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In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":756,"width":832,"height":9}},{"id":"8d72f016-e23e-4844-881c-a1a29d57a578","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":2,"box":{"x":81,"y":766,"width":847,"height":9}},{"id":"f0402767-6516-4300-8ea6-4aac7aa23c56","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a","page_number":2,"box":{"x":81,"y":776,"width":835,"height":10}},{"id":"fa62bf51-e674-45d3-b0e8-1c4b58159446","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":787,"width":330,"height":9}},{"id":"7ab5a3d9-5d45-46b6-bc40-d5a113c94172","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":800,"width":4,"height":3}},{"id":"ff1066eb-6f9b-4418-a29a-bb52016234a1","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":2,"box":{"x":81,"y":800,"width":820,"height":9}},{"id":"60692a21-047b-4f4f-bd1d-bd578345b43a","block_type":"box","text":"Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":2,"box":{"x":81,"y":810,"width":662,"height":9}},{"id":"7f1d8503-66b9-479b-b437-caddb2327634","block_type":"box","text":"5","page_number":2,"box":{"x":61,"y":823,"width":3,"height":4}},{"id":"48138157-1032-4a6d-88a2-589f4195f6da","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 48, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":823,"width":837,"height":9}},{"id":"541bde79-dac1-401d-8087-f60235d45257","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":2,"box":{"x":80,"y":833,"width":771,"height":9}},{"id":"6e78a88b-63ea-494b-9c6a-bf05f74112f0","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.65%","page_number":2,"box":{"x":81,"y":844,"width":844,"height":9}},{"id":"8cfb2de2-0d30-475b-81a1-00e3518091d3","block_type":"box","text":"(for Investor A Shares), 2.39% (for Investor C Shares) and 1.38% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":2,"box":{"x":81,"y":854,"width":833,"height":9}},{"id":"b06fc210-8f9b-4657-a80f-c332c6e5037b","block_type":"box","text":"The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a","page_number":2,"box":{"x":81,"y":864,"width":829,"height":9}},{"id":"5dd7fbee-c4c4-4699-8214-082df41bb08f","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":874,"width":330,"height":10}},{"id":"e358acae-41bf-4b35-b21a-4e1e36991020","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"c02dee93-97d5-497a-8ebd-5ac0fdf28580","block_type":"box","text":"NM1026U-5981074-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f7e2e88b-9feb-47d3-98dd-7b44e96d4496","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"e09a0cc4-0e89-4cbd-a8d6-7baceb555100","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":59,"width":830,"height":11}},{"id":"1b67e177-8255-4470-8275-0d2c96ccb12d","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":73,"width":832,"height":12}},{"id":"671e0bd2-2d10-405d-a38a-845b32d32c8c","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":88,"width":832,"height":12}},{"id":"09044802-f116-4d40-ae5e-6220ddc319df","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":103,"width":859,"height":12}},{"id":"2693e016-766b-4382-a42c-b66cfa21423f","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"d392f133-c7e2-4f08-ba5f-026894833741","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"a4033cba-0c0d-4e23-8616-26a9627d4f26","block_type":"box","text":"Investor A Shares $671 $989 $1,330 $2,290","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"1cb3960f-0107-4a48-a5b9-68316f481c45","block_type":"box","text":"Investor C Shares $330 $722 $1,240 $2,472","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"4f73fc84-c29e-45af-81e1-2dac4fe3de68","block_type":"box","text":"Institutional Shares $128 $412 $ 718 $1,585","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"565f9f5f-704e-423f-846e-7880d0fd58f8","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":233,"width":532,"height":11}},{"id":"e7d5dd51-4ea2-4885-9f0d-47b6ecc33c06","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":261,"width":292,"height":8}},{"id":"184bb6d2-76e2-4f5a-aefe-66e97a240ec4","block_type":"box","text":"Investor C Shares $230 $722 $1,240 $2,472","page_number":3,"box":{"x":70,"y":279,"width":848,"height":10}},{"id":"0741bd20-f1dd-4aaa-af08-0acbb895cbc7","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":304,"width":151,"height":10}},{"id":"6f27f156-143a-4b80-b463-07728e4503bf","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":320,"width":800,"height":12}},{"id":"c9b38e92-a4f5-4da2-aca9-9a144484e672","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":335,"width":850,"height":12}},{"id":"3c5120e6-046d-4d3f-a563-4896e376caa6","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":350,"width":870,"height":11}},{"id":"2e8a27b0-888c-4289-a5e8-6aae42933cd6","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":365,"width":839,"height":11}},{"id":"6b92c69b-1a3d-4fea-95f2-c2c17d292c46","block_type":"box","text":"145% of the average value of its por tfolio.","page_number":3,"box":{"x":62,"y":380,"width":307,"height":11}},{"id":"6e3472f3-95a3-4e5a-a7b7-f71c4572be4d","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":418,"width":394,"height":14}},{"id":"f5902a07-ae09-493f-b26f-fe72511a8ad7","block_type":"box","text":"Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment","page_number":3,"box":{"x":62,"y":445,"width":831,"height":11}},{"id":"0e5d7fee-44a6-40c4-86c3-91801120a4ef","block_type":"box","text":"purposes) in equity securities and related derivative instruments with similar economic characteristics. Investments in","page_number":3,"box":{"x":62,"y":460,"width":865,"height":11}},{"id":"f60287ad-2259-4e78-84b7-a8321d0f7e47","block_type":"box","text":"derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the","page_number":3,"box":{"x":61,"y":474,"width":823,"height":12}},{"id":"111d8e20-3cff-42b0-a034-1562ae47b2de","block_type":"box","text":"securities included within that policy or to one or more market risk factors associated with such securities. The Fund","page_number":3,"box":{"x":61,"y":489,"width":854,"height":12}},{"id":"7830619f-8d35-4f78-875d-de6ade401f68","block_type":"box","text":"seeks to achieve its investment objective by employing an event driven strategy, primarily investing in companies that","page_number":3,"box":{"x":61,"y":504,"width":861,"height":11}},{"id":"171ea5d8-29cd-44ee-9e6b-865d8e17ce44","block_type":"box","text":"have announced a material change or in companies that BlackRock expects to undergo a material change. A material","page_number":3,"box":{"x":61,"y":519,"width":859,"height":11}},{"id":"0339a123-f88d-47e0-b6df-522b95a88e97","block_type":"box","text":"change that could impact the price of securities for purposes of the Fund’s investment strategies is referred to herein","page_number":3,"box":{"x":61,"y":534,"width":864,"height":11}},{"id":"bdcc1df7-411a-44c0-8ca9-28b6a1396e2d","block_type":"box","text":"as a “catalyst.” The Fund focuses on identifying investments that have a sufficiently defined catalyst. These catalysts","page_number":3,"box":{"x":61,"y":548,"width":863,"height":12}},{"id":"510baecf-e682-428d-b922-2e15692ec370","block_type":"box","text":"span a broad spectrum and include, for example, announced mergers and acquisitions, spinoffs and split-offs,","page_number":3,"box":{"x":61,"y":563,"width":813,"height":12}},{"id":"0f676329-077b-4a5b-8b70-058351c28b9b","block_type":"box","text":"financial or strategic restructurings, management changes, synergistic acquisitions, as well as other transformative","page_number":3,"box":{"x":60,"y":578,"width":849,"height":12}},{"id":"aa35db4c-e3a7-42f1-acda-bcd25d5bca82","block_type":"box","text":"events. The intended goal of the Fund is to profit when the price of a security changes to reflect more accurately the","page_number":3,"box":{"x":61,"y":593,"width":852,"height":11}},{"id":"651476a1-635a-4a7d-b8e9-ae5875ea94ee","block_type":"box","text":"likelihood and potential impact of the occurrence, or non-occurrence, of the extraordinary event. This can be done by","page_number":3,"box":{"x":62,"y":608,"width":856,"height":11}},{"id":"9304ddb0-792f-496e-a04f-537f18e8afcf","block_type":"box","text":"taking a long position in a security or other financial instrument that is believed to be underpriced or a shor t position in","page_number":3,"box":{"x":60,"y":623,"width":875,"height":11}},{"id":"d144de40-7cc5-42be-ba09-23874b87331c","block_type":"box","text":"a security or other financial instrument that is believed to be overpriced. The Fund generally maintains long positions","page_number":3,"box":{"x":61,"y":637,"width":856,"height":12}},{"id":"48ce8029-e3dc-46b5-965a-017a90f7d86f","block_type":"box","text":"through direct positions in equity securities, but may also take long positions through the use of swap agreements and","page_number":3,"box":{"x":60,"y":652,"width":874,"height":12}},{"id":"1c6db5f0-c1e1-43ec-870c-1dd6c22ce600","block_type":"box","text":"other derivative instruments. The Fund generally maintains shor t positions through the use of swap agreements and","page_number":3,"box":{"x":61,"y":667,"width":853,"height":12}},{"id":"d53998ad-22fe-45a3-a826-65d1aeddb9bc","block_type":"box","text":"other derivative instruments, but may also take shor t positions directly. At times, the Fund may have significant shor t","page_number":3,"box":{"x":61,"y":682,"width":863,"height":11}},{"id":"6d7917b9-fafe-4602-8c22-d014d0f911f7","block_type":"box","text":"positions in equity securities and equity-related instruments.","page_number":3,"box":{"x":62,"y":697,"width":442,"height":11}},{"id":"74a2cfed-fc5a-4616-b06a-56c49d30d4ad","block_type":"box","text":"The Fund normally invests in both U.S. and non-U.S. securities. Non-U.S. securities may be denominated in either U.S.","page_number":3,"box":{"x":60,"y":719,"width":869,"height":12}},{"id":"22ff9b80-9b52-4794-ab6d-3eeb577499d3","block_type":"box","text":"dollars or foreign currencies. The Fund may invest in securities of issuers of any market capitalization.","page_number":3,"box":{"x":61,"y":734,"width":749,"height":12}},{"id":"c6bd77ab-3881-4a70-b3a7-b18fe57970d2","block_type":"box","text":"The Fund’s investment in equity securities may include common stock, preferred stock, non-conver tible preferred stock","page_number":3,"box":{"x":60,"y":757,"width":877,"height":11}},{"id":"dfda76e0-7f7f-4f2a-85d4-109b1824dee5","block_type":"box","text":"and depositary receipts. The Fund may gain exposure to equity securities through derivatives. The Fund may also","page_number":3,"box":{"x":61,"y":772,"width":829,"height":11}},{"id":"3462aea6-27fd-48bf-b3bd-7ad1ebf5f87c","block_type":"box","text":"purchase securities conver tible into common stock.","page_number":3,"box":{"x":62,"y":787,"width":377,"height":10}},{"id":"3d9019a8-472b-4974-b47f-73ea6a55e7b2","block_type":"box","text":"The Fund may invest up to 20% of its net assets (plus any borrowings for investment purposes) in fixed-income","page_number":3,"box":{"x":60,"y":809,"width":815,"height":11}},{"id":"040cab9f-d576-4a5c-b4c8-c6ae01f10911","block_type":"box","text":"securities and related derivative instruments with similar economic characteristics. The Fund’s investment in fixed","page_number":3,"box":{"x":61,"y":824,"width":842,"height":9}},{"id":"eb09d89d-7c7d-4714-a068-99e0f54bd7c5","block_type":"box","text":"income securities may include fixed and floating rate corporate bonds and municipal securities. The Fund may invest in","page_number":3,"box":{"x":62,"y":838,"width":872,"height":12}},{"id":"2e8be82d-7194-474b-9f52-dd7453831c44","block_type":"box","text":"debt securities of any credit quality, as determined by Fund management, which may include high yield securities","page_number":3,"box":{"x":61,"y":853,"width":828,"height":12}},{"id":"4c494640-74b5-4015-bb3a-edf67bfc5fee","block_type":"box","text":"(commonly called “junk bonds”).","page_number":3,"box":{"x":61,"y":868,"width":236,"height":12}},{"id":"c8e2887f-51a1-4715-a018-ae97ac97a2cd","block_type":"box","text":"The Fund may invest in derivatives, including but not limited to, total return swaps (some of which may be referred to","page_number":3,"box":{"x":60,"y":891,"width":859,"height":11}},{"id":"c1e34307-2d60-4fd7-a32d-6f4868a10b46","block_type":"box","text":"as contracts for difference), credit default swaps, futures, options and foreign exchange transactions, for hedging","page_number":3,"box":{"x":61,"y":905,"width":834,"height":12}},{"id":"352b83f4-7d51-428b-bd02-606e196e4d47","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"248dc558-f327-4ea6-a28b-039669ab93c9","block_type":"box","text":"NM1026U-5981074-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8d1091e4-8ab8-4747-bb39-f138a1f2bc7a","block_type":"box","text":"purposes, as well as to enhance the return on its por tfolio investments. There is no limit to the Fund’s ability to invest","page_number":4,"box":{"x":62,"y":42,"width":869,"height":11}},{"id":"5d63ee66-c35f-4e5b-a1d5-0c3f06f8876f","block_type":"box","text":"in derivatives, except as may be limited by requirements of the Investment Company Act of 1940, as amended (the","page_number":4,"box":{"x":62,"y":57,"width":845,"height":11}},{"id":"f9b78596-c685-4d98-bd10-321476580372","block_type":"box","text":"“Investment Company Act”) and related rules and regulations adopted thereunder, and at times the Fund may utilize","page_number":4,"box":{"x":62,"y":72,"width":852,"height":11}},{"id":"c3f9efe7-b9db-4692-b08b-90aac2778136","block_type":"box","text":"derivatives to a significant extent.","page_number":4,"box":{"x":61,"y":86,"width":245,"height":12}},{"id":"1999e513-3ef3-4760-ba2a-058afd4fa00f","block_type":"box","text":"The Fund may also invest in indexed and inverse securities.","page_number":4,"box":{"x":60,"y":109,"width":437,"height":11}},{"id":"3357e107-2ac5-4edb-a094-5b4ee68dd47d","block_type":"box","text":"When consistent with the Fund’s investment objective, the Fund’s investments may include shor t-term investments","page_number":4,"box":{"x":60,"y":132,"width":847,"height":11}},{"id":"5db950d7-a6c8-4139-8160-4b5663f2fe0d","block_type":"box","text":"such as cash and cash equivalents, U.S. Government and agency securities, money market funds (including funds that","page_number":4,"box":{"x":61,"y":146,"width":873,"height":12}},{"id":"51901b35-47ec-42b8-8e0d-5d5cc323250e","block_type":"box","text":"may be affiliated with or sponsored or managed by BlackRock), commercial paper, cer tificates of deposit and other","page_number":4,"box":{"x":61,"y":161,"width":846,"height":12}},{"id":"6a504ed1-b1d3-418a-8820-438455ecf99d","block_type":"box","text":"bank deposits and bankers’ acceptances.","page_number":4,"box":{"x":61,"y":176,"width":305,"height":11}},{"id":"6deeddd7-6b3d-4d7a-a0ce-359328a43bab","block_type":"box","text":"The Fund may invest in securities of companies without an identified catalyst to hedge unwanted exposures to an","page_number":4,"box":{"x":60,"y":198,"width":833,"height":12}},{"id":"4d523e90-51eb-4cc4-b127-a5248516a8bc","block_type":"box","text":"industry or the market as a whole.","page_number":4,"box":{"x":62,"y":213,"width":250,"height":12}},{"id":"07083d4f-fe37-4930-91d5-d46eac8abe95","block_type":"box","text":"The Fund may engage in active and frequent trading of por tfolio securities to achieve its primary investment strategies.","page_number":4,"box":{"x":60,"y":236,"width":874,"height":11}},{"id":"eddcfa67-c632-44e8-a8fe-c7e03620b43d","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":275,"width":354,"height":13}},{"id":"2b3462be-433f-416f-b635-39b4c53b12d9","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":301,"width":860,"height":11}},{"id":"ebefe7b7-f078-444c-9a95-73d82ee05ae1","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":4,"box":{"x":61,"y":316,"width":802,"height":11}},{"id":"efb95c05-6e98-4960-9982-47ffe99fd969","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":4,"box":{"x":62,"y":331,"width":866,"height":11}},{"id":"8b06a133-3c61-4904-82f2-19c8f83774b8","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":4,"box":{"x":62,"y":345,"width":869,"height":12}},{"id":"acb06ca6-5f0c-467e-9c43-89cfb4c292b4","block_type":"box","text":"Government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":61,"y":360,"width":865,"height":12}},{"id":"93f86522-8e49-40c8-91b0-0d92d98a8ff9","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":375,"width":793,"height":12}},{"id":"d08badbb-7c70-48dd-8c2c-5f343df47717","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":395,"width":166,"height":11}},{"id":"30401e40-afc4-4424-b70d-a8dd3a655c8c","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":395,"width":685,"height":12}},{"id":"75aac3c1-940c-4106-b252-6f58117f0049","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":410,"width":550,"height":11}},{"id":"66df15d1-73f2-48e6-9d84-0e30f94269d3","block_type":"box","text":"Event Driven Strategies Risk","page_number":4,"box":{"x":81,"y":430,"width":217,"height":11}},{"id":"72ee7060-d90e-4f47-90f2-7415eb2bf413","block_type":"box","text":"—The Fund may invest in event driven strategies, which entail investing in companies","page_number":4,"box":{"x":301,"y":430,"width":628,"height":11}},{"id":"78614baa-1f74-4cd8-ae99-0c3ad934c657","block_type":"box","text":"involved, or potentially involved, in significant corporate actions. Investment decisions may take into account","page_number":4,"box":{"x":82,"y":445,"width":796,"height":11}},{"id":"360a2c7a-d8b4-41ad-8774-88cc927865f0","block_type":"box","text":"BlackRock’s perceptions of the likelihood that an event or transaction will occur, the amount of time that the","page_number":4,"box":{"x":82,"y":459,"width":795,"height":12}},{"id":"719a0036-a99c-4440-a0b3-a26050582bca","block_type":"box","text":"process will take and the perceived expected value following the catalyst. The success of event driven trading","page_number":4,"box":{"x":82,"y":474,"width":803,"height":12}},{"id":"336f2cf2-df25-48b9-8300-e30593e30c30","block_type":"box","text":"depends on the successful prediction of whether various catalyst events will occur or be consummated. If a","page_number":4,"box":{"x":81,"y":489,"width":789,"height":12}},{"id":"962077c7-896f-4ed1-a030-29298dcfbfad","block_type":"box","text":"proposed transaction appears likely not to be consummated or in fact is not consummated or is delayed, the market","page_number":4,"box":{"x":82,"y":504,"width":855,"height":11}},{"id":"40398fdf-e5dd-4a93-b722-7892b5d4176f","block_type":"box","text":"price of the securities purchased by the Fund may decline sharply and result in losses to the Fund.","page_number":4,"box":{"x":82,"y":519,"width":723,"height":11}},{"id":"8278fb74-aa28-4052-888a-c2c3e979ac3d","block_type":"box","text":"The Fund may purchase securities at prices only slightly below the anticipated value to be paid or exchanged for the","page_number":4,"box":{"x":81,"y":539,"width":850,"height":11}},{"id":"d5cb830b-7d3e-4aab-8902-70ade6182427","block_type":"box","text":"securities in the proposed merger, exchange offer, cash tender offer or other similar transaction. The purchase","page_number":4,"box":{"x":81,"y":554,"width":815,"height":11}},{"id":"3c0c95a7-8376-4108-a34b-3c987a53bb35","block_type":"box","text":"price to the Fund may be substantially above the prices at which such securities traded immediately prior to the","page_number":4,"box":{"x":82,"y":569,"width":818,"height":11}},{"id":"22b3f76c-b96d-4eef-bb33-644e31734b51","block_type":"box","text":"announcement of such merger, exchange offer, cash tender offer or other similar transaction. If the proposed","page_number":4,"box":{"x":81,"y":583,"width":803,"height":12}},{"id":"21836b15-4e7a-45fa-8498-1dbe094e4545","block_type":"box","text":"merger, exchange offer, cash tender offer or other similar transaction appears likely not to be consummated or in","page_number":4,"box":{"x":82,"y":598,"width":832,"height":12}},{"id":"0de4b9cb-648f-4b9a-87fd-d4f7c86665ca","block_type":"box","text":"fact is not consummated or is delayed, or if the value of a transaction is reduced, the market price of the security to","page_number":4,"box":{"x":81,"y":613,"width":853,"height":11}},{"id":"3fef4a34-d2c1-4534-b277-027051317521","block_type":"box","text":"be tendered or exchanged may, and likely will, decline sharply by an amount greater than the difference between the","page_number":4,"box":{"x":81,"y":628,"width":854,"height":11}},{"id":"f712ab9a-6e42-43e0-b5d8-ac269e71757a","block_type":"box","text":"Fund’s purchase price and the anticipated consideration to be paid.","page_number":4,"box":{"x":82,"y":643,"width":495,"height":11}},{"id":"59f6acb1-0a99-4635-9ab1-b7ec85228bb6","block_type":"box","text":"In addition, where a security to be issued in a merger or exchange offer has been sold shor t in the expectation that","page_number":4,"box":{"x":82,"y":662,"width":848,"height":12}},{"id":"6c085463-1044-498d-b6eb-87baa9c10d62","block_type":"box","text":"the shor t position will be covered by delivery of such security when issued, failure of the merger or exchange offer","page_number":4,"box":{"x":80,"y":677,"width":840,"height":12}},{"id":"856cd028-6a09-4536-b665-606ca0061f43","block_type":"box","text":"to be consummated may force the Fund to cover its shor t sale, with a resulting, and perhaps significant, loss.","page_number":4,"box":{"x":80,"y":692,"width":808,"height":12}},{"id":"93baa377-52b7-49c1-891b-36f85895eb04","block_type":"box","text":"In addition, if BlackRock determines that the offer price for a security which is the subject of a tender offer is likely","page_number":4,"box":{"x":82,"y":712,"width":843,"height":12}},{"id":"9b8a82c0-0102-4bc1-9661-374d35bfa2e3","block_type":"box","text":"to be increased, either by the original bidder or by another par ty, the Fund may purchase securities above the offer","page_number":4,"box":{"x":80,"y":727,"width":844,"height":12}},{"id":"7757ec77-597e-4c63-a5d2-d956e550d9d4","block_type":"box","text":"price, thereby exposing the Fund to an even greater degree of risk of loss.","page_number":4,"box":{"x":82,"y":742,"width":541,"height":11}},{"id":"b9d9e6d4-4f01-407c-bb8d-af50bffa562b","block_type":"box","text":"Where BlackRock determines that it is probable that a transaction will not be consummated, the Fund may sell the","page_number":4,"box":{"x":81,"y":762,"width":843,"height":11}},{"id":"9b238567-6a83-477a-9e7a-995ec2a691c3","block_type":"box","text":"securities of the target company shor t, at times significantly below the announced tender or offering prices for the","page_number":4,"box":{"x":81,"y":777,"width":839,"height":11}},{"id":"e5420080-e9e4-4c2e-857e-ab5b09486f48","block_type":"box","text":"securities in the transaction. If the transaction, or another transaction, such as a “defensive” merger or a “friendly”","page_number":4,"box":{"x":81,"y":791,"width":848,"height":12}},{"id":"7a2835b4-dd52-4720-9e37-8c0d8b0a399a","block_type":"box","text":"tender offer, is consummated at the announced price or a higher price, the Fund may be forced to cover the shor t","page_number":4,"box":{"x":80,"y":806,"width":836,"height":12}},{"id":"b2f97d3c-bcdb-40c7-907b-4d8724ed4473","block_type":"box","text":"position in the market at a higher price than the shor t sale price, with a resulting, and perhaps significant, loss.","page_number":4,"box":{"x":82,"y":821,"width":819,"height":12}},{"id":"7f71bc4e-6cfd-43a5-8c7c-8965b26bea88","block_type":"box","text":"The consummation of mergers, exchange offers, cash tender offers or other similar transactions can be prevented","page_number":4,"box":{"x":81,"y":841,"width":841,"height":12}},{"id":"1f48d299-e740-4552-9ec2-6670a823bff4","block_type":"box","text":"or delayed by a variety of factors. Transactions may also be contingent on cer tain contractual conditions precedent.","page_number":4,"box":{"x":81,"y":856,"width":846,"height":11}},{"id":"92325716-5e26-431b-a358-483e677b2983","block_type":"box","text":"Offerors in tender or exchange offers customarily reserve the right to cancel such offers in a variety of","page_number":4,"box":{"x":81,"y":876,"width":752,"height":11}},{"id":"f2350e83-b3e1-4eb6-a623-524ce9936636","block_type":"box","text":"circumstances. An exchange offer or a cash tender offer may be made for less than all of the outstanding securities","page_number":4,"box":{"x":81,"y":891,"width":853,"height":11}},{"id":"093489ea-d587-41fe-a292-a5a96ff22894","block_type":"box","text":"of an issuer, with the provision that, if a greater number is tendered, securities will be accepted on a pro rata basis.","page_number":4,"box":{"x":81,"y":905,"width":851,"height":12}},{"id":"c108e138-9586-4070-abdc-669009590ad3","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"9ec29a5a-7fac-41e1-8cae-2932bdca0f55","block_type":"box","text":"NM1026U-5981074-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5e7085d6-b606-413c-92df-5a7249bc638c","block_type":"box","text":"Thus, after the completion of the offer, and at a time when the market price of the securities has declined below its","page_number":5,"box":{"x":81,"y":42,"width":849,"height":11}},{"id":"953a37dc-580f-4601-be6f-8e27dd2f66ca","block_type":"box","text":"cost, the Fund may have returned to it, and be forced to sell at a loss, a por tion of the securities it tendered.","page_number":5,"box":{"x":81,"y":57,"width":801,"height":11}},{"id":"9c98195f-35a4-4716-93fd-3cb204213e76","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":77,"width":123,"height":9}},{"id":"777eca46-33e3-4bf0-ae27-91c9e0e41217","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":77,"width":664,"height":11}},{"id":"aa65921a-4da8-4af6-abea-f5eda71d84e6","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":91,"width":469,"height":12}},{"id":"d0f4db9d-931c-45c0-8537-123f2d43ec38","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":112,"width":102,"height":11}},{"id":"b03004b4-6d82-41c1-957d-d0715d33d8ca","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":111,"width":723,"height":12}},{"id":"d48fd5f4-25b7-429f-8dac-30c3bc2fcf3c","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":126,"width":832,"height":12}},{"id":"6a570891-db09-4e8e-b91e-ea89c9076c7f","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":141,"width":280,"height":12}},{"id":"6b2e42a4-85a8-4d88-9073-6c7eda588af5","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":161,"width":87,"height":9}},{"id":"4259ec8c-1485-45ec-9793-f9651ab723f0","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":161,"width":728,"height":12}},{"id":"1786cee7-10a6-4aa1-9c45-e5f92fb14bdd","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":176,"width":834,"height":11}},{"id":"6d21241a-47e4-4bd7-8ab1-f9eaaf70ed39","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":191,"width":832,"height":11}},{"id":"7e8f61f4-01ef-457c-bedd-8e225cc82139","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":205,"width":779,"height":12}},{"id":"6d4db8bd-73bb-4ef3-88ee-c7ccf373f36d","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":221,"width":253,"height":11}},{"id":"3a8363d9-9bd0-43c2-9e1e-ee613bef7492","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":240,"width":131,"height":12}},{"id":"0b083ed1-e797-4717-92c0-4205b28d641a","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":5,"box":{"x":217,"y":241,"width":697,"height":11}},{"id":"41e8a6b6-87dc-43e6-97e5-6197d62c1b98","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":255,"width":855,"height":12}},{"id":"bc7c4cee-7a33-498f-a098-c31451f118f9","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":270,"width":240,"height":11}},{"id":"e391a955-a68c-4cc0-8038-d9138580c571","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":290,"width":100,"height":11}},{"id":"337df7bd-cb50-439c-8177-e41c2cfac08c","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":290,"width":750,"height":12}},{"id":"d1236e01-d679-463a-b840-9f14cc0f89d8","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":305,"width":839,"height":11}},{"id":"0553b82c-fa64-4b0e-8ebf-d13a5f595d53","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":320,"width":293,"height":11}},{"id":"b3771641-241f-4769-bb59-d475e8eb6a80","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":340,"width":120,"height":11}},{"id":"3754516b-d547-4dd7-b561-202e8ce73848","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":340,"width":727,"height":11}},{"id":"ba48412c-7253-4a57-a33d-ecab71e70799","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":354,"width":607,"height":12}},{"id":"5a21ad8f-bd0f-4403-8f4b-bcba60504538","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":375,"width":75,"height":11}},{"id":"15fb4b4d-3ffb-4869-85a2-10c5bd614a1e","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":374,"width":761,"height":12}},{"id":"36f72ae9-1fac-49e7-be6c-784b452864c5","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":389,"width":198,"height":12}},{"id":"e04df689-5b25-45dd-8055-8c85ed00b7b4","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":409,"width":214,"height":12}},{"id":"fa9102ad-4099-49bb-b1fc-1bc081cd4900","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":409,"width":590,"height":12}},{"id":"7f418bd4-bcc5-41f6-af8b-0d2ea73ac0af","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":424,"width":775,"height":12}},{"id":"59894c81-84d5-49ae-9ad1-a58b32641ed6","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":439,"width":589,"height":11}},{"id":"22ee5e6a-7e6c-4475-8d2d-b10c0b497166","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":459,"width":102,"height":9}},{"id":"80672f75-1374-40ed-8fb1-b2cac87e5958","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":459,"width":747,"height":11}},{"id":"5dd70554-43d7-43f5-a51f-009f164068eb","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":474,"width":783,"height":11}},{"id":"c75167ed-a5ea-4dd3-bf29-7822f554848f","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":488,"width":273,"height":12}},{"id":"69c2ba22-fced-41d0-bc06-33bfaf5062dc","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":509,"width":95,"height":11}},{"id":"9696b0dd-1a02-4ab3-a488-2c39e139a465","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":508,"width":728,"height":12}},{"id":"f9fe2436-3d41-4fb1-b479-cf062f62fd7f","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":523,"width":839,"height":12}},{"id":"7665aa25-6b3c-45b3-ac4f-94de6d12f2c8","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":538,"width":354,"height":12}},{"id":"d3fc8c6a-9ed9-4e14-adf5-9378ffd6f9ca","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":558,"width":59,"height":9}},{"id":"b44f4c6e-3b94-4e55-93f5-58010b054e5f","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":558,"width":719,"height":12}},{"id":"485ace94-a498-4888-8e66-33fc3184ec49","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":573,"width":801,"height":11}},{"id":"bf784a7f-3d64-40a8-9742-12c9f178bf1e","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":588,"width":802,"height":11}},{"id":"0f180b82-40c8-4c8c-8fd6-271bc5b3feda","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":603,"width":830,"height":11}},{"id":"45ef0c2e-88ac-49ee-9f6d-860afea293b3","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":617,"width":215,"height":10}},{"id":"eff47678-96b1-4640-a301-d98c273be1ef","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":637,"width":206,"height":10}},{"id":"2b8cf142-5ab1-434f-b6ad-b5f74d92d86c","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":5,"box":{"x":291,"y":637,"width":593,"height":12}},{"id":"681f5511-5819-49d4-b79d-cd5e5d827004","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":5,"box":{"x":81,"y":652,"width":853,"height":12}},{"id":"58eb88d6-c430-40f2-8953-4fcca71c5d56","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":5,"box":{"x":81,"y":667,"width":855,"height":11}},{"id":"fd0b99e8-1c54-4938-8b45-3f5ca969e42d","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":5,"box":{"x":80,"y":682,"width":816,"height":11}},{"id":"1fbce729-4241-4842-af8b-95be0ce7f9a1","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":697,"width":796,"height":11}},{"id":"bca28ae9-efd1-4aeb-a578-c4979a624676","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":711,"width":812,"height":12}},{"id":"462af1f3-13b9-4544-a1e0-516963cdce5e","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":5,"box":{"x":82,"y":726,"width":809,"height":12}},{"id":"5e2c06eb-a8d2-430e-91e4-f4e1d25533ff","block_type":"box","text":"Short Sales and Short Position Risk","page_number":5,"box":{"x":81,"y":746,"width":271,"height":10}},{"id":"7605e411-cb77-480e-953b-48eeccd28ed4","block_type":"box","text":"—","page_number":5,"box":{"x":357,"y":752,"width":17,"height":0}},{"id":"6210cf8a-edbd-4bc3-a662-a9ade3a2967f","block_type":"box","text":"Because making shor t sales or taking shor t positions in securities that it","page_number":5,"box":{"x":379,"y":747,"width":537,"height":11}},{"id":"454a074a-bdd7-4069-a9b9-50e32be36d86","block_type":"box","text":"does not own would expose the Fund to the risks associated with those securities, such shor t sales or positions","page_number":5,"box":{"x":81,"y":761,"width":828,"height":11}},{"id":"40fd22a0-9fe6-432e-b317-d8306dea772a","block_type":"box","text":"involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a shor t sale or position","page_number":5,"box":{"x":82,"y":776,"width":853,"height":11}},{"id":"c6bbc37a-a6ba-486f-a172-727d2f9a8b45","block_type":"box","text":"if the price of the reference instrument increases after the Fund entered into the shor t sale or position. The Fund","page_number":5,"box":{"x":82,"y":791,"width":829,"height":11}},{"id":"9d34d340-3401-49d6-b189-d27c262ed141","block_type":"box","text":"may engage in shor t sales and gain shor t exposure through cer tain derivative instruments, such as futures, options","page_number":5,"box":{"x":82,"y":806,"width":852,"height":11}},{"id":"7c6af009-7d33-466a-a433-c6e1de070833","block_type":"box","text":"or swaps. The Fund may lose more money than the actual cost of a shor t sale or position and the potential losses","page_number":5,"box":{"x":81,"y":820,"width":840,"height":12}},{"id":"3adeebfb-7f66-4622-b729-7390fbe6d6a0","block_type":"box","text":"are theoretically unlimited on a shor t sale or position.","page_number":5,"box":{"x":81,"y":836,"width":394,"height":11}},{"id":"cfac7da2-f27e-44c2-b02b-8e456c527ccc","block_type":"box","text":"Debt Securities Risk","page_number":5,"box":{"x":81,"y":855,"width":155,"height":9}},{"id":"e650087a-f99a-4445-b7c9-e3f5d925d546","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":5,"box":{"x":240,"y":855,"width":633,"height":11}},{"id":"53dd4b8e-afcd-4190-b373-04bc5d6fe2b6","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in fur ther detail below:","page_number":5,"box":{"x":81,"y":870,"width":648,"height":11}},{"id":"4be7369d-6ff8-4e1c-9bd7-1be8d39bcdf2","block_type":"box","text":"Credit Risk","page_number":5,"box":{"x":82,"y":890,"width":80,"height":9}},{"id":"4e0519d3-83ff-43da-b08a-07d419a4fca8","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":5,"box":{"x":166,"y":890,"width":737,"height":11}},{"id":"ad3046cd-6767-440a-8dce-a72518b9deee","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":5,"box":{"x":81,"y":905,"width":816,"height":11}},{"id":"b6bdba82-b0ec-45b5-85e5-5804cd952d57","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"d8a8464a-72bf-4c9e-98cb-fe1460dd09e1","block_type":"box","text":"NM1026U-5981074-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"bba7a26c-e783-480c-ad46-081833709e8e","block_type":"box","text":"perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The","page_number":6,"box":{"x":82,"y":42,"width":826,"height":11}},{"id":"62149080-f3fa-47df-82e5-c63406922aed","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":6,"box":{"x":81,"y":57,"width":777,"height":11}},{"id":"37acbb54-be1a-4c14-a1b9-9368c332fb37","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":82,"y":77,"width":132,"height":9}},{"id":"ed9e06f9-89d1-4e78-91fd-2427512d636d","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":6,"box":{"x":218,"y":77,"width":704,"height":11}},{"id":"f7e55ef4-7df4-496b-8272-f4bc9c394dd4","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":6,"box":{"x":82,"y":91,"width":835,"height":12}},{"id":"6966f590-b606-4316-8c6a-60aa777f3dac","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":6,"box":{"x":80,"y":106,"width":513,"height":9}},{"id":"53534f90-2938-4225-affe-5d3c689f37cc","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":6,"box":{"x":81,"y":126,"width":843,"height":12}},{"id":"e8c05fc4-31b1-4257-9e8a-e1f273b88a2f","block_type":"box","text":"if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being","page_number":6,"box":{"x":82,"y":141,"width":806,"height":12}},{"id":"ad3d41bb-c9aa-4ffd-8d14-df9b2dc79d65","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":6,"box":{"x":81,"y":156,"width":831,"height":11}},{"id":"133ef7e5-b306-4009-b5c2-b6ec7a830c2a","block_type":"box","text":"price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":6,"box":{"x":82,"y":171,"width":854,"height":11}},{"id":"5ac446c4-3880-4555-9a4a-4b2aa844d62d","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":6,"box":{"x":81,"y":185,"width":827,"height":12}},{"id":"fc9940c3-46b5-4b4d-85c7-21e37ec8e2d1","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":6,"box":{"x":81,"y":200,"width":840,"height":12}},{"id":"5bcb19d3-f6e1-4758-875b-bc41092d1498","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":6,"box":{"x":82,"y":215,"width":851,"height":12}},{"id":"aad6445e-e456-4572-9c94-f8ffb6b57842","block_type":"box","text":"Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":6,"box":{"x":82,"y":230,"width":808,"height":12}},{"id":"64d880ba-d036-4df5-a132-d48aa93dfa2f","block_type":"box","text":"management.","page_number":6,"box":{"x":82,"y":246,"width":98,"height":10}},{"id":"1d64cfbd-cc2d-4683-ab08-5b808d122f20","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mor tgage","page_number":6,"box":{"x":81,"y":265,"width":852,"height":11}},{"id":"e1015368-d02b-404d-bd07-604c461120d8","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":6,"box":{"x":81,"y":280,"width":840,"height":11}},{"id":"a6a37a17-433f-46dd-a356-85381f922741","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":6,"box":{"x":80,"y":294,"width":834,"height":12}},{"id":"daa1898e-3a2f-4dff-b240-a50d8cd56a63","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":6,"box":{"x":81,"y":309,"width":803,"height":12}},{"id":"fa63fd04-e54e-448a-bd9c-d1e763c74fad","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":6,"box":{"x":81,"y":324,"width":839,"height":12}},{"id":"37f9f4c6-29f5-4b30-b520-bf75f2b1b0c4","block_type":"box","text":"debt securities.","page_number":6,"box":{"x":81,"y":339,"width":112,"height":9}},{"id":"47d200a2-5cb3-48a8-9668-0a47f51b78f0","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":6,"box":{"x":81,"y":359,"width":839,"height":11}},{"id":"919dfd91-90f6-4b5c-a029-ca979e770f28","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":6,"box":{"x":81,"y":374,"width":839,"height":11}},{"id":"57798f6c-6b40-40ef-bfb7-0b19a9ba690b","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":6,"box":{"x":82,"y":389,"width":831,"height":11}},{"id":"95d53008-e884-41e0-ab0e-5a190187f0a7","block_type":"box","text":"value when interest rates change.","page_number":6,"box":{"x":80,"y":404,"width":248,"height":11}},{"id":"f37c56c1-68d5-4abe-a40b-6d13a38bb301","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":6,"box":{"x":81,"y":423,"width":855,"height":12}},{"id":"13579ccc-4da7-4775-ae3d-36d52e53309a","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":6,"box":{"x":81,"y":438,"width":801,"height":12}},{"id":"ff95e455-091a-44c6-9e07-7606aa1f176b","block_type":"box","text":"redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could","page_number":6,"box":{"x":82,"y":453,"width":827,"height":11}},{"id":"41aa40a0-5e92-4043-9a07-a1ed6f76d016","block_type":"box","text":"hur t the Fund’s per formance.","page_number":6,"box":{"x":82,"y":468,"width":214,"height":11}},{"id":"48dbaedf-d2a1-4543-a4a5-57863e9fe07f","block_type":"box","text":"Extension Risk","page_number":6,"box":{"x":82,"y":488,"width":107,"height":9}},{"id":"f4fa6568-64a7-4c3f-b367-68a83d475a5f","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":6,"box":{"x":193,"y":488,"width":691,"height":11}},{"id":"21190164-80d8-4475-aeb9-afdd9716b34c","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":6,"box":{"x":81,"y":503,"width":420,"height":11}},{"id":"5de03f91-3af1-4863-83e4-d15da23a5792","block_type":"box","text":"Prepayment Risk","page_number":6,"box":{"x":81,"y":523,"width":124,"height":11}},{"id":"135598e9-b5d1-411c-a77a-0831457b042e","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":6,"box":{"x":209,"y":523,"width":691,"height":11}},{"id":"af482021-1efc-4c63-b6f2-62c332f74c3c","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":6,"box":{"x":81,"y":538,"width":724,"height":11}},{"id":"abf30819-4026-475a-946f-308c84076cdb","block_type":"box","text":"Depositary Receipts Risk","page_number":6,"box":{"x":81,"y":558,"width":191,"height":11}},{"id":"6513d920-a5e2-4cbf-afbb-be272e70a32e","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":6,"box":{"x":276,"y":557,"width":639,"height":12}},{"id":"4f9002fe-f966-4179-8581-55cee463aaeb","block_type":"box","text":"that they evidence or into which they may be conver ted. In addition to investment risks associated with the","page_number":6,"box":{"x":80,"y":573,"width":786,"height":11}},{"id":"8de2a9a7-8b30-40e2-9939-19f5e1277058","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":6,"box":{"x":82,"y":587,"width":824,"height":12}},{"id":"49827e78-c5e3-43bf-afec-97213c429efb","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":6,"box":{"x":80,"y":602,"width":827,"height":11}},{"id":"f2f20e50-db28-4d6a-a459-015b81f18b4b","block_type":"box","text":"par ties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":6,"box":{"x":82,"y":617,"width":849,"height":11}},{"id":"6ca7680b-ab9d-4077-bb16-2cb93648d472","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":6,"box":{"x":81,"y":632,"width":840,"height":11}},{"id":"0a318403-1240-4ecd-8168-390324bd14c1","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":6,"box":{"x":82,"y":646,"width":824,"height":12}},{"id":"dcc8d6a5-eb49-418f-9db2-c945cbb22966","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":6,"box":{"x":82,"y":661,"width":798,"height":12}},{"id":"60dcca03-8987-4c43-aee0-7bed7b8c224a","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":6,"box":{"x":82,"y":676,"width":847,"height":12}},{"id":"e14589d6-f55d-48fd-b729-0e3c81fea440","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":6,"box":{"x":82,"y":691,"width":804,"height":11}},{"id":"2bf7e9d7-e976-4a11-a6f6-5f95807bc67e","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":6,"box":{"x":81,"y":706,"width":558,"height":11}},{"id":"a84f3bdf-c70e-4820-81f1-9dcad334c0b4","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":726,"width":178,"height":11}},{"id":"0944da5c-6991-409b-95ac-57ce048af54e","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":726,"width":617,"height":11}},{"id":"2b3a5c79-5890-40aa-b985-e518928c8749","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":6,"box":{"x":81,"y":740,"width":825,"height":12}},{"id":"83f58b5a-c0bf-42bc-a21c-423e1258c6f3","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":755,"width":822,"height":12}},{"id":"5452ccad-666b-48ae-b532-eb98beef530f","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":770,"width":816,"height":12}},{"id":"70e64f00-7051-4c66-9f5a-8123f2c2dc03","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":785,"width":240,"height":11}},{"id":"a127aa1a-0092-49e3-a306-cf8fb272b545","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":805,"width":176,"height":11}},{"id":"23e24ff6-0ecb-43b7-a95b-eadbfb2c3fe9","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":805,"width":668,"height":12}},{"id":"bac53ec3-f7d9-4c70-b77a-57747334413e","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":820,"width":531,"height":11}},{"id":"02702369-c38b-4237-9be8-168093493b82","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":840,"width":823,"height":11}},{"id":"e36bed06-10c1-42f0-bf96-81da22bdc577","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":6,"box":{"x":102,"y":855,"width":823,"height":11}},{"id":"86e89b41-4524-47ce-a901-ea32e06d4191","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":870,"width":70,"height":11}},{"id":"d99b9350-0290-45d3-87d2-c221de4979c0","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":6,"box":{"x":101,"y":889,"width":644,"height":12}},{"id":"fac5fa36-efdd-4338-b63a-675d1fc0f32e","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"fd9f1679-1106-4bf6-952c-a1b04b01dbaa","block_type":"box","text":"NM1026U-5981074-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4d33e218-5753-465f-856e-fcb1df61f37b","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":7,"box":{"x":101,"y":42,"width":830,"height":11}},{"id":"66f57e24-a7a3-483b-8aae-ce4932bec6ba","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":7,"box":{"x":102,"y":57,"width":808,"height":11}},{"id":"955c65f5-6b4c-44f6-98bd-c2cdc9ff7e79","block_type":"box","text":"payments position.","page_number":7,"box":{"x":102,"y":72,"width":137,"height":11}},{"id":"93c111ca-6fe3-4ff9-bd17-4a2782cca272","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":7,"box":{"x":101,"y":91,"width":821,"height":12}},{"id":"3aea5b9c-1aba-47c5-abcd-17a778d14a23","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":7,"box":{"x":102,"y":106,"width":809,"height":12}},{"id":"d1d854ce-24c1-44d7-962b-5db0f60f1c93","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":7,"box":{"x":102,"y":121,"width":784,"height":11}},{"id":"cf1ef113-ca94-4438-ae35-86f0f8237ab1","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":7,"box":{"x":101,"y":136,"width":352,"height":11}},{"id":"11b3941c-e82b-4226-a1bf-fd7d8677151c","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":7,"box":{"x":102,"y":156,"width":823,"height":11}},{"id":"79ce29e8-b4ce-4cbb-a0c2-cee7eb936137","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":7,"box":{"x":101,"y":171,"width":811,"height":11}},{"id":"e8dccb70-f226-4288-9cc7-72eef23ee429","block_type":"box","text":"U.S. securities laws.","page_number":7,"box":{"x":102,"y":186,"width":148,"height":9}},{"id":"a303296c-2d60-45d5-af17-1175b8a68ea9","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":7,"box":{"x":101,"y":205,"width":834,"height":12}},{"id":"04a82994-1b9e-433d-93da-384a2617f7d2","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":7,"box":{"x":101,"y":220,"width":628,"height":12}},{"id":"78bfd5b3-dc0e-49d2-bf7a-072695bad580","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":7,"box":{"x":101,"y":240,"width":830,"height":12}},{"id":"c2a6d7b2-7636-457a-a3c9-6b2b31b58bd1","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":7,"box":{"x":101,"y":255,"width":831,"height":12}},{"id":"3c451cf7-4c7d-4eea-ad98-20915c08a424","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":7,"box":{"x":101,"y":270,"width":813,"height":12}},{"id":"f5572ada-43f7-41b7-b990-6e1b8f630b5f","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":7,"box":{"x":101,"y":285,"width":395,"height":11}},{"id":"8194e944-b63e-4c2f-8ace-7b35d96a8fb7","block_type":"box","text":"High Portfolio Turnover Risk","page_number":7,"box":{"x":81,"y":305,"width":212,"height":11}},{"id":"1fabe504-0ba8-4b2e-b2d3-81ca9dd17e5f","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":7,"box":{"x":297,"y":305,"width":629,"height":11}},{"id":"a73d91d0-a3ed-4284-9b77-1e4ae3bcc5f8","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":7,"box":{"x":82,"y":320,"width":812,"height":11}},{"id":"ab5f55de-b33b-4933-afd8-46a98b0b3147","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":7,"box":{"x":81,"y":334,"width":817,"height":12}},{"id":"44fbde02-66c4-4889-80bf-0c48c2cdfc74","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":7,"box":{"x":81,"y":349,"width":760,"height":12}},{"id":"fc739387-fafa-4540-bb11-838f463c9790","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":7,"box":{"x":81,"y":364,"width":852,"height":12}},{"id":"b9562922-03e1-4e29-9f79-843d959bbe16","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":7,"box":{"x":81,"y":379,"width":589,"height":11}},{"id":"573cf0ef-39e4-4af6-811c-2c42d62b7853","block_type":"box","text":"High Yield Bonds Risk","page_number":7,"box":{"x":81,"y":399,"width":167,"height":11}},{"id":"ee8d6c19-e937-4f66-a386-3fb618a411a1","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":7,"box":{"x":252,"y":399,"width":667,"height":11}},{"id":"878fc009-16a0-42c6-840b-980a0849f794","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":7,"box":{"x":79,"y":414,"width":835,"height":11}},{"id":"97405ddf-878b-412f-8e19-af6940f61e97","block_type":"box","text":"for the Fund.","page_number":7,"box":{"x":81,"y":428,"width":91,"height":10}},{"id":"28080a32-4530-45bd-a3ff-6ce6b9f1041d","block_type":"box","text":"Illiquid Investments Risk","page_number":7,"box":{"x":81,"y":449,"width":186,"height":11}},{"id":"609ee78c-62fc-47ab-af21-ea8c4f0fa558","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":7,"box":{"x":271,"y":448,"width":648,"height":12}},{"id":"1865dff4-c056-47f8-bd47-21cbfe4b6a09","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":7,"box":{"x":80,"y":463,"width":841,"height":12}},{"id":"c7141fca-bcb3-4a08-ad55-43d3a44f537b","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":7,"box":{"x":82,"y":478,"width":831,"height":12}},{"id":"0078fda2-1543-44e0-a3b4-4ed34d913e4a","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":7,"box":{"x":81,"y":493,"width":811,"height":12}},{"id":"931a2b3f-d026-4494-8a16-54a500dcf461","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, par ticularly during periods of market turmoil.","page_number":7,"box":{"x":82,"y":508,"width":825,"height":11}},{"id":"7dd59d99-a682-44fc-9933-2950e43fb48f","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":7,"box":{"x":81,"y":523,"width":837,"height":11}},{"id":"3c3d34f2-fe86-4f76-9544-5595b20f332e","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":7,"box":{"x":80,"y":537,"width":851,"height":12}},{"id":"597de9f5-e4a5-49ab-a0b1-823b5898af18","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":7,"box":{"x":82,"y":553,"width":835,"height":11}},{"id":"5bf38478-82e3-4f3c-b0bd-440f5ce0dee5","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":7,"box":{"x":82,"y":567,"width":835,"height":12}},{"id":"5b7972a1-927a-4b9b-a4de-6b415d388d86","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":7,"box":{"x":81,"y":582,"width":791,"height":11}},{"id":"3e6a33ef-03a4-434f-8bc4-a8040b58be69","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":7,"box":{"x":81,"y":597,"width":846,"height":11}},{"id":"a7bae65a-f5fc-44ae-b362-b0154e24866b","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger por tion of the","page_number":7,"box":{"x":81,"y":612,"width":835,"height":11}},{"id":"1e4cca64-f076-4a24-b859-9b71b9318488","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":7,"box":{"x":82,"y":626,"width":818,"height":12}},{"id":"b1438198-9254-431b-8841-e25fe2b665d3","block_type":"box","text":"traditional market par ticipants to make a market in fixed-income securities or the lack of an active trading market.","page_number":7,"box":{"x":80,"y":641,"width":837,"height":12}},{"id":"f6bd29d1-30a0-44a5-9fe1-9bb0cc1282b5","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":7,"box":{"x":81,"y":656,"width":854,"height":12}},{"id":"8bbd92ad-6a11-4d87-aa5b-888decc4ca74","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":7,"box":{"x":81,"y":671,"width":815,"height":11}},{"id":"c5ae5e1a-8f2a-40cc-bc98-5a31b0a87dd5","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":7,"box":{"x":82,"y":686,"width":835,"height":11}},{"id":"1cb193b5-319f-48a8-b240-f2edba459ae3","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":7,"box":{"x":82,"y":701,"width":790,"height":11}},{"id":"db3f0e9f-abde-4caa-9691-e0c54ebea6c4","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":7,"box":{"x":82,"y":715,"width":844,"height":12}},{"id":"519bfb6c-2a93-4cae-b158-9ad1584f6d27","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for cer tain securities, the","page_number":7,"box":{"x":81,"y":730,"width":810,"height":12}},{"id":"6617c83b-87ff-4d40-bf7c-ef46dc427bc4","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":7,"box":{"x":82,"y":745,"width":715,"height":11}},{"id":"b9cad284-1c79-4b9e-ae3b-db66e0035259","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":7,"box":{"x":81,"y":765,"width":271,"height":9}},{"id":"7a2fcda4-fc7d-49a1-a678-1fd4c77e3ba3","block_type":"box","text":"— Indexed and inverse securities provide a potential return based on a","page_number":7,"box":{"x":356,"y":765,"width":522,"height":11}},{"id":"f2d919ce-80d1-40da-8a13-c2763cdd03f9","block_type":"box","text":"par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":7,"box":{"x":82,"y":780,"width":839,"height":11}},{"id":"b8c1497f-fe2e-4b29-8321-378d63b30ef5","block_type":"box","text":"to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain","page_number":7,"box":{"x":80,"y":795,"width":799,"height":11}},{"id":"a139ca0e-e6d3-4f95-a023-a9c1f2166618","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":7,"box":{"x":82,"y":810,"width":796,"height":11}},{"id":"47c221ce-19c7-4605-bd4b-81ed8f3248bf","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":7,"box":{"x":81,"y":824,"width":855,"height":12}},{"id":"5873f86e-2390-4ebb-819c-caffb26259cd","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":7,"box":{"x":82,"y":839,"width":441,"height":12}},{"id":"ea1739d8-380b-4ce1-9cc2-2d75e1bf623c","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":859,"width":107,"height":11}},{"id":"097098ec-a26f-43ad-b3bf-54f97441489d","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":859,"width":741,"height":12}},{"id":"972ae1c3-8a85-488b-a454-80fe7d379b3d","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":7,"box":{"x":81,"y":874,"width":853,"height":11}},{"id":"9f4cf1fc-d3fc-4d97-bfdf-16f4d0a34d49","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":7,"box":{"x":81,"y":889,"width":856,"height":11}},{"id":"c09ab307-262b-416a-ab85-e10a010a392b","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and","page_number":7,"box":{"x":80,"y":904,"width":802,"height":11}},{"id":"d6912722-60d8-40a0-a80e-cf55dea2fb00","block_type":"box","text":"decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage.","page_number":7,"box":{"x":81,"y":918,"width":686,"height":12}},{"id":"2b8e91d8-22b2-46a7-83f8-2801328ebe42","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"7fc8a97a-60d6-49d3-aac2-ecc2a645c865","block_type":"box","text":"NM1026U-5981074-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d96069d0-5b14-410d-aa24-faaebed6faaf","block_type":"box","text":"Market Risk and Selection Risk","page_number":8,"box":{"x":81,"y":42,"width":240,"height":9}},{"id":"aa3f31da-26bb-4183-a1c9-9744d5f3f4e9","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":8,"box":{"x":324,"y":42,"width":593,"height":9}},{"id":"bfb84d12-07d9-45a3-89c7-9dba7cc2d0cb","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":8,"box":{"x":81,"y":57,"width":851,"height":11}},{"id":"9e9a1dbe-c370-4ee3-8261-b5b4612c0726","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":8,"box":{"x":82,"y":71,"width":824,"height":12}},{"id":"81ffce40-0bd1-409a-8b09-a9f807dad1e7","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":8,"box":{"x":82,"y":86,"width":851,"height":12}},{"id":"256ce53e-9e45-44b6-97fd-efe94e578f99","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":8,"box":{"x":82,"y":101,"width":802,"height":12}},{"id":"d4e744d2-44e0-4d73-8741-fdca0dc0821a","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":8,"box":{"x":81,"y":116,"width":849,"height":11}},{"id":"6ba0f4ed-97e5-467f-9c50-e35ff27ce456","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":8,"box":{"x":81,"y":131,"width":843,"height":11}},{"id":"db55d18d-0ee8-4d7f-a25b-c4b19057e91e","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":8,"box":{"x":81,"y":146,"width":830,"height":11}},{"id":"eaf3546c-a21a-41d5-b152-81cc8ce77209","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":8,"box":{"x":82,"y":160,"width":840,"height":12}},{"id":"9c6c4d5e-6305-446a-a329-bc190aeadd73","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":8,"box":{"x":81,"y":175,"width":789,"height":12}},{"id":"83919f31-5650-435b-87e6-7ec119dafee7","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":8,"box":{"x":81,"y":190,"width":823,"height":12}},{"id":"a6896fe9-c980-4ccb-9df9-2254be56a1fd","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":8,"box":{"x":81,"y":205,"width":784,"height":11}},{"id":"b5f761fe-6c2a-404b-a566-0d9992a0e8eb","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics,","page_number":8,"box":{"x":81,"y":220,"width":848,"height":11}},{"id":"c78e5d00-055e-4db2-9192-c15b32d2b6ba","block_type":"box","text":"recessions, or other events.","page_number":8,"box":{"x":82,"y":235,"width":203,"height":10}},{"id":"2cac8dc2-a009-44a8-bf82-a291ca3590b4","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":8,"box":{"x":82,"y":255,"width":818,"height":11}},{"id":"c57477c4-19f8-40c2-baef-c4fa0f0b1c1d","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":8,"box":{"x":80,"y":270,"width":819,"height":11}},{"id":"dd127d08-3a64-442d-9246-47f9a83d56e8","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":8,"box":{"x":81,"y":284,"width":819,"height":12}},{"id":"19f9d3ac-8a1e-41fc-b1c3-713d09946ae4","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":8,"box":{"x":81,"y":299,"width":846,"height":12}},{"id":"0dda0ea6-6646-4e10-bd28-12c02fa49ee9","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":8,"box":{"x":81,"y":314,"width":848,"height":11}},{"id":"5c02fdff-ca07-4e27-879f-f418243559d1","block_type":"box","text":"the Fund invests.","page_number":8,"box":{"x":80,"y":329,"width":125,"height":9}},{"id":"e00da01a-daac-42e0-ba7e-2e61fc2d34dd","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":349,"width":254,"height":11}},{"id":"bebbfcdb-665f-4ea6-b43e-71b502bb8504","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":349,"width":578,"height":11}},{"id":"1b3fe615-8ba3-42dc-a0e8-329a60253256","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":363,"width":779,"height":12}},{"id":"a5d6669b-4857-4f11-b496-30542896eb57","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":8,"box":{"x":81,"y":378,"width":848,"height":12}},{"id":"5815ff21-82cb-4695-9fc8-6d7432221cdf","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":8,"box":{"x":81,"y":393,"width":806,"height":11}},{"id":"dd73c59a-e551-4a25-87ec-e945ba764081","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":8,"box":{"x":82,"y":408,"width":807,"height":11}},{"id":"fd0c7ed7-1f47-4ace-8458-eb18682af895","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":8,"box":{"x":82,"y":423,"width":846,"height":11}},{"id":"c5efba9d-75a0-45bc-9403-4af3751e945b","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":8,"box":{"x":81,"y":438,"width":836,"height":11}},{"id":"78e17a4f-75fa-4774-b154-54847aba0994","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":8,"box":{"x":82,"y":453,"width":474,"height":11}},{"id":"3ffda2b1-273d-44f5-8843-577916607b49","block_type":"box","text":"Preferred Securities Risk","page_number":8,"box":{"x":81,"y":472,"width":189,"height":10}},{"id":"e0e65cf3-fa78-4cff-9f5c-14aef4e2ad06","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":8,"box":{"x":274,"y":472,"width":636,"height":12}},{"id":"c0361cab-dea7-43b0-90c8-e9bf4ac0bfc3","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":8,"box":{"x":81,"y":487,"width":824,"height":12}},{"id":"55c9344b-1286-433c-98e5-c0269dc1d0ce","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":8,"box":{"x":82,"y":502,"width":806,"height":12}},{"id":"065d0e3b-3cef-4136-a711-bafabe5c7067","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":8,"box":{"x":81,"y":517,"width":842,"height":11}},{"id":"2c1ee5c3-66f9-49df-be6e-b910cc4eab03","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":8,"box":{"x":81,"y":532,"width":781,"height":11}},{"id":"4304842c-bc33-4106-8f4f-cc45c09338c3","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":8,"box":{"x":81,"y":546,"width":812,"height":12}},{"id":"c4c3467b-3f5e-4e06-9286-eeea04ea73d9","block_type":"box","text":"larger companies.","page_number":8,"box":{"x":82,"y":562,"width":129,"height":11}},{"id":"203296d6-0f50-411c-add3-6552cad0e4c1","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":8,"box":{"x":81,"y":581,"width":327,"height":12}},{"id":"5eed4164-8c9d-45be-a52f-8134e1936185","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":8,"box":{"x":412,"y":581,"width":461,"height":12}},{"id":"5979533d-9e55-4d52-a464-73fab2bec519","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":8,"box":{"x":82,"y":596,"width":808,"height":12}},{"id":"5e4898cd-45eb-47ad-9f94-d52f40bc0797","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":8,"box":{"x":82,"y":611,"width":833,"height":11}},{"id":"28ed4df8-4f8a-4610-aa5b-6b02b32b7787","block_type":"box","text":"smaller companies, which tend to be less well known, have shor ter operating histories, do not have significant","page_number":8,"box":{"x":81,"y":626,"width":812,"height":11}},{"id":"6050252b-2649-48ac-acda-5e9165f6a99b","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":8,"box":{"x":81,"y":641,"width":603,"height":11}},{"id":"70c31836-66a8-4e16-b682-bf6c3320dd4e","block_type":"box","text":"U.S. Government Obligations Risk","page_number":8,"box":{"x":82,"y":661,"width":254,"height":11}},{"id":"eaccb2d0-8a8b-4b4e-8ca2-0de47be97219","block_type":"box","text":"— Cer tain securities in which the Fund may invest, including securities issued by","page_number":8,"box":{"x":340,"y":661,"width":596,"height":11}},{"id":"109f5559-cce3-43fc-a8ac-27c17afa9cda","block_type":"box","text":"cer tain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":8,"box":{"x":81,"y":676,"width":819,"height":11}},{"id":"a11b0ad6-8450-4d57-9064-ffbf11336297","block_type":"box","text":"Government or suppor ted by the full faith and credit of the United States. In addition, circumstances could arise","page_number":8,"box":{"x":81,"y":690,"width":824,"height":12}},{"id":"d31ff281-a2da-4661-a0ed-2edab8a78835","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":8,"box":{"x":80,"y":705,"width":846,"height":12}},{"id":"76989e39-0912-4115-a482-92c7789e8a42","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":8,"box":{"x":82,"y":720,"width":757,"height":11}},{"id":"239960fa-4e0d-45ed-bbcf-6315c2e8bec8","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":8,"box":{"x":81,"y":735,"width":502,"height":11}},{"id":"a29ec3d7-a5e1-4a77-bdb8-78a7935765cc","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":774,"width":224,"height":11}},{"id":"4f7fd90a-a1d5-4ca9-81fb-910c06c0b6a6","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":8,"box":{"x":60,"y":800,"width":855,"height":11}},{"id":"b0b59fd2-3152-4a8a-8f80-10128fc5095c","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 1000 Index and the","page_number":8,"box":{"x":61,"y":815,"width":858,"height":11}},{"id":"ad40f27f-cbf7-4fc0-b699-b81befe6e236","block_type":"box","text":"ICE BofA 3-Month U.S. Treasury Bill Index. To the extent that dividends and distributions have been paid by the Fund,","page_number":8,"box":{"x":62,"y":829,"width":856,"height":12}},{"id":"023414a5-04d6-46ca-9f48-dbe5cf71f983","block_type":"box","text":"the per formance information for the Fund in the char t and table assumes reinvestment of the dividends and","page_number":8,"box":{"x":60,"y":844,"width":795,"height":11}},{"id":"cc247d6d-e76c-41d9-8481-ed563bf18b6c","block_type":"box","text":"distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future","page_number":8,"box":{"x":61,"y":859,"width":842,"height":11}},{"id":"d2dd9be4-55e9-4347-9937-97959a9b3af5","block_type":"box","text":"results. Sales charges are not reflected in the bar char t. If they were, returns would be less than those shown.","page_number":8,"box":{"x":61,"y":874,"width":814,"height":11}},{"id":"8528dd96-8b6f-40c9-bd97-93dadc189566","block_type":"box","text":"However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates","page_number":8,"box":{"x":62,"y":889,"width":862,"height":11}},{"id":"6254d1f0-7956-42b1-a26b-cb996ca46321","block_type":"box","text":"had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower.","page_number":8,"box":{"x":61,"y":904,"width":865,"height":11}},{"id":"32cdf613-9c47-45d1-9f8c-99eb5e70fe90","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"7bfef9f3-e808-4787-a273-7bb741d42206","block_type":"box","text":"NM1026U-5981074-8/12","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1087c5b9-7129-42c7-9ebe-e0b414637015","block_type":"box","text":"Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting","page_number":9,"box":{"x":62,"y":42,"width":832,"height":11}},{"id":"37eb3b37-a432-49ce-be8d-839e2d749cd4","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":9,"box":{"x":60,"y":57,"width":505,"height":11}},{"id":"7e6949d0-141a-4241-b971-d2cb23aed2d9","block_type":"box","text":"Investor A Shares","page_number":9,"box":{"x":427,"y":80,"width":144,"height":10}},{"id":"790a4d0f-e972-4046-b147-da3e0405fc2c","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":96,"width":212,"height":10}},{"id":"0051db71-a9b4-46de-ae22-2ff92578172b","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":9,"box":{"x":349,"y":112,"width":300,"height":12}},{"id":"6a83e6df-8cb6-44ef-a2bb-4ef4d4b794b4","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":128,"width":103,"height":12}},{"id":"54c78a49-90c2-45b3-9dd6-70de444e5439","block_type":"box","text":"3.94%","page_number":9,"box":{"x":295,"y":222,"width":37,"height":7}},{"id":"dc4621a8-21d8-4cfe-b10b-45eb1a8024cc","block_type":"box","text":"6.87%","page_number":9,"box":{"x":343,"y":184,"width":37,"height":7}},{"id":"7b8b6b6b-4507-48cd-b89b-bd7ac9d2346b","block_type":"box","text":"5.13%","page_number":9,"box":{"x":392,"y":207,"width":36,"height":7}},{"id":"d0460782-47dc-4ffe-9ac4-ec258c037a50","block_type":"box","text":"7.16%","page_number":9,"box":{"x":440,"y":180,"width":36,"height":8}},{"id":"1f8137ed-46ee-4a8f-8d9b-df0a4109efc4","block_type":"box","text":"6.03%","page_number":9,"box":{"x":488,"y":195,"width":37,"height":7}},{"id":"661b1724-8e73-454e-a1cb-4730894d3bf5","block_type":"box","text":"1.60%","page_number":9,"box":{"x":536,"y":252,"width":37,"height":8}},{"id":"b3f0e4c5-566f-4b2d-ac9d-63a3adc8662a","block_type":"box","text":"-0.25%","page_number":9,"box":{"x":582,"y":291,"width":40,"height":8}},{"id":"694fbca9-d9a2-48f8-87e5-4add99f7e27d","block_type":"box","text":"5.15%","page_number":9,"box":{"x":632,"y":206,"width":37,"height":8}},{"id":"ef7069c3-011d-4b45-8ad7-ea1f3a89d959","block_type":"box","text":"1.95%","page_number":9,"box":{"x":681,"y":248,"width":36,"height":7}},{"id":"6ca84665-14be-4d97-a25e-f54fe6063f7e","block_type":"box","text":"8.19%","page_number":9,"box":{"x":729,"y":167,"width":37,"height":7}},{"id":"ee07fb89-4930-468c-82e4-c07f6927f4a2","block_type":"box","text":"-2%","page_number":9,"box":{"x":245,"y":307,"width":20,"height":7}},{"id":"b0a809e8-76ab-4aab-9d5b-6098935f7710","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":281,"width":17,"height":7}},{"id":"af6a83d9-5da9-4887-89b4-c1a488ac573a","block_type":"box","text":"2%","page_number":9,"box":{"x":249,"y":255,"width":16,"height":7}},{"id":"9dbd0209-d421-4f15-9f68-c8dcce7ec0fd","block_type":"box","text":"4%","page_number":9,"box":{"x":248,"y":229,"width":17,"height":7}},{"id":"5b7c390e-792f-4b44-ab60-cd9e1e093fae","block_type":"box","text":"6%","page_number":9,"box":{"x":248,"y":203,"width":17,"height":7}},{"id":"cb358d06-e5fe-4567-b567-092cf096cb20","block_type":"box","text":"8%","page_number":9,"box":{"x":248,"y":177,"width":17,"height":7}},{"id":"93fda115-43ac-46da-b454-7cc5faec764b","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":151,"width":24,"height":7}},{"id":"16351654-6a3a-47e5-b1f8-74dc3d0d58ce","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":316,"width":465,"height":8}},{"id":"59d6ca96-f151-419b-8e82-0d8d9e361a36","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 5.66% (quar ter ended","page_number":9,"box":{"x":62,"y":337,"width":796,"height":12}},{"id":"4721c030-5a4c-41c3-b145-e6a8eb65dca1","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -5.16% (quar ter ended March 31, 2020). The year-to-date","page_number":9,"box":{"x":61,"y":352,"width":835,"height":11}},{"id":"c078b155-6661-4048-84d8-02b2b48d09d6","block_type":"box","text":"return as of June 30, 2026 was 2.43%.","page_number":9,"box":{"x":61,"y":367,"width":289,"height":10}},{"id":"8a08e32f-17f2-4d28-b136-c1e307005035","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":395,"width":223,"height":10}},{"id":"5279670b-470c-4202-bf79-f1ffb976e7a9","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":407,"width":854,"height":10}},{"id":"3cacb45f-9709-4e68-b12a-5c35b7dc214e","block_type":"box","text":"BlackRock Event Driven Equity Fund — Investor A Shares","page_number":9,"box":{"x":70,"y":425,"width":375,"height":10}},{"id":"2992e7fe-6a58-4e65-ba92-41019b5c24e7","block_type":"box","text":"Return Before Taxes 2.51% 2.18% 3.98%","page_number":9,"box":{"x":85,"y":438,"width":840,"height":8}},{"id":"663b1342-82ce-4fe3-b45a-f9a36070ee2e","block_type":"box","text":"Return After Taxes on Distributions 0.98% 1.19% 2.90%","page_number":9,"box":{"x":85,"y":451,"width":840,"height":8}},{"id":"24df49b0-a66a-4f55-94b3-cc574c2fb689","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":464,"width":228,"height":8}},{"id":"b3ce1c49-4a21-4533-aed3-a30f3bfbce45","block_type":"box","text":"and Sale of Fund Shares 1.66% 1.28% 2.64%","page_number":9,"box":{"x":85,"y":475,"width":840,"height":8}},{"id":"8cd6a074-785a-4ba1-bda4-a1db7009b4f6","block_type":"box","text":"BlackRock Event Driven Equity Fund — Investor C Shares","page_number":9,"box":{"x":70,"y":493,"width":375,"height":11}},{"id":"b6a1cc35-170c-4439-b353-8960648b6ef5","block_type":"box","text":"Return Before Taxes 6.44% 2.54% 3.93%","page_number":9,"box":{"x":85,"y":506,"width":840,"height":8}},{"id":"47e6cd74-490f-4294-936a-d49a3bc180bf","block_type":"box","text":"BlackRock Event Driven Equity Fund — Institutional Shares","page_number":9,"box":{"x":70,"y":524,"width":387,"height":10}},{"id":"a322d14b-fbf7-48a8-aaf2-bbc13f64ad4c","block_type":"box","text":"Return Before Taxes 8.43% 3.55% 4.81%","page_number":9,"box":{"x":85,"y":537,"width":840,"height":8}},{"id":"d097335f-2a71-497a-b127-9cb2f8341f36","block_type":"box","text":"Russell 1000 Index","page_number":9,"box":{"x":70,"y":555,"width":128,"height":8}},{"id":"e8f7aabe-08ae-49d7-a1b9-5c3e3f222a4b","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":9,"box":{"x":69,"y":569,"width":856,"height":10}},{"id":"5e223513-cf18-4c62-9bc2-5e9b1fb04d59","block_type":"box","text":"ICE BofA 3-Month U.S. Treasury Bill Index","page_number":9,"box":{"x":70,"y":587,"width":273,"height":10}},{"id":"9b265018-58d4-43a2-b777-b03bddd8e4a6","block_type":"box","text":"1","page_number":9,"box":{"x":343,"y":587,"width":4,"height":4}},{"id":"e765e5f3-747e-492d-aa3e-565f0a22080a","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 4.18% 3.17% 2.18%","page_number":9,"box":{"x":69,"y":600,"width":856,"height":10}},{"id":"f6821a35-3987-443d-863f-0b0922e3f24b","block_type":"box","text":"1","page_number":9,"box":{"x":61,"y":620,"width":3,"height":4}},{"id":"9778e3c0-c1ae-4201-88b8-2911b96dfcac","block_type":"box","text":"On December 1, 2023, the Fund began to compare its per formance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index","page_number":9,"box":{"x":81,"y":620,"width":851,"height":9}},{"id":"ec2e4968-972a-46bc-bd03-f7bcfd360ccb","block_type":"box","text":"(the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through","page_number":9,"box":{"x":81,"y":630,"width":800,"height":9}},{"id":"68275888-5cb9-4879-a209-528eba6261b4","block_type":"box","text":"November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new","page_number":9,"box":{"x":81,"y":640,"width":819,"height":10}},{"id":"99042c74-eb47-4b15-bdde-312abb56a7b6","block_type":"box","text":"standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom","page_number":9,"box":{"x":81,"y":651,"width":833,"height":9}},{"id":"c60ba277-8cd5-4072-866e-00ab05070479","block_type":"box","text":"4pm pricing variant used from March 1, 2021 through November 30, 2023.","page_number":9,"box":{"x":81,"y":661,"width":443,"height":9}},{"id":"bba1bf30-a100-41c6-af45-26c8768dfd71","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":9,"box":{"x":60,"y":686,"width":840,"height":12}},{"id":"c67e8561-85f8-4b24-9fb4-090599c9084c","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":9,"box":{"x":61,"y":701,"width":835,"height":12}},{"id":"3d8bfb40-ad1d-4326-913a-2323b0dbeeab","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":9,"box":{"x":61,"y":716,"width":851,"height":12}},{"id":"7c2a5004-a366-4422-9312-baadd6722dd1","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":9,"box":{"x":60,"y":731,"width":840,"height":11}},{"id":"2721da51-1356-436f-882a-195ea9a56f53","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":9,"box":{"x":62,"y":746,"width":700,"height":11}},{"id":"cbe13dc5-02a9-4bd1-8c9f-7793b98273e3","block_type":"box","text":"Investment Manager","page_number":9,"box":{"x":62,"y":785,"width":187,"height":13}},{"id":"bfc06a14-ee91-4af4-a4d0-0de14e8693ae","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":9,"box":{"x":60,"y":811,"width":709,"height":11}},{"id":"9bda7002-fb84-4f72-b9e8-10bb50c32f09","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":61,"y":850,"width":164,"height":13}},{"id":"6c1ee7cd-6b69-4d7d-81ef-29e4b63e2121","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":894,"width":121,"height":10}},{"id":"7640e711-5a0a-43a5-a842-2cb1ab99706f","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":362,"y":882,"width":121,"height":10}},{"id":"9d2a4026-2eac-4492-b5d7-5e8585668e2a","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":363,"y":894,"width":427,"height":8}},{"id":"7ab43ae7-b13a-4bda-9d20-6f8232cb2960","block_type":"box","text":"Mark McKenna 2015 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":912,"width":825,"height":10}},{"id":"fb73a5b1-b0b9-46ae-aa60-056d6c10be95","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"4d42df67-300b-4878-85ad-141ebd68ecec","block_type":"box","text":"NM1026U-5981074-9/12","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d0572f3a-8f2f-4558-bfa9-6fcfc724ee74","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":10,"box":{"x":61,"y":43,"width":309,"height":11}},{"id":"ff9af2b6-8617-4b44-ae49-fd0d64aee9fe","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":10,"box":{"x":60,"y":69,"width":857,"height":11}},{"id":"a5ad6f2d-5896-4980-b137-c2697345c434","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":10,"box":{"x":61,"y":84,"width":873,"height":11}},{"id":"5bde5b16-5461-423a-8318-169fb269f094","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":10,"box":{"x":60,"y":99,"width":833,"height":11}},{"id":"6a98063a-03ab-4361-92eb-c10158775130","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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