-43cb-4766-9c75-b2110722ff9e","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":12,"box":{"x":81,"y":249,"width":827,"height":11}},{"id":"64661e62-aad0-4781-b059-191ac71d7eb4","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":12,"box":{"x":82,"y":264,"width":837,"height":11}},{"id":"70b6663c-162a-4bfa-ab64-8589652cea60","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":12,"box":{"x":80,"y":278,"width":849,"height":12}},{"id":"8731262f-0f29-441e-9586-59b405db4804","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":12,"box":{"x":81,"y":293,"width":841,"height":12}},{"id":"9be817f9-277d-4196-b02d-d26309a0e493","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":12,"box":{"x":81,"y":308,"width":716,"height":12}},{"id":"f2799406-dc44-4a86-a39b-736bb0ba12c0","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":12,"box":{"x":82,"y":328,"width":468,"height":12}},{"id":"27d089a3-9afa-4f30-afea-56b1bf0f7173","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":12,"box":{"x":555,"y":328,"width":358,"height":12}},{"id":"ee315aeb-1606-4761-aff3-c84a5ed062e6","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":12,"box":{"x":81,"y":343,"width":813,"height":11}},{"id":"44b9e08a-5ccf-45b2-a176-6269f6ff37a5","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":12,"box":{"x":82,"y":358,"width":791,"height":11}},{"id":"0935d37d-3c47-40da-ac04-5fbc2b3d5788","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":12,"box":{"x":81,"y":372,"width":818,"height":12}},{"id":"0d2447ad-26ee-44a8-86ef-65d8855f799d","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":12,"box":{"x":81,"y":387,"width":833,"height":12}},{"id":"17bc0baa-8795-43c5-ac02-b139cb9cb2f3","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":12,"box":{"x":81,"y":402,"width":816,"height":12}},{"id":"f11b94ef-f35a-4d3d-a00b-f4987b517ef9","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":12,"box":{"x":82,"y":417,"width":827,"height":11}},{"id":"ef0a9bb5-929e-40bd-8001-366486ece460","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":12,"box":{"x":80,"y":432,"width":848,"height":11}},{"id":"40f726ee-2877-4844-92fd-2d4d73a5c59a","block_type":"box","text":"United States.","page_number":12,"box":{"x":82,"y":447,"width":102,"height":9}},{"id":"09bdb094-157f-4f7a-b828-d724fd62279b","block_type":"box","text":"Currency Risk","page_number":12,"box":{"x":82,"y":467,"width":100,"height":11}},{"id":"e358b50c-dccb-40e2-849d-ca11692db325","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":12,"box":{"x":186,"y":467,"width":706,"height":11}},{"id":"90e60385-744b-456a-993d-81c397a8bb67","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":12,"box":{"x":81,"y":481,"width":823,"height":12}},{"id":"aeb9bd46-edef-4088-939e-e410f4c1750f","block_type":"box","text":"value of the Fund’s portfolio.","page_number":12,"box":{"x":80,"y":496,"width":211,"height":11}},{"id":"0d1aee6c-b9c7-441c-87b5-ab5045d04a36","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":12,"box":{"x":81,"y":516,"width":823,"height":12}},{"id":"6cf5740b-0eb3-4ede-bcfa-2127fd90f106","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":12,"box":{"x":82,"y":531,"width":834,"height":11}},{"id":"889c8c37-6a88-4b05-b935-a8cdcd5f24ff","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":12,"box":{"x":81,"y":546,"width":846,"height":11}},{"id":"e69ce593-9ef8-4d24-8a28-3f39fc38318d","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":12,"box":{"x":82,"y":561,"width":826,"height":11}},{"id":"c6070d54-425a-4cd5-9f1f-4539fff7c91c","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":12,"box":{"x":82,"y":576,"width":486,"height":9}},{"id":"262ec9a1-0e19-4535-bec5-0142b7be5b5d","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional","page_number":12,"box":{"x":81,"y":595,"width":817,"height":12}},{"id":"e97494f9-4133-4a04-82c1-a07eff2b5b53","block_type":"box","text":"currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such","page_number":12,"box":{"x":81,"y":610,"width":851,"height":12}},{"id":"e1b24491-5ce9-43b9-89f0-9240ead6dca3","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":12,"box":{"x":82,"y":625,"width":799,"height":12}},{"id":"a3187972-2e03-4c6d-a6b2-633fdf597d96","block_type":"box","text":"Foreign Economy Risk","page_number":12,"box":{"x":82,"y":645,"width":160,"height":12}},{"id":"fc40e052-4e6b-44df-a046-ffdd83a2414b","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":12,"box":{"x":246,"y":645,"width":685,"height":12}},{"id":"b882a8ce-ba6e-43b2-9049-f6610a2bd2d8","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":12,"box":{"x":80,"y":660,"width":785,"height":11}},{"id":"34a31b84-1215-4002-aa6e-08c103b4cccb","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":12,"box":{"x":82,"y":675,"width":845,"height":11}},{"id":"d99bd8c0-07b6-4a5f-ab23-544edc43e9dd","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":12,"box":{"x":81,"y":690,"width":853,"height":11}},{"id":"91930e0e-8894-47ef-901c-02dd59e5df18","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":12,"box":{"x":82,"y":705,"width":831,"height":11}},{"id":"37f4ff7d-287a-4fbc-b082-96b90885fa7c","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":12,"box":{"x":82,"y":719,"width":846,"height":12}},{"id":"faa6d85c-fa89-48f6-9595-0277e210d732","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":12,"box":{"x":81,"y":734,"width":808,"height":11}},{"id":"d66a3d57-dd8f-4386-8c13-e2956b56269e","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":12,"box":{"x":82,"y":749,"width":851,"height":11}},{"id":"c673c276-c75b-4328-a345-23161b91e72f","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":12,"box":{"x":82,"y":764,"width":832,"height":11}},{"id":"039febae-b271-430b-9ff1-6111b826e779","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":12,"box":{"x":81,"y":779,"width":814,"height":11}},{"id":"5af3c443-65af-4c8c-b0b7-709a102e5773","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":12,"box":{"x":82,"y":793,"width":805,"height":12}},{"id":"94176675-2754-411e-95fc-180ac16eb756","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":12,"box":{"x":82,"y":808,"width":827,"height":12}},{"id":"7f6aaa2a-d2a6-450d-8848-4275ed3e4b9e","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":12,"box":{"x":80,"y":823,"width":801,"height":11}},{"id":"38d2859a-29d8-47ba-a6ec-13ff95e39027","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":12,"box":{"x":81,"y":838,"width":809,"height":11}},{"id":"d9273783-6749-452b-b4a2-36e215b11e4b","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":12,"box":{"x":81,"y":853,"width":849,"height":11}},{"id":"4ae6bfe2-395b-4f7e-a066-cd5809c33922","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":12,"box":{"x":81,"y":867,"width":848,"height":12}},{"id":"3696fa3f-9005-456b-be9c-d4e9aa6e6047","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":12,"box":{"x":81,"y":882,"width":774,"height":12}},{"id":"bfc18db9-a2cd-46c6-90e8-e127d6c18f77","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":12,"box":{"x":81,"y":897,"width":355,"height":12}},{"id":"7ee67a52-7b63-4385-a177-44d9c7cca340","block_type":"box","text":"11","page_number":12,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"a378b205-c849-4c41-9187-b063557300e3","block_type":"box","text":"NM1026U-5993000-12/41","page_number":12,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"490463cb-96e5-42e5-ae6e-16c45c6cbf49","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":13,"box":{"x":81,"y":46,"width":838,"height":11}},{"id":"74f95085-a282-4968-9735-9f2b100de51c","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":13,"box":{"x":81,"y":60,"width":815,"height":12}},{"id":"6faf4d0c-74cd-4290-b59b-4f5593093c0c","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":13,"box":{"x":82,"y":76,"width":827,"height":11}},{"id":"f7840a56-bd48-48cc-b1b3-6ff30e854dca","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":13,"box":{"x":82,"y":90,"width":832,"height":12}},{"id":"aadf2e13-3c15-4843-89fc-4aaf953d5523","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":13,"box":{"x":81,"y":105,"width":781,"height":11}},{"id":"bb7131ac-36ff-4c24-8278-282f37012e1b","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":13,"box":{"x":82,"y":120,"width":617,"height":11}},{"id":"d7ce4a56-add8-48b7-86a7-c52e35bbd947","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":13,"box":{"x":82,"y":140,"width":476,"height":11}},{"id":"ced45ef2-14e9-44d9-adde-c3bdb8646bb3","block_type":"box","text":"— Many foreign governments do not supervise","page_number":13,"box":{"x":563,"y":140,"width":344,"height":11}},{"id":"bff0cac0-d069-4fb4-9219-da60394cbc8e","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":13,"box":{"x":81,"y":155,"width":827,"height":11}},{"id":"ed722cea-4570-4533-a58e-2a469ad46cc4","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":13,"box":{"x":80,"y":170,"width":855,"height":11}},{"id":"115a56cd-0dee-4d1f-9260-18395d541e53","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":13,"box":{"x":81,"y":184,"width":831,"height":12}},{"id":"c7d96633-8d6d-422b-a313-e8d10954179c","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":13,"box":{"x":82,"y":199,"width":800,"height":11}},{"id":"9120dd7e-6b92-43a1-99f1-e9f6b986a217","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":13,"box":{"x":81,"y":214,"width":829,"height":11}},{"id":"39e39c6b-b2dd-48dd-b0a4-4cd67041c446","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":13,"box":{"x":81,"y":229,"width":856,"height":11}},{"id":"7deea32c-8c82-4a49-ae1f-3503c27d0068","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":13,"box":{"x":81,"y":244,"width":834,"height":11}},{"id":"482ebeb3-dacc-4a34-b3f7-9b2debf63a3d","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":13,"box":{"x":82,"y":258,"width":844,"height":12}},{"id":"e70059ae-e50e-422c-ace9-6b4fc86c07f0","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":13,"box":{"x":81,"y":273,"width":393,"height":12}},{"id":"0bb09ade-4195-4f34-97f9-b251aafacec0","block_type":"box","text":"Settlement Risk","page_number":13,"box":{"x":82,"y":293,"width":117,"height":9}},{"id":"ad52a739-8149-4553-b1a1-b7fba0064557","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":13,"box":{"x":203,"y":293,"width":730,"height":12}},{"id":"dbe5431e-6606-4ea0-88eb-0dfbfa562938","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":13,"box":{"x":80,"y":308,"width":856,"height":12}},{"id":"02bec894-5e10-4296-8051-b7b96feffe21","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":13,"box":{"x":81,"y":323,"width":784,"height":11}},{"id":"78c34787-5d27-4995-a0bf-39811a93a1e7","block_type":"box","text":"investments.","page_number":13,"box":{"x":82,"y":338,"width":92,"height":9}},{"id":"8d75045b-71e6-40e4-9dae-776d230f6b39","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":13,"box":{"x":81,"y":358,"width":825,"height":11}},{"id":"997b2373-27f1-472f-be5f-e9be8002290f","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":13,"box":{"x":81,"y":372,"width":839,"height":12}},{"id":"ce051713-1b72-404f-9833-19ae9d38b7a8","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":13,"box":{"x":82,"y":387,"width":854,"height":12}},{"id":"57e7fe7a-ba92-4010-b6a3-ba07ff08df31","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":13,"box":{"x":82,"y":402,"width":839,"height":12}},{"id":"44b84c68-4f2e-4d66-8731-2c3b094dc22a","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":13,"box":{"x":81,"y":417,"width":841,"height":11}},{"id":"011eeace-858f-446c-9405-e47df716060c","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":13,"box":{"x":80,"y":432,"width":480,"height":11}},{"id":"1c37bc81-7024-4e66-be29-a410eee2359d","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":13,"box":{"x":83,"y":452,"width":221,"height":11}},{"id":"d79fcf37-3993-4d07-8a1c-9ad457757c29","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":13,"box":{"x":308,"y":452,"width":589,"height":11}},{"id":"10ae508a-b273-4476-9b58-f9e6f4c64f97","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":13,"box":{"x":82,"y":467,"width":838,"height":11}},{"id":"43c6c628-2e15-45ae-a0c1-9eadc8ce0890","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":13,"box":{"x":81,"y":482,"width":834,"height":11}},{"id":"0e2e174d-3cf0-4686-8f7d-207d2b78f7f6","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":13,"box":{"x":82,"y":496,"width":836,"height":12}},{"id":"ebee35a5-db68-4070-84e8-baf13ff7590b","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":13,"box":{"x":80,"y":511,"width":854,"height":12}},{"id":"90db36d2-4af0-40c7-8056-61e57bd79a58","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":13,"box":{"x":80,"y":526,"width":831,"height":11}},{"id":"4c2f6cfc-2b31-4c97-b8e4-edfa65747023","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":13,"box":{"x":82,"y":541,"width":852,"height":11}},{"id":"a22d1833-7da9-49e2-8b19-875c6583c9ec","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":13,"box":{"x":81,"y":555,"width":848,"height":12}},{"id":"2e6a0ab9-86a1-42cb-91b3-9f4072367f7d","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":13,"box":{"x":81,"y":570,"width":831,"height":12}},{"id":"1153c473-3ae2-4261-ac68-a0d6e8570912","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":13,"box":{"x":80,"y":585,"width":830,"height":12}},{"id":"a9df8def-e3f9-4cf7-86e2-0a59b49b6d5c","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":13,"box":{"x":82,"y":600,"width":832,"height":12}},{"id":"e22e1468-fc98-4608-975f-d3ce8f77d444","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":13,"box":{"x":82,"y":615,"width":836,"height":11}},{"id":"292181c6-5e33-4f01-9a9d-8d25d6030139","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":13,"box":{"x":81,"y":630,"width":325,"height":9}},{"id":"42e118e8-49f0-45bd-b4d7-0ed2d3cf8f2d","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":13,"box":{"x":81,"y":650,"width":310,"height":11}},{"id":"9ce5ad9a-0f7a-40ba-a250-a23761f2eab0","block_type":"box","text":"—","page_number":13,"box":{"x":396,"y":655,"width":17,"height":1}},{"id":"6bb72068-1902-45da-98c2-20612de73c56","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":13,"box":{"x":418,"y":650,"width":507,"height":11}},{"id":"ad496f44-10c7-45d7-8e6d-9682076ae85e","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":13,"box":{"x":80,"y":665,"width":837,"height":11}},{"id":"26873aca-0e4e-405b-a27e-abfa8b13e87f","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":13,"box":{"x":81,"y":679,"width":852,"height":12}},{"id":"880c2225-d5e7-4580-aaad-fb0ac5a738f1","block_type":"box","text":"Investment Style Risk","page_number":13,"box":{"x":81,"y":699,"width":166,"height":12}},{"id":"dc084399-5150-4f28-b819-f874c49d66aa","block_type":"box","text":"—","page_number":13,"box":{"x":252,"y":705,"width":17,"height":0}},{"id":"9b0d26af-88e3-4e5c-a4de-4f282adfb1d5","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":13,"box":{"x":274,"y":699,"width":658,"height":12}},{"id":"16d50c51-fa8c-4c6b-b915-516b6cfc8f3e","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":13,"box":{"x":81,"y":714,"width":809,"height":12}},{"id":"193ca71e-cd77-4075-b935-2267c23a7288","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":13,"box":{"x":82,"y":729,"width":841,"height":11}},{"id":"b4ece535-b821-4087-80bf-ef76a61a75fa","block_type":"box","text":"investment styles.","page_number":13,"box":{"x":82,"y":744,"width":131,"height":11}},{"id":"05ffe9b1-94bb-481a-93fd-59739adbd57f","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":13,"box":{"x":81,"y":764,"width":276,"height":11}},{"id":"5213b087-f664-41e3-a513-465eab37875c","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":13,"box":{"x":361,"y":764,"width":573,"height":11}},{"id":"82002c5a-4c67-4e88-a957-6d08d0afaf3f","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":13,"box":{"x":81,"y":779,"width":848,"height":11}},{"id":"c9f1e7e6-009b-4175-9666-094174e1ec0f","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":13,"box":{"x":81,"y":794,"width":839,"height":11}},{"id":"631e029a-5fa7-49fe-b0a9-64dfe1f51009","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":13,"box":{"x":82,"y":808,"width":851,"height":12}},{"id":"d7103c6e-480e-47b5-a320-33453408c031","block_type":"box","text":"Market Risk and Selection Risk","page_number":13,"box":{"x":81,"y":828,"width":240,"height":9}},{"id":"8acf5136-5302-4fb9-9a94-f40acf511a3c","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":13,"box":{"x":324,"y":828,"width":593,"height":9}},{"id":"6c8e99d7-d8aa-4494-902d-4bd387c39fb5","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":13,"box":{"x":81,"y":843,"width":851,"height":12}},{"id":"c0b89fed-136e-4b3e-8c6e-653e470db965","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":13,"box":{"x":82,"y":858,"width":824,"height":11}},{"id":"839d022b-17ab-446b-81b5-4b57deb9e470","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":13,"box":{"x":82,"y":873,"width":851,"height":11}},{"id":"5447d97f-2198-4e2a-ab8f-3265ce0012ba","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":13,"box":{"x":82,"y":887,"width":802,"height":12}},{"id":"20e966ab-231e-4f19-b0a5-527c038c671a","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. 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These","page_number":14,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"4828199b-58b1-49d6-b6c1-42e2c2522a60","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":14,"box":{"x":81,"y":308,"width":832,"height":12}},{"id":"7293a82c-0e0b-4bb5-aaa8-9e4f393d5825","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":14,"box":{"x":82,"y":323,"width":763,"height":11}},{"id":"9fd2ce98-5e29-417c-9110-b8a8cd080861","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":14,"box":{"x":81,"y":338,"width":825,"height":11}},{"id":"4bf7b823-ebcd-42a8-8cc1-42f1f9964c4a","block_type":"box","text":"governmental authorities, as applicable. 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The United States has also experienced increased internal unrest and political discord. If","page_number":15,"box":{"x":82,"y":407,"width":832,"height":11}},{"id":"a7e42c0e-dfea-49b4-a745-a4896c05490c","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":15,"box":{"x":80,"y":422,"width":826,"height":11}},{"id":"3eec9a4c-0124-4603-88f8-2d114a0d1705","block_type":"box","text":"Fund invests.","page_number":15,"box":{"x":82,"y":437,"width":95,"height":9}},{"id":"8dcbfac3-8d25-41ac-8df4-3df2dafc7a56","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":15,"box":{"x":61,"y":460,"width":296,"height":12}},{"id":"c65d8f2a-5a20-468c-b063-12cd7ab277e8","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":15,"box":{"x":60,"y":476,"width":832,"height":12}},{"id":"40fc6284-2609-407f-99fd-768ebc3840fa","block_type":"box","text":"strategies, including:","page_number":15,"box":{"x":61,"y":491,"width":151,"height":12}},{"id":"6faf5c8d-9fbd-4ef7-90ac-e5ef68e69c7b","block_type":"box","text":"Borrowing Risk","page_number":15,"box":{"x":81,"y":511,"width":115,"height":11}},{"id":"4916cc3b-729b-4345-8466-731ed19f1fd8","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":15,"box":{"x":200,"y":511,"width":711,"height":12}},{"id":"914db98c-e516-4de2-9726-b57bbd945091","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":15,"box":{"x":80,"y":526,"width":813,"height":11}},{"id":"c029475a-fe46-441d-b94a-e372457d9379","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":15,"box":{"x":82,"y":541,"width":846,"height":11}},{"id":"7cc4ab0b-b2c9-4be8-8965-190af283bcbe","block_type":"box","text":"do so to satisfy its obligations.","page_number":15,"box":{"x":81,"y":555,"width":225,"height":12}},{"id":"cdd2d230-2bec-4cca-b0e1-397b9b3b89f6","block_type":"box","text":"Debt Securities Risk","page_number":15,"box":{"x":81,"y":576,"width":155,"height":9}},{"id":"9fb454de-b61d-49e6-adf5-ba5e9d92e6a6","block_type":"box","text":"— Debt securities, such as bonds, involve credit risk. Credit risk refers to the possibility that","page_number":15,"box":{"x":240,"y":575,"width":682,"height":12}},{"id":"1b9f8308-1b7e-4f2f-8cb3-988713921369","block_type":"box","text":"the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when","page_number":15,"box":{"x":80,"y":590,"width":827,"height":12}},{"id":"cee8377d-fcb1-4c90-a8b3-9017b9441858","block_type":"box","text":"due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect","page_number":15,"box":{"x":81,"y":605,"width":851,"height":12}},{"id":"e66035d1-4fa2-455b-80ed-8b08c0be53d7","block_type":"box","text":"the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition","page_number":15,"box":{"x":80,"y":620,"width":840,"height":12}},{"id":"94560c45-ef44-4c86-be3a-990ef09bb42e","block_type":"box","text":"of the issuer and the terms of the obligation. Debt securities are also subject to interest rate risk. Interest rate risk","page_number":15,"box":{"x":81,"y":635,"width":847,"height":11}},{"id":"b96312b3-b93d-4e9d-99a0-67dbb4eac55e","block_type":"box","text":"is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt","page_number":15,"box":{"x":82,"y":650,"width":822,"height":11}},{"id":"7ff6d590-63d9-4dce-a6fa-430d506fb5a9","block_type":"box","text":"securities with longer maturities will go up or down more in response to changes in interest rates than the market","page_number":15,"box":{"x":81,"y":665,"width":836,"height":11}},{"id":"89bb53d0-9482-4707-bdfb-6cbaf25238e8","block_type":"box","text":"price of shorter term securities. The Fund may be subject to a greater risk of rising interest rates during a period of","page_number":15,"box":{"x":82,"y":679,"width":845,"height":12}},{"id":"419aec06-1665-4a2b-b243-e741aa0b1943","block_type":"box","text":"low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened","page_number":15,"box":{"x":82,"y":694,"width":822,"height":12}},{"id":"c2e51237-ceb8-47a7-b610-b2734fa9806a","block_type":"box","text":"market volatility, and could negatively impact the Fund’s performance.","page_number":15,"box":{"x":82,"y":709,"width":512,"height":11}},{"id":"203f6385-de87-419e-a6d3-b1c4c4698500","block_type":"box","text":"Derivatives Risk","page_number":15,"box":{"x":81,"y":729,"width":123,"height":9}},{"id":"3d0e4a7c-74c3-4a0a-b86e-d1fc563c776d","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":15,"box":{"x":207,"y":729,"width":664,"height":11}},{"id":"152ce07c-5d88-4d4d-8fe8-3347dc6442eb","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":15,"box":{"x":82,"y":744,"width":469,"height":11}},{"id":"35c2d9ce-161d-4903-8a19-2b37b7753a41","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":82,"y":767,"width":102,"height":11}},{"id":"2ffbea0b-33b6-490e-961c-05cf561baf7c","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":15,"box":{"x":188,"y":766,"width":723,"height":12}},{"id":"85814294-a6de-47b3-ac67-34590b0fbd8e","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":15,"box":{"x":82,"y":781,"width":832,"height":12}},{"id":"c6310983-c55a-438f-8f47-246a1c38c923","block_type":"box","text":"exceed the amount originally invested.","page_number":15,"box":{"x":81,"y":796,"width":280,"height":11}},{"id":"935331f4-add1-4753-98ce-d001c4cda2f9","block_type":"box","text":"Market Risk","page_number":15,"box":{"x":82,"y":819,"width":87,"height":9}},{"id":"93bc44fe-b561-4df0-83b4-bd4596d8aa4a","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":15,"box":{"x":173,"y":818,"width":728,"height":12}},{"id":"aab658cb-b389-4b5d-b31f-e083283ac4d2","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":15,"box":{"x":81,"y":833,"width":834,"height":12}},{"id":"28dac146-7c6d-4d64-997e-04e7b54219dc","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":15,"box":{"x":82,"y":848,"width":832,"height":12}},{"id":"4df990fb-603a-4c94-83a5-c126b8336175","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":15,"box":{"x":80,"y":863,"width":779,"height":11}},{"id":"a923e9da-535c-4c32-8758-974ad0afd887","block_type":"box","text":"derivatives positions to lose value.","page_number":15,"box":{"x":81,"y":878,"width":253,"height":11}},{"id":"fbe200cb-0283-4057-8cdf-0d305c4c40dc","block_type":"box","text":"14","page_number":15,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e3ccf09a-d01b-46ec-bc27-78c9ce01608f","block_type":"box","text":"NM1026U-5993000-15/41","page_number":15,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"04dd803f-9df7-4444-994b-2ac7cdbc50e3","block_type":"box","text":"Counterpar ty Risk","page_number":16,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"55a56955-aaf4-4698-987f-6908dd6e597f","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":16,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"9b980240-b7f6-4fc8-86fe-cdd2b5ff4569","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":16,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"e8d02468-fd38-4c9e-8417-b0354b40c3f0","block_type":"box","text":"exposure to such a counterparty.","page_number":16,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"ed991556-a3df-404c-9e12-f3ec129f6dab","block_type":"box","text":"Illiquidity Risk —","page_number":16,"box":{"x":82,"y":98,"width":122,"height":11}},{"id":"76f83acb-81c5-4aa7-9433-49975375adbd","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":16,"box":{"x":208,"y":98,"width":728,"height":11}},{"id":"149ec944-9c32-451a-9f5b-e0211fc5b445","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":16,"box":{"x":80,"y":113,"width":839,"height":11}},{"id":"0dfe2a5b-79fb-45a0-9fef-dd49e9f9ce45","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":16,"box":{"x":81,"y":127,"width":293,"height":12}},{"id":"3b6f6400-b81a-45a0-8302-6db5836468fb","block_type":"box","text":"Operational Risk","page_number":16,"box":{"x":82,"y":150,"width":120,"height":11}},{"id":"33366561-1c24-4a47-b12f-431874949f53","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":16,"box":{"x":206,"y":150,"width":727,"height":12}},{"id":"cc018129-c7b6-4457-b9ef-22c6a438ce21","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":16,"box":{"x":82,"y":165,"width":607,"height":11}},{"id":"b7f0f140-289b-4354-bda7-f05be5e3a0bc","block_type":"box","text":"Legal Risk","page_number":16,"box":{"x":82,"y":188,"width":75,"height":11}},{"id":"d36291ad-b891-49cc-9a04-9b43e2abb034","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":16,"box":{"x":161,"y":187,"width":761,"height":12}},{"id":"9e33b2de-05f9-4681-a339-7ea9e1b79ce6","block_type":"box","text":"enforceability of a contract.","page_number":16,"box":{"x":81,"y":202,"width":198,"height":12}},{"id":"ad61e49d-75bf-4aef-a381-e955f552c4a8","block_type":"box","text":"Volatility and Correlation Risk","page_number":16,"box":{"x":83,"y":225,"width":214,"height":11}},{"id":"4de888df-aaf2-46bb-a859-f735209634e1","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":16,"box":{"x":300,"y":225,"width":590,"height":11}},{"id":"7666ccd5-9ce8-4705-99f8-e5eac1268117","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":16,"box":{"x":80,"y":240,"width":855,"height":11}},{"id":"0e9dc0a4-3be7-4a4c-9ff8-2275a63d9bd7","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":16,"box":{"x":80,"y":254,"width":820,"height":12}},{"id":"94acbbfd-f458-4ffb-9538-7373b31b71c4","block_type":"box","text":"correlate with the overall securities markets.","page_number":16,"box":{"x":81,"y":270,"width":326,"height":9}},{"id":"d177a28f-2bfc-4337-9a35-d5bc47af1423","block_type":"box","text":"Valuation Risk","page_number":16,"box":{"x":83,"y":292,"width":102,"height":9}},{"id":"b669baa3-9c92-48a8-ba2b-be89ac9709f0","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":16,"box":{"x":189,"y":292,"width":747,"height":11}},{"id":"ef372044-9faa-417d-b179-7665cc87b42c","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":16,"box":{"x":82,"y":307,"width":783,"height":11}},{"id":"c7d26cc0-d2ea-4f95-b084-15d0b58c01d5","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":16,"box":{"x":82,"y":321,"width":837,"height":12}},{"id":"0dbd7b61-72f6-4e02-9501-713e831b07ea","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":16,"box":{"x":81,"y":336,"width":826,"height":12}},{"id":"e6fe5402-8e00-45c9-841e-860534ee079d","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":16,"box":{"x":80,"y":351,"width":405,"height":12}},{"id":"8e364185-1754-4ac4-9417-a8761739de00","block_type":"box","text":"Hedging Risk","page_number":16,"box":{"x":82,"y":374,"width":95,"height":11}},{"id":"2e0aa992-2264-474a-b8df-b469e4a39728","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":16,"box":{"x":181,"y":374,"width":752,"height":11}},{"id":"ef6c880b-cdae-49fe-a925-4ed97ea17ba4","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":16,"box":{"x":80,"y":389,"width":820,"height":11}},{"id":"cd9ddeb9-4163-43f7-b232-8a179d55f101","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":16,"box":{"x":82,"y":404,"width":823,"height":11}},{"id":"e69b7435-dbf2-4647-a53a-cfb71de2fc42","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":16,"box":{"x":82,"y":418,"width":813,"height":12}},{"id":"5517eb3a-f4cb-4cd2-8a06-f41d77507f78","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":16,"box":{"x":82,"y":433,"width":832,"height":12}},{"id":"4aab8614-17d7-4dba-9511-a899c3234aa8","block_type":"box","text":"noted below.","page_number":16,"box":{"x":82,"y":448,"width":90,"height":9}},{"id":"b95952e8-ca28-4ee4-a4a1-d226230af59a","block_type":"box","text":"Tax Risk","page_number":16,"box":{"x":83,"y":471,"width":59,"height":9}},{"id":"73a0e6cd-720c-4bac-8c85-a604dac5230c","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":16,"box":{"x":145,"y":470,"width":766,"height":12}},{"id":"f58eca71-b0af-488e-98a6-d8c87ee4cacb","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":16,"box":{"x":82,"y":485,"width":826,"height":12}},{"id":"0da634bc-e188-4471-a805-22a2c25e74cf","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":16,"box":{"x":82,"y":500,"width":846,"height":12}},{"id":"c79a5a41-2665-45f7-b9fb-c0c49b8921f7","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":16,"box":{"x":81,"y":515,"width":817,"height":11}},{"id":"dc1764ee-7f4e-43e9-a2b1-d5efed18bc72","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":16,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"bd115f6b-5b7b-4904-b4c2-9326c1e4f518","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":16,"box":{"x":81,"y":545,"width":840,"height":11}},{"id":"c9111d55-37ba-4366-8ec3-bce9de1bfd36","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":16,"box":{"x":81,"y":559,"width":750,"height":12}},{"id":"66b1f4b5-361b-4bde-9e84-f6cdd2f02302","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":16,"box":{"x":81,"y":574,"width":611,"height":12}},{"id":"7f5d455b-8bc2-4622-83a0-fcc3fbb8d265","block_type":"box","text":"Regulatory Risk","page_number":16,"box":{"x":82,"y":597,"width":115,"height":11}},{"id":"7ddf0805-c1ef-4f22-815d-34e040ba0ce2","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":16,"box":{"x":201,"y":597,"width":688,"height":11}},{"id":"dec6193d-f8d8-4bb9-b5dc-c2717b6bc817","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":16,"box":{"x":81,"y":612,"width":851,"height":11}},{"id":"6565446f-1c95-4a3a-81c8-04a6fec3290c","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":16,"box":{"x":81,"y":627,"width":811,"height":11}},{"id":"c44088e7-b51a-4d9b-80f1-fac5dfb5aff5","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":16,"box":{"x":82,"y":641,"width":850,"height":12}},{"id":"305a11cd-a763-4af4-93f5-567b6725499d","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":16,"box":{"x":81,"y":656,"width":850,"height":12}},{"id":"946a2d4a-4ec4-45fc-b509-6a73f822d60a","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":16,"box":{"x":81,"y":671,"width":838,"height":11}},{"id":"0cc9b1e6-4ba7-4c5b-943d-7a7a4ed5f13e","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":16,"box":{"x":81,"y":686,"width":807,"height":11}},{"id":"638ed6cb-8e9c-4a85-a05e-396ace5d8f79","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":16,"box":{"x":81,"y":701,"width":787,"height":11}},{"id":"f88fac09-ee85-454f-bae6-f04ae7231284","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":16,"box":{"x":82,"y":715,"width":837,"height":12}},{"id":"3deb8493-46f9-4034-8c8c-97556abb376f","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":16,"box":{"x":80,"y":730,"width":804,"height":12}},{"id":"9c4abbf4-587e-4c0c-9573-ffea1ec576ee","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":16,"box":{"x":81,"y":745,"width":781,"height":11}},{"id":"01e0b980-c85b-4f7d-b83e-f3ab4fdd1563","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":16,"box":{"x":82,"y":760,"width":773,"height":11}},{"id":"61fe9f38-d281-4f41-817b-94cc2a16b6a8","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":16,"box":{"x":82,"y":775,"width":836,"height":11}},{"id":"0aa41cde-e730-4f3b-8901-0c51b852908e","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":16,"box":{"x":82,"y":789,"width":814,"height":12}},{"id":"b1c35cb8-242f-46b7-95b4-be830b88a399","block_type":"box","text":"investors in the Fund.","page_number":16,"box":{"x":82,"y":805,"width":156,"height":9}},{"id":"8b6cc586-b106-48bd-9b6e-3e07a1b85732","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":16,"box":{"x":82,"y":827,"width":823,"height":11}},{"id":"5240787f-8561-4f5b-8cae-302cf0f8d2c6","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":16,"box":{"x":82,"y":842,"width":827,"height":11}},{"id":"01b969d2-9b45-430d-97ff-b8b1f85896f0","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":16,"box":{"x":80,"y":856,"width":849,"height":12}},{"id":"6f875e58-2395-4c9a-8844-3ca42ca3d8e4","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":16,"box":{"x":81,"y":871,"width":846,"height":12}},{"id":"97e2526d-a3ae-46f3-b3c6-319e841202fc","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":16,"box":{"x":81,"y":886,"width":509,"height":12}},{"id":"047d3ad3-3492-4e50-8593-fb906141de28","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":16,"box":{"x":82,"y":909,"width":399,"height":11}},{"id":"4bccbdae-4611-4b01-af68-24d9d03101db","block_type":"box","text":"15","page_number":16,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"203c83da-034f-44b0-9eaa-0065072b735d","block_type":"box","text":"NM1026U-5993000-16/41","page_number":16,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"3eefb1d5-7dc0-478d-a8b1-5483c67f11a6","block_type":"box","text":"Swaps","page_number":17,"box":{"x":102,"y":46,"width":47,"height":11}},{"id":"54306e83-87f0-4568-94af-7494e2d00c4c","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":17,"box":{"x":154,"y":46,"width":775,"height":11}},{"id":"db669856-eba2-4929-afef-8b448cbe61f1","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":17,"box":{"x":101,"y":60,"width":829,"height":12}},{"id":"cdbfecc5-b9a2-470e-b52a-6783645934fe","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":17,"box":{"x":101,"y":75,"width":807,"height":12}},{"id":"0fe34c4b-0a11-4337-a8bf-9de60c183523","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":17,"box":{"x":102,"y":90,"width":811,"height":12}},{"id":"7fdde4bf-ed9a-4d4e-9b35-e4885dbf3805","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":17,"box":{"x":101,"y":105,"width":820,"height":12}},{"id":"2228cea6-03e8-4ab6-87b5-f0c04d780705","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":17,"box":{"x":102,"y":120,"width":791,"height":11}},{"id":"bbe09ac6-e8d8-4147-975a-4e64ff2a3a36","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":17,"box":{"x":101,"y":135,"width":789,"height":11}},{"id":"d68154f6-c5b2-4450-91e0-58e8e34857ac","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":17,"box":{"x":101,"y":150,"width":796,"height":11}},{"id":"e1f65d36-449c-4cf7-babf-b0ac6d567b43","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":17,"box":{"x":102,"y":170,"width":335,"height":11}},{"id":"17270967-5b8a-4924-8533-e8953a606c79","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":17,"box":{"x":442,"y":169,"width":437,"height":12}},{"id":"2b4b8315-b6cb-49d3-8fa6-2a32f7cea92e","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":17,"box":{"x":101,"y":184,"width":820,"height":12}},{"id":"07798021-3355-43b4-b62e-0250a7c1608b","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":17,"box":{"x":101,"y":199,"width":801,"height":12}},{"id":"9dbae780-45c7-4fd7-835c-8376e1a68a28","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":17,"box":{"x":101,"y":214,"width":824,"height":11}},{"id":"7dee1d85-918f-41aa-89d9-19f2305fe95b","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":17,"box":{"x":101,"y":229,"width":831,"height":11}},{"id":"2592cc0c-7f7b-4f09-b019-f103d17709e6","block_type":"box","text":"Futures","page_number":17,"box":{"x":102,"y":249,"width":54,"height":9}},{"id":"581860a6-b2a1-4fd5-a1c6-8f684112d929","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":17,"box":{"x":161,"y":249,"width":765,"height":11}},{"id":"3cbffadf-15a2-4c69-8e20-c3e77162a58f","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":17,"box":{"x":101,"y":263,"width":786,"height":12}},{"id":"3df65641-9ece-440a-8ead-cd6d46e9ecb7","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":17,"box":{"x":102,"y":278,"width":769,"height":12}},{"id":"2c42ba40-1974-4a97-9843-4ff0f43ebd78","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":17,"box":{"x":102,"y":293,"width":822,"height":12}},{"id":"e423f2db-89ba-45bb-a240-e2ddbeed96f2","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":17,"box":{"x":101,"y":308,"width":832,"height":12}},{"id":"765825cf-a671-4990-aca9-8556c6033f83","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":17,"box":{"x":101,"y":323,"width":806,"height":11}},{"id":"53a30329-7d7f-4a37-b94a-c93c2f9a4cff","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":17,"box":{"x":102,"y":338,"width":793,"height":11}},{"id":"930a5287-e215-4488-a8f4-73272dc84a48","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":17,"box":{"x":102,"y":352,"width":787,"height":12}},{"id":"f43ff5f9-1443-47d8-87b5-64aa591ce22f","block_type":"box","text":"default in the performance of its obligations.","page_number":17,"box":{"x":101,"y":367,"width":327,"height":12}},{"id":"07c99823-fc46-46fa-86a9-4415cd81ed17","block_type":"box","text":"Options","page_number":17,"box":{"x":102,"y":387,"width":55,"height":11}},{"id":"ffcfcd9a-9e27-4fc8-a63b-55dfa6a45754","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":17,"box":{"x":162,"y":387,"width":772,"height":12}},{"id":"5908ba37-c93c-458c-b8ca-cc8d2055970e","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":17,"box":{"x":101,"y":402,"width":812,"height":12}},{"id":"861ccda4-70f2-43d4-a3c6-868af7e45de5","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":17,"box":{"x":101,"y":417,"width":827,"height":11}},{"id":"c264bf4e-967a-4230-867f-794edf0e16e1","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":17,"box":{"x":101,"y":432,"width":781,"height":11}},{"id":"c33ff389-71ac-40de-a3d4-968be5cf17a8","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":17,"box":{"x":102,"y":447,"width":785,"height":11}},{"id":"1824fc5d-4b7d-42a4-a438-e32bc5e58034","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":17,"box":{"x":101,"y":461,"width":831,"height":12}},{"id":"ae31ee6e-3429-401a-84de-16ed8684c83f","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":17,"box":{"x":101,"y":476,"width":814,"height":12}},{"id":"0b8e7d8c-f665-4e0f-b8c5-c0375f1a60b0","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":17,"box":{"x":101,"y":491,"width":826,"height":12}},{"id":"1095f548-41c6-4514-b3c1-9b40ff282160","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":17,"box":{"x":101,"y":506,"width":822,"height":11}},{"id":"80769764-847f-42ae-a7e7-07c7d2bbb4b4","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":17,"box":{"x":101,"y":521,"width":816,"height":11}},{"id":"31ff19d1-0321-4e09-891c-b3d4b1d533ed","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":17,"box":{"x":101,"y":536,"width":442,"height":11}},{"id":"6d238ff9-2c62-4c54-8350-18d8af16d7ff","block_type":"box","text":"Expense Risk","page_number":17,"box":{"x":81,"y":556,"width":102,"height":11}},{"id":"0d290e64-16ad-4b8b-84f2-c88ef9cb5c2b","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":555,"width":734,"height":12}},{"id":"4d5753e9-180f-4cca-95f2-0d7eea3016a3","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":571,"width":855,"height":11}},{"id":"a096f83b-4703-4974-b639-26032d8d5c35","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":585,"width":842,"height":12}},{"id":"596f27ef-2251-4a63-90cc-d87a5e80acc3","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":600,"width":808,"height":12}},{"id":"ddfeedca-7907-4d2d-874e-f30f8f4dcfcb","block_type":"box","text":"significant.","page_number":17,"box":{"x":81,"y":615,"width":78,"height":11}},{"id":"6a8c241b-4255-4e41-800d-856c6811902c","block_type":"box","text":"Illiquid Investments Risk","page_number":17,"box":{"x":81,"y":635,"width":186,"height":11}},{"id":"ae0bd26b-2449-44e2-b2b3-88e30e7c2030","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":17,"box":{"x":271,"y":635,"width":648,"height":11}},{"id":"d56df59b-e927-4920-9a48-e697f806a5f9","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":650,"width":841,"height":11}},{"id":"b50d8387-1688-4a61-a246-e4b40a591026","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":664,"width":831,"height":12}},{"id":"f83fceda-ca2d-4647-abbd-9ba967a40c9e","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":679,"width":811,"height":12}},{"id":"7550d980-6d31-4645-8722-dd38e8545514","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":694,"width":825,"height":12}},{"id":"e65009d1-ff50-47d8-85e7-8a0278a960c2","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":709,"width":837,"height":11}},{"id":"37b5fa09-38ba-4088-a377-6360cfb66be1","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":724,"width":851,"height":11}},{"id":"46da4c7c-9272-4a40-976f-761c0f035c3b","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":739,"width":835,"height":11}},{"id":"2d49c504-7ddb-44c1-9944-ce2a67729215","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":753,"width":835,"height":12}},{"id":"b08c310b-bc4f-4cb6-8371-2cdde20ef590","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":768,"width":791,"height":12}},{"id":"ebf8424f-fb6e-43df-a8d6-f8761d2d8cea","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":783,"width":846,"height":12}},{"id":"1e0b52bb-86f2-4c44-aa72-3142cdde6482","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":798,"width":835,"height":11}},{"id":"7ecdc7b5-1bbc-499a-bdee-54c687dce5d3","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":813,"width":839,"height":11}},{"id":"6b21ab81-c92d-4a36-8f77-93ce4411fc30","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":828,"width":834,"height":11}},{"id":"35986e3d-057d-4536-b0e5-48125dd49425","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":843,"width":815,"height":11}},{"id":"8d0afc2c-4917-4e64-9aff-4b9ac7b5bf9f","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":857,"width":835,"height":12}},{"id":"fd996e94-96ed-4222-a0d5-072511bf9c3a","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":872,"width":827,"height":11}},{"id":"2f8ef8c9-f8e7-4173-9b03-12113863e3ee","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":887,"width":831,"height":11}},{"id":"3bbe3149-f622-49cc-b1d6-fbacbbe43094","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":17,"box":{"x":81,"y":902,"width":304,"height":11}},{"id":"2e07c3ca-5ce5-4a55-8e4d-faa8a55bbf42","block_type":"box","text":"16","page_number":17,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f6ede969-5e85-4ad9-8795-0bd4d851d3e7","block_type":"box","text":"NM1026U-5993000-17/41","page_number":17,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"758e345c-058a-42da-93a6-ffb58c85c31b","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":18,"box":{"x":81,"y":46,"width":271,"height":9}},{"id":"f1ef4cf3-250f-468e-b43b-3c5670114dd9","block_type":"box","text":"—","page_number":18,"box":{"x":356,"y":51,"width":17,"height":1}},{"id":"490ef56a-177c-408c-a7ae-0eac4181fb55","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":18,"box":{"x":379,"y":46,"width":499,"height":11}},{"id":"1e29ffd5-2e0d-403f-8cfb-a4a15de2ef97","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":18,"box":{"x":82,"y":60,"width":839,"height":12}},{"id":"6b43259f-6575-4791-84cf-89ec839522ba","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":18,"box":{"x":80,"y":75,"width":799,"height":12}},{"id":"04f63f8f-740d-493c-8599-5d52e5a15bf5","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":18,"box":{"x":82,"y":90,"width":796,"height":12}},{"id":"75cebb88-1afc-4cc1-9503-3078e5818f78","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":18,"box":{"x":81,"y":105,"width":855,"height":12}},{"id":"26f19756-00f9-4513-9566-678fbac0efa4","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":18,"box":{"x":82,"y":120,"width":441,"height":11}},{"id":"2da914e3-a9db-4f58-b7d6-5997f314d1db","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":18,"box":{"x":81,"y":140,"width":366,"height":11}},{"id":"8e608b83-85ca-4172-8578-6cb2651fd74f","block_type":"box","text":"— As with other investments, investments in other investment","page_number":18,"box":{"x":450,"y":140,"width":459,"height":11}},{"id":"1442afac-52c7-493f-9739-2b71f6cecf29","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":18,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"c8756cb6-e323-4ec1-bec8-ab32d36752f4","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":18,"box":{"x":82,"y":169,"width":844,"height":12}},{"id":"b278b68b-6db1-4d89-b370-2fa8116888ef","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":18,"box":{"x":81,"y":184,"width":822,"height":12}},{"id":"c968692a-edf8-4a5f-a1f0-74dea62d24dc","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":18,"box":{"x":81,"y":199,"width":829,"height":12}},{"id":"787e97d0-b41d-4ced-92d4-444e1b4f7b6c","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":18,"box":{"x":81,"y":214,"width":628,"height":11}},{"id":"3422d44f-1398-4942-a938-68b4b8f8f21a","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":18,"box":{"x":81,"y":234,"width":396,"height":11}},{"id":"f51b9267-0e1a-4d04-a155-81ec23014e55","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":18,"box":{"x":481,"y":234,"width":440,"height":11}},{"id":"9468df5e-3667-44f6-90b1-a28bf03fff14","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":18,"box":{"x":82,"y":249,"width":801,"height":11}},{"id":"f501f781-0d20-4e43-9572-770947acc5f3","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":18,"box":{"x":81,"y":263,"width":825,"height":12}},{"id":"9d1e54d1-956f-400a-b877-4acde5c5533c","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":18,"box":{"x":82,"y":278,"width":816,"height":12}},{"id":"3cd36160-23c7-44b9-9ece-05c10c1f10e0","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":18,"box":{"x":82,"y":293,"width":818,"height":12}},{"id":"ab14eda5-4a89-4925-9bb9-aa563ec81a67","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":18,"box":{"x":80,"y":308,"width":835,"height":12}},{"id":"efc7eccb-e528-4c1a-87af-4021c920f059","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":18,"box":{"x":80,"y":323,"width":807,"height":11}},{"id":"157145db-01f4-4cdd-9184-35d427577158","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":18,"box":{"x":82,"y":338,"width":841,"height":11}},{"id":"cd74c050-7260-4c93-84d8-906d2d219d69","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":18,"box":{"x":80,"y":352,"width":855,"height":12}},{"id":"af9d6cc5-126f-47ac-91dc-d43a03804f71","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":18,"box":{"x":81,"y":368,"width":751,"height":10}},{"id":"30515223-11d9-4499-9bdd-4e6154120753","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":18,"box":{"x":81,"y":382,"width":785,"height":12}},{"id":"f6070047-cd3f-408f-879a-c7ce0a03faa8","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":397,"width":841,"height":12}},{"id":"bbd46191-c0e6-4c91-a11a-4516ca811948","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":412,"width":824,"height":11}},{"id":"bc91a041-0b4e-4f98-bdfa-7f419cc7314a","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":427,"width":822,"height":11}},{"id":"c391de40-5fbc-4a62-9757-8de9585605c9","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":441,"width":801,"height":12}},{"id":"ce5c8910-9fc8-4b94-86bd-7911d21b7419","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":456,"width":765,"height":12}},{"id":"09ec854d-d07f-400e-b23e-b31d8b683f0e","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":471,"width":852,"height":12}},{"id":"5f1409f5-dd02-4663-9cba-150a76d63ae0","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":486,"width":847,"height":11}},{"id":"d2f734ac-7eba-4d44-b25c-c773d3be3eb4","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":501,"width":847,"height":11}},{"id":"4f22237d-2b75-4034-baa9-1fc65800efde","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":516,"width":845,"height":11}},{"id":"97b8a17d-3e97-44fc-9917-e5619de592f4","block_type":"box","text":"in kind, subject to certain conditions. See “How to Buy, Sell, Exchange and Transfer Shares - Redemption Proceeds -","page_number":18,"box":{"x":82,"y":530,"width":854,"height":12}},{"id":"2451c4b0-421f-4771-b728-820bfa9b0e32","block_type":"box","text":"Redemption in Kind” below. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":18,"box":{"x":82,"y":545,"width":765,"height":12}},{"id":"c2197bc3-d219-409a-8c87-2aaf4c6851d8","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":560,"width":839,"height":12}},{"id":"7ac81980-a394-4dbd-b249-d10ee19fc41e","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":18,"box":{"x":82,"y":575,"width":461,"height":11}},{"id":"5e47a4db-8305-48bc-ad88-7b3f07a4838b","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":81,"y":595,"width":107,"height":11}},{"id":"fbf4cdb0-40a7-4b15-b929-d7219ff2c5b9","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":18,"box":{"x":192,"y":595,"width":741,"height":11}},{"id":"8aa6e4a6-01ff-4c53-b15d-b4d88e61a214","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":18,"box":{"x":81,"y":610,"width":787,"height":11}},{"id":"ea49623b-5cb0-4adf-8c50-ca1a41dccb43","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":18,"box":{"x":82,"y":624,"width":825,"height":12}},{"id":"f23dd4ef-5b39-42fd-909d-67b5c5131751","block_type":"box","text":"securities laws, including the Investment Company Act. Under Rule 18f-4 under the Investment Company Act, among","page_number":18,"box":{"x":81,"y":639,"width":856,"height":12}},{"id":"ff186b6d-f5b7-4ac1-986c-8630d8fdcd8d","block_type":"box","text":"other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage","page_number":18,"box":{"x":81,"y":654,"width":852,"height":12}},{"id":"26d2d129-a0e4-4260-acc5-af1d19b273f4","block_type":"box","text":"risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not","page_number":18,"box":{"x":82,"y":669,"width":845,"height":12}},{"id":"37ac7528-a026-409b-b33b-807e74a68208","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":18,"box":{"x":81,"y":684,"width":797,"height":11}},{"id":"023f6698-e2a8-4382-8b0c-924164b3afb6","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":18,"box":{"x":81,"y":699,"width":787,"height":11}},{"id":"1b1c29f6-f016-472d-bb2c-fd374df6f157","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":18,"box":{"x":82,"y":713,"width":293,"height":12}},{"id":"a3a77eef-a568-45b3-90fb-243e5e7bcea2","block_type":"box","text":"Mid Cap Securities Risk","page_number":18,"box":{"x":81,"y":734,"width":182,"height":11}},{"id":"0ba94d23-8f1c-4a33-a4b0-fac6535108b1","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":18,"box":{"x":267,"y":733,"width":665,"height":12}},{"id":"7593bd26-6e4e-4ab3-a3dd-6a665037b592","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":18,"box":{"x":81,"y":748,"width":789,"height":12}},{"id":"7d725eb8-0a43-4f64-af02-97325dc386ce","block_type":"box","text":"Ownership Limitations Risk","page_number":18,"box":{"x":82,"y":768,"width":205,"height":12}},{"id":"bd99a0b0-f3f7-4464-9d44-1377f71f3222","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":18,"box":{"x":291,"y":768,"width":610,"height":12}},{"id":"7f0cf3d0-3112-4619-b6f7-4136eaf5da56","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":783,"width":849,"height":11}},{"id":"b57d4c64-7de2-4db5-83a7-6c4f8170c17f","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":798,"width":798,"height":11}},{"id":"f8af1599-37df-4ded-9aa7-30cdfd5dabac","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":813,"width":833,"height":11}},{"id":"6bf1ceda-4a61-42fd-b26d-6c5782a1b698","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":827,"width":851,"height":12}},{"id":"65bf4e90-385d-4e40-96cd-8f50acc63ff3","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":842,"width":813,"height":12}},{"id":"d4c3bbc4-c7ca-4f37-8bac-f9a72c130ec8","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":18,"box":{"x":82,"y":857,"width":331,"height":12}},{"id":"56d96d68-94e8-47fb-b360-9a3260e8a89a","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":877,"width":826,"height":12}},{"id":"0ff56333-23f9-475d-aad9-e2356909aa75","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":892,"width":848,"height":12}},{"id":"f7ed3904-940b-4930-b8d1-8424fcc31d8b","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":907,"width":799,"height":11}},{"id":"737a20e2-38e5-42e7-8eed-b5c18dbd60ee","block_type":"box","text":"17","page_number":18,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"7e11a79c-5885-4d2d-b368-c853806c3bf7","block_type":"box","text":"NM1026U-5993000-18/41","page_number":18,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"b07c8f15-69f2-4eff-8f25-124d44130b12","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":19,"box":{"x":81,"y":46,"width":828,"height":11}},{"id":"a05dcc42-0a25-4f5c-acdd-b6bf23dcd5da","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":19,"box":{"x":81,"y":60,"width":828,"height":12}},{"id":"51030533-f9c4-4e3d-b489-82d0207287bb","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":19,"box":{"x":80,"y":75,"width":837,"height":12}},{"id":"0e1a4240-1314-4c3a-8d5e-a2a8ee7852bf","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":19,"box":{"x":80,"y":90,"width":837,"height":12}},{"id":"a3d4ab52-116b-44ee-8a0e-b23a89e7c2a9","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":19,"box":{"x":82,"y":105,"width":800,"height":12}},{"id":"022212a9-5d69-4a02-8c94-704241f01833","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":19,"box":{"x":81,"y":120,"width":678,"height":11}},{"id":"aa2108a4-ce18-4b19-b4a8-72ae47dbd7c6","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":19,"box":{"x":81,"y":140,"width":842,"height":11}},{"id":"117099e7-b735-4dae-8b0c-9495150ea4c0","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":19,"box":{"x":81,"y":155,"width":833,"height":11}},{"id":"90f07162-da28-4ba6-82e6-8ac3d4e20beb","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":19,"box":{"x":82,"y":169,"width":582,"height":12}},{"id":"62072b1c-255b-4a03-8a29-88800ac11b3b","block_type":"box","text":"Reliance on Advisor Risk","page_number":19,"box":{"x":81,"y":190,"width":188,"height":9}},{"id":"2e0cf2e9-f65e-4719-a685-e9c128e3111f","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":19,"box":{"x":273,"y":190,"width":614,"height":11}},{"id":"db200960-1854-4cdd-b58e-6a9e979d033e","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":204,"width":830,"height":11}},{"id":"80811846-a844-4f21-8a10-4fd8ba5b2017","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":219,"width":856,"height":12}},{"id":"62574fe4-ee77-434f-8f9f-bf9fb9bb1a89","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":234,"width":841,"height":11}},{"id":"8e5fbee5-adb7-4556-9b14-d48e22677c6a","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":249,"width":649,"height":11}},{"id":"1c5336c8-41a4-481b-8fde-8d28b4c5483f","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":19,"box":{"x":81,"y":269,"width":481,"height":11}},{"id":"5d3a4d2d-0be6-485e-86f3-d70a1a1eea07","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":19,"box":{"x":565,"y":269,"width":370,"height":11}},{"id":"5c8fb43d-3836-4618-aa58-4b2a4b57a424","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":283,"width":827,"height":12}},{"id":"cf03c360-cf01-4b23-8507-f7eb5c8bf025","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":298,"width":816,"height":12}},{"id":"337d6640-0662-4f99-8968-ba7becbc58c3","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":313,"width":647,"height":12}},{"id":"0add0665-8975-481e-9e1c-178cc3dfee9a","block_type":"box","text":"Restricted Securities Risk","page_number":19,"box":{"x":81,"y":333,"width":198,"height":9}},{"id":"ef8d4ab1-35e2-42b3-bc00-52ab776d7cd1","block_type":"box","text":"—","page_number":19,"box":{"x":284,"y":339,"width":17,"height":0}},{"id":"bcb084c7-ea9d-4cf0-bd7c-0465c92ac73e","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":19,"box":{"x":306,"y":333,"width":571,"height":12}},{"id":"735afc13-cf14-49af-94a5-5587ddc5eb43","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":348,"width":843,"height":11}},{"id":"3069d5c1-0038-4cf5-9efa-95ece15fd3d9","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":363,"width":813,"height":11}},{"id":"4b8a9536-5590-4a0f-9acf-fb66e26c0ca8","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":378,"width":851,"height":11}},{"id":"12f6850a-90b5-4299-a0db-2f45c571c3f2","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":392,"width":774,"height":12}},{"id":"803940de-8a87-4b7e-8a89-bfb4cdf52c68","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":407,"width":839,"height":12}},{"id":"5b455fbe-e40e-4af2-be8d-24bebbb18011","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":422,"width":828,"height":11}},{"id":"15a79f6e-454a-47dc-8449-3e2c77315e50","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":437,"width":830,"height":11}},{"id":"c8487906-82c2-4e58-8115-e848abcadb34","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":452,"width":787,"height":11}},{"id":"d89f7a7c-6fde-4df2-847d-69433c9e27f5","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":467,"width":838,"height":11}},{"id":"27a96eb2-a34a-446d-8288-4d68ffed3397","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":481,"width":843,"height":12}},{"id":"02f87507-afb9-4e7a-bf2b-89da9f0f0f04","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":496,"width":827,"height":12}},{"id":"61992dd5-e468-4af2-ac20-bd1571266e5f","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":19,"box":{"x":82,"y":511,"width":812,"height":11}},{"id":"a39545e8-1b85-4817-b8cd-af81b3de6e91","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":526,"width":795,"height":11}},{"id":"879a3415-caf8-4729-ab66-3d4d45f14f7e","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":19,"box":{"x":81,"y":541,"width":468,"height":11}},{"id":"52d3f22b-4e53-4137-b701-43e8182eb929","block_type":"box","text":"Reverse Repurchase Agreements Risk","page_number":19,"box":{"x":81,"y":561,"width":289,"height":11}},{"id":"e45f124b-4d9b-43bb-ab5a-4eae01b0023a","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":19,"box":{"x":374,"y":561,"width":562,"height":11}},{"id":"2d51dd32-0623-4bfb-b8de-39d3767ea03a","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":576,"width":838,"height":11}},{"id":"f8c6898d-83c1-46c6-9472-949504e7c802","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":590,"width":852,"height":12}},{"id":"487dd618-17e1-4d5c-8f0f-e4ce06a7a36d","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":605,"width":821,"height":12}},{"id":"be9d9282-22d9-4ad1-8308-954f6b8e0f04","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":620,"width":812,"height":12}},{"id":"645be3d3-64d9-4410-ac09-3bc24a355c2c","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":635,"width":854,"height":11}},{"id":"0e69c3b4-0507-4b85-9cb7-99cb868c0d90","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":650,"width":814,"height":11}},{"id":"2fc1fce2-62ef-4122-8640-d30e40ae73be","block_type":"box","text":"expense.","page_number":19,"box":{"x":81,"y":667,"width":64,"height":9}},{"id":"de92c1ba-04ba-4450-bf52-025dd1ccf4ba","block_type":"box","text":"Rights Risk","page_number":19,"box":{"x":81,"y":685,"width":88,"height":11}},{"id":"e04376fe-f882-496d-bc42-347d4a02aca6","block_type":"box","text":"—","page_number":19,"box":{"x":173,"y":690,"width":17,"height":1}},{"id":"545248d5-0016-4ba2-ac13-36fbd76915eb","block_type":"box","text":"The failure to exercise subscription rights to purchase common stock would result in the dilution of","page_number":19,"box":{"x":194,"y":684,"width":728,"height":12}},{"id":"2eefa579-2759-4c9c-b388-3f74b9add77d","block_type":"box","text":"the Fund’s interest in the issuing company. 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These events could also trigger","page_number":19,"box":{"x":81,"y":778,"width":829,"height":12}},{"id":"2caf5206-4b1c-4289-9f10-601273bd715f","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":19,"box":{"x":81,"y":793,"width":292,"height":12}},{"id":"677458e3-5ce6-46f9-a6dd-55ead74bc24d","block_type":"box","text":"Small Cap Securities Risk","page_number":19,"box":{"x":81,"y":813,"width":196,"height":12}},{"id":"78bce530-db81-4191-a92f-50631bab0ce0","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":19,"box":{"x":280,"y":813,"width":630,"height":12}},{"id":"9761edb2-bc97-4b11-bfb5-0b7fcd6bf185","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":19,"box":{"x":81,"y":828,"width":844,"height":12}},{"id":"e8cc85b6-1a71-4d5f-ab03-15b1cd1bb561","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":19,"box":{"x":82,"y":843,"width":835,"height":12}},{"id":"1ac23a08-efba-4800-9806-5e1b8505457e","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":19,"box":{"x":81,"y":858,"width":787,"height":11}},{"id":"b6e7bc16-48e6-4bb1-a3d8-80eb1eb5cb99","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":19,"box":{"x":81,"y":873,"width":854,"height":11}},{"id":"b5bd70ac-ef18-44f3-a10d-3c833bc6d2a6","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":19,"box":{"x":82,"y":887,"width":501,"height":12}},{"id":"415ba796-1813-4936-b888-753dfc50dc1d","block_type":"box","text":"18","page_number":19,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"35d5af1d-00d3-47f1-af9c-b6970b75da7d","block_type":"box","text":"NM1026U-5993000-19/41","page_number":19,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"bbb61dad-98c2-4526-b105-f8f808b3791e","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":20,"box":{"x":81,"y":46,"width":794,"height":11}},{"id":"d6260fba-e5b1-422b-8993-e22d0562bd14","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":20,"box":{"x":82,"y":61,"width":830,"height":11}},{"id":"58d86eb5-0983-4e8d-bbf9-c5563fac169c","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":20,"box":{"x":82,"y":76,"width":812,"height":11}},{"id":"97dc7c6d-7910-46fb-a419-3d0ffc151cca","block_type":"box","text":"securities requires a longer term view.","page_number":20,"box":{"x":81,"y":90,"width":279,"height":12}},{"id":"a7a96502-86ec-4235-8498-4f4815572716","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":20,"box":{"x":81,"y":110,"width":298,"height":11}},{"id":"d86d4886-e0f4-45d5-b7b6-cb251804d154","block_type":"box","text":"—","page_number":20,"box":{"x":383,"y":115,"width":17,"height":1}},{"id":"f8972575-5341-4e3f-a5a5-e58c8b92e881","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":20,"box":{"x":405,"y":110,"width":514,"height":12}},{"id":"36a7d8e5-b276-4f6e-9b09-a09f214f434a","block_type":"box","text":"Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to","page_number":20,"box":{"x":82,"y":125,"width":829,"height":11}},{"id":"73c948ad-debb-412a-9d4c-fd77e2d6b84b","block_type":"box","text":"pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide","page_number":20,"box":{"x":82,"y":140,"width":836,"height":11}},{"id":"bb31623d-cffd-4d2e-ad85-e5b12d9f8868","block_type":"box","text":"not to issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to","page_number":20,"box":{"x":82,"y":155,"width":844,"height":11}},{"id":"7a24b59a-02bf-4bef-b6b9-87236b367e07","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":20,"box":{"x":82,"y":169,"width":403,"height":12}},{"id":"7af6bcc3-945e-4f87-a240-776f2185cd24","block_type":"box","text":"Valuation Risk","page_number":20,"box":{"x":83,"y":190,"width":107,"height":9}},{"id":"e263f102-0f0a-40ab-b3aa-a24f20de444c","block_type":"box","text":"—","page_number":20,"box":{"x":194,"y":195,"width":17,"height":1}},{"id":"a5ddc8a2-c575-4552-b9f5-397dbbbac224","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":20,"box":{"x":215,"y":189,"width":700,"height":12}},{"id":"dc47f53b-67a6-4ef6-abaa-d314531b051f","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":20,"box":{"x":81,"y":204,"width":835,"height":12}},{"id":"d8907a73-4c90-4ff1-9e03-47669f849e17","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":20,"box":{"x":81,"y":219,"width":848,"height":12}},{"id":"0a31d157-2d55-472e-a91e-dc35faa7a84c","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":20,"box":{"x":82,"y":234,"width":845,"height":11}},{"id":"037d012e-d474-4153-b379-3b83f63125d1","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":20,"box":{"x":82,"y":249,"width":840,"height":11}},{"id":"04c8cde7-1529-48e0-914d-e29bf4108721","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":20,"box":{"x":80,"y":263,"width":783,"height":12}},{"id":"2943baa7-e8cf-4e65-94c5-b9fc59bb7ce6","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":20,"box":{"x":81,"y":279,"width":810,"height":11}},{"id":"c39624ba-3d23-43b0-aa6c-7b395d442a5f","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":20,"box":{"x":81,"y":293,"width":847,"height":12}},{"id":"1665ac0e-9c16-4c24-9da3-563da2db7413","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":308,"width":848,"height":11}},{"id":"00e526ee-c722-4d2c-ad3d-bdf2f89c8281","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":323,"width":819,"height":11}},{"id":"cd752747-0769-4233-b12f-196e90d6889c","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":338,"width":837,"height":11}},{"id":"90c760c7-b268-484b-94ac-71216bb68a40","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":353,"width":672,"height":11}},{"id":"655fa570-e43c-4478-b6f6-a6beda97cad5","block_type":"box","text":"Warrants Risk","page_number":20,"box":{"x":83,"y":373,"width":105,"height":9}},{"id":"049e6573-9deb-4dda-ba35-65c8749e8d27","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":372,"width":698,"height":12}},{"id":"c4fb5c01-8044-4549-840f-86df99a33005","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":387,"width":830,"height":12}},{"id":"d181a929-1fdf-40c2-88b4-32fbe9ece62d","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":402,"width":821,"height":12}},{"id":"ffe25712-cbc5-40f7-9726-ae3e8c3a263a","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":417,"width":822,"height":11}},{"id":"6df2f8b5-ea0c-482d-94b9-b6ee656ec000","block_type":"box","text":"move with the price of the underlying stock.","page_number":20,"box":{"x":82,"y":432,"width":317,"height":11}},{"id":"ec86b909-d286-4b24-a42b-6987fb57f2c2","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":20,"box":{"x":83,"y":452,"width":584,"height":11}},{"id":"b4a8c677-7a44-4463-a69c-7fabed6cb3d4","block_type":"box","text":"— When-issued and delayed","page_number":20,"box":{"x":671,"y":452,"width":208,"height":11}},{"id":"d84c03b4-cb6f-4761-b900-d51616445e7f","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":467,"width":843,"height":11}},{"id":"42300347-d2f1-4bd2-b73c-ac7b7a0afba3","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":482,"width":830,"height":11}},{"id":"e09b700a-f3e0-4839-b890-81a1564b32d4","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":496,"width":849,"height":12}},{"id":"1999346f-d967-4622-a61c-6ff9bf4621e5","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":20,"box":{"x":80,"y":511,"width":425,"height":12}},{"id":"5f2bade1-a309-47ae-b8c6-d39b8c273059","block_type":"box","text":"19","page_number":20,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"73819ac2-5268-47bb-9bbc-53c261ca9288","block_type":"box","text":"NM1026U-5993000-20/41","page_number":20,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"6740d180-c49e-427c-b995-5c403e38f087","block_type":"box","text":"Account Information","page_number":21,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"66ef8bc7-678b-494c-b5e8-d924435b3ffd","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":21,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"f8e62efb-79ed-4165-b55a-c64600b18826","block_type":"box","text":"The Fund currently offers multiple share classes (Service Shares in this prospectus), each with its own sales charge","page_number":21,"box":{"x":60,"y":182,"width":856,"height":12}},{"id":"4798765b-a88a-41e9-9b7b-cdac555f434f","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":"280200bb-eddb-483e-845d-5c0eb5d22a60","block_type":"box","text":"ownership interest in the same investment portfolio. When you choose your class of shares, you should consider the","page_number":21,"box":{"x":61,"y":212,"width":858,"height":11}},{"id":"b002ed2f-75f6-4ff8-9eef-71ac84a2ed7c","block_type":"box","text":"size of your investment and how long you plan to hold your shares. Either your financial professional or your selected","page_number":21,"box":{"x":61,"y":227,"width":856,"height":11}},{"id":"65f16540-2faf-4c82-9656-e5c893934c2c","block_type":"box","text":"securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock and its","page_number":21,"box":{"x":61,"y":242,"width":842,"height":11}},{"id":"73c2abed-82f9-4325-afbb-8bfb7d34fbc0","block_type":"box","text":"affiliates) (each a “Financial Intermediary”) can help you determine which share class is best suited to your personal","page_number":21,"box":{"x":61,"y":256,"width":858,"height":12}},{"id":"661e215b-1691-466d-9cb3-cf6488b62d9b","block_type":"box","text":"financial goals.","page_number":21,"box":{"x":60,"y":271,"width":110,"height":12}},{"id":"314164aa-e092-4e41-bb46-0410b830d7e7","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":"99129e9b-221e-4485-a39a-9f1c47f2f9e7","block_type":"box","text":"The table below summarizes key features of the Service Share class the Fund.","page_number":21,"box":{"x":60,"y":316,"width":577,"height":12}},{"id":"26f7a6cf-2dc9-4a25-8c09-acf83d5e44b8","block_type":"box","text":"Service Shares at a Glance","page_number":21,"box":{"x":386,"y":339,"width":224,"height":10}},{"id":"3357455a-e786-436a-8634-3661b19e91fb","block_type":"box","text":"Availability","page_number":21,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"f65e9aa7-38b6-4344-a952-337549391221","block_type":"box","text":"Limited to certain investors, including: Financial Intermediaries (such as banks and","page_number":21,"box":{"x":349,"y":378,"width":548,"height":10}},{"id":"c3f8e3ac-e36e-4108-86e0-d37c9deb726a","block_type":"box","text":"brokerage firms) acting on behalf of their customers, certain persons who were","page_number":21,"box":{"x":348,"y":391,"width":523,"height":11}},{"id":"9721346f-6f7a-49d9-9145-7958bfb89d3b","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with","page_number":21,"box":{"x":348,"y":405,"width":582,"height":10}},{"id":"82144203-34cd-4ad9-9c81-ea8e92eea0f1","block_type":"box","text":"The PNC","page_number":21,"box":{"x":348,"y":419,"width":55,"height":8}},{"id":"8dea861e-50ec-4a17-a2ba-136bec321ef6","block_type":"box","text":"®","page_number":21,"box":{"x":404,"y":418,"width":5,"height":5}},{"id":"ea76c824-c2c0-4532-91dc-b2aac0e79a8d","block_type":"box","text":"Fund in 1996 and investors that participate in the Capital Directions","page_number":21,"box":{"x":415,"y":419,"width":451,"height":10}},{"id":"edb9bf4c-badf-4783-a8ae-b9fc6d747d54","block_type":"box","text":"SM","page_number":21,"box":{"x":867,"y":418,"width":10,"height":5}},{"id":"8f87c8cd-8a83-4744-a3ff-dda68d31076c","block_type":"box","text":"asset","page_number":21,"box":{"x":883,"y":419,"width":36,"height":8}},{"id":"386a22ef-7064-4a12-a738-11a8f55c1b72","block_type":"box","text":"allocation program. Service Shares will normally be held by Financial Intermediaries or in","page_number":21,"box":{"x":348,"y":432,"width":586,"height":10}},{"id":"bd37c6a5-4ae9-4495-89ad-77784a05d915","block_type":"box","text":"the name of nominees of Financial Intermediaries on behalf of their customers. Service","page_number":21,"box":{"x":348,"y":446,"width":578,"height":8}},{"id":"21b43253-3bad-46f0-9ee4-87a9c54e22e0","block_type":"box","text":"Shares are normally purchased through a customer’s account at a Financial","page_number":21,"box":{"x":348,"y":459,"width":500,"height":10}},{"id":"b72a4c73-8e3a-4fc1-bcba-2b6917750a1c","block_type":"box","text":"Intermediary through procedures established by such Financial Intermediary. In these","page_number":21,"box":{"x":349,"y":473,"width":564,"height":10}},{"id":"be9050e9-7af4-44c7-a844-55ae965ea738","block_type":"box","text":"cases, confirmation of share purchases and redemptions will be sent to the Financial","page_number":21,"box":{"x":348,"y":486,"width":564,"height":10}},{"id":"52fe620f-a6d7-4e51-b6d3-1c57895f31a5","block_type":"box","text":"Intermediaries. A customer’s ownership of shares will be recorded by the Financial","page_number":21,"box":{"x":349,"y":500,"width":544,"height":10}},{"id":"47c9ef33-e1b2-4657-85d2-30c8f1dcaf02","block_type":"box","text":"Intermediary and reflected in the account statements provided by such Financial","page_number":21,"box":{"x":349,"y":513,"width":529,"height":11}},{"id":"897e93bb-0ef5-40ba-9a6c-8572ad3d55a8","block_type":"box","text":"Intermediaries to their customers. Investors wishing to purchase Service Shares should","page_number":21,"box":{"x":349,"y":527,"width":579,"height":10}},{"id":"46599477-955a-4b5b-9643-302cfaffc999","block_type":"box","text":"contact their Financial Intermediaries.","page_number":21,"box":{"x":348,"y":541,"width":248,"height":8}},{"id":"5ab75dc5-f4df-4aba-8a31-387dad953bc5","block_type":"box","text":"Minimum Investment","page_number":21,"box":{"x":61,"y":558,"width":142,"height":9}},{"id":"38d62a4c-d60d-4f15-b948-e33942e563d2","block_type":"box","text":"$5,000. However, institutions may set a higher minimum for their customers.","page_number":21,"box":{"x":348,"y":558,"width":510,"height":11}},{"id":"effb8617-cc81-46c4-89b8-0f87acce6d70","block_type":"box","text":"Initial Sales Charge?","page_number":21,"box":{"x":61,"y":577,"width":140,"height":10}},{"id":"a7d762e4-5585-4858-80a7-b0ed7a429b7f","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":21,"box":{"x":349,"y":576,"width":391,"height":11}},{"id":"87f99ea4-294e-490e-a18a-3e89d2f86621","block_type":"box","text":"Deferred Sales Charge?","page_number":21,"box":{"x":61,"y":595,"width":159,"height":10}},{"id":"f7504ae3-34ba-4b7f-a40c-38364b04a539","block_type":"box","text":"No.","page_number":21,"box":{"x":349,"y":595,"width":20,"height":8}},{"id":"9dafa588-bca3-457f-b08e-8362bd7176fe","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":21,"box":{"x":61,"y":613,"width":261,"height":10}},{"id":"b6f9500d-72f7-4ec8-a836-3b8ca45d0d76","block_type":"box","text":"No Distribution Fee. 0.25% Annual Service Fee.","page_number":21,"box":{"x":349,"y":613,"width":311,"height":8}},{"id":"0f29df9a-bd60-4fb1-99fa-395145a41924","block_type":"box","text":"Redemption Fees?","page_number":21,"box":{"x":61,"y":631,"width":125,"height":10}},{"id":"6a0684a6-1dd7-4dc5-82d4-2db2983975aa","block_type":"box","text":"No.","page_number":21,"box":{"x":349,"y":631,"width":20,"height":8}},{"id":"ac585f89-a954-42cc-9fca-9b2754fcd41d","block_type":"box","text":"Advantage","page_number":21,"box":{"x":60,"y":649,"width":72,"height":10}},{"id":"32164bb2-6deb-4ecc-b7ee-f7d2a1e34783","block_type":"box","text":"No up-front sales charge so you start off owning more shares.","page_number":21,"box":{"x":349,"y":649,"width":409,"height":10}},{"id":"33e66bbc-efb7-4d69-a453-44440946c232","block_type":"box","text":"Disadvantage","page_number":21,"box":{"x":61,"y":667,"width":91,"height":10}},{"id":"71e97cf1-53d7-4ec7-8bdd-674093ea11ab","block_type":"box","text":"Limited availability.","page_number":21,"box":{"x":349,"y":667,"width":122,"height":10}},{"id":"b1c45207-f382-4631-992b-72e58612ffa6","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":21,"box":{"x":61,"y":707,"width":442,"height":14}},{"id":"5de92338-cb29-461b-a395-6fdefb97e065","block_type":"box","text":"Plan Payments","page_number":21,"box":{"x":61,"y":734,"width":122,"height":12}},{"id":"453b2cf2-b633-4b45-8e01-b0ca4954a78e","block_type":"box","text":"The Fund has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act that allows the","page_number":21,"box":{"x":60,"y":750,"width":855,"height":12}},{"id":"e8944b39-578f-4b12-a212-8abb83b58bb0","block_type":"box","text":"Fund to pay distribution fees for the sale of its shares and shareholder servicing fees for certain services provided to","page_number":21,"box":{"x":62,"y":765,"width":861,"height":12}},{"id":"29aff2ac-1ce6-4c65-acd5-69dc8d007232","block_type":"box","text":"its shareholders.","page_number":21,"box":{"x":62,"y":780,"width":121,"height":9}},{"id":"a40cd3ab-9521-40d9-a034-263156ab2368","block_type":"box","text":"Under the Plan, Service Shares pay shareholder servicing fees (also referred to as general shareholder liaison","page_number":21,"box":{"x":62,"y":802,"width":809,"height":12}},{"id":"d14117bf-23a4-4cef-844c-03a577fff052","block_type":"box","text":"services fees) to Financial Intermediaries for providing support services to their customers who own Service Shares of","page_number":21,"box":{"x":61,"y":817,"width":873,"height":12}},{"id":"6fe20fe1-f473-4206-866c-3936e5be368c","block_type":"box","text":"the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":21,"box":{"x":60,"y":832,"width":867,"height":12}},{"id":"c0f15432-30e0-47c4-bc21-8bcc0256307b","block_type":"box","text":"Service Shares of the Fund. All Service Shares pay this shareholder servicing fee.","page_number":21,"box":{"x":61,"y":847,"width":601,"height":11}},{"id":"c156b4e5-3c24-4e01-8268-46ffb9b5bba4","block_type":"box","text":"20","page_number":21,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3da14f31-96f6-434d-b561-c10d27d5f251","block_type":"box","text":"NM1026U-5993000-21/41","page_number":21,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"74edd71c-05e6-4885-8118-18dd7008c173","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":22,"box":{"x":62,"y":46,"width":859,"height":11}},{"id":"56ae38cb-40e0-4ca2-be3a-fdd649c83023","block_type":"box","text":"the following services to their customers who own Service Shares:","page_number":22,"box":{"x":60,"y":60,"width":488,"height":12}},{"id":"9c1c9346-a469-4457-9e95-e6a0547a5595","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":22,"box":{"x":81,"y":81,"width":848,"height":11}},{"id":"e9a869df-1c06-4d72-bc87-18f851398d97","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":22,"box":{"x":82,"y":95,"width":811,"height":12}},{"id":"ccec0fc6-1567-4769-919d-1a763bfdd0cf","block_type":"box","text":"investments;","page_number":22,"box":{"x":82,"y":110,"width":92,"height":11}},{"id":"3640cbfb-2b5d-49c3-85ca-b403dd9ac2d1","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":22,"box":{"x":81,"y":130,"width":801,"height":12}},{"id":"d528c8b4-b918-44f2-b15f-d179b3c6c945","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":22,"box":{"x":81,"y":150,"width":379,"height":12}},{"id":"c31426a6-d8e5-4fa8-922e-821463ee383e","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":22,"box":{"x":60,"y":173,"width":856,"height":11}},{"id":"f714b69d-664b-4b5c-8cb7-d43f221101be","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":22,"box":{"x":61,"y":187,"width":848,"height":12}},{"id":"dfc25b7f-8cfd-4949-9771-5ce07c1a372e","block_type":"box","text":"sale of the Fund’s shares.","page_number":22,"box":{"x":61,"y":202,"width":191,"height":9}},{"id":"e4afd24e-f6d6-4fc9-912f-eb1c5510ddcc","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":22,"box":{"x":62,"y":226,"width":850,"height":12}},{"id":"2e8d10ad-5358-4be4-a9ff-ca5fcf57b8a6","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For","page_number":22,"box":{"x":60,"y":241,"width":847,"height":12}},{"id":"ed3e59fb-5d33-4e73-8e63-fb928bb1a9db","block_type":"box","text":"more information on the Plan, including a complete list of services provided thereunder, see the SAI.","page_number":22,"box":{"x":61,"y":256,"width":738,"height":11}},{"id":"8ab3880c-f8ff-4947-a738-ce95efdfe062","block_type":"box","text":"Other Payments by the Fund","page_number":22,"box":{"x":61,"y":279,"width":233,"height":12}},{"id":"4513a6d3-6fd8-4f92-93c2-f4230eddfe03","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":22,"box":{"x":62,"y":295,"width":874,"height":12}},{"id":"91343812-e68d-4229-a813-b3b18710403d","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":22,"box":{"x":60,"y":310,"width":846,"height":11}},{"id":"88341ead-c7b5-40fa-954c-b942bc7ffaa9","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":22,"box":{"x":61,"y":325,"width":874,"height":11}},{"id":"ff98fa60-0fbe-4647-9858-ab77ad3f7cb8","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":22,"box":{"x":60,"y":340,"width":843,"height":11}},{"id":"0e181304-fc94-4ad4-8c8a-e7e7a0cc005f","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":22,"box":{"x":61,"y":354,"width":862,"height":12}},{"id":"135f7eb2-f9b3-4a1a-83fa-f30c84f1f57f","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":22,"box":{"x":61,"y":369,"width":815,"height":12}},{"id":"43274b81-8e03-464f-8fc3-69d3067402de","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":22,"box":{"x":61,"y":384,"width":791,"height":12}},{"id":"d876f190-a2c7-45f6-b69f-7775f92ced5d","block_type":"box","text":"Other Payments by BlackRock","page_number":22,"box":{"x":61,"y":407,"width":252,"height":12}},{"id":"d47cd6af-1bb0-413e-939b-d4ad22e4aee8","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":22,"box":{"x":62,"y":423,"width":851,"height":12}},{"id":"4835611c-24d9-46f1-9bc7-e4e609e9bf10","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":22,"box":{"x":61,"y":438,"width":843,"height":12}},{"id":"359c8fcc-af6f-42fc-b01e-6b7e5c397b11","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":22,"box":{"x":60,"y":453,"width":853,"height":11}},{"id":"8f9bec39-227d-4a80-9317-f6e7866010d1","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":22,"box":{"x":61,"y":468,"width":866,"height":11}},{"id":"5b165259-728d-4853-8370-4938ba588de2","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":22,"box":{"x":60,"y":483,"width":839,"height":11}},{"id":"e86d6e09-1a1b-4463-9aa6-222f776558b8","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":22,"box":{"x":61,"y":497,"width":860,"height":12}},{"id":"19d4bc52-4039-4d41-972f-727cb811fc25","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":22,"box":{"x":61,"y":512,"width":841,"height":12}},{"id":"caafaa67-8842-46d4-b5a4-050a647d3237","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":22,"box":{"x":61,"y":527,"width":856,"height":12}},{"id":"7c48feae-15fa-4004-aa11-f4724ffd878d","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":22,"box":{"x":61,"y":542,"width":813,"height":11}},{"id":"4dd118a1-d10b-4904-a85d-242fc4e40eba","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":22,"box":{"x":62,"y":557,"width":415,"height":11}},{"id":"bddfa1c3-f9ba-4d7e-aec0-0dffd9ab9b7a","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":22,"box":{"x":61,"y":579,"width":869,"height":12}},{"id":"d2ecbc06-d375-4c8c-b5eb-3c146403b177","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":22,"box":{"x":60,"y":594,"width":495,"height":11}},{"id":"dc47973e-6a6b-400f-bad5-65872d00b675","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":22,"box":{"x":61,"y":633,"width":434,"height":14}},{"id":"767ae1dd-0f4e-4388-b2a4-6b8afe91cc91","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":659,"width":846,"height":12}},{"id":"a714d068-cc1d-431e-9940-cc601cf22709","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":22,"box":{"x":62,"y":674,"width":857,"height":12}},{"id":"b49ee402-df75-49f5-9213-6199809e5ca9","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":22,"box":{"x":60,"y":689,"width":809,"height":11}},{"id":"9a01f07d-d766-45d2-a83f-c153082ef9b0","block_type":"box","text":"(800) 537-4942. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":22,"box":{"x":61,"y":704,"width":847,"height":11}},{"id":"f8b58bed-eac9-48e7-8291-626ce0b6d4d7","block_type":"box","text":"may help you with this decision.","page_number":22,"box":{"x":61,"y":719,"width":232,"height":11}},{"id":"564022cd-a93e-4e30-bfe8-f3ab26eb7c90","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":741,"width":867,"height":12}},{"id":"d5767c35-1eda-4448-8b59-f31219659d87","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":756,"width":858,"height":12}},{"id":"13055b9f-c2ff-40e4-a282-b6c8b2d146c8","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":771,"width":845,"height":11}},{"id":"7d7002ee-12a9-4b97-afee-bf0e00797b18","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":786,"width":860,"height":11}},{"id":"b952c190-a213-4bc8-95a1-8482564f012b","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":800,"width":868,"height":12}},{"id":"f5fa235b-dc35-4d8e-8407-948c2289fca4","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":815,"width":863,"height":12}},{"id":"ce4501ef-342c-4c67-a605-40c702f2ff11","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":830,"width":787,"height":12}},{"id":"1e0801eb-e018-4f7a-9f25-d801b83ad4e9","block_type":"box","text":"identification number or IRS Form W-8. 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In","page_number":23,"box":{"x":60,"y":60,"width":856,"height":12}},{"id":"3b53523b-2cd3-4bd8-b9f7-bfa3de4d83b3","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":23,"box":{"x":61,"y":75,"width":822,"height":12}},{"id":"f74d584f-e92b-4877-9562-76740c97ade4","block_type":"box","text":"described below.","page_number":23,"box":{"x":61,"y":90,"width":121,"height":9}},{"id":"a0c3dc78-dc39-42c4-99a9-ab1fba2d09a8","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":23,"box":{"x":62,"y":113,"width":797,"height":11}},{"id":"e5425821-a101-4ac9-9ee2-9791b247661e","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":23,"box":{"x":61,"y":127,"width":487,"height":12}},{"id":"17ce709f-902b-43cf-9705-56deab53d83e","block_type":"box","text":"Persons who were shareholders of an investment portfolio of the Compass Capital Group of Funds in 1996 at the time","page_number":23,"box":{"x":61,"y":150,"width":872,"height":11}},{"id":"95992f25-7657-477d-8215-fde52a2410c8","block_type":"box","text":"the portfolio combined with The PNC","page_number":23,"box":{"x":60,"y":165,"width":268,"height":11}},{"id":"0ca9e705-e5b2-45f6-8a1a-7f302be9df0b","block_type":"box","text":"®","page_number":23,"box":{"x":329,"y":165,"width":6,"height":5}},{"id":"3251ccdd-94b9-4351-a84c-5e5c43bec9ea","block_type":"box","text":"Fund may purchase and redeem Service Shares of the same fund and for the","page_number":23,"box":{"x":342,"y":165,"width":567,"height":11}},{"id":"056b9f79-9ad0-40d8-af2e-eb6794e9bf0d","block_type":"box","text":"same account in which they held shares on that date through the procedures described in this section.","page_number":23,"box":{"x":61,"y":180,"width":755,"height":11}},{"id":"622ae41e-916b-4db8-93ad-47828c989b4b","block_type":"box","text":"How to Buy Shares","page_number":23,"box":{"x":61,"y":203,"width":156,"height":12}},{"id":"4dc93796-76f9-4d49-9e75-1f70eab13606","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":23,"box":{"x":213,"y":225,"width":478,"height":9}},{"id":"bf23e688-93c5-4aa0-944c-d98c2dbf77f2","block_type":"box","text":"Initial Purchase","page_number":23,"box":{"x":61,"y":242,"width":105,"height":8}},{"id":"fdde0e43-15b1-4549-ab2a-7a318d7b3d77","block_type":"box","text":"Determine the amount of your","page_number":23,"box":{"x":214,"y":242,"width":197,"height":10}},{"id":"b1b39c97-35ec-487a-aa43-b29e551c766a","block_type":"box","text":"investment","page_number":23,"box":{"x":214,"y":256,"width":72,"height":8}},{"id":"f778ebd9-2fdc-4689-95d0-169f84974676","block_type":"box","text":"Refer to the minimum initial investment in the “Service Shares at a","page_number":23,"box":{"x":461,"y":242,"width":444,"height":8}},{"id":"67d903ba-b7f4-4178-96c5-0744368c92de","block_type":"box","text":"Glance” table in this prospectus (be sure to read this prospectus","page_number":23,"box":{"x":461,"y":256,"width":430,"height":10}},{"id":"5d84fc1b-3c2a-4a1b-8b31-e6a511c4e196","block_type":"box","text":"carefully).","page_number":23,"box":{"x":461,"y":269,"width":62,"height":10}},{"id":"dd1d70c2-5643-41eb-a155-fa7a2c55818c","block_type":"box","text":"Have your Financial Intermediary","page_number":23,"box":{"x":214,"y":287,"width":215,"height":10}},{"id":"19ed1380-20d0-43fa-ad34-d792346ae2f9","block_type":"box","text":"submit your purchase order","page_number":23,"box":{"x":214,"y":301,"width":181,"height":10}},{"id":"a0595d65-2cc2-4e33-a97c-37342f37da82","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":23,"box":{"x":460,"y":287,"width":466,"height":10}},{"id":"fab90772-0d06-44c1-aae4-19a099b12667","block_type":"box","text":"net asset value after your order is placed. 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Purchase","page_number":23,"box":{"x":461,"y":355,"width":469,"height":10}},{"id":"808e3679-893a-4488-99bc-5850e9cbd25c","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":23,"box":{"x":461,"y":368,"width":429,"height":10}},{"id":"db33bd8c-3d7e-487b-befb-80a5a5e61349","block_type":"box","text":"determined on the next business day.","page_number":23,"box":{"x":461,"y":382,"width":247,"height":10}},{"id":"e841d2ea-beef-40de-99af-b7a2a672094e","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":23,"box":{"x":460,"y":398,"width":468,"height":10}},{"id":"ceff930f-1c9a-43e9-9843-9507dd14936c","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":23,"box":{"x":460,"y":412,"width":470,"height":10}},{"id":"8601fe9d-2b22-4220-8359-0200914694d2","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":425,"width":471,"height":10}},{"id":"4f820b24-1dfd-401a-af28-9a61c1be6b7f","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":23,"box":{"x":460,"y":438,"width":434,"height":11}},{"id":"2d3e4555-ad38-47e2-a6f2-5ce93d331ab7","block_type":"box","text":"table.","page_number":23,"box":{"x":460,"y":452,"width":36,"height":8}},{"id":"d4730bec-fc08-4763-9e51-c88f65d95836","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":468,"width":473,"height":10}},{"id":"7f076135-fa67-4bce-8edf-dad65b60c32f","block_type":"box","text":"of shares at any time.","page_number":23,"box":{"x":461,"y":482,"width":143,"height":10}},{"id":"2de02fa4-6847-4f20-b91b-4ed61f3eb8bd","block_type":"box","text":"Certain Financial Intermediaries may charge a processing fee to","page_number":23,"box":{"x":461,"y":498,"width":422,"height":10}},{"id":"8360ff0b-c490-49f1-8429-9bc99855209e","block_type":"box","text":"confirm a purchase.","page_number":23,"box":{"x":461,"y":511,"width":130,"height":10}},{"id":"e5321096-aadd-4fd5-85a2-1408c2491666","block_type":"box","text":"Add to Your","page_number":23,"box":{"x":60,"y":530,"width":78,"height":8}},{"id":"a343d102-bca4-4575-bc76-7513dced8d47","block_type":"box","text":"Investment","page_number":23,"box":{"x":61,"y":541,"width":75,"height":8}},{"id":"02711c32-9cbd-4948-b949-c23f43cd2ad6","block_type":"box","text":"Purchase additional shares There is no minimum amount for additional investments.","page_number":23,"box":{"x":214,"y":529,"width":619,"height":9}},{"id":"9fa7b323-50c4-4cf4-bd54-7771aa2ddc8b","block_type":"box","text":"Have your Financial Intermediary","page_number":23,"box":{"x":214,"y":559,"width":215,"height":10}},{"id":"05536385-8175-45f9-9ccf-517281ee714a","block_type":"box","text":"submit your purchase order for","page_number":23,"box":{"x":214,"y":573,"width":203,"height":10}},{"id":"684e1c0a-3936-4ca9-9bc2-1c2b52adce5a","block_type":"box","text":"additional shares","page_number":23,"box":{"x":214,"y":586,"width":113,"height":8}},{"id":"829bb278-7ff3-43e2-bbb6-9707a0c975e9","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":23,"box":{"x":460,"y":559,"width":405,"height":10}},{"id":"57835173-f209-44f5-aef7-f6dd1511e559","block_type":"box","text":"Intermediary. 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For additional","page_number":23,"box":{"x":461,"y":783,"width":452,"height":10}},{"id":"6bcb8ca8-9a1a-480c-b3a5-1288cd2fe7af","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":23,"box":{"x":461,"y":796,"width":307,"height":10}},{"id":"a717d138-e7d4-4150-8765-59515eb1d852","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":23,"box":{"x":461,"y":812,"width":430,"height":9}},{"id":"d0f00358-1581-4ae1-8b98-88a43b95406b","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":23,"box":{"x":460,"y":826,"width":417,"height":10}},{"id":"bdc0d76d-2c6b-48ff-9e17-75bbf363a521","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":23,"box":{"x":461,"y":839,"width":448,"height":11}},{"id":"15095f17-95ec-479a-aa17-0eb9478b2a78","block_type":"box","text":"before attempting to transact online.","page_number":23,"box":{"x":461,"y":853,"width":240,"height":10}},{"id":"1d2bf94c-f1dc-44ef-8e2e-a473924379f1","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":23,"box":{"x":460,"y":869,"width":464,"height":10}},{"id":"f9ad9d79-bd8d-4e99-9858-be3cd2adb469","block_type":"box","text":"entered over the Internet are genuine. 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To make any","page_number":24,"box":{"x":461,"y":126,"width":429,"height":10}},{"id":"9eb8e8e4-23d6-40aa-8ee9-532fbd487dca","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":24,"box":{"x":461,"y":140,"width":445,"height":10}},{"id":"a79abead-2d2d-47a9-8b31-69f32a724550","block_type":"box","text":"please call BlackRock at (800) 537-4942, or contact your Financial","page_number":24,"box":{"x":461,"y":153,"width":442,"height":10}},{"id":"367c712b-4b7c-457b-adce-6bc186836e1c","block_type":"box","text":"Intermediary (if your account is not held directly with BlackRock).","page_number":24,"box":{"x":461,"y":166,"width":426,"height":11}},{"id":"f86b54c3-fad3-4023-80a2-310b36d9bbba","block_type":"box","text":"How to Pay for","page_number":24,"box":{"x":61,"y":185,"width":99,"height":10}},{"id":"b3a8a291-427b-4fb1-a277-00205df4c55c","block_type":"box","text":"Shares","page_number":24,"box":{"x":60,"y":196,"width":46,"height":8}},{"id":"c664cff2-2938-4333-8b4b-c07957e7193d","block_type":"box","text":"Making payment for purchases Payment for Service Shares must normally be made in Federal funds","page_number":24,"box":{"x":214,"y":184,"width":700,"height":11}},{"id":"75fe4238-e943-4176-8847-db64fc454876","block_type":"box","text":"or other immediately available funds by your Financial Intermediary but","page_number":24,"box":{"x":461,"y":198,"width":466,"height":10}},{"id":"5344508f-25f6-4583-a582-8cb8fa31cd38","block_type":"box","text":"in no event later than 4:00 p.m. (Eastern time) on the first business","page_number":24,"box":{"x":461,"y":212,"width":449,"height":10}},{"id":"37c0bb67-7eac-4b95-92c4-0de0d7882e38","block_type":"box","text":"day following receipt of the order. Payment may also, at the discretion","page_number":24,"box":{"x":461,"y":225,"width":460,"height":11}},{"id":"e61da147-be0a-4cd6-a47d-cbc2a69cf71e","block_type":"box","text":"of the Fund, be made in the form of securities that are permissible","page_number":24,"box":{"x":461,"y":239,"width":441,"height":10}},{"id":"cb9ad5d0-f3bb-4249-9b97-fec790e7a1a4","block_type":"box","text":"investments for the Fund. If payment is not received by this time, the","page_number":24,"box":{"x":461,"y":252,"width":455,"height":10}},{"id":"1470c39a-f386-46cd-b4c3-f2bae1ce39ab","block_type":"box","text":"order will be canceled and you and your Financial Intermediary will be","page_number":24,"box":{"x":461,"y":266,"width":457,"height":10}},{"id":"83131b6f-803c-4c76-aa9d-20718d249dbc","block_type":"box","text":"responsible for any loss to the Fund.","page_number":24,"box":{"x":461,"y":279,"width":240,"height":11}},{"id":"3ee933b9-2840-43fe-879c-3690b1b1104b","block_type":"box","text":"How to Sell Shares","page_number":24,"box":{"x":61,"y":304,"width":156,"height":10}},{"id":"45410f37-5c12-453a-971a-8e60b2f69dbf","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":326,"width":478,"height":9}},{"id":"1c978c2d-58c1-45d8-8daa-d75621f4a9b1","block_type":"box","text":"Full or Partial","page_number":24,"box":{"x":61,"y":343,"width":90,"height":8}},{"id":"14a1394f-b70d-424f-a193-43d0f1799234","block_type":"box","text":"Redemption of","page_number":24,"box":{"x":61,"y":355,"width":98,"height":10}},{"id":"d771c3b6-72e5-41a7-ae42-0c581e381429","block_type":"box","text":"Shares","page_number":24,"box":{"x":60,"y":366,"width":46,"height":9}},{"id":"01a75c52-160b-480e-b597-3aa509cc5d6b","block_type":"box","text":"Have your Financial Intermediary","page_number":24,"box":{"x":214,"y":343,"width":215,"height":10}},{"id":"927053a4-70a1-4ae2-9cfa-122d2d82bb41","block_type":"box","text":"submit your sales order","page_number":24,"box":{"x":214,"y":357,"width":155,"height":10}},{"id":"f656682b-01dc-4edd-a1a4-4e837167b10e","block_type":"box","text":"You can make redemption requests through your Financial Intermediary","page_number":24,"box":{"x":460,"y":343,"width":472,"height":10}},{"id":"09cc6c82-b92f-4e90-8284-2c5eb4b0364d","block_type":"box","text":"in accordance with the procedures applicable to your accounts. These","page_number":24,"box":{"x":461,"y":357,"width":461,"height":10}},{"id":"63032d8c-9251-4c39-a5c9-dfc86de8cdc4","block_type":"box","text":"procedures may vary according to the type of account and the Financial","page_number":24,"box":{"x":461,"y":370,"width":470,"height":11}},{"id":"e9c191fb-7157-490f-8a75-6a8adcea2e91","block_type":"box","text":"Intermediary involved and customers should consult their Financial","page_number":24,"box":{"x":461,"y":384,"width":440,"height":10}},{"id":"1e2cf6da-b8ed-4485-bc17-f9ef63fa0301","block_type":"box","text":"Intermediary in this regard.","page_number":24,"box":{"x":461,"y":397,"width":178,"height":11}},{"id":"32b62392-180f-4350-84aa-447ab7929765","block_type":"box","text":"Financial Intermediaries are responsible for transmitting redemption","page_number":24,"box":{"x":461,"y":413,"width":448,"height":11}},{"id":"212e4aba-2b32-41d7-a72c-e4fdf038ac04","block_type":"box","text":"orders and crediting their customers’ accounts with redemption","page_number":24,"box":{"x":461,"y":427,"width":418,"height":10}},{"id":"07475953-ab3f-44b4-a5b1-6269b6d5c605","block_type":"box","text":"proceeds on a timely basis. Information relating to such redemption","page_number":24,"box":{"x":461,"y":440,"width":447,"height":11}},{"id":"4419e652-785e-4c95-a342-8c2ccf19c546","block_type":"box","text":"services and charges to process a redemption of shares, if any, should","page_number":24,"box":{"x":461,"y":454,"width":470,"height":10}},{"id":"19871d3a-4bd0-46b3-afbc-0057b2a277b3","block_type":"box","text":"be obtained by customers from their Financial Intermediaries.","page_number":24,"box":{"x":461,"y":467,"width":405,"height":11}},{"id":"aae80e33-c868-4a82-9def-d8986d1caedb","block_type":"box","text":"Financial Intermediaries may place redemption orders by telephoning","page_number":24,"box":{"x":461,"y":484,"width":455,"height":10}},{"id":"83dbe7db-e4a1-4a6a-953b-a52703a8e2d7","block_type":"box","text":"(800) 537-4942. The price of your shares is based on the next","page_number":24,"box":{"x":461,"y":497,"width":415,"height":10}},{"id":"a6f180cd-2852-4bdb-b652-fdf1cc621eb6","block_type":"box","text":"calculation of the Fund’s net asset value after your order is placed. For","page_number":24,"box":{"x":461,"y":511,"width":468,"height":10}},{"id":"c622fd49-0e0d-4a8b-96ca-c7d41066d1c1","block_type":"box","text":"your redemption request to be priced at the net asset value on the day","page_number":24,"box":{"x":460,"y":524,"width":469,"height":10}},{"id":"941930d5-3a1e-4e0c-8ce1-2f93e3fae192","block_type":"box","text":"of your request, you must submit your request to your Financial","page_number":24,"box":{"x":461,"y":538,"width":416,"height":10}},{"id":"2248a2b1-69c7-4749-8000-94041dde03c9","block_type":"box","text":"Intermediary prior to that day’s close of business on the NYSE","page_number":24,"box":{"x":461,"y":551,"width":413,"height":11}},{"id":"172567ce-d67b-4014-a9c7-383b327fa85d","block_type":"box","text":"(generally 4:00 p.m. Eastern time). Certain Financial Intermediaries,","page_number":24,"box":{"x":461,"y":565,"width":449,"height":10}},{"id":"0abc8d49-f9ca-4a51-b994-2863ba4d841c","block_type":"box","text":"however, may require submission of orders prior to that time. Any","page_number":24,"box":{"x":461,"y":578,"width":432,"height":11}},{"id":"a4315642-054d-4641-98f1-55933d815383","block_type":"box","text":"redemption request placed after that time will be priced at the net","page_number":24,"box":{"x":461,"y":592,"width":436,"height":10}},{"id":"9c1b3afc-4d6e-4087-8129-0494c0afd60b","block_type":"box","text":"asset value at the close of business on the next business day.","page_number":24,"box":{"x":461,"y":605,"width":412,"height":11}},{"id":"bb72797f-057e-4859-8915-17703c647294","block_type":"box","text":"Shareholders who hold more than one class of shares should indicate","page_number":24,"box":{"x":461,"y":619,"width":462,"height":8}},{"id":"1ac06257-a517-4aa9-afba-558ff8d797d8","block_type":"box","text":"which class of shares they are redeeming.","page_number":24,"box":{"x":460,"y":632,"width":279,"height":11}},{"id":"be990b0d-5a03-4398-9953-8760066b830d","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":24,"box":{"x":461,"y":649,"width":437,"height":10}},{"id":"2a70bcc9-87fc-437e-b910-17af77d884cf","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":24,"box":{"x":461,"y":662,"width":421,"height":10}},{"id":"aa0ebc80-c69a-4b49-a770-a3488f13a2be","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":24,"box":{"x":460,"y":676,"width":465,"height":10}},{"id":"9eb67af0-4633-4efc-bbcf-254154717613","block_type":"box","text":"but in any event, within seven days.","page_number":24,"box":{"x":461,"y":689,"width":233,"height":10}},{"id":"69bb7056-091b-4f35-9446-3c5b8c558442","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":24,"box":{"x":461,"y":705,"width":415,"height":11}},{"id":"5352f47c-153b-4d0f-81de-f0560e6bb7d1","block_type":"box","text":"redemption of shares.","page_number":24,"box":{"x":461,"y":719,"width":144,"height":10}},{"id":"6a843e9f-2521-4d32-ba35-7371b767993c","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":24,"box":{"x":460,"y":735,"width":380,"height":10}},{"id":"ac42ee6f-1191-469f-a9e2-8760ebbf9eb6","block_type":"box","text":"circumstances.","page_number":24,"box":{"x":461,"y":749,"width":98,"height":8}},{"id":"18b301e4-dae4-404d-922c-abdb348d5849","block_type":"box","text":"Selling shares held directly with","page_number":24,"box":{"x":214,"y":767,"width":207,"height":10}},{"id":"5b12b55f-5586-4f02-a5cf-c971df8696cc","block_type":"box","text":"BlackRock","page_number":24,"box":{"x":214,"y":780,"width":67,"height":8}},{"id":"464d5df0-d3e1-4f58-8298-1057fd84b31d","block_type":"box","text":"Methods of Redeeming","page_number":24,"box":{"x":461,"y":767,"width":156,"height":10}},{"id":"47e1d5a6-f679-42fc-bd3e-884154ec0fec","block_type":"box","text":"Redeem by Telephone:","page_number":24,"box":{"x":461,"y":783,"width":150,"height":10}},{"id":"13015f81-ebba-4392-a6c4-c2a80fe68fb1","block_type":"box","text":"Institutions may place redemption orders by","page_number":24,"box":{"x":618,"y":783,"width":290,"height":10}},{"id":"8ca44cd1-ec0e-4e7b-b3d5-17be691a6e97","block_type":"box","text":"telephoning (800) 537-4942.","page_number":24,"box":{"x":460,"y":796,"width":192,"height":11}},{"id":"e8f30366-5cf5-4590-9466-b6953c6a6975","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":24,"box":{"x":460,"y":813,"width":468,"height":10}},{"id":"e1ea68d9-0a32-41a1-8d4b-0809a17abcaf","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":24,"box":{"x":461,"y":826,"width":474,"height":10}},{"id":"01afb63a-ddf7-4e4e-8f61-8339d670daf2","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":24,"box":{"x":460,"y":839,"width":450,"height":11}},{"id":"8e5b174b-eec9-49f0-9bd4-228aa39c11a1","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":24,"box":{"x":461,"y":853,"width":450,"height":10}},{"id":"b0d95607-a59b-44ef-ac83-4d0f8cc4d629","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":24,"box":{"x":460,"y":867,"width":445,"height":10}},{"id":"2cdedb7f-3e8c-43c2-a2f7-efe7fff90d67","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":24,"box":{"x":461,"y":880,"width":463,"height":10}},{"id":"6f266d20-b728-4ad4-b4ae-cfffe37cf6b0","block_type":"box","text":"believes it is advisable to do so. During periods of substantial","page_number":24,"box":{"x":461,"y":894,"width":407,"height":10}},{"id":"3eda077d-55d0-488f-9bd1-cfc1663199b3","block_type":"box","text":"economic or market change, telephone redemptions may be difficult to","page_number":24,"box":{"x":461,"y":907,"width":467,"height":10}},{"id":"74ed82ab-da16-4456-8d03-e188bbd197ca","block_type":"box","text":"23","page_number":24,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"fa644f2e-3123-43bc-a0d4-886390dbccf3","block_type":"box","text":"NM1026U-5993000-24/41","page_number":24,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"57d9d961-4c99-46b8-ae77-e5b48dfd28cd","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":"1654b8a9-528e-4d37-8131-cdbeff767b1e","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"8a4f89f8-ed71-423c-b871-033db2e2da17","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"2701f5d8-cf5d-4c05-b7d0-4d9052acc15d","block_type":"box","text":"Shares (continued)","page_number":25,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"89e42b4c-f0d6-4ea5-a1b4-75a88fdba11a","block_type":"box","text":"Selling shares held directly with","page_number":25,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"61cc47b4-0e76-48f0-bfdb-979b8303e3c0","block_type":"box","text":"BlackRock (continued)","page_number":25,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"ca6b4a28-9f31-4a44-b174-7e04bc174062","block_type":"box","text":"complete. Please find alternative redemption methods below.","page_number":25,"box":{"x":461,"y":67,"width":403,"height":10}},{"id":"70edc286-0a89-47ff-b835-fd8bc8a0aa00","block_type":"box","text":"Redeem by Internet:","page_number":25,"box":{"x":461,"y":84,"width":136,"height":10}},{"id":"73e6c5c1-9aab-44c8-bf1a-77d69e4f52a2","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":25,"box":{"x":603,"y":84,"width":321,"height":10}},{"id":"6b8bfc3e-0e33-4d33-abd2-6639e857ace1","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":25,"box":{"x":460,"y":97,"width":461,"height":8}},{"id":"7c84e9f8-e6ab-4373-81d9-349b7ce6d39b","block_type":"box","text":"redemptions may be sent via wire to the bank account of record.","page_number":25,"box":{"x":461,"y":110,"width":425,"height":11}},{"id":"ef28353e-8945-4009-9e1d-2bcd2349a577","block_type":"box","text":"Redeem in Writing:","page_number":25,"box":{"x":461,"y":127,"width":127,"height":10}},{"id":"0dd08a29-07fd-4b1b-a711-5892b49bd9df","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":25,"box":{"x":595,"y":126,"width":324,"height":11}},{"id":"8593f8dd-2b66-4453-99ed-130c982e90c5","block_type":"box","text":"to BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":25,"box":{"x":460,"y":140,"width":477,"height":10}},{"id":"c787bdbd-ba19-4a6e-bcf7-f738d089790d","block_type":"box","text":"4429. Under certain circumstances, a medallion signature guarantee","page_number":25,"box":{"x":461,"y":154,"width":457,"height":10}},{"id":"94981a83-c579-47b3-9b08-670072b6de11","block_type":"box","text":"will be required.","page_number":25,"box":{"x":460,"y":167,"width":104,"height":10}},{"id":"e41f8a8b-bfb2-44e6-99fd-4e3d289269fc","block_type":"box","text":"Payment by Check:","page_number":25,"box":{"x":461,"y":183,"width":129,"height":10}},{"id":"49428fc6-9ac5-4ece-b0c9-94ae53ff6bba","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":25,"box":{"x":597,"y":183,"width":329,"height":10}},{"id":"8a8a9d17-2180-4910-a38b-ad7179311b72","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":25,"box":{"x":460,"y":197,"width":430,"height":10}},{"id":"33130d74-e10b-4947-8835-43c22722d167","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":25,"box":{"x":461,"y":210,"width":460,"height":11}},{"id":"e3d010be-efff-489f-a63b-ad881b37e640","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":25,"box":{"x":461,"y":224,"width":468,"height":10}},{"id":"7d154ea3-b96c-4ecc-8a56-8a543334e851","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":25,"box":{"x":461,"y":237,"width":467,"height":11}},{"id":"41905a85-9e33-410f-93b1-4ad711fd24c2","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":25,"box":{"x":461,"y":251,"width":467,"height":10}},{"id":"cd0e80ac-3d21-4283-8ca7-317cbbfbd8b9","block_type":"box","text":"charges imposed by your bank for this service.","page_number":25,"box":{"x":461,"y":264,"width":307,"height":11}},{"id":"87e6a431-332a-4f9e-8f83-0df66e8071fd","block_type":"box","text":"Payment of Redemption Proceeds","page_number":25,"box":{"x":461,"y":281,"width":228,"height":10}},{"id":"9a6c7616-1acb-4d91-beed-b8a3f1d098d6","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":25,"box":{"x":461,"y":297,"width":467,"height":10}},{"id":"c4818027-6521-4bc7-b7dc-b1ff9aeae27e","block_type":"box","text":"banking information on file, by wire transfer.","page_number":25,"box":{"x":461,"y":310,"width":289,"height":11}},{"id":"55f4173e-9e83-4fc1-a367-954bbae1b4b4","block_type":"box","text":"Payment by Check:","page_number":25,"box":{"x":461,"y":326,"width":129,"height":11}},{"id":"d9c7605d-35fc-4d6f-8f3f-f619c551f73a","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":25,"box":{"x":597,"y":327,"width":329,"height":10}},{"id":"3c19b302-c725-4464-9c58-fee5bfd97601","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":25,"box":{"x":460,"y":340,"width":430,"height":10}},{"id":"eb3efdb7-1b94-4bd0-a853-cac70ebc3c92","block_type":"box","text":"request but in any event within seven days. Shares can be redeemed by","page_number":25,"box":{"x":461,"y":353,"width":476,"height":11}},{"id":"be8b34f8-9de0-461f-9a8b-0dec7420eb49","block_type":"box","text":"telephone and the proceeds sent by check to the shareholder at the","page_number":25,"box":{"x":460,"y":367,"width":450,"height":10}},{"id":"be03ccd2-1a60-4b81-b35f-e845f57a0a78","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":25,"box":{"x":461,"y":380,"width":467,"height":11}},{"id":"3987f211-ec5c-4825-8787-a7b3b04f1eba","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":25,"box":{"x":461,"y":394,"width":467,"height":10}},{"id":"891b7d8e-e355-4afe-9549-64a35033cb65","block_type":"box","text":"charges imposed by your bank for this service.","page_number":25,"box":{"x":461,"y":408,"width":307,"height":10}},{"id":"59bbb30f-f3dd-43ef-bbcc-f3efc863132c","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":25,"box":{"x":460,"y":424,"width":438,"height":10}},{"id":"68bcf698-5509-41f7-b82d-e59f0f9736b6","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":25,"box":{"x":461,"y":437,"width":429,"height":11}},{"id":"feb5a64f-6965-4e68-b6c6-0f183204e5b8","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":25,"box":{"x":461,"y":451,"width":403,"height":10}},{"id":"35efa685-13fe-4e40-a705-d9ce9339dab4","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":25,"box":{"x":461,"y":464,"width":467,"height":9}},{"id":"10d3c250-ae6b-4120-adf7-890dea20dec2","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":25,"box":{"x":460,"y":478,"width":456,"height":10}},{"id":"c4e83605-1d08-47ab-b52c-9561522af430","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":25,"box":{"x":460,"y":492,"width":402,"height":10}},{"id":"f6fe42be-4646-4ae4-b4b6-aeeeff4b6c6c","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":25,"box":{"x":461,"y":505,"width":430,"height":10}},{"id":"a82255e3-f9e2-4f53-ad6f-0fa88f644332","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. 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Payment for redemption orders","page_number":25,"box":{"x":461,"y":656,"width":449,"height":11}},{"id":"120a5628-c074-428a-bba1-8ee0321aa9ab","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":670,"width":449,"height":10}},{"id":"d8b82c41-2cab-45c1-99a7-cf6e4beb7913","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":25,"box":{"x":461,"y":683,"width":433,"height":11}},{"id":"2442e84d-e2bc-416f-ac2a-2a72a6d9d331","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":25,"box":{"x":461,"y":697,"width":449,"height":10}},{"id":"0c431e5c-721c-42c1-a49b-9b8dd47b44b6","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":25,"box":{"x":461,"y":710,"width":437,"height":11}},{"id":"26842f89-4371-43f7-b48a-bb65d0c10dc8","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":25,"box":{"x":461,"y":724,"width":469,"height":10}},{"id":"084e2525-33f3-4499-9fd6-b96f82786bd4","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":25,"box":{"x":459,"y":738,"width":448,"height":10}},{"id":"95818ef3-61d2-43c8-ac0e-fc0f755d590b","block_type":"box","text":"Fund.","page_number":25,"box":{"x":461,"y":751,"width":34,"height":8}},{"id":"2171e66f-0848-42a0-99c1-9e9d0377d095","block_type":"box","text":"Shares can be redeemed by Federal wire transfer to a single previously","page_number":25,"box":{"x":461,"y":767,"width":469,"height":11}},{"id":"087b6283-5152-4c03-8f98-52c905108ff4","block_type":"box","text":"designated bank account. No charge for wiring redemption payments","page_number":25,"box":{"x":461,"y":781,"width":453,"height":10}},{"id":"afb2c5f6-3b7a-4bc5-8e3b-ac27da4f1c3c","block_type":"box","text":"with respect to Service Shares is imposed by the Fund, although","page_number":25,"box":{"x":460,"y":794,"width":427,"height":11}},{"id":"bf31b192-7903-4175-9692-d3bea84c250f","block_type":"box","text":"Financial Intermediaries may charge their customers for redemption","page_number":25,"box":{"x":461,"y":808,"width":446,"height":10}},{"id":"57e5ee2d-b397-4414-a2e7-85b42a2ce121","block_type":"box","text":"services. Information relating to such redemption services and","page_number":25,"box":{"x":461,"y":821,"width":414,"height":11}},{"id":"fd1e585f-384e-42b9-9996-5799ea6fc3fc","block_type":"box","text":"charges, if any, should be obtained by customers from their Financial","page_number":25,"box":{"x":461,"y":835,"width":454,"height":10}},{"id":"52681be3-46b4-4da7-9086-3235b01931e1","block_type":"box","text":"Intermediaries. You are responsible for any additional charges imposed","page_number":25,"box":{"x":461,"y":848,"width":470,"height":11}},{"id":"3a03ad67-50f6-4d28-b960-d395727dd98a","block_type":"box","text":"by your bank for wire transfers.","page_number":25,"box":{"x":461,"y":862,"width":203,"height":10}},{"id":"5d8f3339-361c-4468-86a1-308f22d27792","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":25,"box":{"x":460,"y":878,"width":425,"height":10}},{"id":"96165409-7af5-4c2b-9914-211688656c8d","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":892,"width":455,"height":10}},{"id":"0e8b96d1-19d8-43ae-8b5b-cd6c3f52e2c8","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":25,"box":{"x":461,"y":905,"width":476,"height":11}},{"id":"a72c757b-5392-4e5b-960f-685a0916446a","block_type":"box","text":"24","page_number":25,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"dbbb621b-7e8a-40dc-b89f-f9307e2ca2a1","block_type":"box","text":"NM1026U-5993000-25/41","page_number":25,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ec21e4e5-9c78-4470-abc1-7d10d05ef628","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":"bec2e34c-8705-403a-8020-22c63d6ff91a","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"199bbfaa-60cf-49ad-9a3e-651d5dcf6190","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"ee9311ca-c1fb-4652-9c74-bb0155dee31b","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"a44899f0-f9eb-4c84-8d4e-75b4fa548af6","block_type":"box","text":"Selling shares held directly with","page_number":26,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"6a947fb2-52bd-49ab-982f-edf320b7bec3","block_type":"box","text":"BlackRock (continued)","page_number":26,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"9a93f807-663c-4ae5-80c3-16ad4685509a","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":26,"box":{"x":461,"y":67,"width":455,"height":10}},{"id":"eaf27010-ca26-43b4-b7dd-adf84a1ba2f6","block_type":"box","text":"the back cover of this prospectus.","page_number":26,"box":{"x":460,"y":81,"width":224,"height":10}},{"id":"7d10d54f-899e-450f-a7f1-c8526fdab4e7","block_type":"box","text":"***","page_number":26,"box":{"x":686,"y":97,"width":25,"height":5}},{"id":"3e0bdfb7-12ce-48d5-8460-1056c74ba90d","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":26,"box":{"x":461,"y":110,"width":423,"height":11}},{"id":"9b7e1eef-f6c1-4b4d-a02a-7a087016c6c6","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":26,"box":{"x":461,"y":124,"width":456,"height":10}},{"id":"eec2264c-960f-447c-8dd8-4de467a6ee9c","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":26,"box":{"x":461,"y":138,"width":352,"height":10}},{"id":"c966b56a-385b-4f28-8e74-a7e672c59839","block_type":"box","text":"Redemption","page_number":26,"box":{"x":61,"y":156,"width":80,"height":10}},{"id":"a25858e1-821d-42cd-8262-9895db0c8aef","block_type":"box","text":"Proceeds","page_number":26,"box":{"x":61,"y":167,"width":62,"height":8}},{"id":"854edaae-dd26-4285-a592-3a9679b38af7","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":26,"box":{"x":461,"y":156,"width":445,"height":10}},{"id":"5e1f71c4-3a68-47a0-95ff-72998a787e6b","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":26,"box":{"x":461,"y":169,"width":467,"height":10}},{"id":"8ce5cf49-54ed-4e85-86f4-d008588c948b","block_type":"box","text":"portfolio assets to generate cash. The Fund reserves the right to pay","page_number":26,"box":{"x":461,"y":183,"width":456,"height":10}},{"id":"2e233d31-0b33-40fb-8d40-6da5cc49ef44","block_type":"box","text":"redemption proceeds with securities from the Fund’s portfolio rather","page_number":26,"box":{"x":461,"y":196,"width":452,"height":10}},{"id":"abce043a-d1f8-4a85-ad0c-65099e78f083","block_type":"box","text":"than in cash (“redemptions in kind”) as described below. Redemptions","page_number":26,"box":{"x":460,"y":210,"width":467,"height":10}},{"id":"9eb63f8d-fb5a-4152-987c-24d4afbf325d","block_type":"box","text":"in kind may be used in certain circumstances if the relevant","page_number":26,"box":{"x":461,"y":223,"width":396,"height":10}},{"id":"958ee30f-a9a2-43a3-80b8-8200c343523f","block_type":"box","text":"shareholder is able to accept securities in kind, and may also be used","page_number":26,"box":{"x":461,"y":237,"width":464,"height":10}},{"id":"60067029-1226-41a9-9c0b-d786d0c5e13d","block_type":"box","text":"in stressed market conditions. During periods of stressed market","page_number":26,"box":{"x":461,"y":250,"width":431,"height":11}},{"id":"54137e92-dd16-423f-8da5-dfffbb527d52","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":26,"box":{"x":461,"y":264,"width":450,"height":10}},{"id":"b1f3b1dd-f142-4db6-b60c-dfa1d5fa2f96","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":26,"box":{"x":461,"y":277,"width":452,"height":11}},{"id":"bcbd095e-4246-4c45-b3dc-fcb74909846c","block_type":"box","text":"limit cash redemptions and may determine to pay redemption","page_number":26,"box":{"x":461,"y":291,"width":406,"height":10}},{"id":"60724053-66dd-48aa-9be8-856a4dea6c47","block_type":"box","text":"proceeds by (i) borrowing under a line of credit it has entered into with","page_number":26,"box":{"x":461,"y":304,"width":463,"height":11}},{"id":"008f8a69-e82f-43e8-a077-55c503d3a781","block_type":"box","text":"a group of lenders and/or (ii) transferring portfolio securities in kind to","page_number":26,"box":{"x":461,"y":318,"width":465,"height":10}},{"id":"cae2a434-6fbb-4e5b-aac8-4b674dfbd433","block_type":"box","text":"a redeeming shareholder. The SAI includes more information about the","page_number":26,"box":{"x":461,"y":331,"width":467,"height":11}},{"id":"9ea1d1fd-7745-41c6-aa42-850fc7a86297","block_type":"box","text":"Fund’s line of credit.","page_number":26,"box":{"x":461,"y":345,"width":133,"height":8}},{"id":"138d2cb3-fc37-4997-ad4f-cf7009c1ee3c","block_type":"box","text":"Redemptions in Kind:","page_number":26,"box":{"x":461,"y":361,"width":142,"height":10}},{"id":"a107d4d3-0666-4bcd-9ac4-75022a1fceb2","block_type":"box","text":"The Fund reserves the right to honor any request","page_number":26,"box":{"x":609,"y":361,"width":323,"height":11}},{"id":"e9bbcd25-ff97-4d87-bf38-c18222fcee7b","block_type":"box","text":"for redemption by making payment in whole or in part by delivering","page_number":26,"box":{"x":460,"y":375,"width":440,"height":10}},{"id":"4f3d31a1-ab82-4f3e-939b-bc1c90ea14eb","block_type":"box","text":"securities valued in the same way as they would be valued for purposes","page_number":26,"box":{"x":461,"y":388,"width":474,"height":10}},{"id":"3cd209d8-9b94-4a8e-8adb-4466acaa8770","block_type":"box","text":"of computing a Fund’s NAV, except that the Fund is obligated to redeem","page_number":26,"box":{"x":461,"y":402,"width":472,"height":10}},{"id":"7d8c5fad-0f5c-49b9-85e4-423f665ed0a4","block_type":"box","text":"shares solely in cash up to the lesser of $250,000 or 1% of the Fund’s","page_number":26,"box":{"x":461,"y":415,"width":470,"height":11}},{"id":"d1ddd4f8-42ef-4662-9351-b8568f924c20","block_type":"box","text":"NAV during any 90-day period for any one shareholder. Redemptions in","page_number":26,"box":{"x":461,"y":429,"width":464,"height":10}},{"id":"ce05af44-3b51-44bc-985a-5b06c11d79bb","block_type":"box","text":"excess of those amounts will normally be paid in cash but may be paid","page_number":26,"box":{"x":461,"y":442,"width":467,"height":11}},{"id":"6604f7e1-e1d8-42e9-bb26-c35eda82504b","block_type":"box","text":"wholly or partly by a distribution in kind of securities.","page_number":26,"box":{"x":460,"y":456,"width":347,"height":10}},{"id":"5c8aa454-69c3-48d4-8b66-3b7e4204fa1e","block_type":"box","text":"The specific security or securities to be distributed will be determined","page_number":26,"box":{"x":460,"y":472,"width":459,"height":10}},{"id":"c11611c0-e1ec-4844-9415-0a42a9f2e1d0","block_type":"box","text":"by BlackRock and could include a pro-rata representation of the Fund’s","page_number":26,"box":{"x":461,"y":485,"width":467,"height":11}},{"id":"c5e0e9ee-897b-4fae-8618-ae79cd45026a","block_type":"box","text":"portfolio or a non-pro-rata representation of the Fund’s portfolio","page_number":26,"box":{"x":461,"y":499,"width":420,"height":10}},{"id":"1b3d2c82-90a5-473a-968d-659e2383f441","block_type":"box","text":"depending upon various circumstances and subject to the Fund’s","page_number":26,"box":{"x":461,"y":513,"width":430,"height":10}},{"id":"bc398d9a-f872-42bb-a0f7-4dac583ee2cc","block_type":"box","text":"policies and procedures and any applicable laws or regulations. In","page_number":26,"box":{"x":461,"y":526,"width":435,"height":11}},{"id":"3302a7a3-964a-48a2-96ff-5d0b64d36e67","block_type":"box","text":"effecting such redemptions in kind, BlackRock may select securities to","page_number":26,"box":{"x":461,"y":540,"width":468,"height":10}},{"id":"491c361a-1005-4c3d-a2ac-4d9c644e1e2d","block_type":"box","text":"distribute to the redeeming shareholder by considering certain factors,","page_number":26,"box":{"x":461,"y":553,"width":465,"height":11}},{"id":"829256bd-e7e8-4838-a9fc-1536d3f5ff2a","block_type":"box","text":"including, without limitation, the portfolio management team’s model or","page_number":26,"box":{"x":461,"y":567,"width":474,"height":10}},{"id":"74b273a5-80f4-4199-a2e3-5ad4ed392f90","block_type":"box","text":"optimal portfolio, risk management considerations, compliance","page_number":26,"box":{"x":461,"y":580,"width":417,"height":11}},{"id":"a1561db1-d932-4e36-8232-7060e14473ec","block_type":"box","text":"considerations, the active positioning of the Fund post-redemption, the","page_number":26,"box":{"x":461,"y":594,"width":467,"height":10}},{"id":"c5b0a1db-2efe-47ec-9852-988c1e424eef","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities.","page_number":26,"box":{"x":461,"y":607,"width":400,"height":11}},{"id":"5b18224b-7ab8-4337-b037-754faf2bfa45","block_type":"box","text":"The Fund may effect redemptions in kind in an effort to, among other","page_number":26,"box":{"x":460,"y":623,"width":459,"height":11}},{"id":"16670887-e455-417f-9d93-8a0cc88ba124","block_type":"box","text":"considerations: (a) manage the portfolio efficiently or for any other","page_number":26,"box":{"x":461,"y":637,"width":439,"height":10}},{"id":"91ad8b52-5c52-447f-894b-4b579677cfa6","block_type":"box","text":"portfolio management purpose, and (b) externalize certain transaction","page_number":26,"box":{"x":461,"y":651,"width":463,"height":10}},{"id":"088832e8-1c89-4210-a14b-0972bbfc22d9","block_type":"box","text":"costs that would otherwise be borne by a Fund in connection with","page_number":26,"box":{"x":461,"y":664,"width":432,"height":10}},{"id":"1d36f454-a1e4-4c59-bde0-d9fd09a492df","block_type":"box","text":"redemption activity or portfolio turnover. Redemptions in kind may","page_number":26,"box":{"x":461,"y":678,"width":435,"height":10}},{"id":"cfaffbf5-493d-43dc-87f7-bcfc6fe4779c","block_type":"box","text":"reduce the need for the Fund to maintain short-term cash reserves,","page_number":26,"box":{"x":461,"y":691,"width":446,"height":10}},{"id":"ef77f039-2651-4d6d-a7e5-ec7773ec9857","block_type":"box","text":"reduce Fund transaction costs, reduce the need for the Fund to sell its","page_number":26,"box":{"x":461,"y":705,"width":466,"height":9}},{"id":"4bf4ef56-8548-476f-99a1-51efbea34a9e","block_type":"box","text":"investments at inopportune times, and lower Fund capital gain","page_number":26,"box":{"x":461,"y":718,"width":412,"height":11}},{"id":"882e8a30-536a-4a96-b481-0aefd148cdd6","block_type":"box","text":"recognition, all of which may be considerations when determining","page_number":26,"box":{"x":461,"y":732,"width":431,"height":10}},{"id":"f6720596-f7d2-4e32-925e-48c45720e8bf","block_type":"box","text":"whether to effect a redemption in kind. However, there can be no","page_number":26,"box":{"x":460,"y":745,"width":430,"height":10}},{"id":"f49fe27e-3d8c-4838-96df-bbeb2b1a6958","block_type":"box","text":"assurance that redemptions in kind can or will be effected when they","page_number":26,"box":{"x":461,"y":759,"width":456,"height":10}},{"id":"6d29381e-339e-49b3-87cc-51c48665578a","block_type":"box","text":"would be beneficial to the Fund, and it may be impractical or impossible","page_number":26,"box":{"x":460,"y":772,"width":475,"height":11}},{"id":"bf4926db-e803-4fe5-97c2-210b26f8ffca","block_type":"box","text":"to effect redemptions in kind with many or substantially all of the","page_number":26,"box":{"x":460,"y":786,"width":430,"height":10}},{"id":"e910aa15-281e-465d-aa5c-1874a2474dcf","block_type":"box","text":"Fund’s shareholders because of, among other things, how they hold","page_number":26,"box":{"x":461,"y":799,"width":448,"height":11}},{"id":"63e7b7d7-11eb-4cf0-acf5-15179dc727a0","block_type":"box","text":"their Fund shares or the small value of the redemptions.","page_number":26,"box":{"x":460,"y":813,"width":372,"height":10}},{"id":"db3568e5-7146-4285-9aad-2bce19a2c137","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for","page_number":26,"box":{"x":461,"y":829,"width":431,"height":10}},{"id":"5b639f78-4c15-4dc0-b16f-938ba94ebc32","block_type":"box","text":"optimization of the Fund’s portfolio, or a combination thereof, the Fund","page_number":26,"box":{"x":461,"y":843,"width":468,"height":10}},{"id":"afb809ca-c9f7-4905-bba1-272a71a41279","block_type":"box","text":"in its discretion may accept large purchase orders from one or more","page_number":26,"box":{"x":461,"y":856,"width":450,"height":11}},{"id":"b01c2987-b547-4c0e-af90-863a6455ce2b","block_type":"box","text":"financial institutions that are willing, upon redemption of their","page_number":26,"box":{"x":460,"y":870,"width":407,"height":10}},{"id":"b3f1fe32-4553-4297-8311-5d1e0eaa37a4","block_type":"box","text":"investment in the Fund, to receive their redemption proceeds in kind","page_number":26,"box":{"x":461,"y":883,"width":450,"height":10}},{"id":"8e1ff94e-ff84-4329-99de-78603adc94a5","block_type":"box","text":"rather than in cash. A Fund’s ability to pay these redemption proceeds","page_number":26,"box":{"x":461,"y":897,"width":464,"height":10}},{"id":"3c10bb35-d700-492d-99fd-1c9e1749bced","block_type":"box","text":"in kind relieves the Fund of the need to sell the securities that are","page_number":26,"box":{"x":461,"y":910,"width":437,"height":9}},{"id":"31842486-e2ca-4740-9f9d-f757d3dd9003","block_type":"box","text":"25","page_number":26,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"aecb94d6-52d8-40bd-b9d3-2c33ac376477","block_type":"box","text":"NM1026U-5993000-26/41","page_number":26,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"4b574c83-8e96-4e82-a284-1214b955b61c","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":"d75dc736-33e5-440b-9473-ebc04d2cd6f9","block_type":"box","text":"Redemption","page_number":27,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"d8bea20c-ea12-48c7-86b6-628c1d74a75e","block_type":"box","text":"Proceeds","page_number":27,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"d79cd33c-c3d9-4aa0-8dc3-b9c90cad0f2c","block_type":"box","text":"(continued)","page_number":27,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"e1446a51-1056-48c6-927a-38fffc3cd517","block_type":"box","text":"(continued) distributed in kind and incur brokerage and other transaction costs","page_number":27,"box":{"x":214,"y":67,"width":687,"height":11}},{"id":"94d58256-795a-443c-83a4-e2d7d56b5b6c","block_type":"box","text":"associated with such sale and may have the effect of reducing the","page_number":27,"box":{"x":461,"y":81,"width":439,"height":10}},{"id":"19476de8-eab8-4b3c-a8f0-b74f58bbb5ba","block_type":"box","text":"amount of taxable gains the Fund would otherwise be required to","page_number":27,"box":{"x":461,"y":94,"width":429,"height":11}},{"id":"59103ff7-2ffb-4674-a36e-2d592db921ba","block_type":"box","text":"distribute to shareholders. The Fund’s short-term trading policy, as","page_number":27,"box":{"x":461,"y":108,"width":440,"height":10}},{"id":"e6c25683-a5b4-4f27-8b6f-7f81b49ea4b7","block_type":"box","text":"described below, shall not apply to the transactions described in this","page_number":27,"box":{"x":461,"y":122,"width":454,"height":10}},{"id":"2a64d158-98a7-4752-8140-402474c19325","block_type":"box","text":"sub-section.","page_number":27,"box":{"x":461,"y":135,"width":78,"height":8}},{"id":"ae7dc898-bdcf-4552-9ef8-8e4a8d839d97","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to","page_number":27,"box":{"x":461,"y":151,"width":446,"height":10}},{"id":"e615f048-32ab-4f36-8128-cb067fb84136","block_type":"box","text":"convert them to cash, you may pay taxes and brokerage and other","page_number":27,"box":{"x":461,"y":165,"width":438,"height":10}},{"id":"8bd47387-0f2a-4848-8e40-40bfd4dd4dd2","block_type":"box","text":"transaction costs to dispose of the securities. You may receive less for","page_number":27,"box":{"x":460,"y":178,"width":470,"height":10}},{"id":"011eb99b-38e6-444a-8e66-23dcd213f4c8","block_type":"box","text":"the securities than the price at which they were valued for purposes of","page_number":27,"box":{"x":460,"y":192,"width":467,"height":10}},{"id":"bb9ffd66-151d-4e27-a3cc-817df9c3233c","block_type":"box","text":"effecting the redemption. There may also be a risk that redemption in","page_number":27,"box":{"x":461,"y":205,"width":459,"height":11}},{"id":"59ea89ad-20de-41bb-bec4-0284e7b9eab2","block_type":"box","text":"kind activity could negatively impact the market value of the securities","page_number":27,"box":{"x":461,"y":219,"width":462,"height":10}},{"id":"255ecc21-30e3-4b74-b89f-b64a4cedcd41","block_type":"box","text":"distributed in kind and, in turn, the NAV of the Fund.","page_number":27,"box":{"x":461,"y":232,"width":342,"height":10}},{"id":"f19a27af-1a55-4cc4-bf5c-8463331453b7","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":27,"box":{"x":61,"y":270,"width":415,"height":13}},{"id":"892e9eed-4bd4-4477-92a8-13c842a5d0e6","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":292,"width":478,"height":9}},{"id":"965d0e8f-3c15-4938-ac5c-63dc9fe615a4","block_type":"box","text":"Exchange Privilege","page_number":27,"box":{"x":61,"y":310,"width":128,"height":10}},{"id":"6cda0f42-9aee-4082-90c5-51cb9fca1fec","block_type":"box","text":"Selling shares of one BlackRock","page_number":27,"box":{"x":214,"y":310,"width":212,"height":10}},{"id":"32b57d38-5a8a-45fa-8150-c017afc36a10","block_type":"box","text":"Fund to purchase shares of","page_number":27,"box":{"x":214,"y":323,"width":181,"height":10}},{"id":"7d1b424d-6aa0-4126-8259-7f776019b3aa","block_type":"box","text":"another BlackRock Fund","page_number":27,"box":{"x":214,"y":337,"width":158,"height":8}},{"id":"3d2c31d4-006d-4f35-9ca9-02706fbf8def","block_type":"box","text":"(“exchanging”)","page_number":27,"box":{"x":214,"y":350,"width":95,"height":11}},{"id":"b86dc0dd-28bb-4907-873e-9217662677cf","block_type":"box","text":"Service Shares of the Fund are generally exchangeable for shares of","page_number":27,"box":{"x":461,"y":310,"width":453,"height":10}},{"id":"4fffdc44-496c-43f8-8126-9e1a1f64d27a","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":27,"box":{"x":460,"y":323,"width":461,"height":10}},{"id":"9323805f-1e14-4419-bd97-f21579cfcb9e","block_type":"box","text":"are offered by your Financial Intermediary.","page_number":27,"box":{"x":461,"y":337,"width":277,"height":10}},{"id":"d56d95de-b8f9-4d69-a0b1-dc554c254602","block_type":"box","text":"You can exchange Service Shares from one fund into the same class of","page_number":27,"box":{"x":460,"y":353,"width":474,"height":10}},{"id":"5e903dff-8842-4f5f-ba45-010b9c5372b9","block_type":"box","text":"another fund which offers that class of shares. Refer to the minimum","page_number":27,"box":{"x":461,"y":366,"width":457,"height":9}},{"id":"a69d0a43-3b4d-4e2a-8044-222d12929a65","block_type":"box","text":"initial investment in the “Service Shares at a Glance” table in this","page_number":27,"box":{"x":461,"y":380,"width":436,"height":8}},{"id":"8fb7acf2-5e63-4ca9-8a3c-b7bee12ed35f","block_type":"box","text":"prospectus.","page_number":27,"box":{"x":461,"y":394,"width":76,"height":9}},{"id":"82a8c0bc-2f3e-40af-b514-b078911e676f","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":27,"box":{"x":460,"y":409,"width":449,"height":11}},{"id":"5028a11a-ad9f-4972-8105-5c793bae0552","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":27,"box":{"x":461,"y":423,"width":437,"height":10}},{"id":"86aa9603-c591-4ec9-9b5f-f35060da5468","block_type":"box","text":"closed to new investors.","page_number":27,"box":{"x":461,"y":437,"width":159,"height":8}},{"id":"bb6a3e91-bf0c-410b-a9e2-1e136fa021aa","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":27,"box":{"x":460,"y":453,"width":435,"height":10}},{"id":"3bf546b4-de2a-4b51-ae54-431d04cf6e41","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":27,"box":{"x":461,"y":466,"width":406,"height":10}},{"id":"30358a55-e6d0-4c02-a3bf-8429387e968e","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":27,"box":{"x":461,"y":480,"width":468,"height":10}},{"id":"b8116f35-fcc1-4dfe-957a-6ce13e1abc22","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":27,"box":{"x":461,"y":493,"width":455,"height":11}},{"id":"650736fe-fa26-4120-b431-52250ab9891d","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":27,"box":{"x":460,"y":507,"width":423,"height":10}},{"id":"4ec8d644-18c2-434c-899a-d064df1aeb73","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":27,"box":{"x":461,"y":520,"width":398,"height":10}},{"id":"28220fd3-d08b-4420-90c5-037344ea151c","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":27,"box":{"x":461,"y":534,"width":409,"height":10}},{"id":"234ce39f-e58f-43f1-ba65-8e4b43fc44e7","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":27,"box":{"x":461,"y":548,"width":469,"height":10}},{"id":"eea1c522-9bc5-49cc-a650-74b4f9dc4302","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":27,"box":{"x":460,"y":561,"width":461,"height":10}},{"id":"19b5c78e-ef23-4e23-aec9-82d624ba67e2","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":27,"box":{"x":460,"y":575,"width":469,"height":10}},{"id":"427a7b09-db30-4569-a159-cd59f1c884c2","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":27,"box":{"x":460,"y":588,"width":368,"height":10}},{"id":"882ce1dc-177d-4a55-a8ca-e690b38e5151","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":27,"box":{"x":460,"y":604,"width":450,"height":11}},{"id":"b3d1bea9-da2e-49c1-9de6-2c6a22da6a26","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":27,"box":{"x":460,"y":618,"width":473,"height":10}},{"id":"31fb660e-8571-4dd0-a219-7ce7d5236668","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":27,"box":{"x":461,"y":631,"width":420,"height":10}},{"id":"578b8ce3-12b4-4e33-9c46-bab688636f79","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":27,"box":{"x":461,"y":645,"width":439,"height":10}},{"id":"5f349f2b-eee2-4593-9e5f-9669425b5770","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":27,"box":{"x":461,"y":658,"width":460,"height":11}},{"id":"b909e6f0-2455-48c0-9db2-b9629d1220c9","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":27,"box":{"x":461,"y":672,"width":430,"height":10}},{"id":"71e43bea-5a0e-4fc1-a759-c7d6e6ac6b56","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":27,"box":{"x":461,"y":686,"width":469,"height":10}},{"id":"3c1bc3f1-5aed-49b8-8125-a2f0c47d79b4","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":27,"box":{"x":460,"y":699,"width":456,"height":10}},{"id":"690b82f0-c754-4054-84a1-250158514d0b","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":27,"box":{"x":461,"y":712,"width":390,"height":11}},{"id":"b724015b-e5d6-47b3-9eb3-f1256f53d157","block_type":"box","text":"Transfer Shares to","page_number":27,"box":{"x":60,"y":731,"width":124,"height":8}},{"id":"92c17c51-2205-4e33-8658-5de80c65990e","block_type":"box","text":"Another Financial","page_number":27,"box":{"x":60,"y":742,"width":118,"height":8}},{"id":"075635e5-ada0-4f0b-aaac-88718f9bb25b","block_type":"box","text":"Intermediary","page_number":27,"box":{"x":61,"y":754,"width":85,"height":10}},{"id":"3f2b7dd8-7fd2-4f81-8e30-68f3408b9ff8","block_type":"box","text":"Transfer to a participating","page_number":27,"box":{"x":213,"y":730,"width":171,"height":11}},{"id":"cb845902-c44c-4aeb-9994-4f28448d9ff5","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":744,"width":145,"height":10}},{"id":"95f7fad7-5ae4-48cc-a5ca-20a1883156bd","block_type":"box","text":"You may transfer your Service Shares of the Fund only to another","page_number":27,"box":{"x":460,"y":730,"width":431,"height":11}},{"id":"bc0f73ae-4cac-4cf0-aca3-6a5a921026cd","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":27,"box":{"x":461,"y":744,"width":441,"height":10}},{"id":"18b73930-e421-49d0-8bef-f1007c309dc0","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":27,"box":{"x":461,"y":758,"width":456,"height":10}},{"id":"e4405a29-3cdd-472b-81b1-e8065569b168","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":27,"box":{"x":460,"y":771,"width":407,"height":10}},{"id":"b5623b1a-7869-40d4-a39f-c594ddd9fcd6","block_type":"box","text":"coordinated by the receiving firm.","page_number":27,"box":{"x":461,"y":785,"width":218,"height":10}},{"id":"7539a320-c3ad-451a-95b8-97e2e1424ead","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":27,"box":{"x":461,"y":801,"width":390,"height":10}},{"id":"950a4390-14b1-4278-89cd-861ce3c72c60","block_type":"box","text":"(800) 537-4942 with any questions; otherwise please contact your","page_number":27,"box":{"x":461,"y":814,"width":443,"height":11}},{"id":"a6222d38-747e-42fb-b5c8-6f82eeeeacbf","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":27,"box":{"x":461,"y":828,"width":394,"height":10}},{"id":"400870d4-ccaa-4a55-8965-680796cf8b79","block_type":"box","text":"26","page_number":27,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"51b6e38f-183c-44d9-8ee7-16ca2b6933be","block_type":"box","text":"NM1026U-5993000-27/41","page_number":27,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"034a79b7-2242-4559-8239-dd47ee4afd8f","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":28,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"b695b20b-29de-4e5a-a641-4ea82f7e6f77","block_type":"box","text":"Transfer Shares to","page_number":28,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"d083fb41-d6db-4afc-a165-e2c2cd2edc0d","block_type":"box","text":"Another Financial","page_number":28,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"13ebdbe2-e346-40f8-af70-7682600a1e23","block_type":"box","text":"Intermediary","page_number":28,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"319fb22e-7234-473f-9f56-f0e5b88a521e","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"c9005407-318c-41ba-a22c-3573459736ec","block_type":"box","text":"Transfer to a non-participating","page_number":28,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"71f47169-b84f-4e48-9ffb-7a77f841c70a","block_type":"box","text":"Financial Intermediary","page_number":28,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"e826c007-0bb9-48cc-961e-58ab8da50789","block_type":"box","text":"You must either:","page_number":28,"box":{"x":460,"y":67,"width":107,"height":8}},{"id":"dda18453-584a-423a-b5b7-2f69b991542c","block_type":"box","text":"•","page_number":28,"box":{"x":464,"y":84,"width":3,"height":2}},{"id":"ac312ede-f37a-439f-a7d1-85859561ec71","block_type":"box","text":"Transfer your Service Shares to an account with the Fund; or","page_number":28,"box":{"x":470,"y":81,"width":401,"height":10}},{"id":"acb5f13e-31de-45a4-ad3e-5572ccb32a7c","block_type":"box","text":"•","page_number":28,"box":{"x":464,"y":97,"width":3,"height":3}},{"id":"3ce5f4cd-726b-44d3-a007-b8a32591b34a","block_type":"box","text":"Sell your Service Shares.","page_number":28,"box":{"x":471,"y":94,"width":164,"height":11}},{"id":"7a2f829f-6ee0-4b0b-a159-90e3ba6f1398","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":28,"box":{"x":461,"y":110,"width":390,"height":11}},{"id":"a160f95a-2f1f-479e-817d-5c5864bbada3","block_type":"box","text":"(800) 537-4942 with any questions; otherwise please contact your","page_number":28,"box":{"x":461,"y":124,"width":443,"height":10}},{"id":"da83421d-d38e-433c-8514-665088121250","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":28,"box":{"x":461,"y":137,"width":394,"height":11}},{"id":"ff3058fe-0f9d-4fde-8bf5-f08ccf7ac23f","block_type":"box","text":"Fund’s Rights","page_number":28,"box":{"x":61,"y":178,"width":124,"height":14}},{"id":"8e2f802d-2517-4709-be8c-4d95612454b2","block_type":"box","text":"The Fund may:","page_number":28,"box":{"x":60,"y":204,"width":106,"height":12}},{"id":"cc33d5a5-8833-4f18-a13f-236591643046","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":28,"box":{"x":81,"y":224,"width":840,"height":12}},{"id":"f4c71b28-d60e-4cc7-b045-92dba91bef68","block_type":"box","text":"described in the Investment Company Act;","page_number":28,"box":{"x":81,"y":239,"width":308,"height":11}},{"id":"03ea8093-d4e6-44cb-ac2a-6c7ef2392378","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":28,"box":{"x":81,"y":259,"width":789,"height":12}},{"id":"7b41ba15-1bce-48a3-a868-d9cdcb769671","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":28,"box":{"x":81,"y":274,"width":850,"height":11}},{"id":"41b04f74-938c-45e2-9416-5b6c0d5cb034","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":28,"box":{"x":82,"y":289,"width":368,"height":11}},{"id":"56ba8793-2db3-465e-844f-908863186fbf","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":28,"box":{"x":82,"y":309,"width":781,"height":11}},{"id":"350d455e-5444-40b0-b201-267aced9a332","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":28,"box":{"x":82,"y":329,"width":798,"height":11}},{"id":"2d28ca3c-853a-4779-a408-13e034119ddc","block_type":"box","text":"specified level.","page_number":28,"box":{"x":81,"y":343,"width":108,"height":12}},{"id":"810e550f-b901-4227-a142-04db68dcbc1f","block_type":"box","text":"Note on Low Balance Accounts.","page_number":28,"box":{"x":61,"y":366,"width":239,"height":9}},{"id":"55af9414-f5c6-4511-a97a-b0fa629cbea0","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":28,"box":{"x":307,"y":366,"width":600,"height":12}},{"id":"c2f9338c-9a9e-4aea-adb0-655946730a23","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":28,"box":{"x":61,"y":380,"width":854,"height":12}},{"id":"82832aa8-fa55-43ef-9a72-c014cd760084","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":28,"box":{"x":61,"y":395,"width":837,"height":12}},{"id":"b8c133b3-2a98-427b-8472-0396d9172325","block_type":"box","text":"reason, including market fluctuation.","page_number":28,"box":{"x":61,"y":410,"width":267,"height":12}},{"id":"39028db4-0e43-4219-bd82-57304797b423","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":28,"box":{"x":60,"y":433,"width":799,"height":11}},{"id":"1e7b7ec8-db54-47c5-8241-15635d18be41","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":28,"box":{"x":62,"y":448,"width":796,"height":11}},{"id":"244d4d20-6f3d-47b1-b21e-10dbf6392b8b","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":28,"box":{"x":62,"y":462,"width":800,"height":12}},{"id":"4d4741cd-5f1c-4f85-b136-f79362a2255f","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":28,"box":{"x":61,"y":477,"width":859,"height":12}},{"id":"f74d9428-9102-4638-8ba0-04cf3d6e8081","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":28,"box":{"x":61,"y":492,"width":868,"height":12}},{"id":"7e6faa7f-7591-456a-b904-e7ad53c2ea39","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":28,"box":{"x":61,"y":507,"width":420,"height":12}},{"id":"81aa894a-4d88-4106-bbd6-f6a24a3c81dc","block_type":"box","text":"Short-Term Trading Policy","page_number":28,"box":{"x":61,"y":546,"width":232,"height":14}},{"id":"5550bdfb-9dd7-4d15-ab3d-9966ffef84d1","block_type":"box","text":"The Board of Trustees of the Fund (the “Board”) has determined that the interests of long-term shareholders and the","page_number":28,"box":{"x":60,"y":572,"width":860,"height":12}},{"id":"b945953b-6dcd-4b26-9c5b-c01153f5850c","block_type":"box","text":"Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or","page_number":28,"box":{"x":62,"y":587,"width":819,"height":12}},{"id":"b1051624-0f92-477e-bb8e-55c13133df18","block_type":"box","text":"exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not designed","page_number":28,"box":{"x":61,"y":602,"width":865,"height":11}},{"id":"4a56d194-11da-4e1d-994b-bbc9b32cae36","block_type":"box","text":"for market timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The","page_number":28,"box":{"x":60,"y":617,"width":875,"height":11}},{"id":"3d0c065d-aa52-4efb-a265-5ac1ddb4f44d","block_type":"box","text":"exchange privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity","page_number":28,"box":{"x":61,"y":632,"width":876,"height":11}},{"id":"8eec2879-5b0b-40ba-b1dc-efe583565e9c","block_type":"box","text":"may interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the","page_number":28,"box":{"x":61,"y":646,"width":816,"height":12}},{"id":"22e16a54-7f56-420c-b6c2-13bf15331a3d","block_type":"box","text":"performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of the Fund","page_number":28,"box":{"x":62,"y":661,"width":842,"height":12}},{"id":"fa43c42d-e548-4493-b400-2c93d52ed3cf","block_type":"box","text":"may require the management team to allocate a significant amount of assets to cash or other short-term investments","page_number":28,"box":{"x":61,"y":676,"width":866,"height":12}},{"id":"a778da2c-484d-4259-bd17-d6546d6e8305","block_type":"box","text":"or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment","page_number":28,"box":{"x":61,"y":691,"width":808,"height":11}},{"id":"0947fa23-719c-4163-9771-8948caad78e4","block_type":"box","text":"objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such","page_number":28,"box":{"x":61,"y":706,"width":864,"height":11}},{"id":"42a81c19-5270-4a6c-bcab-1ea1d22b9c92","block_type":"box","text":"as brokerage commissions, can reduce the Fund’s performance.","page_number":28,"box":{"x":61,"y":720,"width":474,"height":12}},{"id":"0143e11e-c26f-4ca4-b46a-e0c883b28975","block_type":"box","text":"A fund’s investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay","page_number":28,"box":{"x":60,"y":743,"width":873,"height":12}},{"id":"87e616dc-8c7c-4ed8-9a8e-31efcc24a4c7","block_type":"box","text":"between the change in value of the fund’s portfolio securities and the determination of the fund’s net asset value as a","page_number":28,"box":{"x":61,"y":758,"width":872,"height":11}},{"id":"9d9ace96-30f5-4490-a106-3b3a5e743998","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":773,"width":865,"height":11}},{"id":"7bbd6c0a-af6e-400c-a207-f7f3cf0cb213","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":788,"width":817,"height":11}},{"id":"97c796a6-3bfe-4ff9-afa4-58ae99a863f6","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":802,"width":818,"height":12}},{"id":"32a09217-540d-4f8e-9925-fb156a5c9d48","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":817,"width":865,"height":12}},{"id":"493a0733-f461-45f9-8266-be1da5c284bf","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":832,"width":829,"height":12}},{"id":"7a44d34f-d412-49d2-9a7c-f54b2b39492c","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":28,"box":{"x":62,"y":847,"width":671,"height":11}},{"id":"bfce94fa-84ee-4b67-a2a8-a21ec5eab9a7","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":869,"width":869,"height":12}},{"id":"89946c78-f55a-4e90-ad7e-f7db49d66e4a","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":884,"width":839,"height":12}},{"id":"bd3f4692-27ed-4f1d-83ba-102cc649b620","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":899,"width":869,"height":12}},{"id":"01b15f82-bb2e-45bc-8d71-4475ce13f175","block_type":"box","text":"27","page_number":28,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"be18bdba-412d-4559-b2c4-c885ab52657f","block_type":"box","text":"NM1026U-5993000-28/41","page_number":28,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"0f73a3da-8478-4ddd-bdfc-5bd73146cf24","block_type":"box","text":"on purchases, sales and exchanges of Fund shares. These policies do not restrict transactions by a shareholder that","page_number":29,"box":{"x":61,"y":46,"width":860,"height":11}},{"id":"8f06cde3-b84b-4863-b2e2-5cd6a865e8ff","block_type":"box","text":"BlackRock has determined are in the best interests of the Fund, including redemptions in kind.","page_number":29,"box":{"x":62,"y":60,"width":695,"height":12}},{"id":"3edda057-30ad-4a32-9078-095eca2c4022","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":29,"box":{"x":62,"y":83,"width":796,"height":12}},{"id":"a0b6bf4d-5d3f-4b7f-b25d-0b3331258e98","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":29,"box":{"x":61,"y":98,"width":860,"height":11}},{"id":"98291389-d899-4b1e-af2a-8ecdb923d786","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":29,"box":{"x":62,"y":113,"width":871,"height":11}},{"id":"8fccaea7-cfd3-41bc-9492-0176ef76ea65","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":29,"box":{"x":62,"y":127,"width":858,"height":12}},{"id":"b58bed26-c2a5-492f-9237-1f0db0b80192","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":29,"box":{"x":61,"y":142,"width":866,"height":12}},{"id":"4ca617a2-b7b0-4cb2-ab83-f2f5a26d68b9","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":29,"box":{"x":61,"y":157,"width":829,"height":12}},{"id":"2c8f9384-f1d6-4cb9-aeaa-871c2ec4d02e","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":29,"box":{"x":62,"y":172,"width":862,"height":12}},{"id":"5122aa25-60c6-4785-bab0-88bb34826ff3","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":29,"box":{"x":61,"y":187,"width":849,"height":11}},{"id":"5a145b61-a048-4fa0-a5f4-a9d243936422","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":29,"box":{"x":61,"y":202,"width":866,"height":11}},{"id":"98a0a7cf-328d-4b6d-b64e-a8a4709d842a","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":29,"box":{"x":60,"y":217,"width":806,"height":11}},{"id":"c803d373-2b71-433f-954a-9b7c958e90c1","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":29,"box":{"x":61,"y":231,"width":804,"height":12}},{"id":"2eceb3cd-ae73-46a3-9ab0-b0ebf84fc260","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":29,"box":{"x":61,"y":246,"width":849,"height":12}},{"id":"936869c1-c136-4197-ad4c-e3f34b4c0d8f","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":29,"box":{"x":61,"y":261,"width":875,"height":11}},{"id":"2f09ba71-be4f-45ff-bbc9-dcca28546594","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":29,"box":{"x":62,"y":276,"width":869,"height":11}},{"id":"e8e53220-d4f4-4554-a8ee-a5d93ac7e185","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":29,"box":{"x":61,"y":291,"width":845,"height":11}},{"id":"34997bfb-909c-45af-9fd7-569d5fe739c5","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":29,"box":{"x":62,"y":306,"width":868,"height":11}},{"id":"58a642fd-89cc-411a-87c8-680ab4c6ae61","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":29,"box":{"x":61,"y":320,"width":861,"height":12}},{"id":"4774a89a-690a-4dd7-ac40-764de2ebe1ab","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":29,"box":{"x":61,"y":335,"width":868,"height":11}},{"id":"0a208476-195b-41d6-9137-8114af4b39e0","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":29,"box":{"x":60,"y":350,"width":847,"height":11}},{"id":"ec0673d9-1112-4bc4-9839-44e58ffb2b72","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":29,"box":{"x":60,"y":365,"width":837,"height":11}},{"id":"3bd517dd-46c3-4a8a-9ede-b90bf2316fcc","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":29,"box":{"x":61,"y":380,"width":663,"height":11}},{"id":"897b5c04-5ff5-49ce-9e83-25575d542f3f","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":29,"box":{"x":60,"y":402,"width":824,"height":12}},{"id":"a3f91485-06a3-4847-95ae-8ae3a994b9ed","block_type":"box","text":"deemed abusive.","page_number":29,"box":{"x":61,"y":417,"width":123,"height":9}},{"id":"362c4c85-ac9c-4347-9eb1-c56845c39e44","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":29,"box":{"x":60,"y":439,"width":841,"height":12}},{"id":"34d2b0c5-8c21-464c-905f-1650f1d3140f","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":29,"box":{"x":60,"y":455,"width":572,"height":11}},{"id":"5b1fc407-ba1c-46e1-812c-3d36e477db08","block_type":"box","text":"28","page_number":29,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c8e4e4db-6303-4669-9741-0b0328419938","block_type":"box","text":"NM1026U-5993000-29/41","page_number":29,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"0a48ae8d-afda-4312-b962-e28a1383b474","block_type":"box","text":"Management of the Fund","page_number":30,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"d2f82259-3b4a-4e8a-beb2-5fa5c5937ef7","block_type":"box","text":"BlackRock","page_number":30,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"4f883aa0-ec17-4e49-bdff-20334a196e1f","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":30,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"0d61d53f-8c38-4533-8107-313260ba5fd8","block_type":"box","text":"the oversight of the Board of the Fund. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":30,"box":{"x":60,"y":197,"width":873,"height":12}},{"id":"e2c7ef3d-de91-4789-85fb-888468598333","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":30,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"bd11804d-cac2-4897-ab31-39cd301cb191","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":30,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"cd202d5d-b7d8-44a7-bac2-45729ad74736","block_type":"box","text":"BlackRock, Inc.","page_number":30,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"7a0f5368-bac6-4917-876f-b2e11a5fb626","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":30,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"14d0df7f-1082-4e88-aac0-e788a1edd6bf","block_type":"box","text":"companies. 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These views may not be relied on","page_number":31,"box":{"x":61,"y":400,"width":872,"height":11}},{"id":"78af2481-c8be-436e-810d-d832cc80cb33","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":31,"box":{"x":61,"y":414,"width":841,"height":12}},{"id":"42856e57-f5ca-46b6-bac2-29a7e0161d3a","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":31,"box":{"x":61,"y":429,"width":472,"height":12}},{"id":"06feebd0-bbb0-4f89-8656-14eeee3e4730","block_type":"box","text":"Portfolio Manager Information","page_number":31,"box":{"x":61,"y":468,"width":272,"height":14}},{"id":"9111b75c-057d-491e-897f-63f88cf6b941","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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The net asset value of shares is calculated by dividing the value of the net assets","page_number":33,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"85e3f6d0-2de9-4f52-b2a2-d151bf6ed8f2","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":33,"box":{"x":61,"y":60,"width":825,"height":12}},{"id":"29bc5415-c866-437e-853b-1d77dfa4aed7","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":33,"box":{"x":61,"y":75,"width":430,"height":12}},{"id":"6687fe0a-987c-4aa2-81d9-78c302c51d31","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":33,"box":{"x":60,"y":98,"width":844,"height":11}},{"id":"d1cd8f6a-6c4f-4a57-833b-6ec46feafbee","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":33,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"f5f5ca34-3501-4dcb-90c9-3094b127936b","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":33,"box":{"x":62,"y":128,"width":464,"height":11}},{"id":"808d0551-10e5-42fa-baf6-19ac8a3f42e3","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":33,"box":{"x":62,"y":150,"width":863,"height":11}},{"id":"6f1203f7-1876-4689-823d-f9d9c4f61e18","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":33,"box":{"x":60,"y":165,"width":858,"height":11}},{"id":"954332ee-9eee-484a-b1f9-30ef21b35459","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":33,"box":{"x":62,"y":180,"width":863,"height":11}},{"id":"d95cd7f7-97c8-4d97-b080-b063d7bfcf93","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. 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Other foreign entities will generally either need to provide detailed","page_number":34,"box":{"x":61,"y":664,"width":802,"height":11}},{"id":"343937b4-5e86-4a3f-8fd3-eda6144f630c","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":34,"box":{"x":62,"y":679,"width":639,"height":11}},{"id":"da9e7a07-39a7-43f1-b04d-da154d5a3c10","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":34,"box":{"x":60,"y":701,"width":855,"height":11}},{"id":"a08ebe79-1192-49ae-bf10-8c900cd28096","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":34,"box":{"x":61,"y":716,"width":832,"height":11}},{"id":"ae881d93-f68e-450c-9dca-ba535732d013","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":34,"box":{"x":62,"y":731,"width":383,"height":11}},{"id":"31df1756-e654-4f03-9c30-983395560dd6","block_type":"box","text":"33","page_number":34,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"2409d7c4-a188-4744-9c92-387329f52570","block_type":"box","text":"NM1026U-5993000-34/41","page_number":34,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"b8ce9b4a-4a9e-4cf4-8cb0-0015ae9c50f7","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":35,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"a0e903a7-aca8-4fab-9a17-86579d0151b4","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":35,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"1acc0e3f-8577-4a82-81e2-2a321a3fa0d2","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":35,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"7dbe05be-5f7a-4eb9-bca2-d61669bec350","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP, whose","page_number":35,"box":{"x":61,"y":120,"width":840,"height":11}},{"id":"60207d0f-86ac-4821-b6e2-52d496814c6b","block_type":"box","text":"report along with Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":35,"box":{"x":61,"y":135,"width":829,"height":11}},{"id":"a3bab74d-52f2-4d3e-aa99-c1184d7397d6","block_type":"box","text":"Additional Information for the fiscal year ended April 30, 2026, as filed with the SEC on Form N-CSR, which is available","page_number":35,"box":{"x":60,"y":149,"width":874,"height":12}},{"id":"9c152197-6233-4eff-b33e-3a1baa19a269","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":35,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"f7643653-d97a-47d9-8794-410375af1958","block_type":"box","text":"BlackRock Equity Dividend 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