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....................................... 20","page_number":2,"box":{"x":361,"y":470,"width":577,"height":11}},{"id":"7f3ecbe2-cb01-4fb8-92cb-91e960e79974","block_type":"box","text":"Fund’s Rights ......................................................................................... 25","page_number":2,"box":{"x":361,"y":485,"width":577,"height":12}},{"id":"adc51ef9-26b3-4f1d-823f-7e0be65a5503","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 25","page_number":2,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"56accd14-7cfb-45bd-a36b-5015e18ced78","block_type":"box","text":"Management of the Fund","page_number":2,"box":{"x":80,"y":524,"width":264,"height":16}},{"id":"7acc9c60-b12a-4db7-a0aa-712828dcadf4","block_type":"box","text":"Information about BlackRock and the Por tfolio 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The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the","page_number":3,"box":{"x":81,"y":621,"width":800,"height":9}},{"id":"8b946e56-9eeb-4b55-ab71-7d9ae4d06df8","block_type":"box","text":"Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":631,"width":501,"height":10}},{"id":"51b4aa31-a76d-48e5-ac78-26276dce8ebd","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":644,"width":3,"height":4}},{"id":"a3c1b3cf-3424-4dfc-a82b-c8bedfd81341","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 27, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":644,"width":837,"height":10}},{"id":"af3da6a0-e53c-4092-8426-c51b91f9ae30","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":80,"y":655,"width":771,"height":9}},{"id":"afdc9bab-4e6f-4ceb-a4ee-a8b051478dfb","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.43%","page_number":3,"box":{"x":81,"y":665,"width":844,"height":9}},{"id":"4cba73b8-55b0-4967-a6b2-10fb3fd460ff","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":3,"box":{"x":81,"y":675,"width":851,"height":10}},{"id":"56ed34e1-b826-432d-84e4-00cd452f3afd","block_type":"box","text":"interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":686,"width":658,"height":9}},{"id":"e76bc1dc-cbc7-4ef0-8ecf-e868c4702396","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":704,"width":74,"height":12}},{"id":"56d27c25-796c-40ab-80d8-5fc15c5ae2aa","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":720,"width":830,"height":11}},{"id":"f16c34f3-90a7-4211-9142-0e0cf2d574f0","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":734,"width":832,"height":12}},{"id":"07090806-7f2a-44e4-b25c-193978fff128","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":749,"width":832,"height":12}},{"id":"05b56abe-cb29-4926-9f09-fba51679f7e8","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":765,"width":859,"height":11}},{"id":"6d64ee6c-2df2-40e8-a7d8-a3749086452d","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":779,"width":436,"height":12}},{"id":"b0da0082-3946-40d3-9964-caeb66155e9b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":808,"width":292,"height":8}},{"id":"1b9f8649-0ff4-4f44-9951-05f9eb427f38","block_type":"box","text":"Class K Shares $44 $155 $277 $633","page_number":3,"box":{"x":69,"y":825,"width":843,"height":10}},{"id":"3be63a80-6a35-4aaa-8a4b-f13a3fa8f8ab","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":851,"width":151,"height":10}},{"id":"b66bfdd7-e2fb-458e-9cfb-2d27a30b0144","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":867,"width":800,"height":11}},{"id":"89c5bc44-ef96-457b-8a31-cc4414174b0c","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":882,"width":850,"height":11}},{"id":"c654c406-2a73-490a-a2fc-3c0741944498","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":896,"width":870,"height":12}},{"id":"6051a38c-7d27-4e74-98c3-cd9dced440ed","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"e301e456-243d-44f3-ac26-63f6e7db1e47","block_type":"box","text":"NM0926U-5977649-3/40","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ed883638-592a-41a1-ba5c-33ba2e82f106","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":46,"width":839,"height":11}},{"id":"06fd51b2-7353-41c5-b218-254006ff7b96","block_type":"box","text":"106% of the average value of its portfolio.","page_number":4,"box":{"x":62,"y":60,"width":307,"height":12}},{"id":"ce54b7f9-00cd-413d-a727-4893e79803f7","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":99,"width":394,"height":14}},{"id":"3ff5f033-228c-4cd0-8794-5dc1e0531498","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":4,"box":{"x":62,"y":126,"width":798,"height":11}},{"id":"cb97f60e-758f-42dd-bd61-e9dae19525ae","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that have similar economic","page_number":4,"box":{"x":61,"y":140,"width":798,"height":12}},{"id":"418b0dae-fce3-4fd4-915d-65574b7470f8","block_type":"box","text":"characteristics to such securities. Investments in derivatives are counted toward the Fund’s 80% policy to the extent","page_number":4,"box":{"x":61,"y":155,"width":856,"height":12}},{"id":"f1eba9d8-40e3-4d78-b329-0d03e6c528a4","block_type":"box","text":"that they provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":4,"box":{"x":60,"y":170,"width":876,"height":11}},{"id":"4a12904c-5ccb-4316-81c6-c4ac98499eeb","block_type":"box","text":"associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity","page_number":4,"box":{"x":61,"y":185,"width":801,"height":11}},{"id":"3798a4c1-407a-40dd-83cb-9efe7ac84065","block_type":"box","text":"securities that at the time of purchase have a market capitalization within the range of companies included in the","page_number":4,"box":{"x":61,"y":200,"width":832,"height":11}},{"id":"ab839267-cd43-4e16-8e58-97163eac350b","block_type":"box","text":"Russell 1000 Index (the “Russell 1000 Index”). The Fund primarily intends to invest in equity securities, which include","page_number":4,"box":{"x":62,"y":215,"width":867,"height":11}},{"id":"5a22dd1e-7dd8-42dc-b262-047d5b310f2a","block_type":"box","text":"common stock and preferred stock or other financial instruments that are components of, or have characteristics","page_number":4,"box":{"x":61,"y":229,"width":832,"height":12}},{"id":"2ae44245-cb92-4043-bdd2-633d20827143","block_type":"box","text":"similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalization-weighted index","page_number":4,"box":{"x":61,"y":244,"width":871,"height":12}},{"id":"4985c870-c14d-4123-8da2-a25420d596fa","block_type":"box","text":"from a broad range of industries chosen for market size, liquidity and industry group representation. The Fund primarily","page_number":4,"box":{"x":60,"y":259,"width":875,"height":12}},{"id":"e583761b-c5b3-4ce3-9352-814e2754cc56","block_type":"box","text":"seeks to buy common stock and may also invest in preferred stock. From time to time, the Fund may invest in shares","page_number":4,"box":{"x":61,"y":274,"width":864,"height":11}},{"id":"0d32e164-faa7-4e44-aaf7-d4e9a46ee780","block_type":"box","text":"of companies through “new issues” or initial public offerings (“IPOs”). The Fund may also purchase convertible","page_number":4,"box":{"x":61,"y":289,"width":815,"height":11}},{"id":"27ace2de-4234-4e78-98b6-235945bde283","block_type":"box","text":"securities. The Fund may use derivatives, including options, futures, swaps, (including, but not limited to, total return","page_number":4,"box":{"x":61,"y":303,"width":858,"height":12}},{"id":"16935e54-d030-4710-a536-d49082193019","block_type":"box","text":"swaps, some of which may be referred to as contracts for difference) and forward contracts, both to seek to increase","page_number":4,"box":{"x":61,"y":318,"width":864,"height":12}},{"id":"9941e71e-a0e4-4731-a376-9543bb1bdaea","block_type":"box","text":"the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency","page_number":4,"box":{"x":60,"y":333,"width":815,"height":12}},{"id":"962f01c4-121a-4061-b59c-4ac34de5383f","block_type":"box","text":"exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of","page_number":4,"box":{"x":61,"y":348,"width":864,"height":12}},{"id":"23085559-e860-4220-a775-c1f2d5486c8d","block_type":"box","text":"the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are","page_number":4,"box":{"x":60,"y":363,"width":876,"height":11}},{"id":"cd959e12-8f37-458d-b6a6-e0fd6bb0b8d5","block_type":"box","text":"financial instruments whose value is derived from another security, a currency or an index, including but not limited to","page_number":4,"box":{"x":60,"y":378,"width":865,"height":11}},{"id":"993d53f0-a8f7-40ce-91ef-5afe2174eb2c","block_type":"box","text":"the Russell 1000 Index. The use of options, futures, swaps and forward contracts can be effective in protecting or","page_number":4,"box":{"x":60,"y":392,"width":843,"height":12}},{"id":"2c65d6c2-724f-4636-a04e-b4b36f0cac21","block_type":"box","text":"enhancing the value of the Fund’s assets.","page_number":4,"box":{"x":61,"y":407,"width":306,"height":12}},{"id":"0f035d01-8287-400d-ad99-1116e65dafc5","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":4,"box":{"x":60,"y":430,"width":863,"height":11}},{"id":"0294f8da-491c-4972-a7ed-50178b4c856d","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as ETFs that invest","page_number":4,"box":{"x":60,"y":445,"width":828,"height":11}},{"id":"a29bf3bc-1e15-4c7b-8b6a-8ad1a2a26fb8","block_type":"box","text":"exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":4,"box":{"x":61,"y":460,"width":781,"height":11}},{"id":"01e2fb62-1d64-492b-9bdc-034b833bae4b","block_type":"box","text":"commodities.","page_number":4,"box":{"x":61,"y":475,"width":97,"height":9}},{"id":"8dc63205-ee16-4381-ad81-b23cd3de35ec","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap securities in a disciplined manner, by using","page_number":4,"box":{"x":60,"y":497,"width":875,"height":11}},{"id":"abf76c55-172c-4642-8e2a-951ba64b6ced","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":4,"box":{"x":62,"y":512,"width":826,"height":11}},{"id":"33009ba6-3ed0-42a4-97af-87a198153cf6","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":4,"box":{"x":62,"y":526,"width":874,"height":12}},{"id":"d7d71c25-19db-47df-adf6-bdf28af98796","block_type":"box","text":"equities while seeking to control incremental risk.","page_number":4,"box":{"x":61,"y":542,"width":363,"height":11}},{"id":"fb7cf6db-a616-43a5-b8b7-ea271cb9a419","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":580,"width":354,"height":14}},{"id":"12dfdf39-de08-40b2-8acf-320544763d48","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":606,"width":860,"height":12}},{"id":"9fea67b5-fff5-4aae-8ed7-85f5bce53467","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":4,"box":{"x":61,"y":621,"width":802,"height":12}},{"id":"3175afb6-0a91-46f3-a305-51f42bfa10e4","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":4,"box":{"x":62,"y":636,"width":866,"height":11}},{"id":"b7c67e9c-84f5-4643-aebb-02adeb598f57","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":651,"width":869,"height":11}},{"id":"9984acbc-cd4d-48c8-8446-21218901c29f","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":666,"width":864,"height":11}},{"id":"d7642abe-e695-4e78-9c41-633d9c403be9","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":681,"width":793,"height":11}},{"id":"45ef8dc7-cb59-4b80-a993-dcf6a324abd2","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":701,"width":166,"height":11}},{"id":"9fbc802f-1d68-4580-b9fb-9c78304ef544","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":701,"width":685,"height":11}},{"id":"e0f45ec8-ebd1-442e-b208-ebad2ecc53c9","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":715,"width":550,"height":12}},{"id":"b25650bb-cc2f-49d2-8699-ec7eace56f60","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":735,"width":166,"height":12}},{"id":"151fd9ac-913d-44ab-88f5-932e50cf42cb","block_type":"box","text":"—","page_number":4,"box":{"x":252,"y":741,"width":17,"height":1}},{"id":"482f873b-99fe-49c3-8ea7-47125046fb84","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":4,"box":{"x":274,"y":735,"width":637,"height":12}},{"id":"f6ddd025-b8e1-42bb-8617-694571eb55fa","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":4,"box":{"x":82,"y":750,"width":804,"height":12}},{"id":"9ab1732f-30c3-4a4a-9277-d612cf877dbb","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":4,"box":{"x":82,"y":765,"width":823,"height":12}},{"id":"fd00857c-6c1b-47bf-8d90-a96a9b38d92b","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":4,"box":{"x":81,"y":780,"width":842,"height":11}},{"id":"2deceaf7-6a49-4998-9e44-ee40082334f2","block_type":"box","text":"styles.","page_number":4,"box":{"x":81,"y":795,"width":46,"height":11}},{"id":"9feb3ba3-ba44-4ea7-abbc-ebb722dc5fc2","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":815,"width":85,"height":9}},{"id":"9a90832e-0690-4feb-ba20-c1c7e7d64466","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":4,"box":{"x":170,"y":815,"width":722,"height":11}},{"id":"2512197d-d942-4827-9d9b-96fb5724b66d","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":4,"box":{"x":81,"y":829,"width":840,"height":12}},{"id":"811a7f89-f449-45c7-862d-8d84a5d63028","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":4,"box":{"x":80,"y":844,"width":807,"height":12}},{"id":"d225a57a-593d-4031-92a7-cd81b37dd2a5","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":4,"box":{"x":82,"y":859,"width":842,"height":12}},{"id":"a0f1b56e-2b2e-4676-a32f-ddc00a56b489","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":4,"box":{"x":82,"y":874,"width":841,"height":11}},{"id":"a79213c2-29b7-4f41-83bb-b1788571bd47","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":4,"box":{"x":81,"y":889,"width":777,"height":11}},{"id":"ecd3a09d-cf31-449b-b28f-99e72d855f0f","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"76655317-4875-4c4e-9e97-a9ace5b9c7f0","block_type":"box","text":"NM0926U-5977649-4/40","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"496e6d7f-1258-4a94-8fd2-a6c2c1244cc7","block_type":"box","text":"The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may","page_number":5,"box":{"x":81,"y":46,"width":837,"height":11}},{"id":"a1175f30-7cf2-42b4-a021-ddb22dfe8452","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":5,"box":{"x":82,"y":60,"width":819,"height":12}},{"id":"194ab730-8d02-4670-a330-00f8c200bffd","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":5,"box":{"x":80,"y":75,"width":843,"height":12}},{"id":"c175c1bc-6420-4229-90c5-29c617b211ed","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":5,"box":{"x":81,"y":90,"width":834,"height":12}},{"id":"e23db0b0-1244-463d-b849-894b8536a668","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":105,"width":176,"height":11}},{"id":"1f0cfd58-cd88-4839-9e19-85aaeba5dbf6","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":125,"width":283,"height":11}},{"id":"8e6417cb-7431-4fe2-b603-6cc083e05999","block_type":"box","text":"—","page_number":5,"box":{"x":369,"y":130,"width":17,"height":1}},{"id":"0ab7a873-ef35-465d-985f-d8fb362c68e5","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":5,"box":{"x":391,"y":125,"width":518,"height":11}},{"id":"77f1638a-3fcd-4be8-af9b-c2a99d55795d","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":5,"box":{"x":80,"y":140,"width":847,"height":11}},{"id":"48d0b582-6df9-416e-bec7-1b46d8aa17ec","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":157,"width":70,"height":9}},{"id":"627b6a7d-6f6b-4506-9f91-b9c4cd68e934","block_type":"box","text":"Commodities Related Investments Risk","page_number":5,"box":{"x":81,"y":175,"width":298,"height":9}},{"id":"ba01c6dc-31ca-4b25-ab08-06bc07b0b89d","block_type":"box","text":"—","page_number":5,"box":{"x":384,"y":180,"width":17,"height":1}},{"id":"84bff600-418f-47aa-a69a-1a0654cf6ac3","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":5,"box":{"x":406,"y":175,"width":517,"height":11}},{"id":"bb229bfc-45ac-4b49-aed4-7263a98d943a","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":5,"box":{"x":80,"y":189,"width":824,"height":12}},{"id":"3b37a68e-7ace-4334-9af6-85fff7a444bc","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":5,"box":{"x":81,"y":204,"width":849,"height":12}},{"id":"21a88ad3-dab4-46c3-8fc7-881fdbb3e1f6","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":5,"box":{"x":81,"y":219,"width":804,"height":12}},{"id":"11055355-5bda-4a85-856a-19d709a7bb55","block_type":"box","text":"international economic, political and regulatory developments.","page_number":5,"box":{"x":82,"y":234,"width":455,"height":11}},{"id":"6d28fad1-acfd-401e-9b6a-d0c401b72fc0","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":254,"width":206,"height":9}},{"id":"0e1250d3-f4c5-475f-a9ef-edf0e82da08a","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":254,"width":593,"height":11}},{"id":"27b7eed8-35db-493c-aa37-d7e0874e469f","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":5,"box":{"x":81,"y":269,"width":853,"height":11}},{"id":"0a328449-ff36-40f4-bb8a-f79b60e81011","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":284,"width":855,"height":11}},{"id":"b8091b5a-a5f1-4a7e-9acc-53255e1c09e7","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":298,"width":816,"height":12}},{"id":"062499e3-4486-487c-8571-69fc5ebbfad6","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":313,"width":796,"height":12}},{"id":"80d1e13d-054d-47e0-b170-87d7dc296783","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":328,"width":812,"height":11}},{"id":"10329b9e-ef11-407d-9787-287ba215d918","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":5,"box":{"x":82,"y":343,"width":809,"height":11}},{"id":"73b1fe6e-f9f6-4c99-9234-91675e9cc284","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":363,"width":123,"height":9}},{"id":"7ae3574d-0dff-45dd-b661-c4b6f4d59acb","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":363,"width":664,"height":11}},{"id":"7fb4d86f-306e-462c-a9ba-12b10a498197","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":378,"width":469,"height":11}},{"id":"7b09ccfb-a5bc-4056-b5fb-6d367c39f658","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":398,"width":102,"height":11}},{"id":"041ce00b-7638-45d3-abf2-216368bd3dce","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":398,"width":723,"height":11}},{"id":"f0a60723-b254-40a9-aad7-8c315577e0a9","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":412,"width":832,"height":12}},{"id":"c14ddf14-f017-4d87-9e1c-3ddfed1f7145","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":427,"width":280,"height":12}},{"id":"08fbf8ff-4f32-4c18-93a4-70c283592f9e","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":447,"width":87,"height":9}},{"id":"d5831392-ff2f-4fed-a0cf-d0e50ccfcfec","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":447,"width":728,"height":12}},{"id":"77634dcb-5da3-45a8-8d9a-5d8ca264be9c","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":462,"width":834,"height":11}},{"id":"539bcea6-b170-4d8f-b3f0-651bbdd6f7ef","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":477,"width":832,"height":11}},{"id":"43b9a3e3-700f-41ac-92ad-0694b924fd8a","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":492,"width":779,"height":11}},{"id":"36628c46-5f4b-48e4-94a0-17ef1ed690aa","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":507,"width":253,"height":11}},{"id":"a728a7ad-57da-4e1c-8add-e8d3569a612d","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":527,"width":131,"height":11}},{"id":"996e6368-59c9-4529-9821-a910ab8c5744","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":5,"box":{"x":217,"y":527,"width":697,"height":11}},{"id":"7a527ce0-f286-4f63-bea0-968e252caa7b","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":541,"width":855,"height":12}},{"id":"54509bc9-9deb-4d3a-aa41-7a414c748b13","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":556,"width":240,"height":12}},{"id":"4ae3a8ab-678f-4398-9e88-c84514a5117d","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":576,"width":100,"height":12}},{"id":"2c503ef4-8f4c-4e50-9f4d-61217266b99c","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":576,"width":750,"height":12}},{"id":"3d5fc79b-21e1-4a94-aaff-bf6f347e6385","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":591,"width":839,"height":11}},{"id":"dce42c89-dc07-47c9-aea4-651721aee439","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":606,"width":293,"height":11}},{"id":"c450cfe6-5178-403e-8b90-663ece3ac7f7","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":626,"width":120,"height":11}},{"id":"982b56a7-96d6-4919-bbe1-a8714f0bad70","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":626,"width":727,"height":11}},{"id":"2081a53c-b7c5-4f13-990f-5c6aaceb9df3","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":641,"width":607,"height":11}},{"id":"a25081da-aaba-4da6-8fa5-eee687c6af85","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":661,"width":75,"height":11}},{"id":"f30b9b69-aa2e-436f-bcfe-10d0ef1823fe","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":5,"box":{"x":161,"y":661,"width":761,"height":11}},{"id":"3ffbc847-f025-4e67-8d94-16a49dd0f25d","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":675,"width":198,"height":12}},{"id":"6a5e5b6c-2d31-41f9-9848-e1dc8ad9a763","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":696,"width":214,"height":11}},{"id":"4d931e87-0a95-4340-ad2a-f8b9abac8920","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":695,"width":590,"height":12}},{"id":"9bc0f180-5f9e-429e-aed1-0d9d5000e816","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":710,"width":775,"height":12}},{"id":"d612922b-3387-4d9f-a3d0-16af6a268cbb","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":725,"width":589,"height":11}},{"id":"d3a5d5c4-fe4a-4150-bb77-133f437dd055","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":745,"width":102,"height":9}},{"id":"4a33df31-fa3d-418e-be95-28569baaa1d8","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":745,"width":747,"height":11}},{"id":"e61a6bad-27c0-4c2e-816b-ebad60baaa0d","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":760,"width":783,"height":11}},{"id":"81555ae7-f869-4a86-86dc-71f8e1a84c44","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":775,"width":273,"height":11}},{"id":"82354466-36f5-4a70-8b4c-0fc823c9c67c","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":795,"width":95,"height":11}},{"id":"575e941e-75e9-4e16-b6f9-07f8f3a9057f","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":795,"width":728,"height":11}},{"id":"3925c9ca-6658-4426-b9bb-46b3e21fc0e4","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":809,"width":839,"height":12}},{"id":"6cfc97eb-3718-436d-a9d2-bd9056d653d1","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":5,"box":{"x":82,"y":825,"width":354,"height":11}},{"id":"ff922a30-ee38-4f86-8194-b48dc0774943","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":845,"width":59,"height":8}},{"id":"97941c99-e5aa-4efe-94ca-ee69f60e7a84","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":844,"width":719,"height":12}},{"id":"f5b72066-3780-4d7b-9911-46702123d52b","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":859,"width":801,"height":12}},{"id":"67e50bbe-433c-4b7a-95b3-248c9079c279","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":874,"width":802,"height":11}},{"id":"cef26530-896f-43cb-bc8c-58d75d6a3ea2","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":889,"width":830,"height":11}},{"id":"3e6d1a6c-6cad-4a4e-8ef5-c4649530f28b","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":904,"width":215,"height":9}},{"id":"f617dd9c-5d85-4e30-bcdc-22bb635574ad","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"b1b9367f-11a1-4bd8-a539-16c8b7379213","block_type":"box","text":"NM0926U-5977649-5/40","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"59731e6d-030f-41ae-aab0-6c2296846170","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":46,"width":212,"height":11}},{"id":"37b59c25-838d-4655-ab19-54c0e4463e59","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":6,"box":{"x":297,"y":46,"width":629,"height":11}},{"id":"36ecf548-1d9b-479a-b5c2-587fdc68c46f","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":6,"box":{"x":82,"y":60,"width":812,"height":12}},{"id":"201a2846-5015-4180-aa0d-6941fca804c4","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":75,"width":817,"height":12}},{"id":"d1a7b0b1-1fdd-4241-906c-2bbadb0bac8d","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":90,"width":760,"height":12}},{"id":"81744e6d-df76-4b43-9af8-d9654ad62eb2","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":6,"box":{"x":81,"y":105,"width":852,"height":12}},{"id":"19bd83b9-1855-4084-97fe-edf353e05323","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":6,"box":{"x":81,"y":120,"width":589,"height":11}},{"id":"ab5995d7-b1e9-4c9f-9040-5d284ebb7de0","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":140,"width":276,"height":11}},{"id":"67910db1-f6b4-45df-bfae-461c361b062b","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":140,"width":573,"height":11}},{"id":"8f0d2dbe-ceb4-4c09-be1f-bd0b36150695","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"4e8a295c-6eb2-4631-b1ae-811ba54493c7","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":170,"width":839,"height":11}},{"id":"12ce6351-d0c0-4509-aa93-e0be14b01328","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":6,"box":{"x":82,"y":184,"width":851,"height":12}},{"id":"92b1412b-2f6e-4f36-b07a-ecaf9048b38f","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":204,"width":107,"height":12}},{"id":"250f8beb-f7be-4ba3-b164-cb6cb4dca989","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":204,"width":741,"height":12}},{"id":"b10e48d9-d76a-46bf-a3ae-97f64a487709","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":219,"width":853,"height":12}},{"id":"45198c13-cd19-4df6-85a5-7fc968faf6b4","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":234,"width":856,"height":11}},{"id":"cf2e40e8-9715-43af-9194-7979265c9afa","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":6,"box":{"x":80,"y":249,"width":796,"height":11}},{"id":"f7d91be6-a365-4d71-91f3-4d9d02989acc","block_type":"box","text":"Company Act”) and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":6,"box":{"x":81,"y":263,"width":800,"height":12}},{"id":"b56c1ef5-a9fe-4127-ac94-5920298f4053","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":6,"box":{"x":82,"y":278,"width":293,"height":12}},{"id":"602e17ab-0a7b-48d3-b03d-1add05c1d16d","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":298,"width":240,"height":10}},{"id":"2250c5c9-28f3-46ec-83e7-d6802c782beb","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":299,"width":593,"height":9}},{"id":"9e2ef3d1-538b-457b-b157-d6a2b00d01bd","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":313,"width":851,"height":12}},{"id":"d8393862-f599-4f65-81fd-7ef97d8526d6","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":6,"box":{"x":82,"y":328,"width":824,"height":11}},{"id":"34af6140-28cb-43e0-9728-4eec0c5b9f8f","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":343,"width":851,"height":11}},{"id":"4cae9780-218b-47c6-b68c-319a64347981","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":358,"width":802,"height":11}},{"id":"637e9e35-f798-4aae-aa83-eb3250bce92d","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":6,"box":{"x":81,"y":372,"width":849,"height":12}},{"id":"490d500f-d86d-4987-a182-1ecef3af26ea","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":388,"width":843,"height":11}},{"id":"45a00b88-e7b6-4847-911e-4d36b3c4cc3a","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":6,"box":{"x":81,"y":402,"width":830,"height":12}},{"id":"dbbe53cd-aa6b-429b-9fc8-7adfcdba0a3c","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":417,"width":840,"height":11}},{"id":"edccde3e-7607-48ba-be21-a4524a3af4c5","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":432,"width":789,"height":11}},{"id":"1c015fcf-5cd1-4d26-aada-5be03a5c3426","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":447,"width":823,"height":11}},{"id":"77c60bf8-540d-4335-9b5e-765be3a73f91","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":461,"width":784,"height":12}},{"id":"c486a50c-c289-414d-9490-c1a206f22d1b","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":476,"width":844,"height":11}},{"id":"adb6c3c7-71d2-44fa-ad30-f44bb5d857f0","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":6,"box":{"x":81,"y":491,"width":855,"height":12}},{"id":"70e0b19a-f196-406b-bdf8-04ecdc65f9e2","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":81,"y":506,"width":376,"height":11}},{"id":"60aafa4d-7df8-4c1b-b416-2057b6a36a7e","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":526,"width":818,"height":11}},{"id":"707e615a-4cf5-47c8-a9d5-a560b16b39d0","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":6,"box":{"x":80,"y":541,"width":819,"height":11}},{"id":"97b7c68a-2eff-42cc-855a-236585bfe5e2","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":6,"box":{"x":81,"y":555,"width":819,"height":12}},{"id":"71d912d9-f668-4242-9040-28b3df8ffcd9","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":570,"width":846,"height":12}},{"id":"90a1d2c3-951d-4022-8134-58c9bac06783","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":585,"width":848,"height":12}},{"id":"79fae8e0-061e-430c-b69b-80644a8006fe","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":600,"width":125,"height":9}},{"id":"f5b10e43-7158-47ab-998d-612b29b72587","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":620,"width":139,"height":9}},{"id":"b1dded22-e915-47f0-bea7-db30967ec2de","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":625,"width":17,"height":1}},{"id":"505e6285-3acb-4a0e-8c3d-fff886738343","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":620,"width":681,"height":12}},{"id":"b50927de-21cf-443b-a3c1-978c4dbabe9f","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":635,"width":843,"height":11}},{"id":"6e2b2862-c36a-43d9-b33b-6ed902b2e79a","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":6,"box":{"x":81,"y":650,"width":517,"height":11}},{"id":"bdba79c7-ee61-4fcb-94c9-6e34e84356ec","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":670,"width":254,"height":11}},{"id":"496ffc45-8825-4410-a51d-813f900faef6","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":670,"width":578,"height":11}},{"id":"965e0431-3a4d-4cfd-82e6-490db457d497","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":684,"width":779,"height":12}},{"id":"ffc42a51-f277-4ae7-a7e4-9b51680637e6","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":6,"box":{"x":81,"y":699,"width":811,"height":12}},{"id":"d8fe8476-f506-49d3-b5d8-844ccac5c45e","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":6,"box":{"x":82,"y":714,"width":806,"height":11}},{"id":"949a5f9e-b6a6-4b37-8d57-58d449ec845b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":6,"box":{"x":82,"y":729,"width":853,"height":11}},{"id":"07e36656-a225-40f8-ac49-2512269250b2","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":6,"box":{"x":82,"y":744,"width":841,"height":11}},{"id":"35f860cf-7780-4646-9430-53cb20548c7c","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":6,"box":{"x":81,"y":759,"width":808,"height":11}},{"id":"fd783c6e-2cef-4388-94fe-0b6b190e3467","block_type":"box","text":"issuers to lose value.","page_number":6,"box":{"x":82,"y":774,"width":155,"height":9}},{"id":"1a32df48-3803-473a-b9d5-ee87a063e035","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":793,"width":189,"height":10}},{"id":"1eb86d22-5822-473b-a0dc-5d9c1a512897","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":793,"width":636,"height":12}},{"id":"e9a06fb6-e509-42e4-ab15-3e22669820a0","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":808,"width":824,"height":12}},{"id":"07c44629-6d12-4314-8b37-78109f118119","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":823,"width":806,"height":12}},{"id":"41e3b3ca-0245-435c-946f-adaae26ee3b9","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":6,"box":{"x":81,"y":838,"width":842,"height":11}},{"id":"fe7d25ea-29bf-46a7-8189-96cb27740ac7","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":6,"box":{"x":81,"y":853,"width":781,"height":11}},{"id":"d39eb043-421e-471f-af71-1f4c3117e197","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":6,"box":{"x":81,"y":867,"width":812,"height":12}},{"id":"16f3842c-6c68-4f55-abb8-a0d57d947afc","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":883,"width":129,"height":11}},{"id":"05c0f308-15e8-4674-9b6d-668a288d419a","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"3abcf504-947b-4326-a076-9de88341977b","block_type":"box","text":"NM0926U-5977649-6/40","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c1a25e3e-bcd3-436c-8837-0f08ab73795b","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":46,"width":224,"height":11}},{"id":"c040d5ce-0216-420b-b5f1-588a9e0f9d30","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. Performance for","page_number":7,"box":{"x":62,"y":73,"width":867,"height":11}},{"id":"85bc22c9-9fe3-40b7-92b2-6214c8b375e4","block_type":"box","text":"the periods prior to June 12, 2017 shown below is based on the investment process and investment strategies utilized","page_number":7,"box":{"x":60,"y":88,"width":876,"height":11}},{"id":"c45a7cbf-20f2-4647-9556-21a4a9c691f2","block_type":"box","text":"by the Fund at that time under the name “BlackRock Large Cap Core Fund.”","page_number":7,"box":{"x":61,"y":102,"width":555,"height":12}},{"id":"3ce5badf-8c52-4dde-be72-0f645aef295c","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":125,"width":855,"height":11}},{"id":"6b73468a-958c-4101-8d62-8e70da957dc3","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":7,"box":{"x":61,"y":140,"width":852,"height":11}},{"id":"f56bab05-5223-4202-830a-f69a1814cb63","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":7,"box":{"x":61,"y":155,"width":866,"height":11}},{"id":"2d886572-5635-4dda-99bc-ad8f88ad0340","block_type":"box","text":"offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares","page_number":7,"box":{"x":61,"y":169,"width":853,"height":12}},{"id":"25e538d8-8ebd-4657-bd2b-37d433cf1a8e","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance","page_number":7,"box":{"x":61,"y":184,"width":842,"height":11}},{"id":"45f8cc0e-9ef8-42db-af75-024e98cd82d7","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":7,"box":{"x":60,"y":199,"width":820,"height":11}},{"id":"e8a8bba5-f5ef-41ff-a6e1-1182929f1759","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":7,"box":{"x":61,"y":214,"width":873,"height":11}},{"id":"12e81892-f953-492f-8d72-ba0869e10825","block_type":"box","text":"lower expenses than the Institutional Shares. The table compares the Fund’s performance to that of the Russell 1000","page_number":7,"box":{"x":62,"y":229,"width":870,"height":11}},{"id":"c3d38a56-0641-4608-b6ab-cd0fe9d122b9","block_type":"box","text":"Index. To the extent that dividends and distributions have been paid by the Fund, the performance information for the","page_number":7,"box":{"x":62,"y":244,"width":860,"height":11}},{"id":"28718756-8c84-4d8a-b53f-9d19903d661b","block_type":"box","text":"Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":7,"box":{"x":62,"y":258,"width":844,"height":11}},{"id":"0f8ef27d-fea1-494a-8f66-1de5b4f8de1d","block_type":"box","text":"past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees.","page_number":7,"box":{"x":62,"y":273,"width":863,"height":11}},{"id":"d2b54826-fdb9-46b5-8c4f-c32ead548cc3","block_type":"box","text":"If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s","page_number":7,"box":{"x":62,"y":288,"width":852,"height":12}},{"id":"b173e499-49e5-496a-be1d-cccfd3fd43f0","block_type":"box","text":"returns would have been lower. Updated information on the Fund’s performance, including its current net asset value,","page_number":7,"box":{"x":61,"y":303,"width":865,"height":11}},{"id":"05a3001c-765f-4d53-9dd1-4c5adf7137e9","block_type":"box","text":"can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":7,"box":{"x":61,"y":318,"width":705,"height":11}},{"id":"5c1e306d-905c-4a5a-bf68-4e1fc62accd8","block_type":"box","text":"Class K Shares","page_number":7,"box":{"x":437,"y":341,"width":124,"height":10}},{"id":"54df80f0-df04-4ace-9aa6-de4e680ccf53","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":357,"width":212,"height":10}},{"id":"f2df41b3-6990-4d1b-8681-2529cc19fffe","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":7,"box":{"x":319,"y":373,"width":360,"height":12}},{"id":"a31e752b-f96d-4fe0-b516-3dca64470943","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":389,"width":103,"height":12}},{"id":"393c4d03-2cdb-4cce-a54b-b9591bd22d75","block_type":"box","text":"10.29%","page_number":7,"box":{"x":292,"y":471,"width":44,"height":7}},{"id":"88da1977-2bbf-4c8c-8ebf-43d608c0dd5a","block_type":"box","text":"22.10%","page_number":7,"box":{"x":339,"y":444,"width":45,"height":8}},{"id":"30bc3ea4-7126-45ca-8425-6c37d1901298","block_type":"box","text":"-5.36%","page_number":7,"box":{"x":389,"y":520,"width":41,"height":8}},{"id":"186fe4c8-fcbe-4361-880a-8eeea2edd96c","block_type":"box","text":"29.21%","page_number":7,"box":{"x":436,"y":429,"width":45,"height":7}},{"id":"a0f2c2e8-34b9-4e54-b33e-a840cfc17127","block_type":"box","text":"19.92%","page_number":7,"box":{"x":484,"y":449,"width":45,"height":7}},{"id":"8b6b0484-87fc-4806-a8bd-10b341b80b66","block_type":"box","text":"28.66%","page_number":7,"box":{"x":532,"y":430,"width":45,"height":7}},{"id":"6d007806-5bb3-4053-842c-0469cb370d7b","block_type":"box","text":"-20.06%","page_number":7,"box":{"x":578,"y":553,"width":49,"height":7}},{"id":"808aa1f7-3ef3-44e0-8c08-414feec16583","block_type":"box","text":"25.68%","page_number":7,"box":{"x":629,"y":436,"width":44,"height":8}},{"id":"1aa0396d-5e66-43fb-8149-2cc45a125257","block_type":"box","text":"25.72%","page_number":7,"box":{"x":677,"y":436,"width":44,"height":8}},{"id":"10002b2e-ddf5-4f6a-a4cb-d7056fd75df7","block_type":"box","text":"20.38%","page_number":7,"box":{"x":725,"y":448,"width":45,"height":7}},{"id":"9c6d678a-690f-41cb-bf61-6b6f4d9e6412","block_type":"box","text":"-30%","page_number":7,"box":{"x":237,"y":568,"width":28,"height":7}},{"id":"6a44118e-2ae1-4f0d-9335-18e5ad672597","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":545,"width":28,"height":8}},{"id":"696688be-f64b-4a37-8fd4-23f4985a9ec9","block_type":"box","text":"-10%","page_number":7,"box":{"x":237,"y":523,"width":28,"height":8}},{"id":"bad25348-6e61-4af3-8fba-c807dab0ae48","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":501,"width":17,"height":7}},{"id":"17b2d0fc-58cf-40e4-9a77-cbb24cf5473b","block_type":"box","text":"10%","page_number":7,"box":{"x":241,"y":479,"width":24,"height":7}},{"id":"638eea70-188f-485d-8c60-efc1144b83d4","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":457,"width":25,"height":7}},{"id":"83e16267-9d51-4967-87e9-fbc7031974d4","block_type":"box","text":"30%","page_number":7,"box":{"x":240,"y":434,"width":25,"height":8}},{"id":"83a96750-fbca-4d1f-9f9a-bb1841600a0f","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":412,"width":25,"height":7}},{"id":"1c8ce08e-e2f5-40ee-8522-8de9b6077d8e","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":577,"width":465,"height":8}},{"id":"c9bd0ad6-a0fd-468c-9987-4e0400aebd9c","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 21.84% (quarter ended","page_number":7,"box":{"x":62,"y":598,"width":806,"height":12}},{"id":"ab6ee340-1aee-4b64-b93a-5465634170b4","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -19.51% (quarter ended March 31, 2020). The year-to-date","page_number":7,"box":{"x":61,"y":613,"width":845,"height":11}},{"id":"2d73dd13-032e-4050-954d-ce256a0e8edc","block_type":"box","text":"return as of June 30, 2026 was 13.17%.","page_number":7,"box":{"x":61,"y":628,"width":299,"height":10}},{"id":"32897da3-245e-414a-b776-31071a4af495","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":656,"width":223,"height":10}},{"id":"300551e8-3024-4940-aa9b-0e5e787cad57","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":668,"width":854,"height":10}},{"id":"44c16d29-dc36-4908-ad6a-8b857e6ed04b","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund — Class K Shares","page_number":7,"box":{"x":70,"y":686,"width":409,"height":10}},{"id":"5672a142-3dad-4068-ae80-8fae3d52c2fe","block_type":"box","text":"Return Before Taxes 20.38% 14.36% 14.47%","page_number":7,"box":{"x":85,"y":699,"width":840,"height":8}},{"id":"ab700606-4df1-4ddb-8e52-cca29314440b","block_type":"box","text":"Return After Taxes on Distributions 17.50% 11.34% 11.41%","page_number":7,"box":{"x":85,"y":712,"width":840,"height":8}},{"id":"a5ddbe5d-0f4a-44b1-9a29-3925b6639a56","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 13.21% 10.47% 10.77%","page_number":7,"box":{"x":85,"y":725,"width":840,"height":8}},{"id":"167bebd6-654b-4715-a817-3412fd360518","block_type":"box","text":"Russell 1000 Index","page_number":7,"box":{"x":70,"y":743,"width":128,"height":8}},{"id":"7d8829cb-e80d-4680-b34e-50dd15b59fdd","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":7,"box":{"x":69,"y":756,"width":856,"height":10}},{"id":"dc2c6666-3495-435d-bae4-ec6dc8bc08d1","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":7,"box":{"x":60,"y":788,"width":840,"height":12}},{"id":"00ec5522-e21a-40e8-92d1-290479157d0a","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":7,"box":{"x":61,"y":803,"width":835,"height":11}},{"id":"76caaa8f-bc6a-4c8f-95fa-4e1b1a9e8070","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":7,"box":{"x":61,"y":818,"width":851,"height":11}},{"id":"20970151-311e-48ba-a133-4e5d4d8ad3d3","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":7,"box":{"x":60,"y":833,"width":611,"height":11}},{"id":"911a8e20-0471-4603-adcf-55c31ab707a4","block_type":"box","text":"Investment Manager","page_number":7,"box":{"x":62,"y":872,"width":187,"height":13}},{"id":"e0b842f1-118b-46f2-9dbe-be6d53c2c08f","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":7,"box":{"x":60,"y":898,"width":709,"height":11}},{"id":"3cdbdeca-c235-4ac9-b516-eeaa7b633bec","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"abbb3925-a455-415d-8e68-d046cf9a67cb","block_type":"box","text":"NM0926U-5977649-7/40","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1035b8d1-97f4-4931-94b9-736c3af6234d","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"032a9a55-6fa2-4301-9900-10aa277fd45e","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"39ca6fbc-9ba9-450c-a1cb-baf9728a8cdf","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":340,"y":79,"width":121,"height":10}},{"id":"b54ce421-28aa-4546-b05b-4b180f6f1e1b","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":341,"y":90,"width":425,"height":9}},{"id":"747e287d-f370-4934-9647-2f51f6435b30","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":108,"width":825,"height":11}},{"id":"4f079573-b09f-4db9-81ee-23119899b4b1","block_type":"box","text":"Travis Cooke, CFA 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":126,"width":780,"height":11}},{"id":"e6d8a47f-b9b6-4148-a03d-f2f1e0dcd254","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":145,"width":779,"height":10}},{"id":"79699be8-2f70-429e-915c-0c9f91aee4e3","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":185,"width":309,"height":11}},{"id":"5ae86e4b-860c-4a7b-bc4b-261ce291e4e8","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":8,"box":{"x":61,"y":211,"width":859,"height":12}},{"id":"4ecf84d4-014d-4a15-ae5c-f81c7f74d9b6","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":226,"width":844,"height":12}},{"id":"6ec399a6-10bf-4d63-9ae4-d16d08f4f074","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":241,"width":791,"height":11}},{"id":"5aa06c94-570f-4120-bcdd-6be77aa0b793","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":8,"box":{"x":62,"y":256,"width":874,"height":11}},{"id":"cc9003c3-d613-4153-a0df-d0787b4eae43","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":8,"box":{"x":62,"y":271,"width":871,"height":11}},{"id":"e2d63e6c-92af-4844-960c-f8f858d2be5e","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":285,"width":870,"height":12}},{"id":"481fc982-7162-4248-997a-d92ac311634e","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":300,"width":863,"height":12}},{"id":"a68b451a-ef07-4746-94cd-ef07ae57f915","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":315,"width":832,"height":12}},{"id":"1bd438b4-1706-4262-af4d-827d49df880f","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":330,"width":815,"height":11}},{"id":"38fd278f-508e-4cfb-8393-7b3456a571e6","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":8,"box":{"x":61,"y":345,"width":816,"height":11}},{"id":"1f75dc00-827a-4bff-944f-df3fae4aa58d","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":360,"width":867,"height":11}},{"id":"4189ef94-d879-4a44-bf85-572bd1c93f4f","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":8,"box":{"x":62,"y":374,"width":868,"height":12}},{"id":"c38de59b-24d4-47b1-a30f-8c7c2b72a577","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":8,"box":{"x":61,"y":389,"width":874,"height":12}},{"id":"21dd07ef-5a47-4a18-bfaa-5b87abc0e5bf","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":8,"box":{"x":61,"y":404,"width":859,"height":12}},{"id":"bde58419-8443-4c67-8246-4b2d59037db0","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":8,"box":{"x":60,"y":419,"width":857,"height":11}},{"id":"d79aa78a-336d-4560-9434-65c87f9a13cb","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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If you are invested through such a plan (and","page_number":8,"box":{"x":62,"y":581,"width":842,"height":11}},{"id":"7564cbe9-1d4a-4954-a786-b0bbbbcb5c88","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":8,"box":{"x":62,"y":595,"width":850,"height":12}},{"id":"a5472c62-72d4-43e1-bfa4-54ae17ba8cc1","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":8,"box":{"x":60,"y":610,"width":833,"height":12}},{"id":"de604621-5551-4862-b664-2b031d563c12","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":8,"box":{"x":60,"y":625,"width":865,"height":12}},{"id":"76a2d453-aa6e-4531-a1bb-936c8d17b86f","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":8,"box":{"x":61,"y":640,"width":851,"height":12}},{"id":"1e20b449-8758-4e4c-a06a-54f502839950","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":8,"box":{"x":62,"y":655,"width":451,"height":11}},{"id":"5374107c-af12-457c-9c5a-64c84c663a57","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":8,"box":{"x":61,"y":694,"width":578,"height":13}},{"id":"5ce19fe8-22b6-4799-9017-65fd66cd800d","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":8,"box":{"x":62,"y":720,"width":848,"height":11}},{"id":"c6ba9df3-2fb0-4816-b94c-1f831c22efce","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":8,"box":{"x":62,"y":735,"width":868,"height":11}},{"id":"925aaee2-0e36-4700-80e7-d00bdd1ed803","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":8,"box":{"x":60,"y":757,"width":867,"height":12}},{"id":"993345b5-3a84-48f1-bee4-b1e7414260a7","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":8,"box":{"x":62,"y":772,"width":455,"height":11}},{"id":"6fc7a7f2-d623-4230-87ce-fe56f791d9bb","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":8,"box":{"x":61,"y":795,"width":849,"height":11}},{"id":"9aea0bef-4582-4c7d-b4bf-3e1c789de7d8","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":8,"box":{"x":62,"y":809,"width":857,"height":12}},{"id":"2258c8b2-6ce7-42e9-a022-2d9078dea392","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":8,"box":{"x":60,"y":824,"width":869,"height":12}},{"id":"69fec487-baa1-43e7-9a68-71df720d2f41","block_type":"box","text":"assets invested in Class K Shares.","page_number":8,"box":{"x":61,"y":839,"width":256,"height":9}},{"id":"a424fff2-7e2a-428b-afda-5b3d3be62d48","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":8,"box":{"x":60,"y":862,"width":790,"height":11}},{"id":"f39f289b-69ee-4304-b2f9-95181cf55dbe","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"fae41e3d-25c7-4a43-9fa0-2dba70daf4f2","block_type":"box","text":"NM0926U-5977649-8/40","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"34864386-ede6-40a6-99fe-9b06951682c6","block_type":"box","text":"Details About the Fund","page_number":9,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"7b222e5a-be5c-4774-b0a7-a2254b11f9c3","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":9,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"71b9dafc-65a2-42cd-b8f6-47139de629c6","block_type":"box","text":"shareholder features of BlackRock Advantage Large Cap Core Fund (the “Fund”), a series of BlackRock Large Cap","page_number":9,"box":{"x":61,"y":161,"width":835,"height":12}},{"id":"cd5c8013-440a-4291-b640-4d0bf210fa01","block_type":"box","text":"Series Funds, Inc. (the “Corporation”), and your rights as a shareholder.","page_number":9,"box":{"x":61,"y":176,"width":527,"height":11}},{"id":"96f71a82-4951-4ab9-952c-7f0cbc34551a","block_type":"box","text":"How the Fund Invests","page_number":9,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"e332eda6-1e04-4cc7-8e34-f3b7e88cae84","block_type":"box","text":"Investment Process","page_number":9,"box":{"x":61,"y":242,"width":163,"height":9}},{"id":"21b2c181-8be1-423a-ae12-3a4b3f5ab7b6","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap securities in a disciplined manner, by using","page_number":9,"box":{"x":60,"y":258,"width":875,"height":11}},{"id":"873d7a31-0954-4e35-a73a-777c0c8643de","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":9,"box":{"x":62,"y":273,"width":826,"height":11}},{"id":"d1e57bae-6d2a-4ba1-ba42-fbff5bcc9fba","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":9,"box":{"x":62,"y":287,"width":874,"height":12}},{"id":"3ae9a16a-a40d-43bc-bf48-730ab15aac7f","block_type":"box","text":"equities while seeking to control incremental risk. BlackRock Advisors, LLC, the Fund’s investment manager","page_number":9,"box":{"x":61,"y":302,"width":792,"height":12}},{"id":"1aac682e-b244-42d5-ac1e-9d4b106206d3","block_type":"box","text":"(“BlackRock”), then constructs and rebalances the portfolio by integrating its investment insights with the model","page_number":9,"box":{"x":61,"y":317,"width":831,"height":12}},{"id":"d6310d8d-58ce-4e6a-9f16-13aeb48ff978","block_type":"box","text":"based optimization process. The Fund has no stated minimum holding period for investments and may buy or sell","page_number":9,"box":{"x":61,"y":332,"width":832,"height":11}},{"id":"59cfcbfc-7908-4c6b-9783-373da92ec8b4","block_type":"box","text":"securities whenever Fund management sees an appropriate opportunity. The Fund may engage in active and frequent","page_number":9,"box":{"x":61,"y":347,"width":861,"height":11}},{"id":"f1449947-977d-4481-91c8-61573fd55ff1","block_type":"box","text":"trading of its investments.","page_number":9,"box":{"x":60,"y":361,"width":191,"height":12}},{"id":"5f3c1385-f189-4f64-a98e-7a77d491a101","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":9,"box":{"x":60,"y":384,"width":862,"height":12}},{"id":"f55ec0c1-7b25-4af8-b295-0d27ed6f7c93","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":9,"box":{"x":60,"y":399,"width":873,"height":11}},{"id":"a3e6d6b3-3603-4529-86dc-161c496c49a2","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":9,"box":{"x":62,"y":414,"width":871,"height":11}},{"id":"6e0f3c62-ab35-4e94-b201-f6d363228bdd","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":9,"box":{"x":61,"y":428,"width":331,"height":12}},{"id":"040befa2-0cb1-49c2-8b99-5f5a95886402","block_type":"box","text":"Investment Objective","page_number":9,"box":{"x":61,"y":452,"width":175,"height":12}},{"id":"4b7d3089-2ec4-486d-9504-0fb55ebaec6d","block_type":"box","text":"The investment objective of the Fund is to seek long-term capital growth. In other words, the Fund tries to choose","page_number":9,"box":{"x":60,"y":468,"width":833,"height":11}},{"id":"129d3a91-071b-4d25-84df-6a42c0279870","block_type":"box","text":"investments that will increase in value. This is a fundamental policy of the Fund. 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The Fund primarily intends to invest in equity securities, which include","page_number":9,"box":{"x":62,"y":641,"width":867,"height":11}},{"id":"06206f11-75e6-4feb-8bba-e10704217c78","block_type":"box","text":"common stock and preferred stock or other financial instruments that are components of, or have characteristics","page_number":9,"box":{"x":61,"y":655,"width":832,"height":12}},{"id":"82c3b9fd-063b-4197-ba76-4d36ee2c2822","block_type":"box","text":"similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalization-weighted index","page_number":9,"box":{"x":61,"y":670,"width":871,"height":12}},{"id":"ded05b0e-2268-4b13-b01b-8e0963fc0ff6","block_type":"box","text":"from a broad range of industries chosen for market size, liquidity and industry group representation. The Fund primarily","page_number":9,"box":{"x":60,"y":685,"width":875,"height":12}},{"id":"ceb12253-6ed7-41fe-8350-c0e500101b77","block_type":"box","text":"seeks to buy common stock and may also invest in preferred stock. From time to time, the Fund may invest in shares","page_number":9,"box":{"x":61,"y":700,"width":864,"height":11}},{"id":"94ac2933-7700-4bc6-8650-392189474faa","block_type":"box","text":"of companies through “new issues” or IPOs. The Fund may also purchase convertible securities. The Fund may use","page_number":9,"box":{"x":61,"y":715,"width":847,"height":11}},{"id":"5df18586-00f3-4c09-90e9-4887e84c7811","block_type":"box","text":"derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":9,"box":{"x":61,"y":730,"width":859,"height":11}},{"id":"49098fa8-01e3-4848-bde7-06c350c2eb67","block_type":"box","text":"referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Fund and to","page_number":9,"box":{"x":61,"y":744,"width":855,"height":12}},{"id":"be8313d8-0706-4b16-8a9d-03c944f11fe6","block_type":"box","text":"hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and","page_number":9,"box":{"x":61,"y":759,"width":854,"height":12}},{"id":"97434be5-3192-4dab-920d-86601ff8cb5e","block_type":"box","text":"movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may","page_number":9,"box":{"x":61,"y":774,"width":861,"height":12}},{"id":"45b01ca1-e6f2-495b-938a-56dfb4727242","block_type":"box","text":"buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value","page_number":9,"box":{"x":61,"y":789,"width":874,"height":11}},{"id":"2ec98bdc-e19f-4c0b-94e4-edb723a66bd4","block_type":"box","text":"is derived from another security, a currency or an index, including but not limited to the Russell 1000 Index. The use of","page_number":9,"box":{"x":62,"y":804,"width":873,"height":11}},{"id":"156d7e3b-1164-4810-b819-83747b56520e","block_type":"box","text":"options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s","page_number":9,"box":{"x":61,"y":818,"width":831,"height":12}},{"id":"8036748c-d2cd-4609-aff0-bb7d89045867","block_type":"box","text":"assets.","page_number":9,"box":{"x":61,"y":834,"width":52,"height":9}},{"id":"93180b84-f90e-4536-a02f-e094e206036f","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":9,"box":{"x":60,"y":856,"width":863,"height":11}},{"id":"f3e5da97-0c52-400d-8a77-56dedf8d742a","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as ETFs that invest","page_number":9,"box":{"x":60,"y":871,"width":828,"height":11}},{"id":"06dfe918-286f-43f9-b281-96d410d958fa","block_type":"box","text":"exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":9,"box":{"x":61,"y":886,"width":781,"height":11}},{"id":"6d955f61-115f-453f-8ce6-c7b3f7099552","block_type":"box","text":"commodities.","page_number":9,"box":{"x":61,"y":901,"width":97,"height":9}},{"id":"44e12e8c-9f1f-42ec-8e36-1b387c451b48","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"438e3ec6-39a0-4cdb-9674-a24fa43c509a","block_type":"box","text":"NM0926U-5977649-9/40","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"223e8c2b-9d16-440c-9ac3-e9852f7c1c2c","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":10,"box":{"x":61,"y":46,"width":327,"height":13}},{"id":"80acf53c-c75b-45fd-951c-f3f2844f7cf4","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":10,"box":{"x":62,"y":62,"width":870,"height":12}},{"id":"14fb7baa-520e-4f15-9c2c-c340997fd2f1","block_type":"box","text":"investments/strategies:","page_number":10,"box":{"x":62,"y":77,"width":173,"height":12}},{"id":"5e5bbbe1-825b-4dbd-b0b2-ee52e8fcabda","block_type":"box","text":"Borrowing","page_number":10,"box":{"x":81,"y":97,"width":78,"height":12}},{"id":"be0bb306-ca01-4925-9baf-1114dfb0f04f","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":10,"box":{"x":162,"y":97,"width":751,"height":12}},{"id":"5fbaf802-9720-400d-9e71-9b125ff0bf16","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":10,"box":{"x":82,"y":112,"width":815,"height":11}},{"id":"62a50e15-52f7-44c4-827a-8e0b64136051","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":10,"box":{"x":82,"y":127,"width":801,"height":11}},{"id":"7104e28d-6416-4961-9522-46b9493ea31b","block_type":"box","text":"Illiquid Investments","page_number":10,"box":{"x":81,"y":147,"width":148,"height":11}},{"id":"058737de-5be5-42ac-92a7-80c94938500f","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":10,"box":{"x":233,"y":147,"width":677,"height":11}},{"id":"ca9f5fa1-2e63-4737-b03c-d1970b71fe38","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":10,"box":{"x":82,"y":162,"width":811,"height":11}},{"id":"8ba212e0-4e88-4b5a-b30e-598458c2410f","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":10,"box":{"x":82,"y":176,"width":831,"height":12}},{"id":"90bd107f-c715-44f2-b98f-f32a90b92ef7","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":10,"box":{"x":81,"y":191,"width":811,"height":12}},{"id":"3c1ed04f-fe7f-4a29-aaf8-a08907cc00e4","block_type":"box","text":"Investment Companies","page_number":10,"box":{"x":81,"y":211,"width":172,"height":12}},{"id":"f021ff4e-8a1a-41d0-9543-63ce1d2c85e2","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":10,"box":{"x":258,"y":212,"width":643,"height":11}},{"id":"d7e27ab0-eb60-4174-90d1-9ff999c96af6","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":10,"box":{"x":80,"y":226,"width":848,"height":12}},{"id":"b8528ccf-1c0e-41b9-bb8c-de8c4dbffd14","block_type":"box","text":"Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment companies,","page_number":10,"box":{"x":82,"y":241,"width":790,"height":11}},{"id":"92728448-1b7f-4f7f-83eb-8fe55fb43150","block_type":"box","text":"including affiliated money market funds and affiliated ETFs","page_number":10,"box":{"x":82,"y":256,"width":430,"height":11}},{"id":"a81542fb-07e5-4ca2-8045-4b73f2bd3da6","block_type":"box","text":"Money Market Securities","page_number":10,"box":{"x":81,"y":276,"width":190,"height":11}},{"id":"b9fbff88-4b4d-4b78-ad7d-bacf498035d9","block_type":"box","text":"— The Fund may invest in money market securities or commercial paper.","page_number":10,"box":{"x":276,"y":276,"width":534,"height":11}},{"id":"c27e6fea-3689-4774-89cd-631381e6d1eb","block_type":"box","text":"Real Estate Investment Trusts","page_number":10,"box":{"x":81,"y":296,"width":229,"height":9}},{"id":"03193a89-b46c-477b-a4c5-6ccf5d3f4791","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”).","page_number":10,"box":{"x":314,"y":296,"width":484,"height":11}},{"id":"714960d4-120a-4f8d-bf10-a807f44c5ee2","block_type":"box","text":"Restricted Securities","page_number":10,"box":{"x":81,"y":316,"width":159,"height":9}},{"id":"35b7d311-4f60-4f53-9d08-5071dc85cfa0","block_type":"box","text":"—","page_number":10,"box":{"x":245,"y":321,"width":17,"height":1}},{"id":"2eac20f9-2427-439b-aca8-6faf27bb42c4","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":10,"box":{"x":268,"y":316,"width":602,"height":11}},{"id":"8115ed95-192a-4ac3-8551-5646772540f9","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":10,"box":{"x":82,"y":331,"width":820,"height":11}},{"id":"13ad1b4f-1dca-4ef8-89ad-5ea2196ff664","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":10,"box":{"x":82,"y":345,"width":839,"height":12}},{"id":"0d459d36-b71d-4004-8412-ad8159e20e3b","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":10,"box":{"x":82,"y":360,"width":837,"height":12}},{"id":"2162bb19-36b4-410a-a777-563fd7595873","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":10,"box":{"x":80,"y":375,"width":736,"height":12}},{"id":"b300eeaf-a044-470a-81e8-fc5377e60365","block_type":"box","text":"Securities Lending","page_number":10,"box":{"x":81,"y":395,"width":140,"height":11}},{"id":"8cb88870-8d9a-448d-bc7b-e625600a4b38","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":10,"box":{"x":225,"y":395,"width":396,"height":11}},{"id":"aa61da08-2967-423f-a153-007dc551941a","block_type":"box","text":"1⁄","page_number":10,"box":{"x":622,"y":395,"width":6,"height":6}},{"id":"73d3bd5c-8b1a-4ad7-bb17-029f65249c5c","block_type":"box","text":"1⁄3","page_number":10,"box":{"x":626,"y":395,"width":8,"height":9}},{"id":"051f2cdc-a657-48d5-b69b-f25565b3cb77","block_type":"box","text":"⁄3","page_number":10,"box":{"x":632,"y":399,"width":6,"height":5}},{"id":"73cbb118-d3e7-48ca-a33f-687835b26f39","block_type":"box","text":"% of its total assets to financial","page_number":10,"box":{"x":639,"y":395,"width":231,"height":9}},{"id":"a3def55b-1294-489f-ad2b-6e724fa3743e","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":10,"box":{"x":82,"y":410,"width":748,"height":11}},{"id":"006e79bf-d11f-4d83-b808-497e9cc08811","block_type":"box","text":"Temporary Defensive Strategies","page_number":10,"box":{"x":82,"y":430,"width":238,"height":11}},{"id":"2d1c1a8f-034a-4f89-8f00-863b3963d1b3","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":10,"box":{"x":325,"y":430,"width":600,"height":11}},{"id":"e2cf5a92-5b73-4f48-a53a-9c845d59aa69","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":10,"box":{"x":81,"y":445,"width":802,"height":11}},{"id":"ad0ae045-d554-4729-b84f-46a6615bb01d","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":10,"box":{"x":82,"y":460,"width":833,"height":11}},{"id":"c804fb07-0a65-4994-bd6e-8fc8593bd383","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":10,"box":{"x":81,"y":474,"width":796,"height":12}},{"id":"5ee2d46c-6ba8-490b-b912-97ae698dc00f","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":10,"box":{"x":81,"y":489,"width":802,"height":12}},{"id":"776e95f3-a014-4795-95a5-827402d66143","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":10,"box":{"x":82,"y":504,"width":778,"height":11}},{"id":"398de86a-60ce-462a-b58b-e5d87e01fbad","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":10,"box":{"x":81,"y":519,"width":781,"height":11}},{"id":"50873924-a35c-4a5d-807c-01008f4ec5bf","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":10,"box":{"x":83,"y":539,"width":545,"height":11}},{"id":"48a364d4-327f-4938-accd-d3d6a76a78f0","block_type":"box","text":"— The purchase or sale of securities on","page_number":10,"box":{"x":632,"y":539,"width":295,"height":11}},{"id":"4a950398-c592-4a42-b16a-f3987c7270f2","block_type":"box","text":"a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale","page_number":10,"box":{"x":81,"y":554,"width":845,"height":11}},{"id":"d0a94c23-7b87-47f8-8e5b-04125ffa1466","block_type":"box","text":"of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund","page_number":10,"box":{"x":81,"y":568,"width":814,"height":12}},{"id":"99eb3a0e-05b7-4429-8409-0dccab40c03b","block_type":"box","text":"enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":10,"box":{"x":81,"y":583,"width":799,"height":12}},{"id":"a0364314-7d96-468e-9536-9944632450f0","block_type":"box","text":"entering into the transaction.","page_number":10,"box":{"x":81,"y":598,"width":211,"height":12}},{"id":"0ac0c59f-704e-4a1b-b8e2-e7f3377f7840","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":10,"box":{"x":272,"y":655,"width":453,"height":9}},{"id":"c870cef4-faa8-4fb8-9c0f-30fc6ae37ffc","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Travis Cooke, CFA, and Richard Mathieson","page_number":10,"box":{"x":70,"y":677,"width":853,"height":12}},{"id":"45cfc340-8c1d-4a21-9328-6dd06bcbc607","block_type":"box","text":"are the Fund’s portfolio managers and are jointly and primarily responsible for the day-to-day management of the","page_number":10,"box":{"x":71,"y":692,"width":826,"height":12}},{"id":"f4f100ad-f4d1-4c1d-bcee-af4e757b0450","block_type":"box","text":"Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":10,"box":{"x":72,"y":707,"width":840,"height":12}},{"id":"a7eeb8d6-a1b5-4a79-beaf-bbfe78301af6","block_type":"box","text":"portfolio management team.","page_number":10,"box":{"x":72,"y":722,"width":207,"height":11}},{"id":"626ab25c-5987-46d4-9433-86ad28fe0da2","block_type":"box","text":"Investment Risks","page_number":10,"box":{"x":62,"y":774,"width":156,"height":11}},{"id":"6634409a-f83e-495a-8a2b-25958b598ae9","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":10,"box":{"x":60,"y":800,"width":811,"height":11}},{"id":"7d44f33e-3e89-444f-89ba-eab3b41e1fed","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":10,"box":{"x":61,"y":815,"width":866,"height":11}},{"id":"27b254bd-8aeb-45f6-b735-68951664cb23","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":10,"box":{"x":62,"y":829,"width":863,"height":12}},{"id":"67158304-7d6a-43f8-ab4d-cb84d24d91a7","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not a","page_number":10,"box":{"x":61,"y":844,"width":836,"height":12}},{"id":"790a4a29-a3c3-46fc-8d3a-a40a3ba4b0f8","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":10,"box":{"x":61,"y":859,"width":856,"height":12}},{"id":"624a9d79-6d0f-43bd-885f-f76e842d1175","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":10,"box":{"x":60,"y":874,"width":875,"height":11}},{"id":"daae5310-70d2-413a-8f5d-854ffeb85c51","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2a16171d-3313-470a-95e1-6e4a1b38621c","block_type":"box","text":"NM0926U-5977649-10/40","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"350ce5a9-f4f0-4c55-b484-c70597bea14d","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":11,"box":{"x":61,"y":46,"width":322,"height":13}},{"id":"553ef40b-77d0-4249-8f75-55f2f004a769","block_type":"box","text":"Commodities Related Investments Risk","page_number":11,"box":{"x":81,"y":68,"width":298,"height":9}},{"id":"92d961eb-e55e-416a-ae92-953812727328","block_type":"box","text":"—","page_number":11,"box":{"x":384,"y":73,"width":17,"height":1}},{"id":"91e2582e-f9cb-49fd-b30c-3dbbae94d52c","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":11,"box":{"x":406,"y":68,"width":517,"height":11}},{"id":"1659aee9-d74c-4a3b-94e6-7799e86bc05c","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":11,"box":{"x":80,"y":82,"width":824,"height":12}},{"id":"8bbf466e-8c81-44db-a0ab-6f727a158e3a","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":11,"box":{"x":81,"y":97,"width":849,"height":12}},{"id":"14aa94b5-362b-42ac-bb57-6ba8e14e5984","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":11,"box":{"x":81,"y":112,"width":804,"height":12}},{"id":"7ad167b1-51f3-42e1-bdee-2352da4fa241","block_type":"box","text":"international economic, political and regulatory developments.","page_number":11,"box":{"x":82,"y":127,"width":455,"height":11}},{"id":"eb5b2f40-67e6-4110-a9a4-4e872dd664a1","block_type":"box","text":"Convertible Securities Risk","page_number":11,"box":{"x":81,"y":147,"width":206,"height":9}},{"id":"26b9f7ce-688d-4741-bdd2-d2518b119a31","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":11,"box":{"x":291,"y":147,"width":593,"height":11}},{"id":"1a13f821-6e2f-4cfb-8fb7-33ac3d16bd02","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":11,"box":{"x":81,"y":162,"width":853,"height":11}},{"id":"007aa626-20b0-474e-8163-a355a015d1d7","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":11,"box":{"x":81,"y":177,"width":855,"height":11}},{"id":"9932c01e-bb0a-4a31-8427-9af7aae290e9","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":11,"box":{"x":80,"y":191,"width":816,"height":12}},{"id":"1e90ce29-804a-40ed-9c9c-06ed28f9d102","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":11,"box":{"x":82,"y":206,"width":796,"height":12}},{"id":"a824ffd8-0634-4857-9f10-e26b26655a64","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":11,"box":{"x":81,"y":221,"width":812,"height":11}},{"id":"9b14b9a0-466a-4b55-9cc2-4a158e217501","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":11,"box":{"x":82,"y":236,"width":809,"height":11}},{"id":"7d877a52-ef6a-485e-812f-edcf68c4a8ec","block_type":"box","text":"Derivatives Risk","page_number":11,"box":{"x":81,"y":256,"width":123,"height":9}},{"id":"9df7c408-5b9b-4afa-a666-a07322449080","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":11,"box":{"x":207,"y":256,"width":664,"height":11}},{"id":"89416b75-16b5-4b72-9b63-148d0b71fbeb","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":11,"box":{"x":82,"y":271,"width":469,"height":11}},{"id":"3da5dd55-35f1-45c9-bf71-894aabf49d97","block_type":"box","text":"Leverage Risk","page_number":11,"box":{"x":82,"y":293,"width":102,"height":12}},{"id":"356a024c-6fff-43d7-a276-d70461912c70","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":11,"box":{"x":188,"y":293,"width":723,"height":12}},{"id":"59cac614-0fa0-4719-9624-2c902cf8dc72","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":11,"box":{"x":82,"y":308,"width":832,"height":12}},{"id":"616786d5-7f21-4f01-9039-3b8f3a913099","block_type":"box","text":"exceed the amount originally invested.","page_number":11,"box":{"x":81,"y":323,"width":280,"height":11}},{"id":"d27aae73-fd1e-4319-ae04-a1a356f31b3e","block_type":"box","text":"Market Risk","page_number":11,"box":{"x":82,"y":346,"width":87,"height":9}},{"id":"4568816d-2fa1-4d2d-9851-1a38f8b18a6a","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":11,"box":{"x":173,"y":345,"width":728,"height":12}},{"id":"a40cfaa4-009c-455b-81ba-871bb7d4ab5a","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":11,"box":{"x":81,"y":360,"width":834,"height":11}},{"id":"3aa15b5f-6d6b-47c6-98c9-4db21f6f7468","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":11,"box":{"x":82,"y":375,"width":832,"height":11}},{"id":"927e4704-6d84-457f-b86a-24d2b5aa35d0","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":11,"box":{"x":80,"y":390,"width":779,"height":11}},{"id":"1dad1b29-8c04-4ab8-9074-b1362154a878","block_type":"box","text":"derivatives positions to lose value.","page_number":11,"box":{"x":81,"y":405,"width":253,"height":11}},{"id":"9d82fde6-1532-450a-b918-162c577c1155","block_type":"box","text":"Counterpar ty Risk","page_number":11,"box":{"x":82,"y":427,"width":131,"height":12}},{"id":"844863d6-6cb7-4b3c-a5a6-3113543336fb","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":11,"box":{"x":217,"y":427,"width":697,"height":12}},{"id":"edbaab87-e70a-47c0-8959-84d37adbc488","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":11,"box":{"x":80,"y":442,"width":855,"height":12}},{"id":"89d73e99-daf7-48d8-a2fe-ac5e830ead62","block_type":"box","text":"exposure to such a counterparty.","page_number":11,"box":{"x":81,"y":457,"width":240,"height":11}},{"id":"7ac361ea-3715-48a6-842b-0c8765bc5835","block_type":"box","text":"Illiquidity Risk —","page_number":11,"box":{"x":82,"y":480,"width":122,"height":11}},{"id":"12fc147a-d935-42c7-acbd-dc85278043f2","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":11,"box":{"x":208,"y":479,"width":728,"height":12}},{"id":"eecb2da7-ce55-4a54-b8a7-4e6d3ee52e26","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":11,"box":{"x":80,"y":495,"width":839,"height":10}},{"id":"4ed092b6-7a13-4279-b7f1-2b39860696e7","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":11,"box":{"x":81,"y":509,"width":293,"height":12}},{"id":"b01eac87-3fa5-4d4a-8ede-dfbdb15785af","block_type":"box","text":"Operational Risk","page_number":11,"box":{"x":82,"y":532,"width":120,"height":11}},{"id":"df0677df-ab4c-43ce-bb14-acf5897634c9","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":11,"box":{"x":206,"y":532,"width":727,"height":11}},{"id":"1fc5b0d2-eea1-43d2-ac0d-a2a3d7883716","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":11,"box":{"x":82,"y":546,"width":607,"height":12}},{"id":"ed220cbf-6b5a-4d55-9594-e8fdfebed135","block_type":"box","text":"Legal Risk","page_number":11,"box":{"x":82,"y":569,"width":75,"height":12}},{"id":"a7bf9ae3-99f4-4996-9313-eab1ff21f3fc","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":11,"box":{"x":161,"y":569,"width":761,"height":12}},{"id":"06844d59-6251-4d9a-a89d-4838267108dd","block_type":"box","text":"enforceability of a contract.","page_number":11,"box":{"x":81,"y":584,"width":198,"height":11}},{"id":"9f798bbc-c19d-41ce-ae8b-33b05ba23227","block_type":"box","text":"Volatility and Correlation Risk","page_number":11,"box":{"x":83,"y":607,"width":214,"height":11}},{"id":"5b60d751-d4f8-408d-9e51-31d2a4826985","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":11,"box":{"x":300,"y":606,"width":590,"height":12}},{"id":"ba9da272-3259-463c-ad19-588c439be464","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":11,"box":{"x":80,"y":621,"width":855,"height":12}},{"id":"6007f9f9-5722-4b85-8108-c0bdbdc30040","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":11,"box":{"x":80,"y":636,"width":820,"height":11}},{"id":"20248d60-4e53-4958-92a1-38a07e415724","block_type":"box","text":"correlate with the overall securities markets.","page_number":11,"box":{"x":81,"y":651,"width":326,"height":9}},{"id":"983a1c64-a1c0-4d54-98d4-9dfed06d8b86","block_type":"box","text":"Valuation Risk","page_number":11,"box":{"x":83,"y":674,"width":102,"height":9}},{"id":"bd7d65b1-3fdb-4931-9e2f-dc0ac749c690","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":11,"box":{"x":189,"y":673,"width":747,"height":12}},{"id":"dd99716b-1438-4902-8219-b22b5e1c4918","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":11,"box":{"x":82,"y":688,"width":783,"height":12}},{"id":"6d2a8a81-6fd6-4ce7-832b-3d06e9152a31","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":11,"box":{"x":82,"y":703,"width":837,"height":12}},{"id":"e0df1fff-cfc1-4bd1-bb6f-80946d7f3946","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":11,"box":{"x":81,"y":718,"width":826,"height":11}},{"id":"2d914197-4331-4cf5-ba82-71be6d9451c7","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":11,"box":{"x":80,"y":733,"width":405,"height":11}},{"id":"6dbe0c88-67f3-4022-85d6-15392dd3c1fc","block_type":"box","text":"Hedging Risk","page_number":11,"box":{"x":82,"y":756,"width":95,"height":11}},{"id":"268be0b4-fa9c-4d00-b1c6-fd52c3601523","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":11,"box":{"x":181,"y":756,"width":752,"height":11}},{"id":"d2f98939-ebac-4b5e-a738-4eb4cf677ecd","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":11,"box":{"x":80,"y":770,"width":820,"height":12}},{"id":"f354c193-47d6-4017-a1cc-e49297636dce","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":11,"box":{"x":82,"y":785,"width":823,"height":12}},{"id":"0298daa2-c688-4ce3-8fe9-cd236f62f755","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":11,"box":{"x":82,"y":800,"width":813,"height":11}},{"id":"c32a6e6e-5826-49dd-9e66-a117f8bfcc82","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":11,"box":{"x":82,"y":815,"width":832,"height":11}},{"id":"d61b61d4-e37a-4988-8dac-a1e0e2f3daf9","block_type":"box","text":"noted below.","page_number":11,"box":{"x":82,"y":830,"width":90,"height":9}},{"id":"ff71a9e5-189f-4a27-ab48-0c026a793074","block_type":"box","text":"Tax Risk","page_number":11,"box":{"x":83,"y":852,"width":59,"height":9}},{"id":"f0ca905e-9eab-4889-a097-cada544b5f6d","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":11,"box":{"x":145,"y":852,"width":766,"height":11}},{"id":"bf0bd6dc-891a-4cdd-b727-5bf15f225a07","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":11,"box":{"x":82,"y":867,"width":826,"height":11}},{"id":"40e8de0b-0f1c-4f87-a1a9-94ec87a1659c","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":11,"box":{"x":82,"y":882,"width":846,"height":11}},{"id":"823fea83-286c-4529-84af-6500043abb6a","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":11,"box":{"x":81,"y":896,"width":817,"height":12}},{"id":"40734698-d579-4af2-a969-a4e5a1fd03bc","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":11,"box":{"x":82,"y":911,"width":835,"height":12}},{"id":"1a9e2b3d-6005-47f8-8ae7-d964ae124d13","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"626d9748-92b3-4305-b938-2c868f1a6c65","block_type":"box","text":"NM0926U-5977649-11/40","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"de4ee449-1297-4a2f-b9d2-f1d11bc810e1","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":12,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"20dc24b7-f5cc-4a05-9118-8ef6e523b28d","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":12,"box":{"x":81,"y":60,"width":750,"height":12}},{"id":"e42f1867-a907-43c6-9c9b-a5c571c17a02","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":12,"box":{"x":81,"y":75,"width":611,"height":12}},{"id":"bb068937-ac05-47fb-81c5-96439f069877","block_type":"box","text":"Regulatory Risk","page_number":12,"box":{"x":82,"y":98,"width":115,"height":11}},{"id":"120134db-8054-4dea-9f44-e3a40cc932fc","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":12,"box":{"x":201,"y":98,"width":688,"height":11}},{"id":"2748694d-3e23-4dfc-9a2a-edf113371d56","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":12,"box":{"x":81,"y":113,"width":851,"height":11}},{"id":"0956dc16-01ab-47e2-9a73-76cf8dadc25a","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":12,"box":{"x":81,"y":128,"width":811,"height":11}},{"id":"ee3c9588-72f4-4fa7-b9b4-f2db9f74d7d0","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":12,"box":{"x":82,"y":143,"width":850,"height":11}},{"id":"1eccb228-7cd2-4983-bfc0-cf210f7ab76b","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":12,"box":{"x":81,"y":157,"width":850,"height":12}},{"id":"3895f952-2b4e-4bf2-85e1-5ac768d3c194","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":12,"box":{"x":81,"y":172,"width":838,"height":12}},{"id":"75a897b3-f550-4191-8458-2fb7c6646120","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":12,"box":{"x":81,"y":187,"width":807,"height":11}},{"id":"bd68accb-c886-45b4-b5a6-40da48f71961","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":12,"box":{"x":81,"y":202,"width":787,"height":11}},{"id":"91d72d16-6fe6-48ea-8c96-13f637d3f12f","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":12,"box":{"x":82,"y":216,"width":837,"height":12}},{"id":"c7949030-6af3-477a-88dc-767e42eeb71b","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":12,"box":{"x":80,"y":231,"width":804,"height":12}},{"id":"6037d376-96f7-4d12-a12f-30e254ccc62e","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":12,"box":{"x":81,"y":246,"width":781,"height":12}},{"id":"20ab5bd3-bd6b-4498-8cf7-50ddf88f85d7","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":12,"box":{"x":82,"y":261,"width":773,"height":11}},{"id":"fd99b08d-e5c8-421a-a525-2f95cd972465","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":12,"box":{"x":82,"y":276,"width":836,"height":11}},{"id":"4b997d26-4016-4433-a413-24d592495fe8","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":12,"box":{"x":82,"y":291,"width":814,"height":11}},{"id":"062c682e-fd0b-4508-badd-e7c199b086f6","block_type":"box","text":"investors in the Fund.","page_number":12,"box":{"x":82,"y":306,"width":156,"height":9}},{"id":"20e043e6-c433-4f3d-b25a-60b9ea0cad8b","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":12,"box":{"x":82,"y":328,"width":823,"height":12}},{"id":"caa9f144-6c38-4918-b339-bf8e51219211","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":12,"box":{"x":82,"y":343,"width":827,"height":11}},{"id":"e76e011d-f3c1-4396-8ce2-d5f348a72ede","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":12,"box":{"x":80,"y":358,"width":849,"height":11}},{"id":"3578805a-52e3-4c11-b3bb-1c36b31d97b6","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":12,"box":{"x":81,"y":372,"width":846,"height":12}},{"id":"ce46575d-137c-4ee8-bea0-f625e52e7c47","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":12,"box":{"x":81,"y":387,"width":509,"height":12}},{"id":"ec235463-98e0-47d2-9a83-87d203edb91a","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":12,"box":{"x":82,"y":410,"width":399,"height":11}},{"id":"063cab1f-1ae9-4fec-bce5-860e5b9e85ae","block_type":"box","text":"Swaps","page_number":12,"box":{"x":102,"y":430,"width":47,"height":11}},{"id":"c440ba4f-cf5f-4c62-87d2-f5216054f106","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":12,"box":{"x":154,"y":430,"width":775,"height":11}},{"id":"5bc6a5dd-0432-45d8-bcc1-70cd68c12b91","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":12,"box":{"x":101,"y":445,"width":829,"height":11}},{"id":"3e16084c-4b25-4c84-a2a2-233cea2d0303","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":12,"box":{"x":101,"y":459,"width":807,"height":12}},{"id":"810f6019-e6d7-4d06-aa64-e01b3e6ae280","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":12,"box":{"x":102,"y":474,"width":811,"height":12}},{"id":"41644413-833a-44c6-8f25-c931418ce430","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":12,"box":{"x":101,"y":489,"width":820,"height":12}},{"id":"de178d40-bb53-4976-baa1-a70def206ec9","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":12,"box":{"x":102,"y":504,"width":791,"height":12}},{"id":"4b2a33e8-8894-4111-921a-f937592ddb4c","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":12,"box":{"x":101,"y":519,"width":789,"height":11}},{"id":"3ab7e915-123b-463e-b249-0ad254045564","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":12,"box":{"x":101,"y":534,"width":796,"height":11}},{"id":"0c7857a2-03cc-4d7c-95ad-be1672c7b29a","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":12,"box":{"x":102,"y":554,"width":335,"height":11}},{"id":"f665a05d-bfdd-4ab3-bd41-472af2943d30","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":12,"box":{"x":442,"y":554,"width":437,"height":11}},{"id":"eb2f36f5-3922-4215-96fd-71876fa23f44","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":12,"box":{"x":101,"y":568,"width":820,"height":12}},{"id":"35942ac1-63a4-4651-bdb8-c73d1ffd2fbd","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":12,"box":{"x":101,"y":583,"width":801,"height":12}},{"id":"3b042598-28ee-4019-ac24-c73647403caa","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":12,"box":{"x":101,"y":598,"width":824,"height":12}},{"id":"c28e46c4-fd93-4be4-b928-81bd90308581","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":12,"box":{"x":101,"y":613,"width":831,"height":11}},{"id":"56f46119-957f-4afd-a927-3d9dbc62235b","block_type":"box","text":"Futures","page_number":12,"box":{"x":102,"y":633,"width":54,"height":9}},{"id":"19c0e0b9-1d7c-4cdd-b00a-c7912e06ceb4","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":12,"box":{"x":161,"y":633,"width":765,"height":11}},{"id":"c489797b-f445-4ce7-9e33-ac81c839798b","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":12,"box":{"x":101,"y":648,"width":786,"height":11}},{"id":"3a04f6fc-3a36-458d-9ad8-6bfa94c71d38","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":12,"box":{"x":102,"y":662,"width":769,"height":12}},{"id":"352110e8-db8b-4b12-9f14-cc107d8cdb52","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":12,"box":{"x":102,"y":677,"width":822,"height":12}},{"id":"95da9146-084b-461c-8816-5dcdd9d29e61","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":12,"box":{"x":101,"y":692,"width":832,"height":12}},{"id":"5a539010-eacf-4029-91b7-34289eda1bf8","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":12,"box":{"x":101,"y":707,"width":806,"height":11}},{"id":"48e51f8c-c672-43fb-8e6a-410ce598090d","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":12,"box":{"x":102,"y":722,"width":793,"height":11}},{"id":"bad5483f-16d8-49cc-9079-2616820a7764","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":12,"box":{"x":102,"y":737,"width":787,"height":11}},{"id":"21f65c5d-c610-4e92-a11e-7c8cc3e64e3d","block_type":"box","text":"default in the performance of its obligations.","page_number":12,"box":{"x":101,"y":751,"width":327,"height":12}},{"id":"cbd53fb9-fd28-4bef-8836-5d59ce3a5ef2","block_type":"box","text":"Options","page_number":12,"box":{"x":102,"y":772,"width":55,"height":11}},{"id":"754954ea-b9ac-490a-ae3e-70a8966450d5","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":12,"box":{"x":162,"y":771,"width":772,"height":12}},{"id":"b05cea4d-8413-407d-89ed-2cb08d2e60a2","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":12,"box":{"x":101,"y":786,"width":812,"height":12}},{"id":"7c32ca22-842a-418c-b1c7-556525397963","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":12,"box":{"x":101,"y":801,"width":827,"height":12}},{"id":"72a0d121-8921-48ff-b53d-cdd096b798ae","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":12,"box":{"x":101,"y":816,"width":781,"height":11}},{"id":"6116b620-ebdb-4bab-8c06-db726e8743c9","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":12,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"07c61905-364c-4008-b9a6-eb48885c3f3a","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":12,"box":{"x":101,"y":846,"width":831,"height":11}},{"id":"c069d9c2-cf17-4b3f-9f4d-652c7601e75a","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":12,"box":{"x":101,"y":860,"width":814,"height":12}},{"id":"d67556b6-98c1-4114-b02e-69d84776628a","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":12,"box":{"x":101,"y":875,"width":826,"height":12}},{"id":"d109a299-4534-4a29-96ac-875f9172e8d5","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":12,"box":{"x":101,"y":890,"width":822,"height":11}},{"id":"632f8b98-c7fc-47b2-a060-38582f4563e0","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f20df8c3-6f24-4384-8a0b-75c412319dd7","block_type":"box","text":"NM0926U-5977649-12/40","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"019aadad-333b-4908-ac9d-d5bd006ce866","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":13,"box":{"x":101,"y":46,"width":816,"height":11}},{"id":"c3455ac3-5662-479b-a258-a1eb1dea6ba0","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":13,"box":{"x":101,"y":61,"width":442,"height":11}},{"id":"49c2c55a-9c40-4ab9-82fe-73051a6d0a61","block_type":"box","text":"Equity Securities Risk","page_number":13,"box":{"x":81,"y":81,"width":166,"height":11}},{"id":"13f81c7d-45ce-4314-a218-6631f10be2ca","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":13,"box":{"x":251,"y":80,"width":666,"height":12}},{"id":"c389efc7-8d80-4ae2-8df3-c91d5639f77d","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":13,"box":{"x":81,"y":95,"width":850,"height":12}},{"id":"88c918d8-2e08-435e-a6ea-45770e82af2b","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":13,"box":{"x":82,"y":110,"width":802,"height":12}},{"id":"b7929d1e-18cc-4148-951c-92f8c7dde320","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":13,"box":{"x":81,"y":125,"width":854,"height":11}},{"id":"a0e447da-9d5b-4662-859e-fb4b08b0c141","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":13,"box":{"x":81,"y":140,"width":848,"height":11}},{"id":"a8a9278e-16a3-4838-9951-6f95c5497aab","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":13,"box":{"x":81,"y":155,"width":824,"height":11}},{"id":"e7c640eb-2984-45dc-88aa-5267b0b84f3b","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":13,"box":{"x":81,"y":169,"width":782,"height":12}},{"id":"63074acc-8636-4f90-b926-23da2d2336cb","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":13,"box":{"x":82,"y":184,"width":849,"height":12}},{"id":"9493842e-a8bf-4b93-916b-98caf4051ebf","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":13,"box":{"x":82,"y":199,"width":482,"height":12}},{"id":"4cc8bcd5-e038-4abc-a316-d46b6d8405d8","block_type":"box","text":"High Portfolio Turnover Risk","page_number":13,"box":{"x":81,"y":219,"width":212,"height":11}},{"id":"c144731b-e5e6-4d13-ab72-9c8611f91277","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":13,"box":{"x":297,"y":219,"width":629,"height":12}},{"id":"5a712684-eb1e-4506-9b6d-15b532ae92ce","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":13,"box":{"x":82,"y":234,"width":812,"height":11}},{"id":"50964c2b-28fc-4d84-8c07-6da5c7a722ff","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":13,"box":{"x":81,"y":249,"width":817,"height":11}},{"id":"67df124a-f236-47a0-b014-797932809139","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":13,"box":{"x":81,"y":263,"width":760,"height":12}},{"id":"4c2757f9-b216-47fe-b282-2689d62f7758","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":13,"box":{"x":81,"y":278,"width":852,"height":12}},{"id":"ce252f51-debb-4422-9ff6-6b63b78e379d","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":13,"box":{"x":81,"y":293,"width":589,"height":12}},{"id":"c7e36b38-ff15-45bc-b73e-7b5753409376","block_type":"box","text":"Investment Style Risk","page_number":13,"box":{"x":81,"y":313,"width":166,"height":12}},{"id":"d89abbf3-306a-4adc-9044-105896641f5c","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":13,"box":{"x":251,"y":313,"width":660,"height":12}},{"id":"554b9c79-5a14-442e-ba90-bc241d61fa66","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":13,"box":{"x":82,"y":328,"width":804,"height":12}},{"id":"b33a0448-35cb-46d8-aee0-39c5e3f1791c","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":13,"box":{"x":82,"y":343,"width":823,"height":11}},{"id":"8e3c44f3-b40d-43d3-9b83-b1cbb7859008","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":13,"box":{"x":81,"y":358,"width":842,"height":11}},{"id":"46420421-2cff-435c-9ff7-8520b1b59a89","block_type":"box","text":"styles.","page_number":13,"box":{"x":81,"y":373,"width":46,"height":11}},{"id":"c6ac7110-7972-423c-9284-da9aac076c4c","block_type":"box","text":"Leverage Risk","page_number":13,"box":{"x":81,"y":393,"width":107,"height":11}},{"id":"88d9dd64-847d-4841-830d-4d1a5617e9b7","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":13,"box":{"x":192,"y":392,"width":741,"height":12}},{"id":"e7edb8f1-e95d-4056-8312-e4111b28148a","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":13,"box":{"x":81,"y":408,"width":787,"height":11}},{"id":"a81a65cf-2ccd-4157-82c6-c750e805af7b","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":13,"box":{"x":82,"y":422,"width":831,"height":12}},{"id":"fa84f26e-58b9-46cb-874a-556354eb4705","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":13,"box":{"x":80,"y":437,"width":853,"height":11}},{"id":"2b8e7672-9ab5-404a-8843-4735fb97acfc","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":13,"box":{"x":80,"y":452,"width":808,"height":11}},{"id":"862e480d-99b7-4bb8-a623-f36b4ecb4483","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":13,"box":{"x":81,"y":467,"width":837,"height":11}},{"id":"b69b079a-05ac-4773-a430-596c0a3b3572","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":13,"box":{"x":82,"y":481,"width":807,"height":12}},{"id":"abb8dbe7-5a62-4ef9-a3de-1f07ccb5ecc3","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":13,"box":{"x":81,"y":496,"width":840,"height":12}},{"id":"a963d26c-16af-4f91-8e74-0890498dcd1f","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":13,"box":{"x":80,"y":511,"width":558,"height":12}},{"id":"c89aa8b5-faf4-48d6-a2cb-c9823b078d99","block_type":"box","text":"Market Risk and Selection Risk","page_number":13,"box":{"x":81,"y":531,"width":240,"height":9}},{"id":"1db0b7b4-aefc-4c4d-a4ca-8fcc9553ca89","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":13,"box":{"x":324,"y":531,"width":593,"height":9}},{"id":"757b9416-ff18-4f5e-8c08-8c48f87aeddf","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":13,"box":{"x":81,"y":546,"width":851,"height":11}},{"id":"1f40cfd4-e090-4673-ba81-7b4cd62ececf","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":13,"box":{"x":82,"y":561,"width":824,"height":11}},{"id":"7ebf18f2-d36b-4cd2-9e3c-0d76acd21b89","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":13,"box":{"x":82,"y":576,"width":851,"height":11}},{"id":"87076cac-a135-40df-953b-e883f1dcc9ad","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":13,"box":{"x":82,"y":590,"width":802,"height":12}},{"id":"2de208df-a8b8-4e7e-9d92-4edad3b28f1b","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":13,"box":{"x":81,"y":605,"width":849,"height":12}},{"id":"d9afc8fb-4cb7-4580-8a0a-57ac7a30ef4e","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":13,"box":{"x":81,"y":620,"width":843,"height":12}},{"id":"7b3ca76e-ab67-4f1d-a267-e6e148004aaa","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":13,"box":{"x":81,"y":635,"width":830,"height":11}},{"id":"8392880b-d921-49bf-8943-f9fc7789d390","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":13,"box":{"x":82,"y":650,"width":840,"height":11}},{"id":"9d84f513-0677-4400-b63e-7f630c7ea091","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":13,"box":{"x":81,"y":664,"width":789,"height":12}},{"id":"a41b516b-f617-4bf6-9518-ff232b74aa97","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":13,"box":{"x":81,"y":679,"width":823,"height":12}},{"id":"d0ea6033-4996-4dca-af5d-7a2e7d03f3ab","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":13,"box":{"x":81,"y":694,"width":784,"height":12}},{"id":"099c8692-f2e3-435f-893c-c431f8198171","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":13,"box":{"x":81,"y":709,"width":844,"height":11}},{"id":"8ecbb28b-08f4-4af5-a12f-6752f2b1794c","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":13,"box":{"x":81,"y":724,"width":855,"height":11}},{"id":"a15b728d-b45c-471d-91ba-4307f5537287","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":13,"box":{"x":81,"y":739,"width":373,"height":11}},{"id":"986900ca-116a-41e9-a6a2-472fbde7182d","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":13,"box":{"x":82,"y":759,"width":818,"height":11}},{"id":"609c2800-6632-4960-9951-b92da4345118","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":13,"box":{"x":80,"y":774,"width":819,"height":11}},{"id":"66f8df5b-e918-4f86-be2f-b7960f372dcb","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":13,"box":{"x":81,"y":788,"width":819,"height":12}},{"id":"7f98f870-8e57-4870-a29b-68b30d1b7b34","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":13,"box":{"x":81,"y":803,"width":846,"height":12}},{"id":"c6e7628a-3879-40d1-8255-4f8f077527e3","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":13,"box":{"x":81,"y":818,"width":848,"height":11}},{"id":"9a37f56f-4f6d-4005-829c-22f13a40b0eb","block_type":"box","text":"the Fund invests.","page_number":13,"box":{"x":80,"y":833,"width":125,"height":9}},{"id":"c469cf99-8e8a-463d-a8a4-59cc5dbb1ae4","block_type":"box","text":"Model Risk","page_number":13,"box":{"x":81,"y":853,"width":85,"height":9}},{"id":"99f6cd55-289c-43da-9912-ff2bafb983cc","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":13,"box":{"x":170,"y":853,"width":722,"height":11}},{"id":"e5ce5091-c34d-4942-89ac-3c9e38c6dfca","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":13,"box":{"x":81,"y":867,"width":840,"height":12}},{"id":"aa0480f1-cc66-4229-9814-23eb660a5d95","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes","page_number":13,"box":{"x":80,"y":882,"width":854,"height":12}},{"id":"a8d13dbd-50f2-4624-8507-2661dfdc5870","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":13,"box":{"x":81,"y":897,"width":845,"height":12}},{"id":"b9bedf5e-5952-40fb-a3d3-b5866433f8fb","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":13,"box":{"x":81,"y":912,"width":852,"height":12}},{"id":"ebcb0c9a-8919-4027-8dab-087d53f22bdf","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"553fffd0-71b3-48ac-9c75-c90f887dee4f","block_type":"box","text":"NM0926U-5977649-13/40","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e38d2618-8944-46dd-b5e8-8ec96e1a57ad","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":14,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"ed17ab9a-e04f-48f4-b318-1c027687d93f","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":14,"box":{"x":81,"y":60,"width":779,"height":12}},{"id":"794f5392-3b16-4865-99ca-0f0c36cdd92d","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":14,"box":{"x":82,"y":75,"width":838,"height":12}},{"id":"5ad089e5-b70e-41db-a36a-63d6a262fa52","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":14,"box":{"x":82,"y":90,"width":338,"height":9}},{"id":"20d08173-c7e2-4cd3-9f40-0f9ec5d8bf98","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":14,"box":{"x":81,"y":110,"width":789,"height":12}},{"id":"171c2d7c-b796-4c23-bf3d-08bc520ef065","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":14,"box":{"x":82,"y":125,"width":800,"height":11}},{"id":"b09117ff-bc9a-4746-9e66-95d75fc9cd08","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":14,"box":{"x":82,"y":140,"width":824,"height":11}},{"id":"550b9221-3023-4148-aa03-5368d5155c22","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":14,"box":{"x":81,"y":155,"width":814,"height":11}},{"id":"28044527-397f-42a4-9f5e-5f95fa860b6f","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":14,"box":{"x":82,"y":170,"width":774,"height":11}},{"id":"338cb75f-1dc7-4dcd-8fa6-e00db9bf80c6","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":14,"box":{"x":82,"y":184,"width":808,"height":12}},{"id":"c37ce9d2-fe19-4c61-907a-fbb8d722fdc3","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":14,"box":{"x":82,"y":199,"width":840,"height":11}},{"id":"af72a0cf-96d7-4909-a016-6c1a25763164","block_type":"box","text":"by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such","page_number":14,"box":{"x":81,"y":214,"width":834,"height":11}},{"id":"b88c2dd3-5057-4aac-b06a-d7383c9297c1","block_type":"box","text":"data.","page_number":14,"box":{"x":81,"y":229,"width":36,"height":9}},{"id":"f22e9ad5-d053-429a-b155-b08b5753adb6","block_type":"box","text":"“New Issues” Risk","page_number":14,"box":{"x":83,"y":249,"width":139,"height":9}},{"id":"4205909e-cf5b-4eee-b3ee-314985e6ca93","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":14,"box":{"x":226,"y":249,"width":673,"height":11}},{"id":"43c5d4ae-d788-49dd-87bb-4f81ac08a2a1","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":14,"box":{"x":81,"y":263,"width":833,"height":12}},{"id":"60fe66ff-24e4-4e01-af12-e2049ce68d7d","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":14,"box":{"x":82,"y":278,"width":853,"height":12}},{"id":"2b7f11e7-4ec3-47a9-8d7b-0ff0507c1e23","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":14,"box":{"x":81,"y":293,"width":778,"height":12}},{"id":"e13bc656-e9db-4b22-94fc-3036773917a0","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":14,"box":{"x":81,"y":308,"width":827,"height":12}},{"id":"37c1c9c3-4bef-4a09-a4e8-02be18c4b68e","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":14,"box":{"x":82,"y":323,"width":838,"height":11}},{"id":"5a80d2e0-aee0-4a48-a560-c7331e57fc5b","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":14,"box":{"x":82,"y":338,"width":776,"height":11}},{"id":"acfa8224-431c-4244-adfd-a115da79fa13","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":14,"box":{"x":81,"y":352,"width":830,"height":12}},{"id":"35aa8809-67a0-4dcd-8a8a-200d217eda6c","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":14,"box":{"x":82,"y":367,"width":834,"height":12}},{"id":"287d5e10-f615-4522-a155-095c12a5dd9a","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":14,"box":{"x":80,"y":382,"width":844,"height":12}},{"id":"f77fd91f-45aa-4542-a523-88d613dbc966","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":14,"box":{"x":81,"y":397,"width":840,"height":12}},{"id":"bc6ea39a-8379-43d0-b8cb-b39f03eaf0aa","block_type":"box","text":"price as it would like.","page_number":14,"box":{"x":82,"y":412,"width":153,"height":11}},{"id":"b392d4d0-5c97-4114-846a-da810a77fca8","block_type":"box","text":"Operational and Technology Risks","page_number":14,"box":{"x":82,"y":432,"width":254,"height":11}},{"id":"5b30ab7d-9e05-49c3-955f-c024e5440ce0","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":14,"box":{"x":340,"y":432,"width":549,"height":11}},{"id":"86d96426-8c8a-4321-a9fb-3b32f2759589","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":14,"box":{"x":81,"y":447,"width":790,"height":11}},{"id":"58ef6f22-9cb1-48ff-b25e-263046a3578e","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":14,"box":{"x":81,"y":461,"width":833,"height":12}},{"id":"ef35667c-70a8-41a3-8c03-1c73f42d25ad","block_type":"box","text":"the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the","page_number":14,"box":{"x":80,"y":476,"width":826,"height":11}},{"id":"24f3f2b0-d81b-4a6d-8afc-2424dee92b64","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":14,"box":{"x":82,"y":491,"width":754,"height":12}},{"id":"c6b4ea6b-0d9a-432f-b626-060e3ba2a5b8","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":14,"box":{"x":81,"y":506,"width":845,"height":11}},{"id":"828163cb-33b2-4676-b9e2-acae9b3e8d65","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":14,"box":{"x":82,"y":521,"width":805,"height":11}},{"id":"1fa0be49-32fd-4773-b3de-1d2d86575aac","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":14,"box":{"x":81,"y":535,"width":815,"height":12}},{"id":"8901f49c-494a-4895-b18f-fd6d40f375b2","block_type":"box","text":"consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may","page_number":14,"box":{"x":81,"y":550,"width":850,"height":12}},{"id":"0b75ab5d-c3de-439d-9d47-58b7dbc28d6d","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":14,"box":{"x":82,"y":565,"width":558,"height":12}},{"id":"2d23c503-a8ae-4b3c-aa8a-fa1e285e9838","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":14,"box":{"x":81,"y":585,"width":821,"height":12}},{"id":"474c43d4-291a-4e53-af77-6bfc53d7c8cc","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":14,"box":{"x":82,"y":600,"width":814,"height":12}},{"id":"1ad92b42-c824-4496-924c-7eac464b62d4","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":14,"box":{"x":81,"y":615,"width":824,"height":11}},{"id":"784ea15c-a8e3-4580-86e6-a82386fa3dde","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":14,"box":{"x":81,"y":630,"width":791,"height":11}},{"id":"baf7d4a5-e6ca-43a6-9e89-b6656d281338","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":14,"box":{"x":82,"y":644,"width":852,"height":12}},{"id":"bd97efc6-891a-4edf-a287-60e3e7ad5253","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":14,"box":{"x":81,"y":659,"width":784,"height":12}},{"id":"592c7d89-2160-48a6-8019-9261603ed05c","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":14,"box":{"x":81,"y":674,"width":787,"height":12}},{"id":"e248638a-b813-4042-b88a-6fe82b462034","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":14,"box":{"x":81,"y":689,"width":840,"height":11}},{"id":"6460b13a-1f41-4f6e-8d3c-c1523c8b6aaf","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":14,"box":{"x":81,"y":704,"width":809,"height":11}},{"id":"ba3ba3b1-9344-4a98-a650-d1fea57e8be2","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":14,"box":{"x":81,"y":719,"width":829,"height":11}},{"id":"c14daaf9-7cc0-4c0e-a698-14c8ecaa041c","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":14,"box":{"x":82,"y":733,"width":798,"height":12}},{"id":"37ff2b32-a036-4c4b-ba3a-981d3187688a","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":14,"box":{"x":81,"y":748,"width":829,"height":12}},{"id":"8ee55717-1edd-45fc-b0e4-c0d0f03f0e0f","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":14,"box":{"x":82,"y":763,"width":846,"height":12}},{"id":"2259fc80-d687-4403-843f-b73faa47e43e","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":14,"box":{"x":82,"y":778,"width":846,"height":11}},{"id":"d1c4b3ad-b80e-41f5-ac60-bf88708d082e","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":14,"box":{"x":81,"y":793,"width":838,"height":11}},{"id":"6f5ba228-fa3a-4165-95f6-7796087b9823","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":14,"box":{"x":80,"y":808,"width":770,"height":11}},{"id":"f04f0ae5-5f34-4c5d-b655-55882bbcb071","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":14,"box":{"x":80,"y":822,"width":792,"height":12}},{"id":"d3d3bb45-179b-49a7-af2a-b1829ee9f176","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":14,"box":{"x":82,"y":837,"width":845,"height":11}},{"id":"446ef97b-f453-4db9-bf57-e3e955829e53","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":14,"box":{"x":80,"y":852,"width":840,"height":12}},{"id":"d401a5d4-63f5-4b8e-b8f4-3db285e1ecf0","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":14,"box":{"x":81,"y":867,"width":841,"height":11}},{"id":"bfc68db0-4f86-4495-9514-419c3d295661","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":14,"box":{"x":80,"y":882,"width":847,"height":11}},{"id":"32d8c405-1c44-44cf-b41a-a2bc19a91acc","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":14,"box":{"x":82,"y":896,"width":838,"height":12}},{"id":"89cf4f88-a899-45d5-b782-f6e40f3db656","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":14,"box":{"x":81,"y":911,"width":847,"height":12}},{"id":"34fe8ac1-b19e-4669-b8dd-0103e4a7a66b","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c79de619-4475-4bcc-8226-afdaf0786dc0","block_type":"box","text":"NM0926U-5977649-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f617d3f3-1a63-48aa-aa61-3f7f942344ad","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":15,"box":{"x":81,"y":46,"width":845,"height":11}},{"id":"4f65102b-29e3-43b7-a985-d0ef62351622","block_type":"box","text":"and the associated risks to the Fund.","page_number":15,"box":{"x":81,"y":61,"width":273,"height":9}},{"id":"88171d02-e2ac-48e3-9b43-66946a4c2e44","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":15,"box":{"x":81,"y":80,"width":769,"height":12}},{"id":"08ce9b37-7d21-4460-9043-7012ee1b20b3","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":15,"box":{"x":81,"y":95,"width":855,"height":12}},{"id":"6f61ff3a-530d-4dd3-8d10-34d64026670f","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":15,"box":{"x":80,"y":110,"width":848,"height":12}},{"id":"b1cb08e3-f98d-49c9-a51e-ae2ecd37fdef","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":15,"box":{"x":81,"y":125,"width":777,"height":11}},{"id":"d25119b0-048e-4abc-b95a-c8dbb78a971c","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":15,"box":{"x":81,"y":140,"width":824,"height":11}},{"id":"1176b8dc-aff2-442a-a009-121d3a8ed053","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":15,"box":{"x":81,"y":155,"width":785,"height":11}},{"id":"240a1dcc-d831-4da6-9412-b4c2421286ae","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":15,"box":{"x":82,"y":169,"width":853,"height":12}},{"id":"93cdfbf3-7527-4b8b-8c7e-241ddcbf2c80","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":15,"box":{"x":82,"y":184,"width":855,"height":12}},{"id":"b892d994-6390-4c39-98bb-8666e01950f6","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":15,"box":{"x":82,"y":199,"width":813,"height":12}},{"id":"2edb20cf-81fc-4565-853b-bace0000bbd5","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":15,"box":{"x":81,"y":214,"width":806,"height":11}},{"id":"c1758201-7357-4ff5-8d8a-1b1314f23cb0","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":15,"box":{"x":82,"y":229,"width":602,"height":11}},{"id":"e42b6c6d-4b44-4cef-a063-0720f5e9054e","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":15,"box":{"x":82,"y":249,"width":794,"height":11}},{"id":"c3b9a1a7-6ba9-45fb-9c64-e75608124105","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":15,"box":{"x":81,"y":264,"width":840,"height":11}},{"id":"e512c9ae-c971-4683-8e82-307dd8e65715","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":15,"box":{"x":81,"y":278,"width":801,"height":12}},{"id":"a6e70a64-b4ad-4d03-aa33-59029bb68c8f","block_type":"box","text":"resources to monitor and implement required changes.","page_number":15,"box":{"x":82,"y":293,"width":402,"height":12}},{"id":"706cf8bc-b5a9-49f6-949b-f4b0cdf6dfe7","block_type":"box","text":"Preferred Securities Risk","page_number":15,"box":{"x":81,"y":313,"width":189,"height":9}},{"id":"8c27978f-5fad-476c-b17d-626a3949598e","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":15,"box":{"x":274,"y":313,"width":636,"height":12}},{"id":"d4578a64-da65-42f6-b435-85813294a9c1","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":15,"box":{"x":81,"y":328,"width":824,"height":12}},{"id":"dbffce45-2fd7-41ea-a15e-d3849022c0f7","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":15,"box":{"x":82,"y":343,"width":806,"height":11}},{"id":"1bce6221-4808-4419-b0af-366ddcaf84dd","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":15,"box":{"x":81,"y":358,"width":842,"height":11}},{"id":"3d3e14b1-7255-44ef-b14a-a403061a9cf5","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":15,"box":{"x":81,"y":372,"width":781,"height":12}},{"id":"61adc83f-9177-441d-8163-fa19184d201f","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":15,"box":{"x":81,"y":387,"width":812,"height":12}},{"id":"90712b92-e6df-4781-b93d-aa3e26c84385","block_type":"box","text":"larger companies.","page_number":15,"box":{"x":82,"y":402,"width":129,"height":12}},{"id":"a9009a24-3473-405f-bcac-a9264d5fe521","block_type":"box","text":"Risk of Investing in the United States","page_number":15,"box":{"x":81,"y":422,"width":283,"height":11}},{"id":"67e0db46-0fcf-4f63-b263-4c56ac712dd6","block_type":"box","text":"—","page_number":15,"box":{"x":369,"y":427,"width":17,"height":1}},{"id":"051e853f-839c-423c-a83d-abb32f35de41","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":15,"box":{"x":390,"y":422,"width":519,"height":12}},{"id":"71217072-3aff-4950-8c00-7db89c507502","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":15,"box":{"x":82,"y":437,"width":790,"height":11}},{"id":"18e58e53-a516-493f-a924-a0f1b46f714a","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":15,"box":{"x":81,"y":452,"width":835,"height":11}},{"id":"a895a9bb-2737-4547-a895-64b489808074","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":15,"box":{"x":82,"y":467,"width":784,"height":11}},{"id":"d050c951-4156-400e-937b-96f79d26329f","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":15,"box":{"x":82,"y":481,"width":849,"height":12}},{"id":"8e4e3adc-d057-4511-abbd-fa70377ef983","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":15,"box":{"x":81,"y":496,"width":832,"height":12}},{"id":"1261a851-da96-49ed-8a89-1e019c0dec20","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":15,"box":{"x":81,"y":511,"width":851,"height":12}},{"id":"e2e70935-23e1-4fe0-90fd-62ae440b2a02","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":15,"box":{"x":82,"y":526,"width":471,"height":11}},{"id":"5826edf2-f4ff-4220-8c98-3f76e44a3a48","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":15,"box":{"x":81,"y":546,"width":847,"height":11}},{"id":"ae665dc9-0728-40d1-9799-86d99bfb1ee5","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":15,"box":{"x":81,"y":561,"width":810,"height":11}},{"id":"02b5ba73-d507-435e-bbe7-549821b59c49","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":15,"box":{"x":82,"y":575,"width":832,"height":12}},{"id":"02858a60-c4f9-468b-9ed0-ee186a339b5d","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":15,"box":{"x":80,"y":590,"width":826,"height":12}},{"id":"5be59b34-6d3c-4bb4-912b-2c3b4708d73d","block_type":"box","text":"Fund invests.","page_number":15,"box":{"x":82,"y":605,"width":95,"height":9}},{"id":"36398252-de26-46d1-a86f-d045a93795a9","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":15,"box":{"x":61,"y":628,"width":296,"height":13}},{"id":"9b3d533d-bb43-40d1-919a-45a8d7343517","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":15,"box":{"x":60,"y":645,"width":832,"height":11}},{"id":"f9a7b8cc-aab6-4493-a7e9-46380714972a","block_type":"box","text":"strategies, including:","page_number":15,"box":{"x":61,"y":660,"width":151,"height":11}},{"id":"f46d262a-e2bd-4eec-ac0b-d023057c713b","block_type":"box","text":"Borrowing Risk","page_number":15,"box":{"x":81,"y":679,"width":115,"height":12}},{"id":"e39768dc-ec89-4473-bd74-f6fe92f41124","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":15,"box":{"x":200,"y":679,"width":711,"height":12}},{"id":"10722624-fdde-40b5-b00c-59bc2ab2a516","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":15,"box":{"x":80,"y":694,"width":813,"height":12}},{"id":"ead725a8-a1f6-429d-b244-59883ace4bec","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":15,"box":{"x":82,"y":709,"width":846,"height":11}},{"id":"dc81f0bf-7d10-46b3-9632-116779b22d78","block_type":"box","text":"do so to satisfy its obligations.","page_number":15,"box":{"x":81,"y":724,"width":225,"height":11}},{"id":"ae871aea-3ff1-4c15-ac75-8dbbb791596b","block_type":"box","text":"Expense Risk","page_number":15,"box":{"x":81,"y":744,"width":102,"height":11}},{"id":"56909130-a74b-4046-8073-fb8bfba7ad14","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":15,"box":{"x":187,"y":744,"width":734,"height":11}},{"id":"7b0a504f-4a9b-4948-9479-edd65fc8cd0b","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":15,"box":{"x":81,"y":759,"width":855,"height":11}},{"id":"56465c25-0d01-463b-a321-c54c314eefad","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":15,"box":{"x":82,"y":773,"width":842,"height":12}},{"id":"5fc7f5b2-95c7-4dda-87b5-75b337959822","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":15,"box":{"x":82,"y":788,"width":808,"height":12}},{"id":"e51c05e8-3240-4681-87b6-34471e68abe4","block_type":"box","text":"significant.","page_number":15,"box":{"x":81,"y":803,"width":78,"height":12}},{"id":"cae4f88f-046d-41df-a9cf-5e91557805b8","block_type":"box","text":"Illiquid Investments Risk","page_number":15,"box":{"x":81,"y":823,"width":186,"height":11}},{"id":"e7d3520f-5510-4a3c-bc71-dd14ec42f763","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":15,"box":{"x":271,"y":823,"width":648,"height":11}},{"id":"522cc46b-3ee7-4063-bc56-f8fb9908db94","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":15,"box":{"x":80,"y":838,"width":841,"height":11}},{"id":"b9435829-32b2-4178-9cda-a0a963fb6b3c","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":15,"box":{"x":82,"y":853,"width":831,"height":11}},{"id":"0a0017df-7476-48d0-92fe-d4f42ef73df1","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":15,"box":{"x":81,"y":867,"width":811,"height":12}},{"id":"c68427e8-d4a9-4e63-99e8-ad0b8b9361d9","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":15,"box":{"x":82,"y":882,"width":825,"height":12}},{"id":"051b7442-8082-47b1-ba6c-f21f0e25d5d7","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":15,"box":{"x":81,"y":897,"width":837,"height":12}},{"id":"30d1d75e-ad20-4181-b4b4-4407c14948ac","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":15,"box":{"x":80,"y":912,"width":851,"height":12}},{"id":"c9647196-9776-4138-b500-5d3e4ff6220a","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"c44e718b-d54e-4acd-a70f-32b4d1a2a580","block_type":"box","text":"NM0926U-5977649-15/40","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7d1a51c4-bd37-48eb-ba9b-6f1156a77588","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":16,"box":{"x":82,"y":46,"width":835,"height":11}},{"id":"0a856f34-bd9b-4852-855b-e22aff06f751","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":16,"box":{"x":82,"y":60,"width":835,"height":12}},{"id":"1eee3032-ab7e-43d4-a3a2-4e1c6afb7b6b","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":16,"box":{"x":81,"y":75,"width":791,"height":12}},{"id":"bfbe6f36-2832-4d1c-8fcc-b67a40e10892","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":16,"box":{"x":81,"y":90,"width":846,"height":12}},{"id":"c1db086e-b906-4180-b423-d5bb3f34c8b0","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":16,"box":{"x":81,"y":105,"width":835,"height":12}},{"id":"776ce029-4ea6-43f9-9f4e-e981431c87cd","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":16,"box":{"x":82,"y":120,"width":839,"height":11}},{"id":"191cc5b2-dd28-476d-bd34-705dda156df7","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":16,"box":{"x":80,"y":135,"width":834,"height":11}},{"id":"fa2e044e-be4d-4573-b3c0-f41899ba1adc","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":16,"box":{"x":81,"y":150,"width":815,"height":11}},{"id":"4c46b480-19c6-414e-b6db-67d8e0f453ef","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":16,"box":{"x":82,"y":164,"width":835,"height":12}},{"id":"9ac99623-32d1-4a1e-a6b4-ed0bf38bc153","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":16,"box":{"x":82,"y":179,"width":827,"height":11}},{"id":"c977a141-1807-4044-bfff-70f3031455d5","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":16,"box":{"x":80,"y":194,"width":831,"height":11}},{"id":"ece24208-86eb-4d16-a3e9-37fac5a534bd","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":16,"box":{"x":81,"y":209,"width":304,"height":11}},{"id":"d67e29c1-068e-4d08-8c95-71559dfecf11","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":16,"box":{"x":81,"y":229,"width":366,"height":11}},{"id":"194c51e8-135f-4425-83c8-418e1cfc51fc","block_type":"box","text":"— As with other investments, investments in other investment","page_number":16,"box":{"x":450,"y":229,"width":459,"height":10}},{"id":"ab1b911d-f3a4-41dc-ab79-7903d24407d8","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":16,"box":{"x":81,"y":244,"width":815,"height":11}},{"id":"06d93bf4-a72c-4680-9095-05ad1b31f507","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":16,"box":{"x":82,"y":258,"width":844,"height":12}},{"id":"416d3714-2501-4d3d-a434-1cd9a9da026d","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":16,"box":{"x":81,"y":273,"width":822,"height":12}},{"id":"2e05a5ca-1099-4ab2-a73f-973573bd7d42","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":16,"box":{"x":81,"y":288,"width":829,"height":12}},{"id":"1dd909d2-46e7-4e60-b36d-52eba6d50444","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":16,"box":{"x":81,"y":303,"width":628,"height":11}},{"id":"395dcbf7-f416-4fae-88b7-0d63dc4976ec","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":16,"box":{"x":81,"y":323,"width":396,"height":11}},{"id":"45fbdadd-540d-4343-b4fc-0488a0e7268b","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":16,"box":{"x":481,"y":323,"width":440,"height":11}},{"id":"59175ff9-3476-4689-85da-7a6fd3ab2ffa","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":16,"box":{"x":82,"y":338,"width":801,"height":11}},{"id":"101eec24-6c7e-42f5-915e-3356277b2802","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":16,"box":{"x":81,"y":352,"width":825,"height":12}},{"id":"151ebdae-2c36-42eb-8da0-b855674dfdaa","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":16,"box":{"x":82,"y":367,"width":816,"height":12}},{"id":"40c5a8d3-0152-40a2-8f4b-3634b0d13f0c","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":16,"box":{"x":82,"y":382,"width":818,"height":12}},{"id":"07c344d2-baab-4ade-a9f7-3594a3403ca3","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":16,"box":{"x":80,"y":397,"width":835,"height":11}},{"id":"a19f0345-1c21-4f68-bc36-c94afffaba71","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":16,"box":{"x":80,"y":412,"width":807,"height":11}},{"id":"e475f733-224e-4fa2-8bf7-e3e4a9097cec","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":16,"box":{"x":82,"y":427,"width":841,"height":11}},{"id":"79cf7f91-a774-4d7e-abe8-b6b430152568","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":16,"box":{"x":80,"y":441,"width":855,"height":12}},{"id":"8b50ae1c-4f90-40c2-b1c1-c527bf89b816","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":16,"box":{"x":81,"y":456,"width":751,"height":11}},{"id":"77059f75-b773-4f24-93ca-78b38bf48beb","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":16,"box":{"x":81,"y":471,"width":785,"height":12}},{"id":"e7308a2d-8a00-4813-95d4-d5b504e75b83","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":16,"box":{"x":81,"y":486,"width":841,"height":11}},{"id":"6da83545-061c-43a6-bf86-660dfe6c9aab","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":16,"box":{"x":80,"y":501,"width":824,"height":11}},{"id":"64db440e-760c-41ff-9cbe-fab139b81264","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":16,"box":{"x":81,"y":516,"width":822,"height":11}},{"id":"3f145482-5ece-4437-843b-d60e43809b24","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":16,"box":{"x":81,"y":530,"width":801,"height":12}},{"id":"cef9bd46-7743-42df-9e08-06de4b92ff32","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":16,"box":{"x":80,"y":545,"width":765,"height":12}},{"id":"5acfeddd-055f-496d-ada3-8516b1f8cd22","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":16,"box":{"x":82,"y":560,"width":852,"height":12}},{"id":"222e7195-c2cf-4f48-8f34-1b4d27e532ad","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":16,"box":{"x":82,"y":575,"width":847,"height":11}},{"id":"47d9d660-fb15-435f-81b5-123912bf997b","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":16,"box":{"x":80,"y":590,"width":847,"height":11}},{"id":"453e78d4-7337-4fe9-a52e-1fdec66af0c0","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":16,"box":{"x":81,"y":604,"width":845,"height":12}},{"id":"ddc5dad4-c811-4377-bf02-a45b9d2d42dd","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":16,"box":{"x":82,"y":619,"width":835,"height":12}},{"id":"d13bad51-c6f3-44cf-adc1-794ec6c1bb29","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":16,"box":{"x":82,"y":634,"width":839,"height":12}},{"id":"2b081824-d545-44cc-b35e-0b94c186945e","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":16,"box":{"x":82,"y":649,"width":461,"height":12}},{"id":"bbcf11a7-0dc9-43dc-9cf1-0f22b4653148","block_type":"box","text":"Mid Cap Securities Risk","page_number":16,"box":{"x":81,"y":669,"width":182,"height":11}},{"id":"d92a289a-48fa-49bf-aab6-949d562e4d49","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":16,"box":{"x":267,"y":669,"width":665,"height":12}},{"id":"db15bab9-ab92-4dc8-ac6b-739da863f3e6","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":16,"box":{"x":81,"y":684,"width":789,"height":11}},{"id":"7905ad78-9845-4123-aa19-6f8c364671bf","block_type":"box","text":"Money Market Securities Risk","page_number":16,"box":{"x":81,"y":704,"width":229,"height":11}},{"id":"278aedb0-c50d-4c4b-89b4-c7899ad614ec","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":16,"box":{"x":314,"y":704,"width":570,"height":11}},{"id":"134170b2-33e7-4e88-aff0-9014b326c586","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":16,"box":{"x":81,"y":719,"width":819,"height":11}},{"id":"75a2df26-f71e-4bc6-b5ce-3103c5e3d90d","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":16,"box":{"x":82,"y":734,"width":657,"height":11}},{"id":"81a586cf-903c-4fa1-9601-b4d13035f10a","block_type":"box","text":"Ownership Limitations Risk","page_number":16,"box":{"x":82,"y":754,"width":205,"height":11}},{"id":"3bb87e6f-4e81-49cb-8130-329bc9ec82bc","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":16,"box":{"x":291,"y":753,"width":610,"height":12}},{"id":"98897f39-965e-4ccb-add3-1e0a8cfd6035","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":16,"box":{"x":80,"y":768,"width":849,"height":12}},{"id":"d7fe676a-88e8-4c1b-9680-29a32faab80f","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":16,"box":{"x":81,"y":783,"width":798,"height":12}},{"id":"7e6ab933-8e97-41fc-85d4-c2f00cbdacb5","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":16,"box":{"x":82,"y":798,"width":833,"height":11}},{"id":"81959ed7-5ef3-4ff0-83d9-38f62a3a4136","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":16,"box":{"x":82,"y":813,"width":851,"height":11}},{"id":"6e7d747c-3b00-4fbf-923e-5473c3fe6813","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":16,"box":{"x":81,"y":827,"width":813,"height":12}},{"id":"fde69402-952c-4ac1-bee6-5b276c7ab5c5","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":16,"box":{"x":82,"y":842,"width":331,"height":12}},{"id":"0bd1e2e4-6c7d-4e7a-92bc-d13fd063e5fe","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":16,"box":{"x":82,"y":863,"width":826,"height":11}},{"id":"5f72f046-4d87-4919-9fbe-020f53f39ea6","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":16,"box":{"x":81,"y":877,"width":848,"height":12}},{"id":"bbadf926-208f-4c8c-9db1-e98e302c4710","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":16,"box":{"x":81,"y":892,"width":799,"height":12}},{"id":"09d57428-8a62-404e-aa32-49e9f11ea5b9","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":16,"box":{"x":81,"y":907,"width":828,"height":11}},{"id":"047704d1-216a-4340-aab7-8158efffe16d","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c5537001-08f9-41ef-94fb-922e5877a23a","block_type":"box","text":"NM0926U-5977649-16/40","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a868d136-3cc3-4c8d-9445-e2d20e2a93a1","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":17,"box":{"x":81,"y":46,"width":828,"height":11}},{"id":"8d235f1f-232d-4e80-b182-71e51fb8391d","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":17,"box":{"x":80,"y":60,"width":837,"height":12}},{"id":"873fac11-3ae8-4348-bfa2-326dbb17c6ec","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":17,"box":{"x":80,"y":75,"width":837,"height":12}},{"id":"28f23f66-9c82-409b-8adb-efee77afd039","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":17,"box":{"x":82,"y":90,"width":800,"height":12}},{"id":"ee02ad7d-d099-48e9-a778-baf6f88608fe","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":17,"box":{"x":81,"y":105,"width":678,"height":12}},{"id":"69d983fe-c7dd-4d00-ac8b-7a2d0b745f4a","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":17,"box":{"x":81,"y":125,"width":842,"height":11}},{"id":"bfe70f52-8305-452a-8865-d8f50929fb08","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":17,"box":{"x":81,"y":140,"width":833,"height":11}},{"id":"25882f62-ce5c-46d7-ba24-2f69199c0d71","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":17,"box":{"x":82,"y":155,"width":582,"height":11}},{"id":"f3ce2ce2-465c-400d-bff3-803e34173ee1","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":17,"box":{"x":81,"y":175,"width":269,"height":9}},{"id":"17102c26-d8ee-4496-bed2-004a9fcf3e14","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":17,"box":{"x":354,"y":175,"width":527,"height":9}},{"id":"b924b066-eb22-4554-9e60-4aa7326df9eb","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":17,"box":{"x":82,"y":189,"width":816,"height":12}},{"id":"87fde543-dfb2-4d41-bc75-3cc776d509fc","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":17,"box":{"x":81,"y":204,"width":845,"height":12}},{"id":"6e1a7636-8e3e-49e3-8a24-f3451a5fa0bf","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":17,"box":{"x":81,"y":219,"width":841,"height":12}},{"id":"2cae1b6e-f21a-4630-afaf-25854f4a4cf5","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":17,"box":{"x":82,"y":234,"width":852,"height":11}},{"id":"695d0f95-7472-4ea4-b389-363678f84ad7","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":17,"box":{"x":81,"y":249,"width":841,"height":11}},{"id":"8e356b81-b9f5-42eb-813e-d0b37ab38f67","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":17,"box":{"x":81,"y":263,"width":807,"height":12}},{"id":"4be98cd1-0161-4bda-8991-cb4c05b1f972","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":17,"box":{"x":82,"y":279,"width":815,"height":11}},{"id":"bf2783ea-37f5-4a9f-8390-98f831f5df6a","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":17,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"e48b1d2e-fc35-4334-9442-8473b98fd5c0","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":17,"box":{"x":81,"y":308,"width":828,"height":12}},{"id":"c1fdf8ed-4484-4648-8358-59882fbdd75d","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":17,"box":{"x":82,"y":323,"width":805,"height":11}},{"id":"b7c326c6-c801-4746-a359-2f5de0164a77","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":17,"box":{"x":81,"y":338,"width":767,"height":11}},{"id":"5bb75339-f3ed-45db-80ed-874500088fdf","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":17,"box":{"x":81,"y":352,"width":831,"height":12}},{"id":"fa3add8d-830f-496d-8ce7-5e8c8dca353e","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":17,"box":{"x":82,"y":367,"width":824,"height":12}},{"id":"0cf32fe3-6cb1-4e03-b192-7ecbfde87eec","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":17,"box":{"x":81,"y":382,"width":817,"height":12}},{"id":"583fec92-00eb-4f13-8ef3-1570f1a1d075","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":17,"box":{"x":81,"y":397,"width":367,"height":11}},{"id":"60cbfbce-c5d3-42e2-aa61-79fc5f0a27e9","block_type":"box","text":"REIT Investment Risk","page_number":17,"box":{"x":81,"y":417,"width":163,"height":9}},{"id":"3d78b0ad-914c-44de-b5c1-9e0c2839bb8f","block_type":"box","text":"—","page_number":17,"box":{"x":248,"y":422,"width":17,"height":1}},{"id":"e335930f-0239-4033-8f41-eb8e8ec7af93","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in property","page_number":17,"box":{"x":271,"y":417,"width":653,"height":11}},{"id":"5d89b97f-e114-48e9-9787-6b6e410fed83","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":17,"box":{"x":80,"y":432,"width":846,"height":11}},{"id":"f9e87dea-bab8-47a8-877d-b8ea4442669e","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":17,"box":{"x":81,"y":447,"width":829,"height":11}},{"id":"4f3fdb18-4b0e-4cc8-b345-4adc653deb03","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":17,"box":{"x":80,"y":461,"width":793,"height":12}},{"id":"27cf8527-4cf4-4fe0-9c54-5eb28e2a0ec7","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":17,"box":{"x":82,"y":476,"width":836,"height":12}},{"id":"b7af33db-cb9d-4518-bbc5-fb0c0d6b659c","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":17,"box":{"x":81,"y":491,"width":814,"height":11}},{"id":"1fee945e-4d9e-44a8-ac26-4fd01fb7acc5","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":17,"box":{"x":81,"y":506,"width":825,"height":11}},{"id":"8b63d169-fe5f-4107-b9a8-e06bcb7db59f","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":17,"box":{"x":81,"y":521,"width":797,"height":11}},{"id":"a6b0a67c-89b1-484b-8a55-92b6900bc39a","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":17,"box":{"x":81,"y":536,"width":812,"height":11}},{"id":"6e7753b4-7b1c-4935-95ee-437c1a264c16","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":17,"box":{"x":82,"y":550,"width":838,"height":12}},{"id":"a3a13845-546a-4f7a-a81d-3aed4fce8dfc","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":17,"box":{"x":81,"y":565,"width":832,"height":12}},{"id":"71afc87a-e796-4ab4-85fe-47d35cf49b57","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":17,"box":{"x":82,"y":580,"width":809,"height":12}},{"id":"aeb4235c-ae4d-4e51-9525-f437ca01a15c","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":17,"box":{"x":81,"y":595,"width":819,"height":11}},{"id":"26ec6658-1e6c-4f56-a343-dfc0a0743734","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":17,"box":{"x":81,"y":610,"width":813,"height":11}},{"id":"77ac2034-a1df-4df5-a5a3-4d918fc895ef","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":17,"box":{"x":81,"y":624,"width":434,"height":12}},{"id":"0d23a86f-c23e-4a91-9528-e038301087a4","block_type":"box","text":"Reliance on Advisor Risk","page_number":17,"box":{"x":81,"y":645,"width":188,"height":9}},{"id":"3eb9c602-759d-4b7a-9f02-65fc50a54c78","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":17,"box":{"x":273,"y":645,"width":614,"height":11}},{"id":"e2091dc1-00e4-4252-9ecf-a0951b01e9aa","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":17,"box":{"x":80,"y":659,"width":830,"height":12}},{"id":"93804986-df15-46f4-b1cd-73ee0721f1eb","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":17,"box":{"x":80,"y":674,"width":856,"height":12}},{"id":"78ab4f52-5d12-43af-a54e-703c80ebd052","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":17,"box":{"x":80,"y":689,"width":841,"height":11}},{"id":"c1aabd02-91be-4745-87a7-da1bcd37690c","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":17,"box":{"x":81,"y":704,"width":649,"height":11}},{"id":"0597138f-6b6c-4900-b8f4-c09351a4fd26","block_type":"box","text":"Restricted Securities Risk","page_number":17,"box":{"x":81,"y":724,"width":198,"height":9}},{"id":"6bf167b7-9785-49fc-a905-60dee250cdd4","block_type":"box","text":"—","page_number":17,"box":{"x":284,"y":729,"width":17,"height":1}},{"id":"3a0d1502-c60a-4395-b866-5f4d03408de1","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":17,"box":{"x":306,"y":724,"width":571,"height":11}},{"id":"4df73a9c-0abe-42a3-8582-b28ceb82e256","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":17,"box":{"x":82,"y":739,"width":843,"height":11}},{"id":"980a3887-155c-4c2c-9cc1-194bed3c92f5","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":17,"box":{"x":81,"y":753,"width":813,"height":12}},{"id":"9559d38e-4d75-48a7-b51a-8809d02738af","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":17,"box":{"x":81,"y":768,"width":851,"height":12}},{"id":"9ca0b75d-c5c1-4a9e-8f21-29f23cc33327","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":17,"box":{"x":81,"y":783,"width":774,"height":12}},{"id":"2f3da09a-8e05-4127-973b-fb4d9d996c13","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":17,"box":{"x":82,"y":798,"width":839,"height":11}},{"id":"bf7023f5-91af-4b8d-a8f4-1cf06bab8263","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":17,"box":{"x":81,"y":813,"width":828,"height":11}},{"id":"d2b4bcec-524b-42fb-b479-f5722f7d732d","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":17,"box":{"x":81,"y":827,"width":830,"height":12}},{"id":"ba32ae60-4e18-4b7e-aa7d-1f42a7a8dba8","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":17,"box":{"x":80,"y":842,"width":787,"height":12}},{"id":"6d25f9d7-163a-4639-9024-0b5793ab50a2","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":17,"box":{"x":80,"y":857,"width":838,"height":12}},{"id":"a52f959a-4b18-48bc-99c1-72c5836091c6","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":17,"box":{"x":81,"y":872,"width":843,"height":12}},{"id":"2c1b49e0-38fd-4883-a268-7a6b004df0eb","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":17,"box":{"x":81,"y":887,"width":827,"height":11}},{"id":"a47bf1f9-3c48-44dd-8d29-8d9600dbd212","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":17,"box":{"x":82,"y":902,"width":812,"height":11}},{"id":"59665cb8-e2d2-43e7-a7b5-4c04b75aa468","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"f1ef32d2-0d3c-4ec6-8acc-2ef1c4e3a465","block_type":"box","text":"NM0926U-5977649-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ff5dd608-06e3-4f16-a92c-a58920fdc4ea","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":18,"box":{"x":82,"y":46,"width":795,"height":11}},{"id":"45a541a3-02cd-4889-b242-d25082d2faee","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":18,"box":{"x":81,"y":61,"width":468,"height":11}},{"id":"584662f9-a470-4c9b-8356-95051ad55b72","block_type":"box","text":"Securities Lending Risk","page_number":18,"box":{"x":81,"y":81,"width":178,"height":11}},{"id":"0c2501e9-7224-44d5-b48b-3f7635dd6018","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":18,"box":{"x":263,"y":81,"width":661,"height":11}},{"id":"eca21408-c6b6-4700-a7d5-5aaaaadb8a75","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":18,"box":{"x":82,"y":95,"width":852,"height":12}},{"id":"141e69a6-2f5d-4fdd-b6ed-95958dddcf1d","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":18,"box":{"x":81,"y":110,"width":811,"height":12}},{"id":"5793e8f5-e5e8-4b85-bca1-7e49f4a3eeae","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":18,"box":{"x":81,"y":125,"width":829,"height":11}},{"id":"1855637c-70e3-47a9-9d97-4ae3f1079f76","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":18,"box":{"x":81,"y":140,"width":292,"height":11}},{"id":"69a97fa1-38a8-4529-a2f0-65a6e407e549","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":83,"y":160,"width":107,"height":9}},{"id":"4f8780c7-374d-4ee7-9145-ea6e92ef3c16","block_type":"box","text":"—","page_number":18,"box":{"x":194,"y":165,"width":17,"height":1}},{"id":"0c97b0ac-f91b-42ff-8d44-c6306549c667","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":18,"box":{"x":215,"y":160,"width":700,"height":11}},{"id":"b9510f88-ccec-4dd7-b032-b9c3e5cc25e0","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":18,"box":{"x":81,"y":175,"width":835,"height":11}},{"id":"0a5088ad-588d-4003-bd81-85ecc99be3f9","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":18,"box":{"x":81,"y":189,"width":848,"height":12}},{"id":"b322627d-ea26-4332-9824-15ebf831fcf6","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":18,"box":{"x":82,"y":204,"width":845,"height":12}},{"id":"ae81c8cd-d073-4fbe-8097-4b62c7e6a27e","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":18,"box":{"x":82,"y":219,"width":840,"height":12}},{"id":"a46372de-03a2-45cc-bef6-2b78b53028d1","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":18,"box":{"x":80,"y":234,"width":783,"height":11}},{"id":"4f941085-d85a-46eb-9660-39af60e01edd","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":18,"box":{"x":81,"y":249,"width":810,"height":11}},{"id":"caccb63d-1119-4232-827f-c243924c692d","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":18,"box":{"x":81,"y":263,"width":847,"height":12}},{"id":"c423b772-14a5-4ba1-ab8e-f95ce94829c2","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":18,"box":{"x":82,"y":278,"width":848,"height":12}},{"id":"271f5f3f-ed6c-4690-956c-0ee7cd8d637b","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":18,"box":{"x":80,"y":293,"width":819,"height":12}},{"id":"022afa89-5677-41c3-b69f-54e13a297369","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":18,"box":{"x":81,"y":308,"width":837,"height":11}},{"id":"5dcd9e31-7b8c-48a8-bb5a-80c338b12f8a","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":18,"box":{"x":80,"y":323,"width":672,"height":11}},{"id":"e5460eca-4881-4063-a8cc-e84d9d3ad1dd","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":18,"box":{"x":83,"y":343,"width":584,"height":11}},{"id":"5ba74e12-8942-4154-8461-7f58dfdf4d72","block_type":"box","text":"— When-issued and delayed","page_number":18,"box":{"x":671,"y":343,"width":208,"height":11}},{"id":"9acf43ed-37ee-4842-b979-c4bbc78dd738","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":18,"box":{"x":81,"y":358,"width":843,"height":11}},{"id":"4cf328d2-e3f6-4cd3-83a9-01c4407f276b","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":18,"box":{"x":82,"y":373,"width":830,"height":11}},{"id":"8cf96b7a-a6f5-46bd-a4e7-e20daaedbe21","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":18,"box":{"x":82,"y":387,"width":849,"height":12}},{"id":"102ce8c1-4867-4d70-8231-40da353b1723","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":18,"box":{"x":80,"y":402,"width":425,"height":12}},{"id":"e7e836e4-3af9-47a3-a4bf-34f728d6a0c1","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"214bb13a-230e-481d-a628-a7c164747286","block_type":"box","text":"NM0926U-5977649-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7d01cdd4-8381-4def-90b6-438e571ae5f8","block_type":"box","text":"Account Information","page_number":19,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"2b794d6d-89b7-4ec5-ac51-0f30040c4dcd","block_type":"box","text":"Details About the Share Class","page_number":19,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"17f82aa8-df43-4536-b524-2606f8cd0a8b","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":19,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"51180485-ed08-4ac6-a7dc-5592f1efacc6","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":19,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"d6a1e39c-7d03-480d-a9ee-abf6920b170e","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":19,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"eb6cab2d-af0d-4cb8-b2bd-975004b5fe58","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":19,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"a5bb67ff-ac11-4a65-a514-466451772874","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":19,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"55c2dcfe-54be-4062-ab59-a6c144c3accc","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can","page_number":19,"box":{"x":61,"y":256,"width":864,"height":12}},{"id":"7e0340df-d1f3-4929-80c2-d142263a5e0a","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":19,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"1b659a95-260d-4ce7-9645-de1f8b3ded53","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":19,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"62923e40-9522-4df0-9409-b793cb5ade3c","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":19,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"7d30de20-1474-4cda-93a7-a5edcefb5a14","block_type":"box","text":"Class K Shares at a Glance","page_number":19,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"0fe7e946-df0f-45cd-a276-17c07a60aa8d","block_type":"box","text":"Availability","page_number":19,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"61175af4-1617-4ca7-8f67-787288f7479a","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":19,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"323c2a7b-3014-45f4-9728-b1ac02181186","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":19,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"ee898877-c529-43d8-a3a0-3a54d85fe00a","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":19,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"32d23890-1c25-4907-884c-ba63fe1ab146","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":19,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"b7f038db-924e-46c8-8a0f-1572285dc87f","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":19,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"adb70672-beb9-4d31-b9ff-1659dc91a2fe","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":19,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"e364a625-794c-454a-9942-68884e41912f","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":19,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"b60cb5a8-a35f-402d-8032-832a22a41ea1","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":19,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"430666a8-9c18-4405-898e-dd0208e6f267","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":19,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"0d086d05-3f97-4990-87ca-b6497ed619e0","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":19,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"6846de7e-f515-4bd3-a0ff-8b7b294c5b49","block_type":"box","text":"to purchase such shares; (iv) clients of private banks that purchase shares of the Fund","page_number":19,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"2982c9c2-7412-49ac-8b55-5295f7f28533","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":19,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"fea581f2-ba01-4fd1-93bc-54a09549b1d8","block_type":"box","text":"to sell such shares; (v) fee-based advisory platforms of a Financial Intermediary that","page_number":19,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"723178da-7570-4898-a7ad-e2af7a26a3b5","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":19,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"537c821f-d1ab-49d6-8e25-55837240197b","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":19,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"a321cd1a-1e9e-4756-98fd-46afb494a160","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":19,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"540ca06f-4899-4e20-b13d-284b3fc0fde9","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":19,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"682bc57f-a203-4a48-9132-3d03f1045ee5","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":19,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"6fa21807-b2c9-493d-8d38-df6ff59a8be0","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":19,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"3de53aa7-7f90-415f-b97d-cec1a70f47d9","block_type":"box","text":"same account since August 15, 2016.","page_number":19,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"b284e620-473e-4b56-9643-fc02c6628aa3","block_type":"box","text":"Minimum Investment","page_number":19,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"8d0b49c0-1a8b-40d8-b122-ab8cae518e26","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":19,"box":{"x":348,"y":666,"width":421,"height":10}},{"id":"d8b6b127-8318-4905-9a17-3dc5fa5bcba3","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":19,"box":{"x":348,"y":683,"width":528,"height":10}},{"id":"b7097ba4-b813-4abb-bfc6-bb92639d1db7","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":19,"box":{"x":349,"y":697,"width":535,"height":10}},{"id":"5d0ddb34-ddc4-4e6d-be4e-85117c49ea67","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":19,"box":{"x":348,"y":712,"width":439,"height":11}},{"id":"6db2f257-c4d1-419e-b0c8-4262e9a24e09","block_type":"box","text":"Initial Sales Charge?","page_number":19,"box":{"x":61,"y":731,"width":140,"height":10}},{"id":"43c64e63-c894-4683-9ca3-fd445fc8cb33","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":19,"box":{"x":349,"y":730,"width":391,"height":11}},{"id":"4aaed46c-4054-422e-ae04-46bf4607f872","block_type":"box","text":"Deferred Sales Charge?","page_number":19,"box":{"x":61,"y":749,"width":159,"height":10}},{"id":"625f7442-a1ad-4b0e-9bf8-0207f38172af","block_type":"box","text":"No.","page_number":19,"box":{"x":349,"y":749,"width":20,"height":8}},{"id":"c0792251-dcdb-4832-80de-31185ff577b3","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":19,"box":{"x":61,"y":767,"width":261,"height":10}},{"id":"fb021b1a-8ea6-47d0-bf12-77475ce57779","block_type":"box","text":"No.","page_number":19,"box":{"x":349,"y":767,"width":20,"height":8}},{"id":"36e6384c-ddf8-41f2-861c-ebbb5e390b4c","block_type":"box","text":"Redemption Fees?","page_number":19,"box":{"x":61,"y":785,"width":125,"height":10}},{"id":"1ad707b5-c353-484a-93a5-df4a3ad02110","block_type":"box","text":"No.","page_number":19,"box":{"x":349,"y":785,"width":20,"height":8}},{"id":"de266d21-abc1-4efc-8488-93e28645be2c","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":19,"box":{"x":60,"y":817,"width":620,"height":11}},{"id":"1212412c-8664-4b7f-b511-23c1c3d09205","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":19,"box":{"x":60,"y":839,"width":874,"height":12}},{"id":"7b880d95-6605-4540-a0fb-659073831a9e","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":19,"box":{"x":62,"y":854,"width":778,"height":11}},{"id":"3d2fa1fe-db55-4664-bf11-b8ab3f8a767f","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":19,"box":{"x":61,"y":869,"width":817,"height":11}},{"id":"df6e35ec-65fa-43fb-9580-986698f1d0b8","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":19,"box":{"x":61,"y":884,"width":807,"height":11}},{"id":"dee7cc65-7843-4077-9f46-05f98be23127","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":19,"box":{"x":62,"y":899,"width":410,"height":11}},{"id":"e38308aa-4a30-4fe7-bf44-7f8a7c46522c","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"51d52608-0dbe-4d8c-b227-5b2c3aa467d1","block_type":"box","text":"NM0926U-5977649-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6bd9b3ec-b40d-4792-9cc3-8a089ba5bf05","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":20,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"ae9ba42c-1869-47fd-86fd-b57e0a43ae68","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":20,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"69a4bc33-2b81-4153-8bc4-c8171f49f110","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":20,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"48775c90-1c60-4c15-ae66-b3d9fc4d377e","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":20,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"b21cc348-bc42-4258-b5a7-0fe91c1860a1","block_type":"box","text":"by that type of account.","page_number":20,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"2fc8aed0-7b02-48f1-b63d-32aab19739d4","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":20,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"4a1d2c64-4a7c-4ff4-ad05-4d5683c173ed","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":20,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"4bbc2856-cfb7-4408-8f55-24be53e2e8df","block_type":"box","text":"Right of Accumulation","page_number":20,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"917e8ee6-0cae-4cbe-a690-b76274b33c74","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":20,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"7d6820ba-f42b-4bf1-a12c-4b2fb7381fe3","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":20,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"f7a44485-ca96-4c73-86a5-275303258a4b","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":20,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"48c02274-4d1d-4868-8b43-0cac1781391b","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":20,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"e06e4384-fb5f-4108-9f6e-ab6924b7485d","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":20,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"21284bf0-3720-4119-a839-628ccba52be1","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":20,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"98a0db0a-f094-4912-8444-d8bec835ac73","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":20,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"2faf9630-e7fc-4334-af9b-b4c6ce4f7496","block_type":"box","text":"investor’s spouse and children.","page_number":20,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"83844ed6-691f-4e2c-9585-8e1cc7c131c8","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":20,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"f0953048-9a33-483a-b116-f8da92dee227","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":20,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"a996b9c1-978b-4bf1-9353-55e0c207063d","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":20,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"69424d64-9ddb-4a8e-b2df-ac1d10469202","block_type":"box","text":"any previously purchased shares.","page_number":20,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"e81895e8-0371-4542-84f4-1a8ca1a25199","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":20,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"b5833b67-4497-4da7-9d61-5fe12469adde","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":20,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"6be8079e-7054-4b9f-98c7-64552a725f46","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":20,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"21e92e23-7fb8-46b9-8dc5-4f7bd79f9452","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":20,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"29a081b4-34d1-4a20-af2d-95e1eeddd52e","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":20,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"eb0d4757-dc38-4ff2-a780-bf6b6fe45e5d","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":20,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"565f9361-3962-46a5-b9fe-21d9c43f3b1e","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":20,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"e6f3c935-3d6d-4542-8963-e14188555df5","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":20,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"87b06f1c-ab67-4a93-aab1-a92a9455157f","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":20,"box":{"x":62,"y":552,"width":845,"height":12}},{"id":"9e32ac33-8be1-4555-9cab-370bb39a6a06","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":20,"box":{"x":61,"y":567,"width":860,"height":12}},{"id":"3b999e73-5e35-4726-933a-c287aedf536d","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":20,"box":{"x":60,"y":582,"width":868,"height":11}},{"id":"b9f1a181-69eb-4824-90c6-4790ed90eddb","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":20,"box":{"x":61,"y":597,"width":863,"height":11}},{"id":"2ae6de17-8191-4c1d-bcdb-8e6456f13ca9","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":20,"box":{"x":61,"y":612,"width":787,"height":11}},{"id":"4f403b9a-1df7-4b5c-87e4-8f5c19e37158","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":20,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"c69f4ef2-9ed1-4cee-a8c1-ffa212296fc0","block_type":"box","text":"restricted from making additional investments.","page_number":20,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"2af681df-c616-4ca0-9c49-b47468d37113","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":20,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"a5b9891a-a9bf-4af2-8e4a-4f5ff67d5c75","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. 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Purchase","page_number":21,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"fd573d86-dccf-40b1-86d3-3c05ce7c4977","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":21,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"cac243a1-dc32-434b-93b1-bb00c3bfaeb5","block_type":"box","text":"determined on the next business day.","page_number":21,"box":{"x":461,"y":162,"width":247,"height":10}},{"id":"0004185f-3468-47c9-8fe5-ccafea018457","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":21,"box":{"x":460,"y":178,"width":468,"height":10}},{"id":"38c86318-1d46-441a-96b4-dea7fccd5bac","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":21,"box":{"x":460,"y":192,"width":470,"height":10}},{"id":"b8744ebb-5bae-404e-b115-06590f18a451","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":21,"box":{"x":460,"y":205,"width":471,"height":10}},{"id":"7e5559d1-496e-4532-949c-02ca2652ee03","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":21,"box":{"x":460,"y":219,"width":434,"height":10}},{"id":"ab04b421-0636-4524-b38c-5319a528893b","block_type":"box","text":"table.","page_number":21,"box":{"x":460,"y":232,"width":36,"height":8}},{"id":"f7d421fb-4949-45d2-b18c-c65ba38067d2","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":21,"box":{"x":460,"y":249,"width":473,"height":10}},{"id":"0dafb7d7-6ed3-4b21-8002-6090a16ef05a","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":21,"box":{"x":461,"y":262,"width":453,"height":10}},{"id":"75986e8a-eb5c-426f-af88-e8eec5c03331","block_type":"box","text":"processing fee to confirm a purchase.","page_number":21,"box":{"x":461,"y":275,"width":249,"height":11}},{"id":"bf68455c-8021-4742-b59c-2ab8eb8f3fee","block_type":"box","text":"Or contact BlackRock","page_number":21,"box":{"x":214,"y":294,"width":140,"height":8}},{"id":"6a846a41-7896-455f-a197-d32799cf805b","block_type":"box","text":"(for accounts held","page_number":21,"box":{"x":214,"y":307,"width":117,"height":10}},{"id":"8412895d-12e9-4ce3-ae07-d071f9b65b8d","block_type":"box","text":"directly with BlackRock)","page_number":21,"box":{"x":214,"y":321,"width":154,"height":10}},{"id":"27edbee8-c56a-4feb-a209-10997660ae87","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":21,"box":{"x":461,"y":294,"width":450,"height":10}},{"id":"47d36c56-9467-41a6-8463-fb7b7a525caf","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":21,"box":{"x":461,"y":307,"width":432,"height":10}},{"id":"6310717d-1941-46f5-a9eb-645c8c219faa","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":21,"box":{"x":461,"y":321,"width":370,"height":10}},{"id":"0111b4f4-907e-4f6f-8201-8cf2cbd55291","block_type":"box","text":"Add to Your","page_number":21,"box":{"x":60,"y":339,"width":78,"height":8}},{"id":"efb7471e-e6e7-428d-94bd-c9d978d97460","block_type":"box","text":"Investment","page_number":21,"box":{"x":61,"y":350,"width":75,"height":8}},{"id":"a477037c-d637-4f16-97f7-e54ccca9a08a","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":21,"box":{"x":214,"y":339,"width":685,"height":10}},{"id":"379ff231-8c60-471d-b316-087893a97de9","block_type":"box","text":"Have your Financial","page_number":21,"box":{"x":214,"y":368,"width":125,"height":10}},{"id":"2dfa24c4-62b1-4f39-b259-c781b967707e","block_type":"box","text":"Intermediary submit","page_number":21,"box":{"x":214,"y":382,"width":132,"height":10}},{"id":"ecf84ea3-959f-4317-ae2b-b5eeb3eabfd5","block_type":"box","text":"your purchase order for","page_number":21,"box":{"x":213,"y":395,"width":154,"height":11}},{"id":"1c27e3f1-e96f-4e2b-b339-472efb4c33e5","block_type":"box","text":"additional shares","page_number":21,"box":{"x":214,"y":409,"width":113,"height":8}},{"id":"79c3004f-0bb2-494e-9e87-6ba297a2a006","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":21,"box":{"x":460,"y":368,"width":409,"height":10}},{"id":"d259f249-b023-41a9-a434-fce8434247f6","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":21,"box":{"x":461,"y":382,"width":353,"height":10}},{"id":"df47be0b-8ab2-42f2-9e4d-cb44e29eab05","block_type":"box","text":"Or contact BlackRock","page_number":21,"box":{"x":214,"y":427,"width":140,"height":8}},{"id":"119ec2b9-0f25-468a-818d-eedb7416f061","block_type":"box","text":"(for accounts held","page_number":21,"box":{"x":214,"y":440,"width":117,"height":11}},{"id":"fdfc00e0-cd33-4a1b-9ca9-1e2aed0bf6d3","block_type":"box","text":"directly with BlackRock)","page_number":21,"box":{"x":214,"y":454,"width":154,"height":10}},{"id":"b7535804-50cf-4e47-9d3f-8c20049df92a","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":21,"box":{"x":461,"y":427,"width":450,"height":10}},{"id":"c8b0d371-2673-40a3-a82f-8dfc77297bc0","block_type":"box","text":"Retirement Plan:","page_number":21,"box":{"x":461,"y":441,"width":108,"height":8}},{"id":"f1d9211a-3278-42ea-9058-bf3acf631302","block_type":"box","text":"Purchase by Telephone","page_number":21,"box":{"x":461,"y":457,"width":154,"height":10}},{"id":"26b4246d-e860-451a-b5fc-133ffe0a7553","block_type":"box","text":":","page_number":21,"box":{"x":617,"y":459,"width":4,"height":6}},{"id":"295b4c1b-027b-45c7-b2b7-5ec38c9e7842","block_type":"box","text":"Call the Fund at (800) 537-4942 and speak","page_number":21,"box":{"x":625,"y":457,"width":290,"height":10}},{"id":"ca81b65e-dbfb-41f5-837b-dffbf37c9257","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":21,"box":{"x":460,"y":470,"width":449,"height":10}},{"id":"65202859-4c7d-4833-81ea-dcb72cfacb99","block_type":"box","text":"telephone request for any reason.","page_number":21,"box":{"x":460,"y":484,"width":223,"height":10}},{"id":"0066cd54-8440-42be-9788-1ec852778c9b","block_type":"box","text":"Purchase by Internet","page_number":21,"box":{"x":461,"y":500,"width":140,"height":10}},{"id":"3506de91-b093-4359-9de1-1db84fa510cb","block_type":"box","text":":","page_number":21,"box":{"x":603,"y":502,"width":4,"height":6}},{"id":"22c45679-879e-4d03-9447-70f186adb7a5","block_type":"box","text":"You may purchase your shares and view activity","page_number":21,"box":{"x":611,"y":500,"width":314,"height":10}},{"id":"d61e02fc-9095-4e27-b061-cedbb716ba76","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":21,"box":{"x":461,"y":513,"width":374,"height":11}},{"id":"21d81288-24dd-45ca-8c19-ba492f8ba63e","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":21,"box":{"x":460,"y":527,"width":416,"height":10}},{"id":"e9380a80-d4a9-4d76-9881-647f06ed4941","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":21,"box":{"x":460,"y":540,"width":450,"height":11}},{"id":"0f44abdd-2a9a-420a-b86d-246a5cce8d1c","block_type":"box","text":"day after the purchase is made.","page_number":21,"box":{"x":461,"y":554,"width":209,"height":10}},{"id":"0d08f891-f4c5-4f02-aa2c-d75296465ed5","block_type":"box","text":"Certain institutional clients’ purchase orders placed by wire prior to the","page_number":21,"box":{"x":461,"y":570,"width":470,"height":10}},{"id":"a1f01ff1-7502-42bc-ba3f-ae389028fc48","block_type":"box","text":"close of business on the NYSE will be priced at the net asset value","page_number":21,"box":{"x":461,"y":583,"width":443,"height":11}},{"id":"c4ed244a-1b33-42c4-b2b0-0f1974763c86","block_type":"box","text":"determined that day. Contact your Financial Intermediary or BlackRock","page_number":21,"box":{"x":461,"y":597,"width":464,"height":10}},{"id":"f07eb419-8de7-45ba-89ef-4e01a23cb040","block_type":"box","text":"for further information. Limits on amounts that may be purchased via","page_number":21,"box":{"x":460,"y":611,"width":458,"height":10}},{"id":"4fc843a0-a6d4-4e70-b0d4-e39724980dcf","block_type":"box","text":"Internet may vary. For additional information call BlackRock at","page_number":21,"box":{"x":461,"y":624,"width":409,"height":10}},{"id":"12477c72-4d36-4322-9fda-401fcc53e932","block_type":"box","text":"(800) 537-4942.","page_number":21,"box":{"x":461,"y":638,"width":110,"height":10}},{"id":"49be79fb-aa31-4ed2-ad0b-ea07f27e7526","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":21,"box":{"x":461,"y":654,"width":430,"height":8}},{"id":"7323edb2-cb9e-44c9-950c-561695e90cf4","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":21,"box":{"x":460,"y":667,"width":417,"height":11}},{"id":"ae33dfcb-b6a7-4591-8f9b-1b40fdad9671","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":21,"box":{"x":461,"y":681,"width":448,"height":10}},{"id":"4d8d2145-0c20-43cc-9d09-b82be4559fcd","block_type":"box","text":"before attempting to transact online.","page_number":21,"box":{"x":461,"y":694,"width":240,"height":11}},{"id":"81409c32-8cf7-4beb-b7f2-19503addbbd7","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":21,"box":{"x":460,"y":710,"width":464,"height":11}},{"id":"3d485ce1-c5fc-4544-8b6d-19cb850f227a","block_type":"box","text":"entered over the Internet are genuine. 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If","page_number":22,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"d1e83751-c68b-42f5-8e2c-ceb91effc6bd","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":22,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"6d9dd6cf-9c48-4493-b772-96678e0df62d","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":22,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"47533bb4-3253-4390-bf5e-5c4c50d52a09","block_type":"box","text":"the Fund.","page_number":22,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"073a7eea-df27-4639-b524-e46261b8b073","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":22,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"6cd14de9-5da1-4500-a8c0-08c250f7c841","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":22,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"c2496efe-9d9d-4117-b144-3e3695e3ada8","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":22,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"e381f8f1-c0c1-4ffc-96a1-0eeb80067997","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":22,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"4bd71c26-4ab6-455f-9ecc-39342c44f881","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":22,"box":{"x":460,"y":232,"width":424,"height":11}},{"id":"368d9bca-1078-4973-ae07-509555dff7ca","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":22,"box":{"x":461,"y":246,"width":459,"height":10}},{"id":"b1128c30-5b59-4cc9-963a-0e2e50985bb6","block_type":"box","text":"of securities that are permissible investments for the respective fund. If","page_number":22,"box":{"x":461,"y":259,"width":476,"height":10}},{"id":"c5a265d8-bb78-44be-b158-743041a17532","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":22,"box":{"x":461,"y":273,"width":472,"height":10}},{"id":"e0414c12-52f5-4f79-bd0b-cf6b74188c08","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":22,"box":{"x":461,"y":286,"width":458,"height":11}},{"id":"683163d4-8ebc-4e6f-9cf9-95d1d214b0b9","block_type":"box","text":"Fund.","page_number":22,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"851cc158-9447-4842-aba6-88644a4ba2b3","block_type":"box","text":"How to Sell Shares","page_number":22,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"6094f524-2ee1-44bf-9275-deb2985d5a37","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":22,"box":{"x":213,"y":347,"width":478,"height":9}},{"id":"9b418c88-b879-4548-9fac-56e0dbcc88a8","block_type":"box","text":"Full or Partial","page_number":22,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"41fcae32-de6c-4ce2-b200-6bc01bf0044c","block_type":"box","text":"Redemption of","page_number":22,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"7b4b203e-90c0-43e4-ae4b-217c06523774","block_type":"box","text":"Shares","page_number":22,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"e8cae5ec-95fe-4feb-9d7e-cd75698ffb19","block_type":"box","text":"Have your Financial","page_number":22,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"46d33522-4e5e-4a13-a8d0-c0ecbbbf085d","block_type":"box","text":"Intermediary submit","page_number":22,"box":{"x":214,"y":377,"width":132,"height":10}},{"id":"70ef3e61-6823-460d-be7d-1c170f6436fa","block_type":"box","text":"your sales order","page_number":22,"box":{"x":213,"y":391,"width":107,"height":10}},{"id":"49c79df4-7e32-4aab-ac6c-1c3a68977cd7","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":22,"box":{"x":461,"y":364,"width":450,"height":10}},{"id":"7a0cac09-807d-4267-8dc4-51f9df3f887f","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":22,"box":{"x":461,"y":377,"width":418,"height":11}},{"id":"ac7da930-5a88-4c1f-9152-ca7707f7069d","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":22,"box":{"x":461,"y":391,"width":436,"height":10}},{"id":"20ccbe14-21a8-426f-bfa7-61c3a1fdbc46","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":22,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"19f77476-a9dd-4269-8e16-57f045e16d34","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":22,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"e17b16b5-2dec-4e19-840a-1ec8989a7bec","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":22,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"c9f3ee4c-a50c-442e-92d3-9481c9e7e8cd","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":22,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"417faa1b-fff4-4641-8b64-9214851b0ed2","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":22,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"ef375552-9d22-435d-84ee-b853a0ccf866","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":22,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"b45248c2-12ad-4194-ac54-89e576d34367","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":22,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"9b2b7377-a44f-499a-bf00-915359df3d79","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":22,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"1fbbc951-6a05-4bd0-a5f3-fc303ece45b9","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":22,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"002aa15a-b447-4ce0-84fc-15e480c4ef86","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":22,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"b0730c16-d0e6-48ce-8485-27b70e3a9243","block_type":"box","text":"Financial Intermediary.","page_number":22,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"ec6992d5-67e3-480e-a44f-b0856293ac92","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":22,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"d3eb8f86-5295-4602-9001-5c4f8973e4e9","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":22,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"a3c792ea-7c71-467f-971d-6e80b8259628","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":22,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"6b98785e-6a16-476c-ae99-17a302380528","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":22,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"b98bd132-f0fd-4dbd-bc24-6a638699afdc","block_type":"box","text":"that day’s close of business on the NYSE (generally, 4:00 p.m. Eastern","page_number":22,"box":{"x":460,"y":612,"width":470,"height":11}},{"id":"f0e7ae13-33e5-4519-b710-1c101fea3fde","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":22,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"7ddbfd83-6345-44be-af34-7dcffd99cc30","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":22,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"b0249e5f-b74a-4a93-8c26-1afc01a4357d","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":22,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"83b6c6ff-d4e8-469a-bf55-1cb4f0b5b4e8","block_type":"box","text":"business on the next business day.","page_number":22,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"0eb80f14-deb3-40ee-bdef-be48b665539f","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":22,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"aebcdb3c-4b93-4438-b438-b094b74cb4c0","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":22,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"1e5d5804-8f55-42cb-b49f-0ded703a991a","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":22,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"59432e5a-ef96-4986-9e79-927598a0f2b3","block_type":"box","text":"but in any event, within seven days.","page_number":22,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"360caa52-91ad-45aa-a581-ab17717ccb82","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":22,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"832ba976-e273-4d49-aac9-ca593da43d01","block_type":"box","text":"redemption of shares.","page_number":22,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"5f0452cc-fbe1-40dd-8085-0ec736891e85","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":22,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"7c883733-8886-45c9-b7b1-35d0a906a6de","block_type":"box","text":"circumstances.","page_number":22,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"e23d9d6d-8ac9-4ed3-a2b2-5065a4236fd3","block_type":"box","text":"Selling shares held","page_number":22,"box":{"x":214,"y":801,"width":125,"height":10}},{"id":"358ca948-086b-4cb7-b830-e83b5a2b08e9","block_type":"box","text":"directly with BlackRock","page_number":22,"box":{"x":214,"y":814,"width":150,"height":11}},{"id":"4451f55c-5bbb-4138-8825-c879456bf2aa","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":22,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"92cb3688-ab44-4f62-9e83-a8aea86da5ea","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":22,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"4ad78ede-c5a1-45c1-90a4-86982f5ff67b","block_type":"box","text":"Redeem by Telephone","page_number":22,"box":{"x":461,"y":831,"width":146,"height":10}},{"id":"420f870d-eb3e-4341-9b4c-7a58d16c4d6a","block_type":"box","text":": You may sell shares held at BlackRock by","page_number":22,"box":{"x":609,"y":831,"width":282,"height":10}},{"id":"86912f0f-f40e-4b3c-88a9-99d12995ce72","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":22,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"38571e07-8c7b-4d94-b775-3e2cc54c20c0","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":22,"box":{"x":460,"y":860,"width":468,"height":10}},{"id":"4a2d8610-b73e-42ae-af95-03561a164d6d","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":22,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"23c074bf-5224-4262-ab28-608614f01add","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":22,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"ea8b70ee-530f-4c91-80b4-a7ce943b086e","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":22,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"f75a6c1f-f14f-4e80-b2e9-cd487b803545","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"bbded34f-e877-41a2-8e93-749655355875","block_type":"box","text":"NM0926U-5977649-22/40","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1b71a4f2-bcab-4b5c-96c6-c1fa403fd781","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":23,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"80969d4c-0791-46d2-9154-f82a73366402","block_type":"box","text":"Full or Partial","page_number":23,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"29852c5f-1e8e-4e31-83bc-fc8f096a9bd9","block_type":"box","text":"Redemption of","page_number":23,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"b82e2030-60e9-4fda-8253-133095c6e208","block_type":"box","text":"Shares (continued)","page_number":23,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"3cf6cf4d-f74f-4866-ada2-cacb79831fb3","block_type":"box","text":"Selling shares held","page_number":23,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"0839939e-1e7b-4ff4-8d20-2a8bc7c4e7dc","block_type":"box","text":"directly with BlackRock","page_number":23,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"a9f27b0b-efec-4319-a5c6-e9b90959500d","block_type":"box","text":"(continued)","page_number":23,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"935ea069-efc3-45aa-865c-bc700d6d90bc","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":23,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"3d03286b-621b-48ba-a253-a67cfea35c7e","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":23,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"bc892976-acb8-4e06-b323-2be6f2e6e807","block_type":"box","text":"believes it is advisable to do so.","page_number":23,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"2fc368d1-93bb-497d-8d0a-a3094d05748a","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":23,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"7cd09511-886b-41f3-b06e-859eaab266ff","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":23,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"095654e9-114f-4aeb-88d7-0f7d7e2564f9","block_type":"box","text":"redemption methods below.","page_number":23,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"a6be51ed-c26c-4e19-871b-326eb27baf12","block_type":"box","text":"Redeem by Internet:","page_number":23,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"9965e5b6-8be0-4f41-8c5e-79a70de473e3","block_type":"box","text":"You may redeem in your account by logging onto","page_number":23,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"2160aa37-de55-44f5-a024-b94a9d934b78","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":23,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"98095cf1-fc66-4820-9529-562303f71176","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":23,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"9c02a0a2-2650-47e1-b788-e04c5d5a3332","block_type":"box","text":"Redeem in Writing:","page_number":23,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"6339405c-d724-4c68-9ad9-479c41154673","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":23,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"74ce5077-2a87-4236-b554-84ff1ec133cd","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":23,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"b5693544-91e3-48e7-b3c9-6073a5810f83","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":23,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"2be7ea9a-c1f7-4988-bbb8-40f077ea08f8","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":23,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"da323696-283b-4bee-b5bf-7e508c49b88f","block_type":"box","text":"medallion signature guarantee will be required.","page_number":23,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"a315e7f7-32f6-4789-872c-f79dae7aa7df","block_type":"box","text":"Payment of Redemption Proceeds","page_number":23,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"1e76bf12-46fd-4b98-9bc3-5a7a3d47e0d8","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":23,"box":{"x":461,"y":283,"width":467,"height":10}},{"id":"a786b924-28fd-4911-b5e4-9c22daca7f06","block_type":"box","text":"banking information on file, by wire transfer.","page_number":23,"box":{"x":461,"y":297,"width":289,"height":10}},{"id":"68bb039b-8b7c-487f-ab2f-5a5f06bdab1c","block_type":"box","text":"Payment by Check:","page_number":23,"box":{"x":461,"y":313,"width":129,"height":10}},{"id":"11a22088-f535-4201-b8b5-8fff1fdd7501","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":23,"box":{"x":597,"y":313,"width":329,"height":10}},{"id":"20d7ca15-2d24-4a69-aea1-7187f55fb996","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":23,"box":{"x":460,"y":326,"width":430,"height":11}},{"id":"f528773c-7d20-4493-a7f5-d093e3730aff","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":23,"box":{"x":461,"y":340,"width":460,"height":10}},{"id":"d02fa20f-ba88-489c-9978-eaec5b685a94","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":23,"box":{"x":461,"y":354,"width":468,"height":10}},{"id":"1249c57b-de39-4999-947f-57b3146a32ae","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":23,"box":{"x":461,"y":366,"width":467,"height":11}},{"id":"5e1ddafa-d00b-4720-81f7-f6804a605cba","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":23,"box":{"x":461,"y":380,"width":467,"height":11}},{"id":"fa3ed4e4-1e4b-4cd5-b8a4-3d8216832dfe","block_type":"box","text":"charges imposed by your bank for this service.","page_number":23,"box":{"x":461,"y":394,"width":307,"height":10}},{"id":"6db1e60e-5926-40cd-9fe1-0db833ceb0e0","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":23,"box":{"x":460,"y":410,"width":438,"height":11}},{"id":"8e1bf209-4377-432c-8bf7-b1b87ffec36b","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":23,"box":{"x":461,"y":424,"width":429,"height":10}},{"id":"0d3e1093-9bd3-4803-953d-69c4b0c8b7c3","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":23,"box":{"x":461,"y":437,"width":403,"height":10}},{"id":"c11d883d-52ea-46fe-a278-fd27043b235d","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":23,"box":{"x":461,"y":451,"width":467,"height":8}},{"id":"09b67f5a-55b5-4e41-8ec4-da6184c8548e","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":23,"box":{"x":460,"y":464,"width":456,"height":11}},{"id":"e9d96b71-e78c-43e6-ac1a-55e9bb725f04","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":23,"box":{"x":460,"y":478,"width":402,"height":10}},{"id":"f0c4f0fa-0df4-4be9-af47-a4ce2fbd0698","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":23,"box":{"x":461,"y":491,"width":430,"height":11}},{"id":"e4d5a44c-8e1e-4942-892a-6f6e957d8db0","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":23,"box":{"x":461,"y":505,"width":465,"height":10}},{"id":"f90e372a-3efd-4e83-98bb-3378e7e74cc7","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":23,"box":{"x":461,"y":519,"width":473,"height":8}},{"id":"faec1521-ba7f-40ac-b515-4fff3aee94cb","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":23,"box":{"x":461,"y":532,"width":456,"height":10}},{"id":"c5084fe6-4ff9-497e-8670-fe50fe15fe68","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":23,"box":{"x":461,"y":545,"width":461,"height":11}},{"id":"854cf526-dceb-4ef8-a291-2203f6f332d3","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":23,"box":{"x":460,"y":559,"width":469,"height":10}},{"id":"73533154-41af-41c8-8e1a-8891b7ff73a2","block_type":"box","text":"as of the date of payment of the distribution.","page_number":23,"box":{"x":461,"y":573,"width":295,"height":10}},{"id":"7a7f369d-d439-4674-88c3-ecedbc9e248b","block_type":"box","text":"Payment by Wire Transfer:","page_number":23,"box":{"x":461,"y":589,"width":177,"height":10}},{"id":"4ff69058-e04a-427a-b7c1-26e8d55d722b","block_type":"box","text":"Payment for redeemed shares for which a","page_number":23,"box":{"x":644,"y":589,"width":275,"height":10}},{"id":"63b410a5-49d4-4abb-90af-531bf09351a8","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":23,"box":{"x":461,"y":602,"width":437,"height":10}},{"id":"05699be3-6915-4aca-95cf-f124cba56c75","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":23,"box":{"x":461,"y":616,"width":471,"height":10}},{"id":"5bcd571b-8c3c-4ace-b0d9-2fba6e86dfed","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":23,"box":{"x":461,"y":629,"width":417,"height":11}},{"id":"406f4581-f15f-417d-9b91-5f691d67d954","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":23,"box":{"x":461,"y":643,"width":449,"height":10}},{"id":"0749b3c0-a091-4953-b6e9-f62bb3e0326f","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":23,"box":{"x":461,"y":656,"width":449,"height":11}},{"id":"1d854dac-1fdd-4ec3-96e0-4c4a881a0778","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":23,"box":{"x":461,"y":670,"width":433,"height":10}},{"id":"b0b50103-1e4d-45a1-98d5-977261f9a258","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":23,"box":{"x":461,"y":683,"width":449,"height":11}},{"id":"035c5ef6-7a20-421e-b05b-3b7b7ae00637","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":23,"box":{"x":461,"y":697,"width":437,"height":10}},{"id":"a650b255-8832-46c8-bc81-b5c6d6a5ee46","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":23,"box":{"x":461,"y":710,"width":469,"height":11}},{"id":"67b98e6e-c081-4d0f-a7e4-c865eabc9919","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":23,"box":{"x":459,"y":724,"width":448,"height":10}},{"id":"ceb5fdef-ad73-47c1-8b16-f68705a8d104","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":23,"box":{"x":461,"y":738,"width":439,"height":10}},{"id":"7d22fd4c-68ff-40d5-8e1f-bca2860529ca","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":23,"box":{"x":461,"y":751,"width":455,"height":11}},{"id":"b2fa8313-f9c4-4948-b7a1-6f1aa111470e","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":23,"box":{"x":461,"y":765,"width":462,"height":10}},{"id":"46165ace-c28f-4fa5-83f5-69e49f1023df","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":23,"box":{"x":461,"y":778,"width":448,"height":11}},{"id":"5e741bf7-11ab-40b0-9ae7-44dd8e9a8e12","block_type":"box","text":"wire transfers.","page_number":23,"box":{"x":460,"y":792,"width":94,"height":8}},{"id":"35d57993-b659-4af2-9b65-d390feceba4f","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":23,"box":{"x":460,"y":808,"width":425,"height":10}},{"id":"86e32341-ce0c-4692-beef-9667e34ae668","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":23,"box":{"x":461,"y":821,"width":455,"height":11}},{"id":"af4fc549-a02b-4acd-a14b-1743cd881676","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":23,"box":{"x":461,"y":835,"width":476,"height":10}},{"id":"d7aa58cc-6e2d-4383-b5ff-6b837ffe78b9","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":23,"box":{"x":461,"y":849,"width":455,"height":10}},{"id":"a82714e3-9fbc-49ba-a698-1d4cf06f6352","block_type":"box","text":"the back cover of this prospectus.","page_number":23,"box":{"x":460,"y":862,"width":224,"height":10}},{"id":"e424f32d-0253-4509-bb7c-256638440b86","block_type":"box","text":"***","page_number":23,"box":{"x":686,"y":878,"width":25,"height":5}},{"id":"7f4bea52-c0e9-4557-ab06-7340c60ead12","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"eea257c3-021e-4539-ad5a-47fd693fe1e7","block_type":"box","text":"NM0926U-5977649-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9ed7f185-6463-478e-8377-3df302910b5e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"13110dd7-6f7f-4502-a1bd-a3728e3290b1","block_type":"box","text":"Full or Partial","page_number":24,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"dece3d83-2e69-4d34-9c0b-0c05c78a2170","block_type":"box","text":"Redemption of","page_number":24,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"8ef9b019-154b-489e-9bde-b772e2aa7cdb","block_type":"box","text":"Shares (continued)","page_number":24,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"0c840728-668d-4d89-b203-c327db3f7ffd","block_type":"box","text":"Selling shares held","page_number":24,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"5b73bf43-941c-442f-b068-0c15439840e4","block_type":"box","text":"directly with BlackRock","page_number":24,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"dd518dae-1afe-4be5-9727-bd32cda098d6","block_type":"box","text":"(continued)","page_number":24,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"4c23b740-34a4-416b-8736-773003507335","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":24,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"4d041969-00ee-4daf-ab93-48aba9d26d34","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":24,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"608dd337-fd5f-4086-8865-5b6dc75fd884","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":24,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"99530729-d667-4415-b539-20ed8a4a8c12","block_type":"box","text":"Redemption","page_number":24,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"19e8e64d-6ca1-4ba0-b4f1-e51717e95590","block_type":"box","text":"Proceeds","page_number":24,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"a37756b8-6f88-4646-9cda-46f075342861","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":24,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"6f650986-63ac-4ceb-a046-d5931e243a7b","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":24,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"822743ef-a836-46e3-987c-c9a5bffc0175","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":24,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"8cf9a3a8-e79a-45f4-b31e-8105ea7433ba","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":24,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"1c514988-1d93-4879-af8c-ff1882a810cf","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":24,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"97e10866-608d-4e3b-b3c2-35bb2bf24820","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":24,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"7d3259c9-1553-4559-916b-36e0c3c84adb","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":24,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"3d64d0c5-0d6a-40ac-a1e2-f9b9c1df1497","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in kind to you. The","page_number":24,"box":{"x":461,"y":212,"width":454,"height":11}},{"id":"0c5d5f65-d921-4751-8658-46285a9df3b0","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":24,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"9d2ef8a3-b35f-4679-b441-0f2e14c18a6e","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":24,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"6c4eef4e-7a48-4555-ad3e-49bf8387b10d","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":24,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"88e6b393-58bf-41e5-b4b5-02ecedce75ff","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":24,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"a6e4922c-12ce-4f97-894e-ed7db644a266","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":24,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"4ba15550-3cf6-4e61-97cc-2fa5ac9710ea","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":24,"box":{"x":61,"y":321,"width":415,"height":12}},{"id":"6fb500c2-be86-46d7-b114-6f0d82813034","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":343,"width":478,"height":9}},{"id":"3b65c8d6-b6d5-4721-84e9-cafec39789e4","block_type":"box","text":"Exchange Privilege","page_number":24,"box":{"x":61,"y":360,"width":128,"height":10}},{"id":"5b863e3f-c2b6-4c4c-988e-5c1f0e2b799e","block_type":"box","text":"Selling shares of one BlackRock","page_number":24,"box":{"x":214,"y":360,"width":212,"height":10}},{"id":"9a802969-4358-4f6d-be08-de79e6da391b","block_type":"box","text":"Fund to purchase shares of","page_number":24,"box":{"x":214,"y":373,"width":181,"height":10}},{"id":"0468c5c9-4a05-49ee-a99a-e60c436f95d8","block_type":"box","text":"another BlackRock Fund","page_number":24,"box":{"x":214,"y":387,"width":158,"height":8}},{"id":"ae08a98a-6fb5-46dc-9aa7-20b32e4ff7d8","block_type":"box","text":"(“exchanging”)","page_number":24,"box":{"x":214,"y":401,"width":95,"height":10}},{"id":"d35c8660-2881-4f74-86ea-ddfd3f68fb78","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":24,"box":{"x":461,"y":360,"width":454,"height":10}},{"id":"d2362df2-77ca-49de-a79d-189b52cf80f9","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":24,"box":{"x":460,"y":373,"width":461,"height":10}},{"id":"bb8f62fb-f1db-421e-aeca-daa7886db998","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":24,"box":{"x":461,"y":387,"width":465,"height":10}},{"id":"b8b7ee56-fdf5-498e-ae0d-5c813496f950","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":24,"box":{"x":461,"y":400,"width":463,"height":11}},{"id":"c5536c48-b754-4c38-8599-c2998158a329","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":24,"box":{"x":461,"y":414,"width":457,"height":10}},{"id":"20bedb18-1daf-4748-92ce-c44f6a816afb","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":24,"box":{"x":461,"y":428,"width":447,"height":8}},{"id":"3ae85e31-2ba2-439a-a69a-ce15bb945e24","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":24,"box":{"x":460,"y":441,"width":429,"height":10}},{"id":"aa423f32-14af-4946-9dec-68ca41eafacb","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":24,"box":{"x":461,"y":455,"width":423,"height":10}},{"id":"7834c427-97de-496e-8da7-7e767c22008c","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":24,"box":{"x":461,"y":468,"width":446,"height":11}},{"id":"2eb6dddf-397a-4a32-8310-f82795a63c06","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":24,"box":{"x":461,"y":482,"width":430,"height":10}},{"id":"dc1bf368-2096-4038-9de3-ea60d81a4243","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":24,"box":{"x":461,"y":495,"width":383,"height":10}},{"id":"1a160f51-448f-409f-a2a2-cc4583db82e0","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":24,"box":{"x":460,"y":512,"width":435,"height":10}},{"id":"cfac4e09-9a3c-4411-b8b5-b84b35ae6caa","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":24,"box":{"x":461,"y":525,"width":406,"height":10}},{"id":"1e9ae422-0048-42f0-b273-a50489a0e36f","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":24,"box":{"x":461,"y":538,"width":468,"height":11}},{"id":"e63002a1-4219-4acb-b700-f8b118aa8051","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":24,"box":{"x":461,"y":552,"width":455,"height":10}},{"id":"8129ffdf-b817-4d23-ac9d-06191e4fa868","block_type":"box","text":"your account online at www.blackrock.com or (iii) send a written request","page_number":24,"box":{"x":460,"y":566,"width":475,"height":10}},{"id":"d2020b7d-ade2-48fa-ab62-aa6a86db7561","block_type":"box","text":"to the Fund at the address on the back cover of this prospectus. Please","page_number":24,"box":{"x":460,"y":579,"width":475,"height":10}},{"id":"b7592ed7-bbfe-497b-ae39-93c8c121da8c","block_type":"box","text":"note, if you indicated on your new account application that you did not","page_number":24,"box":{"x":461,"y":592,"width":462,"height":11}},{"id":"ca823ad7-1eb1-4a02-94f5-69c38351d95d","block_type":"box","text":"want the Telephone Exchange Privilege, you will not be able to place","page_number":24,"box":{"x":460,"y":606,"width":448,"height":10}},{"id":"f462753f-983b-4191-a5a3-882a9763bae0","block_type":"box","text":"exchanges via the telephone until you update this option either in","page_number":24,"box":{"x":461,"y":620,"width":431,"height":10}},{"id":"6c21f9d1-93a1-4c84-b6f8-fb1aab87102a","block_type":"box","text":"writing or by calling (800) 537-4942. The Fund has the right to reject","page_number":24,"box":{"x":460,"y":633,"width":454,"height":11}},{"id":"11746720-7a4a-4296-9893-56b0b5fd6d67","block_type":"box","text":"any telephone request for any reason.","page_number":24,"box":{"x":461,"y":647,"width":249,"height":10}},{"id":"abb83f59-25bf-488e-833a-7ab6502984b2","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":24,"box":{"x":460,"y":663,"width":450,"height":10}},{"id":"6aeae54a-ce3f-4b96-8b5f-c5c91a91c07d","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":24,"box":{"x":460,"y":676,"width":473,"height":11}},{"id":"38fe4aa3-8dc5-49d3-bd68-19fc5980ff8f","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":24,"box":{"x":461,"y":690,"width":420,"height":10}},{"id":"f263b60f-0695-4f36-a81f-22bcac87870e","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":24,"box":{"x":461,"y":703,"width":439,"height":11}},{"id":"03cc6938-24c1-498a-8a2c-b223ab1d9df5","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":24,"box":{"x":461,"y":717,"width":460,"height":10}},{"id":"52c3eaa7-c51b-4a80-b6ef-b8b706c022b8","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":24,"box":{"x":461,"y":730,"width":430,"height":11}},{"id":"3d0ea342-89aa-474a-b1f3-4fd936212cb7","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":24,"box":{"x":461,"y":744,"width":469,"height":10}},{"id":"abdfbe10-b212-4326-9f9a-e2e9fd80bccf","block_type":"box","text":"gain or loss may be realized.","page_number":24,"box":{"x":460,"y":758,"width":188,"height":10}},{"id":"0acae10f-6de8-4ef4-a4e3-7f9e1554e55b","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":24,"box":{"x":461,"y":774,"width":457,"height":10}},{"id":"6345b7ce-608f-4915-99cd-4ba2e57364aa","block_type":"box","text":"making an exchange request.","page_number":24,"box":{"x":461,"y":787,"width":192,"height":11}},{"id":"84acd682-7316-431e-91d7-f649f1b35661","block_type":"box","text":"Transfer Shares to","page_number":24,"box":{"x":60,"y":805,"width":124,"height":9}},{"id":"58632ed6-ff8b-4d4b-869f-34e68ce016de","block_type":"box","text":"Another Financial","page_number":24,"box":{"x":60,"y":817,"width":118,"height":8}},{"id":"6cf96011-360e-4ba9-97fd-d79178bddf20","block_type":"box","text":"Intermediary","page_number":24,"box":{"x":61,"y":829,"width":85,"height":10}},{"id":"7750d52c-13e7-47bb-b4aa-6e2e81ee4e4f","block_type":"box","text":"Transfer to a participating","page_number":24,"box":{"x":213,"y":805,"width":171,"height":11}},{"id":"8ebb12c6-f39c-4769-8ac2-386b69985562","block_type":"box","text":"Financial Intermediary","page_number":24,"box":{"x":214,"y":819,"width":145,"height":10}},{"id":"f4d9740a-52e7-43b7-802b-f4f6d324c84d","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":24,"box":{"x":460,"y":805,"width":432,"height":11}},{"id":"022cf06e-a0ef-4041-994d-c03455244f4d","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":24,"box":{"x":461,"y":819,"width":441,"height":10}},{"id":"a171f209-5ce1-4ecc-be5a-64d217b2843d","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":24,"box":{"x":461,"y":832,"width":456,"height":11}},{"id":"dd2160c1-502e-48b2-8668-7b49c8b95960","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":24,"box":{"x":460,"y":846,"width":407,"height":10}},{"id":"e839e6b3-00bd-4aa7-a29d-deb42c4e6b28","block_type":"box","text":"coordinated by the receiving firm. Please contact your Financial","page_number":24,"box":{"x":461,"y":859,"width":415,"height":11}},{"id":"346a763c-e62e-49e0-936c-4bc1299e3aba","block_type":"box","text":"Intermediary to accomplish the transfer of your Class K Shares.","page_number":24,"box":{"x":461,"y":873,"width":420,"height":10}},{"id":"0d36e179-0aa7-4811-a3b1-d156eb40b0ba","block_type":"box","text":"Transfer to a non-participating","page_number":24,"box":{"x":213,"y":891,"width":199,"height":10}},{"id":"f4367534-9c37-4e3e-988d-97f382bd022c","block_type":"box","text":"Financial Intermediary","page_number":24,"box":{"x":214,"y":905,"width":145,"height":10}},{"id":"39e55a35-2d93-4b6a-98cf-511c51da1964","block_type":"box","text":"You must either:","page_number":24,"box":{"x":460,"y":891,"width":107,"height":8}},{"id":"bc7bc61d-dd9a-466f-bdc2-538460521a2d","block_type":"box","text":"•","page_number":24,"box":{"x":464,"y":907,"width":3,"height":3}},{"id":"1abb58d2-728a-49bc-b3a9-513cde06c26a","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":24,"box":{"x":470,"y":904,"width":402,"height":11}},{"id":"23873fdd-cde0-4b2b-a2d1-59d5199158e2","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"59fb3419-fa79-4f46-8733-b5420c266ffe","block_type":"box","text":"NM0926U-5977649-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"30ff4018-6f4c-4a78-b7e5-d2a2a5f30fab","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"1aa8c63e-8624-4fd7-9e4e-a186171ba0e2","block_type":"box","text":"Transfer Shares to","page_number":25,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"f9ce8f4d-c88e-4158-8cac-810dd5c6b3b4","block_type":"box","text":"Another Financial","page_number":25,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"729d64c7-3de0-4f65-a4b0-4a1f853f7b64","block_type":"box","text":"Intermediary","page_number":25,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"12e73448-05d2-48de-8bd7-efc3a38a888b","block_type":"box","text":"(continued)","page_number":25,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"e9f1d953-ad0b-462e-b5dd-82d33a98dafe","block_type":"box","text":"Transfer to a non-participating","page_number":25,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"21f08eb0-ee86-40ac-92be-73cd9c1f21c3","block_type":"box","text":"Financial Intermediary","page_number":25,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"99e17ebc-0f6a-4c34-8da7-4d8e240e0a93","block_type":"box","text":"(continued)","page_number":25,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"b7b34510-1fcf-4377-ad83-7333e2e946f5","block_type":"box","text":"•","page_number":25,"box":{"x":464,"y":70,"width":3,"height":3}},{"id":"a0b31a08-5c76-4c22-98f9-3776feb328f5","block_type":"box","text":"Sell your Class K Shares.","page_number":25,"box":{"x":471,"y":67,"width":166,"height":10}},{"id":"ae393395-2a9e-4fba-b9ab-566f9cac87a2","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":25,"box":{"x":461,"y":83,"width":475,"height":11}},{"id":"b7c6c26e-14ed-45d1-baf5-e46738b7fce5","block_type":"box","text":"your Class K Shares.","page_number":25,"box":{"x":460,"y":97,"width":137,"height":10}},{"id":"d3d1b6f8-88e0-4a52-ab8b-f0a40b09aa1c","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":25,"box":{"x":60,"y":132,"width":815,"height":13}},{"id":"557622ed-5533-49a1-8226-48ebe6a4517e","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":25,"box":{"x":60,"y":149,"width":467,"height":13}},{"id":"9b6f8882-b656-4565-88f6-20442dee37a4","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":25,"box":{"x":62,"y":171,"width":872,"height":11}},{"id":"676266fe-854f-4933-ba56-7094886a45e9","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":25,"box":{"x":61,"y":185,"width":814,"height":12}},{"id":"dd818676-71f6-4160-aa87-792d4a9d6353","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":25,"box":{"x":62,"y":200,"width":826,"height":12}},{"id":"355651ad-aeab-4f90-84f6-1e0569ee4912","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":25,"box":{"x":62,"y":215,"width":836,"height":12}},{"id":"64363bfd-f87a-4826-ad9f-f8602c249f38","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":25,"box":{"x":60,"y":230,"width":861,"height":12}},{"id":"c3f69d20-1e97-4328-a9d8-600ea9ed58f7","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":25,"box":{"x":61,"y":245,"width":875,"height":11}},{"id":"fa256547-4732-43b7-b3d2-8a74f1b4ce06","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":25,"box":{"x":61,"y":260,"width":853,"height":11}},{"id":"ddcae156-05fc-4a15-9d60-370c12d009b9","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":25,"box":{"x":61,"y":274,"width":862,"height":12}},{"id":"77324ad4-e167-45fd-8ffd-019a24c1be76","block_type":"box","text":"they are so accepted.","page_number":25,"box":{"x":60,"y":290,"width":158,"height":11}},{"id":"d5914582-5afd-4384-b049-6af6b7c3b5c5","block_type":"box","text":"Fund’s Rights","page_number":25,"box":{"x":61,"y":328,"width":124,"height":14}},{"id":"d4f86de3-1070-42d7-9dae-68a8e5c3da1a","block_type":"box","text":"The Fund may:","page_number":25,"box":{"x":60,"y":355,"width":106,"height":11}},{"id":"69e8e694-f4bf-494f-93eb-1af8d601aa4a","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":25,"box":{"x":81,"y":374,"width":840,"height":12}},{"id":"eb599a7e-fd26-4bd8-bb4b-1cd41119b846","block_type":"box","text":"described in the Investment Company Act;","page_number":25,"box":{"x":81,"y":389,"width":308,"height":12}},{"id":"a9b14002-bbad-4bf7-bc8a-f06f31a355fd","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":25,"box":{"x":81,"y":409,"width":789,"height":12}},{"id":"93713df7-9aa5-444e-bf34-f40b3f566df1","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":25,"box":{"x":81,"y":424,"width":850,"height":12}},{"id":"52daf7eb-ab0d-46b6-83ce-32c307bf0e66","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":25,"box":{"x":82,"y":439,"width":368,"height":11}},{"id":"4f3621da-db68-44fd-8c33-a3d12f2e87b3","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":25,"box":{"x":82,"y":459,"width":781,"height":11}},{"id":"1ed9467b-1815-45de-b86d-81ed9284632d","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":25,"box":{"x":82,"y":479,"width":798,"height":11}},{"id":"06c23611-7eb6-4bf7-a328-cb0ad5eb6c8c","block_type":"box","text":"specified level.","page_number":25,"box":{"x":81,"y":494,"width":108,"height":11}},{"id":"c8335e1f-cade-4980-9d6b-88c1b48f4e00","block_type":"box","text":"Note on Low Balance Accounts.","page_number":25,"box":{"x":61,"y":516,"width":239,"height":9}},{"id":"a9320170-683f-4c0e-b942-148492cfe94c","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":25,"box":{"x":307,"y":516,"width":600,"height":12}},{"id":"dc5b1381-c505-468a-ba75-e5d2dcd30882","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":25,"box":{"x":61,"y":530,"width":846,"height":12}},{"id":"1a3bfae9-ff88-4bfc-9aa2-ef078ddf49ca","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":25,"box":{"x":61,"y":545,"width":872,"height":12}},{"id":"52a655b9-99af-420b-a5fc-b9d43781422e","block_type":"box","text":"reason, including market fluctuation.","page_number":25,"box":{"x":61,"y":561,"width":267,"height":11}},{"id":"3859885a-b1d2-4319-9a9f-14fc9623802e","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":25,"box":{"x":60,"y":583,"width":799,"height":12}},{"id":"6087563a-9fea-4a2b-b9bc-93d2de7adfab","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":25,"box":{"x":62,"y":598,"width":796,"height":11}},{"id":"b6a998dd-44a1-4794-b61a-533ff38c197c","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":25,"box":{"x":62,"y":612,"width":800,"height":12}},{"id":"33874846-04a8-4452-92c6-bbfa3f41bd43","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":25,"box":{"x":61,"y":628,"width":859,"height":11}},{"id":"7e860796-2f7b-4406-a8c6-37d42b77505f","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":25,"box":{"x":61,"y":642,"width":868,"height":12}},{"id":"3175b939-d64d-4782-adbb-40d9002203ba","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":25,"box":{"x":61,"y":657,"width":420,"height":12}},{"id":"3c7593fc-c85c-42d8-96fa-fcc6beccc657","block_type":"box","text":"Short-Term Trading Policy","page_number":25,"box":{"x":61,"y":696,"width":232,"height":14}},{"id":"71573170-5702-44fd-a86d-0db67acaa277","block_type":"box","text":"The Board of Directors of the Corporation (the “Board”) has determined that the interests of long-term shareholders","page_number":25,"box":{"x":60,"y":722,"width":852,"height":12}},{"id":"ae1278ec-91ec-45a9-9346-041c0b632d43","block_type":"box","text":"and the Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold","page_number":25,"box":{"x":61,"y":737,"width":860,"height":12}},{"id":"438db634-bac0-431e-812a-4c523354a1e0","block_type":"box","text":"or exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not","page_number":25,"box":{"x":61,"y":752,"width":814,"height":12}},{"id":"f79d3e36-3a35-4f1d-a673-c12f54176d6b","block_type":"box","text":"designed for market timing organizations or other entities using programmed or frequent purchases and sales or","page_number":25,"box":{"x":61,"y":767,"width":827,"height":11}},{"id":"afc26bf7-655c-4b64-8f08-dcd54150f3d4","block_type":"box","text":"exchanges. The exchange privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or","page_number":25,"box":{"x":61,"y":782,"width":866,"height":11}},{"id":"58f4fbaf-0e64-4594-ac90-4ed4d6774182","block_type":"box","text":"exchange activity may interfere with portfolio management, increase expenses and taxes and may have an adverse","page_number":25,"box":{"x":61,"y":797,"width":846,"height":11}},{"id":"205b3b6a-72a4-42ff-a841-63f6b4d74288","block_type":"box","text":"effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of","page_number":25,"box":{"x":61,"y":811,"width":876,"height":12}},{"id":"4a5536d5-a62e-454b-98fa-a2ccee2d0af8","block_type":"box","text":"the Fund may require the management team to allocate a significant amount of assets to cash or other short-term","page_number":25,"box":{"x":60,"y":826,"width":841,"height":12}},{"id":"a3fb5595-3824-40be-81f5-4486f411fa0e","block_type":"box","text":"investments or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s","page_number":25,"box":{"x":62,"y":841,"width":815,"height":12}},{"id":"76f16f40-a45a-4716-be1d-03dfc9647f13","block_type":"box","text":"investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction","page_number":25,"box":{"x":62,"y":856,"width":859,"height":11}},{"id":"ec998faf-4a96-47ee-91a4-231b27584637","block_type":"box","text":"costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":25,"box":{"x":61,"y":871,"width":564,"height":11}},{"id":"0c7f34ce-1d70-4992-a530-4941c3ab19f2","block_type":"box","text":"A fund’s investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay","page_number":25,"box":{"x":60,"y":893,"width":873,"height":12}},{"id":"7c0eec16-be12-4b6a-840e-fa3a80c80fb6","block_type":"box","text":"between the change in value of the fund’s portfolio securities and the determination of the fund’s net asset value as a","page_number":25,"box":{"x":61,"y":908,"width":872,"height":12}},{"id":"2e60d306-62c8-4076-ad92-7972b7439089","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"50fb577b-70e5-44c2-825e-16d475a0159e","block_type":"box","text":"NM0926U-5977649-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3ef4cce6-9d48-47f8-8e00-7a1494e57eb9","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":26,"box":{"x":61,"y":46,"width":865,"height":11}},{"id":"3f3ee62b-cb88-4d4d-8047-f63a6eb6fb46","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":26,"box":{"x":61,"y":60,"width":817,"height":12}},{"id":"6f68ff20-b524-4636-9aa8-f8ba0fa4fcee","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (“junk bonds”) that are thinly traded and","page_number":26,"box":{"x":61,"y":75,"width":834,"height":12}},{"id":"b4611579-9fc1-4c00-9e4e-f0c32d8bd33b","block_type":"box","text":"therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the","page_number":26,"box":{"x":60,"y":90,"width":865,"height":12}},{"id":"947b571c-b914-4a71-96f7-d35275d041f6","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":26,"box":{"x":61,"y":105,"width":829,"height":12}},{"id":"3e569320-eb40-4853-bac9-cda1d40aa0a5","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":26,"box":{"x":62,"y":120,"width":671,"height":11}},{"id":"cef09402-4fcc-4c23-b2f3-5b6cf0b9fe51","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":26,"box":{"x":60,"y":142,"width":869,"height":12}},{"id":"e8086aab-5fde-430c-b6af-c91eba71b141","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":26,"box":{"x":60,"y":157,"width":839,"height":12}},{"id":"10f21fdc-7595-44fb-a532-7cb85d9e70b4","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":26,"box":{"x":61,"y":172,"width":869,"height":12}},{"id":"ee5c4ae5-bfac-4f08-978d-96d724586a95","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":26,"box":{"x":61,"y":187,"width":870,"height":11}},{"id":"0a064ad7-813b-4b1b-b4b9-08435a1e9a3f","block_type":"box","text":"Fund or its shareholders.","page_number":26,"box":{"x":62,"y":202,"width":181,"height":9}},{"id":"10dbae07-49e1-4d8e-9e80-e252436ed608","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third-party, or","page_number":26,"box":{"x":62,"y":224,"width":795,"height":12}},{"id":"27cbd99d-4bda-4d1d-a689-f226c5e64b87","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":26,"box":{"x":61,"y":239,"width":860,"height":12}},{"id":"995058f2-03a5-4506-b5bc-4a0a32c6c6f4","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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While the Fund monitors for market timing","page_number":26,"box":{"x":61,"y":387,"width":849,"height":12}},{"id":"2bff51c8-e38b-4852-83fb-74e4fa9e471a","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":26,"box":{"x":61,"y":402,"width":875,"height":12}},{"id":"84ba9df8-7aec-4b08-87b4-f3709c90dca5","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":26,"box":{"x":62,"y":417,"width":869,"height":11}},{"id":"37306acc-e5b0-40e7-bec0-bfa2a60ff268","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Fund pursuant to which such Financial","page_number":26,"box":{"x":61,"y":432,"width":844,"height":11}},{"id":"ae9e16ce-3a1d-47eb-869f-b243299b41dc","block_type":"box","text":"Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption orders by","page_number":26,"box":{"x":62,"y":447,"width":873,"height":11}},{"id":"e6000296-ca2b-4c6b-be28-0d86c183e4b4","block_type":"box","text":"their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through such","page_number":26,"box":{"x":60,"y":462,"width":829,"height":11}},{"id":"94debe2f-587b-4340-994f-f1d7a787fcc4","block_type":"box","text":"accounts. Identification of market timers may also be limited by operational systems and technical limitations. 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While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":27,"box":{"x":61,"y":197,"width":862,"height":12}},{"id":"329b1a4d-85d7-4bd0-9a07-1dec608ce29f","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":27,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"4446cfe7-7d6d-469b-8430-01ff6e32c5cb","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":27,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"e1bfbe6f-ae4f-4cde-b11d-080edf517f6b","block_type":"box","text":"BlackRock, Inc.","page_number":27,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"171a7ca3-e52c-4cf7-8b40-2b820bc60b4c","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":27,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"f814a356-b352-4749-a646-bed15215b1fc","block_type":"box","text":"companies. 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In addition, BlackRock","page_number":27,"box":{"x":62,"y":550,"width":843,"height":12}},{"id":"5dd8e19b-e65a-4a64-8bb7-9951f85b9104","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":27,"box":{"x":61,"y":565,"width":851,"height":12}},{"id":"51ab1c83-0e2c-46f1-9ea3-6b382d925914","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":27,"box":{"x":62,"y":580,"width":808,"height":12}},{"id":"209a8257-b8c7-46f0-8f4f-b91ee018a6ed","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. 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As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":29,"box":{"x":60,"y":418,"width":864,"height":11}},{"id":"a8062747-ce08-4d15-866f-1c514caad874","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":29,"box":{"x":60,"y":432,"width":865,"height":12}},{"id":"5beaf5c8-3a7e-4fdf-b80e-5b1cfd32e708","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":29,"box":{"x":60,"y":447,"width":834,"height":12}},{"id":"c6ab85c4-1c26-4955-90d0-0b0a2d3f78f7","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. 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In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":29,"box":{"x":60,"y":686,"width":841,"height":11}},{"id":"91cde5b0-6189-4781-9044-d8c18b36f81f","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":29,"box":{"x":62,"y":701,"width":415,"height":11}},{"id":"99e15c77-9342-4587-b9f4-76fe459ead84","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":29,"box":{"x":62,"y":723,"width":864,"height":12}},{"id":"29ec3671-0c8e-4c47-b9a4-bfc0b04dc563","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":29,"box":{"x":61,"y":738,"width":868,"height":11}},{"id":"49961452-4130-40a7-915d-74cb76ac4fbc","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":29,"box":{"x":62,"y":753,"width":870,"height":11}},{"id":"4d2f41be-a049-4fd0-8688-66e02e89d914","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":29,"box":{"x":60,"y":768,"width":545,"height":11}},{"id":"d6118f89-6491-433c-9bb6-f5b40c998062","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":29,"box":{"x":60,"y":790,"width":837,"height":12}},{"id":"e20f5e14-9d0c-42b1-adc0-a6a1398c088a","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":29,"box":{"x":61,"y":805,"width":865,"height":12}},{"id":"85833cfa-433c-40a5-b6de-27b451ce29d9","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":29,"box":{"x":62,"y":820,"width":819,"height":11}},{"id":"90f9ebd6-4c32-49f3-a031-f98e93ca6b3e","block_type":"box","text":"Valuation of Fund Investments","page_number":29,"box":{"x":63,"y":859,"width":271,"height":11}},{"id":"c21f215f-8e54-46c6-b534-7205708e5247","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":29,"box":{"x":60,"y":885,"width":849,"height":11}},{"id":"a73c5a13-3cb1-49e4-bc85-c236360722d2","block_type":"box","text":"asset value, minus any applicable redemption fee. The net asset value used in determining your share price is the next","page_number":29,"box":{"x":61,"y":900,"width":876,"height":11}},{"id":"514c8946-2538-4fc9-ac95-476066d47879","block_type":"box","text":"one calculated after your purchase or redemption order is received. The net asset value of each class of shares","page_number":29,"box":{"x":61,"y":915,"width":821,"height":11}},{"id":"d94c9ed7-6f76-46d8-b044-f88016200dab","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"880cd146-1cbe-4179-8ad0-de7e22bef2dd","block_type":"box","text":"NM0926U-5977649-29/40","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ed3bdd84-f470-41b7-9b20-6c08b7adea8a","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the NYSE","page_number":30,"box":{"x":61,"y":46,"width":875,"height":11}},{"id":"0eab8fcc-16f3-4acd-b6ca-21beeb6ff467","block_type":"box","text":"(normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading, based on prices at the time of","page_number":30,"box":{"x":61,"y":60,"width":832,"height":12}},{"id":"4b065ece-1740-4ff3-a84e-061dfd8714a2","block_type":"box","text":"closing, provided that any Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated","page_number":30,"box":{"x":61,"y":75,"width":871,"height":12}},{"id":"adf3af70-9c07-4df7-8784-41254d8966b2","block_type":"box","text":"into U.S. dollars at the prevailing market rates on the date of valuation as quoted by one or more data service","page_number":30,"box":{"x":62,"y":90,"width":807,"height":12}},{"id":"b3e18a26-0a43-486a-8909-41eddf1d8231","block_type":"box","text":"providers. The net asset value of shares is calculated by dividing the value of the net assets of each class of shares","page_number":30,"box":{"x":62,"y":105,"width":854,"height":12}},{"id":"70e92534-e874-4fbf-816f-6d812c1d13f8","block_type":"box","text":"(i.e., the value of its total assets less total liabilities) by the total number of outstanding shares of the class, generally","page_number":30,"box":{"x":61,"y":120,"width":870,"height":11}},{"id":"279df57a-b958-47bf-a53b-c8257858b164","block_type":"box","text":"rounded to the nearest cent.","page_number":30,"box":{"x":61,"y":135,"width":209,"height":9}},{"id":"6161ec32-12ae-4962-ba4c-4e99dd26277e","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":30,"box":{"x":60,"y":157,"width":844,"height":12}},{"id":"cc46652a-0b94-4bde-88fb-d4e3e1d8245d","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":30,"box":{"x":60,"y":172,"width":837,"height":12}},{"id":"35a37e39-3d4b-493c-9905-3fdd5a4c4bc7","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":30,"box":{"x":62,"y":187,"width":464,"height":11}},{"id":"c9ab6f33-ea8c-4296-abf4-a3418321681b","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":30,"box":{"x":62,"y":210,"width":863,"height":11}},{"id":"bac93b79-45d9-4b20-895c-460f4cac72ea","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":30,"box":{"x":60,"y":224,"width":858,"height":12}},{"id":"7761f428-4cfa-4ec2-93b0-0c26baa63e50","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":30,"box":{"x":62,"y":239,"width":863,"height":12}},{"id":"5f292012-b284-4244-92e9-0f31d39c781a","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":30,"box":{"x":61,"y":254,"width":852,"height":11}},{"id":"080ac594-f974-4d6f-9183-5e6303b570ad","block_type":"box","text":"end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed","page_number":30,"box":{"x":61,"y":269,"width":869,"height":11}},{"id":"6a5c91cf-4497-4e0f-b649-f51020168de7","block_type":"box","text":"end funds or other ETFs are valued at their most recent closing price.","page_number":30,"box":{"x":61,"y":283,"width":507,"height":12}},{"id":"4fba0524-c2e8-4662-91e3-c81e8bd227ca","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":30,"box":{"x":60,"y":306,"width":857,"height":12}},{"id":"dc043b05-8a6d-42bb-b6bf-8037d7e42178","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":30,"box":{"x":61,"y":321,"width":870,"height":11}},{"id":"8d77aeb1-9370-43e6-8049-f89928823aa7","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":30,"box":{"x":61,"y":336,"width":868,"height":11}},{"id":"319459be-12dd-438c-8456-adb55638fe9e","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":30,"box":{"x":61,"y":351,"width":842,"height":11}},{"id":"e0aa0389-0ea4-48d1-b4da-8daf34953d33","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":30,"box":{"x":61,"y":365,"width":853,"height":12}},{"id":"cbede076-c2f3-4b22-8651-18e2b47512be","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":30,"box":{"x":61,"y":380,"width":844,"height":12}},{"id":"fd8ae9ec-2b52-4476-bb19-9a7fdbde25a9","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":30,"box":{"x":61,"y":395,"width":822,"height":11}},{"id":"5f2414c6-29bb-4364-8a1c-2d1aa94da066","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":30,"box":{"x":61,"y":410,"width":845,"height":11}},{"id":"ea02031b-3d3c-4f08-88dc-88612b99fbda","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":30,"box":{"x":61,"y":425,"width":733,"height":11}},{"id":"b23f881e-c57c-4b89-a687-9dd4a2eca56c","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":30,"box":{"x":61,"y":447,"width":829,"height":12}},{"id":"f1948af5-30d2-4278-a599-6e6523b9343f","block_type":"box","text":"regular trading hours of the NYSE. 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This systematic fair value","page_number":30,"box":{"x":61,"y":685,"width":871,"height":12}},{"id":"eefedd78-a531-4cd3-9dd2-a29f96f17ced","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":30,"box":{"x":62,"y":700,"width":872,"height":11}},{"id":"3fc1bf5b-3018-4c56-b285-1c3c5b12751a","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":30,"box":{"x":61,"y":715,"width":697,"height":11}},{"id":"95eb9b49-50d7-49b3-ba87-4f80e5a665a3","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":30,"box":{"x":62,"y":737,"width":825,"height":12}},{"id":"85419ffe-e5d5-44bd-bee1-09b95aa7e32f","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":30,"box":{"x":62,"y":752,"width":871,"height":12}},{"id":"665962fd-76ba-4d1a-b505-fe48158ec551","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. 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The Fund will be","page_number":30,"box":{"x":60,"y":819,"width":830,"height":12}},{"id":"296badf7-ff38-44ad-8525-e75fdef5a4a5","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":30,"box":{"x":61,"y":834,"width":848,"height":12}},{"id":"4ab2103e-b086-4846-9e29-54535740d40d","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":30,"box":{"x":61,"y":849,"width":868,"height":11}},{"id":"f9d56f13-aa21-49d4-b143-802df6dc7f3d","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":30,"box":{"x":61,"y":864,"width":856,"height":11}},{"id":"d4eee40f-fc2b-4a84-b6cb-14227b65ad5c","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ded32abf-dbef-4e47-b0fc-b7f98668d82b","block_type":"box","text":"NM0926U-5977649-30/40","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9a69b88b-c7f0-4301-adc7-2bbfb84aef3c","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":31,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"9f1349e2-fb88-4e33-b3c9-a858d5a7f0d3","block_type":"box","text":"BUYING A DIVIDEND","page_number":31,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"6c02554a-e884-41a0-a7e7-3c0483360b07","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":31,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"aa8a038e-845e-43f5-9d76-a4cc5e96a9a2","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":31,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"06acb59a-8aed-4a59-bb0f-6a47b0aa9412","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":31,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"6d0879de-ebae-410c-ae1e-b677e7363ec8","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":31,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"6d52bab8-ad7b-4bdb-be45-38a634af11a2","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":31,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"1e4a2ef4-80d0-4e19-b339-fb951c0f842d","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":31,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"06e89e40-82f9-465c-9478-28b438e3f1de","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you would like to","page_number":31,"box":{"x":61,"y":225,"width":863,"height":11}},{"id":"06db80f8-bb5e-4cea-bf1b-e1177802daf9","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":31,"box":{"x":61,"y":240,"width":543,"height":11}},{"id":"8c25473d-d3da-40c2-a994-87eb513e146a","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":31,"box":{"x":60,"y":262,"width":856,"height":12}},{"id":"b3d3162e-bd6c-463d-ace2-3815e25912eb","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":31,"box":{"x":60,"y":277,"width":692,"height":11}},{"id":"c2c29eb7-7326-4581-82a9-2f4ed961e6a9","block_type":"box","text":"Investments Through a Qualified Plan","page_number":31,"box":{"x":62,"y":300,"width":272,"height":11}},{"id":"2854a71b-d602-42d1-9b65-757a3c845664","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":31,"box":{"x":61,"y":322,"width":864,"height":12}},{"id":"0223252a-8bd8-40ef-91ea-9172d2318869","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":31,"box":{"x":62,"y":337,"width":851,"height":11}},{"id":"87836d9f-3d74-4432-a720-b74ad9a69fb3","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":31,"box":{"x":60,"y":352,"width":875,"height":11}},{"id":"f46ebdf5-94b0-4dfd-bfdb-a199061b18ba","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":31,"box":{"x":61,"y":367,"width":841,"height":11}},{"id":"e16698a5-ff5c-49ae-9ca7-dc088231a2df","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":31,"box":{"x":60,"y":381,"width":455,"height":12}},{"id":"64e9a911-b0ab-4b67-b398-082bd6a12078","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":31,"box":{"x":62,"y":404,"width":344,"height":12}},{"id":"cff054ee-a9b1-4d60-8487-6e74fcca1102","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":31,"box":{"x":62,"y":427,"width":831,"height":11}},{"id":"a120aafc-43b4-4128-b770-240d1cf355bf","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":31,"box":{"x":61,"y":441,"width":847,"height":12}},{"id":"a43cf3fc-6627-443f-ad30-b6a0bcfba0ea","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":31,"box":{"x":60,"y":456,"width":851,"height":12}},{"id":"5d669893-c0f5-43d3-bbd0-a76347f68094","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":31,"box":{"x":61,"y":471,"width":859,"height":11}},{"id":"a1914c49-2ba4-4065-876b-0ff861d57909","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":31,"box":{"x":61,"y":486,"width":863,"height":11}},{"id":"1a35963c-5630-4305-94cf-dcf09684ddc6","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":31,"box":{"x":60,"y":501,"width":875,"height":11}},{"id":"6851752a-7b90-4179-9db8-dce965346952","block_type":"box","text":"inflation.","page_number":31,"box":{"x":62,"y":516,"width":61,"height":9}},{"id":"94c7700c-57a4-41cc-a7bf-7d65ff70353a","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":31,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"b433ffb5-cef9-43c3-89f5-9e3eae87f20c","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":31,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"a9c4b9af-b314-4a29-9260-c08b7bbcda26","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":31,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"68383dce-4784-4d6c-b71e-e7c18641bb8f","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":31,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"1ef14fa2-2064-46c1-a44f-5e11050fc6eb","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":31,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"54f656b3-6cd6-4208-b7e6-c35a403b8d46","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":31,"box":{"x":62,"y":628,"width":326,"height":11}},{"id":"47270193-a519-45b1-af1c-e32d601b59ed","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":31,"box":{"x":62,"y":650,"width":864,"height":12}},{"id":"75d06463-4b7f-471e-843f-b1bd658ac420","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":31,"box":{"x":62,"y":665,"width":856,"height":12}},{"id":"db970e1e-a9bb-45b3-a1c5-30db917c73a2","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":31,"box":{"x":62,"y":680,"width":857,"height":11}},{"id":"c8e6462e-3075-4bea-87ea-72f592ab618a","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":31,"box":{"x":61,"y":695,"width":862,"height":11}},{"id":"3c256c23-6287-424d-9e01-29686cfb5cdc","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":31,"box":{"x":61,"y":710,"width":770,"height":11}},{"id":"f5051fb5-d6c6-4584-950e-7c14b08a76cb","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":31,"box":{"x":61,"y":732,"width":868,"height":12}},{"id":"e99cd800-efa5-4b65-bbad-f1accdb03d9f","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":31,"box":{"x":60,"y":747,"width":808,"height":12}},{"id":"169b1a67-6d65-480d-94af-1905335cef7f","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":31,"box":{"x":60,"y":762,"width":874,"height":11}},{"id":"e2f4390e-9f18-4104-9ce5-bb7454b65929","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":31,"box":{"x":62,"y":777,"width":789,"height":11}},{"id":"7b377a7e-d344-496f-9996-03d0b5db7a21","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":31,"box":{"x":62,"y":791,"width":858,"height":12}},{"id":"d1fc3d76-f5b9-454c-8c67-32a0a963fa9a","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":31,"box":{"x":61,"y":806,"width":865,"height":12}},{"id":"d759daee-832c-486a-a838-9243779e0ee4","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":31,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"40cc4ecc-1060-4ddc-a32a-15a911c50bc7","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":31,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"f7557c52-3f85-4fcd-92f7-cfbef7036b77","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":31,"box":{"x":60,"y":858,"width":855,"height":12}},{"id":"5006e26c-deb3-4187-a46a-86c7bebab68d","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":31,"box":{"x":61,"y":873,"width":832,"height":12}},{"id":"18c880e9-83a1-487f-bfe6-f3e39b314c19","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":31,"box":{"x":62,"y":888,"width":383,"height":11}},{"id":"454c1faa-edc2-4af0-aa7c-fe211c797f68","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"514f057f-d9cc-4cb9-9c27-4e700cfc67ca","block_type":"box","text":"NM0926U-5977649-31/40","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f9176c9a-8947-435e-a61b-18cea836c52b","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":32,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"dd4fc09f-d2ec-417e-af9f-3e481ce40c22","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":32,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"f7a6ce86-7910-46d1-993f-5076b743c00a","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":32,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"f0d28f26-ae76-4d6a-a834-eb5b2ce78c3e","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP whose","page_number":32,"box":{"x":61,"y":120,"width":836,"height":11}},{"id":"cfb70862-e5d8-4d96-ae78-61cf013f0af8","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":32,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"10e8a785-9283-40c0-8ddc-ba03c0292ed9","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which is available","page_number":32,"box":{"x":60,"y":149,"width":872,"height":12}},{"id":"d8cedcad-b784-4311-85eb-d6854e80d9f3","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":32,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"eb22201a-a388-45ce-b41e-bf16f961d269","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":32,"box":{"x":504,"y":185,"width":262,"height":9}},{"id":"b84bf115-a3f1-41dd-b0a3-809968e4cab1","block_type":"box","text":"Class K","page_number":32,"box":{"x":612,"y":201,"width":45,"height":7}},{"id":"7ac5df48-d105-4183-b941-1c8e11d95a5f","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":32,"box":{"x":69,"y":238,"width":222,"height":9}},{"id":"bb5b95f2-2a20-4c35-8cc1-e15c6c816746","block_type":"box","text":"Year Ended","page_number":32,"box":{"x":352,"y":228,"width":66,"height":7}},{"id":"68c67e33-43fd-4d84-9abd-2e5115deef5c","block_type":"box","text":"05/31/26","page_number":32,"box":{"x":353,"y":238,"width":64,"height":9}},{"id":"9650bf98-8417-464c-a56b-23e8f94a0a43","block_type":"box","text":"Year Ended","page_number":32,"box":{"x":449,"y":228,"width":66,"height":7}},{"id":"173378dd-3702-4548-9c72-a627d2b6f08b","block_type":"box","text":"05/31/25","page_number":32,"box":{"x":450,"y":238,"width":64,"height":9}},{"id":"8f2062b4-4fc3-4327-a541-a1aa6d3caae4","block_type":"box","text":"Year Ended","page_number":32,"box":{"x":546,"y":228,"width":66,"height":7}},{"id":"b09b130c-e39f-4ff6-b1c4-40020326e45b","block_type":"box","text":"05/31/24","page_number":32,"box":{"x":547,"y":238,"width":64,"height":9}},{"id":"cb2bf8dc-72f5-407c-8527-0173a6a79304","block_type":"box","text":"Year Ended","page_number":32,"box":{"x":642,"y":228,"width":66,"height":7}},{"id":"6d230309-7d5d-4036-af52-5f7db656389f","block_type":"box","text":"05/31/23","page_number":32,"box":{"x":644,"y":238,"width":63,"height":9}},{"id":"03cfe931-e597-41a5-bac5-9eba2394790c","block_type":"box","text":"Period from","page_number":32,"box":{"x":746,"y":217,"width":68,"height":7}},{"id":"597635d8-98fa-4774-92ad-7da1796b915b","block_type":"box","text":"10/01/21","page_number":32,"box":{"x":748,"y":227,"width":64,"height":9}},{"id":"59769854-1de3-44ea-a442-1517a31811e9","block_type":"box","text":"to 05/31/22","page_number":32,"box":{"x":739,"y":238,"width":81,"height":9}},{"id":"8a0e0661-9df4-4ee4-aebe-e7144599370d","block_type":"box","text":"Year Ended","page_number":32,"box":{"x":850,"y":228,"width":66,"height":7}},{"id":"59b4e8bb-bb3b-4df0-a937-6f0d4380f890","block_type":"box","text":"09/30/21","page_number":32,"box":{"x":852,"y":238,"width":64,"height":9}},{"id":"dedf7524-91d2-4337-b857-85143b0a471a","block_type":"box","text":"Net asset value, beginning of period","page_number":32,"box":{"x":69,"y":254,"width":216,"height":9}},{"id":"eac108ab-e8a4-4a87-a8e8-3d4e204714ec","block_type":"box","text":"$ 22.08 $ 22.42 $ 17.36 $ 18.40 $ 23.34 $ 18.79","page_number":32,"box":{"x":356,"y":254,"width":553,"height":8}},{"id":"01f9eee4-5166-4c94-924e-7b90b0d7e077","block_type":"box","text":"Net investment income","page_number":32,"box":{"x":85,"y":271,"width":134,"height":8}},{"id":"5fcd6b27-bc65-4f47-ad62-9ac5ddac2d71","block_type":"box","text":"(a)","page_number":32,"box":{"x":220,"y":271,"width":7,"height":5}},{"id":"032d2d2e-ab20-4df2-899a-8fca6f8c2cc4","block_type":"box","text":"0.18 0.19 0.20 0.21 0.13 0.20","page_number":32,"box":{"x":388,"y":271,"width":521,"height":8}},{"id":"6750164f-5d8e-4d1c-8aa7-b9b69a7d2e9e","block_type":"box","text":"Net realized and unrealized gain (loss) 7.13 2.59 5.06 (0.19) (0.87) 5.32","page_number":32,"box":{"x":85,"y":283,"width":824,"height":9}},{"id":"a7ca0b63-72cf-48a4-8f36-3f4a40a10aad","block_type":"box","text":"Net increase (decrease) from investment","page_number":32,"box":{"x":70,"y":294,"width":239,"height":9}},{"id":"8bc72b48-9d8e-4651-8c46-d99e34b8ad3f","block_type":"box","text":"operations 7.31 2.78 5.26 0.02 (0.74) 5.52","page_number":32,"box":{"x":69,"y":307,"width":840,"height":9}},{"id":"c9b70e27-16f7-4863-9283-7eca20988ec7","block_type":"box","text":"Distributions","page_number":32,"box":{"x":69,"y":323,"width":76,"height":8}},{"id":"d218f4af-3934-4e87-8a35-b86c8822829c","block_type":"box","text":"(b)","page_number":32,"box":{"x":145,"y":324,"width":8,"height":4}},{"id":"4d095565-e12c-4876-a97a-8001b97d0cfe","block_type":"box","text":"From net investment income (0.16) (0.20) (0.20) (0.21) (0.20) (0.23)","page_number":32,"box":{"x":85,"y":335,"width":828,"height":9}},{"id":"897d8adf-1cc2-4ab8-b2be-58a14ea47f57","block_type":"box","text":"From net realized gain (1.93) (2.92) — (0.85) (4.00) 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