{"annotation_id":"ae6e3e7a-076f-4526-8290-651f668a6f56","file_hash":"97fdf163347c063d5aec084658b15999dee377b7582a47d03f1a61747b80cf70","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"f0a591fc-41fc-40c1-a33c-f69a1cf59519","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"5a397199-a684-47e8-924b-133a73af2882","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"d3b275d8-5a81-430d-83ac-fa332d4d1da1","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":63,"y":297,"width":321,"height":12}},{"id":"99e07dc6-f291-47ea-9f82-669c65aaba6a","block_type":"box","text":"|","page_number":1,"box":{"x":394,"y":296,"width":3,"height":11}},{"id":"9f644499-7d67-4295-9ccd-bf01b11c9164","block_type":"box","text":"Investor, Institutional and Class R Shares","page_number":1,"box":{"x":408,"y":297,"width":335,"height":11}},{"id":"fccbf153-9be1-4413-9a37-ef68cfc74a7c","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"9679b6d9-8bd5-4266-8588-2b12ab2e0509","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":1,"box":{"x":84,"y":321,"width":361,"height":12}},{"id":"f469490f-2765-4e49-9797-fe93b8b8a86d","block_type":"box","text":"Investor A: MDLVX","page_number":1,"box":{"x":84,"y":339,"width":115,"height":7}},{"id":"663e5f48-69b0-4bbe-abe9-245299e1502f","block_type":"box","text":"•","page_number":1,"box":{"x":202,"y":341,"width":4,"height":3}},{"id":"e38110d7-d667-4247-8337-342a6b481a77","block_type":"box","text":"Investor C: MCLVX","page_number":1,"box":{"x":211,"y":339,"width":115,"height":7}},{"id":"2a003ae5-58bc-4c2f-b46a-55ce93b20e19","block_type":"box","text":"•","page_number":1,"box":{"x":329,"y":341,"width":4,"height":3}},{"id":"5ea51744-780d-48f4-a781-227dd9b74c47","block_type":"box","text":"Institutional: MALVX","page_number":1,"box":{"x":337,"y":339,"width":128,"height":7}},{"id":"05bb0aa0-7c62-4782-8060-10e043ed08cb","block_type":"box","text":"•","page_number":1,"box":{"x":469,"y":341,"width":3,"height":3}},{"id":"766db0e0-c18d-4598-ad5e-fccdccda3c21","block_type":"box","text":"Class R: MRLVX","page_number":1,"box":{"x":476,"y":339,"width":98,"height":7}},{"id":"4ff31cb2-300d-4ea4-bfb3-7da2b8aeb869","block_type":"box","text":"This Prospectus contains information you should know before investing, including information about risks.","page_number":1,"box":{"x":63,"y":834,"width":741,"height":11}},{"id":"6ea8b6de-145a-4d32-a4f3-8c08b21d9278","block_type":"box","text":"Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":850,"width":438,"height":10}},{"id":"bd2ac2cb-d7ef-4839-bc57-2bb2dc83adb6","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":870,"width":749,"height":11}},{"id":"45340455-490a-48f9-92fd-dbc869b8363c","block_type":"box","text":"the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"ee26de06-d683-4303-b72c-75784996f9d8","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"4721a833-2b8a-46f0-9b6b-a467f29dab6f","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"a2b31d92-39ef-44d3-a5a5-a71fd2b97614","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"4c691757-dabd-4131-b660-baaf6e6ce569","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"dc9a1b62-3f7c-4aa2-ba6f-24158a264ae2","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"ccc045f8-94be-47f8-bae1-31cf4136767e","block_type":"box","text":"NM1026U-5979803-1/68","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3c7f8e41-2443-4c0d-93a5-c6b6c4a6cc1e","block_type":"box","text":"Table of Contents","page_number":2,"box":{"x":371,"y":82,"width":255,"height":18}},{"id":"cfa986cf-023e-488f-8ac6-fa01375e3c6f","block_type":"box","text":"Fund Overview","page_number":2,"box":{"x":190,"y":136,"width":155,"height":13}},{"id":"2a9beeb5-abe0-4739-a3ed-45e5d6dc2f27","block_type":"box","text":"Key facts and details about the Fund, including investment objective,","page_number":2,"box":{"x":361,"y":140,"width":503,"height":11}},{"id":"75fdfb55-85ed-404b-b29e-db08b4c44852","block_type":"box","text":"principal investment strategies, principal risk factors, fee and expense","page_number":2,"box":{"x":360,"y":155,"width":517,"height":11}},{"id":"737e90a0-3b34-46f1-994a-55b2f2e5b34a","block_type":"box","text":"information and historical per formance information","page_number":2,"box":{"x":361,"y":169,"width":374,"height":12}},{"id":"4f975def-6670-4532-a598-c1c71ce7baee","block_type":"box","text":"Investment Objective .............................................................................. 3","page_number":2,"box":{"x":361,"y":185,"width":577,"height":11}},{"id":"c39d52d1-f864-4b7f-86dc-a7eca222ecc3","block_type":"box","text":"Fees and Expenses of the Fund ............................................................... 3","page_number":2,"box":{"x":361,"y":200,"width":577,"height":12}},{"id":"b55bd006-d99d-42ab-9689-f49ecfaa70e3","block_type":"box","text":"Principal Investment Strategies of the Fund .............................................. 4","page_number":2,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"224c499b-7ffe-4050-ae5d-57bb7ea9b207","block_type":"box","text":"Principal Risks of Investing in the Fund .................................................... 5","page_number":2,"box":{"x":360,"y":231,"width":578,"height":12}},{"id":"6486b3bd-c90c-4136-b8d0-e7f0d4f0c3c3","block_type":"box","text":"Per formance Information ........................................................................ 7","page_number":2,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"872d9610-b0d8-401f-be2b-73c09c488b5f","block_type":"box","text":"Investment Manager ............................................................................... 8","page_number":2,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"01a36894-b7eb-49be-97f3-f781764b9dda","block_type":"box","text":"Por tfolio Managers ................................................................................. 9","page_number":2,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"b439bc17-2048-43a2-84d0-c7b01fd9ed6b","block_type":"box","text":"Purchase and Sale of Fund Shares .......................................................... 9","page_number":2,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"8112158a-1d55-4016-8f0c-5f81db9ff30b","block_type":"box","text":"Tax Information....................................................................................... 10","page_number":2,"box":{"x":361,"y":309,"width":577,"height":9}},{"id":"5101cf02-4a92-431f-9c13-a66499618cee","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries ................ 10","page_number":2,"box":{"x":360,"y":324,"width":578,"height":12}},{"id":"c56762b7-683f-4825-90cd-fb5ed089694e","block_type":"box","text":"Details About the Fund","page_number":2,"box":{"x":102,"y":348,"width":242,"height":12}},{"id":"c2062758-f6a6-47c6-bdf4-27637185ae72","block_type":"box","text":"Information about how the Fund invests, including investment objective,","page_number":2,"box":{"x":361,"y":351,"width":524,"height":12}},{"id":"dfe485f5-86fc-4d63-beb8-40ed0ccecae9","block_type":"box","text":"investment process, principal strategies and risk factors","page_number":2,"box":{"x":361,"y":366,"width":412,"height":12}},{"id":"b5fe2a94-1338-4281-af84-86ccdf150ed3","block_type":"box","text":"How the Fund Invests.............................................................................. 11","page_number":2,"box":{"x":361,"y":382,"width":576,"height":9}},{"id":"669e0417-d930-4eb9-9302-b6ab625d31fe","block_type":"box","text":"Investment Risks.................................................................................... 12","page_number":2,"box":{"x":361,"y":397,"width":577,"height":9}},{"id":"e84cd94e-25ee-4da0-8b4a-b57df54aff4a","block_type":"box","text":"Account Information","page_number":2,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"40f3d29a-9527-43d5-96fd-751af1bee66e","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":2,"box":{"x":361,"y":424,"width":468,"height":12}},{"id":"33415be3-204b-45bb-af2d-6acfffadb226","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":2,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"6b69a25f-9304-43b0-91f4-f8bee578ff70","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs ...................... 22","page_number":2,"box":{"x":361,"y":454,"width":577,"height":10}},{"id":"7a7e446a-409f-4abc-8c42-e8c2f93ee395","block_type":"box","text":"Details About the Share Classes ............................................................. 27","page_number":2,"box":{"x":361,"y":470,"width":577,"height":9}},{"id":"e9af4095-4400-4260-82d7-9e50db342581","block_type":"box","text":"Distribution and Shareholder Servicing Payments...................................... 31","page_number":2,"box":{"x":361,"y":485,"width":576,"height":12}},{"id":"13f755e0-e958-4203-ac79-0e08fa873cd4","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 32","page_number":2,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"f81f3356-fd16-4291-93a8-d8bfb3c04c00","block_type":"box","text":"Account Services and Privileges .............................................................. 39","page_number":2,"box":{"x":359,"y":516,"width":579,"height":12}},{"id":"8e87301b-5449-461a-baaf-8ed5afdd158f","block_type":"box","text":"Fund’s Rights ......................................................................................... 40","page_number":2,"box":{"x":361,"y":532,"width":577,"height":11}},{"id":"684658d0-92a0-4f00-a29a-9bdcc0b486ba","block_type":"box","text":"Par ticipation in Fee-Based Programs ........................................................ 40","page_number":2,"box":{"x":360,"y":547,"width":578,"height":12}},{"id":"38d2981b-a203-4c50-a349-2c32e1705a91","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 41","page_number":2,"box":{"x":361,"y":563,"width":576,"height":11}},{"id":"3553d0ca-6b0c-4d81-a3ab-b498637bfbc6","block_type":"box","text":"Management of the Fund","page_number":2,"box":{"x":80,"y":586,"width":264,"height":16}},{"id":"d4cf0436-8c9a-4477-b263-257c9d67c95e","block_type":"box","text":"Information about BlackRock and the Por tfolio Managers","page_number":2,"box":{"x":361,"y":590,"width":415,"height":11}},{"id":"5fa34e79-d43f-4b5d-aebc-0aae903d09a1","block_type":"box","text":"BlackRock .............................................................................................. 42","page_number":2,"box":{"x":361,"y":605,"width":577,"height":9}},{"id":"3194ef06-3da3-4a59-9cc7-ec3859c7a89d","block_type":"box","text":"Por tfolio Manager Information ................................................................. 43","page_number":2,"box":{"x":360,"y":621,"width":578,"height":11}},{"id":"e890e8d9-3501-4b1b-80b4-fcaa5dd2c35c","block_type":"box","text":"Conflicts of Interest ................................................................................ 44","page_number":2,"box":{"x":361,"y":636,"width":576,"height":9}},{"id":"d9dce209-7747-488d-b1aa-8b55915d9624","block_type":"box","text":"Valuation of Fund Investments ................................................................. 45","page_number":2,"box":{"x":362,"y":652,"width":576,"height":9}},{"id":"df9b1a18-41f5-40f0-b36f-7a4dc39ec0eb","block_type":"box","text":"Dividends, Distributions and Taxes........................................................... 46","page_number":2,"box":{"x":361,"y":667,"width":577,"height":11}},{"id":"813c8a62-fc62-44d8-a20c-49c6fe43b55a","block_type":"box","text":"Financial Highlights","page_number":2,"box":{"x":136,"y":691,"width":207,"height":15}},{"id":"96da2090-9348-4caa-b4c9-97cc1b0f1108","block_type":"box","text":"Financial Per formance of the Fund ........................................................... 47","page_number":2,"box":{"x":361,"y":694,"width":577,"height":9}},{"id":"64bf0ae6-a2f6-4bc4-9538-d145495f21ab","block_type":"box","text":"General Information","page_number":2,"box":{"x":136,"y":727,"width":207,"height":12}},{"id":"8a6ebb24-d532-4138-9036-d93dac034620","block_type":"box","text":"Shareholder Documents.......................................................................... 51","page_number":2,"box":{"x":361,"y":730,"width":576,"height":9}},{"id":"b58e660b-fd3f-426e-bbb3-2f9803459686","block_type":"box","text":"Cer tain Fund Policies .............................................................................. 51","page_number":2,"box":{"x":361,"y":746,"width":576,"height":9}},{"id":"0cea08d3-0f61-4ded-a8c9-1ace6fb9c46f","block_type":"box","text":"Statement of Additional Information ......................................................... 52","page_number":2,"box":{"x":361,"y":761,"width":577,"height":9}},{"id":"2bf52d3d-7221-4763-84ad-f25060427e79","block_type":"box","text":"Glossary","page_number":2,"box":{"x":253,"y":785,"width":92,"height":15}},{"id":"1d103760-01ee-43ae-943a-602caf0f1f28","block_type":"box","text":"Glossary of Investment Terms ................................................................. 53","page_number":2,"box":{"x":361,"y":788,"width":577,"height":12}},{"id":"e8533776-7be2-4312-8f6e-309c7f9b63e8","block_type":"box","text":"Intermediary-Defined","page_number":2,"box":{"x":126,"y":821,"width":218,"height":16}},{"id":"232b3876-1c42-442f-9f73-6f3b46a14686","block_type":"box","text":"Sales Charge Waiver","page_number":2,"box":{"x":125,"y":841,"width":220,"height":16}},{"id":"943c5d0a-cea0-4c34-9ce9-f8071b341618","block_type":"box","text":"Policies","page_number":2,"box":{"x":261,"y":862,"width":82,"height":13}},{"id":"7e8e883a-17e1-4b6c-a47b-e4ce613769fe","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies................................... A-1","page_number":2,"box":{"x":361,"y":824,"width":576,"height":12}},{"id":"a0c95768-bbd1-4caa-835a-ea8d7ceec359","block_type":"box","text":"For More Information","page_number":2,"box":{"x":122,"y":889,"width":221,"height":13}},{"id":"f56c560c-d5f9-49a0-a39b-ad1a7e888641","block_type":"box","text":"Fund and Service Providers ............................................... Inside Back Cover","page_number":2,"box":{"x":361,"y":893,"width":578,"height":9}},{"id":"8448ee7d-cded-4840-9e61-132a94d80f98","block_type":"box","text":"Additional Information....................................................... Back Cover","page_number":2,"box":{"x":359,"y":908,"width":580,"height":9}},{"id":"b69c82c5-baf0-48cc-9e23-053aaad75e28","block_type":"box","text":"NM1026U-5979803-2/68","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"42bda422-ec46-4f5d-8ced-dddca0822fdf","block_type":"box","text":"Fund Overview","page_number":3,"box":{"x":64,"y":82,"width":315,"height":27}},{"id":"3f09c5d7-987a-40fd-a6fb-cd2d5e79799b","block_type":"box","text":"Key Facts About BlackRock Advantage Large Cap Value Fund","page_number":3,"box":{"x":62,"y":156,"width":554,"height":14}},{"id":"2f56b532-e9bb-48a3-ae84-dca770c5688a","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":62,"y":187,"width":191,"height":14}},{"id":"49974ef9-7c43-41a7-8fe7-68a120f99194","block_type":"box","text":"The investment objective of BlackRock Advantage Large Cap Value Fund (the “Fund”), a series of BlackRock Large Cap","page_number":3,"box":{"x":60,"y":213,"width":871,"height":12}},{"id":"086bc331-7128-4838-8c8d-e5c1c308580e","block_type":"box","text":"Series Funds, Inc. (the “Corporation”), is to seek long-term capital growth. In other words, the Fund tries to choose","page_number":3,"box":{"x":61,"y":228,"width":843,"height":12}},{"id":"b30e88c8-9767-406c-97e1-703b0630bda7","block_type":"box","text":"investments that will increase in value.","page_number":3,"box":{"x":62,"y":243,"width":283,"height":9}},{"id":"30a63816-1a0e-4062-bc94-64bf7ac0f3ce","block_type":"box","text":"Fees and Expenses of the Fund","page_number":3,"box":{"x":61,"y":282,"width":283,"height":13}},{"id":"fd656c67-c8ba-4292-a807-4162ef17443b","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in","page_number":3,"box":{"x":60,"y":308,"width":864,"height":11}},{"id":"6ca9d704-fdf2-4692-87de-e9f15cd1e044","block_type":"box","text":"the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":3,"box":{"x":60,"y":323,"width":636,"height":11}},{"id":"7d13ffa6-90a7-4612-b62b-bde31d552a86","block_type":"box","text":"You may pay other fees, such","page_number":3,"box":{"x":703,"y":323,"width":219,"height":11}},{"id":"b1569ba4-dcab-4e83-a6ed-ad4915bbd354","block_type":"box","text":"as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker,","page_number":3,"box":{"x":61,"y":338,"width":851,"height":11}},{"id":"fde74d9b-23bd-435d-9a8b-b8ae2470cfa9","block_type":"box","text":"investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and","page_number":3,"box":{"x":61,"y":353,"width":871,"height":11}},{"id":"c3847715-f595-465c-8dc9-dc3d7b3d5fe7","block_type":"box","text":"its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.","page_number":3,"box":{"x":61,"y":367,"width":786,"height":12}},{"id":"b5c4f14e-8525-41d6-ae90-a50d019f5682","block_type":"box","text":"You may","page_number":3,"box":{"x":853,"y":368,"width":61,"height":11}},{"id":"dddbe31c-bad9-4ff0-b421-2765f6b4e619","block_type":"box","text":"qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the","page_number":3,"box":{"x":61,"y":381,"width":872,"height":13}},{"id":"817d9d5f-d87a-40ca-b39d-f5818c574821","block_type":"box","text":"fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available","page_number":3,"box":{"x":60,"y":397,"width":842,"height":11}},{"id":"e445caa8-7332-4ceb-97b9-802233efbc70","block_type":"box","text":"from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales","page_number":3,"box":{"x":60,"y":412,"width":847,"height":11}},{"id":"66d97305-ceb2-4678-84bd-5740bb0772d2","block_type":"box","text":"Charge Waiver Policies” sections on pages 27 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of","page_number":3,"box":{"x":61,"y":427,"width":868,"height":11}},{"id":"21440731-5484-4212-a6ae-0ad63ab66ed2","block_type":"box","text":"Shares” section on page II-97 of Part II of the Fund’s Statement of Additional Information. Beginning on","page_number":3,"box":{"x":61,"y":441,"width":760,"height":12}},{"id":"fb61f946-bec0-41de-80c6-ab450f43c498","block_type":"box","text":"October 1, 2026, no initial sales charge will be imposed on purchases of Investor A Shares of the Fund. Beginning on","page_number":3,"box":{"x":61,"y":456,"width":864,"height":12}},{"id":"de207932-3745-47ae-8364-cbc23a1fde4a","block_type":"box","text":"October 1, 2026, no contingent deferred sales charge (“CDSC”) will be imposed on redemptions of Investor A Shares","page_number":3,"box":{"x":61,"y":471,"width":864,"height":12}},{"id":"7b4e3cb3-61f2-487c-848a-21163f62fde6","block_type":"box","text":"or Investor C Shares.","page_number":3,"box":{"x":61,"y":486,"width":153,"height":9}},{"id":"8de805cc-173c-4440-a5ce-bc25c6e24d8e","block_type":"box","text":"Shareholder Fees","page_number":3,"box":{"x":69,"y":515,"width":116,"height":8}},{"id":"0d080a5c-8786-4552-9cc1-7727939066d2","block_type":"box","text":"(fees paid directly from your investment)","page_number":3,"box":{"x":69,"y":526,"width":275,"height":10}},{"id":"5233cc70-c2cc-4436-b1f7-b55a23971c17","block_type":"box","text":"Investor A","page_number":3,"box":{"x":571,"y":515,"width":68,"height":8}},{"id":"b412d9c7-d654-4f26-8ddf-f8c9cdbe1777","block_type":"box","text":"Shares","page_number":3,"box":{"x":581,"y":526,"width":46,"height":8}},{"id":"4442cf6a-603f-4ac1-9a36-6b1afc2883b8","block_type":"box","text":"Investor C","page_number":3,"box":{"x":668,"y":515,"width":68,"height":8}},{"id":"0902af99-759b-4210-ab55-77c6425d3245","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":526,"width":46,"height":8}},{"id":"6b2ca0ab-74cf-4294-8e4c-f1c7089741ab","block_type":"box","text":"Institutional","page_number":3,"box":{"x":759,"y":515,"width":80,"height":8}},{"id":"c36a36f9-008a-4351-93ce-584285abcb1a","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":526,"width":46,"height":8}},{"id":"bfa54613-9809-4acb-be1e-6e5401be1607","block_type":"box","text":"Class R","page_number":3,"box":{"x":871,"y":515,"width":51,"height":8}},{"id":"a7f19067-33ef-4ab1-a45e-0180ee1efd61","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":526,"width":46,"height":8}},{"id":"257cd00d-e96d-4434-9388-8a9aa8e747d9","block_type":"box","text":"Maximum Sales Charge (Load) Imposed on Purchases (as a percentage","page_number":3,"box":{"x":70,"y":544,"width":473,"height":11}},{"id":"69c921fa-3fec-4c78-aa9a-b4eddde75532","block_type":"box","text":"of offering price) 5.25% None None None","page_number":3,"box":{"x":69,"y":558,"width":845,"height":10}},{"id":"cda7bc54-014e-458b-9f1f-1f35606d3c6f","block_type":"box","text":"Maximum Deferred Sales Charge (Load) (as a percentage of offering","page_number":3,"box":{"x":70,"y":576,"width":452,"height":10}},{"id":"0cef7dda-2086-4f1f-b9c7-8b5c182b1f22","block_type":"box","text":"price or redemption proceeds, whichever is lower) None","page_number":3,"box":{"x":70,"y":590,"width":552,"height":9}},{"id":"6b895d1e-8f8a-4494-95c3-4430b7ed1b7f","block_type":"box","text":"1","page_number":3,"box":{"x":623,"y":589,"width":4,"height":4}},{"id":"82b03187-2fee-4993-9d5b-9702e114c239","block_type":"box","text":"1.00%","page_number":3,"box":{"x":689,"y":589,"width":41,"height":9}},{"id":"6178ebab-3067-4079-8c06-ddcedca4a9b3","block_type":"box","text":"2","page_number":3,"box":{"x":731,"y":589,"width":4,"height":4}},{"id":"189b7201-963a-4092-b7d9-7516c2618ccc","block_type":"box","text":"None None","page_number":3,"box":{"x":784,"y":590,"width":130,"height":8}},{"id":"1437a0b4-ca7c-444e-8a19-c55a268af557","block_type":"box","text":"Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":615,"width":222,"height":10}},{"id":"506a094c-3373-4f76-84a6-7a2a6d6c6435","block_type":"box","text":"(expenses that you pay each year as a","page_number":3,"box":{"x":69,"y":627,"width":261,"height":10}},{"id":"97a00dd8-2c35-4023-86a1-158d948b6043","block_type":"box","text":"percentage of the value of your investment)","page_number":3,"box":{"x":70,"y":638,"width":294,"height":11}},{"id":"3d8d5dca-1fe2-4564-8f78-f0c3fbb39164","block_type":"box","text":"Investor A","page_number":3,"box":{"x":571,"y":627,"width":68,"height":8}},{"id":"353804bc-04fd-4516-aff8-248d0b8fcfdd","block_type":"box","text":"Shares","page_number":3,"box":{"x":581,"y":638,"width":46,"height":9}},{"id":"9c34ea61-ec3d-4ec7-baf9-c25e0f112d60","block_type":"box","text":"Investor C","page_number":3,"box":{"x":668,"y":627,"width":68,"height":8}},{"id":"ec13aec9-38db-4a55-9e8e-be112cad0c22","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":638,"width":46,"height":9}},{"id":"a9c8b60e-3f0e-47b8-a20f-dc298e072a34","block_type":"box","text":"Institutional","page_number":3,"box":{"x":759,"y":627,"width":80,"height":8}},{"id":"025be1e5-63d2-45b0-86ef-a02bc30d2cca","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":638,"width":46,"height":9}},{"id":"bd917c1a-8762-4cdd-9342-09478924fd8f","block_type":"box","text":"Class R","page_number":3,"box":{"x":871,"y":627,"width":51,"height":8}},{"id":"e61493b8-92c9-42c8-bd48-3f92a062faa5","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":638,"width":46,"height":9}},{"id":"8a647ce6-9c8c-4331-8e6f-72698af1477c","block_type":"box","text":"Management Fee","page_number":3,"box":{"x":70,"y":657,"width":112,"height":10}},{"id":"f2962dd0-7ed7-4852-86c0-3ec1910ed4ef","block_type":"box","text":"3","page_number":3,"box":{"x":183,"y":656,"width":4,"height":4}},{"id":"ee185cba-4b01-4832-960c-24f89fc82606","block_type":"box","text":"0.49% 0.49% 0.49% 0.49%","page_number":3,"box":{"x":591,"y":656,"width":334,"height":9}},{"id":"8f5ffa77-c98b-480c-8d91-cc30600bfa6c","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None 0.50%","page_number":3,"box":{"x":70,"y":674,"width":855,"height":11}},{"id":"dcb8d113-567b-48fb-8542-82869b0407b4","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":693,"width":103,"height":10}},{"id":"2646047d-0a0c-4206-bfc2-015ddc9b1d73","block_type":"box","text":"4","page_number":3,"box":{"x":173,"y":692,"width":4,"height":4}},{"id":"70168d8c-b931-4839-b7ba-c0b200a85002","block_type":"box","text":"0.24% 0.28% 0.24% 0.37%","page_number":3,"box":{"x":591,"y":693,"width":334,"height":8}},{"id":"55ddd2ba-0668-456b-93fa-5dc08b498f4c","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":711,"width":252,"height":10}},{"id":"41168c89-9835-4bd5-aa20-4b06fd0753bb","block_type":"box","text":"4","page_number":3,"box":{"x":322,"y":710,"width":4,"height":4}},{"id":"f970fe0d-272b-4ca7-b941-863814b4a4c6","block_type":"box","text":"0.98% 1.77% 0.73% 1.36%","page_number":3,"box":{"x":591,"y":711,"width":334,"height":8}},{"id":"27fdd220-f35e-4436-b9f6-484b125d1768","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":729,"width":304,"height":10}},{"id":"6bbd296e-3b74-4d64-b603-0f3d4283e957","block_type":"box","text":"3,5","page_number":3,"box":{"x":375,"y":728,"width":11,"height":5}},{"id":"3a1253f7-a0f4-4818-a218-9f963209ffec","block_type":"box","text":"(0.19)% (0.23)% (0.19)% (0.32)%","page_number":3,"box":{"x":587,"y":729,"width":343,"height":10}},{"id":"88845946-984c-4795-b002-bfd426cdb422","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or","page_number":3,"box":{"x":69,"y":747,"width":421,"height":10}},{"id":"5e04cc33-e14a-45c5-a653-85e27f69b436","block_type":"box","text":"Expense Reimbursements","page_number":3,"box":{"x":70,"y":760,"width":170,"height":10}},{"id":"a9c8ab6b-ffe0-4068-b3c4-fe1520db46e2","block_type":"box","text":"3,5","page_number":3,"box":{"x":241,"y":760,"width":11,"height":5}},{"id":"b90a126a-d622-4825-88c5-36db1179a489","block_type":"box","text":"0.79% 1.54% 0.54% 1.04%","page_number":3,"box":{"x":591,"y":760,"width":334,"height":8}},{"id":"80e61712-fe70-4825-8499-4812c116cf34","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":780,"width":3,"height":3}},{"id":"3bc74b3d-4656-40ab-af45-204d5a4e2d8e","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":780,"width":835,"height":9}},{"id":"0094c50f-ac86-4400-a0cb-f751804906f1","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":789,"width":718,"height":10}},{"id":"5fe45549-2962-4e93-9386-2c376706c84d","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":803,"width":3,"height":4}},{"id":"2613e96a-de64-4711-a54c-beefecf6f2e5","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":803,"width":318,"height":9}},{"id":"dac08223-3747-4381-93fa-194f0af1647b","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":816,"width":3,"height":4}},{"id":"5c3cd257-7614-4ea5-9255-d846f1c80009","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":816,"width":837,"height":9}},{"id":"c51aa12b-d116-4f0b-b38e-d002b2504d45","block_type":"box","text":"waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":3,"box":{"x":80,"y":826,"width":854,"height":9}},{"id":"3c84fab8-6b71-47e4-92c4-3bf0b08daaed","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":3,"box":{"x":81,"y":836,"width":810,"height":10}},{"id":"50bcc7e2-1fab-4b02-b94c-2fae6dc5e52c","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":3,"box":{"x":81,"y":847,"width":832,"height":9}},{"id":"9f79312b-9e29-4072-9122-86e1fb62f453","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":3,"box":{"x":81,"y":857,"width":847,"height":9}},{"id":"6c404a65-70d4-4a03-8701-e5f4a970d7e2","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote","page_number":3,"box":{"x":81,"y":867,"width":849,"height":10}},{"id":"e02b9fe6-7f56-40ab-8879-bdf793cbe709","block_type":"box","text":"of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":878,"width":356,"height":9}},{"id":"b341436b-7aec-4358-bef1-eeff95d26351","block_type":"box","text":"4","page_number":3,"box":{"x":60,"y":891,"width":4,"height":3}},{"id":"2c42a62a-c8f1-4fb2-9ee8-9fb0a37d7d3b","block_type":"box","text":"For certain share classes, the Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average","page_number":3,"box":{"x":81,"y":891,"width":841,"height":9}},{"id":"182ff201-33ab-4783-970b-d4fc21c2ad23","block_type":"box","text":"net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and","page_number":3,"box":{"x":81,"y":901,"width":854,"height":9}},{"id":"9a962f51-1415-4582-a9fb-4e2d5eb0f328","block_type":"box","text":"Expenses.","page_number":3,"box":{"x":82,"y":911,"width":58,"height":9}},{"id":"7b085b4d-57fc-4819-b673-740b90444e34","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"9fc3191f-1f31-480a-8a42-3e525ce37e59","block_type":"box","text":"NM1026U-5979803-3/68","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"49e4b006-9ffa-4fac-83a1-52b0fab7a13b","block_type":"box","text":"5","page_number":4,"box":{"x":61,"y":46,"width":3,"height":4}},{"id":"2c143847-f301-4ca5-b4bc-f5515d95df7e","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":4,"box":{"x":81,"y":46,"width":837,"height":9}},{"id":"23fda6f7-a692-4f75-8b6c-3ac45c7bf98f","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":4,"box":{"x":80,"y":56,"width":771,"height":10}},{"id":"fa3a61de-e5b5-46d8-bfde-0210171487e5","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.79%","page_number":4,"box":{"x":81,"y":67,"width":844,"height":9}},{"id":"1919594d-831e-4544-840e-6ac70b72c5f4","block_type":"box","text":"(for Investor A Shares), 1.54% (for Investor C Shares), 0.54% (for Institutional Shares) and 1.04% (for Class R Shares) of average daily net","page_number":4,"box":{"x":81,"y":77,"width":814,"height":9}},{"id":"42289131-cfe0-42e4-b7f2-2171e8a034d6","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors","page_number":4,"box":{"x":81,"y":87,"width":847,"height":10}},{"id":"67746962-1808-4ae2-9fcb-4b1913b09dcf","block_type":"box","text":"of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":98,"width":539,"height":9}},{"id":"12d97bcc-a3f2-460e-a85e-e0883261e17b","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":116,"width":74,"height":12}},{"id":"6f9b8d87-dd9d-4e92-9907-30b155953e0c","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":4,"box":{"x":60,"y":132,"width":830,"height":12}},{"id":"cb3426e0-f485-46be-9bad-69d8683e48cf","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":4,"box":{"x":61,"y":146,"width":832,"height":12}},{"id":"fe800e5f-f804-45b6-b1c5-5d99058c4cfe","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":4,"box":{"x":61,"y":162,"width":832,"height":11}},{"id":"91f34f35-8aac-406f-89ac-c7618a5ca847","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":177,"width":859,"height":11}},{"id":"b5d36f38-8125-4d8c-a8a3-9987d04af1c9","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":192,"width":436,"height":11}},{"id":"0297cebf-a24c-48f5-a680-a42e089b598d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":220,"width":292,"height":8}},{"id":"cb28a784-9fad-4800-a40b-475d70e12063","block_type":"box","text":"Investor A Shares $601 $803 $1,021 $1,647","page_number":4,"box":{"x":70,"y":237,"width":848,"height":11}},{"id":"4bb13283-5752-4dc6-9c3f-1c7bd9fc8217","block_type":"box","text":"Investor C Shares $257 $535 $ 938 $1,856","page_number":4,"box":{"x":70,"y":255,"width":848,"height":11}},{"id":"1c35d620-0926-45a2-a89a-eebb667c625b","block_type":"box","text":"Institutional Shares $ 55 $214 $ 387 $ 889","page_number":4,"box":{"x":70,"y":273,"width":848,"height":10}},{"id":"bd1c2738-90fd-4433-898d-735b3f858f3d","block_type":"box","text":"Class R Shares $106 $399 $ 714 $1,607","page_number":4,"box":{"x":69,"y":292,"width":849,"height":10}},{"id":"a4745615-41e3-481f-b70f-98bf5d969b79","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":324,"width":532,"height":12}},{"id":"8fc6b995-d6e8-4e89-b542-006c40acb7b9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":353,"width":292,"height":8}},{"id":"de0635ee-6063-41f5-b944-668b48ba4c1d","block_type":"box","text":"Investor C Shares $157 $535 $938 $1,856","page_number":4,"box":{"x":70,"y":370,"width":848,"height":10}},{"id":"5b953682-a039-439b-b4ea-b16440441364","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":395,"width":151,"height":11}},{"id":"eef9f358-9b4b-4f4a-af79-4c8e7a00c6c5","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":412,"width":800,"height":11}},{"id":"aa3e0f43-1f03-458b-874e-edf0bf2fdaa0","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":427,"width":850,"height":11}},{"id":"afa3696a-c0c3-4084-acf1-929f406fc569","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":441,"width":870,"height":12}},{"id":"a7d58196-d248-4836-a70c-0e9f038d5491","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":456,"width":839,"height":12}},{"id":"a10151aa-b571-4e22-b8c1-77684e57b7bd","block_type":"box","text":"120% of the average value of its portfolio.","page_number":4,"box":{"x":62,"y":471,"width":307,"height":12}},{"id":"169e83f3-c9d0-43c2-8cfd-5caf07199bec","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":510,"width":394,"height":14}},{"id":"0df99b3b-5938-4813-8ea8-cca2a6165bda","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":536,"width":798,"height":12}},{"id":"5774bc91-afa8-4e32-a77f-a73bb021d16a","block_type":"box","text":"borrowings for investment purposes in large cap value equity securities of U.S. issuers and derivatives that provide","page_number":4,"box":{"x":61,"y":551,"width":845,"height":12}},{"id":"1323fb5f-f03c-4e94-bcf3-091d29c0baeb","block_type":"box","text":"investment exposure to such securities or to one or more market risk factors associated with such securities. For","page_number":4,"box":{"x":62,"y":566,"width":833,"height":11}},{"id":"f3a615a6-0da9-4d46-a9fb-8b7738ea816e","block_type":"box","text":"purposes of the Fund’s 80% policy, large cap value equity securities are equity securities that (i) at the time of","page_number":4,"box":{"x":62,"y":581,"width":809,"height":11}},{"id":"c611edeb-5459-4819-967a-786b3513ed05","block_type":"box","text":"purchase have a market capitalization within the range of companies included in the Russell 1000 Value Index (the","page_number":4,"box":{"x":62,"y":595,"width":843,"height":12}},{"id":"9fb4c8ca-6a59-4a12-ba91-107a7b63a72d","block_type":"box","text":"“Russell 1000 Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the","page_number":4,"box":{"x":62,"y":610,"width":837,"height":12}},{"id":"4f1d09bc-8d72-4c2d-b209-c130247a18a4","block_type":"box","text":"“Value Indices”). Currently, such Value Indices are the Russell 3000 Value Index, the S&P Composite 1500 Value Index","page_number":4,"box":{"x":62,"y":625,"width":874,"height":12}},{"id":"15b6c713-92bd-496a-a366-5aaf9fbaa27c","block_type":"box","text":"and the MSCI World Value Index. The Russell 1000 Value Index includes equity securities of issuers which range in","page_number":4,"box":{"x":61,"y":640,"width":842,"height":12}},{"id":"41f55ae8-5e09-43e0-9d86-64b329e4ad67","block_type":"box","text":"size between approximately $1.98 billion and $4.647 trillion as of August 31, 2026. The Fund primarily intends to","page_number":4,"box":{"x":61,"y":654,"width":838,"height":12}},{"id":"032b22f1-3d98-40b9-be8e-85c010fc6379","block_type":"box","text":"invest in equity securities, which include common stock and preferred stock, or other financial instruments that are","page_number":4,"box":{"x":62,"y":670,"width":846,"height":11}},{"id":"106dc661-dffa-4cca-9423-4c151d8fc68c","block_type":"box","text":"components of, or have characteristics similar to, the securities included in the Value Indices. The Russell 1000 Value","page_number":4,"box":{"x":61,"y":684,"width":869,"height":12}},{"id":"fd7f9821-fe5c-4974-afa0-6f656306efc3","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":4,"box":{"x":62,"y":699,"width":861,"height":12}},{"id":"47438005-85b7-469a-ac5b-7cfd7d5b7bd7","block_type":"box","text":"group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From","page_number":4,"box":{"x":60,"y":714,"width":842,"height":12}},{"id":"4afd168d-39aa-492f-a6d7-cf2a889a9155","block_type":"box","text":"time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The","page_number":4,"box":{"x":60,"y":729,"width":871,"height":11}},{"id":"2ef99a0b-2c90-4cad-983c-fc05185ba63d","block_type":"box","text":"Fund may also purchase convertible securities. The Fund may use derivatives, including options, futures, swaps","page_number":4,"box":{"x":62,"y":744,"width":820,"height":11}},{"id":"927d4fce-2597-44d3-aa3d-d994a8311ab0","block_type":"box","text":"(including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and","page_number":4,"box":{"x":61,"y":759,"width":842,"height":11}},{"id":"c17b3d2a-4ac2-4a87-b25f-c4ec81604a77","block_type":"box","text":"forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets","page_number":4,"box":{"x":60,"y":773,"width":841,"height":12}},{"id":"9f062bd0-8ab6-4f27-8c36-ebdd2eb6d99a","block_type":"box","text":"against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In","page_number":4,"box":{"x":61,"y":788,"width":850,"height":12}},{"id":"71c37585-2011-4f6e-9d7a-c8200947f01c","block_type":"box","text":"order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or","page_number":4,"box":{"x":61,"y":803,"width":869,"height":12}},{"id":"9ccd9b5b-6f42-41b5-b693-99186a2ae931","block_type":"box","text":"options on such contracts. Derivatives are financial instruments whose value is derived from another security, a","page_number":4,"box":{"x":61,"y":818,"width":820,"height":11}},{"id":"3cc5dfb8-c7e8-4ce1-9827-7c70628a0ecf","block_type":"box","text":"currency or an index, including but not limited to the Value Indices. The use of options, futures, swaps and forward","page_number":4,"box":{"x":61,"y":833,"width":842,"height":11}},{"id":"2a715509-056e-4857-b077-3bdd1d8a49b1","block_type":"box","text":"contracts can be effective in protecting or enhancing the value of the Fund’s assets.","page_number":4,"box":{"x":61,"y":847,"width":618,"height":12}},{"id":"b92e86a9-705f-491c-887e-02d598e54422","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":870,"width":863,"height":11}},{"id":"9da31eff-625f-442b-8a8d-fdd0c961ff50","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds","page_number":4,"box":{"x":60,"y":885,"width":876,"height":11}},{"id":"33c2fe05-2682-4b30-9d9b-9efbb12e6d3d","block_type":"box","text":"that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":4,"box":{"x":60,"y":900,"width":864,"height":11}},{"id":"76807a47-2c7c-4575-a78b-f480acfa6507","block_type":"box","text":"commodities.","page_number":4,"box":{"x":61,"y":915,"width":97,"height":9}},{"id":"24c7b95f-fdcb-4b6d-9f0e-a5443e77266d","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"07a4cc15-1fed-4ac7-bcb9-8d7d548ff9e3","block_type":"box","text":"NM1026U-5979803-4/68","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"136b135b-c29a-4653-a216-5be71a13f59c","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap value equity securities in a disciplined","page_number":5,"box":{"x":60,"y":46,"width":836,"height":11}},{"id":"d8fca5d5-5a28-48db-80ee-85b427fbb7e7","block_type":"box","text":"manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are","page_number":5,"box":{"x":61,"y":60,"width":866,"height":12}},{"id":"1c18b599-396a-4a0d-8c9e-39e6d8aa4d9b","block_type":"box","text":"designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under","page_number":5,"box":{"x":61,"y":75,"width":823,"height":12}},{"id":"8445dce5-dae9-4abb-8e43-404510b1e4e1","block_type":"box","text":"weighting particular equities while seeking to control incremental risk. BlackRock then constructs and rebalances the","page_number":5,"box":{"x":60,"y":90,"width":861,"height":12}},{"id":"69bc653b-81e9-45b0-8311-a41f4597498b","block_type":"box","text":"portfolio by integrating its investment insights with the model-based optimization process.","page_number":5,"box":{"x":62,"y":105,"width":658,"height":12}},{"id":"0e1db823-9f8b-46ec-9697-5fcbf6396c8c","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":144,"width":354,"height":13}},{"id":"254cdd02-354b-46ca-86ba-f26b581a9f87","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":5,"box":{"x":62,"y":170,"width":860,"height":12}},{"id":"0ea6877b-c926-4e24-9cd6-43ed870340b3","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":5,"box":{"x":61,"y":185,"width":802,"height":11}},{"id":"60c72b32-5b11-49e0-b6c7-61504b83ef96","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":5,"box":{"x":62,"y":200,"width":842,"height":11}},{"id":"7ac009cd-a639-4d81-bd55-ba37401ca340","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":5,"box":{"x":61,"y":214,"width":857,"height":12}},{"id":"75db3c92-df85-494d-93ac-dd66d964950e","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":229,"width":515,"height":12}},{"id":"ad020d52-4524-4b5c-bd3b-b8ca2085356a","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":249,"width":166,"height":12}},{"id":"d09c2c55-1955-44c1-b800-08167a1b68d9","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":249,"width":685,"height":12}},{"id":"ba1659cd-ef3f-4f8b-b7cf-6703068c65fa","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":264,"width":550,"height":12}},{"id":"071309a4-c4af-4247-b519-5847240a5a1c","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":284,"width":166,"height":12}},{"id":"de6f6661-ea7b-423a-93a6-2ac9a5e8c446","block_type":"box","text":"—","page_number":5,"box":{"x":252,"y":290,"width":17,"height":0}},{"id":"9e8d9f2c-b415-4c9f-a891-3d345a32fb1b","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":5,"box":{"x":274,"y":284,"width":658,"height":12}},{"id":"e8b49ef6-2336-4641-9f19-b6d2bfb84b3e","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":5,"box":{"x":81,"y":299,"width":809,"height":12}},{"id":"2e4ed7ce-99e9-4bd0-a200-3a518f3bea65","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":5,"box":{"x":82,"y":314,"width":841,"height":11}},{"id":"7c432b41-3fa7-45e5-bb76-f4ad3fff5b75","block_type":"box","text":"investment styles.","page_number":5,"box":{"x":82,"y":329,"width":131,"height":11}},{"id":"71de9ec8-1583-40b1-8d0c-1145300f5a8f","block_type":"box","text":"Model Risk","page_number":5,"box":{"x":81,"y":349,"width":85,"height":9}},{"id":"23dcb221-8eb4-4fe9-a1e6-04d68d30b8eb","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":5,"box":{"x":170,"y":349,"width":722,"height":11}},{"id":"d8161c24-46a2-4200-881c-453358d03ae1","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":5,"box":{"x":81,"y":363,"width":840,"height":12}},{"id":"41cf1c12-1f62-4921-91d0-652273bc4817","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":5,"box":{"x":80,"y":378,"width":807,"height":12}},{"id":"57a82611-e021-44c2-9b4f-6325ac1f96d2","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":5,"box":{"x":82,"y":393,"width":842,"height":12}},{"id":"710d5b35-ad49-454e-b401-7ceca0b8ec76","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":5,"box":{"x":82,"y":408,"width":841,"height":11}},{"id":"0bea6215-2677-4f83-8818-63502e887881","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":5,"box":{"x":81,"y":423,"width":777,"height":11}},{"id":"acb22aeb-4fe1-4646-b492-a3a6a2c723d9","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":443,"width":837,"height":11}},{"id":"7a1a7977-19a6-47d2-b621-99168b3f7201","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":458,"width":819,"height":11}},{"id":"a7697ad6-1cbd-45cc-af75-fc082aa20f52","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":472,"width":843,"height":12}},{"id":"4c8c1840-1c19-4f20-a8a6-8f6e3c676c20","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":487,"width":834,"height":12}},{"id":"8a98e7e4-b1e3-4176-b6cf-b66066c8d482","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":502,"width":176,"height":11}},{"id":"5b1abf19-a28b-46ec-adcf-6df3f15511e6","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":522,"width":283,"height":11}},{"id":"b664cf4c-f2c7-4076-8be6-b6a46fc46160","block_type":"box","text":"—","page_number":5,"box":{"x":369,"y":527,"width":17,"height":1}},{"id":"1afb6b34-f80d-4d8d-86cc-7a7676ce6bbc","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":522,"width":518,"height":12}},{"id":"b02cebb5-809a-4f3a-8e79-49b3898bfe6d","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":537,"width":847,"height":11}},{"id":"11420de8-0dd1-4d6b-a6ab-39ec3f09e15d","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":554,"width":70,"height":9}},{"id":"2f01abd5-4a91-40ab-9a35-505700355c4c","block_type":"box","text":"Commodities Related Investments Risk","page_number":5,"box":{"x":81,"y":572,"width":298,"height":9}},{"id":"bac48d92-4da1-4a08-954c-67d938911851","block_type":"box","text":"—","page_number":5,"box":{"x":384,"y":577,"width":17,"height":1}},{"id":"52ee7d71-afbd-4b53-8ca1-1b7e2e8d8a82","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":5,"box":{"x":406,"y":572,"width":517,"height":11}},{"id":"0e523b47-f48f-41fe-a30b-7b964ce5c080","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":586,"width":824,"height":12}},{"id":"41a34b35-902e-40f9-800f-4d67f45ce870","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":601,"width":849,"height":12}},{"id":"09e3bbd4-e742-4c97-b609-a8d0f1588378","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":616,"width":804,"height":12}},{"id":"fa9b8c58-63da-4875-a9a2-27de1875edf1","block_type":"box","text":"international economic, political and regulatory developments.","page_number":5,"box":{"x":82,"y":631,"width":455,"height":11}},{"id":"d041da0f-bf5f-49c5-b531-29bf08070f6a","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":651,"width":206,"height":9}},{"id":"dbd2c7f1-0bf6-4b1e-84db-27d1c7b7f10e","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":651,"width":593,"height":11}},{"id":"10ba5cdb-9b1d-464a-9d97-f0c60b1fe9ec","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":666,"width":853,"height":11}},{"id":"98199ba0-ce4a-4451-9fe9-f226f157703b","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":681,"width":855,"height":11}},{"id":"ea7f8109-de64-4f61-b028-fb586084d455","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":695,"width":816,"height":12}},{"id":"80fa66ae-5560-4899-b645-b7b042bd2fd4","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":710,"width":796,"height":12}},{"id":"819e3520-0be8-4263-af12-af2ec4b3fe50","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":725,"width":812,"height":11}},{"id":"ff5e0da8-1c1a-426c-ab4a-b8c4ad7332f8","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":740,"width":809,"height":11}},{"id":"b03c3de7-fd8e-415d-ad2c-7df61f3d20f2","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":760,"width":123,"height":9}},{"id":"290b4f9e-05bc-4741-a368-ba85c93cc40b","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":760,"width":664,"height":11}},{"id":"9bbd8e5e-177b-48c2-ae19-8cc048d12ac4","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":775,"width":469,"height":11}},{"id":"23ab8879-8e94-4abe-9e7f-b9a93d57569b","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":795,"width":102,"height":11}},{"id":"6ff99ad3-27de-465f-8613-7e5df736ebb6","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":795,"width":723,"height":11}},{"id":"6740fd2f-08af-4953-953a-c94091eefe42","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":809,"width":832,"height":12}},{"id":"45dad378-e3bc-47c9-a9c7-0b056e8104ce","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":825,"width":280,"height":11}},{"id":"c42e6cfe-6e49-4722-b5e2-f4e144d60db2","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":845,"width":87,"height":8}},{"id":"b742ee55-919d-42d9-835d-f16e607cb78f","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":844,"width":728,"height":12}},{"id":"5801f43e-1892-441d-b5cf-4a5e5ccce158","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":859,"width":834,"height":11}},{"id":"cc1fd74a-43cb-44b3-aa4e-a7daa186a54f","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":874,"width":832,"height":11}},{"id":"eacd7568-d1a6-43b9-b810-6ff300fe6653","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":889,"width":779,"height":11}},{"id":"3823e2bd-bbed-44ed-b084-bf3526670c2d","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":904,"width":253,"height":11}},{"id":"04bf5d53-6f16-4803-89d7-bf3f5a3512e1","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"56d24c2a-6c80-434a-8cd5-0ff2b7649c75","block_type":"box","text":"NM1026U-5979803-5/68","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"2cad2394-4951-4516-b295-6df31819618e","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"57ef8f90-7d1f-4e1d-b480-4506b0145a10","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"49462da0-6c81-412b-92e4-e77f9ca19655","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"7a3c11da-7bcf-47bf-94ef-7edbc9ebc623","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"42ef4a41-312d-4a2a-8d2c-8f24dbc210a1","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":96,"width":100,"height":11}},{"id":"8a2e6376-cba5-4445-8f6b-647b0aaee1ce","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":95,"width":750,"height":12}},{"id":"d7daacc8-e16e-403e-beb0-c813a0f4c1b7","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":6,"box":{"x":80,"y":110,"width":839,"height":11}},{"id":"929418e1-49f2-4960-a822-1471d926fb3a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":125,"width":293,"height":11}},{"id":"64921586-b694-4bdd-b653-c1a3f8d0bfa6","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":145,"width":120,"height":11}},{"id":"d1632a57-edbb-40f1-9e89-95422dc1faa3","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":145,"width":727,"height":11}},{"id":"ab5b1f99-3b78-46f1-a104-5d4a9adf6c0b","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":160,"width":607,"height":11}},{"id":"1e79b31a-fbaf-4b08-8e37-bcca42301624","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":180,"width":75,"height":11}},{"id":"2dac76e8-ffc6-4c63-8e5f-1b6f9f8888a5","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":180,"width":761,"height":11}},{"id":"455812d2-d5a1-4be5-9191-463293befeb4","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":195,"width":198,"height":11}},{"id":"da427abf-8d6b-4655-bae4-0a3433ff511d","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":215,"width":214,"height":11}},{"id":"1cb9e0b4-d973-4361-9d6f-ef52643f0272","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":214,"width":590,"height":12}},{"id":"85f856e7-6f17-47d2-91f6-b1b2490ec598","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":6,"box":{"x":81,"y":229,"width":775,"height":12}},{"id":"2fe9e6e1-ceae-41ec-9fdf-55195456a929","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":244,"width":589,"height":12}},{"id":"a08a992a-18e9-4d1d-af71-7bdd05821b2e","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":264,"width":102,"height":9}},{"id":"50eee475-9f32-4035-8a31-9e6afbbac62c","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":264,"width":747,"height":12}},{"id":"9f7aedd7-4cde-4128-a1fd-53e2ef3c7162","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":279,"width":783,"height":11}},{"id":"f4041640-673b-4a49-a976-37831f6eaa1c","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":294,"width":273,"height":11}},{"id":"5ad5d534-f016-4111-8d01-516f3f2198a5","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":314,"width":95,"height":11}},{"id":"c45d8115-cd3f-4aa4-9812-b4fea3a82a92","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":314,"width":728,"height":11}},{"id":"92cde02b-5fd0-4391-9cd2-9cfbf4ebde79","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":329,"width":839,"height":11}},{"id":"f61c348b-0621-4cdc-9424-ebc03ecc1191","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":344,"width":354,"height":11}},{"id":"3d91e960-caf6-4b43-bcdf-6f757f1786c8","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":364,"width":59,"height":9}},{"id":"49bead7a-9d31-43b7-a1e2-0defd1722976","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":363,"width":719,"height":12}},{"id":"868d7619-034a-4bdb-ae2b-155e139e1c6c","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":378,"width":801,"height":12}},{"id":"45ca6cd2-fbec-430c-b72b-f3ac9f2b0e8d","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":393,"width":802,"height":12}},{"id":"4d63750c-5b26-4b96-b8e7-2e07d7292a41","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":408,"width":830,"height":11}},{"id":"2ab38bd2-9603-4026-90e5-caa25a56bf60","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":423,"width":215,"height":9}},{"id":"890306ff-2582-4f93-927c-21ae72f5b0ce","block_type":"box","text":"Financial Services Industry Risk","page_number":6,"box":{"x":81,"y":443,"width":242,"height":11}},{"id":"e3dd71a8-36a2-46d6-8220-f994d79a0e92","block_type":"box","text":"— Because of its investments in the financial services industry, the Fund will be","page_number":6,"box":{"x":327,"y":443,"width":591,"height":11}},{"id":"096ffbf7-185c-449f-8953-3302247e4875","block_type":"box","text":"more susceptible to any economic, business, political or other developments which generally affect this industry","page_number":6,"box":{"x":82,"y":457,"width":825,"height":12}},{"id":"dae60787-42cf-4eda-b97d-46505e195d5e","block_type":"box","text":"sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as","page_number":6,"box":{"x":81,"y":473,"width":824,"height":11}},{"id":"f9bf4669-502b-4808-a186-736ed1d102ef","block_type":"box","text":"government regulation, the availability and cost of capital funds (including the availability and stability of deposits in","page_number":6,"box":{"x":81,"y":487,"width":849,"height":12}},{"id":"030e6333-7b8b-4016-8daa-cd482bf72a53","block_type":"box","text":"the case of deposit-taking institutions), consolidation and general economic conditions. Financial services","page_number":6,"box":{"x":80,"y":502,"width":779,"height":12}},{"id":"51ab5d55-a36d-4ae1-92b9-490666fb2e9c","block_type":"box","text":"companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or","page_number":6,"box":{"x":81,"y":517,"width":843,"height":11}},{"id":"04c71b60-7d97-4951-9466-5f42a12a359f","block_type":"box","text":"cannot repay their obligations.","page_number":6,"box":{"x":81,"y":532,"width":221,"height":11}},{"id":"5878e434-81b6-4509-817b-9c95184392cc","block_type":"box","text":"When interest rates go up, the value of securities issued by many types of financial services companies generally","page_number":6,"box":{"x":81,"y":552,"width":834,"height":11}},{"id":"c8312eb4-c847-452d-93aa-7d3faae6b542","block_type":"box","text":"goes down. In many countries, financial services and the companies that provide them are regulated by","page_number":6,"box":{"x":81,"y":566,"width":761,"height":12}},{"id":"d15d483c-7440-4252-95cc-a00a209c38a9","block_type":"box","text":"governmental entities, which can increase costs for new services or products and make it difficult to pass","page_number":6,"box":{"x":81,"y":581,"width":780,"height":12}},{"id":"96bfc81a-285b-4e9d-a3f3-8da611be326a","block_type":"box","text":"increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in","page_number":6,"box":{"x":82,"y":596,"width":823,"height":12}},{"id":"1310d411-04a6-442b-a159-2d66a9d2ca74","block_type":"box","text":"increased competition and reduced profitability for certain companies.","page_number":6,"box":{"x":82,"y":611,"width":513,"height":11}},{"id":"e6ac035f-ecc0-477e-871f-2777839f0d44","block_type":"box","text":"The profitability of many types of financial services companies may be adversely affected in certain market cycles,","page_number":6,"box":{"x":81,"y":631,"width":840,"height":11}},{"id":"c2a2dad4-aee5-4586-9220-d85ae608c4e7","block_type":"box","text":"including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and","page_number":6,"box":{"x":82,"y":646,"width":817,"height":11}},{"id":"c8ebb628-7cd4-448e-940c-36e373d87a9c","block_type":"box","text":"declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because","page_number":6,"box":{"x":81,"y":661,"width":825,"height":11}},{"id":"ff7b0c80-4b9b-40fb-9d9f-7e034205af62","block_type":"box","text":"many types of financial services companies are vulnerable to these economic cycles, the Fund’s investments may","page_number":6,"box":{"x":82,"y":675,"width":837,"height":12}},{"id":"0a0f201e-844f-439d-8c9d-36b5bd6aaa17","block_type":"box","text":"lose value during such periods.","page_number":6,"box":{"x":82,"y":690,"width":226,"height":12}},{"id":"11081ce3-c1e7-486c-9bf0-b741d601edbd","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":710,"width":212,"height":12}},{"id":"df1bede3-900e-4494-b952-2fafeb62e4d2","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":710,"width":629,"height":12}},{"id":"c9c37e3d-4016-424f-8c10-b9f50274deb6","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":725,"width":812,"height":12}},{"id":"d99da35a-939b-45ad-b04b-7b64bae61cec","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":740,"width":817,"height":11}},{"id":"ade5528e-eaa9-4c3e-ae0c-6381e6a42f40","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":755,"width":760,"height":11}},{"id":"c966985e-9e6a-45ce-b47d-db8e4a569ad0","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":769,"width":852,"height":12}},{"id":"902d89f3-628b-46ab-a067-735ee7ed0492","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":6,"box":{"x":81,"y":784,"width":589,"height":12}},{"id":"9bdd1e4c-2dac-4497-a67a-a17790bcbf8c","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":804,"width":276,"height":12}},{"id":"bcc0dc83-ad6c-48d7-a163-8db3c8e4d10f","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":805,"width":573,"height":11}},{"id":"bb16e872-1bdd-460f-aa4f-2f2e2770168d","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":819,"width":848,"height":12}},{"id":"4bb3cd77-3319-4e06-99fd-c1bc0d6837e9","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":834,"width":839,"height":12}},{"id":"cb6a6bfa-a656-4374-9e47-7313a83ce307","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":849,"width":851,"height":11}},{"id":"7f607354-b0a8-42fb-953f-59364e3a7f04","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":869,"width":107,"height":11}},{"id":"21e47ceb-1a34-4481-b9c5-a1cab4c0bc1e","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":869,"width":741,"height":11}},{"id":"35406971-0c90-4c9c-afcf-021a94b42f65","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":884,"width":853,"height":11}},{"id":"8717520f-5859-4296-887d-77ea2b57638e","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":898,"width":856,"height":12}},{"id":"f627845d-ad99-4e7b-976f-b342f98e2ff1","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"2732e51f-e122-4bde-a6bb-5fa87b172180","block_type":"box","text":"NM1026U-5979803-6/68","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0c72a8b9-2181-4f9d-ac87-37506991040d","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":7,"box":{"x":80,"y":46,"width":775,"height":11}},{"id":"279e003e-373c-47ea-ab0f-038ea54b952b","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":7,"box":{"x":80,"y":60,"width":814,"height":12}},{"id":"d915345d-baad-4a70-ae17-346ffd92af87","block_type":"box","text":"leverage.","page_number":7,"box":{"x":82,"y":76,"width":63,"height":11}},{"id":"99ed20b2-0a98-43b7-a6a8-8986959c6eef","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":95,"width":240,"height":9}},{"id":"f3bdd272-58ad-4fc9-af81-38f61894c06a","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":96,"width":593,"height":8}},{"id":"282a8951-8fbd-4f8f-9f0e-8379972b1f86","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":7,"box":{"x":81,"y":110,"width":851,"height":12}},{"id":"cf2398a8-da5c-40d9-8181-1cb64ce4520f","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value (“NAV”) in response to short-term","page_number":7,"box":{"x":82,"y":125,"width":826,"height":11}},{"id":"d3ee7209-dc74-43f6-9503-ea81d6b8633b","block_type":"box","text":"market movements and over longer periods during market downturns. Securities or other investments held by the","page_number":7,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"1770e10e-92e4-43b4-97dd-e103caa856a4","block_type":"box","text":"Fund may underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds","page_number":7,"box":{"x":82,"y":155,"width":843,"height":11}},{"id":"0d900f5f-5a61-42d0-aeea-8c0f00fc4c6b","block_type":"box","text":"with similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The","page_number":7,"box":{"x":80,"y":169,"width":820,"height":12}},{"id":"a01129e2-6c2c-4bb0-9170-11ecd275af8a","block_type":"box","text":"value of a security or other asset may decline due to changes in general market conditions, economic trends or","page_number":7,"box":{"x":80,"y":184,"width":819,"height":12}},{"id":"456d2ffd-37d1-42fa-aeb9-5ed0ac4e0cba","block_type":"box","text":"events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular","page_number":7,"box":{"x":81,"y":199,"width":849,"height":11}},{"id":"a8e9d8a5-911e-4b3a-9a11-0ad313b40621","block_type":"box","text":"issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or","page_number":7,"box":{"x":82,"y":214,"width":816,"height":11}},{"id":"68753bd0-ec3e-424f-aea5-0be38a5dfc72","block_type":"box","text":"asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation","page_number":7,"box":{"x":81,"y":229,"width":836,"height":11}},{"id":"dbab2251-6024-42ab-8941-b7f67bd8512c","block_type":"box","text":"rates, economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic","page_number":7,"box":{"x":82,"y":244,"width":789,"height":11}},{"id":"097a896e-f1cb-4774-9935-2256148d7c85","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural","page_number":7,"box":{"x":81,"y":258,"width":833,"height":12}},{"id":"9cfcfaf4-8b62-46bb-b92a-5fc819d04cc4","block_type":"box","text":"and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other","page_number":7,"box":{"x":81,"y":273,"width":819,"height":11}},{"id":"a6292563-1c7d-424f-8083-f3f570520cd9","block_type":"box","text":"events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative","page_number":7,"box":{"x":81,"y":288,"width":849,"height":12}},{"id":"dc79a036-892e-4b55-8545-5c41a011611b","block_type":"box","text":"analysis and is subject to “Model Risk” as described above.","page_number":7,"box":{"x":81,"y":303,"width":441,"height":11}},{"id":"cad3fe9f-7e17-4dc6-9bf7-36d0e7348430","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":323,"width":818,"height":11}},{"id":"0c48ed95-cd4a-447f-850d-f5d6cc19ac01","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":7,"box":{"x":80,"y":338,"width":819,"height":11}},{"id":"1e3c8325-51f1-4fb4-bc8e-fee564565f3d","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":352,"width":819,"height":12}},{"id":"7526e522-c135-43cc-ae91-f125d13a19ae","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":7,"box":{"x":81,"y":367,"width":846,"height":12}},{"id":"61b7d4a6-4263-478f-bc88-9235c23693be","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":382,"width":848,"height":12}},{"id":"d92b4031-034a-4865-991a-9fb3d96dc145","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":397,"width":125,"height":9}},{"id":"c221a74f-502a-433c-9525-4ab4030ef26a","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":417,"width":139,"height":9}},{"id":"2020a3d0-1fa2-49be-b3e6-4e927c218457","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":422,"width":17,"height":1}},{"id":"dd09b426-c0f5-4857-bb3f-d935c103b401","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":417,"width":681,"height":11}},{"id":"836c0779-7083-4a77-a644-10b19ced4b21","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":432,"width":843,"height":11}},{"id":"8498e4ca-15f9-496e-befb-4bf787cb390d","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":7,"box":{"x":81,"y":447,"width":517,"height":11}},{"id":"9c977e08-5bba-48cc-8a58-1958015fbfec","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":467,"width":254,"height":11}},{"id":"12ba8d10-dc7d-4617-9fc0-8b608bcc980d","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":467,"width":578,"height":11}},{"id":"248429d1-8d55-401e-9e55-420fdc619967","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":481,"width":779,"height":12}},{"id":"d6b1180e-2ab8-41d0-b28f-1a815463458f","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":7,"box":{"x":81,"y":496,"width":811,"height":12}},{"id":"21191807-f7f0-4cd1-9664-3939e9eb3a64","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":7,"box":{"x":82,"y":511,"width":806,"height":11}},{"id":"1e1fe47d-b6bc-4825-90c4-e34df1a66d36","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":7,"box":{"x":82,"y":526,"width":853,"height":11}},{"id":"8be2a581-12d2-4d0d-ab60-7b34d17fb36a","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":7,"box":{"x":82,"y":541,"width":841,"height":11}},{"id":"9699ef49-85a1-4d7b-b83e-ce810543753a","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":7,"box":{"x":81,"y":555,"width":808,"height":12}},{"id":"ed874cb9-b48a-4315-8d41-ef354b6cfdfa","block_type":"box","text":"issuers to lose value.","page_number":7,"box":{"x":82,"y":571,"width":155,"height":9}},{"id":"e74245a0-6174-4c0c-b99c-9465a9d19010","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":590,"width":189,"height":10}},{"id":"9c15d87f-860e-483e-b8e3-83a134dc26fd","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":590,"width":636,"height":12}},{"id":"e2e28761-f3ca-487d-82ce-811e07903392","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":605,"width":824,"height":12}},{"id":"13f666ec-9252-4ee2-a7d8-8d865dfd48a9","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":620,"width":806,"height":12}},{"id":"8008e65e-82b9-431c-ba5f-142c1cd8e493","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":635,"width":842,"height":11}},{"id":"b798da4e-bce0-49f7-946c-67601438c690","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":650,"width":781,"height":11}},{"id":"4492cc88-557a-4676-acb4-4edca21f7b58","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":664,"width":812,"height":12}},{"id":"051731f8-255d-4098-bfca-e8109978880a","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":680,"width":129,"height":11}},{"id":"c2a2a9bd-2099-40ca-a8d2-cc45980467ec","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":707,"width":224,"height":11}},{"id":"b15f65e6-8e95-431d-b560-af7e65e4321e","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":728,"width":867,"height":12}},{"id":"a67de0e1-cfd1-45b7-b798-b9b622944519","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":743,"width":876,"height":12}},{"id":"69cedfa3-fbf1-4cd0-90a4-6c261e1b4ebc","block_type":"box","text":"by the Fund at that time under the name “BlackRock Large Cap Value Fund.”","page_number":7,"box":{"x":61,"y":758,"width":560,"height":11}},{"id":"2e2f3943-a157-451a-ad6e-152d439250ca","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":776,"width":855,"height":12}},{"id":"39c57ac9-d10a-4197-b31d-12337235f414","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Index and the","page_number":7,"box":{"x":61,"y":791,"width":858,"height":11}},{"id":"eb9c435f-0c0c-4ede-944c-c36948c42a11","block_type":"box","text":"Russell 1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has characteristics similar","page_number":7,"box":{"x":62,"y":806,"width":866,"height":9}},{"id":"d51a7f5a-4a58-45ae-8faa-0a1606e71204","block_type":"box","text":"to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":7,"box":{"x":60,"y":820,"width":828,"height":12}},{"id":"69380b2c-1de3-467e-a590-568bdd6fa760","block_type":"box","text":"performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions.","page_number":7,"box":{"x":62,"y":835,"width":866,"height":11}},{"id":"461bbf53-7533-4332-9f52-48d303b6b696","block_type":"box","text":"As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales","page_number":7,"box":{"x":60,"y":849,"width":849,"height":12}},{"id":"da8ab72b-3088-4fe0-bc1c-7445392f6701","block_type":"box","text":"charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table","page_number":7,"box":{"x":61,"y":864,"width":849,"height":12}},{"id":"5c0d9529-feae-4762-a2d6-da485e88c03b","block_type":"box","text":"includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain","page_number":7,"box":{"x":62,"y":879,"width":843,"height":11}},{"id":"e7c08fe7-f8e9-4018-a95b-89941220bd24","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"a86bdde1-4809-4421-812c-df00aaf05b4e","block_type":"box","text":"NM1026U-5979803-7/68","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8b622568-bb75-4915-9732-4dab0021a5e9","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s","page_number":8,"box":{"x":62,"y":46,"width":846,"height":11}},{"id":"a74057d5-1bf4-42fe-91b5-a5865cfdc56f","block_type":"box","text":"performance, including its current NAV, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":8,"box":{"x":62,"y":60,"width":868,"height":12}},{"id":"4e4c60f5-2d34-4dea-b77a-b9bbe2c35ec7","block_type":"box","text":"(800) 882-0052.","page_number":8,"box":{"x":61,"y":75,"width":122,"height":11}},{"id":"f123f06c-e33b-4bea-bddb-0e8fc5375e4e","block_type":"box","text":"Investor A Shares","page_number":8,"box":{"x":427,"y":98,"width":144,"height":10}},{"id":"9dbd6d48-f556-49e9-9284-1167d66fc71a","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":390,"y":114,"width":212,"height":10}},{"id":"a8712ef5-68b2-4c9d-998f-8bb0786c97c9","block_type":"box","text":"1","page_number":8,"box":{"x":603,"y":114,"width":5,"height":5}},{"id":"952f8935-c3c5-4cd1-8d09-023344c8208a","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":8,"box":{"x":316,"y":130,"width":366,"height":12}},{"id":"4d47ed17-f5dc-4fc3-a082-17e2f47c853f","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":146,"width":103,"height":12}},{"id":"48a9dc03-9ef0-41b1-85be-56e9708440df","block_type":"box","text":"13.49%","page_number":8,"box":{"x":292,"y":229,"width":44,"height":7}},{"id":"ec0629a8-f9b6-4fae-82f9-6e0a6b190efb","block_type":"box","text":"17.26%","page_number":8,"box":{"x":340,"y":217,"width":44,"height":7}},{"id":"3bf3f936-a160-481e-ae20-912ee2a2c0e7","block_type":"box","text":"-7.96%","page_number":8,"box":{"x":389,"y":310,"width":41,"height":8}},{"id":"21a9e51f-b06d-4c47-a390-0f1a41255964","block_type":"box","text":"24.38%","page_number":8,"box":{"x":436,"y":195,"width":45,"height":7}},{"id":"59a2d17d-ebd8-4c8c-8922-e8b03e016fd7","block_type":"box","text":"3.62%","page_number":8,"box":{"x":488,"y":259,"width":37,"height":8}},{"id":"76b5015f-683c-4c09-8a52-7f40f30f41f7","block_type":"box","text":"26.47%","page_number":8,"box":{"x":532,"y":188,"width":45,"height":7}},{"id":"6d0ca91f-36c4-4d30-a5d1-4537b10391ac","block_type":"box","text":"-8.86%","page_number":8,"box":{"x":582,"y":313,"width":40,"height":7}},{"id":"3a830f95-4b65-46d1-9dd6-87571dd09442","block_type":"box","text":"13.42%","page_number":8,"box":{"x":629,"y":229,"width":44,"height":7}},{"id":"4794f123-945d-4954-b00f-0b9455d09156","block_type":"box","text":"15.15%","page_number":8,"box":{"x":677,"y":223,"width":44,"height":8}},{"id":"67418692-cff5-4e02-86f1-b3dcf77b4e10","block_type":"box","text":"18.08%","page_number":8,"box":{"x":725,"y":214,"width":45,"height":8}},{"id":"2c6d799c-35c2-4a8f-bfaa-420454cb9226","block_type":"box","text":"-15%","page_number":8,"box":{"x":237,"y":325,"width":28,"height":7}},{"id":"ac13a147-9176-4451-9101-fb794849b38f","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":309,"width":28,"height":7}},{"id":"2a54539e-4f50-4bf3-91fd-290a77baa772","block_type":"box","text":"-5%","page_number":8,"box":{"x":245,"y":294,"width":20,"height":7}},{"id":"b8cd6917-a890-40fe-b565-400d27a71456","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":278,"width":17,"height":7}},{"id":"ca6b5276-5d7c-4b19-a792-7fc14c6c908e","block_type":"box","text":"5%","page_number":8,"box":{"x":248,"y":263,"width":17,"height":7}},{"id":"0d3fd4db-f34a-4595-a517-641043849e90","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":247,"width":24,"height":7}},{"id":"8fce204e-283d-4e5e-bd8e-b6b3fde44ba1","block_type":"box","text":"15%","page_number":8,"box":{"x":241,"y":231,"width":24,"height":8}},{"id":"3e5cbbe7-134f-40fb-af5e-4552967df3ff","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":216,"width":25,"height":7}},{"id":"fa7b0185-a64a-4acb-a052-7625d4633779","block_type":"box","text":"25%","page_number":8,"box":{"x":240,"y":200,"width":25,"height":8}},{"id":"7b460247-72f5-4f15-a526-028e19f7784d","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":185,"width":25,"height":7}},{"id":"21f539d4-38ce-46a6-835e-57c6b42792cf","block_type":"box","text":"35%","page_number":8,"box":{"x":240,"y":169,"width":25,"height":8}},{"id":"c2eb4cb3-69ec-4165-aea4-61af65c51be7","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":334,"width":465,"height":8}},{"id":"67ee0c69-2e48-4287-a2e0-f234dd020990","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 15.23% (quarter ended","page_number":8,"box":{"x":62,"y":351,"width":806,"height":12}},{"id":"765c3e54-3cee-4a92-aa00-72bba9646107","block_type":"box","text":"December 31, 2020) and the lowest return for a quarter was -25.71% (quarter ended March 31, 2020). The year-to","page_number":8,"box":{"x":62,"y":366,"width":853,"height":11}},{"id":"ab3c1785-3abb-4d2a-8a78-c31aed22fb35","block_type":"box","text":"date return as of June 30, 2026 was 18.38%.","page_number":8,"box":{"x":61,"y":380,"width":337,"height":11}},{"id":"8d5833ac-2e9a-4419-9b89-3dfbdafa580e","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":409,"width":223,"height":10}},{"id":"aa775e9c-0877-41bd-b300-384c3f4afd25","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":421,"width":854,"height":10}},{"id":"488989e9-53a6-46b5-9de0-1f2118182691","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund — Investor A Shares","page_number":8,"box":{"x":70,"y":439,"width":428,"height":10}},{"id":"6c7ee75f-2db8-476b-920f-28667b4bdac2","block_type":"box","text":"Return Before Taxes 11.88% 10.99% 10.27%","page_number":8,"box":{"x":85,"y":451,"width":840,"height":9}},{"id":"f590038a-1559-4908-8137-59621889b1b8","block_type":"box","text":"Return After Taxes on Distributions 9.00% 7.87% 8.13%","page_number":8,"box":{"x":85,"y":464,"width":840,"height":9}},{"id":"f85d9870-7c0c-4bc0-922e-a6867d8ab60f","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":477,"width":228,"height":9}},{"id":"9e003fb6-4be4-4a1a-9af0-34142a880ca7","block_type":"box","text":"and Sale of Fund Shares 8.16% 7.65% 7.63%","page_number":8,"box":{"x":85,"y":489,"width":840,"height":8}},{"id":"d9d35303-da30-44c1-93df-dfea761ee588","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund — Investor C Shares","page_number":8,"box":{"x":70,"y":507,"width":429,"height":10}},{"id":"175ef0f2-174c-40ea-9676-9d4f4804b952","block_type":"box","text":"Return Before Taxes 16.23% 11.36% 10.20%","page_number":8,"box":{"x":85,"y":520,"width":840,"height":8}},{"id":"c7339a17-d91b-48e8-a319-1cf2a8a9720d","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund — Institutional Shares","page_number":8,"box":{"x":70,"y":538,"width":440,"height":10}},{"id":"2ee3a9d4-2614-4380-8f89-444c516a58da","block_type":"box","text":"Return Before Taxes 18.36% 12.47% 11.15%","page_number":8,"box":{"x":85,"y":551,"width":840,"height":8}},{"id":"14eeb334-db4d-4af0-a899-9ac2865f0db4","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund — Class R Shares","page_number":8,"box":{"x":70,"y":569,"width":413,"height":10}},{"id":"421610ad-3fea-4aa1-b7a6-6c4261548915","block_type":"box","text":"Return Before Taxes 17.78% 11.92% 10.59%","page_number":8,"box":{"x":85,"y":582,"width":840,"height":8}},{"id":"d21ef729-61f7-4e97-9f25-157eba938abe","block_type":"box","text":"Russell 1000 Index","page_number":8,"box":{"x":70,"y":600,"width":128,"height":8}},{"id":"2b6c5b12-39f4-4499-8db5-17cfeef10616","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":8,"box":{"x":69,"y":613,"width":856,"height":10}},{"id":"2b3c0906-f18b-41ab-bcbc-337b3c11f103","block_type":"box","text":"Russell 1000 Value Index","page_number":8,"box":{"x":70,"y":631,"width":168,"height":9}},{"id":"3456582e-ba96-48a1-bd89-e552d5d9c864","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%","page_number":8,"box":{"x":69,"y":645,"width":856,"height":10}},{"id":"4937d8f5-7b02-4eee-934e-71d291720772","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":663,"width":3,"height":4}},{"id":"d4cf0c66-9292-470c-b20f-f112474f8d52","block_type":"box","text":"A portion of the Fund’s total return for the fiscal years ended September 30, 2016 and 2017 was attributable to proceeds received from a","page_number":8,"box":{"x":81,"y":663,"width":815,"height":9}},{"id":"1d16f2b7-baa5-4f40-ba65-e706836b98ff","block_type":"box","text":"settlement of litigation.","page_number":8,"box":{"x":81,"y":673,"width":135,"height":10}},{"id":"dea2dbbd-a30e-433d-9d35-0f47ffd6976c","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":699,"width":840,"height":11}},{"id":"d3ea9bdd-c664-4ca8-859f-8f644ce8d652","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":8,"box":{"x":61,"y":714,"width":835,"height":11}},{"id":"ce26a96f-ce07-439c-aee7-74528c043abd","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":8,"box":{"x":61,"y":728,"width":851,"height":12}},{"id":"d56649e0-a837-4457-bfef-7a3d91c7eb9f","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":8,"box":{"x":60,"y":743,"width":840,"height":12}},{"id":"79d64e25-de5c-40fa-aa70-71a615ed238e","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.","page_number":8,"box":{"x":62,"y":758,"width":766,"height":11}},{"id":"6030dde1-f48e-44cb-95e0-b767ac61c66b","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":797,"width":187,"height":13}},{"id":"ffb2f33b-4042-41e0-96f6-6bea4ebcddf2","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":823,"width":709,"height":12}},{"id":"d2b59299-986f-4ad3-8f1a-58e2e7b63f44","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"7de39c86-ebb8-4d2b-a732-4a851d3d0028","block_type":"box","text":"NM1026U-5979803-8/68","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f6b03034-7aa9-4250-95cd-c35e59dd5923","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"bf9c5172-a8b9-4510-8e1f-e7b3532bfa05","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"4c6b5bbf-0df3-4b9e-a32f-e1be2ae41319","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":340,"y":79,"width":121,"height":10}},{"id":"64cf5fb1-38da-47ce-b18c-3ab39a39b0ef","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":341,"y":90,"width":425,"height":9}},{"id":"009ae007-d86f-44b5-a048-81484788bbc9","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":108,"width":825,"height":11}},{"id":"9610330c-d29a-434f-9439-eff7977991cd","block_type":"box","text":"Travis Cooke, CFA 2017 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":126,"width":780,"height":11}},{"id":"36ebc0f3-069f-471a-b851-78a7eb43e017","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":145,"width":779,"height":10}},{"id":"491185c5-5ab1-4e75-a198-449e620a6de6","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":185,"width":309,"height":11}},{"id":"800f2075-a84e-4f5e-9151-e5f4a319cf2f","block_type":"box","text":"Effective July 1, 2026, Investor A, Investor C, Institutional and Class R Shares of the Fund are offered on a limited","page_number":9,"box":{"x":62,"y":211,"width":839,"height":12}},{"id":"7d7640f3-7179-426d-87c5-e0bcb71cc667","block_type":"box","text":"basis.","page_number":9,"box":{"x":61,"y":226,"width":42,"height":9}},{"id":"8ecf5619-f118-487b-a3af-e07264171f23","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":9,"box":{"x":60,"y":249,"width":857,"height":11}},{"id":"106c4184-3013-487e-b121-a1bff76c6201","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":9,"box":{"x":61,"y":263,"width":873,"height":12}},{"id":"b1fff7e0-be27-4615-b0bb-9c976102769c","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":9,"box":{"x":60,"y":278,"width":833,"height":12}},{"id":"5db8064b-927b-428c-874e-1b53b0120a22","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":9,"box":{"x":62,"y":293,"width":827,"height":12}},{"id":"7f45234f-8abf-44ec-8806-3f23c876634f","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":9,"box":{"x":60,"y":308,"width":696,"height":12}},{"id":"f066295c-1302-43be-8fac-ac465452acce","block_type":"box","text":"Investor A and Investor C","page_number":9,"box":{"x":232,"y":336,"width":152,"height":8}},{"id":"db6db9f4-b996-41c2-a576-dab471545bda","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":9,"box":{"x":232,"y":347,"width":604,"height":7}},{"id":"31ce9d08-5b74-4ec2-8738-de3336a6b491","block_type":"box","text":"Minimum Initial","page_number":9,"box":{"x":61,"y":364,"width":104,"height":8}},{"id":"a4655ace-2f3c-4f76-acf3-e37b1c25a194","block_type":"box","text":"Investment","page_number":9,"box":{"x":61,"y":377,"width":75,"height":9}},{"id":"9c173a6b-7b28-4fb3-acaa-ac2f9440d0ea","block_type":"box","text":"$1,000 for all accounts","page_number":9,"box":{"x":232,"y":363,"width":155,"height":10}},{"id":"959bcdbe-14e9-4e5a-b9c6-4e627873d173","block_type":"box","text":"except:","page_number":9,"box":{"x":232,"y":378,"width":46,"height":9}},{"id":"8ba1e32c-e3dd-480d-9964-f87d288f3d32","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":394,"width":4,"height":2}},{"id":"09d55040-6ee5-4383-b64f-f04485701155","block_type":"box","text":"$50, if establishing an","page_number":9,"box":{"x":243,"y":390,"width":147,"height":11}},{"id":"712c9c3f-afd3-4b96-b3de-b3cde2731c9e","block_type":"box","text":"Automatic Investment Plan.","page_number":9,"box":{"x":242,"y":405,"width":179,"height":8}},{"id":"ad466819-8037-4f61-8a99-3645a0469c47","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":421,"width":4,"height":3}},{"id":"52e7cc2f-e7a1-4a9e-8da4-af646fa90865","block_type":"box","text":"There is no investment","page_number":9,"box":{"x":242,"y":418,"width":151,"height":8}},{"id":"dd29324c-907e-4be0-8d77-49315e028872","block_type":"box","text":"minimum for employer","page_number":9,"box":{"x":243,"y":431,"width":149,"height":11}},{"id":"ef01502e-032f-4934-b625-f0d1101d94d6","block_type":"box","text":"sponsored retirement","page_number":9,"box":{"x":242,"y":445,"width":142,"height":10}},{"id":"bf0650b7-5962-4f1b-bd46-1722143eccdc","block_type":"box","text":"plans (not including SEP","page_number":9,"box":{"x":243,"y":459,"width":158,"height":10}},{"id":"5008504b-99fe-4079-88d1-76ed5efb708f","block_type":"box","text":"IRAs, SIMPLE IRAs or","page_number":9,"box":{"x":243,"y":472,"width":139,"height":10}},{"id":"58677614-0863-4147-a30a-94097fa3c894","block_type":"box","text":"SARSEPs).","page_number":9,"box":{"x":242,"y":486,"width":69,"height":10}},{"id":"7bd4386b-4d33-4ab3-98a2-d511a3aa4577","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":502,"width":4,"height":3}},{"id":"caefd3c1-5d68-4705-a8ba-340c95ad7bbc","block_type":"box","text":"There is no investment","page_number":9,"box":{"x":242,"y":499,"width":151,"height":8}},{"id":"5b9bb5d2-7eb9-4c48-b270-fe05b3310404","block_type":"box","text":"minimum for certain fee","page_number":9,"box":{"x":243,"y":513,"width":161,"height":8}},{"id":"e5956f11-3283-478a-910f-3e94c2e1726c","block_type":"box","text":"based programs.","page_number":9,"box":{"x":243,"y":526,"width":109,"height":11}},{"id":"38a4e761-cff1-4868-bba4-901ff151180d","block_type":"box","text":"There is no minimum initial investment","page_number":9,"box":{"x":443,"y":364,"width":257,"height":8}},{"id":"7baefac9-4571-4369-a0be-432040172e7a","block_type":"box","text":"for:","page_number":9,"box":{"x":443,"y":377,"width":21,"height":9}},{"id":"70aa700d-0462-4725-b200-846313f5c732","block_type":"box","text":"•","page_number":9,"box":{"x":447,"y":397,"width":4,"height":3}},{"id":"a8453b2e-a583-420b-8956-1d4e7a59a4e3","block_type":"box","text":"Certain employee benefits plans, such","page_number":9,"box":{"x":454,"y":395,"width":254,"height":10}},{"id":"84b6627d-d515-4a37-b183-2d9d00f9df4e","block_type":"box","text":"as health savings accounts, and certain","page_number":9,"box":{"x":454,"y":408,"width":263,"height":11}},{"id":"9ded8737-64f1-48bc-b022-01a9ec5c44fb","block_type":"box","text":"employer-sponsored retirement plans","page_number":9,"box":{"x":454,"y":422,"width":245,"height":10}},{"id":"283eb22c-2735-4028-9229-807cd16f4b5f","block_type":"box","text":"(not including SEP IRAs, SIMPLE IRAs or","page_number":9,"box":{"x":454,"y":435,"width":264,"height":11}},{"id":"0ab3bb42-d306-4acb-af25-b318e4044601","block_type":"box","text":"SARSEPs), state sponsored 529 college","page_number":9,"box":{"x":454,"y":449,"width":265,"height":10}},{"id":"9696b72f-a572-4b9c-b5ae-ef06be4d1bdd","block_type":"box","text":"savings plans, collective trust funds,","page_number":9,"box":{"x":454,"y":462,"width":240,"height":11}},{"id":"c69aeeca-1413-4100-a330-e0042bb2e2d1","block_type":"box","text":"investment companies or other pooled","page_number":9,"box":{"x":454,"y":476,"width":253,"height":10}},{"id":"916e385a-80c0-4148-aa02-e05b53a1c26c","block_type":"box","text":"investment vehicles, unaffiliated thrifts","page_number":9,"box":{"x":454,"y":489,"width":257,"height":10}},{"id":"def145bd-35e6-4107-b3f7-ab379d8d3a67","block_type":"box","text":"and unaffiliated banks and trust","page_number":9,"box":{"x":454,"y":503,"width":212,"height":8}},{"id":"292ee881-fe2c-4342-983f-4f4c39f534e9","block_type":"box","text":"companies, each of which may purchase","page_number":9,"box":{"x":454,"y":516,"width":267,"height":11}},{"id":"eb2c9006-be22-44cd-8660-73070c3d2545","block_type":"box","text":"shares of the Fund through a Financial","page_number":9,"box":{"x":454,"y":530,"width":252,"height":10}},{"id":"938fcde2-7aaa-47ba-a3e9-aeee49f67bce","block_type":"box","text":"Intermediary that has entered into an","page_number":9,"box":{"x":455,"y":544,"width":245,"height":10}},{"id":"b78cfd7a-fb8d-491f-b962-df742a943e3d","block_type":"box","text":"agreement with the Fund’s distributor to","page_number":9,"box":{"x":454,"y":557,"width":264,"height":10}},{"id":"56f2dfcf-8351-431d-94ea-0323bce80843","block_type":"box","text":"purchase such shares.","page_number":9,"box":{"x":454,"y":571,"width":149,"height":10}},{"id":"c0cadc6c-4005-4f18-9e84-3dc9a9eac02e","block_type":"box","text":"•","page_number":9,"box":{"x":447,"y":591,"width":4,"height":3}},{"id":"d78dddfb-c946-4889-80d1-8c5d3a0f1f82","block_type":"box","text":"Clients of Financial Intermediaries that:","page_number":9,"box":{"x":454,"y":588,"width":258,"height":8}},{"id":"fce74a27-0123-4036-bf58-520fdf4d36a0","block_type":"box","text":"(i) charge such clients a fee for advisory,","page_number":9,"box":{"x":454,"y":602,"width":267,"height":10}},{"id":"f4e5045a-45fe-4f52-a818-493720ff0e12","block_type":"box","text":"investment consulting, or similar","page_number":9,"box":{"x":454,"y":615,"width":215,"height":10}},{"id":"8a533ad0-4b3e-4ba8-8bc1-c5a5dfec2e9f","block_type":"box","text":"services or (ii) have entered into an","page_number":9,"box":{"x":454,"y":629,"width":234,"height":10}},{"id":"0728942c-f058-484a-b04b-167ca35ced3a","block_type":"box","text":"agreement with the Fund’s distributor to","page_number":9,"box":{"x":454,"y":642,"width":264,"height":11}},{"id":"b71d4e6f-5922-4de0-b49c-434734360214","block_type":"box","text":"offer Institutional Shares through a no","page_number":9,"box":{"x":454,"y":656,"width":256,"height":10}},{"id":"edf53ef2-25e5-4b68-89d5-e6c765cf04b7","block_type":"box","text":"load program or investment platform.","page_number":9,"box":{"x":455,"y":669,"width":243,"height":11}},{"id":"e50b0c15-1fe6-4fb2-a2c5-4beffb023eb2","block_type":"box","text":"•","page_number":9,"box":{"x":447,"y":689,"width":4,"height":3}},{"id":"230fd012-6ef2-4537-a4c5-e95032c79070","block_type":"box","text":"Clients investing through a self-directed","page_number":9,"box":{"x":454,"y":687,"width":260,"height":10}},{"id":"b2a50701-4e67-4f1c-a9f3-f177bd6b2ad1","block_type":"box","text":"IRA brokerage account program","page_number":9,"box":{"x":455,"y":700,"width":205,"height":11}},{"id":"ec6cedd8-1360-4eda-b66f-428f5533d3cf","block_type":"box","text":"sponsored by a retirement plan record","page_number":9,"box":{"x":454,"y":714,"width":256,"height":10}},{"id":"3d7a5d24-0eb0-4a41-b678-8d953d5a5f97","block_type":"box","text":"keeper, provided that such program","page_number":9,"box":{"x":454,"y":727,"width":233,"height":11}},{"id":"af2675a7-cbc0-4c3f-9d48-956d30451d3d","block_type":"box","text":"offers only mutual fund options and that","page_number":9,"box":{"x":454,"y":741,"width":266,"height":10}},{"id":"b0e7df01-43c9-411e-be82-a6f7330942d8","block_type":"box","text":"the program maintains an account with","page_number":9,"box":{"x":453,"y":755,"width":257,"height":10}},{"id":"5d5e4f54-2703-4288-ac4f-5b55176088cc","block_type":"box","text":"the Fund on an omnibus basis.","page_number":9,"box":{"x":453,"y":768,"width":204,"height":8}},{"id":"4c2bc68c-4aa8-4c2f-b45d-14d25deb86d0","block_type":"box","text":"$2 million for individuals and “Institutional","page_number":9,"box":{"x":444,"y":785,"width":279,"height":9}},{"id":"87f5fac0-403e-434f-839c-b101829e8858","block_type":"box","text":"Investors,” which include, but are not","page_number":9,"box":{"x":445,"y":799,"width":245,"height":9}},{"id":"6ea4b7ba-06bb-4853-a037-fc84a2488272","block_type":"box","text":"limited to, endowments, foundations,","page_number":9,"box":{"x":444,"y":812,"width":245,"height":10}},{"id":"16b9bad5-ce91-4a25-b5eb-2e979c7b1c02","block_type":"box","text":"family offices, local, city, and state","page_number":9,"box":{"x":443,"y":826,"width":230,"height":10}},{"id":"647b2957-b373-4092-9f33-996cee4fb93a","block_type":"box","text":"governmental institutions, corporations","page_number":9,"box":{"x":443,"y":840,"width":258,"height":10}},{"id":"613c0d57-9edf-4abe-a74f-ea474115e70e","block_type":"box","text":"and insurance company separate","page_number":9,"box":{"x":444,"y":853,"width":218,"height":10}},{"id":"182b14f7-e4d7-440b-ad64-72869935d195","block_type":"box","text":"accounts who may purchase shares of the","page_number":9,"box":{"x":444,"y":866,"width":279,"height":11}},{"id":"45d277b2-e04e-4519-9779-90fea1018264","block_type":"box","text":"Fund through a Financial Intermediary that","page_number":9,"box":{"x":444,"y":880,"width":279,"height":10}},{"id":"16a556e8-03dc-4342-b8d6-3fbaf723cc3c","block_type":"box","text":"$100 for all accounts.","page_number":9,"box":{"x":746,"y":363,"width":145,"height":10}},{"id":"b20161d6-a46f-4769-9021-6e83da243b99","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"20ce4922-5f2d-4cf8-a8f2-5be9b589822f","block_type":"box","text":"NM1026U-5979803-9/68","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"335ef4a0-e880-41a8-930e-fdf1d6e67e5e","block_type":"box","text":"Investor A and Investor C","page_number":10,"box":{"x":232,"y":50,"width":152,"height":7}},{"id":"6903d6fd-2197-4030-8042-6ad52c589c9a","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":10,"box":{"x":232,"y":60,"width":604,"height":8}},{"id":"1fb3f78b-16b2-4e62-953b-25eb309930e8","block_type":"box","text":"Minimum Initial","page_number":10,"box":{"x":61,"y":78,"width":104,"height":8}},{"id":"3655cb07-894f-4f62-af09-5abd824939af","block_type":"box","text":"Investment","page_number":10,"box":{"x":61,"y":91,"width":75,"height":8}},{"id":"947200c0-ed2a-4de9-b8ec-04b1e0dfc651","block_type":"box","text":"(continued)","page_number":10,"box":{"x":61,"y":105,"width":76,"height":10}},{"id":"c00e3bf1-6abd-4f63-b6be-753a3e48d31c","block_type":"box","text":"has entered into an agreement with the","page_number":10,"box":{"x":444,"y":78,"width":260,"height":10}},{"id":"d04d57ea-992e-4db4-abef-e268b551be3a","block_type":"box","text":"Fund’s distributor to purchase such","page_number":10,"box":{"x":444,"y":91,"width":233,"height":10}},{"id":"251bb0d3-e748-4dad-8788-1a530090abe1","block_type":"box","text":"shares.","page_number":10,"box":{"x":444,"y":105,"width":48,"height":8}},{"id":"cf39a514-1307-4061-a037-1ecbe62260e0","block_type":"box","text":"$1,000 for:","page_number":10,"box":{"x":444,"y":121,"width":74,"height":11}},{"id":"38ec1a1c-8d0d-40ce-97d4-2e08c9f7c52c","block_type":"box","text":"•","page_number":10,"box":{"x":447,"y":142,"width":4,"height":3}},{"id":"5c371d63-78e8-48dd-86a9-45c626b81e2f","block_type":"box","text":"Clients investing through Financial","page_number":10,"box":{"x":454,"y":139,"width":224,"height":11}},{"id":"5561c326-976d-4870-9846-9c4433c29820","block_type":"box","text":"Intermediaries that offer such shares on","page_number":10,"box":{"x":455,"y":153,"width":266,"height":8}},{"id":"3ff1c758-27e2-46ab-910a-d749d2328d1d","block_type":"box","text":"a platform that charges a transaction","page_number":10,"box":{"x":454,"y":166,"width":245,"height":11}},{"id":"3fbf2141-78c1-4e72-8bed-d64197a0554e","block_type":"box","text":"based sales commission outside of the","page_number":10,"box":{"x":454,"y":180,"width":260,"height":8}},{"id":"7ef8bfc0-d498-45b8-b13c-0ebe164ce487","block_type":"box","text":"Fund.","page_number":10,"box":{"x":455,"y":194,"width":33,"height":8}},{"id":"34a33f8d-509e-4f59-a3d9-7f30577c29af","block_type":"box","text":"•","page_number":10,"box":{"x":447,"y":214,"width":4,"height":3}},{"id":"c46ead9f-a14d-4a54-b684-3383ecae648e","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":10,"box":{"x":453,"y":211,"width":236,"height":10}},{"id":"a3140d29-9cd3-4905-a535-31834feb702d","block_type":"box","text":"agents that are registered","page_number":10,"box":{"x":454,"y":225,"width":171,"height":10}},{"id":"546b8975-0175-43f0-9b51-cbcbcaf290a8","block_type":"box","text":"representatives of an insurance","page_number":10,"box":{"x":454,"y":238,"width":209,"height":10}},{"id":"60fae12c-01d6-464e-8d3a-22b33fe44296","block_type":"box","text":"company’s broker-dealer that has","page_number":10,"box":{"x":454,"y":252,"width":220,"height":10}},{"id":"e96060d1-ca55-441f-8f98-7b47fdb7c362","block_type":"box","text":"entered into an agreement with the","page_number":10,"box":{"x":454,"y":265,"width":232,"height":10}},{"id":"c66bacd7-be9c-4d0a-b4e5-aed9061e6ef4","block_type":"box","text":"Fund’s distributor to offer Institutional","page_number":10,"box":{"x":455,"y":279,"width":249,"height":8}},{"id":"da21b3ff-0a68-4e96-bcf6-3f7dc3bc908a","block_type":"box","text":"Shares, and the family members of such","page_number":10,"box":{"x":454,"y":292,"width":267,"height":10}},{"id":"73b57bec-81d1-4421-b37d-38bcc5e26a2f","block_type":"box","text":"persons.","page_number":10,"box":{"x":454,"y":308,"width":56,"height":8}},{"id":"d67c2415-2cf6-491e-9852-6ac2713f34ce","block_type":"box","text":"Minimum Additional","page_number":10,"box":{"x":61,"y":324,"width":133,"height":8}},{"id":"3da1745e-5099-4643-933c-4ca17d1b14c0","block_type":"box","text":"Investment","page_number":10,"box":{"x":61,"y":337,"width":75,"height":9}},{"id":"33eac73f-07ae-4f2f-afa1-f29032868cc1","block_type":"box","text":"$50 for all accounts (with","page_number":10,"box":{"x":232,"y":323,"width":168,"height":11}},{"id":"acc30a8a-0819-4989-a86d-3077e80d5794","block_type":"box","text":"the exception of certain","page_number":10,"box":{"x":232,"y":337,"width":156,"height":10}},{"id":"9f1df5a4-134e-4534-aa92-e9a002b3fcfa","block_type":"box","text":"employer-sponsored","page_number":10,"box":{"x":232,"y":351,"width":131,"height":10}},{"id":"8f473685-5c50-48b6-b597-fd9e01cc46b0","block_type":"box","text":"retirement plans which may","page_number":10,"box":{"x":233,"y":365,"width":181,"height":10}},{"id":"f24f5a5d-a377-4d39-9461-185dec467b12","block_type":"box","text":"have a lower minimum).","page_number":10,"box":{"x":233,"y":378,"width":155,"height":10}},{"id":"9fdfb714-dfc0-4a9b-aa39-764cc0f0643c","block_type":"box","text":"No subsequent minimum. No subsequent minimum.","page_number":10,"box":{"x":444,"y":324,"width":470,"height":10}},{"id":"0866c4fb-407c-4f7c-8827-b9fd11a335ef","block_type":"box","text":"Tax Information","page_number":10,"box":{"x":63,"y":418,"width":138,"height":11}},{"id":"4902a53e-f3e4-4224-8355-95183639f57f","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":10,"box":{"x":60,"y":445,"width":838,"height":11}},{"id":"ae942188-20be-467d-bfab-8aa084b8764c","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":10,"box":{"x":62,"y":459,"width":829,"height":12}},{"id":"93dd080e-77e9-47a3-a240-944ac916e188","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":10,"box":{"x":61,"y":474,"width":862,"height":12}},{"id":"d120a5c6-cb83-44b1-999e-cdb607b0a5e3","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":10,"box":{"x":62,"y":489,"width":686,"height":12}},{"id":"b8bf9747-e857-42d7-8cee-bec9a10b90f4","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":10,"box":{"x":61,"y":528,"width":578,"height":14}},{"id":"0d15f8d3-5a24-41fb-80b5-4550bd2ec792","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":10,"box":{"x":62,"y":554,"width":848,"height":12}},{"id":"71b791d6-b138-42e3-804e-2a1e77a18e49","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":10,"box":{"x":62,"y":569,"width":868,"height":11}},{"id":"fa802b4d-9160-4a57-a114-119b6d674779","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":10,"box":{"x":60,"y":592,"width":867,"height":11}},{"id":"15724597-9222-4413-b91b-88fb780e279d","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":10,"box":{"x":62,"y":606,"width":455,"height":12}},{"id":"f8ad55a5-4495-4a1e-bb90-f50b5614bae7","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":10,"box":{"x":60,"y":629,"width":790,"height":11}},{"id":"55466d16-171d-4233-bbb6-04f5235ae4a7","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"469b4fe6-bb54-4016-90c5-455479b630bc","block_type":"box","text":"NM1026U-5979803-10/68","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"acef5c8b-812a-4f52-9e79-a944b1785d46","block_type":"box","text":"Details About the Fund","page_number":11,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"33c1617c-8608-455f-a83d-a7de9f78aa3c","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":11,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"5ea7db79-94bd-4a5c-9b27-815369e17005","block_type":"box","text":"shareholder features of BlackRock Advantage Large Cap Value Fund (the “Fund”), a series of BlackRock Large Cap","page_number":11,"box":{"x":61,"y":161,"width":841,"height":12}},{"id":"726ec7d4-c12c-4322-8bfa-ac9553e9e8d0","block_type":"box","text":"Series Funds, Inc. (the “Corporation”), and your rights as a shareholder.","page_number":11,"box":{"x":61,"y":176,"width":527,"height":11}},{"id":"125b44c4-ab1d-4c97-a16e-b1e9857fa5f4","block_type":"box","text":"How the Fund Invests","page_number":11,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"4c8df6ee-323a-42a6-8959-390f79af7fa3","block_type":"box","text":"Investment Process","page_number":11,"box":{"x":61,"y":242,"width":163,"height":9}},{"id":"291b3b64-b3d4-4027-89c4-192ab1fbe5c1","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap value equity securities in a disciplined","page_number":11,"box":{"x":60,"y":258,"width":836,"height":11}},{"id":"3a45542a-ac41-41d2-9099-09d751fdf910","block_type":"box","text":"manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are","page_number":11,"box":{"x":61,"y":273,"width":866,"height":11}},{"id":"42843e09-f95d-40a2-b698-a1b1005daefb","block_type":"box","text":"designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under","page_number":11,"box":{"x":61,"y":287,"width":823,"height":12}},{"id":"863ec8fa-c9e0-4ba5-a68d-16021764b8d4","block_type":"box","text":"weighting particular equities while seeking to control incremental risk. BlackRock Advisors, LLC, the Fund’s investment","page_number":11,"box":{"x":60,"y":302,"width":873,"height":12}},{"id":"fad34c26-b1a1-4a28-b6d2-12461188eb14","block_type":"box","text":"manager (“BlackRock”), then constructs and rebalances the portfolio by integrating its investment insights with the","page_number":11,"box":{"x":61,"y":317,"width":846,"height":12}},{"id":"3363d8ba-95bc-4628-8c6e-2058d384592f","block_type":"box","text":"model-based optimization process. The Fund has no stated minimum holding period for investments and may buy or","page_number":11,"box":{"x":61,"y":332,"width":851,"height":11}},{"id":"65aa9966-e305-4bc3-97ea-0c2bdade9cd2","block_type":"box","text":"sell securities whenever Fund management sees an appropriate opportunity. The Fund may engage in active and","page_number":11,"box":{"x":61,"y":347,"width":824,"height":11}},{"id":"17f51713-c531-49f4-8a14-227808ba3bbc","block_type":"box","text":"frequent trading of its investments.","page_number":11,"box":{"x":60,"y":361,"width":258,"height":12}},{"id":"eb46b6f5-7cc3-42bb-aa34-b27ba8946eca","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":11,"box":{"x":60,"y":384,"width":862,"height":12}},{"id":"3072384b-edc8-4f2b-abf6-73de0821d93a","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":11,"box":{"x":60,"y":399,"width":873,"height":11}},{"id":"5383e715-4c44-4c98-943f-daa0ffed624e","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":11,"box":{"x":62,"y":414,"width":871,"height":11}},{"id":"855c0562-5215-46bd-a152-c2e99e25c5b8","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":11,"box":{"x":61,"y":428,"width":331,"height":12}},{"id":"803bc1a8-e542-4326-b015-73ac6e6962bd","block_type":"box","text":"Investment Objective","page_number":11,"box":{"x":61,"y":452,"width":175,"height":12}},{"id":"0fbd4506-6550-4d11-9960-f65402c4d437","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":11,"box":{"x":60,"y":468,"width":833,"height":11}},{"id":"58264f7c-887e-4b8a-b285-0d85f9561d2b","block_type":"box","text":"investments that will increase in value.","page_number":11,"box":{"x":62,"y":483,"width":283,"height":9}},{"id":"1eb6c351-133e-4435-b83c-51219910c0dc","block_type":"box","text":"This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of","page_number":11,"box":{"x":60,"y":505,"width":876,"height":12}},{"id":"84f73631-eb44-4d19-8518-672cb4f65a7c","block_type":"box","text":"the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the","page_number":11,"box":{"x":60,"y":520,"width":814,"height":12}},{"id":"ffc10c6f-062d-4439-b04e-306690a7485c","block_type":"box","text":"“Investment Company Act”).","page_number":11,"box":{"x":62,"y":535,"width":204,"height":11}},{"id":"5427caf0-ee36-47e4-acdb-f2240633e48c","block_type":"box","text":"Principal Investment Strategies","page_number":11,"box":{"x":61,"y":558,"width":260,"height":12}},{"id":"1069ab92-13e4-46d4-9d36-0f9d802bd6db","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":11,"box":{"x":62,"y":574,"width":798,"height":12}},{"id":"c42da9a7-68c2-4942-a963-d64d8f22de5d","block_type":"box","text":"borrowings for investment purposes in large cap value equity securities of U.S. issuers and derivatives that provide","page_number":11,"box":{"x":61,"y":589,"width":845,"height":12}},{"id":"3f841261-ae87-45ef-9a64-55a04bfdf807","block_type":"box","text":"investment exposure to such securities or to one or more market risk factors associated with such securities. For","page_number":11,"box":{"x":62,"y":604,"width":833,"height":11}},{"id":"ab0907a2-d87c-4104-8cbb-8c887aa6239f","block_type":"box","text":"purposes of the Fund’s 80% policy, large cap value equity securities are equity securities that (i) at the time of","page_number":11,"box":{"x":62,"y":619,"width":809,"height":11}},{"id":"0ee39daa-3848-41e6-8667-9dba96ddb276","block_type":"box","text":"purchase have a market capitalization within the range of companies included in the Russell 1000 Value Index (the","page_number":11,"box":{"x":62,"y":633,"width":843,"height":12}},{"id":"5d20ca8a-5161-4636-be7a-9c18f9e1f08d","block_type":"box","text":"“Russell 1000 Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the","page_number":11,"box":{"x":62,"y":648,"width":837,"height":12}},{"id":"87f78445-290a-4108-8951-eeaaad3b63ed","block_type":"box","text":"“Value Indices”). This policy is a non-fundamental policy of the Fund and may not be changed without 60 days’ notice","page_number":11,"box":{"x":62,"y":663,"width":858,"height":12}},{"id":"e530e113-0142-479e-a438-23decd3c8e74","block_type":"box","text":"to shareholders. Currently, such Value Indices are the Russell 3000 Value Index, the S&P Composite 1500 Value Index","page_number":11,"box":{"x":60,"y":678,"width":874,"height":11}},{"id":"a55fe5be-94f7-4032-80e4-2b072991da5f","block_type":"box","text":"and the MSCI World Value Index. The Russell 1000 Value Index includes equity securities of issuers which range in","page_number":11,"box":{"x":61,"y":693,"width":842,"height":11}},{"id":"f7faf643-369e-4e02-9ffc-65b20d17fc53","block_type":"box","text":"size between approximately $1.98 billion and $4.647 trillion as of August 31, 2026. The Fund primarily intends to","page_number":11,"box":{"x":61,"y":707,"width":838,"height":12}},{"id":"7d2d926b-283d-432a-baa8-2b1a213a8cdf","block_type":"box","text":"invest in equity securities, which include common stock and preferred stock, or other financial instruments that are","page_number":11,"box":{"x":62,"y":722,"width":846,"height":12}},{"id":"ef21ccb5-1ad8-4ade-8f19-eb365f94f65d","block_type":"box","text":"components of, or have characteristics similar to, the securities included in the Value Indices. The Russell 1000 Value","page_number":11,"box":{"x":61,"y":737,"width":869,"height":11}},{"id":"b1ff874a-19ba-4c2f-8ba2-6b1fe1bc2a99","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":11,"box":{"x":62,"y":752,"width":861,"height":12}},{"id":"5678fb88-4470-41cf-81a5-284893b6254d","block_type":"box","text":"group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From","page_number":11,"box":{"x":60,"y":767,"width":842,"height":11}},{"id":"7993d915-ba14-4d47-8c12-50656170095c","block_type":"box","text":"time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The","page_number":11,"box":{"x":60,"y":782,"width":871,"height":11}},{"id":"8beb3230-3302-417d-adc4-d99ca7cab756","block_type":"box","text":"Fund may also purchase convertible securities. The Fund may use derivatives, including options, futures, swaps","page_number":11,"box":{"x":62,"y":797,"width":820,"height":11}},{"id":"5442db32-bacd-4e69-89cb-414f847e0a07","block_type":"box","text":"(including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and","page_number":11,"box":{"x":61,"y":811,"width":842,"height":12}},{"id":"45d3ebda-060f-46cb-a73b-e30d25df4228","block_type":"box","text":"forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets","page_number":11,"box":{"x":60,"y":826,"width":841,"height":12}},{"id":"8df8fdd4-0f10-4a40-a725-e45a0ed159be","block_type":"box","text":"against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In","page_number":11,"box":{"x":61,"y":841,"width":850,"height":12}},{"id":"95c53f69-3597-4483-a722-bc7d0c97ba8b","block_type":"box","text":"order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or","page_number":11,"box":{"x":61,"y":856,"width":869,"height":11}},{"id":"b2d17fbd-5e28-4e44-9189-49fca172bfbf","block_type":"box","text":"options on such contracts. Derivatives are financial instruments whose value is derived from another security, a","page_number":11,"box":{"x":61,"y":871,"width":820,"height":11}},{"id":"70feb634-f826-4df8-998d-668aac539f69","block_type":"box","text":"currency or an index, including but not limited to the Value Indices. The use of options, futures, swaps and forward","page_number":11,"box":{"x":61,"y":885,"width":842,"height":12}},{"id":"63d924ae-a43f-4267-bd18-b0a1e1250a3b","block_type":"box","text":"contracts can be effective in protecting or enhancing the value of the Fund’s assets.","page_number":11,"box":{"x":61,"y":900,"width":618,"height":12}},{"id":"5d1cc1e1-284b-453f-95f1-fd8860fc8ce5","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"e0df27ec-3e1f-4fea-a89c-6b468dd5d6e9","block_type":"box","text":"NM1026U-5979803-11/68","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4d0791bd-c978-4b7a-bf66-b2258150a3d5","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":12,"box":{"x":60,"y":46,"width":863,"height":11}},{"id":"82fbb2e5-c64b-483a-94dd-9ac0bb733951","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds","page_number":12,"box":{"x":60,"y":60,"width":876,"height":12}},{"id":"f45729bc-afba-46a0-af0a-cf1a2a1a9ac6","block_type":"box","text":"that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":12,"box":{"x":60,"y":76,"width":864,"height":11}},{"id":"5d09e54f-d97e-4eaa-801b-dee3adb3262e","block_type":"box","text":"commodities.","page_number":12,"box":{"x":61,"y":90,"width":97,"height":9}},{"id":"b0adf0dd-0f24-425a-b1e5-175a3bea8dbc","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":113,"width":327,"height":13}},{"id":"3c461490-9868-46e4-ad22-8a976949081a","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":12,"box":{"x":62,"y":129,"width":870,"height":12}},{"id":"e2f5f381-249d-487d-8ea8-d42b25da8259","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":145,"width":173,"height":11}},{"id":"6215c0ea-7d32-4a9e-af25-4c52ff6ac1a1","block_type":"box","text":"Borrowing","page_number":12,"box":{"x":81,"y":164,"width":78,"height":12}},{"id":"3e49b281-7802-4bb0-93ad-a684c2edde3e","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":12,"box":{"x":162,"y":164,"width":751,"height":12}},{"id":"88f26109-b466-48ad-8bd5-70f4f4d3dc22","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":12,"box":{"x":82,"y":179,"width":815,"height":11}},{"id":"f2ee1aa9-721c-4b37-a538-e56fe30b31a0","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":12,"box":{"x":82,"y":194,"width":801,"height":11}},{"id":"5e279844-53fa-4da9-a5dd-a2e45adf9b62","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":214,"width":148,"height":11}},{"id":"ce7aa3be-3461-4b99-8490-e2acf098e0a1","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":214,"width":677,"height":11}},{"id":"40f428d2-b646-484b-9e97-9403d010322b","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":12,"box":{"x":82,"y":229,"width":811,"height":11}},{"id":"f11d19ab-1c1e-4e5e-a819-13d5e21db7cc","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":244,"width":831,"height":11}},{"id":"9b3e2cc4-19eb-431d-b1f1-bdc4590d88c6","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":258,"width":811,"height":12}},{"id":"6afe494e-00e0-44a1-ab99-cdf2e9b8c696","block_type":"box","text":"Investment Companies","page_number":12,"box":{"x":81,"y":278,"width":172,"height":12}},{"id":"1d939e6a-0875-481a-ab2b-8be6be55e7ad","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":12,"box":{"x":258,"y":279,"width":643,"height":11}},{"id":"2ba7fd18-8f88-47e6-af5e-e7ca72d79966","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":12,"box":{"x":80,"y":293,"width":848,"height":12}},{"id":"84f3ee7b-81da-4a25-9337-cebfdc048635","block_type":"box","text":"Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment companies,","page_number":12,"box":{"x":82,"y":308,"width":790,"height":11}},{"id":"830c68ed-1659-49cd-9037-101254845859","block_type":"box","text":"including affiliated money market funds and affiliated exchange-traded funds.","page_number":12,"box":{"x":82,"y":323,"width":565,"height":11}},{"id":"140e951e-4c38-4f03-907a-058745871082","block_type":"box","text":"Money Market Securities","page_number":12,"box":{"x":81,"y":343,"width":190,"height":11}},{"id":"f531fc1d-9715-4059-9127-f59195879ad6","block_type":"box","text":"— The Fund may invest in money market securities or commercial paper.","page_number":12,"box":{"x":276,"y":343,"width":534,"height":11}},{"id":"624f041d-eec1-4428-9625-874a6a69f4ab","block_type":"box","text":"Real Estate Investment Trusts","page_number":12,"box":{"x":81,"y":363,"width":229,"height":9}},{"id":"7682d005-0aaa-40c3-b3b6-520def2356ea","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”).","page_number":12,"box":{"x":314,"y":363,"width":484,"height":11}},{"id":"e83cf8bd-467d-42eb-b260-d8ae0ac21873","block_type":"box","text":"Restricted Securities","page_number":12,"box":{"x":81,"y":383,"width":159,"height":9}},{"id":"32098fa1-08b1-4b7a-a638-69750beebfed","block_type":"box","text":"—","page_number":12,"box":{"x":245,"y":388,"width":17,"height":1}},{"id":"48274524-9faf-4d04-8457-b6ea30a46b8b","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":12,"box":{"x":268,"y":383,"width":602,"height":11}},{"id":"57bac6ed-c6cd-4128-a9b0-e3f3db4df708","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":12,"box":{"x":82,"y":398,"width":820,"height":11}},{"id":"37fa2981-bdc8-40b5-9fac-33bc7165b752","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":12,"box":{"x":82,"y":412,"width":839,"height":12}},{"id":"a0d03e89-be0c-4f80-95e7-ff34b7bd2eae","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":12,"box":{"x":82,"y":427,"width":837,"height":12}},{"id":"01340ad1-9eca-4103-9cf6-b98b32f0afd4","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":12,"box":{"x":80,"y":442,"width":736,"height":12}},{"id":"611935d4-de0e-42c1-886e-8b9580efdc7d","block_type":"box","text":"Securities Lending","page_number":12,"box":{"x":81,"y":462,"width":140,"height":11}},{"id":"37fa74ef-6397-4a0b-a2da-3cb548eb7c84","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":12,"box":{"x":225,"y":462,"width":396,"height":11}},{"id":"4f9c07f5-a781-423a-a040-2c4e5324e52d","block_type":"box","text":"1⁄","page_number":12,"box":{"x":622,"y":462,"width":6,"height":6}},{"id":"911e3637-bbd1-4c42-a2ff-b8a1ee195cd5","block_type":"box","text":"1⁄3","page_number":12,"box":{"x":626,"y":462,"width":8,"height":9}},{"id":"74e9fffa-25f1-444b-a60e-f4e041ff2346","block_type":"box","text":"⁄3","page_number":12,"box":{"x":632,"y":466,"width":6,"height":5}},{"id":"b2b5546c-c433-4791-942e-ab7b006ea11b","block_type":"box","text":"% of its total assets to financial","page_number":12,"box":{"x":639,"y":462,"width":231,"height":9}},{"id":"9e76d5d5-c30e-4f09-bb73-f885226f1455","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":12,"box":{"x":82,"y":477,"width":748,"height":11}},{"id":"3760226b-152e-42ff-a371-b4f5bd9632f9","block_type":"box","text":"Temporary Defensive Strategies","page_number":12,"box":{"x":82,"y":497,"width":238,"height":11}},{"id":"bb2e35c0-cc8a-4ed3-9c68-9189ce0dbe7b","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":12,"box":{"x":325,"y":497,"width":600,"height":11}},{"id":"507671e0-e3ef-4dc4-8c5b-ff318d21d93d","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":12,"box":{"x":81,"y":512,"width":802,"height":11}},{"id":"7edb63c4-37b8-4b3d-b22f-67ca68005d6b","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":12,"box":{"x":82,"y":527,"width":833,"height":11}},{"id":"66441789-5bec-49dc-866f-9c73868b981b","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":12,"box":{"x":81,"y":541,"width":796,"height":12}},{"id":"5497f4e3-faa3-42ca-8bbf-9de2f6bb1858","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":12,"box":{"x":81,"y":556,"width":802,"height":12}},{"id":"6c34d8eb-3f46-4e14-a126-848d38eb8807","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":12,"box":{"x":82,"y":571,"width":778,"height":12}},{"id":"b2206fa1-f4c7-48cf-8031-16a63ee49f8a","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":12,"box":{"x":81,"y":586,"width":781,"height":11}},{"id":"0dfd2725-c43f-44a4-bb72-22a16bb341aa","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":606,"width":545,"height":11}},{"id":"274f0bf5-51a4-4b09-b180-037c060d4003","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":606,"width":295,"height":11}},{"id":"3827bcff-a71b-4db7-9314-956ef1be72b0","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":12,"box":{"x":81,"y":621,"width":845,"height":11}},{"id":"2f3040a6-d91b-470f-b7e9-48e52c307a93","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":12,"box":{"x":81,"y":635,"width":814,"height":12}},{"id":"d73b22e2-32e1-4f7c-8f14-f21d0a70d499","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":12,"box":{"x":81,"y":650,"width":799,"height":12}},{"id":"2b74f47a-3dc5-4b43-9b99-7dce40879842","block_type":"box","text":"entering into the transaction.","page_number":12,"box":{"x":81,"y":665,"width":211,"height":12}},{"id":"c1e0533c-ec28-4008-8e48-a5cb44f87a56","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":722,"width":453,"height":9}},{"id":"c751b866-ef18-4be9-9cc9-0fbb24afdc9b","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Travis Cooke, CFA, and Richard Mathieson","page_number":12,"box":{"x":70,"y":744,"width":853,"height":12}},{"id":"f55a42ae-e48e-469b-ae1a-7c98bfc77c09","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":12,"box":{"x":71,"y":759,"width":826,"height":12}},{"id":"bbc36cf1-d051-4ba8-90a5-5c794df8ae7b","block_type":"box","text":"Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":12,"box":{"x":72,"y":774,"width":840,"height":12}},{"id":"9b74ab80-a7ac-41d4-8324-f6e688d3b341","block_type":"box","text":"portfolio management team.","page_number":12,"box":{"x":72,"y":789,"width":207,"height":11}},{"id":"6b12a46f-bb32-4ad5-979a-988c41d3de26","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":841,"width":156,"height":11}},{"id":"b0613bc0-e6f4-4084-8c86-b29551bf8c82","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":12,"box":{"x":60,"y":867,"width":811,"height":11}},{"id":"4e8e9beb-6768-428b-9c4e-923494fc7eb8","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":12,"box":{"x":61,"y":882,"width":866,"height":11}},{"id":"a332fb3a-5862-43bd-9da9-13f8263b55a0","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":12,"box":{"x":62,"y":896,"width":863,"height":12}},{"id":"d5832330-1b94-42ca-bdc1-76fb3e06aeca","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":12,"box":{"x":61,"y":911,"width":836,"height":12}},{"id":"52f5e63b-64f8-491f-93ea-be576e7cbd37","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"34c91e02-97e0-434b-aa85-a861dc693673","block_type":"box","text":"NM1026U-5979803-12/68","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ac98b44f-736a-48b8-a556-39989b79a93a","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":13,"box":{"x":61,"y":46,"width":856,"height":11}},{"id":"cec66dd1-bf04-45ef-baf4-a6d5b0e74826","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":13,"box":{"x":60,"y":60,"width":875,"height":12}},{"id":"e5a127fe-3cb2-4084-ba79-e1300a066b83","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":83,"width":322,"height":13}},{"id":"530e315e-848e-4d8f-9f85-33942b5df48e","block_type":"box","text":"Commodities Related Investments Risk","page_number":13,"box":{"x":81,"y":105,"width":298,"height":9}},{"id":"24a1a451-bd1c-428d-a0a6-e99e5de766f8","block_type":"box","text":"—","page_number":13,"box":{"x":384,"y":110,"width":17,"height":1}},{"id":"88276f37-9800-40dc-85c9-27bc5b1d8f5d","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":13,"box":{"x":406,"y":105,"width":517,"height":12}},{"id":"abea0e4f-04f8-48b1-a813-237f6c092595","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":13,"box":{"x":80,"y":120,"width":824,"height":11}},{"id":"1d64ca2d-1fbf-49f7-a881-f997ed001079","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":13,"box":{"x":81,"y":135,"width":849,"height":11}},{"id":"5355be37-aacb-4dba-afc6-4c39225ad597","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":13,"box":{"x":81,"y":149,"width":804,"height":12}},{"id":"276e579a-dca9-4c08-a3b7-48c69604b765","block_type":"box","text":"international economic, political and regulatory developments.","page_number":13,"box":{"x":82,"y":165,"width":455,"height":11}},{"id":"0bc6473b-4df5-4ea3-9453-5d8e6c1d96ba","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":184,"width":206,"height":9}},{"id":"528caaaf-dd2a-4b55-b80e-a81b61d6462e","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":13,"box":{"x":291,"y":184,"width":593,"height":12}},{"id":"552f90bb-4882-43ca-8e8d-e329c156b149","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":13,"box":{"x":81,"y":199,"width":853,"height":11}},{"id":"60c090ae-e4f0-496a-b1a1-fa490ecbfcc0","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":13,"box":{"x":81,"y":214,"width":855,"height":11}},{"id":"b949408a-ecac-4d1c-913b-556e55ecf67d","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":13,"box":{"x":80,"y":229,"width":816,"height":11}},{"id":"f1de5fee-07d2-4e10-ac81-9f300a9183c4","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":13,"box":{"x":82,"y":244,"width":796,"height":11}},{"id":"d01904b3-2e93-4587-9fec-a395a0d04cf5","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":13,"box":{"x":81,"y":258,"width":812,"height":12}},{"id":"a5135aea-1da9-4ea3-8d65-ef67fdcbb92c","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":13,"box":{"x":82,"y":273,"width":809,"height":12}},{"id":"03450893-9055-4128-a9b1-201fac84ee47","block_type":"box","text":"Derivatives Risk","page_number":13,"box":{"x":81,"y":293,"width":123,"height":9}},{"id":"4272c417-11db-46b6-821f-7406ddc0d297","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":13,"box":{"x":207,"y":293,"width":664,"height":12}},{"id":"8e4e555c-8968-421d-92ad-eb127697b492","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":13,"box":{"x":82,"y":308,"width":469,"height":12}},{"id":"68aab4b2-a7a3-44b5-b699-9cf8236a7e06","block_type":"box","text":"Leverage Risk","page_number":13,"box":{"x":82,"y":331,"width":102,"height":11}},{"id":"3c284a95-fdf8-4e13-90ca-07c66e760530","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":13,"box":{"x":188,"y":331,"width":723,"height":11}},{"id":"58c2a349-4db7-4c60-bb77-67970aa88f76","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":13,"box":{"x":82,"y":345,"width":832,"height":12}},{"id":"238d5fa3-037e-44f5-a3ca-42f87ae2b914","block_type":"box","text":"exceed the amount originally invested.","page_number":13,"box":{"x":81,"y":360,"width":280,"height":12}},{"id":"62fba7a4-fa0e-4a1c-a5cb-19a271ef2752","block_type":"box","text":"Market Risk","page_number":13,"box":{"x":82,"y":383,"width":87,"height":9}},{"id":"167c5362-d2de-45d7-befe-3a018cbe429c","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":13,"box":{"x":173,"y":383,"width":728,"height":11}},{"id":"af171081-e973-473c-89d7-d1e01487b4a4","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":13,"box":{"x":81,"y":398,"width":834,"height":11}},{"id":"fb532034-fc40-4650-a503-4ac41d01159f","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":13,"box":{"x":82,"y":413,"width":832,"height":11}},{"id":"248063c1-c0c3-4ed9-8bcd-e194751aa5d1","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":13,"box":{"x":80,"y":427,"width":779,"height":11}},{"id":"af316560-53fb-423f-ac71-a05759ecdd31","block_type":"box","text":"derivatives positions to lose value.","page_number":13,"box":{"x":81,"y":442,"width":253,"height":11}},{"id":"30cf06b8-a2b5-4909-84b0-d503d4cf9dde","block_type":"box","text":"Counterpar ty Risk","page_number":13,"box":{"x":82,"y":465,"width":131,"height":11}},{"id":"a864d7e1-65d1-4e0a-b47d-d5bed8fa1b35","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":13,"box":{"x":217,"y":465,"width":697,"height":11}},{"id":"c17344cf-aad3-492e-a2a2-9d0fddf0ecd4","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":13,"box":{"x":80,"y":479,"width":855,"height":12}},{"id":"be3e2003-8f38-41c4-96b5-46e0acccb5fe","block_type":"box","text":"exposure to such a counterparty.","page_number":13,"box":{"x":81,"y":495,"width":240,"height":11}},{"id":"e2ce73a0-29e5-4be9-aaec-f8df446eaff5","block_type":"box","text":"Illiquidity Risk —","page_number":13,"box":{"x":82,"y":517,"width":122,"height":11}},{"id":"103e168e-a440-4a95-9247-6eba0e6477f5","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":13,"box":{"x":208,"y":517,"width":728,"height":11}},{"id":"4d8a8a11-c2b4-4db8-8b98-0ce4c5fd6f41","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":13,"box":{"x":80,"y":532,"width":839,"height":11}},{"id":"f7f7619a-c44a-4926-a1e8-611699331196","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":13,"box":{"x":81,"y":546,"width":293,"height":12}},{"id":"28dc3961-f12b-42de-953d-08cccd029b7f","block_type":"box","text":"Operational Risk","page_number":13,"box":{"x":82,"y":569,"width":120,"height":11}},{"id":"b9536862-1f17-41b1-a1b7-d0dcbf55cd46","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":13,"box":{"x":206,"y":569,"width":727,"height":12}},{"id":"2e0c9e40-3b59-400b-ab45-cc03ad79ecc0","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":13,"box":{"x":82,"y":584,"width":607,"height":11}},{"id":"1b8005ea-5fca-496c-aa2b-4f7b1f1f58e6","block_type":"box","text":"Legal Risk","page_number":13,"box":{"x":82,"y":607,"width":75,"height":11}},{"id":"49eda8a9-a2f6-4ae6-94e4-0d8e833f6d7f","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":13,"box":{"x":161,"y":606,"width":761,"height":12}},{"id":"9c89c45a-17f7-47d0-b5cd-5bb34dfac082","block_type":"box","text":"enforceability of a contract.","page_number":13,"box":{"x":81,"y":621,"width":198,"height":12}},{"id":"8bef1646-261c-439f-9714-e70b3f29f07a","block_type":"box","text":"Volatility and Correlation Risk","page_number":13,"box":{"x":83,"y":644,"width":214,"height":11}},{"id":"9bd4a33f-22f5-4875-b5cb-a541a7602242","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":13,"box":{"x":300,"y":644,"width":590,"height":11}},{"id":"589f6964-7b09-4d3f-a732-452bdc792e9a","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":13,"box":{"x":80,"y":659,"width":855,"height":11}},{"id":"749f207a-e31f-41ef-a483-4b4fec804522","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":13,"box":{"x":80,"y":673,"width":820,"height":12}},{"id":"69b2c788-101e-443f-aaee-b389e7446bea","block_type":"box","text":"correlate with the overall securities markets.","page_number":13,"box":{"x":81,"y":689,"width":326,"height":9}},{"id":"e4d4f57b-21dd-49d3-8090-27f3898c5a89","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":83,"y":711,"width":102,"height":9}},{"id":"df81077d-5b6e-4dee-83d1-0dd62291a2a1","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":13,"box":{"x":189,"y":711,"width":747,"height":11}},{"id":"d46780aa-376d-4046-a3ac-447ab10fd4df","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":13,"box":{"x":82,"y":726,"width":783,"height":11}},{"id":"46c15448-8576-4619-a534-52052bbec656","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":13,"box":{"x":82,"y":740,"width":837,"height":12}},{"id":"0953b5db-a0f4-47d0-ba8f-3e61adecabd3","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":13,"box":{"x":81,"y":755,"width":826,"height":12}},{"id":"fe9434d0-f96f-4d51-8efe-b80644e1d48c","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":13,"box":{"x":80,"y":770,"width":405,"height":12}},{"id":"8dbdebbd-29b2-4452-b448-754dc9454e28","block_type":"box","text":"Hedging Risk","page_number":13,"box":{"x":82,"y":793,"width":95,"height":11}},{"id":"7b1c4041-8544-4684-9b8c-e78374afd4a2","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":13,"box":{"x":181,"y":793,"width":752,"height":11}},{"id":"627c057f-f9da-4781-9fe9-e9a80f97e842","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":13,"box":{"x":80,"y":808,"width":820,"height":11}},{"id":"a420d526-f6cb-49c8-a3fd-12ea895c7c71","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":13,"box":{"x":82,"y":823,"width":823,"height":11}},{"id":"b3cfa5ef-4f05-4737-8241-bc68a9e74eed","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":13,"box":{"x":82,"y":837,"width":813,"height":12}},{"id":"7273f652-3cf6-48ec-8558-b29c2dc3e706","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":13,"box":{"x":82,"y":852,"width":832,"height":12}},{"id":"08e6f4fb-cbad-4061-a52d-3ea247ef055b","block_type":"box","text":"noted below.","page_number":13,"box":{"x":82,"y":867,"width":90,"height":9}},{"id":"0d200cbf-0215-4bec-99dc-c4f4732e39f8","block_type":"box","text":"Tax Risk","page_number":13,"box":{"x":83,"y":890,"width":59,"height":9}},{"id":"5696348d-43a4-49b4-8824-0ed1740769c6","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":13,"box":{"x":145,"y":889,"width":766,"height":12}},{"id":"bc3c05cf-a8da-4ff3-8f7b-628f660c75c0","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":13,"box":{"x":82,"y":904,"width":826,"height":12}},{"id":"e568fed6-0cdd-411b-b8fa-e502f1101167","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"b41b943a-cdc7-404f-9f64-e15ab4f3598a","block_type":"box","text":"NM1026U-5979803-13/68","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"52d24880-f83f-4f33-bf31-e3e0ff287fe0","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":14,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"f6297fec-17d6-4a2c-a33e-2e4f65bc194e","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":14,"box":{"x":81,"y":60,"width":817,"height":12}},{"id":"a6ea6a91-5ce4-44f2-a1b2-a020c1c84068","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":14,"box":{"x":82,"y":75,"width":835,"height":12}},{"id":"b7fd4027-a847-4af1-961a-824312075265","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":14,"box":{"x":81,"y":90,"width":840,"height":12}},{"id":"e4280aa2-9ac9-447a-ab14-a60dae1e90ca","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":14,"box":{"x":81,"y":105,"width":750,"height":12}},{"id":"b1f40dd2-142e-4e97-9770-b16fce95201e","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":14,"box":{"x":81,"y":120,"width":611,"height":11}},{"id":"99008df1-33b4-4d75-ac05-76171fd4e835","block_type":"box","text":"Regulatory Risk","page_number":14,"box":{"x":82,"y":143,"width":115,"height":11}},{"id":"ee4f76bc-0eca-4ab9-9830-6ad3367fb469","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":14,"box":{"x":201,"y":142,"width":688,"height":12}},{"id":"adedd337-b140-4bd3-a7c8-98035d89d581","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":14,"box":{"x":81,"y":157,"width":851,"height":12}},{"id":"72afb960-ec8b-4edb-b064-4f17e14bf62c","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":14,"box":{"x":81,"y":172,"width":811,"height":11}},{"id":"4646bf08-6a31-42aa-b0e2-59230183c5a4","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":14,"box":{"x":82,"y":187,"width":850,"height":11}},{"id":"fe83ae5e-6a66-4fdc-affe-1c8ef6a50ea4","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":14,"box":{"x":81,"y":202,"width":850,"height":11}},{"id":"6f46c8c4-b27b-4839-85ff-1ea4621af463","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":14,"box":{"x":81,"y":216,"width":838,"height":12}},{"id":"36f44bb1-ff54-4ddf-bff3-38d2fdcb8006","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":14,"box":{"x":81,"y":232,"width":807,"height":11}},{"id":"2b9f3736-1d62-436f-92c5-c0465ec86399","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":14,"box":{"x":81,"y":246,"width":787,"height":12}},{"id":"23ef427d-7be7-4780-9f59-fcda046e85f8","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":14,"box":{"x":82,"y":261,"width":837,"height":11}},{"id":"57bdeb2b-1a4c-4711-a4d7-b0bb4441f2be","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":14,"box":{"x":80,"y":276,"width":804,"height":11}},{"id":"ac8c08cf-d857-4b0b-901c-e0797b74c20f","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":14,"box":{"x":81,"y":291,"width":781,"height":11}},{"id":"327d33f7-a34e-428c-8ede-b3455fc93cae","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":14,"box":{"x":82,"y":305,"width":773,"height":12}},{"id":"0625cef9-4b07-48f1-9f39-839cd23982af","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":14,"box":{"x":82,"y":320,"width":836,"height":12}},{"id":"e493aee0-262a-4a56-89a3-b08b155e014d","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":14,"box":{"x":82,"y":335,"width":814,"height":12}},{"id":"1867e1f8-ba0c-4234-bb48-64163ca8a084","block_type":"box","text":"investors in the Fund.","page_number":14,"box":{"x":82,"y":350,"width":156,"height":9}},{"id":"e57635d7-0f60-4716-9251-e739089ac559","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":14,"box":{"x":82,"y":373,"width":823,"height":11}},{"id":"fa611e5e-f741-4ab1-a373-6cd514b70093","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":14,"box":{"x":82,"y":387,"width":827,"height":12}},{"id":"356ce0fd-fbf2-41fa-8c1f-cc239ddd8438","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":14,"box":{"x":80,"y":402,"width":849,"height":12}},{"id":"5e2d5915-176c-4d4d-8247-9841387e7662","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":14,"box":{"x":81,"y":417,"width":846,"height":11}},{"id":"10662239-9d70-46fb-94de-4da77250c3f1","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":432,"width":509,"height":11}},{"id":"442e937c-142f-49f4-b5c8-e9e7af086608","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":14,"box":{"x":82,"y":454,"width":399,"height":12}},{"id":"8d113661-4705-4140-8128-3101bc42d115","block_type":"box","text":"Swaps","page_number":14,"box":{"x":102,"y":474,"width":47,"height":12}},{"id":"1c45b01b-3551-4d53-84fe-a9369d4a9cbd","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":14,"box":{"x":154,"y":474,"width":775,"height":12}},{"id":"f9ea1904-221a-4edb-a5af-2b6f507a9c53","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":14,"box":{"x":101,"y":489,"width":829,"height":12}},{"id":"9a1b1f80-5901-432b-9a56-108f9d8c3c82","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":14,"box":{"x":101,"y":504,"width":807,"height":12}},{"id":"472a1056-6c37-402f-89a5-5c92ba1254ca","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":14,"box":{"x":102,"y":519,"width":811,"height":11}},{"id":"895c81b6-56dc-473c-bb67-0900c4cacc52","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":14,"box":{"x":101,"y":534,"width":820,"height":11}},{"id":"38bc023c-d242-4d34-996f-2f92736e04f1","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":14,"box":{"x":102,"y":548,"width":791,"height":12}},{"id":"ab4b6921-d8ed-46d4-a94e-6ad6bdeecac3","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":14,"box":{"x":101,"y":563,"width":789,"height":12}},{"id":"6da106e8-6992-4da0-856b-477d26838f95","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":14,"box":{"x":101,"y":578,"width":796,"height":12}},{"id":"46e39ed2-7f4c-4b21-ada2-64d4dbec1829","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":14,"box":{"x":102,"y":598,"width":335,"height":12}},{"id":"10671ecb-0242-4750-90f0-a691cbd109bf","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":14,"box":{"x":442,"y":598,"width":437,"height":12}},{"id":"3906ca62-da3c-4f9d-b60f-63dbb6d08b95","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":14,"box":{"x":101,"y":613,"width":820,"height":11}},{"id":"84de1c46-4f08-4642-92cb-52be24300e45","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":14,"box":{"x":101,"y":628,"width":801,"height":11}},{"id":"81654aa5-c73a-4169-9091-e9d19bb170c3","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":14,"box":{"x":101,"y":642,"width":824,"height":12}},{"id":"4983fac8-b68b-4fa9-ba9e-7aea30a1e32c","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":14,"box":{"x":101,"y":657,"width":831,"height":12}},{"id":"5fb85106-3848-43c6-a123-5f1c640bc22c","block_type":"box","text":"Futures","page_number":14,"box":{"x":102,"y":678,"width":54,"height":9}},{"id":"7232abcb-8343-480c-8334-41b38a345271","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":14,"box":{"x":161,"y":678,"width":765,"height":11}},{"id":"204bfcb8-8f55-49c9-8aa0-1045d4037a50","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":14,"box":{"x":101,"y":692,"width":786,"height":12}},{"id":"db5f2dd3-774c-4145-808e-e8dfbfea6849","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":14,"box":{"x":102,"y":707,"width":769,"height":11}},{"id":"d59ef405-e28c-47bb-ba02-0b83ee0b9363","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":14,"box":{"x":102,"y":722,"width":822,"height":11}},{"id":"2bb6b85b-d623-4038-bb80-aa3775d752fd","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":14,"box":{"x":101,"y":737,"width":832,"height":11}},{"id":"6dbf8912-23bb-4db4-8e67-a79e8c38b679","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":14,"box":{"x":101,"y":751,"width":806,"height":12}},{"id":"94ec53a1-4c2a-43a9-8a0a-90fc0a119f9a","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":14,"box":{"x":102,"y":766,"width":793,"height":12}},{"id":"96fbe6cf-dba7-4e90-b9d1-c2b9947b488c","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":14,"box":{"x":102,"y":781,"width":787,"height":12}},{"id":"6711ecce-501e-4556-a4db-6f2bce1db77f","block_type":"box","text":"default in the performance of its obligations.","page_number":14,"box":{"x":101,"y":796,"width":327,"height":11}},{"id":"353d0c4f-df79-4798-9cb5-21fb207a3dc7","block_type":"box","text":"Options","page_number":14,"box":{"x":102,"y":816,"width":55,"height":11}},{"id":"bda8d708-ab34-4ae0-b614-1a9d8287273f","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":14,"box":{"x":162,"y":816,"width":772,"height":11}},{"id":"08ca3fc0-a447-4e3f-9b0c-aae8d2ec3d9f","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":14,"box":{"x":101,"y":831,"width":812,"height":11}},{"id":"18ab0ec7-1b9f-4ec9-9533-79b4205e179d","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":14,"box":{"x":101,"y":846,"width":827,"height":11}},{"id":"3fe572cf-f483-4085-bd2f-43cfbdf4dcc9","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":14,"box":{"x":101,"y":860,"width":781,"height":12}},{"id":"7b1d435b-2dd9-43ee-8512-0e6e6a025316","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":14,"box":{"x":102,"y":875,"width":785,"height":12}},{"id":"92cfbd2d-8cef-44c8-a164-74184ac98311","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":14,"box":{"x":101,"y":890,"width":831,"height":11}},{"id":"74772cb1-e1e9-4f06-98a6-133d9dd70c6d","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":14,"box":{"x":101,"y":905,"width":814,"height":11}},{"id":"4c8de3d1-6f7c-4cfd-8029-e6536f24b25f","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b8fa2a43-d38b-48fb-89ad-640f5339c014","block_type":"box","text":"NM1026U-5979803-14/68","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"824c81f8-e985-403f-a231-84c54b7bf8ee","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":15,"box":{"x":101,"y":46,"width":826,"height":11}},{"id":"a8140e2f-6cd6-46c3-916a-5125e43cb59b","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":15,"box":{"x":101,"y":61,"width":822,"height":11}},{"id":"4c34b4cc-3907-405f-b372-699a7044fee2","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":15,"box":{"x":101,"y":75,"width":816,"height":12}},{"id":"9669c495-e252-4c77-877c-e8b4c07c5da3","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":15,"box":{"x":101,"y":90,"width":442,"height":11}},{"id":"96bc5c2f-5dba-4ed6-b83a-cf77614a188d","block_type":"box","text":"Commodity-Linked Derivatives","page_number":15,"box":{"x":102,"y":110,"width":218,"height":12}},{"id":"ca36263f-91e7-4c91-bdc9-c819c6a604bc","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":15,"box":{"x":325,"y":110,"width":588,"height":12}},{"id":"780e3623-836b-41cf-997a-6280cbe3f7b2","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":15,"box":{"x":101,"y":125,"width":809,"height":11}},{"id":"bad25cb2-8936-48a9-aa7a-8540a560493a","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":15,"box":{"x":102,"y":140,"width":833,"height":11}},{"id":"25c78cf3-0553-4c3e-b7e2-fe26a5308798","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":15,"box":{"x":102,"y":155,"width":781,"height":11}},{"id":"d5cdaef0-78fb-4e0c-a005-87f78a77aa14","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":15,"box":{"x":101,"y":169,"width":768,"height":12}},{"id":"4c10199d-45cd-42d0-9b5a-f58ef1a4ae1c","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":15,"box":{"x":101,"y":184,"width":813,"height":12}},{"id":"5836ffbd-b674-4e4f-9d76-6af030a7c06f","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":15,"box":{"x":102,"y":199,"width":744,"height":12}},{"id":"029ed92b-83e5-42a5-b1ed-6cec40c6a79d","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":15,"box":{"x":102,"y":214,"width":772,"height":11}},{"id":"9c79cbb0-7d34-4ddf-9623-800cb5808f4b","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":15,"box":{"x":102,"y":229,"width":815,"height":11}},{"id":"fb1db32d-470f-425c-b871-b1cd486dfc27","block_type":"box","text":"can be no assurance that one will develop.","page_number":15,"box":{"x":101,"y":244,"width":313,"height":11}},{"id":"65e0d5fd-5e97-4fd7-acf6-b9ced72ef535","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":15,"box":{"x":101,"y":267,"width":785,"height":12}},{"id":"ace22faa-cee6-47ba-a953-0eb793931b46","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":15,"box":{"x":101,"y":282,"width":789,"height":12}},{"id":"3e65d642-995c-4b79-848b-e09cd2730877","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":15,"box":{"x":101,"y":297,"width":784,"height":12}},{"id":"a3d00928-6f53-4e42-815e-a3251a0aa3ce","block_type":"box","text":"interest payments.","page_number":15,"box":{"x":102,"y":312,"width":135,"height":11}},{"id":"bdb82113-cea1-4ab5-891f-3d9dcdd55cab","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":15,"box":{"x":102,"y":336,"width":781,"height":11}},{"id":"b61798fe-d39e-44d0-9684-804c16584486","block_type":"box","text":"attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to","page_number":15,"box":{"x":101,"y":351,"width":835,"height":11}},{"id":"a7f76b34-12a3-4026-b402-06f47d0e2fce","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":15,"box":{"x":101,"y":365,"width":833,"height":12}},{"id":"2a2b11bf-9db7-4262-b742-cb000080b740","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest","page_number":15,"box":{"x":101,"y":380,"width":820,"height":12}},{"id":"66b558ce-fc20-4fdd-a1bc-c37321ddc6cf","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":15,"box":{"x":102,"y":395,"width":783,"height":11}},{"id":"ac3a6458-e7aa-49f9-890f-96a3e171b3fe","block_type":"box","text":"increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to","page_number":15,"box":{"x":102,"y":410,"width":830,"height":11}},{"id":"9652921b-b8ec-42f6-b73b-af0ef27ad5d7","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":15,"box":{"x":102,"y":425,"width":373,"height":11}},{"id":"a2a4710b-9258-4572-87c3-029f39560629","block_type":"box","text":"Equity Securities Risk","page_number":15,"box":{"x":81,"y":445,"width":166,"height":11}},{"id":"7eda9d81-1df7-43bd-a6f6-7c6c89a08fe0","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":15,"box":{"x":251,"y":445,"width":666,"height":11}},{"id":"e538b081-1fe9-49c5-89ad-3a54ec3dff31","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":15,"box":{"x":81,"y":459,"width":850,"height":12}},{"id":"0d5e8fdd-7b80-4673-9701-975aa24ed195","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":15,"box":{"x":82,"y":474,"width":802,"height":12}},{"id":"6f717c7c-12f4-4923-9e0f-16ddee39c84a","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":15,"box":{"x":81,"y":489,"width":854,"height":12}},{"id":"0fba9db1-ec73-4c43-9c09-f7059b71c746","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":15,"box":{"x":81,"y":504,"width":848,"height":11}},{"id":"82dbfd44-05c8-43c8-ab64-7ec5de57c0ac","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":15,"box":{"x":81,"y":519,"width":824,"height":11}},{"id":"e35360e9-a7d2-4d21-8ce1-8c4eb2884c51","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":15,"box":{"x":81,"y":534,"width":782,"height":11}},{"id":"0a15d6b9-fe13-4cff-9705-bcc426ddea35","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":15,"box":{"x":82,"y":548,"width":849,"height":12}},{"id":"061a0e9e-1a63-4d5f-9402-dc967cef60ad","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":15,"box":{"x":82,"y":563,"width":482,"height":12}},{"id":"e5b72cae-5be1-45f9-b31a-b0d8bc7daf76","block_type":"box","text":"Financial Services Industry Risk","page_number":15,"box":{"x":81,"y":583,"width":242,"height":12}},{"id":"b74ac9b2-9e05-4fd6-b867-249bdaac2961","block_type":"box","text":"— Because of its investments in the financial services industry, the Fund will be","page_number":15,"box":{"x":327,"y":583,"width":591,"height":12}},{"id":"79828be6-f9f9-4775-a2f7-b7aabec68fef","block_type":"box","text":"more susceptible to any economic, business, political or other developments which generally affect this industry","page_number":15,"box":{"x":82,"y":598,"width":825,"height":12}},{"id":"54d7ff3a-afee-46d1-81ad-9bb820c2f244","block_type":"box","text":"sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as","page_number":15,"box":{"x":81,"y":613,"width":824,"height":11}},{"id":"32715ede-d14e-4f92-a8e5-7486b6f01aa1","block_type":"box","text":"government regulation, the availability and cost of capital funds (including the availability and stability of deposits in","page_number":15,"box":{"x":81,"y":628,"width":849,"height":11}},{"id":"49230920-9d0f-401b-9703-08653c9e1311","block_type":"box","text":"the case of deposit-taking institutions), consolidation and general economic conditions. Financial services","page_number":15,"box":{"x":80,"y":642,"width":779,"height":12}},{"id":"000585de-01b3-4967-ad68-3dfe2219be6e","block_type":"box","text":"companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or","page_number":15,"box":{"x":81,"y":657,"width":843,"height":12}},{"id":"c37ee3a1-1480-4974-bcbd-0ac5318cac31","block_type":"box","text":"cannot repay their obligations.","page_number":15,"box":{"x":81,"y":672,"width":221,"height":12}},{"id":"d9b5fe4c-af83-403d-8e60-8e7d522e5a21","block_type":"box","text":"When interest rates go up, the value of securities issued by many types of financial services companies generally","page_number":15,"box":{"x":81,"y":692,"width":834,"height":12}},{"id":"7b10e360-3fdb-4d9d-a00d-f7d8d80713c7","block_type":"box","text":"goes down. In many countries, financial services and the companies that provide them are regulated by","page_number":15,"box":{"x":81,"y":707,"width":761,"height":12}},{"id":"41f1def2-9b5e-4039-89f7-197fa1cd3256","block_type":"box","text":"governmental entities, which can increase costs for new services or products and make it difficult to pass","page_number":15,"box":{"x":81,"y":722,"width":780,"height":11}},{"id":"b6d17d26-7d55-4702-b9ac-b5915c0df6e4","block_type":"box","text":"increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in","page_number":15,"box":{"x":82,"y":737,"width":823,"height":11}},{"id":"c98fa8b5-3a2e-466b-9112-c6b98e0ad3d4","block_type":"box","text":"increased competition and reduced profitability for certain companies.","page_number":15,"box":{"x":82,"y":751,"width":513,"height":12}},{"id":"3c94c2a5-e624-45b8-b238-6d05707e04e5","block_type":"box","text":"The profitability of many types of financial services companies may be adversely affected in certain market cycles,","page_number":15,"box":{"x":81,"y":771,"width":840,"height":12}},{"id":"02c9b212-0bec-4067-a552-d1fce473e662","block_type":"box","text":"including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and","page_number":15,"box":{"x":82,"y":786,"width":817,"height":12}},{"id":"6fc441e2-d8be-427f-bf33-19075fc49bd8","block_type":"box","text":"declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because","page_number":15,"box":{"x":81,"y":801,"width":825,"height":12}},{"id":"594f2d8c-dbda-4fd7-a25a-6e20dba2726f","block_type":"box","text":"many types of financial services companies are vulnerable to these economic cycles, the Fund’s investments may","page_number":15,"box":{"x":82,"y":816,"width":837,"height":11}},{"id":"cac22cbf-4e68-45f1-a38c-cb7f0a923624","block_type":"box","text":"lose value during such periods.","page_number":15,"box":{"x":82,"y":831,"width":226,"height":11}},{"id":"ae7d6295-4c1f-4747-86dd-026ad4824081","block_type":"box","text":"High Portfolio Turnover Risk","page_number":15,"box":{"x":81,"y":851,"width":212,"height":11}},{"id":"4630e1ce-96a5-4860-8c92-29a46280669a","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":15,"box":{"x":297,"y":851,"width":629,"height":11}},{"id":"6af0891f-86d2-4aaf-b7ff-1828094f52fb","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":15,"box":{"x":82,"y":866,"width":812,"height":11}},{"id":"ba4aa5cd-44ab-4670-a087-0e268d29fa1a","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":15,"box":{"x":81,"y":880,"width":817,"height":12}},{"id":"9ed0da19-5657-4ec5-980e-901b0de49a9c","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":15,"box":{"x":81,"y":895,"width":760,"height":12}},{"id":"a073113b-4cf1-485d-a7ac-eb4a5d640a0b","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"af04eabf-eb6c-47f7-9b67-34b8fc55ee08","block_type":"box","text":"NM1026U-5979803-15/68","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7677e587-b48c-4d0c-bed9-854fc9fecdd1","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":16,"box":{"x":81,"y":46,"width":852,"height":11}},{"id":"1bfdf303-fd2e-426c-884d-9b870b8fd21a","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":16,"box":{"x":81,"y":60,"width":589,"height":12}},{"id":"c2f935ac-2bf4-4639-9d85-8b0f0f205e5b","block_type":"box","text":"Investment Style Risk","page_number":16,"box":{"x":81,"y":81,"width":166,"height":11}},{"id":"29b18097-e32e-4deb-838f-3d07592e179f","block_type":"box","text":"— Under certain market conditions, value investments have performed better during periods","page_number":16,"box":{"x":251,"y":80,"width":681,"height":12}},{"id":"e57287f0-c0f9-4fca-98cd-ebef8935967e","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":16,"box":{"x":81,"y":95,"width":809,"height":12}},{"id":"06327d4e-01a3-43f1-907e-2a4521d87338","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":16,"box":{"x":82,"y":110,"width":841,"height":12}},{"id":"012d23e8-d59a-4e83-bd23-8718b8060023","block_type":"box","text":"investment styles.","page_number":16,"box":{"x":82,"y":125,"width":131,"height":11}},{"id":"3ab2c4ba-e3f9-45a4-afca-f98bf4b07296","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":16,"box":{"x":81,"y":145,"width":276,"height":11}},{"id":"9dad32d9-ff8e-422f-a430-190a5de58bb8","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":16,"box":{"x":361,"y":145,"width":573,"height":11}},{"id":"dd17f4ac-1eb8-4543-a3e3-1fe3d899ac4a","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":16,"box":{"x":81,"y":160,"width":848,"height":11}},{"id":"1cd41304-3659-4659-a17a-40ff61a7391c","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":16,"box":{"x":81,"y":175,"width":839,"height":11}},{"id":"35bcef8d-d282-4951-9f4e-e42997c6c94c","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":16,"box":{"x":82,"y":189,"width":851,"height":12}},{"id":"4fab0ad5-991b-4944-ae20-5f3459d4a202","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":81,"y":209,"width":107,"height":12}},{"id":"9fff7601-2019-4f37-a02a-e4fd5d685067","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":16,"box":{"x":192,"y":209,"width":741,"height":12}},{"id":"9e8ebd4e-4b53-4a6e-8412-5689ff36d5d0","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":16,"box":{"x":81,"y":224,"width":787,"height":12}},{"id":"d3d5485a-b258-4cd3-923b-f2cfd8db5232","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":16,"box":{"x":82,"y":239,"width":831,"height":12}},{"id":"ca79e907-8448-4c8b-a625-7ef21e4fa437","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":16,"box":{"x":80,"y":254,"width":853,"height":11}},{"id":"b3b68059-1157-40ae-8d20-31be5e49474e","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":16,"box":{"x":80,"y":269,"width":808,"height":11}},{"id":"cb92aab6-2ca6-4cdc-a805-e5b6e5978b60","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":16,"box":{"x":81,"y":283,"width":837,"height":12}},{"id":"fa9f3d5a-2bcf-4ea1-a2d9-2dcea4adfb70","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":16,"box":{"x":82,"y":298,"width":807,"height":12}},{"id":"f2a0fd92-f4af-495e-bb95-05014a9a7042","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":16,"box":{"x":81,"y":313,"width":840,"height":12}},{"id":"6735a0a7-d724-4bfd-9a5e-76d863c69c6b","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":16,"box":{"x":80,"y":328,"width":558,"height":12}},{"id":"cfaa6c70-5b5a-48f7-bf26-0e7921155ac5","block_type":"box","text":"Market Risk and Selection Risk","page_number":16,"box":{"x":81,"y":348,"width":240,"height":9}},{"id":"f7b6459b-b968-4521-bc0d-f2befa6bd27f","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":16,"box":{"x":324,"y":348,"width":593,"height":9}},{"id":"c87c8b59-7c74-4013-8308-b375e19a8197","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":16,"box":{"x":81,"y":363,"width":851,"height":11}},{"id":"44d7b3de-dce7-4279-b334-b9ecf77067a0","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value (“NAV”) in response to short-term","page_number":16,"box":{"x":82,"y":378,"width":826,"height":11}},{"id":"c0d3fc31-6e5e-4c7b-b39b-b7c7fc4226f1","block_type":"box","text":"market movements and over longer periods during market downturns. Securities or other investments held by the","page_number":16,"box":{"x":82,"y":393,"width":831,"height":11}},{"id":"b427d655-4bef-4911-b389-4a2a45287e78","block_type":"box","text":"Fund may underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds","page_number":16,"box":{"x":82,"y":407,"width":843,"height":12}},{"id":"3e838597-d175-4547-a8b5-0a98c25a881e","block_type":"box","text":"with similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The","page_number":16,"box":{"x":80,"y":422,"width":820,"height":12}},{"id":"f18969e8-78f5-436d-b868-e63a747d08f3","block_type":"box","text":"value of a security or other asset may decline due to changes in general market conditions, economic trends or","page_number":16,"box":{"x":80,"y":437,"width":819,"height":11}},{"id":"80cddb64-85c3-48b3-b957-3d350319ddf3","block_type":"box","text":"events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular","page_number":16,"box":{"x":81,"y":452,"width":849,"height":11}},{"id":"8db27480-4c6a-4146-9d1a-9465d8f7dde0","block_type":"box","text":"issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or","page_number":16,"box":{"x":82,"y":467,"width":816,"height":11}},{"id":"29843ab1-8d74-4eb3-8e43-ecdf927993f9","block_type":"box","text":"asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation","page_number":16,"box":{"x":81,"y":481,"width":836,"height":12}},{"id":"23fd2369-dfdf-446d-be5d-9a73a9e641f1","block_type":"box","text":"rates, economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic","page_number":16,"box":{"x":82,"y":496,"width":789,"height":12}},{"id":"0c6cbd01-9edf-4ac2-a304-9fc2fda806a9","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural","page_number":16,"box":{"x":81,"y":511,"width":833,"height":12}},{"id":"e2a34ac2-83d1-49e8-8119-3bd48bbe601f","block_type":"box","text":"and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other","page_number":16,"box":{"x":81,"y":526,"width":819,"height":11}},{"id":"556f220e-314f-4007-860a-8f5affaf6acd","block_type":"box","text":"events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative","page_number":16,"box":{"x":81,"y":541,"width":849,"height":11}},{"id":"061d4021-8e6e-4207-a6ab-69c570beeaf1","block_type":"box","text":"analysis and is subject to “Model Risk” as described below.","page_number":16,"box":{"x":81,"y":556,"width":438,"height":11}},{"id":"f6f1d3ac-5473-4a18-813c-7486d43aa483","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":16,"box":{"x":82,"y":576,"width":818,"height":11}},{"id":"99b75ebf-180f-43b5-896a-c739517c4695","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":16,"box":{"x":80,"y":591,"width":819,"height":11}},{"id":"935b0468-2083-424d-832c-8bf0afe6e086","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":16,"box":{"x":81,"y":605,"width":819,"height":12}},{"id":"5acbf989-e251-444b-a136-3c07031e6ee4","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":16,"box":{"x":81,"y":620,"width":846,"height":12}},{"id":"391f3f43-dc4b-4539-8460-149f4f08dcff","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":16,"box":{"x":81,"y":635,"width":848,"height":11}},{"id":"cedcdf05-8845-49df-bf08-086f16b41200","block_type":"box","text":"the Fund invests.","page_number":16,"box":{"x":80,"y":650,"width":125,"height":9}},{"id":"f556f32f-0bb4-43e6-af70-5a2dad21674f","block_type":"box","text":"Model Risk","page_number":16,"box":{"x":81,"y":670,"width":85,"height":9}},{"id":"040b8560-46a1-4022-8731-14fe2462d630","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":16,"box":{"x":170,"y":670,"width":722,"height":11}},{"id":"4dda4eee-53eb-4cc0-9c71-decc87477165","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":16,"box":{"x":81,"y":684,"width":840,"height":12}},{"id":"d42893b2-05fa-4a1f-bf84-2c1f0d6de6b0","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":16,"box":{"x":80,"y":699,"width":854,"height":12}},{"id":"10e7d0a9-6a37-4401-8975-cd0fc5b1d419","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":16,"box":{"x":81,"y":714,"width":845,"height":12}},{"id":"f20b94ee-4700-4a31-a1a3-9ac9c1f5b3c7","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":16,"box":{"x":81,"y":729,"width":852,"height":11}},{"id":"eddcc9dd-3364-4976-b897-e282c9e92bc6","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":16,"box":{"x":82,"y":744,"width":840,"height":11}},{"id":"69ec3746-786e-48d2-94d0-7a80cfecd7c3","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":16,"box":{"x":81,"y":759,"width":779,"height":11}},{"id":"52f25dde-7972-4722-a067-5c8f4211c439","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":16,"box":{"x":82,"y":773,"width":838,"height":12}},{"id":"6df68203-ce14-463d-a852-145b1be4813f","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":16,"box":{"x":82,"y":788,"width":338,"height":9}},{"id":"1ec7c28d-5396-4348-8882-c3b0faf3f393","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":16,"box":{"x":81,"y":808,"width":789,"height":12}},{"id":"f83155a4-8c76-400d-b2ec-e50822b668c6","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":16,"box":{"x":82,"y":823,"width":800,"height":12}},{"id":"636118b4-392d-45c8-b889-b562405be997","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":16,"box":{"x":82,"y":838,"width":824,"height":11}},{"id":"86d7868d-c659-4663-a804-ac48d41e1a6d","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":16,"box":{"x":81,"y":853,"width":814,"height":11}},{"id":"5ce71b5e-9260-4e80-8175-788f153e9b8c","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":16,"box":{"x":82,"y":868,"width":774,"height":11}},{"id":"a34f0c79-bd5a-4cd8-8ed2-09e54e656574","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":16,"box":{"x":82,"y":882,"width":808,"height":12}},{"id":"3bfc11cf-3a4f-4a66-98d1-72e179e0d56d","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1d071853-fb01-44f2-a3ae-f38c568ecd49","block_type":"box","text":"NM1026U-5979803-16/68","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ccfe44b8-1106-482a-bddd-524b71a55fd5","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":17,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"7ae0a34a-96fd-42ed-8bfb-098d84e7a30c","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":17,"box":{"x":81,"y":60,"width":834,"height":12}},{"id":"d6a8351f-e8a2-4bde-8cdf-0e62866ed274","block_type":"box","text":"data.","page_number":17,"box":{"x":81,"y":76,"width":36,"height":9}},{"id":"70b62b8d-4acf-424a-806e-ae7f11480095","block_type":"box","text":"“New Issues” Risk","page_number":17,"box":{"x":83,"y":95,"width":139,"height":9}},{"id":"162ee3cf-0035-4cdc-9e10-2bf1a0c24ac7","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":17,"box":{"x":226,"y":95,"width":673,"height":12}},{"id":"795be040-e64d-4733-b1af-c0ea80a9d8df","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":17,"box":{"x":81,"y":110,"width":833,"height":12}},{"id":"902e5576-1829-4581-9610-a1cc59281c7a","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":17,"box":{"x":82,"y":125,"width":853,"height":11}},{"id":"01401fad-a871-430f-8da0-e9acfc07251d","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":17,"box":{"x":81,"y":140,"width":778,"height":11}},{"id":"ca6a108c-9164-4354-9389-d46bb175bf34","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":17,"box":{"x":81,"y":155,"width":827,"height":11}},{"id":"b56b5baf-df90-4867-b830-83b0ae172c57","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":17,"box":{"x":82,"y":169,"width":838,"height":12}},{"id":"6b19ddb5-8f0a-4879-9707-6945c64fd61b","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":17,"box":{"x":82,"y":184,"width":776,"height":12}},{"id":"c2773387-d3b2-457a-a70d-ab4fd7098ab3","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":17,"box":{"x":81,"y":199,"width":830,"height":12}},{"id":"596b4d4f-ca45-4388-9a72-fcf581cd4caf","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":17,"box":{"x":82,"y":214,"width":834,"height":11}},{"id":"f9f9a79c-6456-4c5a-bdd0-b1d63e6ca368","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":17,"box":{"x":80,"y":229,"width":844,"height":11}},{"id":"4a8859c3-356c-4fe0-959b-d729f80a156a","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":17,"box":{"x":81,"y":244,"width":840,"height":11}},{"id":"df055932-df52-4d8e-bbb4-1365ca2ee624","block_type":"box","text":"price as it would like.","page_number":17,"box":{"x":82,"y":259,"width":153,"height":11}},{"id":"d10cc8f1-df77-4fac-804a-51f0839cec09","block_type":"box","text":"Operational and Technology Risks","page_number":17,"box":{"x":82,"y":278,"width":254,"height":12}},{"id":"9a2cf706-54bb-494a-870f-91f68229c30a","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":17,"box":{"x":340,"y":279,"width":549,"height":11}},{"id":"61d38c5c-41d0-4b8a-ba16-c5306a932782","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":17,"box":{"x":81,"y":293,"width":790,"height":12}},{"id":"9b37a699-260b-426a-bde2-853ca437726f","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":17,"box":{"x":81,"y":308,"width":833,"height":11}},{"id":"89b8064f-3f67-4cd7-9e70-771fef0aa973","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":17,"box":{"x":80,"y":323,"width":826,"height":11}},{"id":"6a6f6fd7-d5d4-4d8c-b0c3-c29c2c7ca174","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":17,"box":{"x":82,"y":338,"width":754,"height":11}},{"id":"c5f36e3b-8923-4817-adac-d931369bd5ec","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":17,"box":{"x":81,"y":352,"width":845,"height":12}},{"id":"5d2e9fad-b4af-48ec-ae04-ffa9ebccfa27","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":17,"box":{"x":82,"y":367,"width":805,"height":12}},{"id":"d7e21d91-d975-49cc-99b2-3de10009446c","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":17,"box":{"x":81,"y":382,"width":815,"height":12}},{"id":"3af0ed23-1ed8-43fc-902f-e6a2eaf997d7","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":17,"box":{"x":81,"y":397,"width":850,"height":11}},{"id":"00c5213f-845a-4cb7-a976-fc6957b53e4b","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":17,"box":{"x":82,"y":412,"width":558,"height":11}},{"id":"828e80b6-fcb5-46ac-95e6-17e6be8876df","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":17,"box":{"x":81,"y":432,"width":821,"height":11}},{"id":"437c8ff9-0530-43fe-9fd6-50135edb6a72","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":17,"box":{"x":82,"y":447,"width":814,"height":11}},{"id":"12f771a5-4b66-4b23-ae70-8223cf5606d3","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":17,"box":{"x":81,"y":461,"width":824,"height":12}},{"id":"492ae305-f7bf-4757-a62c-8a91c37740f5","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":17,"box":{"x":81,"y":476,"width":791,"height":12}},{"id":"f34f5d4a-df67-4dff-a1cd-ce08e7bc5338","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":17,"box":{"x":82,"y":491,"width":852,"height":12}},{"id":"71ec144d-c27a-4bf2-bdc6-4b7d9acbafd1","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":17,"box":{"x":81,"y":506,"width":784,"height":11}},{"id":"bd7c52b8-81fa-4e9f-8baa-9cdea8e64531","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":17,"box":{"x":81,"y":521,"width":787,"height":11}},{"id":"4552c76b-3b55-4dfd-af4e-598b08075d69","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":17,"box":{"x":81,"y":535,"width":840,"height":12}},{"id":"185a6034-00d8-489a-ad57-d6d11fa11a85","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":17,"box":{"x":81,"y":550,"width":809,"height":12}},{"id":"3d413a53-13a0-4b51-b944-eed429e117d1","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":17,"box":{"x":81,"y":565,"width":829,"height":12}},{"id":"7d9ab22e-bb1e-4a21-8a7b-24d6e434f0df","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":17,"box":{"x":82,"y":580,"width":798,"height":12}},{"id":"3d52f440-4ba1-45aa-a43c-ad7a7cac8ef5","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":17,"box":{"x":81,"y":595,"width":829,"height":11}},{"id":"16a4a81f-c27d-449b-9e5b-c3dd31590eca","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":17,"box":{"x":82,"y":610,"width":846,"height":11}},{"id":"c12a655a-f42a-44a5-9bbb-d389e65d154f","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":17,"box":{"x":82,"y":625,"width":846,"height":11}},{"id":"534c2b19-c85b-4045-afbb-bc1938bc16c6","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":17,"box":{"x":81,"y":639,"width":838,"height":12}},{"id":"51cf9abf-1362-4ff7-a329-10d21f883a28","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":17,"box":{"x":80,"y":654,"width":770,"height":12}},{"id":"a928a297-c6de-449b-af49-85fd268c3ff6","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":17,"box":{"x":80,"y":669,"width":792,"height":12}},{"id":"b35fdef8-6f89-4b50-9d24-888151ce10c3","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":17,"box":{"x":82,"y":684,"width":845,"height":11}},{"id":"507b48af-f1f8-4203-8b46-3e174e3d6d9c","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":17,"box":{"x":80,"y":699,"width":840,"height":11}},{"id":"f2c0b69d-1ea0-4c5c-9fe6-f0840db46191","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":17,"box":{"x":81,"y":714,"width":841,"height":11}},{"id":"163a7ec8-0705-4a4e-90c4-6a2265248a48","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":17,"box":{"x":80,"y":728,"width":847,"height":12}},{"id":"9e7ce3bf-ae1f-4846-864f-8c0a5e3b2e9b","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":17,"box":{"x":82,"y":743,"width":838,"height":12}},{"id":"3c2fcce4-8409-4dc3-83e4-a878a89dcb34","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":17,"box":{"x":81,"y":758,"width":847,"height":11}},{"id":"6aab932d-d073-4299-bd84-e59bb9a0586c","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":17,"box":{"x":81,"y":773,"width":845,"height":11}},{"id":"05e42925-b6a2-48a0-9872-088260f885f2","block_type":"box","text":"and the associated risks to the Fund.","page_number":17,"box":{"x":81,"y":788,"width":273,"height":9}},{"id":"52946fe1-c585-4886-a183-c3ba0849d735","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":17,"box":{"x":81,"y":808,"width":769,"height":11}},{"id":"cacebb59-9f2c-4444-984f-687dabe37c70","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":17,"box":{"x":81,"y":822,"width":855,"height":12}},{"id":"a8edd420-f95a-40ae-9ee4-959b91044b7d","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":17,"box":{"x":80,"y":837,"width":848,"height":12}},{"id":"c7335143-c143-4d66-958a-539df34e7128","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":17,"box":{"x":81,"y":852,"width":777,"height":12}},{"id":"f2f4ab18-ec08-43f8-a8ba-101601cb589d","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":17,"box":{"x":81,"y":867,"width":824,"height":11}},{"id":"fc1d254b-b041-4122-bf28-2b24c07589ad","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":17,"box":{"x":81,"y":882,"width":785,"height":11}},{"id":"b9a8c42e-e2d1-4f2e-8351-6f5a0658d75f","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":17,"box":{"x":82,"y":896,"width":853,"height":12}},{"id":"a5bc4ca4-06e1-466d-9bd2-6fef3e267064","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":17,"box":{"x":82,"y":911,"width":855,"height":12}},{"id":"8d1a323c-9cce-43cd-9806-b09ed3840302","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"de79f59b-236e-479e-8854-4b4695a8afd6","block_type":"box","text":"NM1026U-5979803-17/68","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e1d81e1d-e8d8-41fd-a528-a857406c8165","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":18,"box":{"x":82,"y":46,"width":813,"height":11}},{"id":"5c990cd0-f8e5-4e93-b727-719c883dc3de","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":18,"box":{"x":81,"y":60,"width":806,"height":12}},{"id":"014e9521-d166-4de7-8d68-38c97b7ad5c0","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":18,"box":{"x":82,"y":75,"width":602,"height":12}},{"id":"bbffe1ea-590b-4160-8d23-800717db8930","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":18,"box":{"x":82,"y":96,"width":794,"height":11}},{"id":"9266496d-02c6-490f-a4d3-f36d72b14b04","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":18,"box":{"x":81,"y":110,"width":840,"height":12}},{"id":"eacd83a9-0eff-4d24-9f0e-59248ceb5654","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":18,"box":{"x":81,"y":125,"width":801,"height":11}},{"id":"f9cf4b40-b016-457b-a41a-898be094d56b","block_type":"box","text":"resources to monitor and implement required changes.","page_number":18,"box":{"x":82,"y":140,"width":402,"height":11}},{"id":"110d8fc1-bec8-4b59-a56d-9031f60114d3","block_type":"box","text":"Preferred Securities Risk","page_number":18,"box":{"x":81,"y":160,"width":189,"height":9}},{"id":"868cd879-6777-403f-941f-df4773bcd172","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":18,"box":{"x":274,"y":160,"width":636,"height":11}},{"id":"12dd06fa-7afe-4a32-8eda-f7d12622a41d","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":18,"box":{"x":81,"y":175,"width":824,"height":11}},{"id":"2387d0bd-3220-4ca1-ac91-5a12c6f9c5b8","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":18,"box":{"x":82,"y":189,"width":806,"height":12}},{"id":"e3c01d6d-d39c-47e0-ad2d-9c9ac28c58e2","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":18,"box":{"x":81,"y":204,"width":842,"height":12}},{"id":"da258c35-064e-4da3-85b2-7c7339e32f37","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":18,"box":{"x":81,"y":219,"width":781,"height":12}},{"id":"7a749671-6641-4090-af0e-9ce8174af09a","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":18,"box":{"x":81,"y":234,"width":812,"height":11}},{"id":"66151f94-fd3c-410c-bfc1-af1d223ccbf9","block_type":"box","text":"larger companies.","page_number":18,"box":{"x":82,"y":249,"width":129,"height":11}},{"id":"5e1b370e-1bb1-4f77-a8bd-b047c38600a9","block_type":"box","text":"Risk of Investing in the United States","page_number":18,"box":{"x":81,"y":269,"width":283,"height":11}},{"id":"012e8574-5d96-46fa-95f6-abb2041276dd","block_type":"box","text":"—","page_number":18,"box":{"x":369,"y":274,"width":17,"height":1}},{"id":"9422e43b-c915-4484-aa12-949f2cec150a","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":18,"box":{"x":390,"y":269,"width":519,"height":11}},{"id":"33fabe38-9b61-4e74-8ded-9bcc63ab69c7","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":18,"box":{"x":82,"y":283,"width":790,"height":12}},{"id":"550d6607-00c8-42f9-b31f-6b7508a4c793","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":18,"box":{"x":81,"y":298,"width":835,"height":12}},{"id":"5526682a-78bf-453c-b1c3-fff72f582a89","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":18,"box":{"x":82,"y":313,"width":784,"height":12}},{"id":"c6d109c6-9d03-416d-8024-6a8dd3bcd2ac","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":18,"box":{"x":82,"y":328,"width":849,"height":12}},{"id":"bbb13c12-eab1-4795-a457-acd90da04378","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":18,"box":{"x":81,"y":343,"width":832,"height":11}},{"id":"93e3fee3-6ef8-46ea-8653-decfd63fa5af","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":18,"box":{"x":81,"y":358,"width":851,"height":11}},{"id":"d8419060-939c-4f05-8df0-da3e4bfebf54","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":18,"box":{"x":82,"y":372,"width":471,"height":12}},{"id":"9f0154cb-126c-4288-8e9c-829dd01b85c3","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":18,"box":{"x":81,"y":392,"width":847,"height":12}},{"id":"ac186b16-722d-4489-ab80-5dc7f2e488f5","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":18,"box":{"x":81,"y":407,"width":810,"height":12}},{"id":"24242310-a033-4860-8121-3a1c4eb8d5a1","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":18,"box":{"x":82,"y":422,"width":832,"height":11}},{"id":"6e92a79d-6e3c-40a6-9e5c-1816bb71f04f","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":18,"box":{"x":80,"y":437,"width":826,"height":11}},{"id":"1adacf56-49af-4447-b6b6-fe7de8fb5f4f","block_type":"box","text":"Fund invests.","page_number":18,"box":{"x":82,"y":452,"width":95,"height":9}},{"id":"7980c35a-0cb2-42c9-862b-bacfd59e4dcc","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":18,"box":{"x":61,"y":475,"width":296,"height":12}},{"id":"267bafde-8024-45dc-8190-3df692c4c5ca","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":18,"box":{"x":60,"y":491,"width":832,"height":11}},{"id":"84a7a024-88da-4e0a-873f-ef3d28568ff1","block_type":"box","text":"strategies, including:","page_number":18,"box":{"x":61,"y":506,"width":151,"height":11}},{"id":"fce8ba71-8a7c-4195-91db-06c598ec8ec8","block_type":"box","text":"Borrowing Risk","page_number":18,"box":{"x":81,"y":526,"width":115,"height":11}},{"id":"234de459-a629-4824-bfdf-e1acd5a13f02","block_type":"box","text":"— Borrowing may exaggerate changes in the NAV of Fund shares and in the return on the Fund’s","page_number":18,"box":{"x":200,"y":526,"width":710,"height":11}},{"id":"f3d0828a-9253-4eff-b7c8-cbb001e33f7b","block_type":"box","text":"portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the","page_number":18,"box":{"x":82,"y":541,"width":811,"height":11}},{"id":"fbd1e2c8-654b-42d8-9bcd-4bfd3f69f91e","block_type":"box","text":"Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to","page_number":18,"box":{"x":82,"y":556,"width":828,"height":11}},{"id":"2bebc6f6-a5c1-47fa-b853-7527df590a48","block_type":"box","text":"satisfy its obligations.","page_number":18,"box":{"x":81,"y":570,"width":159,"height":12}},{"id":"67386888-a625-42b1-b1d3-71a5a52c270f","block_type":"box","text":"Expense Risk","page_number":18,"box":{"x":81,"y":590,"width":102,"height":12}},{"id":"0faeb332-9a0b-4dd1-9429-f4724ba53cb8","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":18,"box":{"x":187,"y":590,"width":734,"height":12}},{"id":"ebcb3677-9638-4b99-928b-ac76a6708839","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":18,"box":{"x":81,"y":605,"width":855,"height":12}},{"id":"9f7edfb5-5b66-4038-bfd3-f05896c73698","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":18,"box":{"x":82,"y":620,"width":842,"height":12}},{"id":"1d3db8c7-988b-46f1-b7cc-720c911de8c0","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":18,"box":{"x":82,"y":635,"width":808,"height":11}},{"id":"f0642417-5fae-485e-9b72-c18ae8a206d2","block_type":"box","text":"significant.","page_number":18,"box":{"x":81,"y":650,"width":78,"height":11}},{"id":"51a06066-e78f-49c0-aacb-be79597d22be","block_type":"box","text":"Illiquid Investments Risk","page_number":18,"box":{"x":81,"y":670,"width":186,"height":11}},{"id":"83399983-d71a-43fb-bf93-715562667b4f","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":18,"box":{"x":271,"y":670,"width":648,"height":11}},{"id":"020d5c83-f54d-4e59-81c9-cbf9735c19eb","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":18,"box":{"x":80,"y":684,"width":841,"height":12}},{"id":"d69b5fd8-58cb-474d-89e5-fa196899182a","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":18,"box":{"x":82,"y":699,"width":831,"height":12}},{"id":"8c170390-2ed2-4707-a635-80ba2bc7415f","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":18,"box":{"x":81,"y":714,"width":811,"height":12}},{"id":"157eaa23-b55a-4ed1-b6c2-b648a2f84c57","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":18,"box":{"x":82,"y":729,"width":825,"height":11}},{"id":"19fa021f-3b61-4003-8623-f691f330dd81","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":18,"box":{"x":81,"y":744,"width":837,"height":11}},{"id":"f9788b71-deae-4536-a39b-b085d93dc44b","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":18,"box":{"x":80,"y":759,"width":851,"height":11}},{"id":"885f58e1-43ff-418e-b816-ac7e073f930b","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":18,"box":{"x":82,"y":774,"width":835,"height":11}},{"id":"2554818e-1af5-47d0-8648-d3efda9c1289","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":18,"box":{"x":82,"y":788,"width":835,"height":12}},{"id":"08db6082-69a0-4c02-9981-972a3cdeaf1c","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":18,"box":{"x":81,"y":803,"width":791,"height":12}},{"id":"744df870-d34c-4d81-a2a5-711bb5419c9d","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":18,"box":{"x":81,"y":818,"width":846,"height":11}},{"id":"162ffb54-804c-48ad-a8c2-98186d00bf8a","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":18,"box":{"x":81,"y":833,"width":835,"height":11}},{"id":"37f3a7f4-9fba-43f9-bdb2-e02b1bdb08aa","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":18,"box":{"x":82,"y":847,"width":839,"height":12}},{"id":"6df13be7-a44c-4194-8f1a-551cde678207","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":18,"box":{"x":80,"y":863,"width":834,"height":11}},{"id":"634b859e-b508-4610-8f81-f6922b50f7f2","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":18,"box":{"x":81,"y":877,"width":815,"height":12}},{"id":"5b917d8d-92a6-459e-a266-e8d9cb294a60","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":18,"box":{"x":82,"y":892,"width":835,"height":12}},{"id":"ebdaca5b-b8ba-4b6c-8939-e4071aca62aa","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":18,"box":{"x":82,"y":907,"width":827,"height":11}},{"id":"52c64c72-df67-41f1-ab87-c06e94512a9e","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"06705932-ad39-4c39-843a-e1766b840205","block_type":"box","text":"NM1026U-5979803-18/68","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0621f1fe-ee77-4a0e-aa3a-a9153248dd1d","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":19,"box":{"x":80,"y":46,"width":831,"height":11}},{"id":"bbc428d2-1e9a-451a-aa13-bedb34fdefe2","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":19,"box":{"x":81,"y":61,"width":304,"height":11}},{"id":"ad93bd10-ccb1-4eba-84dc-732a12fc7d16","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":19,"box":{"x":81,"y":81,"width":366,"height":11}},{"id":"ca34af0a-3f28-48fa-b35b-a75264e428f4","block_type":"box","text":"— As with other investments, investments in other investment","page_number":19,"box":{"x":450,"y":81,"width":459,"height":10}},{"id":"56954235-81b6-4e90-b914-81330905c1f5","block_type":"box","text":"companies, including exchange-traded funds, are subject to market and selection risk. In addition, if the Fund","page_number":19,"box":{"x":81,"y":95,"width":802,"height":12}},{"id":"1e32c51c-0425-4fb6-aa8d-80b89ebc95c1","block_type":"box","text":"acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their","page_number":19,"box":{"x":81,"y":110,"width":816,"height":12}},{"id":"20be829a-d58a-458c-9a12-7ae6d699159b","block_type":"box","text":"proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the","page_number":19,"box":{"x":82,"y":125,"width":782,"height":11}},{"id":"13c14bab-7154-4846-824c-36a426a4224b","block_type":"box","text":"expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the","page_number":19,"box":{"x":81,"y":140,"width":830,"height":11}},{"id":"0e537fc0-94c6-40f9-9f38-6ee622265a4b","block_type":"box","text":"Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":19,"box":{"x":82,"y":155,"width":836,"height":11}},{"id":"ab9cb57f-e62f-4308-b219-9ff7e012280f","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":19,"box":{"x":81,"y":175,"width":396,"height":11}},{"id":"8cdf22fd-0c1a-4d01-a9f3-733ec994c47b","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":19,"box":{"x":481,"y":175,"width":440,"height":11}},{"id":"b2966346-e757-4da9-8914-1a40373e5540","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":19,"box":{"x":82,"y":189,"width":801,"height":12}},{"id":"1bf9fe3c-2353-474f-8d82-3fec1d21a1c1","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":19,"box":{"x":81,"y":204,"width":825,"height":12}},{"id":"f04fc6fa-e52a-4a8d-88fa-627c6c27d07b","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":19,"box":{"x":82,"y":219,"width":816,"height":11}},{"id":"3597c8a5-e562-42c3-893f-145dde685edb","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":19,"box":{"x":82,"y":234,"width":818,"height":11}},{"id":"fbf4a969-fe3b-4dd9-9f0d-4a4c62b9d4f3","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":19,"box":{"x":80,"y":249,"width":835,"height":11}},{"id":"b67dfd92-f10b-4612-b8e2-78c86a2bd63f","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":19,"box":{"x":80,"y":263,"width":807,"height":12}},{"id":"5cd01270-4800-4547-b6e3-c535fb4262a5","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":19,"box":{"x":82,"y":279,"width":841,"height":11}},{"id":"bbb416be-9be8-49b3-876f-f0ae25258da0","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":19,"box":{"x":80,"y":293,"width":855,"height":12}},{"id":"5c6ab608-9682-4894-b116-167f23c8d6ed","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":19,"box":{"x":81,"y":308,"width":751,"height":11}},{"id":"8b1e0c1b-c1b2-4bfe-95cd-a23f40d64902","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":19,"box":{"x":81,"y":323,"width":785,"height":11}},{"id":"dbb086f4-6d42-456a-9849-977d3b069d92","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":19,"box":{"x":81,"y":338,"width":841,"height":11}},{"id":"91ea5456-369c-4303-8923-8eee401c981f","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":19,"box":{"x":80,"y":353,"width":824,"height":11}},{"id":"6130fcb6-0c54-4175-975a-b7268da25eba","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":19,"box":{"x":81,"y":367,"width":822,"height":12}},{"id":"453dfbec-97e4-4724-84d0-ff472015420e","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":19,"box":{"x":81,"y":382,"width":801,"height":12}},{"id":"f18e2719-be4a-4a83-bc1e-41d6f19e1504","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":19,"box":{"x":80,"y":397,"width":765,"height":12}},{"id":"cd41baab-977a-472a-a981-9b5d5825d47f","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":19,"box":{"x":82,"y":412,"width":852,"height":11}},{"id":"ae03eeaf-553e-44eb-80d2-b42135eb0e4e","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":19,"box":{"x":82,"y":427,"width":847,"height":11}},{"id":"0a3b2492-137d-484a-be0c-c42b39c40827","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":19,"box":{"x":80,"y":441,"width":847,"height":12}},{"id":"2d72828d-4d31-4d8c-a7ae-4f7a54e5ac74","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":19,"box":{"x":81,"y":456,"width":845,"height":12}},{"id":"a98b288a-6d39-4284-9a59-fb5a3689617e","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":19,"box":{"x":82,"y":471,"width":835,"height":12}},{"id":"d1aa4117-4bf8-4753-a6c3-b389b9433c91","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":19,"box":{"x":82,"y":486,"width":839,"height":11}},{"id":"6775aec9-a5c5-4355-a1b5-5d4a3d9503f5","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":19,"box":{"x":82,"y":501,"width":461,"height":11}},{"id":"0f90d56b-8bdf-4163-8435-4008847b6b38","block_type":"box","text":"Mid Cap Securities Risk","page_number":19,"box":{"x":81,"y":521,"width":182,"height":11}},{"id":"61b47faa-27a4-4889-bc15-caac39edb245","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":19,"box":{"x":267,"y":521,"width":665,"height":11}},{"id":"a2724ff7-512a-4527-9252-0c42df0dfffa","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":19,"box":{"x":81,"y":535,"width":789,"height":12}},{"id":"bbb03b3c-7392-4123-997a-ba7330a4d812","block_type":"box","text":"Money Market Securities Risk","page_number":19,"box":{"x":81,"y":556,"width":229,"height":11}},{"id":"77c71559-30fa-47da-8a50-0dc74a6dc46b","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":19,"box":{"x":314,"y":555,"width":570,"height":12}},{"id":"a4bc988e-1197-46b7-849c-f89a6df3b6ae","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":19,"box":{"x":81,"y":570,"width":819,"height":12}},{"id":"9eab5648-a578-4db0-87ac-c44565b4fefd","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":19,"box":{"x":82,"y":585,"width":657,"height":12}},{"id":"62418b91-14dc-4437-bf29-8baf2e9dac36","block_type":"box","text":"Ownership Limitations Risk","page_number":19,"box":{"x":82,"y":605,"width":205,"height":11}},{"id":"e72bd67f-d6dd-4b33-9228-fb1979b6fe02","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":19,"box":{"x":291,"y":605,"width":610,"height":12}},{"id":"0e30c446-96ae-4698-9be8-fc436f21ac8b","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":19,"box":{"x":80,"y":620,"width":849,"height":11}},{"id":"a1128ea8-14e3-41bd-b6c6-28ff98936b92","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":19,"box":{"x":81,"y":635,"width":798,"height":11}},{"id":"19d59b43-cf05-4c32-9fdd-757bb6599cc5","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":19,"box":{"x":82,"y":650,"width":833,"height":11}},{"id":"8dcc17e0-1288-4541-8780-9d289867c8a3","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":19,"box":{"x":82,"y":664,"width":851,"height":12}},{"id":"f5ece1c0-fafb-4848-befe-0fa3acf53e2a","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":19,"box":{"x":81,"y":679,"width":813,"height":12}},{"id":"a703ae5b-e558-46db-b6e4-30c2bdb302e8","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":19,"box":{"x":82,"y":694,"width":331,"height":12}},{"id":"d9bc8fa5-0801-4166-adb4-65a22a3b2791","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":19,"box":{"x":82,"y":714,"width":826,"height":12}},{"id":"62664650-e4bd-4f81-adf1-447dd665b120","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":19,"box":{"x":81,"y":729,"width":848,"height":11}},{"id":"660e4ea7-0d7d-45b7-8a68-b91c001b2261","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":19,"box":{"x":81,"y":744,"width":799,"height":11}},{"id":"ee89977a-6388-4657-a33e-64c7ccbc11ad","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":19,"box":{"x":81,"y":759,"width":828,"height":11}},{"id":"ad7fadea-d31c-4ea3-987b-4fe6e07ebd7a","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":19,"box":{"x":81,"y":773,"width":828,"height":12}},{"id":"7778cd45-333d-489e-9403-964268aef052","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":19,"box":{"x":80,"y":788,"width":837,"height":12}},{"id":"c3292ad3-1ca7-43e2-a8d8-da5f8df6350b","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":19,"box":{"x":80,"y":803,"width":837,"height":12}},{"id":"b8e5b88b-3a00-4201-bf73-b8e26e54aaad","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":19,"box":{"x":82,"y":818,"width":800,"height":11}},{"id":"a949891a-3235-4e7e-b1c4-7a97be111a6b","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":19,"box":{"x":81,"y":833,"width":678,"height":11}},{"id":"f91c116a-cfa7-4865-914c-7a8004d2384e","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":19,"box":{"x":81,"y":853,"width":842,"height":11}},{"id":"b8ace52f-e30f-470f-8a62-3b562f6ef40c","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":19,"box":{"x":81,"y":868,"width":833,"height":11}},{"id":"b99a8f22-5dc7-4930-abd9-c590da57725c","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":19,"box":{"x":82,"y":882,"width":582,"height":12}},{"id":"e6be8bf8-9bd4-4bfb-bba8-418a70df1bbd","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":19,"box":{"x":81,"y":902,"width":269,"height":9}},{"id":"94e3c82c-bc09-4a9c-bd86-eb7f7acea40b","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":19,"box":{"x":354,"y":902,"width":527,"height":9}},{"id":"084e8cb1-d482-414f-8abb-bcafd1d0c852","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":19,"box":{"x":82,"y":917,"width":816,"height":12}},{"id":"8fc2479e-78ce-4321-a19c-7f80eb0fdcfb","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ab15b726-6694-4465-b181-4f032cc3bb55","block_type":"box","text":"NM1026U-5979803-19/68","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0a384689-976d-41d2-97b8-787d476c43e6","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":20,"box":{"x":81,"y":46,"width":845,"height":11}},{"id":"aa4cf940-a83c-40e4-b283-062f189c1e33","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":20,"box":{"x":81,"y":60,"width":841,"height":12}},{"id":"ad847265-ff5e-413c-9aaf-c64c6dc5f953","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":20,"box":{"x":82,"y":75,"width":852,"height":12}},{"id":"165545a4-21c2-48a9-ba6a-d9bff05385ec","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":20,"box":{"x":81,"y":90,"width":841,"height":12}},{"id":"cea848fe-7267-4a44-9464-a08308a42f41","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":20,"box":{"x":81,"y":105,"width":807,"height":12}},{"id":"0210c8d1-6432-4aaa-9a83-68774544b95a","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":20,"box":{"x":82,"y":120,"width":815,"height":11}},{"id":"68de4126-c7bd-4e2d-9231-7cfde4c263ac","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":20,"box":{"x":82,"y":135,"width":845,"height":11}},{"id":"f5d26d50-7963-4963-96cb-793d3a7da193","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":20,"box":{"x":81,"y":149,"width":828,"height":12}},{"id":"10f91783-acd9-4f0e-a0a1-97042ae7da2f","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":20,"box":{"x":82,"y":164,"width":805,"height":12}},{"id":"da2445ca-aea2-4262-a4a5-d7cc3dd2e737","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":20,"box":{"x":81,"y":179,"width":767,"height":11}},{"id":"e816e3b6-072e-4a25-bba1-93e7a8d9167f","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":20,"box":{"x":81,"y":194,"width":831,"height":11}},{"id":"3f76532e-5539-442b-8a53-38288adf17b9","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":20,"box":{"x":82,"y":209,"width":824,"height":11}},{"id":"6f2ba0bc-50a1-4461-9c12-67c2f4e294ae","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":20,"box":{"x":81,"y":224,"width":817,"height":11}},{"id":"94f95165-4387-4ce7-b54e-ea30708e1fc9","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":20,"box":{"x":81,"y":238,"width":367,"height":12}},{"id":"a2702ffa-7dc3-4523-a694-9e60343af658","block_type":"box","text":"REIT Investment Risk","page_number":20,"box":{"x":81,"y":258,"width":163,"height":10}},{"id":"b8a8d8e9-6e4b-4e2f-82e8-76a58d79e418","block_type":"box","text":"—","page_number":20,"box":{"x":248,"y":263,"width":17,"height":2}},{"id":"0bbe6c76-1928-4ec1-8f4e-3b65fc7e9384","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in property","page_number":20,"box":{"x":271,"y":258,"width":653,"height":12}},{"id":"dace7685-6d0a-4e79-95e4-b462115af53d","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":20,"box":{"x":80,"y":273,"width":846,"height":12}},{"id":"31b6cc7d-fe48-49bd-a5c4-d1774d0f2549","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":20,"box":{"x":81,"y":288,"width":829,"height":11}},{"id":"2e87e538-f847-407b-b252-f0682e5253db","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":20,"box":{"x":80,"y":303,"width":793,"height":11}},{"id":"6200ef86-7f85-4f21-950a-318b94651212","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":20,"box":{"x":82,"y":318,"width":836,"height":11}},{"id":"5ee135bf-571f-4114-910e-d38a8a5bf156","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":20,"box":{"x":81,"y":332,"width":814,"height":12}},{"id":"b7a63d44-796d-46af-91e2-329173d7d2b1","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":20,"box":{"x":81,"y":347,"width":825,"height":12}},{"id":"cd2ef076-cd2a-46f3-9841-cab123883ac9","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":20,"box":{"x":81,"y":362,"width":797,"height":12}},{"id":"5b00ec6a-8c02-49b2-afcd-99d8e15ddb63","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":20,"box":{"x":81,"y":377,"width":812,"height":12}},{"id":"bb99005f-6c63-4062-93a9-953719e63616","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":20,"box":{"x":82,"y":392,"width":838,"height":11}},{"id":"81d3576c-d03d-4e91-ac2e-c1cfb9c4a964","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":20,"box":{"x":81,"y":407,"width":832,"height":11}},{"id":"4cdd4067-b44f-4fb3-be6e-d680a3f4caa0","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":20,"box":{"x":82,"y":421,"width":809,"height":12}},{"id":"c25cda80-f2e8-475f-87aa-e4d1ddbc6964","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":20,"box":{"x":81,"y":436,"width":819,"height":12}},{"id":"c278a85a-606c-4551-9599-61fd59bfc7f8","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":20,"box":{"x":81,"y":451,"width":813,"height":12}},{"id":"0357b108-7da2-4213-b205-7372d9a1faad","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":20,"box":{"x":81,"y":466,"width":434,"height":11}},{"id":"903f5ed2-dcd6-4716-b32c-ab7e9d830562","block_type":"box","text":"Reliance on Advisor Risk","page_number":20,"box":{"x":81,"y":486,"width":188,"height":9}},{"id":"d7146c71-be6b-43b9-a3a8-07059482d6da","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":20,"box":{"x":273,"y":486,"width":614,"height":11}},{"id":"22d99637-dae8-42b6-9feb-3e6e8796398c","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":20,"box":{"x":80,"y":501,"width":830,"height":11}},{"id":"4ebe46d9-b8d3-4495-a2da-cbd96857ad35","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":20,"box":{"x":80,"y":516,"width":856,"height":11}},{"id":"73b6633c-b6c1-401e-9fb2-643717769ca3","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":20,"box":{"x":80,"y":530,"width":841,"height":12}},{"id":"f3edf8b6-6ac6-4c92-82c2-4c2f36bc2d4c","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":20,"box":{"x":81,"y":545,"width":649,"height":12}},{"id":"0e95ef2d-1806-4f4e-8063-3351356d21d0","block_type":"box","text":"Restricted Securities Risk","page_number":20,"box":{"x":81,"y":565,"width":198,"height":9}},{"id":"fc57437c-4a3d-470b-ab72-8ed548f6e205","block_type":"box","text":"—","page_number":20,"box":{"x":284,"y":571,"width":17,"height":0}},{"id":"22cbba36-97dd-439a-8028-e97cc04031a9","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":20,"box":{"x":306,"y":565,"width":571,"height":12}},{"id":"ad4d974f-a603-4ba0-893e-d359caca6ce7","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":20,"box":{"x":82,"y":580,"width":843,"height":11}},{"id":"483b72e7-e7a9-4794-8d57-ed1fe5c9f000","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":20,"box":{"x":81,"y":595,"width":813,"height":11}},{"id":"32c4f297-1508-4c01-a15e-4a481b5d7e8e","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":20,"box":{"x":81,"y":610,"width":851,"height":11}},{"id":"f1061dc7-6436-4ebd-a417-6289b782a22f","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":20,"box":{"x":81,"y":624,"width":774,"height":12}},{"id":"1b2a84ea-35d4-4edd-9349-c71a8cad12c4","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":20,"box":{"x":82,"y":639,"width":839,"height":12}},{"id":"6650adfc-5f0d-4889-87aa-75b34afe95b1","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":20,"box":{"x":81,"y":654,"width":828,"height":12}},{"id":"6f140bbd-e552-4fd7-8f4b-a6ec6debd117","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":20,"box":{"x":81,"y":669,"width":830,"height":12}},{"id":"5c1544f2-f73e-4000-a532-0851ed21ade3","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":20,"box":{"x":80,"y":684,"width":787,"height":11}},{"id":"df2abf38-ee67-4446-9865-bd8445c8ba22","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":20,"box":{"x":80,"y":699,"width":838,"height":11}},{"id":"62f7fd55-eacd-4a84-894e-bd9702c1ecb0","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":20,"box":{"x":81,"y":713,"width":843,"height":12}},{"id":"c7ef2a16-e848-4918-832e-49805cc1075d","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":20,"box":{"x":81,"y":728,"width":827,"height":12}},{"id":"5dabd46c-f851-4e07-95d1-21199a751a5d","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":20,"box":{"x":82,"y":743,"width":812,"height":11}},{"id":"f701d302-2dc7-4419-ad36-121a79f0b4a1","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":20,"box":{"x":82,"y":758,"width":795,"height":11}},{"id":"a8aa0445-88a9-43c0-85f1-c64ef0bbd500","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":20,"box":{"x":81,"y":773,"width":468,"height":11}},{"id":"44dabb1c-8d6a-453e-9877-1d762b6cd516","block_type":"box","text":"Securities Lending Risk","page_number":20,"box":{"x":81,"y":793,"width":178,"height":11}},{"id":"8f79cc45-a6eb-41a2-a723-6d3f4ee23def","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":20,"box":{"x":263,"y":793,"width":661,"height":11}},{"id":"1269b200-686d-4a69-ab96-58e481fccfbf","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":20,"box":{"x":82,"y":808,"width":852,"height":11}},{"id":"ebd8416e-f767-4771-b558-72b76e941331","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":20,"box":{"x":81,"y":822,"width":811,"height":12}},{"id":"e38e971f-7b19-45d5-b8d2-30d66943666c","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":20,"box":{"x":81,"y":837,"width":829,"height":12}},{"id":"85992884-a14b-4180-8c42-d46e866e134f","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":20,"box":{"x":81,"y":852,"width":292,"height":11}},{"id":"fa6403e5-9fbd-40fa-bd70-5082120dfc60","block_type":"box","text":"Valuation Risk","page_number":20,"box":{"x":83,"y":872,"width":107,"height":9}},{"id":"35032e9c-85e1-4ba9-aa60-ef0ec462f733","block_type":"box","text":"—","page_number":20,"box":{"x":194,"y":877,"width":17,"height":1}},{"id":"327adf6a-4366-4feb-ab81-6f420629d29f","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":20,"box":{"x":215,"y":872,"width":700,"height":11}},{"id":"a0be26b2-ce31-44fb-8afe-f30a1d8d710c","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":20,"box":{"x":81,"y":887,"width":835,"height":11}},{"id":"d4fbc7e2-d926-4bbf-bbdd-7f60edc6c5ff","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":20,"box":{"x":81,"y":902,"width":848,"height":11}},{"id":"74f725aa-6a47-4f74-a2cd-88f6d0abf690","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":20,"box":{"x":82,"y":916,"width":845,"height":12}},{"id":"9e96f378-a001-4dab-ae36-e07de8c43905","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f09843e2-d198-42e8-a787-81c6ad5f561c","block_type":"box","text":"NM1026U-5979803-20/68","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4dc5ffe1-0686-4a89-b659-c61be6be2cbe","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":21,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"5a716273-25fd-44eb-8e19-b05b7134b9ad","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":21,"box":{"x":80,"y":60,"width":783,"height":12}},{"id":"6e8cf883-dd93-41fc-b927-7abab464b381","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":21,"box":{"x":81,"y":76,"width":810,"height":11}},{"id":"83231718-49bb-4dd1-88e6-ad109133579d","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":21,"box":{"x":81,"y":90,"width":847,"height":12}},{"id":"c42d5305-667d-48d5-b07f-b85b52ca2097","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":21,"box":{"x":82,"y":105,"width":848,"height":11}},{"id":"6e9249de-7fee-4042-aac1-26f570a252e3","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":21,"box":{"x":80,"y":120,"width":819,"height":11}},{"id":"3780c8f4-7510-4368-8f56-d095a7e1bcd6","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":21,"box":{"x":81,"y":135,"width":837,"height":11}},{"id":"1361e57e-818b-45a8-9636-3db33ffa7d2e","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":21,"box":{"x":80,"y":150,"width":672,"height":11}},{"id":"6a3fcb8c-3343-42fb-9fcb-796803c0e1f1","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":21,"box":{"x":83,"y":170,"width":584,"height":11}},{"id":"8463a7c8-04b3-46c2-8084-2289acc2ffbd","block_type":"box","text":"— When-issued and delayed","page_number":21,"box":{"x":671,"y":170,"width":208,"height":11}},{"id":"89eee2e2-6b90-4dd5-80a5-ba6328f908cb","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":21,"box":{"x":81,"y":184,"width":843,"height":12}},{"id":"f15fceea-6d5c-467b-9d70-f745ad996499","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":21,"box":{"x":82,"y":199,"width":830,"height":11}},{"id":"ae532351-603d-412c-9558-6948ffcd758a","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":21,"box":{"x":82,"y":214,"width":849,"height":11}},{"id":"52695699-c705-4dbf-a08d-a2ce00e25a8c","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":80,"y":229,"width":425,"height":11}},{"id":"26930ebe-e5f3-4ef6-bf3f-9fe2c3b9733a","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"14f1fc43-3e6a-49e5-8f91-5cec4d4df406","block_type":"box","text":"NM1026U-5979803-21/68","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"001abc81-0c14-4374-8eb7-084bb42011d6","block_type":"box","text":"Account Information","page_number":22,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"44c6aa23-6969-452f-8aeb-28ac34e76f3d","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":22,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"52801cb6-a69d-4425-b14f-f8adb196430c","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C, Institutional and Class R Shares in this","page_number":22,"box":{"x":60,"y":182,"width":820,"height":12}},{"id":"d42f8006-c54c-4e71-9e95-cae4cdcdd384","block_type":"box","text":"prospectus), each with its own sales charge and expense structure, allowing you to invest in the way that best suits","page_number":22,"box":{"x":62,"y":197,"width":850,"height":12}},{"id":"f86b93b6-379c-41e6-bd45-2b8435973b1f","block_type":"box","text":"your needs. Each share class represents an ownership interest in the same investment portfolio of the Fund. When","page_number":22,"box":{"x":60,"y":212,"width":848,"height":11}},{"id":"32bde6b4-51df-4cca-a799-8623e8641d58","block_type":"box","text":"you choose your class of shares, you should consider the size of your investment and how long you plan to hold your","page_number":22,"box":{"x":60,"y":227,"width":857,"height":11}},{"id":"b943597d-3eb1-403d-a73d-989f8f7dab72","block_type":"box","text":"shares. Either your financial professional or your selected securities dealer, broker, investment adviser, service","page_number":22,"box":{"x":61,"y":242,"width":815,"height":11}},{"id":"bba0c1ee-f42c-4c89-891a-a578dd014c81","block_type":"box","text":"provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you","page_number":22,"box":{"x":62,"y":256,"width":866,"height":12}},{"id":"09fbc61a-248d-4c77-91da-dc9a1ef494c5","block_type":"box","text":"determine which share class is best suited to your personal financial goals. Investor A Shares and Investor C Shares","page_number":22,"box":{"x":61,"y":271,"width":858,"height":12}},{"id":"57c012da-30c0-49f0-a58c-fdcd2b7464af","block_type":"box","text":"are sometimes referred to herein collectively as “Investor Shares.”","page_number":22,"box":{"x":61,"y":286,"width":490,"height":11}},{"id":"2931cedb-b0ac-496c-9658-529f85cf1aa7","block_type":"box","text":"For example, if you select Institutional Shares of the Fund, you will not pay any sales charge. However, only certain","page_number":22,"box":{"x":62,"y":309,"width":841,"height":11}},{"id":"55329062-56e9-40f7-a24c-8f8bbc83b319","block_type":"box","text":"investors may buy Institutional Shares. If you select Investor A Shares of the Fund, you generally pay a sales charge at","page_number":22,"box":{"x":62,"y":323,"width":870,"height":12}},{"id":"094c8a01-f56b-4fc5-b733-2cf15bba2ded","block_type":"box","text":"the time of purchase and an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or","page_number":22,"box":{"x":60,"y":338,"width":874,"height":12}},{"id":"b77ac595-780f-40ec-bb11-c3c61daa3184","block_type":"box","text":"waiver.","page_number":22,"box":{"x":60,"y":353,"width":49,"height":9}},{"id":"8b10f19e-27b2-4170-9afb-387dd8375fe7","block_type":"box","text":"If you select Investor C or Class R Shares of the Fund, you will invest the full amount of your purchase price, but you","page_number":22,"box":{"x":62,"y":376,"width":852,"height":11}},{"id":"aa3ce300-9cb5-4a1e-a713-3d225226b0eb","block_type":"box","text":"will be subject to a distribution fee of 0.75% per year for Investor C Shares and 0.25% per year for Class R Shares,","page_number":22,"box":{"x":60,"y":390,"width":845,"height":12}},{"id":"48c292fe-271b-4558-ba8d-5146c0685734","block_type":"box","text":"and a service fee of 0.25% per year for both classes of shares under plans adopted pursuant to Rule 12b-1 under the","page_number":22,"box":{"x":61,"y":405,"width":867,"height":12}},{"id":"def5f18f-37fa-4ed6-9981-36492a0a642e","block_type":"box","text":"Investment Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these","page_number":22,"box":{"x":62,"y":420,"width":864,"height":12}},{"id":"040f6375-2fd2-4d76-a570-874db8b6d53d","block_type":"box","text":"fees increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":22,"box":{"x":60,"y":435,"width":808,"height":12}},{"id":"fe484d97-c3f5-4a9b-9af2-2df393d3edf3","block_type":"box","text":"addition, you may be subject to a deferred sales charge when you sell Investor C Shares of the Fund within one year.","page_number":22,"box":{"x":61,"y":450,"width":856,"height":11}},{"id":"f9bacbc1-809d-40ee-85e2-eb8771bbd6b5","block_type":"box","text":"Classes with lower expenses will have higher net asset values and dividends relative to other share classes.","page_number":22,"box":{"x":61,"y":465,"width":796,"height":11}},{"id":"a48d0ca2-b66a-4bc7-ab2b-c7c00bb7f0cd","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":22,"box":{"x":60,"y":487,"width":811,"height":12}},{"id":"b8ba9b27-1967-478b-be0b-852b631d4c47","block_type":"box","text":"The table on the following pages summarizes key features of each of the share classes offered by this prospectus.","page_number":22,"box":{"x":60,"y":510,"width":845,"height":11}},{"id":"d0b098a0-4430-483a-81e5-2c708b9ffd61","block_type":"box","text":"Share Classes at a Glance","page_number":22,"box":{"x":387,"y":533,"width":218,"height":10}},{"id":"25f2d658-e4c2-43f8-a311-45ef2448b740","block_type":"box","text":"1","page_number":22,"box":{"x":605,"y":533,"width":6,"height":5}},{"id":"814362d1-0ccd-4d11-9c4d-27a67da8e0b3","block_type":"box","text":"Investor A Investor C","page_number":22,"box":{"x":232,"y":562,"width":214,"height":7}},{"id":"a8614afd-c598-410d-a7b5-8231401595a4","block_type":"box","text":"2, 3","page_number":22,"box":{"x":447,"y":562,"width":12,"height":4}},{"id":"352fea44-c8e2-411d-bbdc-f1f03d7a55be","block_type":"box","text":"Institutional Class R","page_number":22,"box":{"x":542,"y":562,"width":306,"height":7}},{"id":"a2762c8d-ea51-4556-b47e-a06cedd06398","block_type":"box","text":"Availability","page_number":22,"box":{"x":60,"y":579,"width":73,"height":10}},{"id":"93ae4aab-0cb2-4d02-a908-82efffc0539d","block_type":"box","text":"Generally available","page_number":22,"box":{"x":232,"y":579,"width":123,"height":10}},{"id":"1ec7c171-f1c7-4e96-97cb-d383d711a293","block_type":"box","text":"through Financial","page_number":22,"box":{"x":232,"y":593,"width":111,"height":10}},{"id":"8c876af6-1f3a-4459-905e-faba86974c67","block_type":"box","text":"Intermediaries.","page_number":22,"box":{"x":233,"y":606,"width":97,"height":8}},{"id":"27fa44c4-41ae-4464-afc0-4135f5eae3e0","block_type":"box","text":"•","page_number":22,"box":{"x":235,"y":622,"width":4,"height":3}},{"id":"c38868fe-99ff-476f-8079-955094698b49","block_type":"box","text":"Effective","page_number":22,"box":{"x":243,"y":620,"width":55,"height":8}},{"id":"c309b181-920a-44fd-b914-2b62934a0920","block_type":"box","text":"beginning","page_number":22,"box":{"x":243,"y":633,"width":62,"height":11}},{"id":"2a524d4f-0994-4cbe-8dca-bceb11c73acd","block_type":"box","text":"July 1, 2026, no","page_number":22,"box":{"x":242,"y":647,"width":108,"height":10}},{"id":"2aa96c45-b81b-48f8-aa89-74bbcb8949b0","block_type":"box","text":"new accounts held","page_number":22,"box":{"x":243,"y":660,"width":121,"height":8}},{"id":"c205b965-58f3-4c5d-b3d3-9755e83ac5e1","block_type":"box","text":"directly with","page_number":22,"box":{"x":242,"y":674,"width":77,"height":10}},{"id":"83cf09e4-da4d-4d93-b64b-ac24a51ef871","block_type":"box","text":"BlackRock","page_number":22,"box":{"x":243,"y":687,"width":67,"height":9}},{"id":"89bf99ba-5959-4436-b0d9-101b1bbf0b49","block_type":"box","text":"(including IRAs)","page_number":22,"box":{"x":242,"y":701,"width":100,"height":10}},{"id":"1439768c-6adf-4740-8e6d-83ff4504c94d","block_type":"box","text":"will be opened.","page_number":22,"box":{"x":242,"y":715,"width":98,"height":9}},{"id":"d5ad9b8e-7889-445a-bfd0-b1542dd65dca","block_type":"box","text":"•","page_number":22,"box":{"x":235,"y":731,"width":4,"height":3}},{"id":"6ea15e1f-b2ee-4de0-836e-de1f4dd69319","block_type":"box","text":"Effective","page_number":22,"box":{"x":243,"y":728,"width":55,"height":8}},{"id":"e976eb56-090c-42bd-9709-7ddafd4e277e","block_type":"box","text":"beginning","page_number":22,"box":{"x":243,"y":742,"width":62,"height":10}},{"id":"2742d5f1-b804-4c0a-8e97-7a69c699e20c","block_type":"box","text":"November 2, 2026,","page_number":22,"box":{"x":243,"y":755,"width":127,"height":10}},{"id":"068c69a9-bb68-4147-bfe8-5897bd5e1be6","block_type":"box","text":"shareholders","page_number":22,"box":{"x":242,"y":769,"width":85,"height":8}},{"id":"134207a7-5f3c-4566-bc1a-5d6f10520bda","block_type":"box","text":"holding their","page_number":22,"box":{"x":243,"y":782,"width":80,"height":10}},{"id":"774252f1-c6bb-4338-994b-d7fc87a6b949","block_type":"box","text":"accounts directly","page_number":22,"box":{"x":242,"y":796,"width":111,"height":10}},{"id":"c57fb2e1-4e17-462d-b545-c7b7be687df0","block_type":"box","text":"with BlackRock","page_number":22,"box":{"x":242,"y":809,"width":99,"height":8}},{"id":"5f80b124-6951-4361-a9a8-18e91c5a880d","block_type":"box","text":"(including IRAs)","page_number":22,"box":{"x":242,"y":823,"width":100,"height":10}},{"id":"50f43fb0-c717-4420-8dd9-b178e15fc562","block_type":"box","text":"will not be","page_number":22,"box":{"x":242,"y":836,"width":66,"height":8}},{"id":"17e0729c-8627-4d80-a4e3-8143771831e2","block_type":"box","text":"permitted to","page_number":22,"box":{"x":243,"y":850,"width":79,"height":10}},{"id":"088ec40a-c351-412b-9368-18bdb874070c","block_type":"box","text":"purchase","page_number":22,"box":{"x":243,"y":863,"width":59,"height":10}},{"id":"d4a482d6-5151-4ba5-afc3-5c302fc21c62","block_type":"box","text":"additional","page_number":22,"box":{"x":242,"y":877,"width":63,"height":8}},{"id":"8c2fc588-2868-4f6b-83fa-313ac4f4d4d4","block_type":"box","text":"Investor A Shares.","page_number":22,"box":{"x":243,"y":890,"width":119,"height":9}},{"id":"56b9c3ad-fe22-4ceb-97cc-32a6bbeed41e","block_type":"box","text":"Generally available","page_number":22,"box":{"x":387,"y":579,"width":122,"height":10}},{"id":"0c5e29fb-b726-49e9-b967-ea601dd4bd69","block_type":"box","text":"through Financial","page_number":22,"box":{"x":386,"y":593,"width":112,"height":10}},{"id":"2b573a27-19f1-4ca7-9ff2-e93ce7e4d620","block_type":"box","text":"Intermediaries.","page_number":22,"box":{"x":387,"y":606,"width":98,"height":8}},{"id":"6a7b91d6-e723-494b-a26c-05ff077dbe34","block_type":"box","text":"Must be held","page_number":22,"box":{"x":387,"y":620,"width":85,"height":8}},{"id":"e98cc343-ddf6-426c-b1d5-83f9dd3dd29f","block_type":"box","text":"through a Financial","page_number":22,"box":{"x":386,"y":633,"width":124,"height":11}},{"id":"00bc6b0c-9c3b-4b0a-890a-b0dcce31b949","block_type":"box","text":"Intermediary.","page_number":22,"box":{"x":387,"y":647,"width":85,"height":10}},{"id":"2086ae05-73de-45c1-a2cb-e59bfc22d875","block_type":"box","text":"Availability will be","page_number":22,"box":{"x":386,"y":658,"width":109,"height":11}},{"id":"6284467b-031d-491c-b174-7479d3da543d","block_type":"box","text":"limited as follows:","page_number":22,"box":{"x":387,"y":670,"width":112,"height":8}},{"id":"8ecf1830-e5fb-4e71-b0c5-ba25eee2718a","block_type":"box","text":"•","page_number":22,"box":{"x":390,"y":684,"width":3,"height":3}},{"id":"a597c7e4-8fcb-4810-88a8-bd9f7ad664cd","block_type":"box","text":"Effective beginning","page_number":22,"box":{"x":397,"y":681,"width":119,"height":11}},{"id":"bc43a182-4423-4a1c-abb3-743d19ff9828","block_type":"box","text":"November 6, 2026,","page_number":22,"box":{"x":397,"y":693,"width":123,"height":10}},{"id":"2d5c7726-275e-420d-806a-0448b3f5a8a4","block_type":"box","text":"no new accounts to","page_number":22,"box":{"x":397,"y":705,"width":123,"height":8}},{"id":"cb45e19d-be84-47bd-be88-891f465371f7","block_type":"box","text":"purchase","page_number":22,"box":{"x":397,"y":717,"width":58,"height":9}},{"id":"e22529c0-dc78-4a32-b2cd-66a539d4c280","block_type":"box","text":"Investor C Shares","page_number":22,"box":{"x":397,"y":728,"width":112,"height":8}},{"id":"b1a47471-7a96-4554-ba2a-f817562d0612","block_type":"box","text":"through a Financial","page_number":22,"box":{"x":396,"y":740,"width":119,"height":10}},{"id":"e16afba4-76e3-4054-b7c2-b963826b2436","block_type":"box","text":"Intermediary will be","page_number":22,"box":{"x":397,"y":751,"width":123,"height":10}},{"id":"7a9abf4a-4f8c-4282-a029-270ee716c88f","block_type":"box","text":"opened.","page_number":22,"box":{"x":397,"y":763,"width":50,"height":10}},{"id":"1fcfa239-b3a7-42ee-ae98-0bfa64ad70d3","block_type":"box","text":"•","page_number":22,"box":{"x":390,"y":777,"width":3,"height":3}},{"id":"abd1745e-d8f6-41ee-b5ca-242bcfcbac7b","block_type":"box","text":"Effective beginning","page_number":22,"box":{"x":397,"y":774,"width":119,"height":11}},{"id":"9be32ca9-4b12-46f7-b365-51db4d848619","block_type":"box","text":"November 6, 2026,","page_number":22,"box":{"x":397,"y":786,"width":123,"height":10}},{"id":"c223147d-284e-45b7-ad3d-e2d48c484f6b","block_type":"box","text":"shareholders","page_number":22,"box":{"x":397,"y":798,"width":82,"height":8}},{"id":"e8197e92-0752-466f-a4ee-8b8bdd810995","block_type":"box","text":"holding accounts","page_number":22,"box":{"x":397,"y":809,"width":106,"height":11}},{"id":"cbe8cfe9-93a4-401a-91bf-32258472712b","block_type":"box","text":"through a Financial","page_number":22,"box":{"x":396,"y":821,"width":119,"height":10}},{"id":"92a07bf6-a75b-4339-985b-21a1df8f8125","block_type":"box","text":"Intermediary will","page_number":22,"box":{"x":397,"y":833,"width":102,"height":10}},{"id":"b6abe784-8102-4785-910f-c0fa2a0359a4","block_type":"box","text":"not be permitted to","page_number":22,"box":{"x":397,"y":844,"width":121,"height":10}},{"id":"ce69c40e-9de4-4005-82ac-b63629fdba89","block_type":"box","text":"purchase","page_number":22,"box":{"x":397,"y":856,"width":58,"height":10}},{"id":"2a7b1231-abfc-4fe1-84d5-251c0d03cb3f","block_type":"box","text":"additional","page_number":22,"box":{"x":397,"y":867,"width":60,"height":8}},{"id":"dee36317-f108-48b5-8a19-7d630ddeac4e","block_type":"box","text":"Investor C Shares.","page_number":22,"box":{"x":397,"y":879,"width":115,"height":8}},{"id":"489150e6-732b-49c1-9598-059b3cb96c9d","block_type":"box","text":"Shareholders","page_number":22,"box":{"x":397,"y":890,"width":83,"height":9}},{"id":"32a084d3-3de4-4037-a4db-023323add9b7","block_type":"box","text":"already holding","page_number":22,"box":{"x":397,"y":902,"width":95,"height":10}},{"id":"f1b6953f-3243-4f7c-8986-9bab49453740","block_type":"box","text":"Limited to certain investors, including:","page_number":22,"box":{"x":542,"y":579,"width":239,"height":10}},{"id":"e632f0ef-676e-46c9-bf10-c63a72ccc571","block_type":"box","text":"•","page_number":22,"box":{"x":544,"y":593,"width":4,"height":3}},{"id":"c2269832-2a6f-4e09-8324-d94e234707ce","block_type":"box","text":"Individuals and “Institutional","page_number":22,"box":{"x":552,"y":591,"width":178,"height":8}},{"id":"b2def6fb-6eb1-4947-bd1a-f03d05b0e7b0","block_type":"box","text":"Investors,” which include, but are","page_number":22,"box":{"x":552,"y":602,"width":210,"height":10}},{"id":"2d5b59f6-f1fc-48ff-b03a-1dd271b0db67","block_type":"box","text":"not limited to, endowments,","page_number":22,"box":{"x":552,"y":614,"width":175,"height":9}},{"id":"434f9057-5ea9-40ee-902e-c4ebd80b9c8a","block_type":"box","text":"foundations, family offices, local,","page_number":22,"box":{"x":551,"y":625,"width":208,"height":11}},{"id":"0e0008ba-653a-4c07-886e-665780fd5459","block_type":"box","text":"city, and state governmental","page_number":22,"box":{"x":551,"y":637,"width":177,"height":10}},{"id":"c2a759ce-e33c-4728-ac57-d183f1f80373","block_type":"box","text":"institutions, corporations and","page_number":22,"box":{"x":552,"y":649,"width":183,"height":10}},{"id":"bb233673-7993-4cde-bd51-3acf5bc09022","block_type":"box","text":"insurance company separate","page_number":22,"box":{"x":552,"y":660,"width":181,"height":10}},{"id":"c8ad6a12-fcb3-45f9-8889-ac346def7767","block_type":"box","text":"accounts, who may purchase","page_number":22,"box":{"x":552,"y":672,"width":183,"height":10}},{"id":"5f1bffcd-b139-4497-8eac-8bcc906d9d66","block_type":"box","text":"shares of the Fund through a","page_number":22,"box":{"x":551,"y":683,"width":183,"height":11}},{"id":"b13f41ba-c287-42e9-bbb4-308f262fa2ab","block_type":"box","text":"Financial Intermediary that has","page_number":22,"box":{"x":552,"y":695,"width":195,"height":10}},{"id":"632759ab-7e6d-4166-9d00-54584def8e5c","block_type":"box","text":"entered into an agreement with the","page_number":22,"box":{"x":551,"y":707,"width":222,"height":10}},{"id":"672824c9-a47e-49ec-9271-02f8fc125ff0","block_type":"box","text":"Distributor to purchase such","page_number":22,"box":{"x":552,"y":718,"width":178,"height":10}},{"id":"e9543ddc-f88d-4869-b52f-f996151b9f4c","block_type":"box","text":"shares.","page_number":22,"box":{"x":551,"y":730,"width":46,"height":8}},{"id":"c2db3ab7-c780-4703-9d75-0b9064e45016","block_type":"box","text":"•","page_number":22,"box":{"x":544,"y":744,"width":4,"height":3}},{"id":"3428348a-1a9f-4e08-b9a9-837a315484ab","block_type":"box","text":"Certain employee benefits plans,","page_number":22,"box":{"x":551,"y":741,"width":209,"height":11}},{"id":"dc496eae-c6e7-40f4-8fd9-d9210eefefd6","block_type":"box","text":"such as health savings accounts,","page_number":22,"box":{"x":551,"y":753,"width":210,"height":10}},{"id":"d49a3a3d-e88e-4344-a29d-878a394b0e6b","block_type":"box","text":"and certain employer-sponsored","page_number":22,"box":{"x":552,"y":765,"width":202,"height":10}},{"id":"ed0fda79-f83a-447b-a9ef-616eea21744d","block_type":"box","text":"retirement plans (not including SEP","page_number":22,"box":{"x":552,"y":776,"width":221,"height":11}},{"id":"8e9ae6d2-9c1c-477d-b2e1-93df594ffbd7","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":22,"box":{"x":552,"y":788,"width":204,"height":10}},{"id":"23b0dcf1-fb8f-4efa-844f-a010b410f6d7","block_type":"box","text":"state sponsored 529 college","page_number":22,"box":{"x":551,"y":800,"width":182,"height":10}},{"id":"a43a3c08-d998-4beb-a26f-676aa04ecfb7","block_type":"box","text":"savings plans, collective trust funds,","page_number":22,"box":{"x":551,"y":811,"width":230,"height":10}},{"id":"5299ab13-f410-4e5a-8b52-59327ebc481a","block_type":"box","text":"investment companies or other","page_number":22,"box":{"x":552,"y":823,"width":196,"height":10}},{"id":"f92af4b4-b824-46f4-8abe-88d279659387","block_type":"box","text":"pooled investment vehicles,","page_number":22,"box":{"x":552,"y":834,"width":174,"height":10}},{"id":"8b2984b3-e589-4c8d-85d5-4379688d1c50","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":22,"box":{"x":552,"y":846,"width":214,"height":8}},{"id":"b6380c69-4621-4047-a918-ee7bb946a295","block_type":"box","text":"banks and trust companies, each of","page_number":22,"box":{"x":552,"y":857,"width":228,"height":11}},{"id":"906960c3-1bde-4553-8014-c917b6dc0171","block_type":"box","text":"which may purchase shares of the","page_number":22,"box":{"x":551,"y":869,"width":217,"height":10}},{"id":"be3d26b0-27c7-4647-a5b6-7d7e9da8a6e1","block_type":"box","text":"Fund through a Financial","page_number":22,"box":{"x":552,"y":881,"width":152,"height":10}},{"id":"f862b3a2-ad94-4988-986a-0bc0d5d833d1","block_type":"box","text":"Intermediary that has entered into","page_number":22,"box":{"x":552,"y":892,"width":216,"height":11}},{"id":"a0aa5186-9614-4f43-954c-33caba3d516c","block_type":"box","text":"Available only to","page_number":22,"box":{"x":803,"y":579,"width":101,"height":10}},{"id":"0c41f2a1-b5f2-44c3-93a3-adebf1f8d5e5","block_type":"box","text":"certain employer","page_number":22,"box":{"x":803,"y":593,"width":109,"height":10}},{"id":"4940dcd7-4392-4c68-af91-4486ef864a79","block_type":"box","text":"sponsored","page_number":22,"box":{"x":803,"y":606,"width":66,"height":10}},{"id":"7813891b-c727-43a3-9e73-0a6738c5ee75","block_type":"box","text":"retirement plans.","page_number":22,"box":{"x":804,"y":620,"width":106,"height":10}},{"id":"ea3e8b34-40bb-499a-973d-91a345911dbd","block_type":"box","text":"Availability will be","page_number":22,"box":{"x":803,"y":631,"width":108,"height":10}},{"id":"e4ed0c90-5bde-4aa8-9635-ef69c7169ad4","block_type":"box","text":"further limited as","page_number":22,"box":{"x":803,"y":643,"width":108,"height":8}},{"id":"44e90b3d-cd1f-4dce-909a-ef6471bd71bd","block_type":"box","text":"follows:","page_number":22,"box":{"x":803,"y":654,"width":47,"height":9}},{"id":"710fc354-7070-4905-8d72-6d1404ea6233","block_type":"box","text":"•","page_number":22,"box":{"x":806,"y":669,"width":4,"height":3}},{"id":"5c1f6618-e6a4-449c-8c4a-8e60a48a5abf","block_type":"box","text":"Effective beginning","page_number":22,"box":{"x":814,"y":666,"width":118,"height":10}},{"id":"aa55ff82-f708-4928-8036-9a97beeea28e","block_type":"box","text":"July 1, 2026, no","page_number":22,"box":{"x":813,"y":678,"width":103,"height":10}},{"id":"85477741-aa75-43c1-b8cd-59057ac4b0b2","block_type":"box","text":"new accounts held","page_number":22,"box":{"x":814,"y":689,"width":116,"height":9}},{"id":"9f587975-af54-4570-9876-1860bed100d9","block_type":"box","text":"directly with","page_number":22,"box":{"x":813,"y":701,"width":73,"height":10}},{"id":"f085fc66-4d72-42a2-b91a-49edbed3d7bc","block_type":"box","text":"BlackRock","page_number":22,"box":{"x":814,"y":713,"width":65,"height":8}},{"id":"2c0af32d-7f6d-48ea-9fe3-21cf93f68619","block_type":"box","text":"(including IRAs) will","page_number":22,"box":{"x":814,"y":724,"width":119,"height":10}},{"id":"1d6654bb-3186-48d5-9a95-aec3a46387a3","block_type":"box","text":"be opened.","page_number":22,"box":{"x":814,"y":736,"width":69,"height":10}},{"id":"8e8a0441-6790-4be5-86c6-f0d874532fe8","block_type":"box","text":"•","page_number":22,"box":{"x":806,"y":750,"width":4,"height":3}},{"id":"9165a3ee-c4d9-433f-b7a1-d2ef469dce2f","block_type":"box","text":"Effective beginning","page_number":22,"box":{"x":814,"y":747,"width":118,"height":11}},{"id":"c87c6020-8862-457d-8125-c350943c516f","block_type":"box","text":"November 2, 2026,","page_number":22,"box":{"x":814,"y":759,"width":123,"height":9}},{"id":"a70b8c83-7502-4a46-8ec0-5ed78b613a6b","block_type":"box","text":"shareholders","page_number":22,"box":{"x":813,"y":771,"width":82,"height":8}},{"id":"8923bcb3-facd-43d9-8976-c8eb55887fb9","block_type":"box","text":"holding their","page_number":22,"box":{"x":814,"y":782,"width":77,"height":10}},{"id":"9ea966ee-d5a5-41cc-9670-7c01cdd8ce05","block_type":"box","text":"accounts directly","page_number":22,"box":{"x":814,"y":794,"width":106,"height":10}},{"id":"bc5cd50b-2817-42a1-8b25-b55028769bcf","block_type":"box","text":"with BlackRock","page_number":22,"box":{"x":813,"y":805,"width":95,"height":9}},{"id":"534182ff-3e8b-4735-b2a9-d35949709e65","block_type":"box","text":"(including IRAs) will","page_number":22,"box":{"x":814,"y":817,"width":119,"height":10}},{"id":"059850fc-8746-462d-96b4-276ed767a44a","block_type":"box","text":"not be permitted to","page_number":22,"box":{"x":814,"y":829,"width":121,"height":10}},{"id":"2e94af87-959c-43e0-8d07-61aa314da36d","block_type":"box","text":"purchase","page_number":22,"box":{"x":814,"y":840,"width":57,"height":10}},{"id":"57f40559-e5fa-4aa8-be41-33d839c71ba1","block_type":"box","text":"additional Class R","page_number":22,"box":{"x":814,"y":852,"width":113,"height":8}},{"id":"c32eabdc-f6ae-4e06-85c6-e325859e24ac","block_type":"box","text":"Shares.","page_number":22,"box":{"x":813,"y":863,"width":48,"height":9}},{"id":"edd989a9-f3cf-47a9-970e-6b73eef027a8","block_type":"box","text":"Shareholders","page_number":22,"box":{"x":813,"y":875,"width":84,"height":8}},{"id":"c53e9157-4981-4304-a5c4-439b4e84697a","block_type":"box","text":"holding their","page_number":22,"box":{"x":814,"y":887,"width":77,"height":10}},{"id":"5463a1fc-8d87-4519-8d75-52b2ea41dfad","block_type":"box","text":"accounts directly","page_number":22,"box":{"x":814,"y":898,"width":106,"height":10}},{"id":"0af76d37-8817-432a-a494-2b069277dd41","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a1487b54-2f68-4bae-88b6-de5f7dba5436","block_type":"box","text":"NM1026U-5979803-22/68","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c55a91f8-59fa-4ad5-9c46-46c52d8e05ed","block_type":"box","text":"Investor A Investor C","page_number":23,"box":{"x":232,"y":50,"width":214,"height":7}},{"id":"0058038f-4358-4e35-8882-2ff046e38478","block_type":"box","text":"2, 3","page_number":23,"box":{"x":447,"y":50,"width":12,"height":5}},{"id":"9026cbc1-9fee-4020-b363-e00551cd9ef7","block_type":"box","text":"Institutional Class R","page_number":23,"box":{"x":542,"y":50,"width":306,"height":7}},{"id":"fe4b75f4-f8a7-4da3-a4c2-cc3af6615238","block_type":"box","text":"Availability","page_number":23,"box":{"x":60,"y":67,"width":73,"height":10}},{"id":"a414e37f-bdf2-4c6d-b207-3496822c6b29","block_type":"box","text":"(continued)","page_number":23,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"fdd42000-6ec3-42de-9f98-c9e606ddbea5","block_type":"box","text":"Shareholders","page_number":23,"box":{"x":242,"y":67,"width":87,"height":8}},{"id":"34f2e6be-6874-420a-84aa-02733c631a3a","block_type":"box","text":"holding their","page_number":23,"box":{"x":243,"y":81,"width":80,"height":10}},{"id":"3ce376eb-09b5-4c07-b691-28f9b70294a3","block_type":"box","text":"accounts directly","page_number":23,"box":{"x":242,"y":94,"width":111,"height":11}},{"id":"d1931b38-c269-4ab1-b5bc-4a4bd1571ce0","block_type":"box","text":"with BlackRock","page_number":23,"box":{"x":242,"y":108,"width":99,"height":8}},{"id":"4cf73ca8-c7d3-4c64-bf0e-c678f779b2d7","block_type":"box","text":"may continue to","page_number":23,"box":{"x":243,"y":122,"width":104,"height":10}},{"id":"179bc93b-3a93-46c9-95ad-f20976ba66b9","block_type":"box","text":"reinvest dividends","page_number":23,"box":{"x":243,"y":135,"width":118,"height":8}},{"id":"2b4431a8-89c7-4a4b-af95-07c55a5f64ad","block_type":"box","text":"and distributions","page_number":23,"box":{"x":242,"y":149,"width":110,"height":8}},{"id":"485dc711-a3bf-4ebc-806e-ed262bcfb383","block_type":"box","text":"on Investor A","page_number":23,"box":{"x":242,"y":162,"width":86,"height":8}},{"id":"774d93c7-6d93-44fa-9ca0-f606c1ae92ff","block_type":"box","text":"Shares.","page_number":23,"box":{"x":242,"y":176,"width":50,"height":8}},{"id":"163a7b61-05ca-4d84-91ca-c93717e14586","block_type":"box","text":"•","page_number":23,"box":{"x":235,"y":192,"width":4,"height":3}},{"id":"7a28604b-ff85-49e4-bd36-48e424c78132","block_type":"box","text":"Effective","page_number":23,"box":{"x":243,"y":189,"width":55,"height":8}},{"id":"820e8b03-c193-48ca-987a-21cee5426334","block_type":"box","text":"beginning","page_number":23,"box":{"x":243,"y":203,"width":62,"height":10}},{"id":"3715d7f4-cb71-44cb-9d38-f53f2f34dc28","block_type":"box","text":"November 6, 2026,","page_number":23,"box":{"x":243,"y":216,"width":127,"height":10}},{"id":"b827bdce-259f-496c-89e0-86644d6a1fb5","block_type":"box","text":"no new accounts","page_number":23,"box":{"x":243,"y":230,"width":110,"height":8}},{"id":"2be781ce-3011-4050-a08f-d9f6bc20a00c","block_type":"box","text":"to purchase","page_number":23,"box":{"x":242,"y":243,"width":78,"height":10}},{"id":"8f02d746-a485-4f94-a4ac-d3d15a82cfb5","block_type":"box","text":"Investor A Shares","page_number":23,"box":{"x":243,"y":257,"width":115,"height":8}},{"id":"7df32160-aedd-4aa9-a1f9-ac59116e5e2a","block_type":"box","text":"through a","page_number":23,"box":{"x":242,"y":270,"width":62,"height":11}},{"id":"77d30a54-8ffd-4356-a5e6-2603aa2206ca","block_type":"box","text":"Financial","page_number":23,"box":{"x":243,"y":284,"width":55,"height":8}},{"id":"94d9d47b-bce4-4071-8982-ca739aed0333","block_type":"box","text":"Intermediary will","page_number":23,"box":{"x":243,"y":298,"width":106,"height":10}},{"id":"ebd6566e-d013-42e6-81c5-86e5fc42bcf5","block_type":"box","text":"be opened.","page_number":23,"box":{"x":243,"y":311,"width":72,"height":10}},{"id":"86397c78-c145-4117-81ac-0dd802f4bf94","block_type":"box","text":"•","page_number":23,"box":{"x":235,"y":327,"width":4,"height":3}},{"id":"f058b174-d49f-4a46-9c1d-e6861ec7108e","block_type":"box","text":"Effective","page_number":23,"box":{"x":243,"y":324,"width":55,"height":9}},{"id":"0b3cc3e7-3db3-435d-96f7-36a6f4c4bc04","block_type":"box","text":"beginning","page_number":23,"box":{"x":243,"y":338,"width":62,"height":10}},{"id":"8d385c64-51d7-4663-a202-bd61ad81bdfa","block_type":"box","text":"November 6, 2026,","page_number":23,"box":{"x":243,"y":352,"width":127,"height":9}},{"id":"455f05b5-7431-477b-9a20-c0131eb9c6f8","block_type":"box","text":"shareholders","page_number":23,"box":{"x":242,"y":365,"width":85,"height":8}},{"id":"e82be7b1-1077-47e3-a5e1-573e96851f3d","block_type":"box","text":"holding accounts","page_number":23,"box":{"x":243,"y":379,"width":110,"height":10}},{"id":"362d3f3e-209d-47a8-95d8-a2ce43a2cb1b","block_type":"box","text":"through a","page_number":23,"box":{"x":242,"y":392,"width":62,"height":10}},{"id":"244a4441-15ca-469d-9841-393ed64cdd0c","block_type":"box","text":"Financial","page_number":23,"box":{"x":243,"y":406,"width":55,"height":8}},{"id":"0298e098-1856-4a45-a98c-8506c52654cc","block_type":"box","text":"Intermediary will","page_number":23,"box":{"x":243,"y":419,"width":106,"height":10}},{"id":"7fc3181a-bfa1-4c48-8cab-bfe00cd3cdb3","block_type":"box","text":"not be permitted","page_number":23,"box":{"x":243,"y":433,"width":108,"height":10}},{"id":"88908099-2174-435e-b43f-6897c7468614","block_type":"box","text":"to purchase","page_number":23,"box":{"x":242,"y":446,"width":78,"height":10}},{"id":"36a7429a-71ed-4937-bba8-f8064ad293e2","block_type":"box","text":"additional","page_number":23,"box":{"x":242,"y":460,"width":63,"height":8}},{"id":"da8eebf0-767a-402a-abfa-cea2e76d869c","block_type":"box","text":"Investor A Shares.","page_number":23,"box":{"x":243,"y":473,"width":119,"height":9}},{"id":"3dd08919-8dd1-4910-8315-b7df980a3b8b","block_type":"box","text":"Shareholders","page_number":23,"box":{"x":242,"y":487,"width":87,"height":8}},{"id":"59397e65-7487-43b2-bc3f-e8f756b450bd","block_type":"box","text":"already holding","page_number":23,"box":{"x":242,"y":501,"width":99,"height":10}},{"id":"69a4e444-b906-4efc-8c62-a4ce3255b5c2","block_type":"box","text":"Investor A Shares","page_number":23,"box":{"x":243,"y":514,"width":115,"height":8}},{"id":"5c259af2-a3dd-44b6-8a1d-7abdaf406160","block_type":"box","text":"through a","page_number":23,"box":{"x":242,"y":528,"width":62,"height":10}},{"id":"86f624ca-7f9a-4dd9-a0ef-e248d13c286e","block_type":"box","text":"Financial","page_number":23,"box":{"x":243,"y":541,"width":55,"height":8}},{"id":"6795bcef-7b28-4ebc-8a9b-d57af33402dc","block_type":"box","text":"Intermediary may","page_number":23,"box":{"x":243,"y":555,"width":114,"height":10}},{"id":"37d01af7-14ce-415f-8396-57cd55b9b0d7","block_type":"box","text":"continue to","page_number":23,"box":{"x":242,"y":568,"width":73,"height":8}},{"id":"e37ab6ad-8afa-40cd-aa9c-03d2cc5d244f","block_type":"box","text":"reinvest dividends","page_number":23,"box":{"x":243,"y":582,"width":118,"height":8}},{"id":"46684b40-4b1c-45c4-bde9-7a90791c7809","block_type":"box","text":"and distributions.","page_number":23,"box":{"x":242,"y":595,"width":114,"height":8}},{"id":"572ab347-ad38-4bc8-8f1f-553d17e11881","block_type":"box","text":"Investor C Shares","page_number":23,"box":{"x":397,"y":67,"width":112,"height":8}},{"id":"c632b4fd-c922-4dc9-861f-5a8d667d852a","block_type":"box","text":"through a Financial","page_number":23,"box":{"x":396,"y":79,"width":119,"height":10}},{"id":"95d6aaa0-0b4c-4172-9103-a2c5f55a9ba9","block_type":"box","text":"Intermediary may","page_number":23,"box":{"x":397,"y":91,"width":110,"height":10}},{"id":"199dc6fc-f968-44f3-84d1-c615a499b882","block_type":"box","text":"continue to","page_number":23,"box":{"x":397,"y":102,"width":70,"height":8}},{"id":"dfc48524-ee7d-4d90-a2dd-26455874ec25","block_type":"box","text":"reinvest dividends","page_number":23,"box":{"x":397,"y":114,"width":113,"height":8}},{"id":"23237bb7-b4af-4d92-98d9-2cea4add47a0","block_type":"box","text":"and distributions.","page_number":23,"box":{"x":397,"y":125,"width":108,"height":9}},{"id":"8e9d9271-b90b-4e65-8aa2-c19f0b7dac22","block_type":"box","text":"an agreement with the Distributor to","page_number":23,"box":{"x":552,"y":67,"width":227,"height":11}},{"id":"85db332f-8e65-49a6-aa8d-0159b4900272","block_type":"box","text":"purchase such shares.","page_number":23,"box":{"x":552,"y":79,"width":143,"height":10}},{"id":"9444024f-e622-40b6-870f-009ddf1b6f61","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":93,"width":4,"height":3}},{"id":"4c561994-7fdb-4dd9-8060-ab0e82ad36a6","block_type":"box","text":"Employees, officers and directors/","page_number":23,"box":{"x":552,"y":90,"width":219,"height":11}},{"id":"10b87140-dd65-4a13-aeae-072d8eb7e669","block_type":"box","text":"trustees of BlackRock or its","page_number":23,"box":{"x":551,"y":102,"width":175,"height":8}},{"id":"963541d9-a0b2-4e25-961f-317fadc2d2de","block_type":"box","text":"affiliates and immediate family","page_number":23,"box":{"x":552,"y":114,"width":195,"height":10}},{"id":"eabb86a1-bf3b-4dc5-9a03-ab9902f8fabe","block_type":"box","text":"members of such persons.","page_number":23,"box":{"x":552,"y":125,"width":168,"height":10}},{"id":"13769e25-554f-4b55-b26f-d0ba185bcca5","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":140,"width":4,"height":3}},{"id":"06c88951-b5dc-4ab6-a821-652131784d78","block_type":"box","text":"Participants in certain programs","page_number":23,"box":{"x":552,"y":137,"width":202,"height":10}},{"id":"83e7517b-cb76-409d-982a-fca5f243aafe","block_type":"box","text":"sponsored by BlackRock or its","page_number":23,"box":{"x":551,"y":149,"width":191,"height":10}},{"id":"f30165f2-972f-48f4-8275-5b694191bdd9","block_type":"box","text":"affiliates or other Financial","page_number":23,"box":{"x":552,"y":160,"width":166,"height":8}},{"id":"267f653a-87a7-4fad-94a0-318f63382a69","block_type":"box","text":"Intermediaries.","page_number":23,"box":{"x":552,"y":172,"width":93,"height":8}},{"id":"ddd7e0f9-7966-460a-9632-74ad0728d170","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":186,"width":4,"height":3}},{"id":"91b88dbe-7fed-4dd6-9da6-a43447372f3e","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":23,"box":{"x":551,"y":183,"width":225,"height":10}},{"id":"c4a9527b-3051-4dbd-82a3-62650bdb1086","block_type":"box","text":"agents that are registered","page_number":23,"box":{"x":552,"y":195,"width":163,"height":10}},{"id":"f6bd69ab-42f6-488b-b8e3-9923c66f703d","block_type":"box","text":"representatives of an insurance","page_number":23,"box":{"x":552,"y":206,"width":199,"height":11}},{"id":"f76f061f-869f-45f2-85b8-cafecaa782fb","block_type":"box","text":"company’s broker-dealer that has","page_number":23,"box":{"x":551,"y":218,"width":211,"height":10}},{"id":"2cbf5ae1-5d55-4dc5-bcf6-a3e0a3f34813","block_type":"box","text":"entered into an agreement with the","page_number":23,"box":{"x":551,"y":230,"width":222,"height":10}},{"id":"e6e917d1-b981-4dab-aafd-cbe43488c3f5","block_type":"box","text":"Distributor to offer Institutional","page_number":23,"box":{"x":552,"y":241,"width":193,"height":9}},{"id":"d0ed5c51-0e54-4ed4-9c26-c0e5580a9f78","block_type":"box","text":"Shares, and the family members of","page_number":23,"box":{"x":551,"y":253,"width":224,"height":10}},{"id":"1b3187e8-b98a-4092-a6db-44baa4effe82","block_type":"box","text":"such persons.","page_number":23,"box":{"x":551,"y":265,"width":89,"height":10}},{"id":"08596da6-b228-4d71-a39a-f60f8be022b4","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":279,"width":4,"height":3}},{"id":"86ff580c-f97b-4200-9a38-eaee0195f886","block_type":"box","text":"Clients investing through Financial","page_number":23,"box":{"x":551,"y":276,"width":215,"height":10}},{"id":"1f1deabd-2625-4497-8bda-3b7e15ac1379","block_type":"box","text":"Intermediaries that have entered","page_number":23,"box":{"x":552,"y":288,"width":205,"height":8}},{"id":"8f6ab817-59f5-4f1d-84f9-15bae146b50b","block_type":"box","text":"into an agreement with the","page_number":23,"box":{"x":552,"y":299,"width":168,"height":11}},{"id":"a1400ff0-c97d-4aad-a10a-32210ceea7a5","block_type":"box","text":"Distributor to offer such shares on a","page_number":23,"box":{"x":552,"y":311,"width":229,"height":8}},{"id":"e07788e6-0eed-4925-be8f-d47b1fef6380","block_type":"box","text":"platform that charges a transaction","page_number":23,"box":{"x":552,"y":322,"width":222,"height":11}},{"id":"3f04b3c4-67b8-4713-888a-b8d1724c3922","block_type":"box","text":"based sales commission outside of","page_number":23,"box":{"x":552,"y":334,"width":225,"height":8}},{"id":"85c2ebe0-945d-4dd7-87e7-210229439cfa","block_type":"box","text":"the Fund.","page_number":23,"box":{"x":551,"y":346,"width":58,"height":8}},{"id":"9b8101e1-f83e-483a-95e2-2a98ed5cff27","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":360,"width":4,"height":3}},{"id":"f842df43-9351-4517-b89d-d99364b127ff","block_type":"box","text":"Clients investing through a self","page_number":23,"box":{"x":551,"y":357,"width":198,"height":11}},{"id":"b9268f44-9ad4-4f74-af4e-f196c49b9e76","block_type":"box","text":"directed IRA brokerage account","page_number":23,"box":{"x":551,"y":369,"width":198,"height":10}},{"id":"bd60fa1a-834f-4086-bdfa-42d856be9114","block_type":"box","text":"program sponsored by a retirement","page_number":23,"box":{"x":552,"y":381,"width":222,"height":10}},{"id":"7e71ea3c-aa31-45c4-bef1-0b031756c961","block_type":"box","text":"plan record-keeper, provided that","page_number":23,"box":{"x":552,"y":392,"width":207,"height":10}},{"id":"415be3a2-5a6e-4c98-a9d6-245814bcbc8a","block_type":"box","text":"such program offers only mutual","page_number":23,"box":{"x":551,"y":404,"width":204,"height":10}},{"id":"d8cfff14-03b6-4dfa-9c8b-f121e70502ff","block_type":"box","text":"fund options and that the program","page_number":23,"box":{"x":551,"y":415,"width":216,"height":11}},{"id":"1ddc2870-442f-4b4a-aa08-0145785a3a35","block_type":"box","text":"maintains an account with the Fund","page_number":23,"box":{"x":552,"y":427,"width":223,"height":8}},{"id":"17075409-91c7-4f5e-8e38-42a66347de7c","block_type":"box","text":"on an omnibus basis.","page_number":23,"box":{"x":551,"y":439,"width":136,"height":8}},{"id":"97944630-9361-49d0-9672-3f030d470d11","block_type":"box","text":"Availability will be further limited as","page_number":23,"box":{"x":551,"y":450,"width":222,"height":10}},{"id":"7ad6a7ae-0864-4ecd-b8df-9f56a0237705","block_type":"box","text":"follows:","page_number":23,"box":{"x":551,"y":463,"width":47,"height":8}},{"id":"c7faf474-99a7-4603-9af5-859377e8eeb4","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":479,"width":4,"height":3}},{"id":"43ae3ff5-a4d2-47bc-8554-063a46509e9f","block_type":"box","text":"Effective beginning July 1, 2026, no","page_number":23,"box":{"x":552,"y":476,"width":226,"height":10}},{"id":"7ffba434-a9cb-4eaa-8520-343a82eea79a","block_type":"box","text":"new accounts held directly with","page_number":23,"box":{"x":552,"y":489,"width":195,"height":10}},{"id":"e12d70ab-5180-4ffb-acbd-763faa412859","block_type":"box","text":"BlackRock (including IRAs) will be","page_number":23,"box":{"x":552,"y":502,"width":209,"height":10}},{"id":"86c79c4a-bc45-4d29-82c0-47ac8dba86b6","block_type":"box","text":"opened.","page_number":23,"box":{"x":551,"y":515,"width":50,"height":10}},{"id":"3e8cd82f-5321-46fd-b84b-beb05ca11757","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":530,"width":4,"height":3}},{"id":"89d35923-a782-4354-92b4-31300f58cffe","block_type":"box","text":"Effective beginning November 2,","page_number":23,"box":{"x":552,"y":527,"width":203,"height":11}},{"id":"718a1e7b-0bd9-47a7-82bc-58ba0fb05774","block_type":"box","text":"2026, shareholders holding their","page_number":23,"box":{"x":552,"y":540,"width":207,"height":11}},{"id":"62c28069-03b5-4c19-9187-53ca29c1ee45","block_type":"box","text":"accounts directly with BlackRock","page_number":23,"box":{"x":552,"y":553,"width":205,"height":10}},{"id":"d3a178dd-6a99-42b5-b42b-3028cc81d12c","block_type":"box","text":"(including IRAs) will not be permitted","page_number":23,"box":{"x":551,"y":566,"width":230,"height":11}},{"id":"4a8bdb1a-c971-4f91-9ee6-c55e41884700","block_type":"box","text":"to purchase additional Institutional","page_number":23,"box":{"x":551,"y":579,"width":219,"height":10}},{"id":"a863f112-8b10-4de7-8312-83cb8e514d97","block_type":"box","text":"Shares. Shareholders holding their","page_number":23,"box":{"x":551,"y":592,"width":220,"height":10}},{"id":"cad2fe83-7992-4692-b8ed-c044d97d09b6","block_type":"box","text":"accounts directly with BlackRock","page_number":23,"box":{"x":552,"y":605,"width":205,"height":10}},{"id":"46d8e89d-b80f-4268-a809-260f2c9cbf84","block_type":"box","text":"may continue to reinvest dividends","page_number":23,"box":{"x":552,"y":618,"width":218,"height":10}},{"id":"69879766-7558-4af7-8332-cf56560dcc8f","block_type":"box","text":"and distributions on Institutional","page_number":23,"box":{"x":552,"y":631,"width":202,"height":8}},{"id":"9c4db67b-ef0f-4d47-8676-a430e312772f","block_type":"box","text":"Shares.","page_number":23,"box":{"x":551,"y":644,"width":48,"height":8}},{"id":"6aa62016-3bb2-4b53-93b0-bca1c058b3e2","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":659,"width":4,"height":3}},{"id":"a52814f8-2c2c-469b-a147-49546783d793","block_type":"box","text":"Effective beginning November 6,","page_number":23,"box":{"x":552,"y":656,"width":203,"height":11}},{"id":"6e19008f-bfb8-42a6-bad5-066ce1dbb6e8","block_type":"box","text":"2026, no new accounts to purchase","page_number":23,"box":{"x":552,"y":669,"width":229,"height":10}},{"id":"79b84458-ac58-498f-8895-fe99530df254","block_type":"box","text":"Institutional Shares through a","page_number":23,"box":{"x":552,"y":682,"width":186,"height":11}},{"id":"fd20e8ab-04a4-4a61-8a87-b0244fd281c7","block_type":"box","text":"Financial Intermediary will be","page_number":23,"box":{"x":552,"y":695,"width":182,"height":10}},{"id":"7f8b0c22-8d55-4afd-85d1-e4b0eb744ba6","block_type":"box","text":"opened.","page_number":23,"box":{"x":551,"y":708,"width":50,"height":10}},{"id":"0d2a422a-74a5-453e-aa72-af54388b00bb","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":724,"width":4,"height":3}},{"id":"8cecddce-0cf3-428c-9246-feb290d99615","block_type":"box","text":"Effective beginning November 6,","page_number":23,"box":{"x":552,"y":721,"width":203,"height":10}},{"id":"0a4ddb5f-99f2-4098-8dad-df88b8859e92","block_type":"box","text":"2026, shareholders holding","page_number":23,"box":{"x":552,"y":734,"width":175,"height":10}},{"id":"c273f148-624b-4389-8151-a410a0509fb9","block_type":"box","text":"accounts through a Financial","page_number":23,"box":{"x":552,"y":747,"width":179,"height":10}},{"id":"abe15057-3e3a-49ef-a1f2-4cdb35f3e79f","block_type":"box","text":"Intermediary will not be permitted to","page_number":23,"box":{"x":552,"y":760,"width":229,"height":10}},{"id":"853cd14b-7efb-4abc-a78a-62d844faf588","block_type":"box","text":"purchase additional Institutional","page_number":23,"box":{"x":552,"y":773,"width":201,"height":9}},{"id":"3924aa90-a1ef-4dbc-8897-2a24a31f49e9","block_type":"box","text":"Shares. Shareholders already","page_number":23,"box":{"x":551,"y":785,"width":188,"height":11}},{"id":"e2bac709-500c-4325-abca-efb30c14b772","block_type":"box","text":"holding Institutional Shares through","page_number":23,"box":{"x":552,"y":798,"width":223,"height":11}},{"id":"f53f7ac7-cac9-4791-b72c-be43c14aa0bb","block_type":"box","text":"a Financial Intermediary may","page_number":23,"box":{"x":552,"y":811,"width":181,"height":10}},{"id":"f2778508-b4d4-4055-8838-742dbdbdd338","block_type":"box","text":"continue to reinvest dividends and","page_number":23,"box":{"x":551,"y":824,"width":216,"height":8}},{"id":"6277729a-f315-4c21-b7a4-156f24f4d093","block_type":"box","text":"distributions.","page_number":23,"box":{"x":551,"y":837,"width":81,"height":8}},{"id":"7c025eac-f2f1-421b-b85b-751ff3d49ac4","block_type":"box","text":"with BlackRock","page_number":23,"box":{"x":813,"y":67,"width":95,"height":8}},{"id":"d0d5cfd3-23ee-4f17-96e5-41cf2fd11a7c","block_type":"box","text":"may continue to","page_number":23,"box":{"x":814,"y":79,"width":99,"height":10}},{"id":"1e9f642b-6e62-4c74-8faa-9fdb8138d2ca","block_type":"box","text":"reinvest dividends","page_number":23,"box":{"x":814,"y":91,"width":113,"height":8}},{"id":"1414bed3-e4b8-4b10-b9af-3d9fcf22c6d2","block_type":"box","text":"and distributions","page_number":23,"box":{"x":814,"y":102,"width":104,"height":8}},{"id":"35e336b5-1031-4deb-a93a-d74b66a6b454","block_type":"box","text":"on Class R Shares.","page_number":23,"box":{"x":813,"y":114,"width":121,"height":8}},{"id":"74289df8-8c6f-4905-9354-74e44e4b1a27","block_type":"box","text":"•","page_number":23,"box":{"x":806,"y":128,"width":4,"height":3}},{"id":"a06c6990-1326-4585-a8b5-8fa59793cef4","block_type":"box","text":"Effective beginning","page_number":23,"box":{"x":814,"y":125,"width":119,"height":11}},{"id":"e9d9468a-61e3-4f1f-8993-2f6f698b125f","block_type":"box","text":"November 6, 2026,","page_number":23,"box":{"x":814,"y":137,"width":123,"height":9}},{"id":"61d382f1-5da6-4e91-8b87-3f943c0257ab","block_type":"box","text":"no new accounts to","page_number":23,"box":{"x":814,"y":149,"width":122,"height":8}},{"id":"9cf10c3c-00ba-4fa9-bbdf-b52d7940d262","block_type":"box","text":"purchase Class R","page_number":23,"box":{"x":814,"y":160,"width":110,"height":10}},{"id":"50926627-8191-4154-964c-d9135c15dbf1","block_type":"box","text":"Shares through a","page_number":23,"box":{"x":813,"y":172,"width":109,"height":10}},{"id":"18d93c4a-2469-4572-9787-597dd9bc9f7c","block_type":"box","text":"Financial","page_number":23,"box":{"x":814,"y":183,"width":53,"height":9}},{"id":"f18a73b9-b1ea-4043-b3d9-41aaf940937f","block_type":"box","text":"Intermediary will be","page_number":23,"box":{"x":814,"y":195,"width":122,"height":10}},{"id":"2102df79-1b9b-420a-8f0e-65ac5feb9d6d","block_type":"box","text":"opened.","page_number":23,"box":{"x":813,"y":207,"width":50,"height":10}},{"id":"8855cc30-83d9-45ad-9a7e-572498a7d8f7","block_type":"box","text":"•","page_number":23,"box":{"x":806,"y":221,"width":4,"height":3}},{"id":"606973c6-80b4-41bd-b5bf-4e07bf1d9811","block_type":"box","text":"Effective beginning","page_number":23,"box":{"x":814,"y":218,"width":119,"height":10}},{"id":"f8d4ddb8-434b-412e-8dec-d1dfd127a4f0","block_type":"box","text":"November 6, 2026,","page_number":23,"box":{"x":814,"y":230,"width":123,"height":9}},{"id":"f19ed7b6-31e0-456e-b86f-aeb6b2ea5aff","block_type":"box","text":"shareholders","page_number":23,"box":{"x":813,"y":241,"width":82,"height":9}},{"id":"436f9f3e-7bda-4b5b-89c2-df62284c57b6","block_type":"box","text":"holding accounts","page_number":23,"box":{"x":814,"y":253,"width":106,"height":10}},{"id":"9a6ec281-c484-4ed4-975e-065f83120567","block_type":"box","text":"through a Financial","page_number":23,"box":{"x":813,"y":265,"width":119,"height":10}},{"id":"e9631938-86d5-4a84-944f-e2e83bbbf178","block_type":"box","text":"Intermediary will","page_number":23,"box":{"x":814,"y":276,"width":102,"height":10}},{"id":"59aab163-f934-4dad-9af5-9b2759325ae9","block_type":"box","text":"not be permitted to","page_number":23,"box":{"x":814,"y":288,"width":121,"height":10}},{"id":"432f982d-dcf8-4a26-a0a3-7b9f16a2f819","block_type":"box","text":"purchase","page_number":23,"box":{"x":814,"y":299,"width":57,"height":10}},{"id":"21dc24ed-8b48-4f36-a2c1-dd7f1979c043","block_type":"box","text":"additional Class R","page_number":23,"box":{"x":814,"y":311,"width":113,"height":8}},{"id":"0de3a24f-756b-4802-a144-e8e64feddf48","block_type":"box","text":"Shares.","page_number":23,"box":{"x":813,"y":323,"width":48,"height":8}},{"id":"573616c5-30c1-406f-b093-fe8fbf75e5d3","block_type":"box","text":"Shareholders","page_number":23,"box":{"x":813,"y":334,"width":84,"height":8}},{"id":"d4d3bd9a-9b98-4dfe-9b60-206372525199","block_type":"box","text":"already holding","page_number":23,"box":{"x":814,"y":346,"width":94,"height":10}},{"id":"9ae1c7e0-0b4d-4a78-81ab-8e93cbb24f9b","block_type":"box","text":"Class R Shares","page_number":23,"box":{"x":813,"y":357,"width":97,"height":9}},{"id":"d5e9005b-750e-4051-b103-c8e9f30d233d","block_type":"box","text":"through a Financial","page_number":23,"box":{"x":813,"y":369,"width":119,"height":10}},{"id":"bc924c85-5662-4f56-822f-b24c91cb7e10","block_type":"box","text":"Intermediary may","page_number":23,"box":{"x":814,"y":381,"width":109,"height":10}},{"id":"b4feda69-14a1-41d3-b203-210983aa2091","block_type":"box","text":"continue to","page_number":23,"box":{"x":813,"y":392,"width":70,"height":8}},{"id":"0b37a8c5-7d7d-44a9-80c2-d80ac44b6708","block_type":"box","text":"reinvest dividends","page_number":23,"box":{"x":814,"y":404,"width":113,"height":8}},{"id":"7b301635-ba53-4b96-b950-3eca8c31660d","block_type":"box","text":"and distributions.","page_number":23,"box":{"x":814,"y":415,"width":108,"height":9}},{"id":"51a94693-2d41-43f0-86b2-e42891d33909","block_type":"box","text":"Minimum Investment","page_number":23,"box":{"x":61,"y":855,"width":136,"height":8}},{"id":"323ad235-9f16-41f8-871f-1b854d3a7a9d","block_type":"box","text":"$1,000 for all","page_number":23,"box":{"x":232,"y":854,"width":86,"height":11}},{"id":"ec927906-cf0b-4dd9-8678-cc8eeb97d0ed","block_type":"box","text":"accounts except:","page_number":23,"box":{"x":232,"y":869,"width":106,"height":10}},{"id":"3ca0be5a-bbb6-448d-b295-2a16d2a021fa","block_type":"box","text":"$1,000 for all","page_number":23,"box":{"x":387,"y":854,"width":86,"height":11}},{"id":"9dc2f832-6a30-4ea4-99ce-aa7da8c6cc39","block_type":"box","text":"accounts except:","page_number":23,"box":{"x":387,"y":869,"width":105,"height":10}},{"id":"d3da366b-8432-42cc-838c-d07e0d6689e3","block_type":"box","text":"There is no investment minimum for:","page_number":23,"box":{"x":541,"y":855,"width":232,"height":8}},{"id":"df00c6c3-6f5a-42a2-b85f-3c5fb5e50dcf","block_type":"box","text":"•","page_number":23,"box":{"x":544,"y":871,"width":4,"height":2}},{"id":"94c2cb24-308b-4f20-9390-b3d4fd135d38","block_type":"box","text":"Certain employee benefits plans,","page_number":23,"box":{"x":551,"y":868,"width":209,"height":10}},{"id":"f83149a2-1a10-4ec2-91ff-5aa67e952609","block_type":"box","text":"such as health savings accounts,","page_number":23,"box":{"x":551,"y":881,"width":210,"height":10}},{"id":"b1bab085-a098-46c5-a254-fa8520f7da9e","block_type":"box","text":"$100 for all","page_number":23,"box":{"x":804,"y":854,"width":73,"height":10}},{"id":"9ae5ea0e-abd0-417e-8a3e-0f6c48885bca","block_type":"box","text":"accounts.","page_number":23,"box":{"x":804,"y":869,"width":59,"height":8}},{"id":"5609e5f1-4a2a-4d49-8b22-064b458c6226","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"3480889c-c16f-4673-bd94-8fa6ba08bddb","block_type":"box","text":"NM1026U-5979803-23/68","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f417ccde-870b-4c81-ae90-761aab4a53f3","block_type":"box","text":"Investor A Investor C","page_number":24,"box":{"x":232,"y":50,"width":214,"height":7}},{"id":"9fe25766-3835-4ea5-bc35-2beb73ecee1f","block_type":"box","text":"2, 3","page_number":24,"box":{"x":447,"y":50,"width":12,"height":5}},{"id":"6a6a1b98-23d9-4033-8b75-796874377a5d","block_type":"box","text":"Institutional Class R","page_number":24,"box":{"x":542,"y":50,"width":306,"height":7}},{"id":"4e591f39-1f99-41e6-aa85-076dac50131c","block_type":"box","text":"Minimum Investment","page_number":24,"box":{"x":61,"y":67,"width":136,"height":8}},{"id":"7b0fce3a-68f7-4246-819a-5482a27f1191","block_type":"box","text":"(continued)","page_number":24,"box":{"x":61,"y":81,"width":73,"height":10}},{"id":"0046d35e-c906-4783-b1cc-a0589922f597","block_type":"box","text":"•","page_number":24,"box":{"x":235,"y":70,"width":4,"height":3}},{"id":"662d57e1-1165-42a8-baaa-41b1b393e8a5","block_type":"box","text":"$50, if establishing","page_number":24,"box":{"x":243,"y":67,"width":122,"height":11}},{"id":"026cc518-11c3-47e9-b904-61052f57b0eb","block_type":"box","text":"an Automatic","page_number":24,"box":{"x":242,"y":81,"width":83,"height":8}},{"id":"5ab37ee2-aab8-4547-aed8-0cad1ddf5fec","block_type":"box","text":"Investment Plan","page_number":24,"box":{"x":243,"y":94,"width":100,"height":9}},{"id":"d0d4bfb0-be97-454b-b487-11e5aef9033c","block_type":"box","text":"(“AIP”).","page_number":24,"box":{"x":242,"y":108,"width":45,"height":10}},{"id":"445287bb-ab45-4c87-a6f8-0be60a8f27a4","block_type":"box","text":"•","page_number":24,"box":{"x":235,"y":124,"width":4,"height":3}},{"id":"23c7fc82-1ad2-4ddf-ac1a-371960f964a5","block_type":"box","text":"There is no","page_number":24,"box":{"x":242,"y":122,"width":70,"height":8}},{"id":"f99fc9e9-037c-41bc-9924-807406387b2a","block_type":"box","text":"investment","page_number":24,"box":{"x":243,"y":135,"width":69,"height":8}},{"id":"6fe82a5d-bc79-47ce-bdb5-9359fc334fd4","block_type":"box","text":"minimum for","page_number":24,"box":{"x":243,"y":148,"width":79,"height":9}},{"id":"72dfb623-60fe-460c-85b7-5f661f8b93ed","block_type":"box","text":"employer","page_number":24,"box":{"x":242,"y":162,"width":60,"height":10}},{"id":"a9ca6f7f-1ccd-42da-90b5-098b54db4889","block_type":"box","text":"sponsored","page_number":24,"box":{"x":242,"y":176,"width":66,"height":10}},{"id":"8ca41222-941b-485b-9611-1aade514a621","block_type":"box","text":"retirement plans","page_number":24,"box":{"x":243,"y":189,"width":102,"height":10}},{"id":"8c40e1d1-c756-46df-ac7a-6f35791f53a9","block_type":"box","text":"(not including SEP","page_number":24,"box":{"x":242,"y":203,"width":114,"height":10}},{"id":"2078ca53-5baa-48fa-a523-0e4a8a4028f8","block_type":"box","text":"IRAs, SIMPLE IRAs","page_number":24,"box":{"x":243,"y":216,"width":116,"height":10}},{"id":"5dadbe10-4444-4c9c-9523-23d7c975687f","block_type":"box","text":"or SARSEPs).","page_number":24,"box":{"x":242,"y":230,"width":83,"height":10}},{"id":"507d5e8d-26a0-46e3-ac91-eda27b4fb7c5","block_type":"box","text":"•","page_number":24,"box":{"x":235,"y":246,"width":4,"height":3}},{"id":"1bc0bd2a-e81d-4d33-8e49-22c5368e785a","block_type":"box","text":"There is no","page_number":24,"box":{"x":242,"y":243,"width":70,"height":8}},{"id":"dc5f0cc5-abcd-467c-8046-4df3d62699ff","block_type":"box","text":"investment","page_number":24,"box":{"x":243,"y":257,"width":69,"height":8}},{"id":"f95be9bd-877d-40ba-bc2f-5da2f6176f6b","block_type":"box","text":"minimum for","page_number":24,"box":{"x":243,"y":270,"width":79,"height":9}},{"id":"e16d1300-cf17-414f-a96a-c1ef2f01f622","block_type":"box","text":"certain fee-based","page_number":24,"box":{"x":242,"y":284,"width":110,"height":8}},{"id":"b7654124-02ce-41a8-a3ff-a93903f4a685","block_type":"box","text":"programs.","page_number":24,"box":{"x":243,"y":299,"width":62,"height":9}},{"id":"e326ce45-a089-49ed-b6a3-f015d2fca368","block_type":"box","text":"•","page_number":24,"box":{"x":390,"y":70,"width":3,"height":3}},{"id":"64a06a40-60ea-4651-8ab3-b2e912982f74","block_type":"box","text":"$50, if establishing","page_number":24,"box":{"x":397,"y":67,"width":122,"height":11}},{"id":"00e432b1-4535-4448-8f19-9ecb5d899079","block_type":"box","text":"an AIP.","page_number":24,"box":{"x":397,"y":81,"width":41,"height":8}},{"id":"19596d33-35f5-4d35-a7c3-8e234506077b","block_type":"box","text":"•","page_number":24,"box":{"x":390,"y":97,"width":3,"height":3}},{"id":"9fe3ef95-fd5b-41a1-bb1d-02f2f67b89d9","block_type":"box","text":"There is no","page_number":24,"box":{"x":396,"y":94,"width":71,"height":9}},{"id":"325d35f8-a161-4e35-832f-e5fafe92ade9","block_type":"box","text":"investment","page_number":24,"box":{"x":397,"y":108,"width":69,"height":8}},{"id":"315fa8e0-25d7-4007-8e57-56ad155190ff","block_type":"box","text":"minimum for","page_number":24,"box":{"x":397,"y":121,"width":79,"height":9}},{"id":"dd863680-90eb-466d-a7fc-0ab3200eb8c9","block_type":"box","text":"employer","page_number":24,"box":{"x":397,"y":135,"width":60,"height":10}},{"id":"f4115c43-931c-44e5-b94d-6973f7efc67f","block_type":"box","text":"sponsored","page_number":24,"box":{"x":397,"y":149,"width":66,"height":10}},{"id":"ed79c23b-c7dd-48e0-9f25-a62500041ed4","block_type":"box","text":"retirement plans","page_number":24,"box":{"x":397,"y":162,"width":103,"height":10}},{"id":"9ec28976-73ab-434d-8779-c777aaa6c276","block_type":"box","text":"(not including SEP","page_number":24,"box":{"x":397,"y":176,"width":113,"height":10}},{"id":"006a4a06-b116-4d1d-92e6-57b40ee8595e","block_type":"box","text":"IRAs, SIMPLE IRAs","page_number":24,"box":{"x":397,"y":189,"width":117,"height":10}},{"id":"c0989607-63b2-470a-88c1-6bf86b387afb","block_type":"box","text":"or SARSEPs).","page_number":24,"box":{"x":397,"y":203,"width":83,"height":10}},{"id":"ed76b85d-7091-48b5-b839-4a8ddc748e6d","block_type":"box","text":"•","page_number":24,"box":{"x":390,"y":219,"width":3,"height":3}},{"id":"a6f5de34-0455-447b-ae2a-2fd916c4a311","block_type":"box","text":"There is no","page_number":24,"box":{"x":396,"y":216,"width":71,"height":8}},{"id":"c37944d9-0d5b-4de5-a738-6ccf855b4abf","block_type":"box","text":"investment","page_number":24,"box":{"x":397,"y":230,"width":69,"height":8}},{"id":"f6fc5546-127a-488f-9a93-c6a169e4ca45","block_type":"box","text":"minimum for","page_number":24,"box":{"x":397,"y":243,"width":79,"height":8}},{"id":"466c499d-ca76-46b8-a19b-45aa1dc6afb7","block_type":"box","text":"certain fee-based","page_number":24,"box":{"x":397,"y":257,"width":109,"height":8}},{"id":"b820b69a-aa24-413a-9cb0-972d1edd8c2c","block_type":"box","text":"programs.","page_number":24,"box":{"x":397,"y":272,"width":62,"height":9}},{"id":"dbb56666-2987-4f3f-b4c7-3ea5b2191108","block_type":"box","text":"and certain employer--sponsored","page_number":24,"box":{"x":552,"y":67,"width":205,"height":10}},{"id":"c1aaac68-1530-4010-8278-3064e0342d04","block_type":"box","text":"retirement plans (not including SEP","page_number":24,"box":{"x":552,"y":80,"width":221,"height":10}},{"id":"78f84b27-0b44-4f5e-96a2-2d62bfc85117","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":24,"box":{"x":552,"y":93,"width":204,"height":10}},{"id":"4e6eee09-ef82-4764-8ba0-2a1acb96f435","block_type":"box","text":"state sponsored 529 college","page_number":24,"box":{"x":551,"y":106,"width":182,"height":10}},{"id":"b9e6c69d-97ca-4ca6-92ce-da0a415667b4","block_type":"box","text":"savings plans, collective trust funds,","page_number":24,"box":{"x":551,"y":119,"width":230,"height":10}},{"id":"2b372dee-b63f-4e2b-bf20-b90c0d5063af","block_type":"box","text":"investment companies or other","page_number":24,"box":{"x":552,"y":132,"width":196,"height":10}},{"id":"0eb63e1b-e601-4a29-91f2-c4c6adcd724c","block_type":"box","text":"pooled investment vehicles,","page_number":24,"box":{"x":552,"y":145,"width":174,"height":10}},{"id":"6aeb8ea4-42f3-426b-b87c-256ccdd9d640","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":24,"box":{"x":552,"y":157,"width":214,"height":9}},{"id":"868b3ced-3963-4f87-beb3-977a6e576de4","block_type":"box","text":"banks and trust companies.","page_number":24,"box":{"x":552,"y":171,"width":176,"height":9}},{"id":"70df4847-38b5-4fa1-9e83-21023ba5f570","block_type":"box","text":"•","page_number":24,"box":{"x":544,"y":186,"width":4,"height":3}},{"id":"bdeff46c-e0ec-4223-8f1f-3de31446c8f1","block_type":"box","text":"Employees, officers and directors/","page_number":24,"box":{"x":552,"y":183,"width":219,"height":10}},{"id":"475ca924-4317-4434-9a61-b3f70c0a608a","block_type":"box","text":"trustees of BlackRock or its","page_number":24,"box":{"x":551,"y":196,"width":175,"height":8}},{"id":"1d82b163-e9f4-4c9a-be3a-70c7d43239ca","block_type":"box","text":"affiliates and immediate family","page_number":24,"box":{"x":552,"y":209,"width":195,"height":10}},{"id":"bbd9eaac-1dbd-4899-9536-fc59a05d56ee","block_type":"box","text":"members of such persons.","page_number":24,"box":{"x":552,"y":222,"width":168,"height":10}},{"id":"be4fd8e7-7b7a-4440-9f7b-c266c62ad742","block_type":"box","text":"•","page_number":24,"box":{"x":544,"y":238,"width":4,"height":3}},{"id":"5af9d4ec-d404-42cf-b043-3e7788c056f7","block_type":"box","text":"Clients of Financial Intermediaries","page_number":24,"box":{"x":551,"y":235,"width":214,"height":8}},{"id":"8c7f3075-2489-4203-b7ad-4bb55a4f32e9","block_type":"box","text":"that: (i) charge such clients a fee for","page_number":24,"box":{"x":551,"y":248,"width":230,"height":10}},{"id":"2223b1e4-6ef4-4ba0-8892-57de8594b5f4","block_type":"box","text":"advisory, investment consulting, or","page_number":24,"box":{"x":552,"y":261,"width":219,"height":10}},{"id":"98aca5f5-140c-4e4f-bbb5-a034efdb33fd","block_type":"box","text":"similar services or (ii) have entered","page_number":24,"box":{"x":551,"y":274,"width":222,"height":10}},{"id":"106afa65-72c5-4890-b615-2d25a2798e40","block_type":"box","text":"into an agreement with the","page_number":24,"box":{"x":552,"y":287,"width":168,"height":10}},{"id":"e5396367-c023-42aa-8c9f-6f3e31149253","block_type":"box","text":"Distributor to offer Institutional","page_number":24,"box":{"x":552,"y":299,"width":193,"height":9}},{"id":"45309adf-0931-4b62-a6b6-8f5d8e8d4f62","block_type":"box","text":"Shares through a no-load program","page_number":24,"box":{"x":551,"y":312,"width":215,"height":11}},{"id":"7359a127-8569-4314-897d-1d50c94695f7","block_type":"box","text":"or investment platform.","page_number":24,"box":{"x":551,"y":325,"width":147,"height":10}},{"id":"ffc7ee1e-42eb-4a20-ae25-261dd4bc1a3d","block_type":"box","text":"•","page_number":24,"box":{"x":544,"y":341,"width":4,"height":3}},{"id":"6aa28cc9-8cb1-43b3-b4a0-6d42dced1094","block_type":"box","text":"Clients investing through a self","page_number":24,"box":{"x":551,"y":338,"width":198,"height":10}},{"id":"03755eba-20bb-4b53-b46b-494ff0bc3fd4","block_type":"box","text":"directed IRA brokerage account","page_number":24,"box":{"x":551,"y":351,"width":198,"height":10}},{"id":"1eee7ad1-bc4d-4a74-a249-53e148428716","block_type":"box","text":"program sponsored by a retirement","page_number":24,"box":{"x":552,"y":364,"width":222,"height":10}},{"id":"5e9c49dd-8a93-4ce3-a7e3-e7b8d518af1f","block_type":"box","text":"plan record-keeper, provided that","page_number":24,"box":{"x":552,"y":377,"width":207,"height":10}},{"id":"47408558-1459-4116-8a71-11049f9948bf","block_type":"box","text":"such program offers only mutual","page_number":24,"box":{"x":551,"y":389,"width":204,"height":11}},{"id":"b2d17824-4999-4d78-bd0d-d093ac6d228e","block_type":"box","text":"fund options and that the program","page_number":24,"box":{"x":551,"y":402,"width":216,"height":11}},{"id":"398f66ef-ca2a-41a8-b92f-ae58541447dc","block_type":"box","text":"maintains an account with the Fund","page_number":24,"box":{"x":552,"y":415,"width":223,"height":9}},{"id":"110099f1-718c-45c5-ae65-39a104975337","block_type":"box","text":"on an omnibus basis.","page_number":24,"box":{"x":551,"y":428,"width":136,"height":8}},{"id":"b398715a-d009-4cb9-af0b-bb7a6e6513d0","block_type":"box","text":"$2 million for individuals and","page_number":24,"box":{"x":542,"y":443,"width":180,"height":10}},{"id":"fe67aa2f-04d4-4197-9446-20f305605f6f","block_type":"box","text":"Institutional Investors.","page_number":24,"box":{"x":542,"y":457,"width":138,"height":8}},{"id":"e2769cc9-7243-43ee-8571-9d8087042876","block_type":"box","text":"$1,000 investment minimum for:","page_number":24,"box":{"x":542,"y":471,"width":208,"height":11}},{"id":"2d9f13b7-35b1-4463-acb9-e2789269121b","block_type":"box","text":"•","page_number":24,"box":{"x":544,"y":488,"width":4,"height":3}},{"id":"9fc80a72-b638-467a-913f-4728bbe3a03b","block_type":"box","text":"Clients investing through Financial","page_number":24,"box":{"x":551,"y":485,"width":215,"height":10}},{"id":"06820e3d-ec5c-41dc-8665-b29b01c13c5c","block_type":"box","text":"Intermediaries that offer such","page_number":24,"box":{"x":552,"y":498,"width":187,"height":8}},{"id":"3cfa5f25-ea3a-4494-8669-00d8cb640a8f","block_type":"box","text":"shares on a platform that charges a","page_number":24,"box":{"x":551,"y":511,"width":228,"height":10}},{"id":"3ab0a459-cf75-4c8c-a46d-9bc748442dee","block_type":"box","text":"transaction based sales","page_number":24,"box":{"x":551,"y":524,"width":152,"height":8}},{"id":"d4c875a6-e77d-4057-ba50-6fdab468620a","block_type":"box","text":"commission outside of the Fund.","page_number":24,"box":{"x":551,"y":536,"width":206,"height":9}},{"id":"6515b152-9bb7-43cd-bd9d-4f25ccdd70b7","block_type":"box","text":"•","page_number":24,"box":{"x":544,"y":552,"width":4,"height":3}},{"id":"acc26e11-a664-460b-8f5a-9c614c88f183","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":24,"box":{"x":551,"y":549,"width":225,"height":10}},{"id":"31f109bb-5c3e-4198-a270-402d3c55fab9","block_type":"box","text":"agents that are registered","page_number":24,"box":{"x":552,"y":562,"width":163,"height":11}},{"id":"4213db1d-0d81-4b29-8d80-564be7050046","block_type":"box","text":"representatives of an insurance","page_number":24,"box":{"x":552,"y":575,"width":199,"height":10}},{"id":"de01b6bf-20e5-4238-90b9-82df9a98c0f8","block_type":"box","text":"company’s broker-dealer that has","page_number":24,"box":{"x":551,"y":588,"width":211,"height":10}},{"id":"80d26be5-5e8a-48f3-8e33-78754b7efd9a","block_type":"box","text":"entered into an agreement with the","page_number":24,"box":{"x":551,"y":601,"width":222,"height":10}},{"id":"c0b16937-707e-4118-894f-9fe130d23c1e","block_type":"box","text":"Distributor to offer Institutional","page_number":24,"box":{"x":552,"y":614,"width":193,"height":8}},{"id":"13460da8-25f2-449a-9915-7e6759c318cf","block_type":"box","text":"Shares, and the family members of","page_number":24,"box":{"x":551,"y":627,"width":224,"height":10}},{"id":"ea558835-6789-4f40-8872-55e7cfb290b4","block_type":"box","text":"such persons.","page_number":24,"box":{"x":551,"y":640,"width":89,"height":10}},{"id":"b2db0fdb-1040-4c4b-89af-d4a6dcc92e36","block_type":"box","text":"Initial Sales Charge?","page_number":24,"box":{"x":61,"y":658,"width":134,"height":10}},{"id":"d26138c8-de43-4f95-9fff-e6adaf2f57be","block_type":"box","text":"Yes. Payable at time","page_number":24,"box":{"x":232,"y":658,"width":128,"height":10}},{"id":"b61b8ffc-3673-4dd7-afb8-ee19ab5217cd","block_type":"box","text":"of purchase. Lower","page_number":24,"box":{"x":232,"y":671,"width":121,"height":10}},{"id":"d7b98878-0d70-40ce-b41c-af73925a9065","block_type":"box","text":"sales charges are","page_number":24,"box":{"x":232,"y":685,"width":113,"height":10}},{"id":"4e7a392e-d706-4fa0-a574-f3b312b7b340","block_type":"box","text":"available for larger","page_number":24,"box":{"x":232,"y":698,"width":117,"height":11}},{"id":"df5117e3-99a1-46c0-80c1-06ee777281ef","block_type":"box","text":"investments.","page_number":24,"box":{"x":233,"y":712,"width":79,"height":8}},{"id":"364de7d1-d4f5-4f14-a721-734aa63a7dbf","block_type":"box","text":"Beginning on","page_number":24,"box":{"x":233,"y":726,"width":80,"height":10}},{"id":"c3447ff9-9f9a-4dff-a70a-ebda93d85fa0","block_type":"box","text":"October 1, 2026, no","page_number":24,"box":{"x":232,"y":739,"width":129,"height":10}},{"id":"b0dd04cc-df94-46e9-8189-ba9f0f9f6cce","block_type":"box","text":"initial sales charge","page_number":24,"box":{"x":233,"y":753,"width":117,"height":10}},{"id":"d5348e6d-6620-45a6-936b-ca6cc59c10b6","block_type":"box","text":"will be imposed on","page_number":24,"box":{"x":232,"y":766,"width":117,"height":10}},{"id":"1b5ad061-015d-414d-8ed2-21e89969a860","block_type":"box","text":"purchases. As a","page_number":24,"box":{"x":233,"y":780,"width":101,"height":10}},{"id":"fa4ab5e5-06e6-4a25-a6f8-3b6fdc323454","block_type":"box","text":"result, any","page_number":24,"box":{"x":233,"y":793,"width":65,"height":10}},{"id":"38fa4c58-3567-4efe-8693-584d00356899","block_type":"box","text":"subsequent","page_number":24,"box":{"x":232,"y":807,"width":74,"height":10}},{"id":"a464f354-4de0-4a95-96c7-9d69477c9100","block_type":"box","text":"purchases of the","page_number":24,"box":{"x":233,"y":820,"width":105,"height":10}},{"id":"cad9cc23-7b2b-4fad-9425-95a6536a551c","block_type":"box","text":"Fund will not be","page_number":24,"box":{"x":233,"y":834,"width":97,"height":8}},{"id":"ced6e752-8503-4d72-8599-b935c24e9543","block_type":"box","text":"eligible assets for","page_number":24,"box":{"x":232,"y":847,"width":112,"height":11}},{"id":"05f6b4e0-1df5-477a-b700-ba1ca0b81089","block_type":"box","text":"future rights of","page_number":24,"box":{"x":232,"y":861,"width":93,"height":10}},{"id":"b2ad6fc2-370d-4269-ac00-31ec125fed47","block_type":"box","text":"accumulation or","page_number":24,"box":{"x":232,"y":874,"width":101,"height":8}},{"id":"aa83ec1c-563d-44ac-b7a1-d90e1f480f3e","block_type":"box","text":"letter of intent","page_number":24,"box":{"x":233,"y":888,"width":88,"height":8}},{"id":"88e61105-0df7-4909-af0d-69c42405dee8","block_type":"box","text":"purchases.","page_number":24,"box":{"x":233,"y":902,"width":68,"height":9}},{"id":"4ec5b5ff-8258-4e8b-87e1-ce8154deb714","block_type":"box","text":"No. Entire purchase","page_number":24,"box":{"x":387,"y":658,"width":124,"height":10}},{"id":"1b804c48-374a-4eba-a77d-0a511cb99375","block_type":"box","text":"price is invested in","page_number":24,"box":{"x":387,"y":671,"width":117,"height":10}},{"id":"34060d07-597f-47e4-b828-d874eeb8b544","block_type":"box","text":"shares of the Fund.","page_number":24,"box":{"x":387,"y":685,"width":121,"height":8}},{"id":"42e8c055-61bc-475f-9e48-625850deca5d","block_type":"box","text":"No. Entire purchase price is invested","page_number":24,"box":{"x":542,"y":658,"width":231,"height":10}},{"id":"f305d386-56a0-4e28-8135-4a38af83259d","block_type":"box","text":"in shares of the Fund.","page_number":24,"box":{"x":542,"y":671,"width":136,"height":8}},{"id":"1f9883ba-8bac-4ebe-961f-b44769d77ff9","block_type":"box","text":"No. Entire purchase","page_number":24,"box":{"x":804,"y":658,"width":124,"height":10}},{"id":"6ae8c32d-71f7-4023-9dc0-73106b2d89f4","block_type":"box","text":"price is invested in","page_number":24,"box":{"x":804,"y":671,"width":117,"height":10}},{"id":"9eed497f-99b3-4e07-95df-4804eda39ee4","block_type":"box","text":"shares of the Fund.","page_number":24,"box":{"x":803,"y":685,"width":122,"height":8}},{"id":"db3ae05e-1737-4ef9-ade1-c01f4d1fdfc2","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"453508c5-95b7-43a0-88ef-533020a0beb6","block_type":"box","text":"NM1026U-5979803-24/68","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1c6d2a26-0ac9-4c91-ae10-a20f3aae1b11","block_type":"box","text":"Investor A Investor C","page_number":25,"box":{"x":232,"y":50,"width":214,"height":7}},{"id":"679865ad-d643-4c1c-bd46-fced10571c19","block_type":"box","text":"2, 3","page_number":25,"box":{"x":447,"y":50,"width":12,"height":5}},{"id":"e1463c5e-8791-4a19-ba75-9f8ccd0ec91f","block_type":"box","text":"Institutional Class R","page_number":25,"box":{"x":542,"y":50,"width":306,"height":7}},{"id":"ec268048-ddeb-4bcf-8fde-8b05765ec6e6","block_type":"box","text":"Deferred Sales","page_number":25,"box":{"x":61,"y":67,"width":98,"height":8}},{"id":"01926984-c941-49d4-b05c-76400c34a0f9","block_type":"box","text":"Charge?","page_number":25,"box":{"x":61,"y":81,"width":55,"height":10}},{"id":"b26c3323-80cf-4c55-8c3a-a5202f3ac354","block_type":"box","text":"No. (May be","page_number":25,"box":{"x":233,"y":67,"width":77,"height":10}},{"id":"2a1252f1-9a92-43b2-bebe-afd49b4c7679","block_type":"box","text":"charged for","page_number":25,"box":{"x":232,"y":81,"width":75,"height":10}},{"id":"1038b93e-b31b-4423-9621-9996e787091e","block_type":"box","text":"purchases of","page_number":25,"box":{"x":233,"y":94,"width":85,"height":10}},{"id":"95268646-4542-4350-be4e-43e801a3b9dc","block_type":"box","text":"$1 million or more","page_number":25,"box":{"x":232,"y":107,"width":121,"height":10}},{"id":"2c13ee62-68a2-46ca-bc81-e6c625476110","block_type":"box","text":"that are redeemed","page_number":25,"box":{"x":232,"y":122,"width":121,"height":8}},{"id":"008c64a8-b854-4bf9-b599-9b13018382dd","block_type":"box","text":"within 18 months).","page_number":25,"box":{"x":232,"y":135,"width":122,"height":10}},{"id":"81bda1a5-260e-4c21-9355-f65f99f37c31","block_type":"box","text":"Beginning on","page_number":25,"box":{"x":233,"y":149,"width":83,"height":10}},{"id":"d6d5a19c-48c4-4d71-a648-d1d534a7aee4","block_type":"box","text":"October 1, 2026,","page_number":25,"box":{"x":232,"y":162,"width":113,"height":10}},{"id":"c61468f0-51b4-470a-a130-268d81afa573","block_type":"box","text":"no contingent","page_number":25,"box":{"x":233,"y":176,"width":88,"height":10}},{"id":"e4f415ae-1919-4b4b-8d0d-873e77348049","block_type":"box","text":"deferred sales","page_number":25,"box":{"x":232,"y":189,"width":95,"height":8}},{"id":"88e5df80-b35e-4535-92bd-3ba949dcbdb4","block_type":"box","text":"charge will be","page_number":25,"box":{"x":232,"y":203,"width":90,"height":10}},{"id":"7b937cf2-e328-48a4-ac43-276001fdecd0","block_type":"box","text":"imposed on","page_number":25,"box":{"x":233,"y":216,"width":75,"height":10}},{"id":"b4db52cf-309f-49fa-aa4f-c57204df5d3b","block_type":"box","text":"redemptions.","page_number":25,"box":{"x":233,"y":230,"width":84,"height":10}},{"id":"c938c862-3485-4524-8745-edd68af3bbba","block_type":"box","text":"Yes. Payable if you","page_number":25,"box":{"x":386,"y":67,"width":122,"height":10}},{"id":"8c17933f-8f92-4792-8a8d-984372edf977","block_type":"box","text":"redeem within one","page_number":25,"box":{"x":387,"y":81,"width":121,"height":8}},{"id":"93b43149-eb40-4e56-a4e5-762bde942f26","block_type":"box","text":"year of purchase.","page_number":25,"box":{"x":386,"y":94,"width":114,"height":11}},{"id":"ba1ef356-1020-4e98-bc38-cbdf25b739ee","block_type":"box","text":"Beginning on","page_number":25,"box":{"x":387,"y":108,"width":83,"height":10}},{"id":"63ccd054-33d3-4abe-b90d-2339f05d76a3","block_type":"box","text":"October 1, 2026,","page_number":25,"box":{"x":387,"y":121,"width":113,"height":10}},{"id":"8da5a29c-a72d-435f-8035-67dfcab224f5","block_type":"box","text":"no contingent","page_number":25,"box":{"x":387,"y":135,"width":89,"height":10}},{"id":"f46fc650-1548-44b0-bb9e-a6e06c943abb","block_type":"box","text":"deferred sales","page_number":25,"box":{"x":387,"y":148,"width":94,"height":9}},{"id":"c23b09dd-86c2-48c2-830b-49d3035bc22a","block_type":"box","text":"charge will be","page_number":25,"box":{"x":387,"y":162,"width":89,"height":10}},{"id":"0989fe69-b008-40b2-b64f-429f094233b0","block_type":"box","text":"imposed on","page_number":25,"box":{"x":387,"y":176,"width":76,"height":10}},{"id":"8e1fc561-dd6d-4ad5-91f6-c1cd7a089f82","block_type":"box","text":"redemptions.","page_number":25,"box":{"x":387,"y":189,"width":85,"height":10}},{"id":"0aa0c2cb-017e-4db7-9c0b-9c1f947fabb2","block_type":"box","text":"No. No.","page_number":25,"box":{"x":542,"y":67,"width":282,"height":8}},{"id":"c00cdacc-0eb6-4fbc-b588-51c9c8a6a6b4","block_type":"box","text":"Distribution and","page_number":25,"box":{"x":61,"y":248,"width":106,"height":8}},{"id":"fee859c5-1e9f-4ed3-8357-9b98909ebd5b","block_type":"box","text":"Service (12b-1) Fees?","page_number":25,"box":{"x":60,"y":261,"width":150,"height":10}},{"id":"66de48b2-0de7-4679-b12c-ddf576288417","block_type":"box","text":"No Distribution Fee.","page_number":25,"box":{"x":233,"y":248,"width":128,"height":8}},{"id":"d47b8415-2b4f-4417-8746-aea3903cbc70","block_type":"box","text":"0.25% Annual","page_number":25,"box":{"x":232,"y":261,"width":90,"height":9}},{"id":"76da3ccf-7d53-4f7a-b5b7-5ada6c87e80b","block_type":"box","text":"Service Fee. All","page_number":25,"box":{"x":232,"y":275,"width":101,"height":8}},{"id":"23412dae-1b4c-4118-a8a9-1303e20e8146","block_type":"box","text":"12b-1 Service Fees","page_number":25,"box":{"x":233,"y":288,"width":127,"height":9}},{"id":"a7a4380f-8499-42c9-bf52-6642e4d265ac","block_type":"box","text":"will be voluntarily","page_number":25,"box":{"x":232,"y":302,"width":112,"height":10}},{"id":"f9dd73b8-8b8a-476e-8938-3296f73bb2a4","block_type":"box","text":"waived beginning","page_number":25,"box":{"x":232,"y":316,"width":112,"height":10}},{"id":"b0d50050-5b47-468a-8c66-8b09be74958f","block_type":"box","text":"October 1, 2026.","page_number":25,"box":{"x":232,"y":329,"width":113,"height":10}},{"id":"25fa51e0-7657-4223-b601-2b81f026994e","block_type":"box","text":"0.75% Annual","page_number":25,"box":{"x":387,"y":248,"width":89,"height":8}},{"id":"387d01c3-8f68-4b8e-8b5a-86cb6309f4c0","block_type":"box","text":"Distribution Fee.","page_number":25,"box":{"x":387,"y":261,"width":106,"height":9}},{"id":"efffcc53-2856-4e0b-ac92-4d34d31ee69e","block_type":"box","text":"0.25% Annual","page_number":25,"box":{"x":387,"y":275,"width":89,"height":8}},{"id":"324cb53f-3b00-4a83-a9e0-bce17619d3e6","block_type":"box","text":"Service Fee. All","page_number":25,"box":{"x":387,"y":288,"width":100,"height":9}},{"id":"726f7168-86f9-4545-a742-167464927b3f","block_type":"box","text":"12b-1 Service Fees","page_number":25,"box":{"x":387,"y":302,"width":127,"height":8}},{"id":"f6859f25-c2dc-4ccd-bda9-389a0b716ae9","block_type":"box","text":"will be voluntarily","page_number":25,"box":{"x":386,"y":316,"width":113,"height":10}},{"id":"2f62419d-4ca6-44f3-bfe2-622b294f47e0","block_type":"box","text":"waived beginning","page_number":25,"box":{"x":386,"y":329,"width":113,"height":10}},{"id":"b4fc2c41-b885-4c98-bbfe-16ce6dbf2086","block_type":"box","text":"October 1, 2026.","page_number":25,"box":{"x":387,"y":343,"width":113,"height":9}},{"id":"de2d11c2-aaed-4804-b4b6-42f5a72c80ee","block_type":"box","text":"No. 0.25% Annual","page_number":25,"box":{"x":542,"y":248,"width":351,"height":8}},{"id":"4d053498-611d-4705-9ec0-40b551dce962","block_type":"box","text":"Distribution Fee.","page_number":25,"box":{"x":804,"y":261,"width":106,"height":9}},{"id":"a1258f63-de70-40a2-9e76-d4cfa68ed36f","block_type":"box","text":"0.25% Annual","page_number":25,"box":{"x":803,"y":275,"width":90,"height":8}},{"id":"ab8083f7-320e-4519-aa5f-0819b3a05390","block_type":"box","text":"Service Fee. All","page_number":25,"box":{"x":803,"y":288,"width":101,"height":9}},{"id":"a8b7ec4d-15a0-4f25-a9be-8535dcee3f2e","block_type":"box","text":"12b-1 Service Fees","page_number":25,"box":{"x":804,"y":302,"width":127,"height":8}},{"id":"91ced97a-b96a-44a9-ad0b-f996f18ce404","block_type":"box","text":"will be voluntarily","page_number":25,"box":{"x":803,"y":316,"width":112,"height":10}},{"id":"5a5782c5-c707-45c4-a090-f5e1e03af90d","block_type":"box","text":"waived beginning","page_number":25,"box":{"x":803,"y":329,"width":112,"height":10}},{"id":"ff04548a-b6a4-47a8-9ad6-0a7f4e252dfc","block_type":"box","text":"October 1, 2026.","page_number":25,"box":{"x":803,"y":343,"width":113,"height":9}},{"id":"75a63b5d-29f4-442e-a199-7f07cd15e2c2","block_type":"box","text":"Redemption Fees?","page_number":25,"box":{"x":61,"y":361,"width":125,"height":10}},{"id":"49e669e9-fc3c-4db8-a753-03066afbbb92","block_type":"box","text":"No. No. No. No.","page_number":25,"box":{"x":233,"y":361,"width":591,"height":8}},{"id":"5dd09afb-b531-4cde-8abf-4d712ade0b17","block_type":"box","text":"Conversion to","page_number":25,"box":{"x":61,"y":379,"width":92,"height":8}},{"id":"876d4543-f6f3-4fdd-8e75-c46ce30ae4d4","block_type":"box","text":"Investor A Shares?","page_number":25,"box":{"x":61,"y":392,"width":127,"height":8}},{"id":"3040a978-379f-4662-8197-65f505f194af","block_type":"box","text":"N/A Yes, automatically","page_number":25,"box":{"x":233,"y":379,"width":273,"height":10}},{"id":"78fcf98f-fc45-401d-be0e-33861e08096c","block_type":"box","text":"approximately eight","page_number":25,"box":{"x":387,"y":392,"width":127,"height":10}},{"id":"2d074e53-59bf-4b47-9f20-e1a9b70eb73a","block_type":"box","text":"years after the date","page_number":25,"box":{"x":386,"y":406,"width":129,"height":10}},{"id":"91a99e48-b733-4f00-99a6-cfd73fbe54c3","block_type":"box","text":"of purchase. It is","page_number":25,"box":{"x":387,"y":419,"width":111,"height":10}},{"id":"cf06eed5-e31f-4838-ae56-f6202247305a","block_type":"box","text":"the Financial","page_number":25,"box":{"x":386,"y":433,"width":83,"height":8}},{"id":"e0aa5ac3-4ad1-469b-9c06-133a808e25bb","block_type":"box","text":"Intermediary’s","page_number":25,"box":{"x":387,"y":446,"width":94,"height":10}},{"id":"a764c862-a60e-486b-9870-48dc26620814","block_type":"box","text":"responsibility to","page_number":25,"box":{"x":387,"y":460,"width":103,"height":10}},{"id":"d5465a1b-023c-4201-a35b-fb3a9bfa5e9c","block_type":"box","text":"ensure that the","page_number":25,"box":{"x":387,"y":474,"width":100,"height":8}},{"id":"95671c82-0837-4b0e-bb52-407621de7fac","block_type":"box","text":"shareholder is","page_number":25,"box":{"x":387,"y":487,"width":93,"height":8}},{"id":"bb4ca067-6db9-4595-a13f-337717a8a13d","block_type":"box","text":"credited with the","page_number":25,"box":{"x":387,"y":501,"width":109,"height":8}},{"id":"d6704de7-b10c-450f-9bd5-3689781ca756","block_type":"box","text":"proper holding","page_number":25,"box":{"x":387,"y":514,"width":94,"height":10}},{"id":"5a7ae865-9e53-41e7-be02-56b1b8cf650f","block_type":"box","text":"period. As of the","page_number":25,"box":{"x":387,"y":527,"width":108,"height":11}},{"id":"dffd8eea-86d4-4320-8787-daaf068542a5","block_type":"box","text":"Effective Date (as","page_number":25,"box":{"x":387,"y":541,"width":117,"height":10}},{"id":"8013c85b-2218-4a5b-9f68-a03d8da5fa11","block_type":"box","text":"defined below),","page_number":25,"box":{"x":387,"y":554,"width":98,"height":11}},{"id":"a3172190-2f41-4eb2-8e5c-9514bdf4895b","block_type":"box","text":"certain Financial","page_number":25,"box":{"x":387,"y":568,"width":107,"height":8}},{"id":"e932b8b2-bf74-4e4a-ad79-376e7dce420f","block_type":"box","text":"Intermediaries,","page_number":25,"box":{"x":387,"y":582,"width":98,"height":9}},{"id":"25320d33-e7c4-4b1b-935b-707a5eed3f36","block_type":"box","text":"including group","page_number":25,"box":{"x":387,"y":595,"width":99,"height":11}},{"id":"18150d10-a9c8-456b-b350-ce47bf69d340","block_type":"box","text":"retirement","page_number":25,"box":{"x":387,"y":609,"width":67,"height":8}},{"id":"ea6e3915-689f-4030-be69-864560d2acf0","block_type":"box","text":"recordkeeping","page_number":25,"box":{"x":387,"y":622,"width":92,"height":11}},{"id":"36cb20af-c166-4b72-a4b4-7818579248d2","block_type":"box","text":"platforms, may not","page_number":25,"box":{"x":387,"y":636,"width":124,"height":10}},{"id":"70756a65-cd0c-4aeb-8416-0c689c9edb93","block_type":"box","text":"have been tracking","page_number":25,"box":{"x":387,"y":649,"width":124,"height":11}},{"id":"9df4d5d0-fc62-40f0-a736-eb861d639d8d","block_type":"box","text":"such holding","page_number":25,"box":{"x":387,"y":663,"width":83,"height":10}},{"id":"7746a551-0e92-4c03-b648-134d0d205ffb","block_type":"box","text":"periods and","page_number":25,"box":{"x":387,"y":677,"width":76,"height":9}},{"id":"01ccd4ae-1de8-49ed-91be-614af9f52fc6","block_type":"box","text":"therefore may not","page_number":25,"box":{"x":386,"y":690,"width":117,"height":10}},{"id":"f0a4d301-bb07-44d8-a3cf-26f5d0755dad","block_type":"box","text":"be able to process","page_number":25,"box":{"x":387,"y":704,"width":122,"height":10}},{"id":"8554e7a1-4cb9-410b-8518-ea4c89cf2075","block_type":"box","text":"such conversions.","page_number":25,"box":{"x":387,"y":717,"width":117,"height":8}},{"id":"bd51eb91-c821-454a-a2a1-b5a41cdc4ee9","block_type":"box","text":"In such instances,","page_number":25,"box":{"x":387,"y":731,"width":119,"height":9}},{"id":"0742ba66-c43a-4b34-85cb-07c2ffefcef9","block_type":"box","text":"the automatic","page_number":25,"box":{"x":386,"y":744,"width":91,"height":8}},{"id":"c01b742d-6387-4213-984e-373a69db7f0f","block_type":"box","text":"conversion of","page_number":25,"box":{"x":387,"y":758,"width":88,"height":8}},{"id":"f9de9abc-fef9-4f93-8adb-e3ac404c122e","block_type":"box","text":"Investor C Shares","page_number":25,"box":{"x":387,"y":771,"width":116,"height":8}},{"id":"83623f01-da33-45b7-af32-a2b8874702db","block_type":"box","text":"to Investor A","page_number":25,"box":{"x":386,"y":785,"width":83,"height":8}},{"id":"392b3439-6f5b-4878-b0b3-c935e29791eb","block_type":"box","text":"Shares will occur","page_number":25,"box":{"x":387,"y":798,"width":112,"height":8}},{"id":"df452e36-f220-4282-a044-dba9c4dfad5f","block_type":"box","text":"approximately eight","page_number":25,"box":{"x":387,"y":812,"width":127,"height":10}},{"id":"9f895fcb-6234-425b-b15a-708cee948012","block_type":"box","text":"years after the","page_number":25,"box":{"x":386,"y":825,"width":96,"height":11}},{"id":"b7b62351-edea-4dcd-b52a-a25cd638beea","block_type":"box","text":"Effective Date.","page_number":25,"box":{"x":387,"y":839,"width":95,"height":8}},{"id":"407e1217-f840-46c7-b811-e57b9db6f866","block_type":"box","text":"In addition,","page_number":25,"box":{"x":387,"y":860,"width":72,"height":10}},{"id":"6bd7a6fb-8196-4735-a381-02f7167406bc","block_type":"box","text":"accounts that do","page_number":25,"box":{"x":387,"y":874,"width":110,"height":8}},{"id":"e5f8d2b0-eb1e-4623-b669-319c4a48ef8b","block_type":"box","text":"not have a Financial","page_number":25,"box":{"x":387,"y":887,"width":130,"height":8}},{"id":"bf937b0c-8145-4935-92e8-eee29929296e","block_type":"box","text":"Intermediary","page_number":25,"box":{"x":387,"y":901,"width":83,"height":10}},{"id":"b427654f-0678-45cf-96eb-b49de798fd23","block_type":"box","text":"No. No.","page_number":25,"box":{"x":542,"y":379,"width":282,"height":8}},{"id":"ba2a84bf-1f7b-4d71-bff1-b0a1a682b0fe","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f3c6d2b7-d0e1-4ae8-b697-6718f0493dcd","block_type":"box","text":"NM1026U-5979803-25/68","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"56e370a5-8c03-4c4b-b65f-b5ffd2077178","block_type":"box","text":"Investor A Investor C","page_number":26,"box":{"x":232,"y":50,"width":214,"height":7}},{"id":"3976d748-6b73-4016-81c7-5fce41477f9f","block_type":"box","text":"2, 3","page_number":26,"box":{"x":447,"y":50,"width":12,"height":5}},{"id":"86dd43f0-d8b6-40ae-a1c2-834be973246c","block_type":"box","text":"Institutional Class R","page_number":26,"box":{"x":542,"y":50,"width":306,"height":7}},{"id":"09cacf47-81ba-4eb0-b9a3-69a0f6e4dd83","block_type":"box","text":"Conversion to","page_number":26,"box":{"x":61,"y":67,"width":92,"height":8}},{"id":"4892e725-15c1-4ca7-99e1-93b56a89e0a6","block_type":"box","text":"Investor A Shares?","page_number":26,"box":{"x":61,"y":81,"width":127,"height":8}},{"id":"fb4430a4-19a1-44c5-a52e-f7688088d88d","block_type":"box","text":"(continued)","page_number":26,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"b61784c7-2921-4600-9a56-0842b085f83a","block_type":"box","text":"associated with","page_number":26,"box":{"x":387,"y":67,"width":102,"height":8}},{"id":"a72bdca9-e327-4476-a0f3-41943f722a75","block_type":"box","text":"them are not","page_number":26,"box":{"x":386,"y":81,"width":85,"height":8}},{"id":"452116c0-0e42-40a2-a4b1-4201fb0d6858","block_type":"box","text":"eligible to hold","page_number":26,"box":{"x":387,"y":94,"width":95,"height":11}},{"id":"32b725f9-6c04-4d24-b52d-ba7b8de18e73","block_type":"box","text":"Investor C Shares,","page_number":26,"box":{"x":387,"y":108,"width":120,"height":9}},{"id":"fdca4c17-0a68-4a53-997e-384610b10b26","block_type":"box","text":"and any Investor C","page_number":26,"box":{"x":387,"y":121,"width":121,"height":11}},{"id":"409cb4ff-23bc-4c18-878e-41774861d091","block_type":"box","text":"Shares held in such","page_number":26,"box":{"x":387,"y":135,"width":130,"height":8}},{"id":"48dba898-c1e6-473d-bb99-45815eed1115","block_type":"box","text":"accounts will be","page_number":26,"box":{"x":387,"y":149,"width":105,"height":8}},{"id":"50b1191b-7bae-42cc-b114-c16ff1b4c990","block_type":"box","text":"automatically","page_number":26,"box":{"x":387,"y":162,"width":87,"height":10}},{"id":"d6c36cde-e785-42db-9d57-0a5f6c569d53","block_type":"box","text":"converted to","page_number":26,"box":{"x":387,"y":176,"width":82,"height":8}},{"id":"07498d15-6994-4f81-889a-10a479d7b550","block_type":"box","text":"Investor A Shares.","page_number":26,"box":{"x":387,"y":189,"width":119,"height":8}},{"id":"d8afc575-c7c5-45e1-acad-bd8e5005850a","block_type":"box","text":"Advantage","page_number":26,"box":{"x":60,"y":207,"width":72,"height":10}},{"id":"7cca6b9d-1235-4cdc-9190-3d084f098475","block_type":"box","text":"Makes sense for","page_number":26,"box":{"x":233,"y":207,"width":110,"height":8}},{"id":"e74e08e9-4efc-4e0a-96f9-d91e5e2af207","block_type":"box","text":"investors who are","page_number":26,"box":{"x":233,"y":221,"width":115,"height":8}},{"id":"3fe0bb2f-874f-4d63-b7fb-d4a984d9dc4e","block_type":"box","text":"eligible to have the","page_number":26,"box":{"x":232,"y":234,"width":124,"height":11}},{"id":"d486d8ae-c0e1-44fa-8902-52fbf0aeedb1","block_type":"box","text":"sales charge","page_number":26,"box":{"x":232,"y":248,"width":84,"height":10}},{"id":"08d27fe9-2815-4bea-8d45-b440555dd54c","block_type":"box","text":"reduced or","page_number":26,"box":{"x":233,"y":261,"width":69,"height":8}},{"id":"c6dddc42-ec67-4e1c-9c77-15c72df26bcd","block_type":"box","text":"eliminated or who","page_number":26,"box":{"x":232,"y":275,"width":116,"height":8}},{"id":"71b80263-c4fd-45f3-a9b3-68333a217e38","block_type":"box","text":"have a long-term","page_number":26,"box":{"x":233,"y":289,"width":107,"height":10}},{"id":"0928a66f-fe84-40d1-ae51-5cc4e7f38975","block_type":"box","text":"investment horizon","page_number":26,"box":{"x":233,"y":302,"width":122,"height":8}},{"id":"1791e686-2fb1-4de3-be16-159e95555b84","block_type":"box","text":"because there are","page_number":26,"box":{"x":233,"y":316,"width":119,"height":8}},{"id":"57e1cecc-5fa4-490c-ab8d-e31f3c956772","block_type":"box","text":"no ongoing","page_number":26,"box":{"x":233,"y":329,"width":71,"height":10}},{"id":"716c1e74-d461-4506-aa7a-20c7bcb7fee4","block_type":"box","text":"distribution fees.","page_number":26,"box":{"x":232,"y":342,"width":110,"height":9}},{"id":"0b53d111-c049-43f9-80ac-fdc14580658c","block_type":"box","text":"No up-front sales","page_number":26,"box":{"x":387,"y":207,"width":112,"height":10}},{"id":"05623138-9f3d-4df4-8736-c05608353884","block_type":"box","text":"charge so you start","page_number":26,"box":{"x":387,"y":221,"width":128,"height":10}},{"id":"6b64debb-a519-4450-9267-4b980047523d","block_type":"box","text":"off owning more","page_number":26,"box":{"x":387,"y":234,"width":105,"height":11}},{"id":"b54f5037-3b30-4075-a98e-bb20f5feb86d","block_type":"box","text":"shares. These","page_number":26,"box":{"x":387,"y":248,"width":93,"height":8}},{"id":"100e40e5-bd60-40a2-8c8a-a3ddfaa8b0e9","block_type":"box","text":"shares may make","page_number":26,"box":{"x":387,"y":261,"width":116,"height":10}},{"id":"d22b77c4-f736-4b90-bbe7-247dd29c5938","block_type":"box","text":"sense for investors","page_number":26,"box":{"x":387,"y":275,"width":125,"height":8}},{"id":"bb7d2e5d-c9d7-4557-8d15-c1120877ad48","block_type":"box","text":"who have a shorter","page_number":26,"box":{"x":386,"y":289,"width":128,"height":8}},{"id":"6c762dac-8a72-4216-9b0b-1b5089c2fda3","block_type":"box","text":"investment horizon","page_number":26,"box":{"x":387,"y":302,"width":123,"height":8}},{"id":"2e858dc6-17c8-4e8f-9f63-c3cdf90d3776","block_type":"box","text":"relative to","page_number":26,"box":{"x":387,"y":316,"width":64,"height":8}},{"id":"c4941198-5e79-4b14-bae7-0b519206443a","block_type":"box","text":"Investor A Shares.","page_number":26,"box":{"x":387,"y":329,"width":119,"height":8}},{"id":"f69cfcb2-fb6a-431b-9c44-ce421ea576d6","block_type":"box","text":"No up-front sales charge so you","page_number":26,"box":{"x":542,"y":207,"width":208,"height":10}},{"id":"68b24277-3ca7-47d8-a119-6f531982228a","block_type":"box","text":"start off owning more shares. No","page_number":26,"box":{"x":541,"y":221,"width":219,"height":10}},{"id":"990a40df-8cf3-4a6c-a54b-4499d6a73bf6","block_type":"box","text":"distribution or service fees.","page_number":26,"box":{"x":541,"y":234,"width":180,"height":8}},{"id":"955e9f54-9d9c-417c-a365-00042957fb46","block_type":"box","text":"No up-front sales","page_number":26,"box":{"x":804,"y":207,"width":111,"height":10}},{"id":"e667b24b-2baf-4eda-a3d3-3ce3a307167d","block_type":"box","text":"charge so you start","page_number":26,"box":{"x":803,"y":221,"width":128,"height":10}},{"id":"a8a62715-5afa-4337-8314-fc2ddd192952","block_type":"box","text":"off owning more","page_number":26,"box":{"x":803,"y":234,"width":106,"height":11}},{"id":"420490b6-48ab-4b5a-abaa-4f6b3db75ff8","block_type":"box","text":"shares.","page_number":26,"box":{"x":803,"y":248,"width":48,"height":8}},{"id":"6b21979d-5afe-4ff7-9213-c15a2af9eb81","block_type":"box","text":"Disadvantage","page_number":26,"box":{"x":61,"y":361,"width":91,"height":10}},{"id":"d4915ffc-905d-4dfe-8003-b23678423b0e","block_type":"box","text":"You pay a sales","page_number":26,"box":{"x":232,"y":361,"width":102,"height":10}},{"id":"6adcaf66-a0c0-41a7-b814-35609a69d292","block_type":"box","text":"charge up-front, and","page_number":26,"box":{"x":232,"y":374,"width":132,"height":10}},{"id":"3a0e8699-7c7e-4070-b4e9-e97b8051361a","block_type":"box","text":"therefore you start","page_number":26,"box":{"x":232,"y":388,"width":123,"height":10}},{"id":"1fd0a523-1318-44b9-ba53-847b171c1c38","block_type":"box","text":"off owning fewer","page_number":26,"box":{"x":232,"y":401,"width":108,"height":10}},{"id":"945acdbc-78bf-47de-8952-dbf3d1971e6a","block_type":"box","text":"shares.","page_number":26,"box":{"x":232,"y":415,"width":48,"height":8}},{"id":"6e3e8a6f-9dbe-47d7-ba05-e5993d03bc45","block_type":"box","text":"You pay ongoing","page_number":26,"box":{"x":386,"y":361,"width":107,"height":10}},{"id":"01125c85-a85e-4e60-a932-bf792f0cd6eb","block_type":"box","text":"distribution fees","page_number":26,"box":{"x":387,"y":374,"width":106,"height":8}},{"id":"703e3c40-c22d-4eb0-8ff4-252b0909081a","block_type":"box","text":"each year you own","page_number":26,"box":{"x":387,"y":388,"width":120,"height":10}},{"id":"30d528ce-844f-41f5-ac9b-d6272a50f1c5","block_type":"box","text":"Investor C Shares,","page_number":26,"box":{"x":387,"y":401,"width":120,"height":10}},{"id":"b5323a78-4b1a-4563-befc-4bdd18eed3a6","block_type":"box","text":"which means that","page_number":26,"box":{"x":386,"y":415,"width":117,"height":8}},{"id":"24132bae-17dd-4e6e-9948-98e77e06e3b8","block_type":"box","text":"over the long term","page_number":26,"box":{"x":387,"y":428,"width":119,"height":11}},{"id":"40e688e5-bffe-4f6b-b401-d76ac45d1d7a","block_type":"box","text":"you can expect","page_number":26,"box":{"x":386,"y":442,"width":99,"height":10}},{"id":"09ffc2eb-54fc-4121-bd24-31b2cc7d5e41","block_type":"box","text":"higher total fees per","page_number":26,"box":{"x":387,"y":455,"width":133,"height":11}},{"id":"c631173d-db99-43e6-a4fd-4bf4a2299b1b","block_type":"box","text":"share than","page_number":26,"box":{"x":387,"y":469,"width":69,"height":8}},{"id":"0c10183b-d047-4bb2-b6ad-3e3fac04aacd","block_type":"box","text":"Investor A Shares","page_number":26,"box":{"x":387,"y":482,"width":115,"height":9}},{"id":"494f1d24-949a-4579-acc0-3f3273ce16ec","block_type":"box","text":"and, as a result,","page_number":26,"box":{"x":387,"y":496,"width":107,"height":10}},{"id":"1984e008-996a-45ec-94a6-fbe4d90a270b","block_type":"box","text":"lower total","page_number":26,"box":{"x":387,"y":510,"width":67,"height":8}},{"id":"78d4fd3d-fdd9-4d2c-a627-061056c54a69","block_type":"box","text":"performance.","page_number":26,"box":{"x":387,"y":523,"width":87,"height":10}},{"id":"a84788eb-c337-4300-8baf-1857af726add","block_type":"box","text":"Limited availability. Limited availability.","page_number":26,"box":{"x":542,"y":361,"width":384,"height":10}},{"id":"de9c4464-1e12-4ae2-981d-67fe197af4c9","block_type":"box","text":"You pay ongoing","page_number":26,"box":{"x":803,"y":374,"width":106,"height":10}},{"id":"217e1488-7045-40b4-a3c8-d435c84e0b23","block_type":"box","text":"distribution fees","page_number":26,"box":{"x":803,"y":388,"width":106,"height":8}},{"id":"27122ce9-56a4-4845-a1ce-50202c8b2800","block_type":"box","text":"each year you own","page_number":26,"box":{"x":803,"y":401,"width":121,"height":10}},{"id":"7c508298-198b-491d-bb09-953af51d2397","block_type":"box","text":"Class R Shares,","page_number":26,"box":{"x":803,"y":415,"width":105,"height":9}},{"id":"94967cca-fb5e-4ddc-ba48-c1a52c8af8b4","block_type":"box","text":"which means that","page_number":26,"box":{"x":803,"y":428,"width":117,"height":8}},{"id":"05db79f4-9f0f-4466-a3be-e31b0734bf93","block_type":"box","text":"over the long term","page_number":26,"box":{"x":803,"y":442,"width":119,"height":10}},{"id":"1e6b2c2f-58fc-489f-9443-dcac6714c9f0","block_type":"box","text":"you can expect","page_number":26,"box":{"x":803,"y":456,"width":98,"height":10}},{"id":"e546ecbd-4fcc-4468-962d-9649f0c7e58c","block_type":"box","text":"higher total fees per","page_number":26,"box":{"x":804,"y":469,"width":132,"height":10}},{"id":"8cccb29c-0db3-4eca-b8dc-40ea8f3594de","block_type":"box","text":"share than","page_number":26,"box":{"x":803,"y":483,"width":70,"height":8}},{"id":"8cf31418-2b42-4fd9-b7f3-f10fea699b85","block_type":"box","text":"Investor A Shares","page_number":26,"box":{"x":804,"y":496,"width":115,"height":8}},{"id":"d0ba8984-3b5f-410d-9a75-3d769382089c","block_type":"box","text":"and, as a result,","page_number":26,"box":{"x":804,"y":510,"width":106,"height":9}},{"id":"b77fc859-f9a5-4efe-a723-bd7c8c93502e","block_type":"box","text":"lower total","page_number":26,"box":{"x":804,"y":523,"width":66,"height":8}},{"id":"512b6d29-dfc5-4898-9f33-321cd686644b","block_type":"box","text":"performance.","page_number":26,"box":{"x":804,"y":536,"width":87,"height":11}},{"id":"4636ce82-d4a5-4854-b84f-e45049eac104","block_type":"box","text":"1","page_number":26,"box":{"x":61,"y":556,"width":3,"height":4}},{"id":"c86eb6f3-0643-47bd-bd52-a77539d483c0","block_type":"box","text":"Please see “Details About the Share Classes” for more information about each share class.","page_number":26,"box":{"x":81,"y":556,"width":541,"height":7}},{"id":"35a45b38-15b1-4d5c-b9ff-85605fee776c","block_type":"box","text":"2","page_number":26,"box":{"x":61,"y":569,"width":3,"height":4}},{"id":"e02b0737-3c2b-42db-886a-0998370a6473","block_type":"box","text":"If you establish a new account, or have an existing account, directly with the Fund and do not have a Financial Intermediary associated with your","page_number":26,"box":{"x":82,"y":569,"width":847,"height":9}},{"id":"b1990d41-0f3a-4802-a52f-8a63286ae241","block_type":"box","text":"account, you may only invest in Investor A Shares. Applications without a Financial Intermediary that select Investor C Shares will not be","page_number":26,"box":{"x":81,"y":579,"width":800,"height":9}},{"id":"5b04ef00-b8fc-45c2-99ac-06eecc79adf7","block_type":"box","text":"accepted and accounts without an associated Financial Intermediary will not be eligible to hold Investor C Shares.","page_number":26,"box":{"x":81,"y":590,"width":669,"height":9}},{"id":"bb0adfcf-3567-4997-92cf-9a347de9f71a","block_type":"box","text":"3","page_number":26,"box":{"x":61,"y":603,"width":3,"height":3}},{"id":"e6566ba5-2971-4904-98f1-3f9cb34efc66","block_type":"box","text":"The Fund will not accept a purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a lower breakpoint","page_number":26,"box":{"x":81,"y":602,"width":838,"height":10}},{"id":"08b278f6-9b96-49ce-8fcd-e5200e5ba5d5","block_type":"box","text":"for purchasing Investor A Shares without a front-end sales charge). Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":26,"box":{"x":81,"y":613,"width":844,"height":9}},{"id":"c7aaf869-c68a-4d93-988d-ee8445058072","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional and Class R Shares","page_number":26,"box":{"x":60,"y":638,"width":872,"height":12}},{"id":"4118c0b2-2925-48ad-9675-76aa65e3d745","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share","page_number":26,"box":{"x":61,"y":653,"width":819,"height":11}},{"id":"a5df4e33-1d2d-439d-a529-28db00da297e","block_type":"box","text":"contingent deferred sales charge (“CDSC”) information, and sales charge waivers.","page_number":26,"box":{"x":61,"y":668,"width":604,"height":11}},{"id":"a3189aec-f8c1-49bc-bac1-24c6e7769ddc","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":26,"box":{"x":60,"y":690,"width":825,"height":12}},{"id":"3694fd00-a5d4-4a1d-8520-9ceed3564a97","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. Financial Intermediaries may have different policies and","page_number":26,"box":{"x":61,"y":705,"width":840,"height":12}},{"id":"11222632-f460-40da-961b-bdca5061627b","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":26,"box":{"x":62,"y":720,"width":838,"height":11}},{"id":"da7a4dee-5c6b-4b19-a74d-ca942703dd32","block_type":"box","text":"discussed below. In all instances, it is your responsibility to notify the Fund or your Financial Intermediary at the time","page_number":26,"box":{"x":61,"y":735,"width":857,"height":11}},{"id":"f9ea32ef-f9c9-4305-8cad-1a998cd24b68","block_type":"box","text":"of purchase of any relationship or other facts qualifying you for sales charge waivers or reductions.","page_number":26,"box":{"x":61,"y":749,"width":724,"height":12}},{"id":"512344fc-ba75-46d7-82f3-4973c1fbcf82","block_type":"box","text":"For waivers and","page_number":26,"box":{"x":792,"y":750,"width":117,"height":9}},{"id":"5a953acc-fe0d-4faa-9dc4-07180179e750","block_type":"box","text":"discounts not available through a particular Financial Intermediary, shareholders will have to purchase Fund shares","page_number":26,"box":{"x":61,"y":764,"width":867,"height":12}},{"id":"2ca70835-8418-4c91-a0ed-94658162b216","block_type":"box","text":"directly from the Fund or through another Financial Intermediary to receive these waivers or reductions. Please see","page_number":26,"box":{"x":61,"y":779,"width":869,"height":12}},{"id":"94533e2b-625b-43cd-9bae-910460bbe7b0","block_type":"box","text":"the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus to","page_number":26,"box":{"x":60,"y":794,"width":872,"height":11}},{"id":"708a20eb-6f5b-480c-8c1d-fd23db0522a1","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":26,"box":{"x":61,"y":809,"width":776,"height":11}},{"id":"511e6482-9372-42af-824e-85ed819bb167","block_type":"box","text":"Intermediary.","page_number":26,"box":{"x":61,"y":824,"width":97,"height":11}},{"id":"d6c5a1c6-cbf9-4a6e-bb1b-b19e47638c9e","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":26,"box":{"x":62,"y":846,"width":805,"height":12}},{"id":"d19b4646-2542-4bd5-bbf7-30b7ebd10925","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":26,"box":{"x":62,"y":861,"width":857,"height":11}},{"id":"6688f62d-c116-4233-ad98-97f39abecabf","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ee103bdb-5af8-4a02-8bb5-ae09fcffa9b2","block_type":"box","text":"NM1026U-5979803-26/68","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0fabcfa5-2c76-46dc-9b2a-31066f051071","block_type":"box","text":"Details About the Share Classes","page_number":27,"box":{"x":61,"y":47,"width":293,"height":10}},{"id":"d33ac779-c85e-41a3-897c-96b826e27aa8","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":27,"box":{"x":61,"y":73,"width":396,"height":13}},{"id":"fef895c7-83a3-403b-9a40-031ca5d9e0dd","block_type":"box","text":"The following table shows the front-end sales charges that you may pay if you buy Investor A Shares. The offering price","page_number":27,"box":{"x":60,"y":89,"width":873,"height":12}},{"id":"8a585d1f-abb9-43b4-a163-6d8e3f91d247","block_type":"box","text":"for Investor A Shares includes any front-end sales charge. The front-end sales charge expressed as a percentage of","page_number":27,"box":{"x":60,"y":104,"width":851,"height":12}},{"id":"6d2b7c52-539a-457f-967a-e815fceb892f","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. Similarly, any CDSC paid","page_number":27,"box":{"x":60,"y":119,"width":851,"height":12}},{"id":"e575d253-e2b7-4b9e-a667-3834af9f9ad4","block_type":"box","text":"upon certain redemptions of Investor A Shares expressed as a percentage of the applicable redemption amount may","page_number":27,"box":{"x":61,"y":134,"width":859,"height":12}},{"id":"1abe59c5-9ee1-45ef-956c-051e9e500024","block_type":"box","text":"be higher or lower than the charge described below due to rounding. You may qualify for a reduced front-end sales","page_number":27,"box":{"x":61,"y":149,"width":836,"height":11}},{"id":"b6345fea-6c83-49e4-b460-3502432fe5ea","block_type":"box","text":"charge. Purchases of Investor A Shares at certain fixed dollar levels, known as “breakpoints,” cause a reduction in the","page_number":27,"box":{"x":61,"y":164,"width":873,"height":11}},{"id":"8c39e919-c076-455a-bee2-c17bdb847263","block_type":"box","text":"front-end sales charge. Once you achieve a breakpoint, you pay that sales charge on your entire purchase amount (and","page_number":27,"box":{"x":60,"y":178,"width":874,"height":12}},{"id":"a0b5aaa8-ff00-4daf-ad8f-27f26a64272c","block_type":"box","text":"not just the portion above the breakpoint). If you select Investor A Shares, you will pay a sales charge at the time of","page_number":27,"box":{"x":61,"y":193,"width":852,"height":12}},{"id":"e2ddc064-14cd-46c5-adde-5e6b6cf38035","block_type":"box","text":"purchase as shown in the following table.","page_number":27,"box":{"x":62,"y":208,"width":302,"height":12}},{"id":"526838c3-7f34-4f6f-b451-c26fb1432726","block_type":"box","text":"Your Investment","page_number":27,"box":{"x":69,"y":267,"width":96,"height":8}},{"id":"f71598b4-d1e8-4880-a9e5-179f9aec9894","block_type":"box","text":"Sales Charge","page_number":27,"box":{"x":548,"y":247,"width":79,"height":9}},{"id":"ae001367-6c41-4f50-a323-e1f62e611d55","block_type":"box","text":"as a % of","page_number":27,"box":{"x":561,"y":257,"width":54,"height":7}},{"id":"3dac37a4-157f-4a5a-bfc7-89b08164f6f6","block_type":"box","text":"Offering Price","page_number":27,"box":{"x":547,"y":267,"width":82,"height":9}},{"id":"bd9403cd-4356-47de-b50b-24467c0881b4","block_type":"box","text":"Sales Charge","page_number":27,"box":{"x":690,"y":247,"width":80,"height":9}},{"id":"00e903d7-b31d-45bb-90ef-89b6703d402d","block_type":"box","text":"as a % of","page_number":27,"box":{"x":703,"y":257,"width":54,"height":7}},{"id":"a19988ec-c843-4612-a1c2-7a2d6469af9a","block_type":"box","text":"Your Investment","page_number":27,"box":{"x":679,"y":267,"width":97,"height":8}},{"id":"c89010f6-e43c-443a-956b-4fe1293c24f0","block_type":"box","text":"1","page_number":27,"box":{"x":777,"y":267,"width":4,"height":4}},{"id":"ff18bee4-8b51-411d-ad66-406f6fbc9e58","block_type":"box","text":"Dealer","page_number":27,"box":{"x":855,"y":237,"width":38,"height":7}},{"id":"71fa1717-e699-4fc0-8c75-714ad7c91132","block_type":"box","text":"Compensation","page_number":27,"box":{"x":831,"y":247,"width":85,"height":9}},{"id":"cb9e6711-35b9-435d-a6bd-4f0101f6ec17","block_type":"box","text":"as a % of","page_number":27,"box":{"x":847,"y":257,"width":54,"height":7}},{"id":"df657505-13e0-4a22-80e9-9908df54c57d","block_type":"box","text":"Offering Price","page_number":27,"box":{"x":833,"y":267,"width":82,"height":9}},{"id":"2dad4cf7-61f5-461f-94c6-77a207ac763d","block_type":"box","text":"Less than $25,000 5.25% 5.54% 5.00%","page_number":27,"box":{"x":70,"y":284,"width":830,"height":10}},{"id":"aff5fe55-d9ae-421f-a005-13f139703b4a","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":27,"box":{"x":70,"y":302,"width":830,"height":10}},{"id":"4f4ce00c-3144-420e-a73d-291267349e4e","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":27,"box":{"x":70,"y":320,"width":830,"height":10}},{"id":"3b9a6eeb-1013-4383-93cc-ca7edb6e9098","block_type":"box","text":"$100,000 but less than $250,000 3.00% 3.09% 2.75%","page_number":27,"box":{"x":70,"y":338,"width":830,"height":10}},{"id":"e934da64-ab93-4190-9611-2c9776fe1a64","block_type":"box","text":"$250,000 but less than $500,000 2.50% 2.56% 2.25%","page_number":27,"box":{"x":70,"y":356,"width":830,"height":10}},{"id":"e043cf20-eef0-445a-b9c7-eb2eb982d08d","block_type":"box","text":"$500,000 but less than $750,000 2.00% 2.04% 1.75%","page_number":27,"box":{"x":70,"y":374,"width":830,"height":10}},{"id":"bc861528-8cbf-4d1e-88e2-87ca81d661d0","block_type":"box","text":"$750,000 but less than $1,000,000 1.50% 1.52% 1.25%","page_number":27,"box":{"x":70,"y":392,"width":830,"height":10}},{"id":"5ca5b5da-abdf-4b9a-b040-a9d314be2e3a","block_type":"box","text":"$1,000,000 and over","page_number":27,"box":{"x":70,"y":410,"width":142,"height":10}},{"id":"05ed6249-e399-479b-8bfc-5913701c287f","block_type":"box","text":"2","page_number":27,"box":{"x":212,"y":411,"width":4,"height":4}},{"id":"634a961c-db91-4be3-aec9-e99cb89a7984","block_type":"box","text":"0.00% 0.00% —","page_number":27,"box":{"x":572,"y":411,"width":318,"height":8}},{"id":"930fb5a0-b8b1-4f26-9f71-10516047f495","block_type":"box","text":"2","page_number":27,"box":{"x":890,"y":411,"width":4,"height":4}},{"id":"3a8f5054-4a98-43e3-975c-6be6994093f7","block_type":"box","text":"1","page_number":27,"box":{"x":61,"y":431,"width":3,"height":3}},{"id":"943a0432-2959-4db0-b215-34ede9be98ea","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":27,"box":{"x":81,"y":431,"width":278,"height":8}},{"id":"53df0459-60e4-479d-88e1-4e8b631c06ec","block_type":"box","text":"2","page_number":27,"box":{"x":61,"y":443,"width":3,"height":4}},{"id":"ab2993e5-a4ce-4f65-a65f-003246b5dbc1","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the","page_number":27,"box":{"x":82,"y":443,"width":802,"height":9}},{"id":"0b0d8b87-cd13-4276-9a32-5a7a7eb28268","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":27,"box":{"x":81,"y":454,"width":819,"height":9}},{"id":"05808439-13eb-4945-b2ff-47bc5a167424","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":27,"box":{"x":81,"y":464,"width":821,"height":9}},{"id":"7724a422-41a6-4d31-bcb7-1730fdf5afad","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":27,"box":{"x":81,"y":474,"width":444,"height":9}},{"id":"a89351e6-d084-436f-b9f5-5244b25f456e","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":27,"box":{"x":62,"y":499,"width":837,"height":12}},{"id":"944b710d-d7e7-435b-b4f6-a0a9c3cb58d2","block_type":"box","text":"gains.","page_number":27,"box":{"x":60,"y":515,"width":43,"height":11}},{"id":"59d201f1-1091-4bd4-ac53-ddfed847b9a3","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":27,"box":{"x":60,"y":537,"width":490,"height":13}},{"id":"28d4d59a-6532-4144-9b62-ccda83f5b533","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":27,"box":{"x":60,"y":554,"width":841,"height":11}},{"id":"8bafec8f-6a63-418d-80f6-3e96a052ac99","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":27,"box":{"x":61,"y":568,"width":831,"height":12}},{"id":"ffcf8e89-8fe9-432f-a285-3fae7010a5ef","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":27,"box":{"x":61,"y":583,"width":876,"height":12}},{"id":"ac07f473-3468-4b68-bd54-49a963d3f79f","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":27,"box":{"x":61,"y":598,"width":856,"height":12}},{"id":"729d1c70-eb29-41e6-910f-eac1236b5f67","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":27,"box":{"x":61,"y":613,"width":872,"height":11}},{"id":"4c6844bc-7edf-4da9-88a6-bd87b1e903f0","block_type":"box","text":"below).","page_number":27,"box":{"x":61,"y":628,"width":50,"height":11}},{"id":"313c33e3-ba4e-44d1-a3c9-b2174f8aa192","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or the right of accumulation will apply to the value of all qualifying","page_number":27,"box":{"x":62,"y":650,"width":869,"height":12}},{"id":"c45eeff0-52e6-40be-8b3a-7f8a8501d098","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":27,"box":{"x":61,"y":665,"width":875,"height":12}},{"id":"dbc2766b-f5e5-4d66-aa42-154ee8a486d1","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":27,"box":{"x":61,"y":680,"width":875,"height":11}},{"id":"6b23904c-c113-4f3e-af23-a085e90736bf","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":27,"box":{"x":61,"y":695,"width":847,"height":11}},{"id":"c5067f6a-97fd-456b-a2a7-db00683016ef","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":27,"box":{"x":61,"y":710,"width":844,"height":11}},{"id":"7a1ed42d-ccc2-42ef-9132-86bfab119230","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":27,"box":{"x":62,"y":724,"width":484,"height":12}},{"id":"e171069d-c52f-4025-85df-3e5ded53c4bd","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":27,"box":{"x":61,"y":747,"width":861,"height":12}},{"id":"0f183f92-9d25-4ac2-9ccd-ada3ac218403","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":27,"box":{"x":60,"y":762,"width":817,"height":11}},{"id":"0a7b19e5-3924-448c-bf47-39d0bd10d5b6","block_type":"box","text":"Qualifying Holdings","page_number":27,"box":{"x":62,"y":784,"width":143,"height":12}},{"id":"34084a94-0880-4247-9908-2148e7d0ccc1","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":27,"box":{"x":209,"y":784,"width":696,"height":12}},{"id":"d130efc1-a951-4616-9b11-d2b2c3e81980","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":27,"box":{"x":62,"y":799,"width":836,"height":12}},{"id":"31990d29-94e1-44c6-851e-9387a4960a4b","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":27,"box":{"x":61,"y":814,"width":808,"height":12}},{"id":"f7c2fa57-4f70-42e8-be73-e218cb36b585","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":27,"box":{"x":62,"y":829,"width":314,"height":11}},{"id":"54342c00-5474-4c5c-8793-dfd87c6e5497","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":27,"box":{"x":61,"y":851,"width":867,"height":12}},{"id":"1846274d-5b6f-46d7-946d-d888da465cc8","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":27,"box":{"x":61,"y":866,"width":844,"height":12}},{"id":"d6b365ba-4f91-4cbb-93b3-39a3472e8268","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":27,"box":{"x":61,"y":881,"width":856,"height":11}},{"id":"0a949f9c-9d63-41fe-ab30-01b0af9a2d5a","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":27,"box":{"x":62,"y":896,"width":818,"height":11}},{"id":"7acbeb0c-16bc-4df2-b7b4-2a5df7da60ad","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ef895564-968e-443c-81c2-5c531a68c7f5","block_type":"box","text":"NM1026U-5979803-27/68","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"89a4686d-cb66-4928-8fa9-ce9a78ac692c","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":28,"box":{"x":62,"y":46,"width":811,"height":11}},{"id":"80aff70c-319a-4fa7-89d1-94c506b5dbef","block_type":"box","text":"nominee or custodian.","page_number":28,"box":{"x":61,"y":61,"width":162,"height":9}},{"id":"6c7bc2bc-9dd6-4ebf-a21d-4c45d738f3c5","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":28,"box":{"x":62,"y":83,"width":861,"height":12}},{"id":"c2621eab-1965-4460-8a85-de162bd9daeb","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":28,"box":{"x":62,"y":98,"width":836,"height":11}},{"id":"8a215731-b60d-4fca-aeab-082d6d28d663","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":28,"box":{"x":62,"y":113,"width":862,"height":11}},{"id":"a97e8407-3354-4c41-a002-cf7cb92ba39b","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":28,"box":{"x":61,"y":127,"width":875,"height":12}},{"id":"7fc83996-b5fd-4e58-8538-fa3abbcf0aa4","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":28,"box":{"x":60,"y":143,"width":312,"height":9}},{"id":"38fe218d-7ae1-4fe1-a861-01a73bd0eaff","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":28,"box":{"x":60,"y":165,"width":828,"height":11}},{"id":"40008cbc-b390-4194-8895-2827ec989c57","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":28,"box":{"x":61,"y":180,"width":850,"height":11}},{"id":"325d42fe-5fc5-46e6-afd5-83d4a182bcba","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":28,"box":{"x":60,"y":195,"width":856,"height":11}},{"id":"15ed1b83-e715-48bd-94ac-dfab817575c0","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":28,"box":{"x":60,"y":209,"width":845,"height":12}},{"id":"9ced074d-3954-4ae5-86d8-543d3544bd8c","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":28,"box":{"x":62,"y":224,"width":667,"height":12}},{"id":"835183fc-a4da-48b6-8acd-45c2a1b47db1","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":28,"box":{"x":62,"y":247,"width":531,"height":11}},{"id":"36ec22a0-7df2-4fca-909c-867e0785b437","block_type":"box","text":"Letter of Intent","page_number":28,"box":{"x":61,"y":270,"width":124,"height":10}},{"id":"170381d5-584e-4d14-b01d-398898de9201","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":28,"box":{"x":60,"y":286,"width":839,"height":12}},{"id":"d6e3bbeb-0867-428b-9a9b-b48ebad1bbff","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":28,"box":{"x":62,"y":301,"width":875,"height":11}},{"id":"b7952d0c-3452-4c38-a058-cae90269b2f8","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":28,"box":{"x":61,"y":316,"width":431,"height":11}},{"id":"1c19ad02-183d-4726-8845-7db34414b32b","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":28,"box":{"x":82,"y":338,"width":794,"height":12}},{"id":"bf701895-6b1f-44e2-b637-3b7872ce8635","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":28,"box":{"x":82,"y":361,"width":675,"height":11}},{"id":"53699e00-4db8-4658-a98f-4c0b4f6946fd","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":28,"box":{"x":82,"y":384,"width":820,"height":11}},{"id":"41af4d2a-53fc-4c29-afc8-60d8963ee1a3","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":28,"box":{"x":60,"y":406,"width":830,"height":11}},{"id":"ac28f9b7-261e-4549-81c8-b5e34e0405e7","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":28,"box":{"x":61,"y":421,"width":524,"height":11}},{"id":"1138f957-8d82-449d-91b1-105e3488ef90","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":28,"box":{"x":60,"y":443,"width":865,"height":12}},{"id":"469bdc6f-667e-4d4f-af53-46336033d922","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":28,"box":{"x":61,"y":458,"width":862,"height":12}},{"id":"7fc2a8a6-e305-492c-865f-9357c88e04fd","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":28,"box":{"x":61,"y":473,"width":870,"height":12}},{"id":"55ec6eb0-068d-4967-aab9-83927305aa1f","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":28,"box":{"x":61,"y":488,"width":384,"height":11}},{"id":"afd24d8c-7944-443e-b48b-86ce3208220e","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":28,"box":{"x":60,"y":510,"width":823,"height":12}},{"id":"e31b0537-4bb3-4b73-af8a-53da9ee18e83","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":28,"box":{"x":61,"y":525,"width":842,"height":12}},{"id":"2bbe465b-3d57-4ce2-bb32-c08371ea5f67","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":28,"box":{"x":61,"y":540,"width":765,"height":12}},{"id":"f511f8f1-c45a-441a-b22d-d3d165384ae5","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":28,"box":{"x":62,"y":563,"width":833,"height":11}},{"id":"50b3eb50-034f-4bb3-82f1-b5c13677eb5e","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":28,"box":{"x":61,"y":577,"width":852,"height":12}},{"id":"7f72738d-ac5b-41e6-b04d-437d1550f67c","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":28,"box":{"x":61,"y":592,"width":872,"height":12}},{"id":"64a0b7a5-8205-41b7-9124-0964ee6e3b04","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":28,"box":{"x":60,"y":607,"width":860,"height":12}},{"id":"bdfebb84-ce37-40af-ba64-fbcb93f02dd4","block_type":"box","text":"difference.","page_number":28,"box":{"x":61,"y":622,"width":77,"height":9}},{"id":"1077bb51-82aa-42c2-ad3c-1dfef9fb2bfd","block_type":"box","text":"Effective July 1, 2026, any current Letter of Intent under which Investor A Shares of the Fund were purchased will be","page_number":28,"box":{"x":62,"y":644,"width":855,"height":12}},{"id":"cc9ff137-e328-4752-9598-8d962d525f4d","block_type":"box","text":"considered completed. As a result, after that date, commissions to dealers will not be adjusted or paid on the","page_number":28,"box":{"x":61,"y":659,"width":808,"height":12}},{"id":"28d84c91-48b0-4ff6-8c5d-fb1bb9ac3cf4","block_type":"box","text":"difference between the Letter of Intent amount and the amount actually invested before July 1, 2026. Because a","page_number":28,"box":{"x":61,"y":674,"width":829,"height":12}},{"id":"cb73e446-9f92-40f1-ab3d-1289922e2590","block_type":"box","text":"Letter of Intent may include Investor A Shares purchases of other BlackRock Funds (other than the Fund), this","page_number":28,"box":{"x":62,"y":689,"width":805,"height":11}},{"id":"e5027dc1-292c-4185-ae76-c8bb6b0e4cf5","block_type":"box","text":"completion will cancel the Letter of Intent for all future Investor A Shares purchases of those funds. You will need to","page_number":28,"box":{"x":61,"y":704,"width":851,"height":11}},{"id":"acce8568-6abb-4e2c-ae9a-631153fc4243","block_type":"box","text":"enter into a new Letter of Intent if you want to continue to make Investor A Shares purchases in other","page_number":28,"box":{"x":61,"y":719,"width":746,"height":11}},{"id":"a59af9b8-7ddb-4ecf-8f8f-632b6cdf8a8b","block_type":"box","text":"BlackRock Funds at a reduced initial sales charge. This change may also apply to the Letters of Intent described in the","page_number":28,"box":{"x":62,"y":733,"width":871,"height":12}},{"id":"0fc4b3b2-5b54-4e85-99bc-2796eb8975c8","block_type":"box","text":"“Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus.","page_number":28,"box":{"x":62,"y":748,"width":803,"height":12}},{"id":"ac4233b8-7e9f-4d70-908f-ad63971a3735","block_type":"box","text":"Right of Accumulation","page_number":28,"box":{"x":61,"y":771,"width":183,"height":13}},{"id":"f3107a33-f424-4da6-ae2a-e01b9aa7c048","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":28,"box":{"x":62,"y":788,"width":839,"height":11}},{"id":"6f7b5782-9dd6-4d51-8f5e-c54084fdbb0f","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":28,"box":{"x":61,"y":802,"width":856,"height":12}},{"id":"f27c3cbb-7b1e-4167-b541-d9724b625117","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":28,"box":{"x":82,"y":825,"width":821,"height":11}},{"id":"a704bc7f-ac07-4f40-bc67-ae4765684b3f","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":28,"box":{"x":102,"y":840,"width":306,"height":11}},{"id":"c50e2e8c-9ecb-4d80-b2f2-9d53de1bd2ca","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":28,"box":{"x":82,"y":862,"width":771,"height":12}},{"id":"76c5a2b4-09a8-4fbe-96ba-b39f8181d501","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":28,"box":{"x":82,"y":885,"width":788,"height":11}},{"id":"4b00a844-ee38-4c5c-aec9-19382050e412","block_type":"box","text":"investor’s spouse and children.","page_number":28,"box":{"x":102,"y":900,"width":228,"height":11}},{"id":"655e3c47-10b1-4cce-9838-3342c6004d9f","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e0c8a7a5-963f-4e9b-8707-0ad7b59de21a","block_type":"box","text":"NM1026U-5979803-28/68","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"13a7f0bd-78bb-492a-801b-45fe74388905","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":29,"box":{"x":62,"y":46,"width":866,"height":11}},{"id":"0c95cd90-438d-405d-bb03-9eac51600a57","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":29,"box":{"x":61,"y":60,"width":866,"height":12}},{"id":"27a4f743-1901-4064-9530-e80e689b4a49","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":29,"box":{"x":62,"y":75,"width":854,"height":12}},{"id":"916f4014-aa45-4b7f-a6a5-948f81df1324","block_type":"box","text":"any previously purchased shares.","page_number":29,"box":{"x":61,"y":90,"width":243,"height":12}},{"id":"84e056da-0a66-4d54-b247-73412e166721","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":29,"box":{"x":61,"y":113,"width":314,"height":13}},{"id":"616d6f72-5692-4ceb-866b-fa7a0fccce83","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":29,"box":{"x":60,"y":129,"width":623,"height":12}},{"id":"4cff04ba-1532-449e-8556-40177c3fd171","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":29,"box":{"x":81,"y":149,"width":846,"height":12}},{"id":"6298bff2-d83b-460b-9c87-fd90b297a905","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":29,"box":{"x":82,"y":164,"width":352,"height":11}},{"id":"f4e1021d-dd6f-406a-88e4-090687235f02","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans provided the shares are","page_number":29,"box":{"x":82,"y":184,"width":812,"height":12}},{"id":"68620e57-ca63-4c75-a8f2-ce1e70dc88f5","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":29,"box":{"x":80,"y":199,"width":854,"height":11}},{"id":"01ea4f77-0fea-48d0-852d-31091a9daec4","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":29,"box":{"x":81,"y":214,"width":840,"height":11}},{"id":"f7f9f4ef-7f45-412b-84af-a817da95a310","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":29,"box":{"x":81,"y":229,"width":760,"height":11}},{"id":"f8d6c28c-d706-445e-afd1-243cd75b5e92","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":29,"box":{"x":82,"y":244,"width":812,"height":11}},{"id":"7cae646e-d062-4cea-ad6f-cfd04818c142","block_type":"box","text":"Distributor;","page_number":29,"box":{"x":82,"y":259,"width":79,"height":10}},{"id":"934f227f-424f-4fd4-b19c-2bb9b844a5c7","block_type":"box","text":"Insurance company separate accounts;","page_number":29,"box":{"x":82,"y":279,"width":286,"height":11}},{"id":"3fe1c40c-7548-49b2-a6cb-fdb8b2e542cc","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":29,"box":{"x":82,"y":299,"width":836,"height":11}},{"id":"c27cc63f-bba0-4138-8511-548e69e78388","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":29,"box":{"x":81,"y":313,"width":446,"height":12}},{"id":"925ff74b-21f6-475e-9b7f-0418b9b12171","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":29,"box":{"x":81,"y":333,"width":815,"height":12}},{"id":"81ca6df0-4ecd-4d1d-a049-46dc3d7cf44b","block_type":"box","text":"broker-dealer or other financial institution;","page_number":29,"box":{"x":81,"y":348,"width":306,"height":11}},{"id":"33471885-e42b-4d94-9e48-691953f17ae9","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":29,"box":{"x":82,"y":368,"width":828,"height":11}},{"id":"f9970f3e-0ace-4911-bae1-bbcb738acf11","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":29,"box":{"x":82,"y":383,"width":800,"height":11}},{"id":"8f94b37c-b4ec-49d0-9a38-81f7035bfaad","block_type":"box","text":"transaction fee;","page_number":29,"box":{"x":80,"y":398,"width":114,"height":10}},{"id":"8d357a7e-ee21-4f8a-bd19-aac98c258eec","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":29,"box":{"x":81,"y":418,"width":819,"height":11}},{"id":"e44ed7e2-8779-46ce-bae6-1747658b7af9","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":29,"box":{"x":81,"y":432,"width":846,"height":12}},{"id":"7d500079-d6e9-442b-b43e-0a728c984453","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":29,"box":{"x":82,"y":447,"width":843,"height":12}},{"id":"aeb009e3-f011-42da-adac-2ceb01fe6413","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":29,"box":{"x":82,"y":462,"width":829,"height":12}},{"id":"7a80a8c8-b291-4348-9942-ddd0c765af89","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":29,"box":{"x":81,"y":477,"width":815,"height":11}},{"id":"a19c3a14-1148-48aa-9d5f-7d23f7a29ab5","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":29,"box":{"x":81,"y":497,"width":841,"height":11}},{"id":"325b65f9-0b75-4d4b-8200-4b73ed3c5977","block_type":"box","text":"Internal Revenue Code; and","page_number":29,"box":{"x":82,"y":512,"width":201,"height":10}},{"id":"3c665923-bec4-4234-a67a-b0f8daad0657","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":29,"box":{"x":81,"y":532,"width":808,"height":11}},{"id":"1d6a07a8-020c-44b8-98c6-ed753fd4788a","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":29,"box":{"x":62,"y":554,"width":852,"height":12}},{"id":"f62f2df1-af9f-4126-99c4-d42ff482ed46","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":29,"box":{"x":62,"y":569,"width":846,"height":12}},{"id":"2c41697c-7f2f-4f4c-91a6-40bcd5e414de","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":29,"box":{"x":62,"y":584,"width":434,"height":11}},{"id":"7410f7b7-9297-48c0-91ad-f6fd8bce37ef","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":29,"box":{"x":62,"y":607,"width":864,"height":11}},{"id":"694a362d-3343-470f-bd30-21fb2c28ec0c","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":29,"box":{"x":61,"y":621,"width":852,"height":12}},{"id":"9b04d6bc-1b5f-4fca-a95d-aaf450f70517","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":29,"box":{"x":62,"y":636,"width":837,"height":12}},{"id":"7aaed7a3-9e8e-44c6-98e6-177bf11cb449","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":62,"y":651,"width":873,"height":11}},{"id":"480b0c91-a944-4420-8548-821eff408147","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":666,"width":317,"height":11}},{"id":"574003fc-9aa9-46d1-b0cd-9249b64546f0","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":688,"width":861,"height":12}},{"id":"eaee45c6-f991-4671-995c-af8c26413c24","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":703,"width":817,"height":12}},{"id":"44f564aa-9929-408b-a0d6-b709f6275c82","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":29,"box":{"x":61,"y":722,"width":306,"height":10}},{"id":"b10407dd-90fa-4e0b-9eab-640b51be7407","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":29,"box":{"x":62,"y":738,"width":814,"height":12}},{"id":"9cf600f3-5b46-4537-8aea-600bfdf1e47a","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":29,"box":{"x":61,"y":753,"width":828,"height":11}},{"id":"1fe03cf0-6f66-4455-89ad-7ce3fdadc126","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":29,"box":{"x":62,"y":768,"width":857,"height":11}},{"id":"243bb8d1-9c00-41a7-878f-82f81bd174e5","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":29,"box":{"x":61,"y":782,"width":451,"height":12}},{"id":"1bacce4a-f856-4909-86f1-9bb98c70818a","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":29,"box":{"x":62,"y":801,"width":860,"height":11}},{"id":"0f281202-ddba-4404-a59e-91c0fc681e14","block_type":"box","text":"Shares are subject to a front-end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":29,"box":{"x":61,"y":815,"width":847,"height":12}},{"id":"3a2c4b39-cf72-4160-83c1-f71ee7f4c2f9","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":29,"box":{"x":60,"y":830,"width":863,"height":12}},{"id":"4e093e94-27f1-45a8-a4dc-241dbc4624a3","block_type":"box","text":"monthly basis.","page_number":29,"box":{"x":61,"y":845,"width":105,"height":11}},{"id":"7846fe20-7661-4613-b727-e61710f0bb57","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":29,"box":{"x":61,"y":864,"width":420,"height":12}},{"id":"ee8937cb-bd33-462f-acd9-c81d3796920c","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":29,"box":{"x":62,"y":880,"width":865,"height":11}},{"id":"51d5afa9-60d8-42e5-81bb-5ef3e001df7d","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":29,"box":{"x":60,"y":894,"width":858,"height":12}},{"id":"ebb2c297-303f-46db-9a01-91dc4a87c862","block_type":"box","text":"The charge will apply to the lesser of the original cost of shares being redeemed or the proceeds of your redemption.","page_number":29,"box":{"x":60,"y":909,"width":859,"height":11}},{"id":"c0caf8ef-9683-4ae0-9ec0-b8b3eba7511f","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"c991f85b-e14a-4faf-b3a6-e03f942ca175","block_type":"box","text":"NM1026U-5979803-29/68","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dcb4bb0b-3bff-4cae-9130-6361ed05bcea","block_type":"box","text":"When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales charge is","page_number":30,"box":{"x":60,"y":46,"width":854,"height":11}},{"id":"54e9e0cd-2794-44cc-b934-23543d62cb4e","block_type":"box","text":"charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition, you will","page_number":30,"box":{"x":61,"y":60,"width":853,"height":12}},{"id":"2a0cabf7-37dc-496c-bc79-3b3e85958a72","block_type":"box","text":"not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of Fund","page_number":30,"box":{"x":61,"y":75,"width":823,"height":11}},{"id":"74437e90-aa8a-4d9b-a90d-6f4122309fc2","block_type":"box","text":"dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of the","page_number":30,"box":{"x":61,"y":90,"width":861,"height":11}},{"id":"9d5751b8-897e-4a28-9c0c-66dcef2fedca","block_type":"box","text":"applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":30,"box":{"x":61,"y":104,"width":715,"height":12}},{"id":"7ec97f3b-4d82-404a-a287-4065c79230cc","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":30,"box":{"x":62,"y":123,"width":864,"height":11}},{"id":"28082500-13b0-4d45-bce6-94811f75e728","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":30,"box":{"x":61,"y":137,"width":870,"height":12}},{"id":"9dc6b3d6-08ba-4735-aec3-631da17bea1f","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":30,"box":{"x":61,"y":152,"width":823,"height":11}},{"id":"01824e93-5b86-474c-8904-9385fdf0f36c","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":30,"box":{"x":62,"y":167,"width":847,"height":11}},{"id":"c66a44d0-6882-49b1-b1f4-ed7b87cffcaa","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":30,"box":{"x":61,"y":181,"width":842,"height":12}},{"id":"77e2f81b-5254-44f0-b6be-7149761a6339","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":30,"box":{"x":62,"y":196,"width":865,"height":11}},{"id":"630bb721-8649-4256-b2d2-62262a79e2e3","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":30,"box":{"x":61,"y":210,"width":832,"height":12}},{"id":"1575c4da-5ea4-4e64-b3f2-e4dd107738cf","block_type":"box","text":"Intermediary for additional information.","page_number":30,"box":{"x":62,"y":225,"width":285,"height":12}},{"id":"3f78524c-f0f0-49ae-bdfd-3302ffb303e2","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":30,"box":{"x":62,"y":244,"width":869,"height":11}},{"id":"47fa086b-f694-48b5-a6c2-b1009f08692c","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":30,"box":{"x":61,"y":258,"width":810,"height":12}},{"id":"44d62644-301f-49fb-a508-1896531de762","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":277,"width":861,"height":11}},{"id":"b39c9552-735e-4008-a57c-c70dbb98dd43","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":291,"width":817,"height":12}},{"id":"9b4b7c12-7ee6-4ab0-9ee1-ce6550208355","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":30,"box":{"x":60,"y":310,"width":870,"height":11}},{"id":"9f75c07a-5a44-4519-ba5e-3ae484244b84","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":30,"box":{"x":60,"y":324,"width":870,"height":12}},{"id":"5c422228-de72-44f2-98bc-5d0c0ae73961","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":30,"box":{"x":61,"y":339,"width":867,"height":12}},{"id":"dc9d410d-bbf9-420a-9d1c-56370adbac65","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":30,"box":{"x":60,"y":354,"width":849,"height":11}},{"id":"62e20b54-dbf6-4382-be43-403933d2da63","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":30,"box":{"x":60,"y":369,"width":517,"height":11}},{"id":"3dcc93c0-bb27-4f87-9c7c-835a75f5200d","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":30,"box":{"x":60,"y":387,"width":870,"height":11}},{"id":"a2a84c53-8f2f-42e1-9bdc-80f638fabb48","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":30,"box":{"x":61,"y":401,"width":853,"height":12}},{"id":"e4d6b607-6193-4806-b50d-dfa51dc7b11a","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":30,"box":{"x":62,"y":416,"width":851,"height":12}},{"id":"9bebd809-e16f-409e-84fe-7e8333e59537","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":30,"box":{"x":60,"y":431,"width":856,"height":11}},{"id":"753c5537-2837-498e-8253-e302aa038f2a","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":30,"box":{"x":61,"y":445,"width":850,"height":12}},{"id":"d3a46cfa-ec17-4825-948c-1881b23d51f1","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":30,"box":{"x":62,"y":460,"width":866,"height":12}},{"id":"e7c957d3-a67d-4b14-869b-a7e37efc8d9a","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":30,"box":{"x":60,"y":475,"width":782,"height":11}},{"id":"b03ef778-2b1f-453d-bfec-1284025bc086","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":30,"box":{"x":62,"y":489,"width":317,"height":12}},{"id":"4427356b-dc27-4bb5-af2b-aec4c59dc99f","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":30,"box":{"x":61,"y":508,"width":352,"height":13}},{"id":"cbe5aabd-ac68-4d63-8682-6f01386b0384","block_type":"box","text":"The deferred sales charge relating to Investor Shares may be reduced or waived in certain circumstances, such as:","page_number":30,"box":{"x":60,"y":524,"width":847,"height":12}},{"id":"94a4400e-ccc9-4cd1-ab35-6726e1bb8ccf","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":30,"box":{"x":82,"y":541,"width":824,"height":12}},{"id":"2a9071c8-e97c-48ee-90c5-963196018415","block_type":"box","text":"investments in the Fund through such plans;","page_number":30,"box":{"x":82,"y":556,"width":324,"height":12}},{"id":"7f8ec88a-30ae-4c14-ad17-bec1a2315020","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":30,"box":{"x":82,"y":573,"width":844,"height":12}},{"id":"9f327870-bbd7-4b75-b5eb-3d0ad1b236b8","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":30,"box":{"x":82,"y":588,"width":375,"height":12}},{"id":"ce6b291b-8e56-42c7-a0fb-9b29011cd538","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":30,"box":{"x":82,"y":605,"width":826,"height":11}},{"id":"26c1d6e1-be2d-4354-8d30-0ab2f809e5ca","block_type":"box","text":"shareholder reaching the age of 72;","page_number":30,"box":{"x":81,"y":620,"width":262,"height":11}},{"id":"072b9fd9-afae-4fd3-851a-23d83b39f2a2","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":30,"box":{"x":82,"y":637,"width":804,"height":11}},{"id":"a80e2563-a7f4-4627-b3b8-1bbf3aec347a","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":30,"box":{"x":82,"y":654,"width":847,"height":12}},{"id":"585e2ea6-9cf3-44b2-9f8f-d70053090bcc","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":30,"box":{"x":82,"y":669,"width":834,"height":11}},{"id":"73f7f447-2eeb-4106-990e-56209c6f35af","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":30,"box":{"x":81,"y":683,"width":297,"height":12}},{"id":"d882bb57-0fb0-4af8-9d30-0c131f0f4751","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":30,"box":{"x":81,"y":701,"width":847,"height":11}},{"id":"75da6836-bf8d-4d12-a42c-c8c74b96fd0b","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":30,"box":{"x":81,"y":715,"width":360,"height":12}},{"id":"80ce3751-c69b-40b0-9170-3ee5343cf3d3","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":30,"box":{"x":82,"y":733,"width":525,"height":11}},{"id":"f0b676d6-47c9-46d6-bafa-c7d3ce89e7f5","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":30,"box":{"x":81,"y":750,"width":833,"height":11}},{"id":"de1e72ce-84aa-462b-a685-bf62116639f9","block_type":"box","text":"affiliate;","page_number":30,"box":{"x":81,"y":764,"width":59,"height":11}},{"id":"91ab395b-287b-4bd1-a2bc-978d3153c465","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":30,"box":{"x":82,"y":782,"width":823,"height":11}},{"id":"5f4e3bc5-52bb-4ef6-b730-39671c98cba5","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":30,"box":{"x":82,"y":799,"width":732,"height":11}},{"id":"0aa58ae3-4af5-49b8-af3b-42e2c32bcd9f","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":817,"width":861,"height":12}},{"id":"c86f1b20-0170-479b-a354-72ec7a1b946a","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":832,"width":817,"height":11}},{"id":"31148b6f-49ee-46b0-ade2-a31ffa043063","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":30,"box":{"x":62,"y":850,"width":805,"height":12}},{"id":"8eccdd66-0015-4954-b124-204861283f38","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":30,"box":{"x":62,"y":865,"width":857,"height":11}},{"id":"f77aeaa7-2fd7-47de-aaac-973e09395d18","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"dc8dc350-88c4-4b0a-95c6-befdc6dc7bf3","block_type":"box","text":"NM1026U-5979803-30/68","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c7ead907-ac22-4be2-921c-8ccbd73b8662","block_type":"box","text":"Institutional Shares","page_number":31,"box":{"x":61,"y":46,"width":161,"height":10}},{"id":"9310cd2d-6089-4a1a-b00c-780e85d940fc","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":31,"box":{"x":62,"y":62,"width":864,"height":12}},{"id":"f49b653f-ce20-4b04-92a5-675d7e093eb5","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":31,"box":{"x":60,"y":77,"width":865,"height":11}},{"id":"1905858b-7f7b-4ae5-9865-683f892eacf6","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":31,"box":{"x":62,"y":91,"width":845,"height":12}},{"id":"58df13dc-d683-4bd7-b498-48c39813a448","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":31,"box":{"x":61,"y":106,"width":557,"height":12}},{"id":"ac3a00b8-b374-4813-b58c-f143be9e239b","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":31,"box":{"x":62,"y":125,"width":826,"height":11}},{"id":"2ff49bd1-b409-4ea1-adad-3df13502ee53","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":31,"box":{"x":61,"y":139,"width":838,"height":12}},{"id":"4a9bb6cd-3ecb-41c9-9ae1-3b1306432888","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":31,"box":{"x":61,"y":154,"width":816,"height":11}},{"id":"e4a6be4e-5d74-4132-8765-d43c590a1ede","block_type":"box","text":"classes that have different fees and expenses.","page_number":31,"box":{"x":61,"y":168,"width":345,"height":12}},{"id":"2f410e5d-2ba7-417d-97fc-68aa76accb62","block_type":"box","text":"Eligible Institutional Shares investors include the following:","page_number":31,"box":{"x":62,"y":187,"width":429,"height":11}},{"id":"1c278e5c-e798-4ca8-8132-96ff65331692","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":31,"box":{"x":82,"y":203,"width":854,"height":13}},{"id":"c2b32581-6794-4ffd-8b2d-33c4d5a06e25","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":219,"width":849,"height":11}},{"id":"46185f5a-4b76-4b69-be21-3335f2e4802d","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":234,"width":53,"height":10}},{"id":"69b6d30f-f5eb-4530-bcbb-c1d024cfb5ac","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":31,"box":{"x":81,"y":251,"width":838,"height":11}},{"id":"74bc2845-37cd-48b9-92c6-f8f3e0ba21ea","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":31,"box":{"x":81,"y":265,"width":829,"height":12}},{"id":"b8a36e66-e274-4448-8475-c13b3b96d622","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":31,"box":{"x":82,"y":280,"width":604,"height":11}},{"id":"a862302f-5dc9-45c7-b482-c1cc79630d86","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":31,"box":{"x":81,"y":297,"width":840,"height":12}},{"id":"52a22bcf-4a4c-4a16-9ba5-edf91d8c8b46","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":31,"box":{"x":81,"y":312,"width":853,"height":11}},{"id":"be2895bf-dc79-41ac-8ab6-827a1ea9397a","block_type":"box","text":"initial investment of $1,000;","page_number":31,"box":{"x":82,"y":326,"width":207,"height":11}},{"id":"faef1568-eade-409f-bc0c-e4aea793b3ce","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":31,"box":{"x":81,"y":344,"width":816,"height":11}},{"id":"55051e3a-d4bf-4670-a965-145542018c4a","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":31,"box":{"x":82,"y":358,"width":821,"height":12}},{"id":"2f53a020-5372-43fb-ad70-35e028175c29","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":31,"box":{"x":80,"y":373,"width":835,"height":11}},{"id":"a8e73d53-5114-4d74-bfd9-0993f923194b","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":31,"box":{"x":81,"y":387,"width":835,"height":12}},{"id":"10a248d8-ce88-4441-b284-a8b3dadcafe5","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":402,"width":849,"height":12}},{"id":"7ab494f0-ed32-4542-a2cf-1ad8a00e1586","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":417,"width":53,"height":10}},{"id":"6b6e2831-75b3-48ce-9255-d71522d0ceed","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":31,"box":{"x":81,"y":434,"width":810,"height":11}},{"id":"3389906f-195b-475f-ad5d-61ddaba08231","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":31,"box":{"x":81,"y":449,"width":812,"height":11}},{"id":"555588b9-931a-4bde-963b-c9b59858201f","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":31,"box":{"x":81,"y":463,"width":719,"height":12}},{"id":"bacec8a6-e185-44f7-8892-33276dc11f23","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":31,"box":{"x":82,"y":480,"width":799,"height":12}},{"id":"b1c96709-0ee9-40a2-b0ba-c6b7610bf6a3","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":495,"width":794,"height":11}},{"id":"39dae6a3-7ef5-4d4e-b080-aa28a3e76086","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":510,"width":83,"height":10}},{"id":"959df893-986e-4c83-98c9-9394f6a38ef3","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":31,"box":{"x":82,"y":527,"width":805,"height":11}},{"id":"6a600070-64e0-4285-a128-de7839b9d23c","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":541,"width":819,"height":12}},{"id":"4f28a806-ff57-4615-94a6-15a9b0a553d4","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":556,"width":83,"height":11}},{"id":"74eed60a-e519-4aad-8c54-859a50f4fcfd","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":31,"box":{"x":81,"y":573,"width":836,"height":12}},{"id":"8d52c264-c204-44cf-97f0-7352be6c249f","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":31,"box":{"x":81,"y":588,"width":851,"height":12}},{"id":"c8f88b72-87de-40b2-8d25-de5db07be0fd","block_type":"box","text":"of such persons; and","page_number":31,"box":{"x":81,"y":603,"width":154,"height":11}},{"id":"54cb14fd-2cb4-4ef0-9ed9-792798aac0df","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":31,"box":{"x":81,"y":620,"width":816,"height":11}},{"id":"1e597398-79c2-4f3a-8a51-a7c49bf57ed2","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":31,"box":{"x":82,"y":634,"width":851,"height":12}},{"id":"cb28dce3-c74d-47c5-8a65-66fb47a55099","block_type":"box","text":"the Fund on an omnibus basis.","page_number":31,"box":{"x":80,"y":649,"width":227,"height":9}},{"id":"8df08766-49ca-48f2-9ac9-9bdfd761ced4","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":31,"box":{"x":60,"y":668,"width":620,"height":11}},{"id":"a2d05ca4-6e3c-4df3-8b25-d625478758d3","block_type":"box","text":"Class R Shares","page_number":31,"box":{"x":61,"y":687,"width":124,"height":10}},{"id":"035b3679-02ad-49cc-acd0-ebe26b972c33","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. For this purpose, employer","page_number":31,"box":{"x":61,"y":703,"width":810,"height":11}},{"id":"1aa52543-92a1-4e46-a657-0a002e78c8df","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. If you buy Class R Shares, you will pay","page_number":31,"box":{"x":61,"y":717,"width":873,"height":12}},{"id":"ba011289-0359-4108-9161-150c79d7b34b","block_type":"box","text":"neither an initial sales charge nor a CDSC. However, Class R Shares are subject to a distribution fee of 0.25% per year","page_number":31,"box":{"x":61,"y":732,"width":874,"height":11}},{"id":"3332a237-56d9-4dde-86b9-bd3e108c9a9c","block_type":"box","text":"and a service fee of 0.25% per year. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":31,"box":{"x":61,"y":746,"width":863,"height":12}},{"id":"b3f62848-c283-45e9-a436-89db48844ecf","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":31,"box":{"x":60,"y":761,"width":873,"height":12}},{"id":"1fff45e3-ca85-49f8-8e90-20045476911c","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":31,"box":{"x":61,"y":780,"width":371,"height":11}},{"id":"74924c21-5dc4-4aeb-b3ca-9821a289a37f","block_type":"box","text":"The Distributor currently pays the annual Class R Shares distribution fee and annual Class R Shares service fee to","page_number":31,"box":{"x":60,"y":798,"width":843,"height":11}},{"id":"cce2cdd2-4f48-4fa9-b989-ad3d458989be","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":31,"box":{"x":61,"y":813,"width":759,"height":11}},{"id":"e0081496-4da7-4e88-a2df-6889e32ff83e","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":31,"box":{"x":61,"y":840,"width":442,"height":13}},{"id":"f33c652e-8f1b-444b-9851-57bd853828bf","block_type":"box","text":"Plan Payments","page_number":31,"box":{"x":61,"y":862,"width":122,"height":13}},{"id":"2f83ab30-7f9c-4eb2-91ad-9deaf63bcf76","block_type":"box","text":"The Corporation, on behalf of the Fund, has adopted plans (the “Plans”) pursuant to Rule 12b-1 under the Investment","page_number":31,"box":{"x":60,"y":878,"width":866,"height":12}},{"id":"3deab444-66cd-44e4-b7db-3dcd07151d65","block_type":"box","text":"Company Act with respect to the Investor Shares and Class R Shares that allow the Fund to pay distribution fees for","page_number":31,"box":{"x":61,"y":893,"width":852,"height":11}},{"id":"7b77febb-75b9-45d0-805b-3249c257fc29","block_type":"box","text":"the sale of its shares and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":31,"box":{"x":60,"y":907,"width":776,"height":12}},{"id":"cc1c2ce4-a4e6-4e6b-a7f4-3b74f2da8d65","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"f79069fb-287b-4989-9c36-730cc168824c","block_type":"box","text":"NM1026U-5979803-31/68","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2a373c08-59bb-4c24-b3ab-06eaea7ebcf8","block_type":"box","text":"Under the Plans, Investor C Shares and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":32,"box":{"x":62,"y":46,"width":870,"height":11}},{"id":"1af1ed27-f8d4-46f8-ac99-4cc34c213b02","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":32,"box":{"x":61,"y":60,"width":851,"height":12}},{"id":"2a4bfac3-cd30-4ada-bf2a-18fdded8767b","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":32,"box":{"x":61,"y":75,"width":864,"height":11}},{"id":"97690c31-2918-4b50-bb81-742f9a7f14d0","block_type":"box","text":"and related expenses incurred in connection with the sale of Investor C Shares and Class R Shares. The distribution","page_number":32,"box":{"x":61,"y":90,"width":854,"height":11}},{"id":"1a9c02a7-b6b7-47ce-8f60-25ae8d6699bc","block_type":"box","text":"fees may also be used to pay Financial Intermediaries for sales support services and related expenses. All Investor C","page_number":32,"box":{"x":60,"y":104,"width":866,"height":12}},{"id":"17d4241d-321b-4071-b028-5579033e677d","block_type":"box","text":"Shares and Class R Shares pay a maximum distribution fee per year that is a percentage of the average daily net","page_number":32,"box":{"x":61,"y":119,"width":832,"height":11}},{"id":"3f955055-4f43-46e7-9838-ae6d31ffc2b1","block_type":"box","text":"asset value of the Investor C Shares and Class R Shares of the Fund. Institutional and Investor A Shares do not pay","page_number":32,"box":{"x":61,"y":133,"width":852,"height":12}},{"id":"79f728ee-6f93-4cd0-80d6-58bf4198cb04","block_type":"box","text":"distribution fees.","page_number":32,"box":{"x":61,"y":148,"width":122,"height":9}},{"id":"bb48d60b-4e7e-4c98-9a50-05dc999b157f","block_type":"box","text":"Under the Plans, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison","page_number":32,"box":{"x":62,"y":167,"width":814,"height":11}},{"id":"dc05db2f-0390-4f54-a58e-007385803820","block_type":"box","text":"services fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares","page_number":32,"box":{"x":61,"y":181,"width":856,"height":12}},{"id":"778062ce-1952-4c71-b475-083180eb06f7","block_type":"box","text":"and/or Class R Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the","page_number":32,"box":{"x":61,"y":196,"width":820,"height":11}},{"id":"84f1ce46-819b-4f7f-94a7-cf1631c28b8b","block_type":"box","text":"average daily net asset value of Investor and Class R Shares of the Fund. All Investor and Class R Shares pay this","page_number":32,"box":{"x":61,"y":210,"width":838,"height":12}},{"id":"9c8c2c68-5c27-49ce-94b1-a710ea097a20","block_type":"box","text":"shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee.","page_number":32,"box":{"x":61,"y":225,"width":630,"height":12}},{"id":"48651517-08c6-46c2-8185-5dd9c53f10b9","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":32,"box":{"x":62,"y":244,"width":859,"height":11}},{"id":"dba0cae3-1b6f-4ad8-bff8-cc51e2456492","block_type":"box","text":"the following services to their customers who own Investor and Class R Shares:","page_number":32,"box":{"x":60,"y":258,"width":586,"height":12}},{"id":"d60b9324-ed21-4a86-ac99-18a11ff2facb","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":32,"box":{"x":81,"y":276,"width":848,"height":11}},{"id":"4bcfdfc3-2927-40ed-ba30-5282a9fcc808","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":32,"box":{"x":82,"y":290,"width":811,"height":12}},{"id":"5a76450e-8d88-426b-9cfd-2be2e3c061da","block_type":"box","text":"investments;","page_number":32,"box":{"x":82,"y":305,"width":92,"height":10}},{"id":"4a40ce20-2415-49c7-a987-2fb875db1644","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":32,"box":{"x":81,"y":322,"width":801,"height":11}},{"id":"2aa49f2d-a4b1-472d-9c5f-5817ebd3e12d","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":32,"box":{"x":81,"y":339,"width":379,"height":12}},{"id":"95558555-42cd-49df-9194-aac834f80061","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plans are paid to compensate Financial Intermediaries for the","page_number":32,"box":{"x":60,"y":358,"width":864,"height":11}},{"id":"42d97e83-b457-4c3b-a903-1fcc59919006","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":32,"box":{"x":61,"y":372,"width":848,"height":12}},{"id":"f3653002-d1ac-452b-bbfb-c7b7bf523ae3","block_type":"box","text":"sale of the Fund’s shares.","page_number":32,"box":{"x":61,"y":387,"width":191,"height":9}},{"id":"9b2180fb-0142-4f3e-8c83-81e402bf4a1e","block_type":"box","text":"Because the fees paid by the Fund under the Plans are paid out of Fund assets on an ongoing basis, over time these","page_number":32,"box":{"x":62,"y":405,"width":859,"height":12}},{"id":"f1ac6eaa-eccb-4b0e-b1b2-fc9a433d3be8","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":32,"box":{"x":60,"y":420,"width":836,"height":12}},{"id":"5d135bc3-1401-44da-86da-9deaedbbf48a","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than","page_number":32,"box":{"x":61,"y":435,"width":855,"height":11}},{"id":"16dfba17-427c-4a23-b150-f4691c6b2c9d","block_type":"box","text":"the front-end sales charge on Investor A Shares.","page_number":32,"box":{"x":60,"y":449,"width":355,"height":12}},{"id":"6243215c-5d6c-4f8e-9d14-6e51ec000a94","block_type":"box","text":"For more information on the Plans, including a complete list of services provided thereunder, see the SAI.","page_number":32,"box":{"x":62,"y":468,"width":774,"height":11}},{"id":"8e85c009-c681-4ff2-ba55-26543a3a67d4","block_type":"box","text":"Other Payments by the Fund","page_number":32,"box":{"x":61,"y":487,"width":233,"height":12}},{"id":"ad81cb83-f1c0-4b16-8452-89dd6d03ebc0","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plans and fees the Fund pays to","page_number":32,"box":{"x":62,"y":503,"width":860,"height":11}},{"id":"39ee058e-2d64-411c-9153-160d7d769a5c","block_type":"box","text":"its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":32,"box":{"x":62,"y":517,"width":867,"height":12}},{"id":"421c3a56-ae97-4aa8-aacc-74a0643585da","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":32,"box":{"x":61,"y":532,"width":874,"height":12}},{"id":"038f3f82-5285-45a8-a501-acb330dc9667","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":32,"box":{"x":60,"y":547,"width":843,"height":11}},{"id":"13795f79-49d6-4511-8375-62c89a84d882","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":32,"box":{"x":61,"y":561,"width":862,"height":12}},{"id":"2b66cca9-0393-4fbf-8d64-978d969aae54","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":32,"box":{"x":61,"y":576,"width":815,"height":11}},{"id":"e4283b05-7c90-423f-8ca9-d7b2a9f16743","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":32,"box":{"x":61,"y":591,"width":791,"height":11}},{"id":"71107d2a-7b57-4dbe-a8cd-7374e69e0f9b","block_type":"box","text":"Other Payments by BlackRock","page_number":32,"box":{"x":61,"y":610,"width":252,"height":12}},{"id":"60f6445d-362a-4c33-ad19-388255563bd7","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":32,"box":{"x":62,"y":626,"width":851,"height":11}},{"id":"60ddb656-5be3-4821-8511-8b82290351d5","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":32,"box":{"x":61,"y":640,"width":843,"height":12}},{"id":"dbc045c4-c943-4fb7-9027-ecc8ace5365f","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":32,"box":{"x":60,"y":655,"width":853,"height":11}},{"id":"a6f63df4-c34a-4162-adb7-4c1db818f30b","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":32,"box":{"x":61,"y":669,"width":866,"height":12}},{"id":"226e7456-9ab1-4875-b9bf-af1c10e55fc8","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":32,"box":{"x":60,"y":684,"width":839,"height":11}},{"id":"c95298fb-47f1-4a99-b2fe-949dc7434d03","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":32,"box":{"x":61,"y":699,"width":860,"height":11}},{"id":"2fcde518-8267-4c44-b6b1-08e3b8db0900","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":32,"box":{"x":61,"y":713,"width":841,"height":12}},{"id":"f91e67c5-5c55-4fcd-a71a-8bc6e74461f8","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":32,"box":{"x":61,"y":728,"width":856,"height":12}},{"id":"5e479bbf-4c0e-4bba-a0fd-141e28ec7372","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":32,"box":{"x":61,"y":743,"width":813,"height":11}},{"id":"00b4e403-3528-408b-a955-992373e4a04d","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":32,"box":{"x":62,"y":757,"width":415,"height":12}},{"id":"e97b70c4-f7ea-4f71-8c21-204c8892d212","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":32,"box":{"x":61,"y":776,"width":869,"height":11}},{"id":"698d3d51-962e-4c32-a8d3-1b83026c178e","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":32,"box":{"x":60,"y":790,"width":495,"height":11}},{"id":"d11bd7f3-e170-4d55-891c-0b3d80aad1c7","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":32,"box":{"x":61,"y":817,"width":434,"height":14}},{"id":"173e12de-cfe2-42de-921d-5a94d6f86fe3","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":32,"box":{"x":60,"y":839,"width":846,"height":12}},{"id":"afc69b4d-9e87-47f3-a5d8-f7c03f3475e6","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":32,"box":{"x":62,"y":854,"width":857,"height":12}},{"id":"4eeb077e-e5b1-4525-bbde-9a2b2176a94f","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":32,"box":{"x":60,"y":869,"width":809,"height":11}},{"id":"6d2a34f6-7207-4977-b233-a69401328c1a","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":32,"box":{"x":61,"y":883,"width":847,"height":12}},{"id":"4daefec1-93a4-4247-ab88-6fb502c5a3fa","block_type":"box","text":"may help you with this decision.","page_number":32,"box":{"x":61,"y":898,"width":232,"height":11}},{"id":"40c469b3-2606-4813-9d5c-fe3f17776c52","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0d98b141-1002-4171-b808-108fc5ba6c52","block_type":"box","text":"NM1026U-5979803-32/68","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"420a4103-d4b7-4045-bd6a-1ff52b2e7800","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":33,"box":{"x":60,"y":46,"width":867,"height":11}},{"id":"de9ee6df-ce48-444a-9ca4-a61aa3429e7b","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":33,"box":{"x":61,"y":60,"width":858,"height":12}},{"id":"9caf9bd4-2c80-4040-8af0-f7b681feff14","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":33,"box":{"x":62,"y":75,"width":845,"height":11}},{"id":"e96b0e97-450c-43b2-acd5-f9b9fb613615","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":33,"box":{"x":61,"y":90,"width":860,"height":11}},{"id":"75c3ce02-4777-4d34-8c81-77ee973c655b","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":33,"box":{"x":60,"y":104,"width":868,"height":12}},{"id":"603ec0db-3d2e-42e6-a933-cf5fcc3381ed","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":33,"box":{"x":61,"y":119,"width":863,"height":11}},{"id":"d5d21f25-e025-4d4f-8749-414bbbef9a9c","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":33,"box":{"x":61,"y":133,"width":787,"height":12}},{"id":"bbb2945b-f7bc-4632-b025-4c01a3caf111","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":33,"box":{"x":62,"y":148,"width":857,"height":12}},{"id":"695081bb-745c-4457-95ae-5acef09e7861","block_type":"box","text":"restricted from making additional investments.","page_number":33,"box":{"x":61,"y":163,"width":341,"height":11}},{"id":"03a0ddcf-d247-4c75-b4d9-b85e1c1b818f","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":33,"box":{"x":60,"y":181,"width":861,"height":12}},{"id":"fd2aed08-819e-41f8-b35f-8b2bb52bef98","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":33,"box":{"x":60,"y":196,"width":856,"height":11}},{"id":"9131be27-faa4-4a8e-84c4-1eb4c624edee","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":33,"box":{"x":61,"y":210,"width":822,"height":12}},{"id":"700b2724-b646-46c9-a963-2271fafb0df1","block_type":"box","text":"described below.","page_number":33,"box":{"x":61,"y":225,"width":121,"height":9}},{"id":"4162c7e3-0009-440f-9f33-6866483639c0","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":33,"box":{"x":62,"y":244,"width":797,"height":11}},{"id":"d7e7e4b2-f27d-45f3-aca5-55fec520c7af","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":33,"box":{"x":61,"y":258,"width":487,"height":12}},{"id":"0289e963-0da1-4dab-afa8-bb833c0a3471","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"9d5d286f-cfc4-490c-b3c9-fb86468e42c9","block_type":"box","text":"NM1026U-5979803-33/68","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ae1619da-b6a4-4028-a2e5-a3ebbf560801","block_type":"box","text":"How to Buy Shares","page_number":34,"box":{"x":61,"y":46,"width":156,"height":13}},{"id":"150a6cbf-f1e6-497d-9ff1-1acb84361dcb","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"8753a5de-0662-423f-bfe9-0e62546e81a2","block_type":"box","text":"Initial Purchase","page_number":34,"box":{"x":61,"y":85,"width":105,"height":8}},{"id":"1933290a-7e4c-4af8-b2e2-55c22ea5e825","block_type":"box","text":"First, select the share class","page_number":34,"box":{"x":214,"y":85,"width":183,"height":10}},{"id":"00d3ffdc-e93c-4000-b45a-36e72a83c536","block_type":"box","text":"appropriate for you","page_number":34,"box":{"x":214,"y":98,"width":123,"height":11}},{"id":"35bcc002-b5f9-4040-9c96-14e830ea18a5","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":34,"box":{"x":461,"y":85,"width":458,"height":10}},{"id":"87efc0ad-d126-444f-b9ae-1491c503cf5b","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":34,"box":{"x":461,"y":98,"width":435,"height":11}},{"id":"89ff7344-d1a4-4f0f-8dd6-9a40b65cc99c","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":34,"box":{"x":461,"y":112,"width":444,"height":10}},{"id":"db77c0dd-a7f7-47d3-9557-4aec28b2df00","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":34,"box":{"x":461,"y":125,"width":426,"height":10}},{"id":"1ff22edb-cdd8-42de-9e4c-72387243baa1","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":34,"box":{"x":461,"y":138,"width":284,"height":11}},{"id":"477fff6f-3f94-4e1c-9c7a-397f6cf97eb3","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":34,"box":{"x":461,"y":153,"width":435,"height":10}},{"id":"2327ae6e-fcfc-4e51-9dde-a5137eb9a37b","block_type":"box","text":"frame for investing and your financial goals, may affect which share","page_number":34,"box":{"x":460,"y":166,"width":446,"height":11}},{"id":"9272de6c-06b0-43ea-b905-3766e7a48694","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":34,"box":{"x":461,"y":180,"width":460,"height":10}},{"id":"216f2a78-bbf0-42ba-aec6-2680516dfe61","block_type":"box","text":"which share class is appropriate for you.","page_number":34,"box":{"x":460,"y":192,"width":267,"height":11}},{"id":"808fd819-7f9e-440e-a961-a10b9295eb33","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored","page_number":34,"box":{"x":461,"y":207,"width":426,"height":10}},{"id":"a02a186e-ef68-43c0-bae9-0bf9fda4b79b","block_type":"box","text":"retirement plans.","page_number":34,"box":{"x":461,"y":220,"width":111,"height":10}},{"id":"4dba2bdf-e97e-4f4d-9506-9ad3f8f0e486","block_type":"box","text":"Next, determine the amount of","page_number":34,"box":{"x":214,"y":238,"width":203,"height":10}},{"id":"874a9847-d91d-44ca-aead-1c6d78c9040f","block_type":"box","text":"your investment","page_number":34,"box":{"x":213,"y":252,"width":105,"height":10}},{"id":"ab9145d1-add7-48e1-92f8-63a9c0719df3","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":34,"box":{"x":461,"y":238,"width":440,"height":8}},{"id":"9d200c1b-28b1-48eb-b173-b2d7f3f9631f","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":34,"box":{"x":461,"y":251,"width":418,"height":10}},{"id":"c3a05912-8264-4a37-91e8-a6d82c42f5a3","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":34,"box":{"x":461,"y":265,"width":276,"height":8}},{"id":"b700a34b-f7b1-4578-87ee-75c43336404c","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":34,"box":{"x":461,"y":279,"width":437,"height":9}},{"id":"3e9478bf-6fe5-4c51-81df-86cdd3ec0496","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":34,"box":{"x":461,"y":292,"width":457,"height":11}},{"id":"5b3dbe3d-1ce1-48e7-9b78-ccbf8f0132b0","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":34,"box":{"x":461,"y":306,"width":471,"height":10}},{"id":"9ebfe194-fb12-4b95-876f-d2c57b77c4b0","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":34,"box":{"x":461,"y":319,"width":413,"height":10}},{"id":"f918870f-4dc7-47e7-943f-4a66a631218b","block_type":"box","text":"requirement.","page_number":34,"box":{"x":461,"y":332,"width":82,"height":10}},{"id":"b9d41b82-6f0f-4486-be7f-540892f03750","block_type":"box","text":"Have your Financial Intermediary","page_number":34,"box":{"x":214,"y":350,"width":215,"height":10}},{"id":"0237c1e7-cf1c-4531-b2e2-3199af848ad9","block_type":"box","text":"submit your purchase order","page_number":34,"box":{"x":214,"y":364,"width":181,"height":10}},{"id":"ee676b3e-fe02-4fcb-87a2-20803d0fe53d","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":34,"box":{"x":460,"y":350,"width":466,"height":10}},{"id":"7afe2d20-26f4-4274-8320-774b41f5329c","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":34,"box":{"x":461,"y":363,"width":463,"height":11}},{"id":"16efd85b-a9e4-4a21-a385-64bac8a8f921","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":34,"box":{"x":461,"y":377,"width":443,"height":10}},{"id":"59ad8b37-6005-4504-b7b3-d084536f198a","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":34,"box":{"x":461,"y":390,"width":445,"height":10}},{"id":"d08b3514-42f5-4884-8486-f6538ab2c302","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":34,"box":{"x":461,"y":403,"width":435,"height":11}},{"id":"91eb519f-9c17-495c-8a78-0aaae9449095","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":34,"box":{"x":461,"y":417,"width":469,"height":10}},{"id":"4ed31d6d-b365-49c7-a172-078d035eb9fb","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":34,"box":{"x":461,"y":430,"width":429,"height":10}},{"id":"9122b000-52f0-4983-816b-f9624d1db149","block_type":"box","text":"determined on the next business day.","page_number":34,"box":{"x":461,"y":444,"width":247,"height":10}},{"id":"2b671da9-4047-43a5-8383-d976882e0258","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":34,"box":{"x":460,"y":458,"width":468,"height":10}},{"id":"e90ffe36-a87e-4749-a657-369ce358d94a","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":34,"box":{"x":460,"y":471,"width":470,"height":11}},{"id":"25ec9d5f-0d2a-41a0-8c00-3d772bf6c757","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":34,"box":{"x":460,"y":484,"width":471,"height":10}},{"id":"773a4b18-df23-4161-ab55-d01e90fe6c4e","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":34,"box":{"x":460,"y":498,"width":434,"height":10}},{"id":"6ef0d3dd-0ca5-456f-aa4b-873ddea7a120","block_type":"box","text":"table.","page_number":34,"box":{"x":460,"y":511,"width":36,"height":8}},{"id":"443214a7-61a1-4516-8c05-5a46a28649bc","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":34,"box":{"x":460,"y":525,"width":473,"height":10}},{"id":"dadf2739-8721-48a9-b391-6de15865d66f","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":34,"box":{"x":461,"y":538,"width":453,"height":11}},{"id":"d20f5ca1-5a97-4d79-9f17-2fbdff108eae","block_type":"box","text":"processing fee to confirm a purchase.","page_number":34,"box":{"x":461,"y":551,"width":249,"height":11}},{"id":"c58b1903-0a0e-479b-b95d-0cfc42190894","block_type":"box","text":"Or contact BlackRock (for","page_number":34,"box":{"x":214,"y":569,"width":167,"height":10}},{"id":"9f2eb948-6100-4406-aee1-932cb71c8814","block_type":"box","text":"accounts held directly with","page_number":34,"box":{"x":214,"y":583,"width":173,"height":10}},{"id":"56c8fcb9-7f5f-40ad-a4ef-129f6c63bb42","block_type":"box","text":"BlackRock)","page_number":34,"box":{"x":214,"y":597,"width":71,"height":9}},{"id":"3abe26b6-840b-4927-88a5-4d4c0363da79","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":34,"box":{"x":460,"y":569,"width":461,"height":10}},{"id":"48e686ee-6cf3-4243-baa8-ab0329f349b9","block_type":"box","text":"request a new account application. Mail the completed application","page_number":34,"box":{"x":461,"y":583,"width":438,"height":10}},{"id":"4467a70f-1426-4463-9d93-501c5aa1bda2","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":34,"box":{"x":461,"y":596,"width":468,"height":10}},{"id":"985f4340-32dc-487f-86ce-f062561b8715","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":34,"box":{"x":461,"y":609,"width":421,"height":11}},{"id":"f6217378-a849-4cf9-9d3d-1c60773d4677","block_type":"box","text":"personal check to $500,000 per trade.","page_number":34,"box":{"x":461,"y":622,"width":257,"height":11}},{"id":"3bd80c55-9a84-4a43-a56d-372ecdc2aebe","block_type":"box","text":"Add to Your","page_number":34,"box":{"x":60,"y":641,"width":78,"height":8}},{"id":"fa46a8ea-e70c-48a7-ac6a-d26ed1bb98b8","block_type":"box","text":"Investment","page_number":34,"box":{"x":61,"y":652,"width":75,"height":9}},{"id":"724df394-fecf-43dd-9cf2-61ed42db0078","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":34,"box":{"x":214,"y":641,"width":683,"height":9}},{"id":"0885bc72-8b90-46e5-ac00-cec64aa7beb7","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":34,"box":{"x":461,"y":653,"width":415,"height":11}},{"id":"81124956-bbfe-4819-a05c-942b27d465e5","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":34,"box":{"x":461,"y":667,"width":455,"height":11}},{"id":"baf465e7-d8c6-43e3-bb84-c16641a0995b","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":34,"box":{"x":461,"y":681,"width":445,"height":10}},{"id":"d173afc8-4565-44fb-9357-91d969f08802","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":34,"box":{"x":461,"y":694,"width":436,"height":10}},{"id":"d7060164-10c9-41a7-a12c-ab655eaf45ac","block_type":"box","text":"Institutional and Class R Shares have no minimum for additional","page_number":34,"box":{"x":461,"y":707,"width":425,"height":9}},{"id":"179d5ce1-c696-4c87-8613-3a9c80397618","block_type":"box","text":"purchases.","page_number":34,"box":{"x":461,"y":721,"width":71,"height":10}},{"id":"64691465-94f4-4528-a9ba-c966cdca8c2c","block_type":"box","text":"Have your Financial Intermediary","page_number":34,"box":{"x":214,"y":739,"width":215,"height":10}},{"id":"f493696b-84f5-4a9e-bad7-011b03074d65","block_type":"box","text":"submit your purchase order for","page_number":34,"box":{"x":214,"y":752,"width":203,"height":11}},{"id":"67f79c5b-dc3a-42d6-ac35-cf65c98d8ae4","block_type":"box","text":"additional shares","page_number":34,"box":{"x":214,"y":766,"width":113,"height":8}},{"id":"14757880-6c71-40e3-a200-4905a9474074","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":34,"box":{"x":460,"y":739,"width":409,"height":10}},{"id":"e7559fa7-9955-4b00-adc3-9ac39def5a9d","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":34,"box":{"x":461,"y":752,"width":444,"height":10}},{"id":"3a4197ec-6f7c-4459-b8db-b865c4b1300a","block_type":"box","text":"Or contact BlackRock (for","page_number":34,"box":{"x":214,"y":784,"width":167,"height":10}},{"id":"74567ed8-6f43-4bc4-9d9a-6cf48ab779db","block_type":"box","text":"accounts held directly with","page_number":34,"box":{"x":214,"y":798,"width":173,"height":10}},{"id":"0ca9e478-4654-4f56-8032-2a6396989e9b","block_type":"box","text":"BlackRock)","page_number":34,"box":{"x":214,"y":811,"width":71,"height":10}},{"id":"c41ba11c-b41d-43bb-b069-6f55bef059f8","block_type":"box","text":"Purchase by Telephone:","page_number":34,"box":{"x":461,"y":784,"width":158,"height":10}},{"id":"0c6a6ac1-1b91-4bcf-8926-d163e5f554e1","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":34,"box":{"x":625,"y":784,"width":288,"height":10}},{"id":"7235db14-2219-4bae-9a08-a35090b950d1","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":34,"box":{"x":461,"y":797,"width":440,"height":11}},{"id":"09fa2d6e-5589-4cfc-bb35-735c76c16cb4","block_type":"box","text":"request for any reason.","page_number":34,"box":{"x":461,"y":811,"width":152,"height":10}},{"id":"a5e759d6-fb80-4e6d-8238-3906ff4f9333","block_type":"box","text":"Purchase in Writing:","page_number":34,"box":{"x":461,"y":825,"width":135,"height":10}},{"id":"cf5f63c5-647e-400f-91c0-b4b80a9d533a","block_type":"box","text":"You may send a written request to BlackRock at","page_number":34,"box":{"x":602,"y":825,"width":316,"height":10}},{"id":"db07f87c-849c-4aa1-b6cc-82ed87398018","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":34,"box":{"x":460,"y":838,"width":329,"height":10}},{"id":"175cc229-d0e6-4d27-812c-617cf02007a5","block_type":"box","text":"Purchase by VRU:","page_number":34,"box":{"x":461,"y":853,"width":119,"height":10}},{"id":"054ed3ec-1dde-42ef-92a6-fb723d74c239","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":34,"box":{"x":587,"y":853,"width":326,"height":10}},{"id":"1e47e980-0dff-41d6-90fb-95ffe75de366","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":34,"box":{"x":460,"y":866,"width":404,"height":10}},{"id":"058c496e-15ef-4cb9-a71b-75b198e2c3b0","block_type":"box","text":"(800) 441-7762.","page_number":34,"box":{"x":461,"y":879,"width":110,"height":10}},{"id":"423c00f3-287c-4665-be38-27ec1f191808","block_type":"box","text":"Purchase by Internet:","page_number":34,"box":{"x":461,"y":893,"width":144,"height":10}},{"id":"bae8636b-ec44-4a55-b733-5cf9adfdd563","block_type":"box","text":"You may purchase your shares and view activity","page_number":34,"box":{"x":611,"y":893,"width":314,"height":10}},{"id":"e91a9f85-ae3e-49ed-b2c8-9d343742cc43","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":34,"box":{"x":461,"y":906,"width":374,"height":10}},{"id":"7c23959d-fd67-4a45-92f4-56eb5f916d0f","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1982df68-6ec7-4bd5-8170-bc32d4834fa0","block_type":"box","text":"NM1026U-5979803-34/68","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7bd3515f-49d4-4688-9e3b-b51b9df2002e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"2f4b5993-e07c-43a5-9060-009cc73fe78c","block_type":"box","text":"Add to Your","page_number":35,"box":{"x":60,"y":67,"width":78,"height":8}},{"id":"3399b97c-1aca-4924-a4aa-fdd829625ef2","block_type":"box","text":"Investment","page_number":35,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"b2f691c1-89f1-46b2-88e5-17294adbd307","block_type":"box","text":"(continued)","page_number":35,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"5398d47c-9263-4d95-afbd-ee14c6ab32db","block_type":"box","text":"Or contact BlackRock (for","page_number":35,"box":{"x":214,"y":67,"width":167,"height":10}},{"id":"55c55d86-7e28-4b62-8b37-3583b4fca95a","block_type":"box","text":"accounts held directly with","page_number":35,"box":{"x":214,"y":81,"width":173,"height":10}},{"id":"30041766-e0ea-431c-bb33-47a680f9dc48","block_type":"box","text":"BlackRock) (continued)","page_number":35,"box":{"x":214,"y":94,"width":150,"height":10}},{"id":"1b7fec26-2a2e-4438-b03f-3cc6555586a7","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":35,"box":{"x":460,"y":67,"width":416,"height":11}},{"id":"b1670f04-91f6-4459-a102-330032f6620c","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":35,"box":{"x":460,"y":80,"width":450,"height":10}},{"id":"383e8f6c-c590-43f1-bbea-9d8c686dd923","block_type":"box","text":"day after the purchase is made.","page_number":35,"box":{"x":461,"y":93,"width":209,"height":10}},{"id":"04c9d491-e3cc-48b2-a5b8-1579937feaf4","block_type":"box","text":"Certain institutional clients’ purchase orders of Institutional Shares","page_number":35,"box":{"x":461,"y":107,"width":445,"height":10}},{"id":"2c2c7af4-30fb-4140-8c6c-8e30b83028a7","block_type":"box","text":"placed by wire prior to the close of business on the NYSE will be priced","page_number":35,"box":{"x":461,"y":120,"width":469,"height":10}},{"id":"d07f39d4-57d7-4ea6-a969-33a12cabbbe2","block_type":"box","text":"at the net asset value determined that day. Contact your Financial","page_number":35,"box":{"x":461,"y":133,"width":434,"height":10}},{"id":"24cc0c2b-f6f4-47bd-b5f5-783cd393810e","block_type":"box","text":"Intermediary or BlackRock for further information. The Fund limits","page_number":35,"box":{"x":461,"y":145,"width":433,"height":11}},{"id":"4ff3eb83-04af-48f1-bf58-e3f55754f799","block_type":"box","text":"Internet purchases in shares of the Fund to $100,000 per account per","page_number":35,"box":{"x":461,"y":157,"width":467,"height":11}},{"id":"06979efe-85b8-4f5c-a908-31eb08459968","block_type":"box","text":"day. Different maximums may apply to certain institutional investors.","page_number":35,"box":{"x":461,"y":171,"width":453,"height":10}},{"id":"b9409eba-1a12-439a-965b-358acaa6bca4","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":35,"box":{"x":461,"y":185,"width":430,"height":8}},{"id":"edc6330b-849f-47d9-a5e4-b3b015c04502","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":35,"box":{"x":460,"y":198,"width":417,"height":10}},{"id":"03299fd1-6d9f-4bbc-8186-4181a15d7748","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":35,"box":{"x":461,"y":210,"width":448,"height":10}},{"id":"5eec291d-99a1-4e25-8ba7-0491df8e6e4f","block_type":"box","text":"before attempting to transact online.","page_number":35,"box":{"x":461,"y":223,"width":240,"height":10}},{"id":"355246c4-f19c-4daf-9ff6-41f91cdf8b29","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":35,"box":{"x":460,"y":237,"width":464,"height":10}},{"id":"ee1e02df-6ff1-44f5-ab95-0e16bfef93b1","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":35,"box":{"x":461,"y":249,"width":419,"height":10}},{"id":"a5fa486d-26d0-4af0-b551-3cc2e06528cc","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":35,"box":{"x":460,"y":262,"width":431,"height":10}},{"id":"b0433140-e643-4696-9e9a-9fa2071b8c62","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":35,"box":{"x":460,"y":274,"width":453,"height":11}},{"id":"12bb9f9f-09a7-4620-ab57-2229fa9e0435","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":35,"box":{"x":460,"y":287,"width":440,"height":10}},{"id":"3f8ba146-4903-4d8a-a644-99a221e8c73d","block_type":"box","text":"Acquire additional shares","page_number":35,"box":{"x":213,"y":305,"width":167,"height":10}},{"id":"32996be7-176d-4dc4-a36f-7c48984ab056","block_type":"box","text":"by reinvesting dividends and","page_number":35,"box":{"x":214,"y":318,"width":185,"height":11}},{"id":"be43576e-00aa-4737-94ae-e6f7a7f51158","block_type":"box","text":"capital gains","page_number":35,"box":{"x":214,"y":332,"width":82,"height":10}},{"id":"efff16a9-bad7-44c1-8d94-024f220cf884","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":35,"box":{"x":460,"y":305,"width":405,"height":10}},{"id":"ac595b17-4733-4273-bfda-27bf511951aa","block_type":"box","text":"reinvested without a sales charge. To make any changes to your","page_number":35,"box":{"x":461,"y":318,"width":423,"height":10}},{"id":"e7ef7ed2-74cb-474d-bfa8-bb06805b844d","block_type":"box","text":"dividend and/or capital gains distributions options, please call","page_number":35,"box":{"x":461,"y":332,"width":411,"height":10}},{"id":"f91924fc-4213-4b6e-b605-49044e5bb060","block_type":"box","text":"(800) 441-7762 or contact your Financial Intermediary (if your account","page_number":35,"box":{"x":461,"y":345,"width":466,"height":10}},{"id":"1a3873b0-b411-4ec7-b9ed-22b23909e913","block_type":"box","text":"is not held directly with BlackRock).","page_number":35,"box":{"x":461,"y":358,"width":232,"height":10}},{"id":"1dea667e-5678-46c3-9eb2-b7b2dd696678","block_type":"box","text":"Participate in the AIP BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":35,"box":{"x":214,"y":376,"width":698,"height":10}},{"id":"2d3f71d6-1861-4b2f-bd58-b237af0bd880","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":35,"box":{"x":461,"y":389,"width":431,"height":11}},{"id":"fc8f5da1-18e3-4b58-bbc8-7c2b61848260","block_type":"box","text":"account.","page_number":35,"box":{"x":461,"y":403,"width":54,"height":8}},{"id":"a23ec1ee-b37e-41e8-b73b-85b4caf33437","block_type":"box","text":"Refer to the “Account Services and Privileges” section of this","page_number":35,"box":{"x":461,"y":417,"width":404,"height":11}},{"id":"4cb7635a-ce31-4a43-9164-28d4e32bc291","block_type":"box","text":"prospectus for additional information.","page_number":35,"box":{"x":461,"y":431,"width":247,"height":10}},{"id":"340557f9-1f86-4e11-b724-6e6f25e60a3f","block_type":"box","text":"How to Pay for","page_number":35,"box":{"x":61,"y":449,"width":99,"height":10}},{"id":"8a36da31-ec92-48b4-8ed9-843a3e9a0961","block_type":"box","text":"Shares","page_number":35,"box":{"x":60,"y":460,"width":46,"height":9}},{"id":"6f5fda61-088a-4d9b-8669-40a6f9247e90","block_type":"box","text":"Making payment for purchases Payment for an order must be made in Federal funds or other","page_number":35,"box":{"x":214,"y":449,"width":651,"height":10}},{"id":"a619162e-ffcd-4996-ace1-98069283c337","block_type":"box","text":"immediately available funds by the time specified by your Financial","page_number":35,"box":{"x":461,"y":462,"width":438,"height":10}},{"id":"7d208662-de70-4f04-822a-d9705c2e9988","block_type":"box","text":"Intermediary, but in no event later than 4:00 p.m. (Eastern time) on","page_number":35,"box":{"x":461,"y":475,"width":446,"height":11}},{"id":"10c36d9d-2dbf-4a2b-bb13-d4a07b5fbf66","block_type":"box","text":"the first business day following BlackRock’s receipt of the order. If","page_number":35,"box":{"x":460,"y":489,"width":439,"height":10}},{"id":"c442406c-8128-4775-af92-f2e0be903dde","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":35,"box":{"x":461,"y":502,"width":445,"height":10}},{"id":"86a7fccf-d446-481f-b7b2-a03a6e8080b1","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":35,"box":{"x":460,"y":515,"width":460,"height":11}},{"id":"889edeca-6ebb-43b5-902e-d259c904182b","block_type":"box","text":"the Fund.","page_number":35,"box":{"x":460,"y":529,"width":61,"height":8}},{"id":"d4c949a9-dc0f-41d0-9437-a89151eb2fb7","block_type":"box","text":"For shares purchased directly from the Fund, a check payable to","page_number":35,"box":{"x":461,"y":543,"width":423,"height":11}},{"id":"bedee3af-4be9-40c4-9047-5aefaa56d507","block_type":"box","text":"BlackRock Funds which bears the name of the Fund must accompany a","page_number":35,"box":{"x":461,"y":556,"width":470,"height":11}},{"id":"b36003cc-dc0c-473d-85cc-28c4efc1a34a","block_type":"box","text":"completed purchase application. The Fund limits purchases by personal","page_number":35,"box":{"x":461,"y":570,"width":473,"height":10}},{"id":"75304dc1-9b40-429c-91ec-3c0664a751be","block_type":"box","text":"check to $500,000 per trade. There is a $20 fee for each purchase","page_number":35,"box":{"x":461,"y":582,"width":447,"height":11}},{"id":"d950ff9e-034b-483c-a009-4d1847f4a7ec","block_type":"box","text":"check that is returned due to insufficient funds. The Fund does not","page_number":35,"box":{"x":461,"y":596,"width":442,"height":8}},{"id":"6e203bdd-2bdd-4734-b9d6-27ae7798b4ca","block_type":"box","text":"accept third-party checks. You may also wire Federal funds to the Fund","page_number":35,"box":{"x":461,"y":609,"width":465,"height":10}},{"id":"8eaa08ee-240f-4a22-b53c-51d3255a637c","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":35,"box":{"x":460,"y":622,"width":470,"height":11}},{"id":"64656071-3655-4e1d-830f-9166fa3f45cd","block_type":"box","text":"to confirm the wiring instructions.","page_number":35,"box":{"x":460,"y":635,"width":221,"height":11}},{"id":"d7b33444-80dc-4bfc-a694-b1c011a0f2f6","block_type":"box","text":"How to Sell Shares","page_number":35,"box":{"x":61,"y":656,"width":156,"height":10}},{"id":"8123747d-a2a1-4bf3-93ed-c405f0f7e0ed","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":678,"width":478,"height":9}},{"id":"1b9e7adb-f6f4-491f-97bc-98622dbfe555","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":695,"width":90,"height":8}},{"id":"fa1faba3-64c1-48c5-89d3-1fa2542b9e2b","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":707,"width":98,"height":10}},{"id":"017617dd-6bbd-473a-ba52-1ae9fa81cfe9","block_type":"box","text":"Shares","page_number":35,"box":{"x":60,"y":718,"width":46,"height":9}},{"id":"d1ccaf8c-7867-48f2-a849-d7e98add32bc","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":695,"width":215,"height":10}},{"id":"a5513629-7755-4df7-b015-3a96f007c4dc","block_type":"box","text":"submit your sales order","page_number":35,"box":{"x":214,"y":709,"width":155,"height":10}},{"id":"5415f4cc-3ba7-4fcd-bdcd-29b369bd2787","block_type":"box","text":"You can make redemption requests through your Financial","page_number":35,"box":{"x":460,"y":695,"width":382,"height":11}},{"id":"f804d6df-7e6c-429a-ba89-21eed7ce7c13","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":35,"box":{"x":461,"y":709,"width":398,"height":10}},{"id":"2a6746bd-abfe-4fa4-834b-d409fdee953a","block_type":"box","text":"redeeming Investor A, Investor C, Institutional or Class R Shares. The","page_number":35,"box":{"x":461,"y":722,"width":458,"height":10}},{"id":"39e88718-b783-4d17-83aa-3b78ee1e3edd","block_type":"box","text":"price of your shares is based on the next calculation of the Fund’s net","page_number":35,"box":{"x":461,"y":735,"width":463,"height":10}},{"id":"7afbaa76-9c06-4646-b535-4814fa94fd9f","block_type":"box","text":"asset value after your order is placed. For your redemption request to","page_number":35,"box":{"x":461,"y":749,"width":458,"height":10}},{"id":"dde4a538-ef54-4a6b-bb7f-0017148e9942","block_type":"box","text":"be priced at the net asset value on the day of your request, you must","page_number":35,"box":{"x":461,"y":762,"width":457,"height":10}},{"id":"36db2e58-4210-4710-8832-c1b5bc287a5a","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":35,"box":{"x":461,"y":775,"width":452,"height":11}},{"id":"e084553b-af63-49ce-9d16-c0256ce2af02","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":35,"box":{"x":461,"y":789,"width":438,"height":10}},{"id":"c57ce68f-fecc-4dec-8d35-5bb852527df6","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":35,"box":{"x":461,"y":802,"width":457,"height":10}},{"id":"bf748acf-fb3f-47c4-89b2-75acf85e16cc","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":35,"box":{"x":461,"y":815,"width":470,"height":11}},{"id":"fcf08244-bae8-485c-a809-21daad9a5ae2","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":35,"box":{"x":460,"y":829,"width":447,"height":10}},{"id":"4db2dec6-aede-467a-8ac4-2cf45c5e10d9","block_type":"box","text":"next business day.","page_number":35,"box":{"x":461,"y":842,"width":121,"height":10}},{"id":"d88de326-975d-492d-9a3b-26fc489accdc","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":35,"box":{"x":461,"y":857,"width":437,"height":10}},{"id":"795426cc-4963-487d-8e8c-544a2d78d0de","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":35,"box":{"x":461,"y":870,"width":458,"height":10}},{"id":"a2a29eb3-169d-439f-8a4d-bb3ce81ccde3","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":35,"box":{"x":460,"y":883,"width":465,"height":10}},{"id":"59d901df-de25-4e2b-9142-85e734b19539","block_type":"box","text":"but in any event, within seven days.","page_number":35,"box":{"x":461,"y":896,"width":233,"height":10}},{"id":"c3dcff7e-a3e9-48f3-8e3f-35832eb47519","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"8c776a58-dd79-49aa-9051-0b796be04f9b","block_type":"box","text":"NM1026U-5979803-35/68","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a75aa21a-4f3d-4319-80c4-826dea60d8a3","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6d5ff1b8-3f21-43d6-8f05-d43bf71d5145","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"545e7901-0f5c-4134-a34b-84accb49f26e","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"f849b05f-f452-4293-a17b-8a9133ad0241","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"aea13231-94b2-4844-826e-c0e969a442d1","block_type":"box","text":"Have your Financial Intermediary","page_number":36,"box":{"x":214,"y":67,"width":215,"height":10}},{"id":"40f85dcd-866a-4bc2-8ab4-049a103a3eec","block_type":"box","text":"submit your sales order","page_number":36,"box":{"x":214,"y":81,"width":155,"height":10}},{"id":"b495fd92-5265-485b-b64a-b02950a1090a","block_type":"box","text":"(continued)","page_number":36,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"9fd8e642-133d-4f83-9210-73fccb95c3ea","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":36,"box":{"x":461,"y":68,"width":415,"height":11}},{"id":"4f0f9862-104b-4047-804f-c70c83882831","block_type":"box","text":"redemption of shares.","page_number":36,"box":{"x":461,"y":81,"width":144,"height":10}},{"id":"1b1c1f73-cd66-4464-b40d-d1620d6c97d4","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":36,"box":{"x":460,"y":96,"width":380,"height":10}},{"id":"1ce74274-5a2c-4f9d-8a48-8c8666d788bf","block_type":"box","text":"circumstances.","page_number":36,"box":{"x":461,"y":108,"width":98,"height":9}},{"id":"1dd5b4db-fb11-4651-906a-36aa51c735f8","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":126,"width":207,"height":11}},{"id":"62bb768a-1ad3-4908-88c3-0057ab4cf9ac","block_type":"box","text":"BlackRock","page_number":36,"box":{"x":214,"y":140,"width":67,"height":8}},{"id":"90b263d3-dcd7-4e40-9c28-beee7fde9adb","block_type":"box","text":"Methods of Redeeming","page_number":36,"box":{"x":461,"y":126,"width":156,"height":11}},{"id":"5d0de9f5-4eed-4560-acde-7d18b47f81d9","block_type":"box","text":"Redeem by Telephone:","page_number":36,"box":{"x":461,"y":141,"width":150,"height":10}},{"id":"16d29df9-905f-41ab-adc4-86d7268a95e3","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":36,"box":{"x":617,"y":141,"width":302,"height":10}},{"id":"1faf72be-63e0-4abe-a0a2-c982e1479325","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":36,"box":{"x":460,"y":154,"width":464,"height":10}},{"id":"ad58c12e-f036-4cf8-bc58-b7bca6426fbb","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":36,"box":{"x":461,"y":167,"width":441,"height":11}},{"id":"abc4a560-4ede-47e4-b4b5-69ce16c44f44","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":36,"box":{"x":461,"y":180,"width":433,"height":11}},{"id":"97943e32-5098-48c4-9ca3-15556ebaf98a","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":36,"box":{"x":461,"y":194,"width":418,"height":10}},{"id":"edcd9d78-72e2-47ce-b9b8-eb2fde3e7a92","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":36,"box":{"x":461,"y":207,"width":462,"height":10}},{"id":"e39f2ca9-dc1e-42f7-aa2d-0f37fe17b49c","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":36,"box":{"x":461,"y":220,"width":456,"height":10}},{"id":"71185c1e-90d0-4ed0-aae6-4e332b5e2c47","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":36,"box":{"x":461,"y":233,"width":472,"height":10}},{"id":"887621d9-2e0d-4248-8873-2ba3c82bd064","block_type":"box","text":"for details.","page_number":36,"box":{"x":460,"y":246,"width":70,"height":9}},{"id":"7ec12718-4488-4424-8d51-fe2240f34e70","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":36,"box":{"x":460,"y":261,"width":448,"height":10}},{"id":"37a87f2f-c052-4a0d-a7e7-8650e46757bc","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":36,"box":{"x":461,"y":274,"width":434,"height":10}},{"id":"ad6e6b20-1db0-4cd8-9654-439cd8e8110c","block_type":"box","text":"association, national securities exchange or registered securities","page_number":36,"box":{"x":461,"y":287,"width":430,"height":10}},{"id":"77e5d599-7b9c-4528-9a32-112dc5011a57","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":36,"box":{"x":461,"y":300,"width":366,"height":10}},{"id":"17e67f59-e933-43fe-a916-28373db55e98","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":36,"box":{"x":460,"y":314,"width":468,"height":10}},{"id":"8c80c45a-deab-4703-acc6-62275ec7d119","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":36,"box":{"x":461,"y":327,"width":474,"height":10}},{"id":"ebe7d2f8-af98-4dee-bd0a-7f9f5ccfecb8","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":36,"box":{"x":460,"y":340,"width":450,"height":10}},{"id":"81bbe410-4573-4506-a8f0-590787b41179","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":36,"box":{"x":461,"y":353,"width":450,"height":10}},{"id":"8cedbc43-175a-4488-bdb8-a98e34645d0b","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":36,"box":{"x":460,"y":366,"width":445,"height":10}},{"id":"13036482-b47f-4221-a738-f781d01d9643","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":36,"box":{"x":461,"y":378,"width":463,"height":11}},{"id":"39e94267-8333-4ba9-a366-795c3a54578a","block_type":"box","text":"believes it is advisable to do so.","page_number":36,"box":{"x":461,"y":391,"width":212,"height":9}},{"id":"e65012fc-3151-4396-8e56-b18e1ca6cdaa","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":36,"box":{"x":461,"y":405,"width":452,"height":11}},{"id":"9ed95b8a-de22-4023-b621-a5ed7a3d2ff3","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":36,"box":{"x":461,"y":418,"width":427,"height":10}},{"id":"4c895ad5-346c-43b0-97e4-ef63365cdc0c","block_type":"box","text":"redemption methods below.","page_number":36,"box":{"x":461,"y":431,"width":181,"height":10}},{"id":"5d294368-9c30-41e2-9aee-1327b6e63e85","block_type":"box","text":"Redeem by VRU:","page_number":36,"box":{"x":461,"y":445,"width":111,"height":10}},{"id":"d63e3492-aca4-41e8-b5d1-9abeedec46f6","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":36,"box":{"x":579,"y":445,"width":348,"height":10}},{"id":"f0b99c69-d036-45f7-835f-b7f94c82f14e","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":36,"box":{"x":461,"y":457,"width":469,"height":11}},{"id":"26633533-b4b4-4ae4-94be-f1054863ccaf","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":36,"box":{"x":461,"y":470,"width":420,"height":10}},{"id":"01249da2-86ce-448f-aea6-0593c8730512","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":36,"box":{"x":461,"y":482,"width":392,"height":11}},{"id":"32354693-9040-4e0c-acb6-0e932c7b716e","block_type":"box","text":"Redeem by Internet:","page_number":36,"box":{"x":461,"y":497,"width":136,"height":10}},{"id":"7f28b3e2-7fd2-4c92-b8dd-bde111f70896","block_type":"box","text":"You may redeem in your account by logging onto","page_number":36,"box":{"x":603,"y":497,"width":317,"height":10}},{"id":"cadbbcf9-577f-45c5-b7d1-b6861ff46790","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":36,"box":{"x":460,"y":509,"width":461,"height":8}},{"id":"ea425890-c878-4533-ac98-e6c6f02fdd14","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":36,"box":{"x":461,"y":522,"width":473,"height":10}},{"id":"7d747d19-b07e-4328-8bf4-1de0d1bb1938","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":36,"box":{"x":461,"y":534,"width":472,"height":11}},{"id":"342a08fd-7e0d-4fe0-829c-686b9666786c","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":36,"box":{"x":461,"y":546,"width":459,"height":11}},{"id":"5544a719-d72f-48c1-a760-1b22b8f3ce50","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":36,"box":{"x":461,"y":559,"width":451,"height":11}},{"id":"0f3fba4a-df5a-4be4-a9d9-e00c90fd7639","block_type":"box","text":"certain institutional investors.","page_number":36,"box":{"x":461,"y":572,"width":196,"height":8}},{"id":"4a44436e-98e5-45c9-9d08-e837d85de38f","block_type":"box","text":"Redeem in Writing:","page_number":36,"box":{"x":461,"y":586,"width":127,"height":10}},{"id":"13427606-7481-45a9-b589-9fa5287a715a","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":36,"box":{"x":594,"y":586,"width":338,"height":10}},{"id":"199a964f-55da-42a4-82a2-9c96f0f59584","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":36,"box":{"x":461,"y":598,"width":468,"height":10}},{"id":"0266db5d-1870-44d8-81bf-3cca491ee2e8","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":36,"box":{"x":460,"y":610,"width":446,"height":11}},{"id":"8074d41b-1f62-4b74-8a7f-8393ffe2f172","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":36,"box":{"x":461,"y":623,"width":466,"height":10}},{"id":"6ad21da1-cf41-4fd7-91fc-26237f77ad8b","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":36,"box":{"x":461,"y":636,"width":460,"height":10}},{"id":"d81201a6-ddbf-4325-a9dc-c93403de6df7","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":36,"box":{"x":461,"y":648,"width":457,"height":10}},{"id":"b5f391e8-c9fc-4dba-b85f-6b9e255f75cc","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":36,"box":{"x":461,"y":660,"width":461,"height":11}},{"id":"0266e637-58d2-44dd-a4a2-3204c0d87586","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":36,"box":{"x":461,"y":673,"width":450,"height":10}},{"id":"70f78a17-95ca-4558-b846-ff0a41eaa0a5","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":36,"box":{"x":461,"y":685,"width":443,"height":10}},{"id":"f0d2ba04-40b1-4d15-97a7-434e237504e6","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":36,"box":{"x":461,"y":697,"width":465,"height":11}},{"id":"b26d1794-35c3-4e8a-b1ec-78007ff3125c","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":36,"box":{"x":461,"y":710,"width":462,"height":10}},{"id":"f4614244-f907-4b53-8dd4-8a1cf7d40a75","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":36,"box":{"x":461,"y":722,"width":404,"height":10}},{"id":"f31f07f5-3736-4857-aa6c-3c9c5e3c23f2","block_type":"box","text":"Payment of Redemption Proceeds","page_number":36,"box":{"x":461,"y":735,"width":228,"height":10}},{"id":"601ade50-52dc-4936-860e-ef449f330989","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":36,"box":{"x":461,"y":748,"width":467,"height":11}},{"id":"8f320273-dc40-452a-8e95-4e4bb784ba1f","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":36,"box":{"x":461,"y":761,"width":393,"height":10}},{"id":"afa39ddc-bde7-4c95-b997-ce8d5f596775","block_type":"box","text":"Payment by Check:","page_number":36,"box":{"x":461,"y":775,"width":129,"height":10}},{"id":"0d0be808-0245-4dc8-8d12-5305d8a95d44","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":36,"box":{"x":597,"y":775,"width":329,"height":10}},{"id":"1b305806-f6e7-47db-aafe-838410b08542","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":36,"box":{"x":460,"y":787,"width":430,"height":10}},{"id":"00f9c9ec-6fd2-448d-8cad-269cc9cfb05e","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":36,"box":{"x":461,"y":799,"width":460,"height":10}},{"id":"a4608bae-f082-4ccc-b4d9-23a5e27c33f3","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":36,"box":{"x":461,"y":811,"width":468,"height":10}},{"id":"e33cd4d5-1ba5-4796-b6f2-d7f2e2760933","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":36,"box":{"x":461,"y":823,"width":467,"height":11}},{"id":"06e24bee-1593-45ea-b39b-9abd76bdf248","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":36,"box":{"x":461,"y":836,"width":467,"height":10}},{"id":"1b36edda-797b-46cd-af92-fb1765de909f","block_type":"box","text":"charges imposed by your bank for this service.","page_number":36,"box":{"x":461,"y":848,"width":307,"height":10}},{"id":"37ae7005-575c-48b7-9514-ce93987869c2","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":36,"box":{"x":460,"y":862,"width":438,"height":10}},{"id":"3f23b9fc-047d-4f46-b1ab-2a2630ef59d0","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":36,"box":{"x":461,"y":874,"width":429,"height":10}},{"id":"311293fb-ad97-4ef0-a1f1-8233d29c2b8e","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":36,"box":{"x":461,"y":886,"width":403,"height":10}},{"id":"d6626895-dc7f-44a6-b0b5-72f2c23c8566","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":36,"box":{"x":461,"y":898,"width":467,"height":8}},{"id":"f91d1c80-9dab-43d4-b111-9f06d0bd2292","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":36,"box":{"x":460,"y":911,"width":456,"height":10}},{"id":"925507b1-78d5-4709-9a4c-331adbf79030","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9450c62f-8af4-4534-8e84-24fb82f6a1e0","block_type":"box","text":"NM1026U-5979803-36/68","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9b39dbff-1656-4abc-8220-560294b3fd0e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"c44d830e-6580-4196-b106-5f7001438901","block_type":"box","text":"Full or Partial","page_number":37,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"9bc153e0-be7c-4477-ac2d-642a75452610","block_type":"box","text":"Redemption of","page_number":37,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"7e406725-6a19-4b38-acb4-f5465fcde07b","block_type":"box","text":"Shares (continued)","page_number":37,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"8005a31d-0a4c-41e0-9485-365ccb75f4eb","block_type":"box","text":"Selling shares held directly with","page_number":37,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"8e49d9d5-4ac2-4afb-9e7a-89b0e092adbf","block_type":"box","text":"BlackRock (continued)","page_number":37,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"dfd51a8e-d79d-4d4e-8658-2fca7b5f601b","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":37,"box":{"x":460,"y":67,"width":402,"height":10}},{"id":"9f54565d-fa8a-47e1-a6e1-10c711621763","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":37,"box":{"x":461,"y":79,"width":430,"height":11}},{"id":"6c051692-eb57-44be-8b5b-ef6ede8ec3b0","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":37,"box":{"x":461,"y":92,"width":465,"height":10}},{"id":"f47fc4c3-fa24-4b24-91f8-bfbad6e595f4","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":37,"box":{"x":461,"y":104,"width":473,"height":8}},{"id":"2a9837f7-a7bd-4efc-a018-94ad731c4a7a","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":37,"box":{"x":461,"y":116,"width":456,"height":10}},{"id":"4e5908ca-63c3-4c63-a42e-3de1b7a9e01d","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":37,"box":{"x":461,"y":128,"width":461,"height":11}},{"id":"9ebd398f-6cd6-41da-b4e1-35b762e7cc81","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":37,"box":{"x":460,"y":141,"width":469,"height":10}},{"id":"034a6367-299a-4022-bf97-fec3922f5666","block_type":"box","text":"as of the date of payment of the distribution.","page_number":37,"box":{"x":461,"y":153,"width":295,"height":10}},{"id":"09ad33ba-33b1-454f-a7b8-97c50ba25bc2","block_type":"box","text":"Payment by Wire Transfer:","page_number":37,"box":{"x":461,"y":166,"width":177,"height":10}},{"id":"287fabe2-4809-4ee7-9edf-e3272e8e0a3d","block_type":"box","text":"Payment for redeemed shares for which a","page_number":37,"box":{"x":644,"y":166,"width":275,"height":10}},{"id":"7f88a67f-8301-4d45-896e-65e994fc14d2","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":37,"box":{"x":461,"y":178,"width":437,"height":10}},{"id":"7d00204a-50b6-46c1-af18-c31e8672909e","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":37,"box":{"x":461,"y":190,"width":471,"height":11}},{"id":"08cc9b86-25ee-492b-b47e-4eacd52ebf7a","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":37,"box":{"x":461,"y":203,"width":417,"height":10}},{"id":"b43ee76f-9fd5-457e-ba8a-78cfad61c652","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":37,"box":{"x":461,"y":215,"width":449,"height":10}},{"id":"e6240169-aa95-48bc-b96d-574c34e9cae7","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":37,"box":{"x":461,"y":227,"width":449,"height":10}},{"id":"d3673521-643c-4f59-aad9-ba4ba371b061","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":37,"box":{"x":461,"y":239,"width":433,"height":10}},{"id":"a6fa0f32-3b6d-4b35-b491-46937cb973a9","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":37,"box":{"x":461,"y":251,"width":449,"height":10}},{"id":"55452ec5-db99-4c4d-b69a-9602117ca8de","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":37,"box":{"x":461,"y":263,"width":437,"height":11}},{"id":"c359cd28-26b6-4a0a-a882-ae8ca835d7d2","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":37,"box":{"x":461,"y":275,"width":469,"height":11}},{"id":"4e1b12c3-6c25-4f3a-8ade-514de9530878","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":37,"box":{"x":459,"y":287,"width":448,"height":11}},{"id":"c6acaf99-47cc-4d69-9a00-abadceff05f4","block_type":"box","text":"Fund.","page_number":37,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"499bea76-d137-46ea-8a93-9e44dbaa845d","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":37,"box":{"x":461,"y":313,"width":434,"height":10}},{"id":"497e8a17-a6db-4e9b-b139-fef461e44e38","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":37,"box":{"x":461,"y":325,"width":468,"height":10}},{"id":"4cf4b7c7-48e9-4c0e-ac75-685af4ffd8e6","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":37,"box":{"x":461,"y":336,"width":460,"height":11}},{"id":"734c0e05-bf89-443c-b090-0bfd0b9e353f","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":37,"box":{"x":461,"y":349,"width":441,"height":10}},{"id":"0ee3c662-384f-404e-be38-4bade43ee6fb","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":37,"box":{"x":461,"y":361,"width":472,"height":11}},{"id":"339b433d-c660-4965-835f-8f025db284c7","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":37,"box":{"x":460,"y":373,"width":438,"height":11}},{"id":"2df63576-a953-4c6b-b8b5-abb1f55b4de6","block_type":"box","text":"imposed by the Fund.","page_number":37,"box":{"x":461,"y":386,"width":140,"height":10}},{"id":"71553543-0f15-4c11-aad1-e95755df2265","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":37,"box":{"x":460,"y":399,"width":425,"height":10}},{"id":"04b28a29-caad-45ef-b158-4a6ca654dbde","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":37,"box":{"x":461,"y":411,"width":455,"height":10}},{"id":"43608b2c-b01e-447b-a3a0-74eda21a1ff2","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":37,"box":{"x":461,"y":423,"width":476,"height":10}},{"id":"f7f9b647-0e97-450a-a67e-08382b307435","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":37,"box":{"x":461,"y":435,"width":455,"height":10}},{"id":"d324ca63-9835-48ad-bb19-a0dd594cb223","block_type":"box","text":"the back cover of this prospectus.","page_number":37,"box":{"x":460,"y":447,"width":224,"height":10}},{"id":"05e17a7e-40d3-4f97-ad67-836b356d0ee4","block_type":"box","text":"Payment by ACH:","page_number":37,"box":{"x":461,"y":460,"width":116,"height":10}},{"id":"7c1ce950-4aaa-4131-9e69-c40e0d65089f","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":37,"box":{"x":584,"y":460,"width":272,"height":10}},{"id":"4352e457-d8ea-42b7-ae43-d65dbe71e2b4","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":37,"box":{"x":461,"y":472,"width":469,"height":11}},{"id":"1b6e2c37-5736-4835-bbd0-dd1477f94f4c","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":37,"box":{"x":461,"y":484,"width":432,"height":10}},{"id":"2c7133ae-f189-4545-bcfc-ddddf54d586b","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":37,"box":{"x":461,"y":496,"width":441,"height":10}},{"id":"02000350-28de-4703-b97d-9ae7e508a21e","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":37,"box":{"x":461,"y":508,"width":428,"height":11}},{"id":"76ebc976-9f22-43ea-bd03-23748e330670","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":37,"box":{"x":461,"y":520,"width":420,"height":11}},{"id":"a06362c9-c290-40ee-9fb2-f579e3afe35e","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":37,"box":{"x":461,"y":532,"width":467,"height":10}},{"id":"78e05d97-97dd-4e0e-98ba-6a8a8bbedbc3","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":37,"box":{"x":460,"y":544,"width":458,"height":10}},{"id":"8670a8cf-c8c7-41c0-82d9-365cb00e1577","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":37,"box":{"x":461,"y":556,"width":457,"height":10}},{"id":"e310394a-65ea-412d-bf01-75ddd2b4702e","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":37,"box":{"x":461,"y":568,"width":449,"height":10}},{"id":"21bbea66-fb45-4156-a427-bf81a34c452e","block_type":"box","text":"open for business.","page_number":37,"box":{"x":461,"y":580,"width":121,"height":10}},{"id":"61e972b1-683a-4fa4-9b1b-a8b9acdbe236","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":37,"box":{"x":460,"y":594,"width":467,"height":10}},{"id":"8f4c97bf-1949-405b-8dcb-b3e4593c2c0e","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":37,"box":{"x":461,"y":605,"width":465,"height":11}},{"id":"89fa7384-6f46-47e0-8b2c-91d8d744b276","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":37,"box":{"x":461,"y":617,"width":432,"height":11}},{"id":"b8f8e76e-e5c2-4493-95d1-3dd1a8c13650","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":37,"box":{"x":461,"y":629,"width":415,"height":11}},{"id":"5c59caed-c912-4c8c-892c-57443e7d13cd","block_type":"box","text":"***","page_number":37,"box":{"x":686,"y":644,"width":25,"height":5}},{"id":"03473a29-012f-481c-9608-ff6f816e19a6","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":37,"box":{"x":461,"y":656,"width":423,"height":10}},{"id":"2653caf9-03ba-4285-8896-01f09e2af45d","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":37,"box":{"x":461,"y":668,"width":456,"height":10}},{"id":"be0044e7-0901-491d-98a3-82c67de4b611","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":37,"box":{"x":461,"y":680,"width":352,"height":10}},{"id":"2100d84b-79d8-41d4-9b93-2b42436c0397","block_type":"box","text":"Redemption","page_number":37,"box":{"x":61,"y":698,"width":80,"height":10}},{"id":"b97d1e69-bd29-4220-9309-2dbf6453b0b8","block_type":"box","text":"Proceeds","page_number":37,"box":{"x":61,"y":709,"width":62,"height":8}},{"id":"9bec1433-6c3c-4031-a1e0-e1d6b2dfc087","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":37,"box":{"x":461,"y":699,"width":445,"height":10}},{"id":"63af60ca-8597-421d-8a49-7e886b535665","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":37,"box":{"x":461,"y":712,"width":467,"height":10}},{"id":"cacf89d7-aa6d-4457-837a-3535ec87e128","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":37,"box":{"x":461,"y":725,"width":455,"height":11}},{"id":"114a03b2-f5c1-45ee-bde4-56c39c445029","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":37,"box":{"x":461,"y":738,"width":450,"height":11}},{"id":"906b734a-6655-44a8-a792-c9d70a7dc169","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":37,"box":{"x":461,"y":752,"width":452,"height":10}},{"id":"81f639b3-d0b1-4083-a251-8560865a27b9","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":37,"box":{"x":461,"y":765,"width":471,"height":10}},{"id":"f1e95489-9be5-44c4-b05d-45f044044a81","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":37,"box":{"x":461,"y":778,"width":471,"height":10}},{"id":"5128ba9b-3589-4fa8-8efb-d14cf048d822","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":37,"box":{"x":461,"y":791,"width":453,"height":10}},{"id":"99fc8b43-de65-4c9d-aec1-1f97a87a41e4","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":37,"box":{"x":461,"y":804,"width":405,"height":9}},{"id":"f6da073f-66fa-4b82-9e17-0e594c50a8a5","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":37,"box":{"x":461,"y":819,"width":408,"height":10}},{"id":"016dd976-a4c7-48b2-acf2-796b9700aade","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":37,"box":{"x":461,"y":832,"width":457,"height":10}},{"id":"5ac43c01-3fcb-465b-b73d-6d8f45ca1e86","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":37,"box":{"x":460,"y":845,"width":440,"height":10}},{"id":"30dfe221-4081-4244-8412-56a1d878ca28","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":37,"box":{"x":460,"y":858,"width":340,"height":10}},{"id":"83aeede0-fee8-4325-bf89-ebd742506f9c","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"1f7c3314-8cce-4907-80ff-263fba195121","block_type":"box","text":"NM1026U-5979803-37/68","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6830e80e-eb03-499e-adf0-9bc1fc4da9da","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":38,"box":{"x":61,"y":46,"width":415,"height":13}},{"id":"cc37e35d-bb5a-4a2a-bc08-a63c295f287c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"fc71c7ef-c068-4292-a43f-f6fcdd6e55ee","block_type":"box","text":"Exchange Privilege","page_number":38,"box":{"x":61,"y":85,"width":128,"height":10}},{"id":"fbe9dca7-03cb-4139-8a2d-d10da5d86b88","block_type":"box","text":"Selling shares of one BlackRock","page_number":38,"box":{"x":214,"y":85,"width":212,"height":10}},{"id":"9f2cf0bb-bb3c-4a00-b718-76a8df36b092","block_type":"box","text":"Fund to purchase shares of","page_number":38,"box":{"x":214,"y":98,"width":181,"height":11}},{"id":"39371a1b-f86b-4738-aa82-27b333f09d74","block_type":"box","text":"another BlackRock Fund","page_number":38,"box":{"x":214,"y":112,"width":158,"height":8}},{"id":"e752964c-9a77-40af-9a1a-3fbdad462745","block_type":"box","text":"(“exchanging”)","page_number":38,"box":{"x":214,"y":126,"width":95,"height":10}},{"id":"cc20f9d9-afee-477e-9ca0-81c2ca39ded5","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":38,"box":{"x":461,"y":85,"width":466,"height":10}},{"id":"37561c55-294d-4220-b6b1-2114f576d773","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":38,"box":{"x":460,"y":98,"width":465,"height":10}},{"id":"d6607f56-5cd7-445f-bdc5-283ebdf8c199","block_type":"box","text":"such shares are offered by your Financial Intermediary. No exchange","page_number":38,"box":{"x":461,"y":112,"width":453,"height":10}},{"id":"029cd64b-d57b-41e0-b89e-0e7e294eebe3","block_type":"box","text":"privilege is available for Class R Shares.","page_number":38,"box":{"x":461,"y":125,"width":264,"height":10}},{"id":"5daf75fb-1bd0-4143-8f83-2c467c91672c","block_type":"box","text":"You can exchange $1,000 or more of Investor A or Investor C Shares","page_number":38,"box":{"x":460,"y":139,"width":455,"height":11}},{"id":"a4cbed68-2244-48a3-b6d6-9a974cf0f115","block_type":"box","text":"from one fund into the same class of another fund which offers that","page_number":38,"box":{"x":460,"y":153,"width":450,"height":8}},{"id":"58101aff-589b-4acb-91f2-83b9c9701c82","block_type":"box","text":"same class of shares (you can exchange less than $1,000 of","page_number":38,"box":{"x":461,"y":165,"width":407,"height":11}},{"id":"d62843ea-5e01-4670-bfb3-fbc8a1626886","block_type":"box","text":"Investor A or Investor C Shares if you already have an account in the","page_number":38,"box":{"x":461,"y":179,"width":451,"height":10}},{"id":"8c232465-dd81-4a25-8cd1-cea1c557eb08","block_type":"box","text":"fund into which you are exchanging). Investors who currently own","page_number":38,"box":{"x":460,"y":192,"width":427,"height":11}},{"id":"fc576551-d868-4989-9b49-9c03298e993c","block_type":"box","text":"Institutional Shares of the Fund may make exchanges into Institutional","page_number":38,"box":{"x":461,"y":205,"width":465,"height":11}},{"id":"9659c78a-162f-4090-a7f4-03256d2592d7","block_type":"box","text":"Shares of other BlackRock Funds except for investors holding shares","page_number":38,"box":{"x":461,"y":219,"width":454,"height":10}},{"id":"cd90159d-2991-4831-99b6-b51891b78fb0","block_type":"box","text":"through certain client accounts at Financial Intermediaries that are","page_number":38,"box":{"x":460,"y":232,"width":442,"height":10}},{"id":"8934b78c-da3f-4f61-a3a9-558ef3535c7b","block_type":"box","text":"omnibus with the Fund and do not meet applicable minimums. There is","page_number":38,"box":{"x":461,"y":245,"width":469,"height":10}},{"id":"f74a06e9-ca56-427e-bc1c-1baf73998e03","block_type":"box","text":"no required minimum amount with respect to exchanges of Institutional","page_number":38,"box":{"x":461,"y":258,"width":470,"height":11}},{"id":"2f396fd6-b2b8-4042-8af4-7248adbfbb3c","block_type":"box","text":"Shares.","page_number":38,"box":{"x":461,"y":271,"width":49,"height":9}},{"id":"663fd927-300a-40e7-92ee-8413bfccca70","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":38,"box":{"x":460,"y":286,"width":449,"height":10}},{"id":"92c19254-1637-4896-b85e-8f43b3ab326c","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":38,"box":{"x":461,"y":299,"width":437,"height":10}},{"id":"1c12db9f-78ab-4f0e-977a-5d52aac3eb99","block_type":"box","text":"closed to new investors.","page_number":38,"box":{"x":461,"y":312,"width":159,"height":8}},{"id":"c9121ff1-2900-45b1-b639-e9a38c4b7c58","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":38,"box":{"x":461,"y":326,"width":441,"height":10}},{"id":"83096582-ac0f-4d5a-8f97-19b4cd118e77","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":38,"box":{"x":461,"y":339,"width":453,"height":10}},{"id":"6bb369a6-0bd5-4069-a879-f2a7ca1418e2","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":38,"box":{"x":460,"y":352,"width":477,"height":10}},{"id":"2ebe893f-7ad5-4b5c-a2a1-d4fe16aaba81","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":38,"box":{"x":461,"y":365,"width":457,"height":10}},{"id":"0e0b9cf0-c2eb-4941-9a1f-1a2ce6421342","block_type":"box","text":"and any subsequent exchange.","page_number":38,"box":{"x":461,"y":378,"width":203,"height":10}},{"id":"1efc4ec9-97d9-4a74-8375-f6c6a6e686b2","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":38,"box":{"x":460,"y":392,"width":435,"height":10}},{"id":"516471d4-6bfd-4c21-9e6d-a16f441975ee","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":38,"box":{"x":461,"y":404,"width":406,"height":11}},{"id":"ae311571-12ca-4756-885d-c517e76247fb","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":38,"box":{"x":461,"y":417,"width":468,"height":10}},{"id":"1b2ece5e-9b13-4bb0-b0c7-9839ab6f2a75","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":38,"box":{"x":461,"y":430,"width":455,"height":10}},{"id":"54998391-c6b6-4c84-8936-625a90c9a4e0","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":38,"box":{"x":460,"y":443,"width":423,"height":10}},{"id":"053aeea6-932a-453c-baa4-2d10dfbc8851","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":38,"box":{"x":461,"y":455,"width":398,"height":10}},{"id":"e62b4dd9-fe1a-413b-b32a-c088fbee7aca","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":38,"box":{"x":461,"y":468,"width":409,"height":10}},{"id":"d246557d-07fc-4aca-a231-d083586493fc","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":38,"box":{"x":461,"y":481,"width":469,"height":10}},{"id":"52e81323-a642-46ce-bf0d-9230f946f13b","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":38,"box":{"x":460,"y":494,"width":461,"height":10}},{"id":"369fa72a-12ed-41b3-b4bf-a82ff684aa11","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":38,"box":{"x":460,"y":506,"width":469,"height":11}},{"id":"f3e6bafb-c8d0-41b1-b0cc-09a0d2562ddf","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":38,"box":{"x":460,"y":519,"width":368,"height":10}},{"id":"36f4bff5-41a5-451b-97e0-b1b1bc997319","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":38,"box":{"x":460,"y":533,"width":450,"height":10}},{"id":"7d21044f-3202-414f-a258-7425c78a60fc","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":38,"box":{"x":460,"y":546,"width":473,"height":10}},{"id":"1905d293-b68f-41e0-9d3d-c9abaeaa99f2","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":38,"box":{"x":461,"y":558,"width":420,"height":11}},{"id":"61dfd678-93f9-4f46-9dd4-8cd6a1e9a555","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":38,"box":{"x":461,"y":571,"width":439,"height":10}},{"id":"253d0d3a-e4c8-4a0e-a487-cf34191af47f","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":38,"box":{"x":461,"y":584,"width":460,"height":10}},{"id":"c4374bcd-beb8-4f47-80af-3ed5cf0b0b32","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":38,"box":{"x":461,"y":596,"width":430,"height":11}},{"id":"387ac4f9-dfd9-4645-837e-d09d9c0835a7","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":38,"box":{"x":461,"y":609,"width":473,"height":10}},{"id":"0d32f8d8-163f-4051-9257-a0b0680d0894","block_type":"box","text":"gain or loss may be realized.","page_number":38,"box":{"x":460,"y":622,"width":188,"height":10}},{"id":"aa83552b-b32d-4a1a-bd30-bfcd4fdead83","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":38,"box":{"x":461,"y":635,"width":457,"height":11}},{"id":"2438210a-7bcc-461b-99f9-23d29ea6f605","block_type":"box","text":"making an exchange request.","page_number":38,"box":{"x":461,"y":648,"width":192,"height":10}},{"id":"41b50aa5-bd18-4d25-96d8-be55c0014885","block_type":"box","text":"Transfer Shares to","page_number":38,"box":{"x":60,"y":666,"width":124,"height":8}},{"id":"921d517d-af6c-49ed-a276-d6e1c35f3c6c","block_type":"box","text":"Another Financial","page_number":38,"box":{"x":60,"y":678,"width":118,"height":8}},{"id":"785e7380-8aa0-4c64-a6d3-f26964ad54ea","block_type":"box","text":"Intermediary","page_number":38,"box":{"x":61,"y":689,"width":85,"height":10}},{"id":"27d3552a-a659-476d-b365-b15bc248cbb0","block_type":"box","text":"Transfer to a participating","page_number":38,"box":{"x":213,"y":666,"width":171,"height":10}},{"id":"9d0b2c7a-a4a4-482e-a953-a584d3ec2e5c","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":680,"width":145,"height":10}},{"id":"d8335e05-1a04-4738-b860-88b0634c193f","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":38,"box":{"x":460,"y":666,"width":436,"height":10}},{"id":"aa2578cb-7821-4743-89dd-b62debebd3ac","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":38,"box":{"x":461,"y":680,"width":455,"height":10}},{"id":"2142683a-795e-4fc7-b823-f2e38ce0b8af","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":38,"box":{"x":461,"y":693,"width":456,"height":10}},{"id":"b934652b-5cf1-4ec1-9627-1e62a4c98658","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":38,"box":{"x":461,"y":706,"width":456,"height":10}},{"id":"1a0daafe-b46b-4596-923a-14a8772cf883","block_type":"box","text":"receiving firm.","page_number":38,"box":{"x":461,"y":719,"width":91,"height":11}},{"id":"be181d1e-76cb-4ffa-a3d9-57d00de3f985","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":734,"width":390,"height":10}},{"id":"9cc8e92d-9d77-472e-bf9b-ed72123dea84","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":747,"width":443,"height":10}},{"id":"d554ffe3-40d4-46ae-a831-a72f69210131","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":760,"width":394,"height":11}},{"id":"45df57e4-6cbd-4fa5-9345-4aafc82943d4","block_type":"box","text":"Transfer to a non-participating","page_number":38,"box":{"x":213,"y":778,"width":199,"height":11}},{"id":"a54842cd-0ba6-46df-983d-aafc28354518","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":792,"width":145,"height":10}},{"id":"778558ec-1dfb-40d7-8082-563e93eaab7a","block_type":"box","text":"You must either:","page_number":38,"box":{"x":460,"y":779,"width":107,"height":8}},{"id":"71a0d4b9-b142-4a79-bfd2-a7505cd1fe72","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":794,"width":3,"height":3}},{"id":"4ec41297-7fd0-43e1-8254-78a7c1e88cbf","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":38,"box":{"x":470,"y":792,"width":346,"height":10}},{"id":"e8bf94fb-147d-488f-b28d-4e3c9dbda8a1","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":808,"width":3,"height":3}},{"id":"d6afbd61-0dfd-41a3-8d7e-a3ce62a48ffc","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":38,"box":{"x":471,"y":805,"width":409,"height":10}},{"id":"fbf03d50-9161-44e6-99a4-16446869df61","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":820,"width":390,"height":10}},{"id":"c1837e1e-f980-4c83-97bd-68d7e055fcc7","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":833,"width":443,"height":10}},{"id":"0fc98cb1-a4d0-45d6-a15f-ed11359ec0da","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":846,"width":394,"height":10}},{"id":"a9ba191b-2c7c-4cd5-ad6d-2e2968491cc0","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1061e412-b216-43de-99b6-0817b6863130","block_type":"box","text":"NM1026U-5979803-38/68","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"911a541a-ce94-4425-b403-bd5fed0de234","block_type":"box","text":"Account Services and Privileges","page_number":39,"box":{"x":60,"y":47,"width":292,"height":13}},{"id":"d4184d47-b96a-4327-aabb-9ca87c090b63","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":39,"box":{"x":60,"y":68,"width":865,"height":12}},{"id":"7c35aa46-4a45-4c28-80cd-c076d0391fc9","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":39,"box":{"x":61,"y":83,"width":841,"height":12}},{"id":"37701b1c-e29a-45e7-af9d-0fb0363dc411","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":39,"box":{"x":61,"y":98,"width":816,"height":11}},{"id":"c61b1ba1-99b6-4460-9320-e8c3c791ced7","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":39,"box":{"x":60,"y":112,"width":824,"height":12}},{"id":"b5d7a510-b696-425b-be9e-4eab0168363d","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":39,"box":{"x":62,"y":127,"width":759,"height":12}},{"id":"d7b654fe-f5d7-4921-ace1-f4b71f6d6947","block_type":"box","text":"Automatic","page_number":39,"box":{"x":60,"y":156,"width":70,"height":8}},{"id":"16f55b46-df90-4897-a232-e71575e04231","block_type":"box","text":"Investment Plan","page_number":39,"box":{"x":61,"y":168,"width":109,"height":8}},{"id":"d7b29026-9f5d-46de-a926-71efa6b87238","block_type":"box","text":"Allows systematic investments","page_number":39,"box":{"x":213,"y":156,"width":202,"height":10}},{"id":"4060dc27-9bc7-4949-864c-46adddd6bc4e","block_type":"box","text":"on a periodic basis from your","page_number":39,"box":{"x":214,"y":170,"width":192,"height":10}},{"id":"3f5e3654-d8d9-4a16-bb67-d7354e12e469","block_type":"box","text":"checking or savings account.","page_number":39,"box":{"x":214,"y":183,"width":189,"height":11}},{"id":"e6f3c2a7-573d-4e52-9ad6-53244b82e226","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":39,"box":{"x":461,"y":156,"width":451,"height":10}},{"id":"078f09a5-8f4c-4099-b4aa-6805629ba689","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":39,"box":{"x":461,"y":169,"width":431,"height":11}},{"id":"03a2a3af-0591-40d8-a5ad-6533ec4bc272","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":39,"box":{"x":461,"y":183,"width":437,"height":10}},{"id":"368320c7-921f-4dbc-aa38-756711bb7f09","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":39,"box":{"x":461,"y":196,"width":451,"height":10}},{"id":"5039964f-cbe2-4ae5-bc3e-121a67421c00","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":39,"box":{"x":461,"y":209,"width":300,"height":11}},{"id":"16603a20-eb79-48c1-aa79-ff925196b0dd","block_type":"box","text":"Dividend Allocation","page_number":39,"box":{"x":61,"y":228,"width":129,"height":8}},{"id":"8ffc04cb-11da-4c82-8ab7-8e29ba7dbf3a","block_type":"box","text":"Plan","page_number":39,"box":{"x":61,"y":239,"width":28,"height":8}},{"id":"d84846d6-b1c1-4d18-8b54-b97a803c2a1a","block_type":"box","text":"Automatically invests your","page_number":39,"box":{"x":213,"y":228,"width":172,"height":10}},{"id":"f5dd64a2-0678-426f-972e-87f9c4df5e9a","block_type":"box","text":"distributions into another","page_number":39,"box":{"x":214,"y":241,"width":165,"height":8}},{"id":"c3991b32-2b6a-4be0-aa1d-7ae63930ede5","block_type":"box","text":"BlackRock Fund of your choice","page_number":39,"box":{"x":214,"y":255,"width":200,"height":10}},{"id":"420a8903-cf0f-489a-9e0a-f0747ebdf3e9","block_type":"box","text":"pursuant to your instructions,","page_number":39,"box":{"x":214,"y":268,"width":193,"height":10}},{"id":"df8f32a7-03b5-413e-81c1-8ff7a6451601","block_type":"box","text":"without any fees or sales","page_number":39,"box":{"x":213,"y":282,"width":165,"height":10}},{"id":"6620d63e-b1de-4a0e-b9fe-9604e6920dd0","block_type":"box","text":"charges.","page_number":39,"box":{"x":214,"y":295,"width":55,"height":11}},{"id":"601ebc5f-857e-4283-9809-74b43f4ed29d","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":39,"box":{"x":461,"y":228,"width":433,"height":10}},{"id":"8bc7dc0f-30a4-432a-9579-345c6e85e346","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":39,"box":{"x":461,"y":241,"width":427,"height":10}},{"id":"8472ce76-aebf-433d-9154-ecdbf5b94f3e","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":39,"box":{"x":461,"y":254,"width":463,"height":10}},{"id":"88acec84-d018-41fa-a768-774e75737619","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":39,"box":{"x":461,"y":267,"width":455,"height":11}},{"id":"a1563d1b-45ed-41cd-9be9-b7523c23ff8a","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":39,"box":{"x":461,"y":281,"width":459,"height":10}},{"id":"fb381928-039c-4acc-80c5-ff361859d6f9","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":39,"box":{"x":461,"y":294,"width":454,"height":11}},{"id":"dca22268-07b5-43b2-a903-617bd96a5d8c","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":39,"box":{"x":460,"y":308,"width":467,"height":10}},{"id":"24f216fe-1bff-407f-bea4-91bc5125946d","block_type":"box","text":"EZ Trader","page_number":39,"box":{"x":61,"y":326,"width":65,"height":8}},{"id":"73d4205b-f53c-4438-850a-16d902dacf08","block_type":"box","text":"Allows an investor to purchase or","page_number":39,"box":{"x":213,"y":326,"width":220,"height":10}},{"id":"317814e7-6ce0-4e3a-9280-bd1232346dd6","block_type":"box","text":"sell Investor Shares by telephone","page_number":39,"box":{"x":214,"y":339,"width":219,"height":10}},{"id":"c2cec01a-3af5-4f2d-a183-ed0055b8d959","block_type":"box","text":"or over the Internet through ACH.","page_number":39,"box":{"x":214,"y":353,"width":216,"height":10}},{"id":"51a1cf64-5b54-466d-9585-9b22d66904e3","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":39,"box":{"x":461,"y":326,"width":467,"height":10}},{"id":"0a3cf81d-9d8e-48e7-ae03-9bd0eaf8401d","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":39,"box":{"x":461,"y":339,"width":462,"height":10}},{"id":"d8bd58ec-f35d-457e-9430-07d6e402d155","block_type":"box","text":"if your account is held elsewhere.)","page_number":39,"box":{"x":461,"y":352,"width":225,"height":11}},{"id":"2bb5f1f1-007a-4725-b234-800022375a81","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":39,"box":{"x":461,"y":367,"width":467,"height":10}},{"id":"6781a1ad-8264-4cbd-9936-0b1f4385643c","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":39,"box":{"x":461,"y":380,"width":423,"height":10}},{"id":"83f5bb28-fcb5-4921-af4a-d62ffe336cbf","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":39,"box":{"x":461,"y":393,"width":459,"height":11}},{"id":"2d7f62ee-71fc-40a2-a9bb-7f9511eb70cc","block_type":"box","text":"information, and return the application to the address listed on the","page_number":39,"box":{"x":461,"y":406,"width":442,"height":10}},{"id":"189b6641-5b10-4b2f-b9b3-8cd8677bdb60","block_type":"box","text":"form.","page_number":39,"box":{"x":460,"y":420,"width":34,"height":8}},{"id":"63af9c62-33c4-4526-9478-291540cba0b0","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":39,"box":{"x":461,"y":434,"width":460,"height":10}},{"id":"d3841108-3b90-468e-a688-cd8be5150aef","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":39,"box":{"x":461,"y":447,"width":449,"height":10}},{"id":"20e0a04b-6688-4d83-ad71-9b7a25caceb7","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":39,"box":{"x":461,"y":460,"width":466,"height":10}},{"id":"40b92243-a0b5-4813-98d4-60fbca615f2f","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":39,"box":{"x":461,"y":473,"width":470,"height":10}},{"id":"51476e0f-41fa-4eea-8301-686e2a8fa864","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":39,"box":{"x":460,"y":486,"width":323,"height":10}},{"id":"fe6d92c2-2cbb-4b72-adf0-61faf9dac3b2","block_type":"box","text":"Systematic","page_number":39,"box":{"x":60,"y":504,"width":76,"height":10}},{"id":"af8fa93b-1eaa-41c8-9110-843d538c8e95","block_type":"box","text":"Exchange Plan","page_number":39,"box":{"x":61,"y":516,"width":99,"height":10}},{"id":"b886a71d-b856-42ea-afd3-edae6e8ac8d2","block_type":"box","text":"This feature can be used by","page_number":39,"box":{"x":213,"y":504,"width":184,"height":10}},{"id":"b85c151b-e7b9-47f4-b3e7-30942b65b7fd","block_type":"box","text":"investors to systematically","page_number":39,"box":{"x":214,"y":518,"width":175,"height":10}},{"id":"f45d263f-f72d-4c56-ab71-876fd5abb45c","block_type":"box","text":"exchange money from one fund","page_number":39,"box":{"x":214,"y":531,"width":205,"height":11}},{"id":"28897927-2b69-4483-865e-925c218c5980","block_type":"box","text":"to up to four other funds.","page_number":39,"box":{"x":213,"y":545,"width":165,"height":10}},{"id":"4d9d95d9-ba7b-469f-a672-7e84e0b262a7","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":39,"box":{"x":460,"y":504,"width":454,"height":10}},{"id":"4dbc983f-d491-41af-841a-ceadaca4a42a","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":39,"box":{"x":461,"y":517,"width":414,"height":11}},{"id":"2adee50f-d180-44fe-9782-69ec2167602c","block_type":"box","text":"investment requirements.","page_number":39,"box":{"x":461,"y":531,"width":167,"height":10}},{"id":"35caa166-da80-4b40-a538-eb318eb1362b","block_type":"box","text":"Systematic","page_number":39,"box":{"x":60,"y":563,"width":76,"height":10}},{"id":"fd839f95-7bd6-4b5e-990c-357e9f2bf4c6","block_type":"box","text":"Withdrawal Plan","page_number":39,"box":{"x":60,"y":574,"width":110,"height":9}},{"id":"0f1e7f05-ffd1-4869-b5a8-bf326d9d9d89","block_type":"box","text":"This feature can be used by","page_number":39,"box":{"x":213,"y":563,"width":184,"height":10}},{"id":"6feaa613-eb9e-420a-9fa2-b3a03aca4240","block_type":"box","text":"investors who want to receive","page_number":39,"box":{"x":214,"y":577,"width":194,"height":8}},{"id":"dbddb946-a662-4cf6-a80a-c64060888f59","block_type":"box","text":"regular distributions from their","page_number":39,"box":{"x":214,"y":590,"width":200,"height":10}},{"id":"1703e665-077d-4de1-82d2-366f72cf5854","block_type":"box","text":"accounts.","page_number":39,"box":{"x":214,"y":604,"width":62,"height":8}},{"id":"49877d6d-5087-4033-8397-fb3533084957","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":39,"box":{"x":460,"y":563,"width":438,"height":9}},{"id":"4732e01e-c29d-4cda-aa07-f8ab746e7072","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":39,"box":{"x":461,"y":576,"width":255,"height":10}},{"id":"f03caee5-bf25-4d0b-a3d6-ccfdfe3465d2","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":39,"box":{"x":461,"y":590,"width":475,"height":11}},{"id":"d7f514d3-7173-4eb5-9fe2-4ed4c233b363","block_type":"box","text":"interval they choose. Shareholders may sign up by completing the SWP","page_number":39,"box":{"x":461,"y":604,"width":469,"height":10}},{"id":"33a81084-2079-44d3-aa6b-4cf8cbf02e2a","block_type":"box","text":"Application Form, which may be obtained from BlackRock. Shareholders","page_number":39,"box":{"x":460,"y":617,"width":474,"height":10}},{"id":"254699be-0309-41a4-8b4e-3ff5544ce3a2","block_type":"box","text":"should realize that if withdrawals exceed income the invested principal","page_number":39,"box":{"x":461,"y":630,"width":464,"height":10}},{"id":"0982370f-92c9-46b0-9d7b-afd16f3f0ef0","block_type":"box","text":"in their account will be depleted.","page_number":39,"box":{"x":461,"y":644,"width":213,"height":9}},{"id":"41866128-ae2d-40c1-9028-14142a697b0a","block_type":"box","text":"To participate in the SWP, shareholders must have their dividends","page_number":39,"box":{"x":460,"y":658,"width":435,"height":10}},{"id":"57f03953-b825-41dc-9a33-d916d217141b","block_type":"box","text":"reinvested. Shareholders may change or cancel the SWP at any time,","page_number":39,"box":{"x":461,"y":671,"width":455,"height":10}},{"id":"4ab24876-b2a6-49e1-a368-0bb905a75cae","block_type":"box","text":"with a minimum of 24 hours’ notice. If a shareholder purchases","page_number":39,"box":{"x":460,"y":684,"width":422,"height":10}},{"id":"0d7a9ae8-624b-46d5-bbe9-0f9d5b8a2583","block_type":"box","text":"additional Investor A Shares of a fund at the same time he or she","page_number":39,"box":{"x":461,"y":697,"width":433,"height":8}},{"id":"70899f15-67eb-4dbc-9bfa-43ccac6b3db8","block_type":"box","text":"redeems shares through the SWP, that investor may lose money","page_number":39,"box":{"x":461,"y":710,"width":424,"height":10}},{"id":"55972059-18d8-4e98-8f74-7c44d6888fba","block_type":"box","text":"because of the sales charge involved. No CDSC will be assessed on","page_number":39,"box":{"x":461,"y":723,"width":450,"height":10}},{"id":"b9a96648-6fb8-4a52-ba98-67c4886cd602","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":39,"box":{"x":461,"y":736,"width":465,"height":10}},{"id":"295ea84b-be33-4394-a304-42c676dce8dd","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":39,"box":{"x":460,"y":749,"width":416,"height":8}},{"id":"d521e7b2-2f56-450c-9c67-4fda06a5c6e1","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":39,"box":{"x":461,"y":762,"width":442,"height":10}},{"id":"5672fbee-d015-48b7-bf87-a0c1c6957cf3","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":39,"box":{"x":461,"y":775,"width":468,"height":10}},{"id":"309132d2-3290-4624-b80e-6c8915b3a06e","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":39,"box":{"x":460,"y":788,"width":457,"height":10}},{"id":"83559c97-493f-4462-9baf-9e4c5962a4ab","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":39,"box":{"x":461,"y":801,"width":474,"height":10}},{"id":"1cd5b6e6-53c6-4bcc-b81b-524bda9b96ca","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":39,"box":{"x":461,"y":814,"width":458,"height":10}},{"id":"7e84f04e-eea6-47ce-9768-9d2302912d76","block_type":"box","text":"applicable CDSC.","page_number":39,"box":{"x":461,"y":827,"width":112,"height":10}},{"id":"b700d0db-d18b-4e46-bb67-3df58261aabb","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":39,"box":{"x":460,"y":841,"width":281,"height":11}},{"id":"3baeb4fa-92f1-4a65-98f1-4a1e38c81fb3","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"2931a2ee-b3ad-4a3b-82ed-7d6b89f33f52","block_type":"box","text":"NM1026U-5979803-39/68","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"be8eba4d-8e88-42b9-b027-7fa041b462d8","block_type":"box","text":"Reinstatement","page_number":40,"box":{"x":61,"y":51,"width":99,"height":8}},{"id":"c07605b8-8c98-4458-a998-863417d35356","block_type":"box","text":"Privilege","page_number":40,"box":{"x":61,"y":63,"width":57,"height":10}},{"id":"068cb3ed-8120-4a86-862c-465db1bd58a5","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":40,"box":{"x":461,"y":51,"width":468,"height":10}},{"id":"436c8419-5b63-42de-bc64-47134e4805e1","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":40,"box":{"x":461,"y":64,"width":424,"height":11}},{"id":"a77abfee-7fef-44e4-8111-a7a30068cf23","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":40,"box":{"x":461,"y":78,"width":464,"height":10}},{"id":"392ad93b-55fc-4b26-b1ed-c62f2d31cac3","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":40,"box":{"x":460,"y":91,"width":470,"height":10}},{"id":"c24be38d-fbaa-48aa-88e3-423501d7d774","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":40,"box":{"x":461,"y":104,"width":458,"height":11}},{"id":"961d79b4-08cb-46fb-975a-5852c43cf896","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":40,"box":{"x":461,"y":118,"width":456,"height":10}},{"id":"da7e3fce-26c2-463e-b5c5-002754216ad4","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":40,"box":{"x":461,"y":131,"width":454,"height":8}},{"id":"b643b105-2b0d-4d7c-b026-42a9ff1d1cb9","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":40,"box":{"x":460,"y":144,"width":438,"height":11}},{"id":"aa95e1e3-e4a0-4072-b023-d3a26c54eb60","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":40,"box":{"x":460,"y":158,"width":450,"height":10}},{"id":"448ef7b2-19f0-4ddf-bae4-89f66ce42193","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":40,"box":{"x":460,"y":171,"width":435,"height":8}},{"id":"8eefe608-d62b-4041-a4f3-10f7acbfefb3","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":40,"box":{"x":461,"y":184,"width":466,"height":11}},{"id":"7784b969-a3e4-419e-8ba3-5637967a48c1","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":40,"box":{"x":461,"y":198,"width":376,"height":10}},{"id":"0edb9778-06c6-4d7a-9bfb-47ccca944a1f","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":40,"box":{"x":461,"y":211,"width":371,"height":11}},{"id":"e1403f95-95f5-4ff2-84a7-747ee07d14e9","block_type":"box","text":"Fund’s Rights","page_number":40,"box":{"x":61,"y":240,"width":124,"height":14}},{"id":"21e7bb1f-5cf5-4f54-8a99-c032f32aa8bc","block_type":"box","text":"The Fund may:","page_number":40,"box":{"x":60,"y":262,"width":106,"height":12}},{"id":"de498f81-ebb2-4386-a7a5-16ca7f22c11d","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":40,"box":{"x":81,"y":279,"width":840,"height":12}},{"id":"3dd9800e-4499-4777-a840-12aa7ecf40fd","block_type":"box","text":"described in the Investment Company Act;","page_number":40,"box":{"x":81,"y":294,"width":308,"height":11}},{"id":"a41f6881-2d6a-4481-b616-415b24248817","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":40,"box":{"x":81,"y":311,"width":789,"height":12}},{"id":"d6d17e5c-9bd3-4f01-b2cf-883801029feb","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":40,"box":{"x":81,"y":326,"width":850,"height":11}},{"id":"537724aa-62e6-4205-a8a8-ced419899ac4","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":40,"box":{"x":82,"y":340,"width":368,"height":12}},{"id":"cff00c35-bd3f-49f1-a101-796bdbccd1e4","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":40,"box":{"x":82,"y":358,"width":781,"height":11}},{"id":"ed1541c7-a564-4ee5-8ea0-db7171c38436","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":40,"box":{"x":82,"y":375,"width":798,"height":11}},{"id":"692383b1-f183-4c29-883b-86098df1e76a","block_type":"box","text":"specified level.","page_number":40,"box":{"x":81,"y":389,"width":108,"height":12}},{"id":"c0f0f3e0-e596-4e58-bcbf-faa46b79b5dc","block_type":"box","text":"Note on Low Balance Accounts.","page_number":40,"box":{"x":61,"y":408,"width":239,"height":9}},{"id":"70278705-9e95-4e2d-9be5-2aee5900bda6","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":40,"box":{"x":307,"y":408,"width":600,"height":12}},{"id":"84543a2d-c571-4c94-a0a6-4d88b9e6ec52","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":40,"box":{"x":61,"y":422,"width":846,"height":12}},{"id":"97b6c98f-47b0-4d22-bd90-92f055c75f73","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":40,"box":{"x":61,"y":437,"width":872,"height":12}},{"id":"0f977981-0bde-49c0-ab6e-89039d611869","block_type":"box","text":"reason, including market fluctuation.","page_number":40,"box":{"x":61,"y":452,"width":267,"height":11}},{"id":"0c4482df-ff79-422b-9634-f0679a4b2dc6","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":40,"box":{"x":60,"y":470,"width":799,"height":12}},{"id":"222b48d7-ad37-40f8-8f48-aeed2d934fe0","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":40,"box":{"x":62,"y":485,"width":796,"height":11}},{"id":"a9384698-3c6b-4382-998d-e0742e50a719","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":40,"box":{"x":62,"y":499,"width":800,"height":12}},{"id":"5ad86c6c-d040-4d43-951a-e2fdb0a9b523","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":40,"box":{"x":61,"y":514,"width":859,"height":12}},{"id":"80f4bbd8-428f-4524-9636-b500bf9b5264","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":40,"box":{"x":61,"y":529,"width":868,"height":11}},{"id":"90092077-e9b5-470d-8539-2ee43f212112","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":40,"box":{"x":61,"y":543,"width":420,"height":12}},{"id":"cfc4dace-6938-4930-81d5-ee63e507cfbe","block_type":"box","text":"Participation in Fee-Based Programs","page_number":40,"box":{"x":61,"y":571,"width":331,"height":13}},{"id":"12d04cfa-3d9e-47c1-b149-f1beeffa6f64","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":40,"box":{"x":62,"y":593,"width":826,"height":11}},{"id":"6acff3cc-90c3-477a-b39d-18ef6fb9f4b8","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":40,"box":{"x":62,"y":607,"width":806,"height":12}},{"id":"10fabdc3-4875-4c8f-8e53-5129707a2de3","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":40,"box":{"x":62,"y":622,"width":833,"height":11}},{"id":"10eff74f-be33-4d31-90b4-0593bd53aa5e","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":40,"box":{"x":61,"y":637,"width":865,"height":11}},{"id":"da20d03e-ed18-4ef6-9584-a5730bcf41ef","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":40,"box":{"x":60,"y":651,"width":863,"height":12}},{"id":"ed3ee597-64bb-40a4-b845-fbb42fb5fc40","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":40,"box":{"x":62,"y":666,"width":865,"height":11}},{"id":"cd779dc6-4069-4a09-b501-40b36379ce5d","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":40,"box":{"x":61,"y":680,"width":842,"height":12}},{"id":"0df89743-ff1a-4b93-a904-436ed7084066","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":40,"box":{"x":61,"y":695,"width":838,"height":12}},{"id":"cb85a83c-0ada-43b7-b175-7d0073538df3","block_type":"box","text":"procedures applicable to your account.","page_number":40,"box":{"x":62,"y":710,"width":282,"height":11}},{"id":"c6d5a789-5147-45ad-94b1-c0691b5d4aa3","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in an","page_number":40,"box":{"x":61,"y":728,"width":835,"height":12}},{"id":"852d00c4-99af-4909-8ca0-c811ea06b620","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":40,"box":{"x":61,"y":743,"width":861,"height":10}},{"id":"3367c8fc-224e-422c-9bff-ff3dcc4710ab","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":40,"box":{"x":61,"y":757,"width":849,"height":12}},{"id":"a7ce797f-0d68-4ba6-beb2-9dd40f608a60","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":40,"box":{"x":60,"y":772,"width":867,"height":12}},{"id":"47caddcd-cf8e-485e-87a7-935384a142b8","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":40,"box":{"x":62,"y":787,"width":873,"height":11}},{"id":"135be9ce-4fcb-4dd6-a692-62629fb045ad","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":40,"box":{"x":61,"y":801,"width":844,"height":12}},{"id":"b526ea78-fd2f-4063-bb3d-f6532efa56d4","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":40,"box":{"x":61,"y":816,"width":865,"height":11}},{"id":"04923bc0-fee8-4e75-aaf2-a50b662aecac","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":40,"box":{"x":61,"y":830,"width":480,"height":12}},{"id":"69371558-b872-46f1-95b0-3247e6da2832","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":40,"box":{"x":61,"y":849,"width":854,"height":12}},{"id":"4a13b26a-7918-4e9f-b91a-cb9362ce38d8","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":40,"box":{"x":61,"y":864,"width":790,"height":11}},{"id":"d0ce5380-5a04-4813-8a6e-84f045cc8b0e","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":40,"box":{"x":62,"y":878,"width":855,"height":12}},{"id":"085ad085-91e9-41b9-8880-3e75f02aac73","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":40,"box":{"x":61,"y":893,"width":831,"height":11}},{"id":"4f48ba87-d2e6-4dd2-869d-c21fb886c464","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e63a89e4-6b6d-4414-9473-f73651c8a68c","block_type":"box","text":"NM1026U-5979803-40/68","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1d3d5787-667c-4bb2-9e1f-83982ac2cf3a","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":41,"box":{"x":61,"y":46,"width":828,"height":11}},{"id":"80d4b910-12ef-4ffa-887f-47355b6eb8d4","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":41,"box":{"x":61,"y":60,"width":437,"height":12}},{"id":"10ff85ef-0f9f-4f6e-9228-4b0a257e45f9","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":41,"box":{"x":62,"y":79,"width":859,"height":11}},{"id":"063b034d-264f-41ed-8dfc-638449d10cb2","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":41,"box":{"x":60,"y":93,"width":858,"height":12}},{"id":"cfc15382-c15d-4758-84b6-fe300cbcf283","block_type":"box","text":"your Financial Intermediary for more information.","page_number":41,"box":{"x":60,"y":108,"width":357,"height":11}},{"id":"28c72d54-904b-4300-870c-3dd303a579c8","block_type":"box","text":"Short-Term Trading Policy","page_number":41,"box":{"x":61,"y":135,"width":232,"height":14}},{"id":"9da31e66-02c7-4016-8790-3734a0b0a1ce","block_type":"box","text":"The Board of Directors of the Corporation (the “Board”) has determined that the interests of long-term shareholders","page_number":41,"box":{"x":60,"y":157,"width":852,"height":12}},{"id":"84a27a00-7579-4221-a4da-d4387b924d41","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":41,"box":{"x":61,"y":172,"width":860,"height":11}},{"id":"f07756c4-3b5b-476f-a564-16c03afcdb6c","block_type":"box","text":"or exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not","page_number":41,"box":{"x":61,"y":186,"width":814,"height":12}},{"id":"09b1c0fd-8176-4590-983f-d6dcf912dbd1","block_type":"box","text":"designed for market timing organizations or other entities using programmed or frequent purchases and sales or","page_number":41,"box":{"x":61,"y":201,"width":827,"height":12}},{"id":"1e4329f5-c1cb-43f4-891d-a17513ac990e","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":41,"box":{"x":61,"y":216,"width":866,"height":11}},{"id":"1615405e-931a-49c8-9ad7-84907106709c","block_type":"box","text":"exchange activity may interfere with portfolio management, increase expenses and taxes and may have an adverse","page_number":41,"box":{"x":61,"y":230,"width":846,"height":12}},{"id":"ee5b6605-12d3-40b0-9e71-ec4f89ed40a4","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":41,"box":{"x":61,"y":245,"width":876,"height":11}},{"id":"b0c79295-95bb-4c38-89b1-77ea3ecf8532","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":41,"box":{"x":60,"y":259,"width":841,"height":12}},{"id":"0c34ecac-9b2c-4eab-b0bd-1a99cef2b422","block_type":"box","text":"investments or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s","page_number":41,"box":{"x":62,"y":274,"width":815,"height":12}},{"id":"67fa02e2-e973-4d90-8abf-594bc8f5b95a","block_type":"box","text":"investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction","page_number":41,"box":{"x":62,"y":289,"width":859,"height":11}},{"id":"66f47fe8-2881-41d5-9f47-0a9db2aeaa1e","block_type":"box","text":"costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":41,"box":{"x":61,"y":303,"width":564,"height":12}},{"id":"5d350253-dcf5-49e6-b4fd-2d0ce41e6d0e","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":41,"box":{"x":60,"y":322,"width":873,"height":11}},{"id":"04c1898c-1b26-4832-ba35-fba5aab04b2b","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":41,"box":{"x":61,"y":336,"width":872,"height":12}},{"id":"41c36248-ce7c-4305-95e3-7801b3be0df4","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":41,"box":{"x":61,"y":351,"width":865,"height":12}},{"id":"3f08e2da-c594-4c5e-9648-8b17aeff380f","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":41,"box":{"x":61,"y":366,"width":817,"height":11}},{"id":"0dc632b0-23cc-4eac-92db-53d924dfa731","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (“junk bonds”) that are thinly traded and","page_number":41,"box":{"x":61,"y":380,"width":834,"height":12}},{"id":"95beccdb-88a9-4f21-8e3c-cc2c96df9ea9","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":41,"box":{"x":60,"y":395,"width":865,"height":12}},{"id":"b20aad27-c0b1-49d4-b824-680186634680","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":41,"box":{"x":61,"y":410,"width":829,"height":11}},{"id":"0f449c49-cf99-43f5-977c-34fa23f48230","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":41,"box":{"x":62,"y":424,"width":671,"height":12}},{"id":"2c3f20b7-d0cc-4209-9aca-4233dde8fe05","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":41,"box":{"x":60,"y":443,"width":869,"height":11}},{"id":"bbfe05a0-357c-4f3a-b6f2-d0c71d12a1ed","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":41,"box":{"x":60,"y":458,"width":839,"height":11}},{"id":"5bcdc289-5df5-43b0-9c47-96bb73926ee2","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":41,"box":{"x":61,"y":472,"width":869,"height":12}},{"id":"0f0995a1-1db5-49e0-b96b-49a41c558871","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":41,"box":{"x":61,"y":487,"width":870,"height":11}},{"id":"e59c087f-7b01-4f3c-ba10-19494d5a3577","block_type":"box","text":"Fund or its shareholders.","page_number":41,"box":{"x":62,"y":502,"width":181,"height":9}},{"id":"7c3a05a7-349a-4902-8fcc-254e3ce65ad7","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":41,"box":{"x":62,"y":520,"width":796,"height":11}},{"id":"4e462998-e585-4b4b-b897-f14ea7717b87","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":41,"box":{"x":61,"y":535,"width":860,"height":11}},{"id":"e177d585-3ca5-4110-82e7-778a91ab8050","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":41,"box":{"x":62,"y":549,"width":871,"height":12}},{"id":"0066e0d5-97d2-45a2-862f-ed1551bd0ad2","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":41,"box":{"x":62,"y":564,"width":858,"height":11}},{"id":"086655b5-e347-4e14-ab08-0ddae4b647a0","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":41,"box":{"x":61,"y":578,"width":866,"height":12}},{"id":"e6844d3b-6423-480d-8277-e516f050b6b6","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":41,"box":{"x":61,"y":593,"width":829,"height":12}},{"id":"71e7da56-f948-40e3-a7be-98e547a0e1ee","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":41,"box":{"x":62,"y":608,"width":862,"height":11}},{"id":"b293fb4a-57ef-4353-b629-6700a9954cb8","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":41,"box":{"x":61,"y":622,"width":849,"height":12}},{"id":"f34030e7-53a2-4fc7-a64f-566681cc8eb6","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":41,"box":{"x":61,"y":637,"width":866,"height":11}},{"id":"b547c62d-5ecc-47a5-adf0-50ec855b59df","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":41,"box":{"x":60,"y":652,"width":806,"height":11}},{"id":"89ba2878-9dfb-4647-be2c-d354670ea62a","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":41,"box":{"x":61,"y":666,"width":804,"height":12}},{"id":"084a1809-0aea-4010-bc0b-52d9b196fbcb","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":41,"box":{"x":61,"y":681,"width":849,"height":11}},{"id":"08bcc91c-2f3e-45d9-819b-fd40bbb63473","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":41,"box":{"x":61,"y":695,"width":875,"height":12}},{"id":"25de62b4-108e-4859-9ea2-080f69b839c7","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":41,"box":{"x":62,"y":710,"width":869,"height":12}},{"id":"14e789e4-c7b3-49d9-9b60-ac88abe27cbd","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":41,"box":{"x":61,"y":725,"width":845,"height":11}},{"id":"de9df538-145c-4227-b11f-2ad2ce8ebad5","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":41,"box":{"x":62,"y":740,"width":868,"height":11}},{"id":"94562ccf-e675-4e3d-bf2e-b53b6714ec7a","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":41,"box":{"x":61,"y":754,"width":861,"height":11}},{"id":"97aa5d3f-4277-4014-880f-17bc54ab3a2d","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":41,"box":{"x":61,"y":769,"width":868,"height":11}},{"id":"55ca4b78-de51-4837-9d20-99fcf0017424","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":41,"box":{"x":60,"y":783,"width":847,"height":12}},{"id":"be91f391-5b24-476b-aa4f-b90401a4e383","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Fund’s","page_number":41,"box":{"x":60,"y":798,"width":806,"height":11}},{"id":"d3e85441-d33a-4cb1-a4c0-0357f4019c82","block_type":"box","text":"Distributor, suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":41,"box":{"x":62,"y":813,"width":748,"height":11}},{"id":"1bff9644-667a-4579-9e01-4b7d127450fc","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":41,"box":{"x":60,"y":831,"width":824,"height":11}},{"id":"aede4265-f482-477e-9c3e-275aaa6d51a2","block_type":"box","text":"deemed abusive.","page_number":41,"box":{"x":61,"y":846,"width":123,"height":9}},{"id":"944ba838-9bfc-489d-a999-e57d8e485145","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":41,"box":{"x":60,"y":864,"width":841,"height":12}},{"id":"d3e66ad4-1a22-49a4-ab90-ff6ee31aa89f","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":41,"box":{"x":60,"y":879,"width":572,"height":11}},{"id":"56bb5ddc-df68-4c4a-9583-ff5a8237c91b","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"14e34893-1a71-4262-a33d-5de069dc5dd5","block_type":"box","text":"NM1026U-5979803-41/68","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"387bdabf-3863-4580-8167-68237b672bf2","block_type":"box","text":"Management of the Fund","page_number":42,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"222fd04f-cd6a-4e0f-8cc9-0159ca8b2276","block_type":"box","text":"BlackRock","page_number":42,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"d6b6bfa4-bbee-4efd-a0a9-6d785696e9cb","block_type":"box","text":"BlackRock serves as the manager to the Fund and manages the investments and business operations of the Fund","page_number":42,"box":{"x":62,"y":182,"width":839,"height":12}},{"id":"c725d327-0739-47d4-935f-6790912e7192","block_type":"box","text":"subject to the oversight of the Board. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":42,"box":{"x":61,"y":197,"width":862,"height":12}},{"id":"eb0c6924-2f92-40da-abc0-ea24e98a2290","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":42,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"62927bc5-5028-45a2-b9e3-8611a8900c58","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":42,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"14fe02ad-573f-4657-8795-3e10a03b5b29","block_type":"box","text":"BlackRock, Inc.","page_number":42,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"a9ca01a1-313e-43b4-b7ac-c863a5b43e70","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":42,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"b7d8a41f-77b0-4b0f-9883-edfdeef077f2","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":42,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"55cc5dc9-8f23-4c88-ba7b-e828ef062e3a","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":42,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"93f960d0-cc10-444d-ada2-4c4fd28f620b","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Pursuant to the","page_number":42,"box":{"x":60,"y":317,"width":868,"height":11}},{"id":"27eec595-6fa5-423b-91cb-2c278aba477e","block_type":"box","text":"Management Agreement, BlackRock is entitled to fees computed daily and payable monthly.","page_number":42,"box":{"x":62,"y":331,"width":673,"height":12}},{"id":"61cd8f44-7e81-4d5d-9a99-a58c76863310","block_type":"box","text":"The maximum annual management fees that can be paid to BlackRock (as a percentage of average daily net assets)","page_number":42,"box":{"x":60,"y":354,"width":856,"height":11}},{"id":"dfa22104-7b7d-4d2b-a69d-1e9a3757f881","block_type":"box","text":"are calculated as follows:","page_number":42,"box":{"x":61,"y":369,"width":185,"height":9}},{"id":"6cef052a-c952-4216-a212-21959a157ad6","block_type":"box","text":"Average Daily Net Assets","page_number":42,"box":{"x":69,"y":407,"width":151,"height":9}},{"id":"0f3acf19-749b-479f-85e7-d460031f3395","block_type":"box","text":"Rate of","page_number":42,"box":{"x":844,"y":397,"width":43,"height":7}},{"id":"512a65a4-b859-4a60-ab20-12b03b113208","block_type":"box","text":"Management Fee","page_number":42,"box":{"x":813,"y":407,"width":104,"height":9}},{"id":"ff8a3d0c-ce17-47c7-af7c-cb7f6d88f200","block_type":"box","text":"First $1 billion","page_number":42,"box":{"x":70,"y":424,"width":92,"height":9}},{"id":"b6452093-d14e-4fd2-8742-4008a35935cd","block_type":"box","text":"0.49%","page_number":42,"box":{"x":849,"y":424,"width":42,"height":9}},{"id":"4ce73398-203b-4713-b73b-1a60891fde7c","block_type":"box","text":"$1 billion – $3 billion","page_number":42,"box":{"x":70,"y":442,"width":138,"height":9}},{"id":"2f16628b-9ddb-4e18-a584-fb8189ed5856","block_type":"box","text":"0.46%","page_number":42,"box":{"x":849,"y":442,"width":42,"height":9}},{"id":"568ed36d-847f-4cf9-bce0-dd1923d67f74","block_type":"box","text":"$3 billion – $5 billion","page_number":42,"box":{"x":70,"y":460,"width":138,"height":9}},{"id":"ac1e01f8-c77c-4e0b-a46f-b534443ff4eb","block_type":"box","text":"0.44%","page_number":42,"box":{"x":849,"y":460,"width":42,"height":9}},{"id":"f6642d37-c0dd-4d59-a89f-8ecbbb6cc6d4","block_type":"box","text":"$5 billion – $10 billion","page_number":42,"box":{"x":70,"y":478,"width":147,"height":9}},{"id":"9e27ff33-b5ab-4c0e-95df-54a678d36ee1","block_type":"box","text":"0.43%","page_number":42,"box":{"x":849,"y":479,"width":42,"height":8}},{"id":"4ac79546-a8d8-4854-bd1e-c082dfc8d444","block_type":"box","text":"Greater than $10 billion","page_number":42,"box":{"x":69,"y":496,"width":157,"height":10}},{"id":"b51fcf9b-e262-4fd7-abe6-411d3950f102","block_type":"box","text":"0.42%","page_number":42,"box":{"x":849,"y":497,"width":42,"height":8}},{"id":"124405f9-556f-440e-b593-ac603b3dbbbd","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":42,"box":{"x":62,"y":528,"width":840,"height":12}},{"id":"b472df8a-067b-4d7c-9c91-9069254b9adf","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":42,"box":{"x":61,"y":543,"width":861,"height":12}},{"id":"cf709890-46ee-46e2-bfe8-f286661e3dc5","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition,","page_number":42,"box":{"x":61,"y":558,"width":856,"height":12}},{"id":"8987e39c-2286-46f7-a8ba-bbd4799ddd52","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund","page_number":42,"box":{"x":62,"y":573,"width":872,"height":11}},{"id":"ec8763dd-20db-43fb-b2a3-9f64b54333bb","block_type":"box","text":"pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":42,"box":{"x":62,"y":588,"width":866,"height":11}},{"id":"1cb590f6-14de-4f1b-b055-3dcc1aed1245","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":42,"box":{"x":62,"y":603,"width":860,"height":11}},{"id":"549222c6-b075-45dd-83db-ce7499db26d1","block_type":"box","text":"90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the","page_number":42,"box":{"x":61,"y":617,"width":810,"height":12}},{"id":"b13b8d59-6f05-4427-92b3-567987edf629","block_type":"box","text":"outstanding voting securities of the Fund.","page_number":42,"box":{"x":61,"y":632,"width":302,"height":12}},{"id":"df07f141-3fac-4aa2-99dd-e77ee6c2b1cf","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses of the Fund (excluding: (i) interest, taxes, dividends tied to","page_number":42,"box":{"x":62,"y":655,"width":846,"height":11}},{"id":"ed2a2dcf-eb09-4559-8efd-1cfad4f23a5e","block_type":"box","text":"short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally","page_number":42,"box":{"x":61,"y":670,"width":819,"height":11}},{"id":"e0a5095f-7f43-4b29-8436-91857a1a76f0","block_type":"box","text":"accepted accounting principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund","page_number":42,"box":{"x":61,"y":684,"width":863,"height":12}},{"id":"2edf3a67-2d0e-4448-9549-583b9f9ed052","block_type":"box","text":"as a result of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of,","page_number":42,"box":{"x":61,"y":699,"width":867,"height":12}},{"id":"ba15eaad-7b96-43c5-9088-a4df54ee0fc0","block_type":"box","text":"the Fund’s investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary","page_number":42,"box":{"x":60,"y":714,"width":841,"height":12}},{"id":"5f49f2d1-013c-46f5-9f62-036a553f8672","block_type":"box","text":"course of the Fund’s business, if any) of each share class of the Fund at the levels shown below and in the Fund’s","page_number":42,"box":{"x":61,"y":729,"width":841,"height":11}},{"id":"fa8a772c-86a0-4a49-93e8-2c49de744dc5","block_type":"box","text":"fees and expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding","page_number":42,"box":{"x":60,"y":744,"width":865,"height":11}},{"id":"46c9301e-199c-478d-8572-f2c841a416de","block_type":"box","text":"sentence are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and","page_number":42,"box":{"x":61,"y":759,"width":800,"height":11}},{"id":"1270cd2f-9f8f-4b61-a6e4-220e8d6e5e6f","block_type":"box","text":"Expenses and certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive and/or","page_number":42,"box":{"x":62,"y":774,"width":858,"height":11}},{"id":"4ae30ad4-c941-4bef-90b3-92c2e215727a","block_type":"box","text":"reimburse fees or expenses if these operating expenses exceed a certain limit.","page_number":42,"box":{"x":61,"y":788,"width":581,"height":12}},{"id":"2672e996-2ef8-4253-afc9-bf37574cd5a5","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to","page_number":42,"box":{"x":60,"y":811,"width":863,"height":11}},{"id":"f5d06539-7158-4a55-81fe-be6607fddde4","block_type":"box","text":"limit Total Annual Fund Operating Expenses to the amounts noted in the table below.","page_number":42,"box":{"x":62,"y":826,"width":618,"height":11}},{"id":"5d492fc0-e3ef-4c43-827f-654c8ecfa7a5","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6889a9bd-c5e6-4a1e-8fec-0d90324cbd66","block_type":"box","text":"NM1026U-5979803-42/68","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c203e88c-f7a4-41e9-bbed-d4971edbe700","block_type":"box","text":"Contractual Cap(s)","page_number":43,"box":{"x":795,"y":50,"width":113,"height":9}},{"id":"01ea0171-8def-4477-bdf7-50bc1298be99","block_type":"box","text":"1","page_number":43,"box":{"x":910,"y":50,"width":3,"height":4}},{"id":"e7412623-74e9-47ea-a0f7-b5237721aa83","block_type":"box","text":"on Total Annual Fund","page_number":43,"box":{"x":791,"y":61,"width":125,"height":7}},{"id":"1091f23c-6cc2-45e4-ac9b-1ffb5567c655","block_type":"box","text":"Operating Expenses","page_number":43,"box":{"x":792,"y":71,"width":120,"height":9}},{"id":"e2cab1ce-66c0-41f0-b584-8e78d3968a25","block_type":"box","text":"2","page_number":43,"box":{"x":912,"y":71,"width":4,"height":3}},{"id":"bb4021f0-53a4-4fbd-b5ff-1027a4b67a7f","block_type":"box","text":"(excluding Dividend","page_number":43,"box":{"x":795,"y":81,"width":118,"height":9}},{"id":"2765e67f-e2db-4e40-b93a-5eb52be3102f","block_type":"box","text":"Expense, Interest","page_number":43,"box":{"x":802,"y":92,"width":105,"height":8}},{"id":"7df092e1-fdc4-4a73-9607-016b0840f3ae","block_type":"box","text":"Expense, Acquired","page_number":43,"box":{"x":799,"y":102,"width":110,"height":9}},{"id":"c82e93d6-c459-4f76-84f3-a5c3e30e058a","block_type":"box","text":"Fund Fees and","page_number":43,"box":{"x":811,"y":112,"width":86,"height":7}},{"id":"ebf1f3a0-a061-47b6-89b2-58a547b23e9c","block_type":"box","text":"Expenses and","page_number":43,"box":{"x":813,"y":122,"width":82,"height":9}},{"id":"23cd9af4-bf56-4021-9128-ff02ad1b0e95","block_type":"box","text":"certain other","page_number":43,"box":{"x":815,"y":133,"width":78,"height":7}},{"id":"5f32f558-50d3-492d-a5df-82634e9dc207","block_type":"box","text":"Fund expenses)","page_number":43,"box":{"x":807,"y":143,"width":93,"height":9}},{"id":"9bd9fa13-5fa7-4379-92a8-f9bbb4289a02","block_type":"box","text":"Investor A Shares","page_number":43,"box":{"x":70,"y":160,"width":115,"height":8}},{"id":"915e0238-a111-459d-887e-fc4b052b454c","block_type":"box","text":"0.79%","page_number":43,"box":{"x":839,"y":160,"width":41,"height":8}},{"id":"3156f488-37fb-4c44-9258-b1d233253834","block_type":"box","text":"Investor C Shares","page_number":43,"box":{"x":70,"y":178,"width":116,"height":8}},{"id":"6299b694-e126-4f8d-8ea9-a580ae024738","block_type":"box","text":"1.54%","page_number":43,"box":{"x":839,"y":178,"width":41,"height":8}},{"id":"fd54e1b3-6106-482c-ba30-7f3e8deea80c","block_type":"box","text":"Institutional Shares","page_number":43,"box":{"x":70,"y":196,"width":127,"height":8}},{"id":"1dd1dbff-e44b-4613-a2ba-1652a188e8b7","block_type":"box","text":"0.54%","page_number":43,"box":{"x":839,"y":196,"width":41,"height":8}},{"id":"5eb38952-63d5-40bd-8767-a278869ea4f3","block_type":"box","text":"Class R Shares","page_number":43,"box":{"x":69,"y":214,"width":101,"height":8}},{"id":"85f7237a-6c5b-43b2-bbf2-506638086224","block_type":"box","text":"1.04%","page_number":43,"box":{"x":839,"y":214,"width":41,"height":8}},{"id":"d6974275-79c5-4081-9cae-9f6467eac413","block_type":"box","text":"1","page_number":43,"box":{"x":61,"y":234,"width":3,"height":3}},{"id":"0f6de7ae-ef15-4dd7-9d8d-d744a3f023de","block_type":"box","text":"The contractual caps are in effect through June 30, 2028. The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":43,"box":{"x":81,"y":234,"width":851,"height":9}},{"id":"119ccf82-12f9-4495-ae4a-3acacf007712","block_type":"box","text":"notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":43,"box":{"x":81,"y":244,"width":839,"height":9}},{"id":"215a1d24-4abb-42ea-b9a8-d949ec797225","block_type":"box","text":"2","page_number":43,"box":{"x":61,"y":257,"width":3,"height":4}},{"id":"e6e2754d-f599-4502-915c-0ff34fd5f668","block_type":"box","text":"As a percentage of average daily net assets.","page_number":43,"box":{"x":81,"y":257,"width":260,"height":9}},{"id":"4b213ea3-0c16-4a22-a2fb-6e18b672008f","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":43,"box":{"x":60,"y":282,"width":875,"height":11}},{"id":"58a8a478-3576-4481-b49a-6a034b7df894","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":43,"box":{"x":61,"y":297,"width":705,"height":11}},{"id":"d4ab725a-cf75-435c-a33f-0f05c4098a77","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":43,"box":{"x":60,"y":320,"width":850,"height":11}},{"id":"153e6eaf-5c22-4e98-a7e6-a542f9190c6c","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":43,"box":{"x":62,"y":334,"width":556,"height":12}},{"id":"6663dedd-802c-4d2d-a474-a1f8e807b265","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":43,"box":{"x":62,"y":357,"width":851,"height":12}},{"id":"2a5b5746-7687-4980-8606-5516626f022d","block_type":"box","text":"the annual rate of 0.49% of the Fund’s average daily net assets.","page_number":43,"box":{"x":60,"y":372,"width":473,"height":11}},{"id":"692385f8-3086-4829-8943-c4b06e10d6b6","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":43,"box":{"x":62,"y":394,"width":864,"height":12}},{"id":"f39ee050-69ce-4d63-b2f3-e23a55586206","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":43,"box":{"x":62,"y":409,"width":863,"height":12}},{"id":"0a8b8ab3-957b-4abb-b8b2-28ac42cde909","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":43,"box":{"x":60,"y":424,"width":861,"height":11}},{"id":"f153f7a5-0080-4e43-bbc8-9782252188a7","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":43,"box":{"x":61,"y":439,"width":864,"height":11}},{"id":"be581f20-7d70-4e38-8334-a3d201a65f02","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":43,"box":{"x":61,"y":454,"width":872,"height":11}},{"id":"32fe440d-80ba-48d5-9a5f-e330e1c540da","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":43,"box":{"x":61,"y":468,"width":841,"height":12}},{"id":"aa5ef240-0108-4daf-b7b3-4c2cf86bae4a","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":43,"box":{"x":61,"y":483,"width":472,"height":12}},{"id":"2e9e7e61-e959-47e6-8bdd-c24630a273da","block_type":"box","text":"Portfolio Manager Information","page_number":43,"box":{"x":61,"y":522,"width":272,"height":14}},{"id":"5bebfaed-4bba-469a-a7b6-3981612b1e77","block_type":"box","text":"Information regarding the portfolio managers is set forth below. Further information regarding the portfolio managers,","page_number":43,"box":{"x":62,"y":548,"width":862,"height":12}},{"id":"a097f483-0bb5-41ee-b6c4-4bf2577e64af","block_type":"box","text":"including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is","page_number":43,"box":{"x":62,"y":563,"width":836,"height":12}},{"id":"53ac98c9-aabc-49a8-8fb5-3edf4ede9691","block_type":"box","text":"available in the SAI.","page_number":43,"box":{"x":61,"y":578,"width":144,"height":9}},{"id":"39c17e76-ea50-4659-bdde-ae4817659fe3","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":43,"box":{"x":61,"y":606,"width":797,"height":10}},{"id":"5221730b-dc19-4d27-95e7-0220bfbfc6af","block_type":"box","text":"Raffaele Savi Jointly and primarily responsible for","page_number":43,"box":{"x":61,"y":623,"width":424,"height":11}},{"id":"7ccaebb0-ff02-4fa6-92b6-e11084a9cec6","block_type":"box","text":"the day-to-day management of the","page_number":43,"box":{"x":252,"y":637,"width":223,"height":10}},{"id":"993a4b38-2e0c-4277-822e-99522f1535f2","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":43,"box":{"x":253,"y":650,"width":245,"height":11}},{"id":"107c1ee6-f1f3-4d04-8e6b-b419c837e776","block_type":"box","text":"Fund’s overall investment strategy","page_number":43,"box":{"x":253,"y":664,"width":225,"height":10}},{"id":"6848d126-c3a8-4bd3-8d37-593e6025c8d6","block_type":"box","text":"and overseeing the management of","page_number":43,"box":{"x":253,"y":678,"width":233,"height":10}},{"id":"21aacb51-6dea-428e-89b3-adf0ff5f44e0","block_type":"box","text":"the Fund.","page_number":43,"box":{"x":252,"y":691,"width":60,"height":8}},{"id":"d06ef304-da28-40f5-9cf8-780d4491cfe9","block_type":"box","text":"2017 Senior Managing Director of BlackRock, Inc.","page_number":43,"box":{"x":545,"y":623,"width":358,"height":11}},{"id":"2be3d1f8-ed22-41fb-9e98-c5ee183e4f67","block_type":"box","text":"since 2023; Managing Director of BlackRock,","page_number":43,"box":{"x":615,"y":637,"width":298,"height":10}},{"id":"c096d7d1-8ce2-4915-85f6-e0634fae44e3","block_type":"box","text":"Inc. from 2009 to 2022.","page_number":43,"box":{"x":616,"y":650,"width":159,"height":9}},{"id":"add7fd96-c63d-4af4-bf5c-8ec2f84c88b7","block_type":"box","text":"Travis Cooke, CFA Jointly and primarily responsible for","page_number":43,"box":{"x":60,"y":709,"width":425,"height":10}},{"id":"4c6babae-a306-49b3-91af-af56edc52e7d","block_type":"box","text":"the day-to-day management of the","page_number":43,"box":{"x":252,"y":723,"width":223,"height":10}},{"id":"b8071004-58b2-45bd-999f-7922201c5937","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":43,"box":{"x":253,"y":736,"width":245,"height":11}},{"id":"d3417aac-69e7-4896-be7b-5bd719543147","block_type":"box","text":"Fund’s overall investment strategy","page_number":43,"box":{"x":253,"y":750,"width":225,"height":10}},{"id":"ec69ef64-fac9-4400-b652-58ca80a892b1","block_type":"box","text":"and overseeing the management of","page_number":43,"box":{"x":253,"y":763,"width":233,"height":11}},{"id":"515dd398-5da2-47c4-9c3e-cac20b86205d","block_type":"box","text":"the Fund.","page_number":43,"box":{"x":252,"y":777,"width":60,"height":8}},{"id":"171db7b3-d736-422f-8446-55c90d875510","block_type":"box","text":"2017 Managing Director of BlackRock, Inc. since","page_number":43,"box":{"x":545,"y":709,"width":352,"height":11}},{"id":"c00ac0db-8290-4823-b3f7-3f92cc6f010e","block_type":"box","text":"2012.","page_number":43,"box":{"x":615,"y":723,"width":39,"height":8}},{"id":"e86a9bd5-7d47-4f1e-af7d-3cb3bb579aa9","block_type":"box","text":"Richard Mathieson Jointly and primarily responsible for","page_number":43,"box":{"x":61,"y":795,"width":424,"height":10}},{"id":"c444161a-8a15-423b-b5ff-681d96ed275f","block_type":"box","text":"the day-to-day management of the","page_number":43,"box":{"x":252,"y":808,"width":223,"height":11}},{"id":"5c1311f7-c51b-48d7-9f9f-2f21b883a77c","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":43,"box":{"x":253,"y":822,"width":245,"height":10}},{"id":"9c0abded-834b-4507-bc23-6fb3c5934d43","block_type":"box","text":"Fund’s overall investment strategy","page_number":43,"box":{"x":253,"y":836,"width":225,"height":10}},{"id":"53bd85d8-63e6-4448-b0dd-f264b22a11c9","block_type":"box","text":"and overseeing the management of","page_number":43,"box":{"x":253,"y":849,"width":233,"height":10}},{"id":"5b03bdf6-54c9-4714-8369-8a16ed3cabba","block_type":"box","text":"the Fund.","page_number":43,"box":{"x":252,"y":863,"width":60,"height":8}},{"id":"6360e51b-a957-48c8-afbb-71b86d002ed5","block_type":"box","text":"2017 Managing Director of BlackRock, Inc. since","page_number":43,"box":{"x":545,"y":795,"width":352,"height":10}},{"id":"f6f0a199-7741-41e7-9879-1ba4b98283f8","block_type":"box","text":"2011.","page_number":43,"box":{"x":615,"y":809,"width":39,"height":8}},{"id":"3a4c52be-35e1-40e4-9810-1baee255075b","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"2626c327-1a2e-44a5-9ed0-01a56cfbbccc","block_type":"box","text":"NM1026U-5979803-43/68","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0bb333c5-6c73-490d-997b-cdc1950881b1","block_type":"box","text":"Conflicts of Interest","page_number":44,"box":{"x":61,"y":46,"width":181,"height":11}},{"id":"360cc956-426e-457e-b83e-82298e142ca5","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":44,"box":{"x":60,"y":73,"width":871,"height":11}},{"id":"0474ed7f-0697-46c5-afe1-6fa9062ac1bf","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":44,"box":{"x":62,"y":88,"width":801,"height":11}},{"id":"ceb6fa9e-3bc8-4131-b239-d88ac2dcf18e","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":44,"box":{"x":61,"y":102,"width":723,"height":12}},{"id":"1b26b57a-4593-497d-a409-9cb1bdc60aff","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":44,"box":{"x":62,"y":125,"width":871,"height":11}},{"id":"049941e0-94dc-485c-8fd2-4caddec06397","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":44,"box":{"x":61,"y":140,"width":845,"height":11}},{"id":"b75e0ccf-9151-4430-9fc0-4e23a69a8d23","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":44,"box":{"x":61,"y":155,"width":865,"height":11}},{"id":"528b561e-d399-4818-ab26-016306f55f78","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":44,"box":{"x":62,"y":169,"width":839,"height":12}},{"id":"5d57845c-a142-4ce9-bb33-46ee3c5e0df1","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":44,"box":{"x":60,"y":184,"width":850,"height":12}},{"id":"36df74b5-3730-47b5-9199-5a34fdf29759","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":44,"box":{"x":62,"y":199,"width":813,"height":11}},{"id":"88183317-c60e-4115-b566-924b03c66ae1","block_type":"box","text":"indirectly invest.","page_number":44,"box":{"x":62,"y":214,"width":116,"height":11}},{"id":"8d881761-7142-4cd2-8fc1-5c77be3eb6b3","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":44,"box":{"x":62,"y":236,"width":801,"height":12}},{"id":"9d414346-4328-4a34-85fc-87fa71f8be3a","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":44,"box":{"x":62,"y":251,"width":865,"height":12}},{"id":"6ce039c4-69c4-4a78-8d53-d43bb8c8cca8","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":44,"box":{"x":61,"y":266,"width":829,"height":12}},{"id":"b16180fd-3cbc-4e90-a572-a4c804659f9b","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":44,"box":{"x":61,"y":281,"width":856,"height":11}},{"id":"0e3aa3e5-41cc-4dd9-95bb-658f834fe8db","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":44,"box":{"x":61,"y":296,"width":814,"height":11}},{"id":"6361bd50-4664-462b-a67b-fe60eb1aed1c","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":44,"box":{"x":61,"y":311,"width":860,"height":11}},{"id":"2bd02e3f-c02c-4a4a-99c4-a7f1e5cf18d5","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":44,"box":{"x":62,"y":325,"width":862,"height":12}},{"id":"bb02fd06-b876-4db9-af99-b7fd691af965","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":44,"box":{"x":60,"y":340,"width":565,"height":12}},{"id":"9674a249-f95e-4c92-a925-af290f181f47","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":44,"box":{"x":60,"y":363,"width":855,"height":11}},{"id":"d69f543f-d6df-4796-b959-8cedb3571ec3","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":44,"box":{"x":61,"y":378,"width":807,"height":11}},{"id":"cf4d8928-3a1f-44d1-b43a-95aed8fd8adf","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":44,"box":{"x":61,"y":392,"width":862,"height":12}},{"id":"e5a48615-d0b8-41d2-a102-7a9c816efe66","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":44,"box":{"x":61,"y":407,"width":866,"height":12}},{"id":"5e0fc810-7eb5-4458-99c3-82deccc6f52e","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":44,"box":{"x":62,"y":422,"width":444,"height":12}},{"id":"887b9300-60ce-4a6b-931e-2fd8de044fc2","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":44,"box":{"x":60,"y":445,"width":862,"height":11}},{"id":"e2fa0151-2df4-4e70-b1ae-c018f320ea12","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":44,"box":{"x":60,"y":459,"width":567,"height":12}},{"id":"acac8170-d44b-4a6e-9624-0b587d69fc36","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":44,"box":{"x":62,"y":482,"width":851,"height":12}},{"id":"ca5073f3-311d-4631-b4e1-7fee169717ca","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":44,"box":{"x":60,"y":497,"width":864,"height":11}},{"id":"defca082-ddb4-4767-ac2e-60ab65fedc12","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":44,"box":{"x":60,"y":512,"width":865,"height":11}},{"id":"fd9c3672-c717-4f23-aa24-51060d35d6a1","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":44,"box":{"x":60,"y":526,"width":834,"height":12}},{"id":"f5e8261f-94d7-468d-a8a4-4b88a068d21e","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":44,"box":{"x":61,"y":541,"width":815,"height":12}},{"id":"44aa7bf2-2bc7-4089-9016-f334a15e0a4d","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":44,"box":{"x":62,"y":564,"width":802,"height":11}},{"id":"135ffe34-b823-4cd5-983c-5b8c0e89dd51","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":44,"box":{"x":61,"y":579,"width":840,"height":11}},{"id":"2499f557-cf5c-4a84-86c4-98a4bb9b8e7a","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":44,"box":{"x":61,"y":594,"width":648,"height":11}},{"id":"80b70333-66fd-490e-850d-30f513358df0","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":44,"box":{"x":62,"y":616,"width":854,"height":12}},{"id":"08649d62-81a8-46e5-9ee6-389dd1425294","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":44,"box":{"x":60,"y":631,"width":814,"height":11}},{"id":"1ebe965e-20f2-4005-9773-66dc86160134","block_type":"box","text":"expense ratio of the Fund may be impacted by purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":44,"box":{"x":61,"y":646,"width":853,"height":11}},{"id":"db118cd9-9a4c-4db2-906e-55fd36e3b63c","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BlackRock or an Affiliate or their","page_number":44,"box":{"x":60,"y":668,"width":858,"height":12}},{"id":"363a797c-79ac-4460-84b8-162c46d3df11","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":44,"box":{"x":62,"y":683,"width":367,"height":12}},{"id":"6da588d3-3feb-47bf-9038-069daf8a28a3","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Investment Management,","page_number":44,"box":{"x":62,"y":706,"width":869,"height":11}},{"id":"6033d6a4-e01c-4962-aef8-f744a3d16a10","block_type":"box","text":"LLC, an Affiliate of BlackRock, to serve as its securities lending agent to the extent that it participates in the securities","page_number":44,"box":{"x":62,"y":720,"width":875,"height":12}},{"id":"4c63530e-3ab5-466b-b597-63c2db614127","block_type":"box","text":"lending program. For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":44,"box":{"x":62,"y":735,"width":857,"height":12}},{"id":"4f5885d6-afe8-4003-9cb5-09a12ace2b87","block_type":"box","text":"on the returns earned on the Fund’s lending activities, including the investment of the cash received as collateral for","page_number":44,"box":{"x":61,"y":750,"width":857,"height":12}},{"id":"7d2494cd-2198-4f76-b323-c1cbbc28bf13","block_type":"box","text":"the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":44,"box":{"x":60,"y":765,"width":841,"height":12}},{"id":"47d11dbb-224f-49e8-88b2-0a6368b353ed","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":44,"box":{"x":62,"y":780,"width":415,"height":11}},{"id":"616f3e03-6b0a-493e-80cb-bd77b275becc","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":44,"box":{"x":62,"y":802,"width":864,"height":12}},{"id":"320e5ec0-81f8-4e4b-84e7-9815b86cc729","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":44,"box":{"x":61,"y":817,"width":868,"height":12}},{"id":"80c0d02a-a3d0-4a42-8ce0-ca5115dfa42b","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":44,"box":{"x":62,"y":832,"width":870,"height":12}},{"id":"6aa9a4ab-142f-4cbf-bf45-ba3389da5b73","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":44,"box":{"x":60,"y":847,"width":545,"height":11}},{"id":"10c17989-8d00-40cd-a5bc-4a097562caf8","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":44,"box":{"x":60,"y":869,"width":837,"height":12}},{"id":"5ab898cf-d3e6-41af-8d07-1c1118777f29","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":44,"box":{"x":61,"y":884,"width":865,"height":12}},{"id":"029c0bbd-a450-4fc7-9d88-4c110d4a1202","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":44,"box":{"x":62,"y":899,"width":819,"height":12}},{"id":"0d8f0d29-e83e-4d9e-ab5d-eda12a88746f","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b7975441-a3fb-4292-86dd-ab41af19d8ba","block_type":"box","text":"NM1026U-5979803-44/68","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a7ea441a-68d8-42a0-82a4-ce1fbd5e6b50","block_type":"box","text":"Valuation of Fund Investments","page_number":45,"box":{"x":63,"y":46,"width":271,"height":11}},{"id":"4b79d638-e50f-4041-a2b5-882bc986abbb","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":45,"box":{"x":60,"y":73,"width":869,"height":11}},{"id":"82326507-eeae-4488-83fd-d1a494491859","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":45,"box":{"x":61,"y":88,"width":868,"height":11}},{"id":"fe1c6e96-eff7-40d8-9263-77398a1551e4","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":45,"box":{"x":61,"y":102,"width":849,"height":12}},{"id":"c1fa5386-6b75-45ec-8dfd-139d390c6d80","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":45,"box":{"x":60,"y":117,"width":862,"height":12}},{"id":"b70f7061-fd13-4f94-8404-c44b7938132d","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":45,"box":{"x":60,"y":132,"width":842,"height":12}},{"id":"74eef491-59dd-4cd0-886d-7870d88fe637","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":45,"box":{"x":61,"y":147,"width":851,"height":11}},{"id":"a7c501f9-f3c3-43cf-960b-f900f3927f1a","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":45,"box":{"x":62,"y":162,"width":866,"height":11}},{"id":"961cbf52-4752-4e40-abfe-f3ab121166fc","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":45,"box":{"x":61,"y":176,"width":825,"height":12}},{"id":"8137aa57-ffff-4e6d-95c9-c13e6d252cdf","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":45,"box":{"x":61,"y":191,"width":854,"height":12}},{"id":"6ecf41cb-19ea-4aed-9a2d-c2b788a71626","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":45,"box":{"x":62,"y":206,"width":764,"height":12}},{"id":"6bfc25c0-3393-4f6d-ad6f-6293b48a8f01","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":45,"box":{"x":61,"y":229,"width":830,"height":11}},{"id":"8cbe8f97-6cbc-4002-ac3c-83a222ec1a1c","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C or Class R Shares, and Class R Shares will have a","page_number":45,"box":{"x":62,"y":244,"width":870,"height":11}},{"id":"778ba112-06bb-4073-9424-bd867176027f","block_type":"box","text":"higher net asset value than Investor C Shares. Also, dividends paid on Investor A, Institutional and Class R Shares will","page_number":45,"box":{"x":61,"y":258,"width":869,"height":12}},{"id":"4f84b055-50fd-4707-981e-acce913ee4a7","block_type":"box","text":"generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":45,"box":{"x":60,"y":273,"width":838,"height":12}},{"id":"326b684b-f62c-4058-b7f4-38927e8f6e31","block_type":"box","text":"have lower expenses.","page_number":45,"box":{"x":61,"y":288,"width":156,"height":11}},{"id":"faf8a0d8-77c0-4d19-b14c-b30b776d17f9","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":45,"box":{"x":60,"y":311,"width":844,"height":11}},{"id":"a487604a-fe3f-4b9b-9e55-e93ce723b6d9","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":45,"box":{"x":60,"y":325,"width":837,"height":12}},{"id":"dad1bb58-66d4-425e-9121-60d831b146cb","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":45,"box":{"x":62,"y":340,"width":464,"height":12}},{"id":"ad286e4c-c6d7-46aa-b3a4-e0cb77b70a48","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":45,"box":{"x":62,"y":363,"width":863,"height":11}},{"id":"b35e5d85-6ec9-4b30-85b4-8d0c90c75fb5","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":45,"box":{"x":60,"y":378,"width":858,"height":11}},{"id":"462a5a9f-3201-4ad1-85c3-0b4f25a2522a","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":45,"box":{"x":62,"y":392,"width":863,"height":12}},{"id":"77fd9624-6e18-4625-98b4-8c1b5f11b496","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":45,"box":{"x":61,"y":407,"width":852,"height":12}},{"id":"af72c6a0-2ee0-4721-89d0-001f87cad279","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":45,"box":{"x":61,"y":422,"width":872,"height":12}},{"id":"787c2489-705a-47f9-98fb-e0fb23a8ea0f","block_type":"box","text":"underlying exchange-traded closed-end funds or other exchange-traded funds are valued at their most recent closing","page_number":45,"box":{"x":61,"y":437,"width":851,"height":11}},{"id":"bae1cdaa-24ef-4091-bee7-6baac820b00d","block_type":"box","text":"price.","page_number":45,"box":{"x":62,"y":452,"width":37,"height":11}},{"id":"43ad4be9-f006-437c-8325-560f31dd28d8","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":45,"box":{"x":60,"y":474,"width":857,"height":12}},{"id":"8e63e5cb-eb49-40f6-a7d3-41a659db7448","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":45,"box":{"x":61,"y":489,"width":870,"height":12}},{"id":"4824d4d1-8a9d-4fbe-b299-fb99502eec5c","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":45,"box":{"x":61,"y":504,"width":868,"height":12}},{"id":"68eddf32-e898-4c5e-ad3e-eb77f7d0ae56","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":45,"box":{"x":61,"y":519,"width":842,"height":11}},{"id":"62ebfc68-3a8d-426c-bae3-dae78780d1a1","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":45,"box":{"x":61,"y":534,"width":853,"height":11}},{"id":"91f86c22-09cc-4a9e-9c62-a3904632af0d","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":45,"box":{"x":61,"y":548,"width":844,"height":12}},{"id":"6d071715-4adc-4b56-8907-8d5449ae3202","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":45,"box":{"x":61,"y":563,"width":822,"height":12}},{"id":"b4aca7ac-4638-487a-91a5-402eb34c3335","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":45,"box":{"x":61,"y":578,"width":845,"height":12}},{"id":"82f7682f-4f53-4b7d-8236-353a8161f101","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":45,"box":{"x":61,"y":593,"width":733,"height":11}},{"id":"da5634f5-6b02-4774-b485-e8bf0c3cf729","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":45,"box":{"x":61,"y":615,"width":829,"height":12}},{"id":"5e5643ea-9039-4bab-a7c4-885a5ceb3c64","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":45,"box":{"x":61,"y":630,"width":857,"height":12}},{"id":"dc64b57c-402c-4034-af7d-c62048044a38","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":45,"box":{"x":61,"y":645,"width":841,"height":12}},{"id":"1eaca9fb-5628-4636-91d6-23ea4aab66e8","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":45,"box":{"x":61,"y":660,"width":583,"height":11}},{"id":"23cb166b-9dff-46f7-b756-c397b6e10252","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":45,"box":{"x":60,"y":682,"width":839,"height":12}},{"id":"1d68408b-3b5c-46c0-bb4c-9a6d09a43784","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":45,"box":{"x":60,"y":698,"width":858,"height":11}},{"id":"77cbdb75-4110-4514-b7eb-58cab1d0b2e0","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":45,"box":{"x":61,"y":712,"width":844,"height":12}},{"id":"fc5bd85f-59e4-448d-b9e1-95e62beeb59f","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":45,"box":{"x":61,"y":727,"width":845,"height":12}},{"id":"d501f4e6-67ea-443b-9f13-d5b7b8b01c56","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":45,"box":{"x":61,"y":742,"width":841,"height":11}},{"id":"faf2ba56-81fa-4180-b26f-b09e31fddb04","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":45,"box":{"x":60,"y":757,"width":820,"height":11}},{"id":"a2351686-e455-44f3-8134-9138b8558701","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":45,"box":{"x":61,"y":771,"width":828,"height":12}},{"id":"5d64e43e-26fc-48ef-9eb6-ee59f0803b17","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":45,"box":{"x":61,"y":786,"width":836,"height":12}},{"id":"ab62fd71-34bd-4c51-a0bd-2b30c8d2a059","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":45,"box":{"x":62,"y":801,"width":862,"height":12}},{"id":"55ab7fef-1f1e-4a46-b394-30ade630933b","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":45,"box":{"x":62,"y":816,"width":623,"height":11}},{"id":"8826ca9c-a8ba-43fa-a7e2-1e379d2df263","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":45,"box":{"x":62,"y":838,"width":817,"height":12}},{"id":"8df493e6-e657-413a-b23e-692c319cf04f","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":45,"box":{"x":61,"y":853,"width":871,"height":12}},{"id":"c7ae187e-19fd-49ce-85b1-b656a8cbf560","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":45,"box":{"x":62,"y":868,"width":872,"height":12}},{"id":"bba93f48-f348-48d5-8e57-f3753d94189e","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":45,"box":{"x":61,"y":883,"width":697,"height":12}},{"id":"d9963162-ae1b-428e-8523-5f7bc9c361b0","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"0116c174-67b0-46ba-8aee-0e4e16423066","block_type":"box","text":"NM1026U-5979803-45/68","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cab0d92b-dd36-4d3f-9c4c-5fed6d5640c9","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":46,"box":{"x":62,"y":46,"width":825,"height":11}},{"id":"109aa0a6-69c3-4f0f-864a-fea36ccb9b90","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":46,"box":{"x":62,"y":60,"width":871,"height":12}},{"id":"313722cc-9e6c-4b3d-b4b5-0f1ada5e705d","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":46,"box":{"x":61,"y":75,"width":847,"height":12}},{"id":"d7c56760-3d3d-4f6b-ac43-67c503dc0e29","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":46,"box":{"x":62,"y":90,"width":829,"height":12}},{"id":"0258a0da-e28a-441a-a660-61e3151041e5","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":46,"box":{"x":60,"y":105,"width":760,"height":12}},{"id":"48b20757-e31a-4be9-96d5-eabbc66e6f9b","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":46,"box":{"x":60,"y":127,"width":830,"height":12}},{"id":"471321e3-dcea-4dd0-bbdc-44490c0366f4","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":46,"box":{"x":61,"y":143,"width":848,"height":11}},{"id":"e81b4ae5-6e67-447a-9163-8a0500c095b7","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":46,"box":{"x":61,"y":157,"width":868,"height":12}},{"id":"86eb9818-6846-4397-a6c5-0935b26a1f08","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":46,"box":{"x":61,"y":172,"width":856,"height":12}},{"id":"dc12e3d2-76b2-421b-8e2d-83a285de91f0","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":46,"box":{"x":61,"y":211,"width":311,"height":13}},{"id":"6844c0d5-de6a-422a-9daa-12b0fe1fc958","block_type":"box","text":"BUYING A DIVIDEND","page_number":46,"box":{"x":423,"y":252,"width":152,"height":9}},{"id":"5044ffc2-9037-4dbd-852c-caa5789a1886","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":46,"box":{"x":72,"y":274,"width":831,"height":12}},{"id":"17de49bd-7405-437f-8897-6407184ff219","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":46,"box":{"x":72,"y":289,"width":845,"height":12}},{"id":"eb73d436-6d37-4011-9cc5-197b0c8f2425","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":46,"box":{"x":71,"y":304,"width":855,"height":12}},{"id":"7f0f61e8-7d96-4e50-9163-801f32c10636","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":46,"box":{"x":70,"y":319,"width":554,"height":12}},{"id":"cc219b5f-e8f5-41a5-a0db-5dfb1ee1a1d4","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":46,"box":{"x":60,"y":360,"width":871,"height":11}},{"id":"2b8d29bf-c9db-43b4-b45b-b75bc046e897","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":46,"box":{"x":61,"y":374,"width":862,"height":12}},{"id":"17f2f01a-8fd2-4eae-8a6c-5810ca9396fd","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":46,"box":{"x":61,"y":389,"width":847,"height":12}},{"id":"60820155-7c9c-41a5-b30d-8e4a5c8e9bed","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although this","page_number":46,"box":{"x":61,"y":404,"width":832,"height":12}},{"id":"80ac83f2-8448-4c91-ae88-2beffab88c83","block_type":"box","text":"cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":46,"box":{"x":61,"y":419,"width":824,"height":11}},{"id":"91c94fa6-956b-4dc2-b824-177c5854c55b","block_type":"box","text":"consist of ordinary income. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":46,"box":{"x":61,"y":434,"width":874,"height":11}},{"id":"e3f7e023-47d4-43be-9a6b-94a481ab5253","block_type":"box","text":"the assets sold.","page_number":46,"box":{"x":60,"y":449,"width":118,"height":9}},{"id":"8007b4eb-6eba-4b27-b856-f16693fa4f62","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":46,"box":{"x":60,"y":471,"width":869,"height":11}},{"id":"3ee2a894-6d5e-4080-9966-fd89d642ee48","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":46,"box":{"x":61,"y":486,"width":862,"height":11}},{"id":"b58c9f68-7b97-47f7-9c23-47ecceca985f","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":46,"box":{"x":60,"y":501,"width":812,"height":11}},{"id":"42f57aba-77dd-4c41-a5a0-79b2f626bc2b","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":46,"box":{"x":61,"y":516,"width":852,"height":11}},{"id":"62449ddf-2092-4ead-89ad-9f900b38c103","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":46,"box":{"x":60,"y":530,"width":844,"height":12}},{"id":"f7c09bd0-d269-43de-8a0c-189b7a58fa19","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":46,"box":{"x":61,"y":545,"width":565,"height":12}},{"id":"308a7cb7-f856-479a-a978-b4fae2d87113","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":46,"box":{"x":60,"y":568,"width":803,"height":11}},{"id":"bbc23bb1-25df-48a9-81fd-6c5683ead285","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":46,"box":{"x":61,"y":582,"width":873,"height":12}},{"id":"64315841-d3c0-4f7a-8a72-9c93b8103bf1","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":46,"box":{"x":60,"y":597,"width":282,"height":12}},{"id":"140dd503-5c73-4bb8-9e28-811890f9792c","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":46,"box":{"x":60,"y":620,"width":861,"height":12}},{"id":"5cd9e31f-7afd-4d60-9988-e8ffb112948a","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":46,"box":{"x":62,"y":635,"width":679,"height":11}},{"id":"5eeb1129-8f09-4da5-a81a-f73eddc9dd8f","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":46,"box":{"x":62,"y":657,"width":827,"height":12}},{"id":"a8b7c1a5-d70e-4f36-a30f-006691728c21","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":46,"box":{"x":60,"y":672,"width":876,"height":12}},{"id":"c31d0c66-af0a-4ec1-b7de-2b8960627299","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":46,"box":{"x":61,"y":687,"width":846,"height":12}},{"id":"aef541b0-0c88-4a5c-bc04-3b4a7c604936","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":46,"box":{"x":61,"y":702,"width":869,"height":11}},{"id":"d81a69d6-c4e8-4744-9357-e98abbfe88b6","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":46,"box":{"x":61,"y":717,"width":430,"height":11}},{"id":"1e2714c7-e037-4b33-9879-6681b37ee128","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":46,"box":{"x":61,"y":739,"width":868,"height":12}},{"id":"7870c3f2-d91c-4131-b92e-c14e762b8f5b","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":46,"box":{"x":60,"y":754,"width":808,"height":12}},{"id":"3ed1da8c-3c58-4961-8b11-41564086b5be","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":46,"box":{"x":60,"y":769,"width":874,"height":11}},{"id":"4b80ec3c-5e6a-48d4-b959-74246f3898ca","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":46,"box":{"x":62,"y":784,"width":789,"height":11}},{"id":"72150620-cef5-48a0-b585-b84645d5a9fb","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":46,"box":{"x":62,"y":798,"width":858,"height":12}},{"id":"cb3ed933-cfb3-4a50-9057-0f327741b97b","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":46,"box":{"x":61,"y":813,"width":865,"height":12}},{"id":"df3437ad-4e54-43f1-a3b7-d1cbd95acdcd","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":46,"box":{"x":61,"y":828,"width":802,"height":12}},{"id":"0199005e-c21a-45f5-afde-dc6277159115","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":46,"box":{"x":62,"y":843,"width":639,"height":12}},{"id":"963c228e-f620-4502-a600-dc842e3f1c87","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":46,"box":{"x":60,"y":866,"width":855,"height":11}},{"id":"0dc17d8e-2d37-41fe-94f3-b143b616883c","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":46,"box":{"x":61,"y":880,"width":832,"height":12}},{"id":"f1711180-175b-4222-ba9a-7d155e144d56","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":46,"box":{"x":62,"y":895,"width":383,"height":11}},{"id":"ae04afb9-1d0f-4db9-ab1c-bbc6514420bd","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b00eab74-05de-46d5-a3b6-d32adb6584b5","block_type":"box","text":"NM1026U-5979803-46/68","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7676d998-48ba-456f-bf25-20ea391132d0","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":47,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"f004ad2d-bad5-4497-9fd1-67352942a807","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":47,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"d8efb007-23c6-4db0-a05a-84f628222e33","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":47,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"9529b913-9cbc-43e9-b508-31c28dd1c414","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP,","page_number":47,"box":{"x":61,"y":120,"width":863,"height":11}},{"id":"141499bc-bd6a-45ef-ba96-6ee462a1f00d","block_type":"box","text":"whose report along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":47,"box":{"x":60,"y":135,"width":787,"height":11}},{"id":"988ebc32-5c54-4534-90c2-876cf0c8c3b2","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":47,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"2ea1f1ae-444e-487d-b213-b5d50ea9eb3a","block_type":"box","text":"which are available upon request and at www.blackrock.com.","page_number":47,"box":{"x":60,"y":165,"width":446,"height":10}},{"id":"bbed6ae2-97ad-4f29-94ea-0a4632f42595","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":47,"box":{"x":564,"y":185,"width":266,"height":9}},{"id":"983ebfff-7086-4af1-8080-c82d2587e73c","block_type":"box","text":"Institutional","page_number":47,"box":{"x":661,"y":201,"width":71,"height":7}},{"id":"f235fe07-90fb-4734-96fc-46a4d51c313e","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":47,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"9833e030-f767-4d78-a6f9-e1d3f463bc31","block_type":"box","text":"Year Ended","page_number":47,"box":{"x":470,"y":217,"width":66,"height":7}},{"id":"ee96bea4-9a8a-49fd-9ba2-6366f3b09550","block_type":"box","text":"05/31/26","page_number":47,"box":{"x":471,"y":227,"width":64,"height":9}},{"id":"b44eb8da-4332-43c6-b499-119161a55ed0","block_type":"box","text":"Year Ended","page_number":47,"box":{"x":567,"y":217,"width":66,"height":7}},{"id":"c8a09267-dbab-4d2b-a08f-32d549c6a91f","block_type":"box","text":"05/31/25","page_number":47,"box":{"x":568,"y":227,"width":64,"height":9}},{"id":"e2a75efb-6f38-4eff-a358-8170bfddd475","block_type":"box","text":"Year Ended","page_number":47,"box":{"x":663,"y":217,"width":66,"height":7}},{"id":"d4125605-1ffc-4f1b-bba1-685dae750188","block_type":"box","text":"05/31/24","page_number":47,"box":{"x":665,"y":227,"width":64,"height":9}},{"id":"8b4c3856-916a-4c5e-bcb2-418086f7df0c","block_type":"box","text":"Year Ended","page_number":47,"box":{"x":760,"y":217,"width":66,"height":7}},{"id":"f40e93f9-7ea9-4e3a-8c86-3d75c618518b","block_type":"box","text":"05/31/23","page_number":47,"box":{"x":762,"y":227,"width":63,"height":9}},{"id":"0df05897-aa74-44b0-b9c8-d5df23fbd9cb","block_type":"box","text":"Year Ended","page_number":47,"box":{"x":857,"y":217,"width":66,"height":7}},{"id":"877dd0bc-96d9-48c8-b56c-044423441cd9","block_type":"box","text":"05/31/22","page_number":47,"box":{"x":859,"y":227,"width":63,"height":9}},{"id":"81448077-9a72-4e15-a61b-16b26649bb6e","block_type":"box","text":"Net asset value, beginning of year","page_number":47,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"ab0c7c3a-2dd5-4558-90de-034ba7189fd1","block_type":"box","text":"$ 30.91 $ 32.45 $ 26.63 $ 29.79 $ 35.07","page_number":47,"box":{"x":474,"y":244,"width":446,"height":8}},{"id":"d7e92c2f-8492-489a-8bac-7001428f12b2","block_type":"box","text":"Net investment income","page_number":47,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"ec283be6-765f-43fa-a1a0-94d3052667ea","block_type":"box","text":"(a)","page_number":47,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"7bd479d0-d84d-4c01-9879-06a3609bd2ca","block_type":"box","text":"0.44 0.48 0.51 0.47 0.45","page_number":47,"box":{"x":506,"y":261,"width":414,"height":7}},{"id":"80b50a70-6696-4e3e-a2da-b69193181053","block_type":"box","text":"Net realized and unrealized gain (loss) 9.09 2.31 6.16 (2.02) (0.21)","page_number":47,"box":{"x":85,"y":273,"width":839,"height":9}},{"id":"221d929b-bf20-402a-8328-cfb7eaea69d0","block_type":"box","text":"Net increase (decrease) from investment operations 9.53 2.79 6.67 (1.55) 0.24","page_number":47,"box":{"x":70,"y":284,"width":850,"height":9}},{"id":"fee14e13-1374-4f43-8d65-e1aef9c82269","block_type":"box","text":"Distributions","page_number":47,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"1aab23c2-a8ec-45f5-b4bb-0337cb039f84","block_type":"box","text":"(b)","page_number":47,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"146a90b0-f7cb-4b09-b552-b19663f82bd2","block_type":"box","text":"From net investment income (0.43) (0.49) (0.50) (0.47) (0.47)","page_number":47,"box":{"x":85,"y":312,"width":839,"height":9}},{"id":"fdb1110b-f7b1-45bb-acff-59b87cf6b7b0","block_type":"box","text":"From net realized gain (2.58) (3.84) (0.35) (1.14) (5.05)","page_number":47,"box":{"x":85,"y":324,"width":839,"height":9}},{"id":"94f50fb5-0446-40a5-a3af-5914b66d1153","block_type":"box","text":"Total distributions (3.01) (4.33) (0.85) (1.61) (5.52)","page_number":47,"box":{"x":69,"y":341,"width":855,"height":9}},{"id":"3e09d734-d376-4be1-9ebe-08c9911db8eb","block_type":"box","text":"Net asset value, end of year","page_number":47,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"89340721-c04b-46b7-b5d2-53995aec33f5","block_type":"box","text":"$ 37.43 $ 30.91 $ 32.45 $ 26.63 $ 29.79","page_number":47,"box":{"x":474,"y":357,"width":446,"height":9}},{"id":"d9009b4a-a2fb-410e-a6b8-78b658311a24","block_type":"box","text":"Total Return","page_number":47,"box":{"x":69,"y":374,"width":73,"height":8}},{"id":"4b481781-9722-4837-b739-89b018540781","block_type":"box","text":"(c)","page_number":47,"box":{"x":143,"y":374,"width":8,"height":5}},{"id":"f3455780-bbfb-4767-9135-d0989cbfa0e7","block_type":"box","text":"Based on net asset value 33.07% 8.89% 25.48% (4.97)% 0.63%","page_number":47,"box":{"x":70,"y":391,"width":860,"height":9}},{"id":"4c0c2c2d-b088-41cd-832f-326f58a507fb","block_type":"box","text":"Ratios to Average Net Assets","page_number":47,"box":{"x":70,"y":408,"width":176,"height":9}},{"id":"9d22dab5-1eb9-435a-ba7e-9fcbd0d6e96d","block_type":"box","text":"(d)","page_number":47,"box":{"x":247,"y":408,"width":8,"height":4}},{"id":"36d119f3-a1b9-4840-87e6-5433105f40de","block_type":"box","text":"Total expenses 0.72% 0.71% 0.71% 0.70% 0.70%","page_number":47,"box":{"x":69,"y":425,"width":861,"height":9}},{"id":"81b2c47c-d9ff-469a-bcee-26336b6b029d","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.54% 0.54% 0.54% 0.54% 0.54%","page_number":47,"box":{"x":69,"y":441,"width":861,"height":9}},{"id":"642ed972-69dc-4a18-af1a-f134b0b725ef","block_type":"box","text":"Net investment income 1.34% 1.52% 1.73% 1.72% 1.41%","page_number":47,"box":{"x":70,"y":458,"width":860,"height":7}},{"id":"fb8630c4-ffcd-4d86-a011-42a293296382","block_type":"box","text":"Supplemental Data","page_number":47,"box":{"x":69,"y":475,"width":114,"height":9}},{"id":"c4af066b-53b4-4b13-9b55-cbe6f39a8437","block_type":"box","text":"Net assets, end of year (000) $303,078 $206,775 $193,379 $164,434 $186,903","page_number":47,"box":{"x":70,"y":491,"width":850,"height":10}},{"id":"316e48ff-4818-4d6f-843b-7a0ce0fd1610","block_type":"box","text":"Portfolio turnover rate 120% 120% 118% 116% 136%","page_number":47,"box":{"x":69,"y":508,"width":861,"height":8}},{"id":"0f639b12-5559-4fb1-b92f-f491b42bdf96","block_type":"box","text":"(a)","page_number":47,"box":{"x":61,"y":529,"width":7,"height":4}},{"id":"250fd2fa-0ab8-4374-a9fe-9103911d3479","block_type":"box","text":"Based on average shares outstanding.","page_number":47,"box":{"x":81,"y":529,"width":225,"height":9}},{"id":"3e3daf7d-b124-4b66-834a-e72c19a010c5","block_type":"box","text":"(b)","page_number":47,"box":{"x":61,"y":541,"width":7,"height":5}},{"id":"32b85d96-b76b-4d4c-8267-fee583fbc2de","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":47,"box":{"x":82,"y":541,"width":582,"height":9}},{"id":"4bc5eb9d-8b93-446d-9923-499ff120edbd","block_type":"box","text":"(c)","page_number":47,"box":{"x":61,"y":554,"width":6,"height":5}},{"id":"7ca53062-10b7-4a32-9ef5-95110128fc03","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":47,"box":{"x":81,"y":554,"width":361,"height":9}},{"id":"c26796ca-d21f-42ae-9164-c7e172f6fce1","block_type":"box","text":"(d)","page_number":47,"box":{"x":61,"y":567,"width":7,"height":5}},{"id":"15f9b3d1-0134-4ad2-84a6-4d27249c3d8d","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":47,"box":{"x":82,"y":567,"width":550,"height":9}},{"id":"85b4b08c-bc01-4934-b0f6-10f0068bba72","block_type":"box","text":"Financial Highlights","page_number":47,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"ced71c84-ff42-4c3e-8e1a-eb8756b2b68d","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"bbe5fd6c-51df-4dfb-99e2-ce94d2769824","block_type":"box","text":"NM1026U-5979803-47/68","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b1ec88ee-04f9-406f-99a7-bd661b0c18f7","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":48,"box":{"x":564,"y":186,"width":266,"height":9}},{"id":"4e67a41d-5724-42c3-918d-52ca9c61a35b","block_type":"box","text":"Investor A","page_number":48,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"b3a3fa9a-10f4-4aba-a578-0e509649a77c","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":48,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"5e6f97bc-bace-4381-be2d-81b38b74823e","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"8c77ebe5-8052-47af-997f-7116f9a20037","block_type":"box","text":"05/31/26","page_number":48,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"58e77c3a-ad2f-448f-afb9-f544085d55a1","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"b27608f1-010d-4cac-9bda-bfd5a8719fd9","block_type":"box","text":"05/31/25","page_number":48,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"fa48dc71-e455-4e4c-806e-a235e316994a","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":663,"y":218,"width":66,"height":8}},{"id":"54e99e66-569d-410e-901c-da6fdd5d57a1","block_type":"box","text":"05/31/24","page_number":48,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"f9e3e8c9-6444-47d1-9199-03a481197de5","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"4c9662a4-a0f5-427c-81ee-0a0e4dc439d4","block_type":"box","text":"05/31/23","page_number":48,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"9b60ebe9-413a-40c6-afb9-1346f2e74a52","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"6f938ccd-a69c-4f51-a6f1-e1a8dcf98e4f","block_type":"box","text":"05/31/22","page_number":48,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"98feaf1c-55c2-48fa-aeec-c7a35c2896c4","block_type":"box","text":"Net asset value, beginning of year","page_number":48,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"b2d8d910-93fd-4981-a4d6-e7c0759f789d","block_type":"box","text":"$ 29.86 $ 31.48 $ 25.86 $ 28.98 $ 34.26","page_number":48,"box":{"x":474,"y":245,"width":446,"height":8}},{"id":"8eb84323-a86a-488d-a9b9-271aacdf3d53","block_type":"box","text":"Net investment income","page_number":48,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"eca7fd00-8dbe-47f1-8b00-3f6e402ad2ff","block_type":"box","text":"(a)","page_number":48,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"18e22acd-dec3-4272-bec6-abbbaf45fd8f","block_type":"box","text":"0.35 0.39 0.43 0.39 0.36","page_number":48,"box":{"x":506,"y":262,"width":414,"height":7}},{"id":"ea08e2e8-8b6e-4fc6-9bdb-a33654ef6d8f","block_type":"box","text":"Net realized and unrealized gain (loss) 8.76 2.24 5.97 (1.97) (0.20)","page_number":48,"box":{"x":85,"y":274,"width":839,"height":9}},{"id":"b80afeaa-5ccb-40bc-bfb1-78e58aeac774","block_type":"box","text":"Net increase (decrease) from investment operations 9.11 2.63 6.40 (1.58) 0.16","page_number":48,"box":{"x":70,"y":285,"width":850,"height":9}},{"id":"d3c15a2c-631a-4e11-9bfc-9f6ddec4fac0","block_type":"box","text":"Distributions","page_number":48,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"7ed40032-649a-4d4a-a5c8-7c855def43d8","block_type":"box","text":"(b)","page_number":48,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"bc268731-0fb1-497d-809b-c2661590aea8","block_type":"box","text":"From net investment income (0.35) (0.41) (0.43) (0.40) (0.39)","page_number":48,"box":{"x":85,"y":314,"width":839,"height":9}},{"id":"a47a794d-5b68-493e-9697-463b93736cc4","block_type":"box","text":"From net realized gain (2.58) (3.84) (0.35) (1.14) (5.05)","page_number":48,"box":{"x":85,"y":325,"width":839,"height":10}},{"id":"1b377293-1734-44e3-9c74-35e922276e45","block_type":"box","text":"Total distributions (2.93) (4.25) (0.78) (1.54) (5.44)","page_number":48,"box":{"x":69,"y":342,"width":855,"height":9}},{"id":"056f943c-c6dd-4247-b643-8c33b8dfd1b4","block_type":"box","text":"Net asset value, end of year","page_number":48,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"60ae1024-192b-476b-a51c-a59a8f9e35b2","block_type":"box","text":"$ 36.04 $ 29.86 $ 31.48 $ 25.86 $ 28.98","page_number":48,"box":{"x":474,"y":358,"width":446,"height":9}},{"id":"072709b6-bed4-41ab-9200-318741c87643","block_type":"box","text":"Total Return","page_number":48,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"eff7a846-b5cc-4794-9122-5047904b0256","block_type":"box","text":"(c)","page_number":48,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"f8f9864d-80d6-4660-ac22-66999735d5f8","block_type":"box","text":"Based on net asset value 32.76% 8.63% 25.15% (5.22)% 0.40%","page_number":48,"box":{"x":70,"y":392,"width":860,"height":9}},{"id":"b7a852fd-0c6f-459c-9112-fd61fd87a25c","block_type":"box","text":"Ratios to Average Net Assets","page_number":48,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"a2158ecd-9799-405c-9b6a-6fc79ee40e01","block_type":"box","text":"(d)","page_number":48,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"814b545e-327b-448b-b9d3-68160cfaca44","block_type":"box","text":"Total expenses 0.97% 0.96% 0.96% 0.97% 0.97%","page_number":48,"box":{"x":69,"y":426,"width":861,"height":9}},{"id":"34c60d3b-f498-4f5d-8509-0adef043bc5e","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.79% 0.79% 0.79% 0.79% 0.79%","page_number":48,"box":{"x":69,"y":443,"width":861,"height":9}},{"id":"fab43625-8dcf-46a8-8744-065e06592961","block_type":"box","text":"Net investment income 1.10% 1.28% 1.48% 1.47% 1.16%","page_number":48,"box":{"x":70,"y":459,"width":860,"height":8}},{"id":"47350043-b4e6-4794-965e-c4cc97f41d9f","block_type":"box","text":"Supplemental Data","page_number":48,"box":{"x":69,"y":476,"width":114,"height":9}},{"id":"7bdbc941-3e86-453c-81f1-5a72ed74cb04","block_type":"box","text":"Net assets, end of year (000) $464,095 $386,921 $393,788 $345,671 $394,334","page_number":48,"box":{"x":70,"y":492,"width":850,"height":10}},{"id":"709c7752-19bb-4721-966c-d79959d74383","block_type":"box","text":"Portfolio turnover rate 120% 120% 118% 116% 136%","page_number":48,"box":{"x":69,"y":510,"width":861,"height":7}},{"id":"db82d43a-c101-48b9-acd1-70f95f8b952e","block_type":"box","text":"(a)","page_number":48,"box":{"x":61,"y":530,"width":7,"height":4}},{"id":"07e51651-fb36-4820-8b75-7810f6b9d46b","block_type":"box","text":"Based on average shares outstanding.","page_number":48,"box":{"x":81,"y":530,"width":225,"height":9}},{"id":"7ddf5370-0272-430d-a87e-55c4f8705fed","block_type":"box","text":"(b)","page_number":48,"box":{"x":61,"y":543,"width":7,"height":4}},{"id":"b44abf06-426f-42e7-86bc-6d3560836049","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":48,"box":{"x":82,"y":542,"width":582,"height":10}},{"id":"92cc24ba-da39-4528-8d8d-a31fdea03eea","block_type":"box","text":"(c)","page_number":48,"box":{"x":61,"y":556,"width":6,"height":4}},{"id":"0bd129d9-bc61-4030-b11a-a213f4d940a4","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":48,"box":{"x":81,"y":555,"width":636,"height":10}},{"id":"a3b83639-ac60-4cd0-af3b-e6f5857a4ac5","block_type":"box","text":"(d)","page_number":48,"box":{"x":61,"y":568,"width":7,"height":5}},{"id":"c8a6fd37-aa28-4e4c-b997-1fba4afd5e6b","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":48,"box":{"x":82,"y":568,"width":550,"height":10}},{"id":"c0a829f2-a65d-4193-ba4c-822bbbe12690","block_type":"box","text":"Financial Highlights","page_number":48,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"487066e1-a930-410b-bd63-5d642413fa57","block_type":"box","text":"(continued)","page_number":48,"box":{"x":244,"y":48,"width":81,"height":12}},{"id":"50b8cc98-9c3f-49f3-bc54-b04ee44b994c","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7a420160-51d5-4718-a62b-e4eaa38ee8d4","block_type":"box","text":"NM1026U-5979803-48/68","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ea6447b9-4fa3-4e06-b80e-fd5ba4a6a6ad","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":49,"box":{"x":564,"y":186,"width":266,"height":9}},{"id":"76369d8b-bcd3-4422-b00d-b03839688247","block_type":"box","text":"Investor C","page_number":49,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"9fe5ec35-db9c-4c65-9266-0bf1f709793d","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":49,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"c356a32a-9149-4f1e-85bf-ebdcc19dcb82","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"501f4070-3569-4bbc-a775-60ce8bda377d","block_type":"box","text":"05/31/26","page_number":49,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"9e45f98a-29a2-421f-86f5-f36617e907ba","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"156e27ba-2117-4a30-aa77-afeea8cf2051","block_type":"box","text":"05/31/25","page_number":49,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"2d5e7b54-5af7-4de9-87d5-abd660338dfa","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":664,"y":218,"width":65,"height":8}},{"id":"263b8ed3-3d44-4fc9-b349-eb2d84d7b56e","block_type":"box","text":"05/31/24","page_number":49,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"ed69f30e-e4b5-4845-9bc7-2b605c4d03b9","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"14c96a70-0b1a-4305-8708-fe76132760e5","block_type":"box","text":"05/31/23","page_number":49,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"3442f22d-6713-4896-8472-a2a83205eb89","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"7ef97fe8-ee9a-445c-ac54-43ae654a6836","block_type":"box","text":"05/31/22","page_number":49,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"dea1daae-6420-401b-96aa-9a268e529c08","block_type":"box","text":"Net asset value, beginning of year","page_number":49,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"d79c6761-c1fd-4098-83ae-0b29c9ab2ed8","block_type":"box","text":"$ 26.56 $ 28.44 $ 23.43 $ 26.40 $ 31.69","page_number":49,"box":{"x":478,"y":245,"width":438,"height":8}},{"id":"35a7d93b-e1f1-48eb-985a-55ac1e4b9c67","block_type":"box","text":"Net investment income","page_number":49,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"9e765b4c-fc3f-469e-afa3-05bb044cc46a","block_type":"box","text":"(a)","page_number":49,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"ab6d0c14-c6ff-4a15-8efe-9c699304c59f","block_type":"box","text":"0.10 0.14 0.19 0.17 0.12","page_number":49,"box":{"x":502,"y":262,"width":414,"height":7}},{"id":"bfe734b5-f190-48be-b1ff-d7d2bc9f3374","block_type":"box","text":"Net realized and unrealized gain (loss) 7.73 2.02 5.40 (1.78) (0.19)","page_number":49,"box":{"x":85,"y":274,"width":835,"height":9}},{"id":"22c5caaa-61b4-456a-a43f-85733cae3d12","block_type":"box","text":"Net increase (decrease) from investment operations 7.83 2.16 5.59 (1.61) (0.07)","page_number":49,"box":{"x":70,"y":285,"width":850,"height":9}},{"id":"a267cd6f-3977-4a27-b26f-ec87bb9bd9a1","block_type":"box","text":"Distributions","page_number":49,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"2ace0a29-b815-4bc4-a0cb-db0870ed98dd","block_type":"box","text":"(b)","page_number":49,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"d258bc60-5980-4458-b8b1-906c77fb30d4","block_type":"box","text":"From net investment income (0.15) (0.20) (0.23) (0.22) (0.17)","page_number":49,"box":{"x":85,"y":314,"width":835,"height":9}},{"id":"45dbdd38-2ff8-45ea-8e75-9c7bbf549b00","block_type":"box","text":"From net realized gain (2.58) (3.84) (0.35) (1.14) (5.05)","page_number":49,"box":{"x":85,"y":325,"width":835,"height":10}},{"id":"2f131fa2-c3fa-40b5-8159-b7cdbe95b1ef","block_type":"box","text":"Total distributions (2.73) (4.04) (0.58) (1.36) (5.22)","page_number":49,"box":{"x":69,"y":342,"width":851,"height":9}},{"id":"d70e3c80-73f2-4631-ae91-69b77deee2cf","block_type":"box","text":"Net asset value, end of year","page_number":49,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"206826ce-e784-4401-a19e-662295215497","block_type":"box","text":"$ 31.66 $ 26.56 $ 28.44 $ 23.43 $ 26.40","page_number":49,"box":{"x":478,"y":358,"width":438,"height":9}},{"id":"dbcd24b0-b63e-4a34-80eb-eabed6b04c7d","block_type":"box","text":"Total Return","page_number":49,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"e7189c1f-d73c-40fd-8007-d24d0f3e973d","block_type":"box","text":"(c)","page_number":49,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"11dbaddc-c213-4aec-9ccb-1d58fd96c7f4","block_type":"box","text":"Based on net asset value 31.76% 7.80% 24.21% (5.89)% (0.38)%","page_number":49,"box":{"x":70,"y":392,"width":860,"height":9}},{"id":"467a34af-215d-41f8-b4f5-db0088d44481","block_type":"box","text":"Ratios to Average Net Assets","page_number":49,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"795c9345-3e74-45a4-9108-1f86cfaf942c","block_type":"box","text":"(d)","page_number":49,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"3f61eee3-cc83-4dbb-9901-a433eaaca17c","block_type":"box","text":"Total expenses 1.77% 1.75% 1.76% 1.74% 1.73%","page_number":49,"box":{"x":69,"y":426,"width":857,"height":9}},{"id":"30371154-ad9b-412c-8f53-15b689146218","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 1.54% 1.54% 1.54% 1.54% 1.54%","page_number":49,"box":{"x":69,"y":443,"width":857,"height":9}},{"id":"3a74efe1-e8d4-482c-80d2-5a298c916dd4","block_type":"box","text":"Net investment income 0.35% 0.53% 0.73% 0.72% 0.41%","page_number":49,"box":{"x":70,"y":459,"width":856,"height":8}},{"id":"a60f5eea-b7d2-4b2e-9331-9faeafb46b8e","block_type":"box","text":"Supplemental Data","page_number":49,"box":{"x":69,"y":476,"width":114,"height":9}},{"id":"24d537eb-5e8c-4968-b77a-08f61c988cf7","block_type":"box","text":"Net assets, end of year (000) $14,651 $13,867 $14,553 $14,894 $18,099","page_number":49,"box":{"x":70,"y":492,"width":846,"height":10}},{"id":"09f61f88-32ca-4e32-9ad9-001f6aed8f18","block_type":"box","text":"Portfolio turnover rate 120% 120% 118% 116% 136%","page_number":49,"box":{"x":69,"y":510,"width":857,"height":7}},{"id":"0400bccf-eca7-42bc-92d0-c43ad7792075","block_type":"box","text":"(a)","page_number":49,"box":{"x":61,"y":530,"width":7,"height":4}},{"id":"b60cb90f-477b-431d-99b7-cbd032c83f20","block_type":"box","text":"Based on average shares outstanding.","page_number":49,"box":{"x":81,"y":530,"width":225,"height":9}},{"id":"cd451549-79a0-4927-89a9-c5adddf5d772","block_type":"box","text":"(b)","page_number":49,"box":{"x":61,"y":543,"width":7,"height":4}},{"id":"5f473c23-f6bb-447c-bf0b-705fa5b7451a","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":49,"box":{"x":82,"y":542,"width":582,"height":10}},{"id":"10cc3716-2962-4e52-91dc-64245052ef8d","block_type":"box","text":"(c)","page_number":49,"box":{"x":61,"y":556,"width":6,"height":4}},{"id":"51e39a96-d873-4d81-84f3-d49e466d6a7b","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":49,"box":{"x":81,"y":555,"width":636,"height":10}},{"id":"2ed5cb8e-c6f8-4969-adb6-2c6de5084d97","block_type":"box","text":"(d)","page_number":49,"box":{"x":61,"y":568,"width":7,"height":5}},{"id":"f9d4df66-f36f-4513-841f-c0aea7289a3a","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":49,"box":{"x":82,"y":568,"width":550,"height":10}},{"id":"080a9388-9070-4a3b-b304-b0a7bde75ef9","block_type":"box","text":"Financial Highlights","page_number":49,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"c2969a8d-b11c-4790-93f1-66d581025ea7","block_type":"box","text":"(continued)","page_number":49,"box":{"x":244,"y":48,"width":81,"height":12}},{"id":"e94f17db-6c1d-41cd-9711-c4919e6c61f0","block_type":"box","text":"49","page_number":49,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"9b0fcd4a-e1e8-4f5f-87f8-3390d755e5a7","block_type":"box","text":"NM1026U-5979803-49/68","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0afa5cdb-d42f-434a-b490-da9f082c42f0","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":50,"box":{"x":564,"y":186,"width":266,"height":9}},{"id":"ef4ed2d7-dd76-4cbc-b041-c20b393bd9e7","block_type":"box","text":"Class R","page_number":50,"box":{"x":674,"y":202,"width":45,"height":8}},{"id":"599517cf-f332-4a41-b496-e0c152852de2","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":50,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"082afa9c-3396-4f42-9af4-3575e45edf52","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"8294214c-cdde-44a0-bb32-52c757522bd8","block_type":"box","text":"05/31/26","page_number":50,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"4abfce9f-4d73-41e6-a2fe-c1b26fe5ae82","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"35689187-dc81-4a5e-9053-6c2aa7a8599f","block_type":"box","text":"05/31/25","page_number":50,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"9dd6b77a-8a23-4e02-ac20-6c82196b6494","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":664,"y":218,"width":65,"height":8}},{"id":"b970848b-ffa5-40b7-b3b0-40f462ba957a","block_type":"box","text":"05/31/24","page_number":50,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"73897ab9-48f2-49f0-9708-bceea806bb4c","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"4fbcf90c-c774-45a5-ab9a-d57fd45830ba","block_type":"box","text":"05/31/23","page_number":50,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"69863c33-feea-4b32-9413-4703e84766a7","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"6395d405-9d76-4339-a147-35ed6216864a","block_type":"box","text":"05/31/22","page_number":50,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"fd95fa00-cb81-4a67-98bd-646bc62cab87","block_type":"box","text":"Net asset value, beginning of year","page_number":50,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"3fb31eed-98e5-43b4-9336-b12f542a53d2","block_type":"box","text":"$28.02 $29.80 $24.52 $27.56 $32.84","page_number":50,"box":{"x":482,"y":245,"width":430,"height":8}},{"id":"030974dd-e78b-483b-aea8-83e7268a30a2","block_type":"box","text":"Net investment income","page_number":50,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"ae406273-625d-42c6-9cc5-561de2b3f1ce","block_type":"box","text":"(a)","page_number":50,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"15463bf3-b5fb-4ddb-8035-f10fd61bacd8","block_type":"box","text":"0.25 0.30 0.34 0.31 0.27","page_number":50,"box":{"x":498,"y":262,"width":414,"height":7}},{"id":"d63c8f6b-b9ea-4640-a6f3-b6253886413b","block_type":"box","text":"Net realized and unrealized gain (loss) 8.20 2.10 5.65 (1.87) (0.19)","page_number":50,"box":{"x":85,"y":274,"width":831,"height":9}},{"id":"f94c8cbc-0479-4cb5-9a62-628d9a491b60","block_type":"box","text":"Net increase (decrease) from investment operations 8.45 2.40 5.99 (1.56) 0.08","page_number":50,"box":{"x":70,"y":285,"width":842,"height":9}},{"id":"81df4580-cf99-400a-96a4-9e15ba8211de","block_type":"box","text":"Distributions","page_number":50,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"946717aa-2020-4966-bf91-b2c8f59183d1","block_type":"box","text":"(b)","page_number":50,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"6ac26598-3239-44f9-b820-b173a895a5b7","block_type":"box","text":"From net investment income (0.29) (0.34) (0.36) (0.34) (0.31)","page_number":50,"box":{"x":85,"y":314,"width":831,"height":9}},{"id":"cd91d74d-be35-4922-991e-11fd880d376c","block_type":"box","text":"From net realized gain (2.58) (3.84) (0.35) (1.14) (5.05)","page_number":50,"box":{"x":85,"y":325,"width":831,"height":10}},{"id":"55c43a0a-7480-4629-8f62-e616b657348f","block_type":"box","text":"Total distributions (2.87) (4.18) (0.71) (1.48) (5.36)","page_number":50,"box":{"x":69,"y":342,"width":847,"height":9}},{"id":"fbb740d7-b381-49a8-a387-f69d5c1f780d","block_type":"box","text":"Net asset value, end of year","page_number":50,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"58d3c12e-1d06-4017-929f-7a678a81cbb2","block_type":"box","text":"$33.60 $28.02 $29.80 $24.52 $27.56","page_number":50,"box":{"x":482,"y":358,"width":430,"height":9}},{"id":"284885e6-16b4-4fb5-af77-91fb08037838","block_type":"box","text":"Total Return","page_number":50,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"f2c00937-9f9b-4c82-8c79-47d18344f5fe","block_type":"box","text":"(c)","page_number":50,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"3ea92a14-8947-47ef-83a2-d25fba3f347a","block_type":"box","text":"Based on net asset value 32.47% 8.31% 24.84% (5.43)% 0.14%","page_number":50,"box":{"x":70,"y":392,"width":852,"height":9}},{"id":"81ac7973-21dc-45bd-ab62-5e7efc40a811","block_type":"box","text":"Ratios to Average Net Assets","page_number":50,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"9024d17e-aacf-45d4-8f75-2e268b63e7b4","block_type":"box","text":"(d)","page_number":50,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"2f14d4de-71dd-445b-841b-6be85f7385ac","block_type":"box","text":"Total expenses 1.36% 1.33% 1.35% 1.36% 1.35%","page_number":50,"box":{"x":69,"y":426,"width":853,"height":9}},{"id":"95f619da-b314-4ec7-976e-660c4d43eb2f","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 1.04% 1.04% 1.04% 1.04% 1.04%","page_number":50,"box":{"x":69,"y":443,"width":853,"height":9}},{"id":"ebba7eed-a16e-4abf-99ea-039d672f45bb","block_type":"box","text":"Net investment income 0.84% 1.03% 1.23% 1.22% 0.91%","page_number":50,"box":{"x":70,"y":459,"width":852,"height":8}},{"id":"92033764-d395-4d94-a883-69c1fee53e39","block_type":"box","text":"Supplemental Data","page_number":50,"box":{"x":69,"y":476,"width":114,"height":9}},{"id":"1de1711c-91ea-469e-a53b-e42c69b97106","block_type":"box","text":"Net assets, end of year (000) $6,893 $5,344 $7,729 $6,925 $8,440","page_number":50,"box":{"x":70,"y":492,"width":842,"height":10}},{"id":"48516759-48ff-45bb-bc66-92edd88cdb73","block_type":"box","text":"Portfolio turnover rate 120% 120% 118% 116% 136%","page_number":50,"box":{"x":69,"y":510,"width":853,"height":7}},{"id":"3306d791-a039-4806-a81c-fff6d8988752","block_type":"box","text":"(a)","page_number":50,"box":{"x":61,"y":530,"width":7,"height":4}},{"id":"cf0a9e91-7558-4753-a54d-2d9c3966efdc","block_type":"box","text":"Based on average shares outstanding.","page_number":50,"box":{"x":81,"y":530,"width":225,"height":9}},{"id":"8a391b05-3b03-49fc-8414-17b00c3a7bb5","block_type":"box","text":"(b)","page_number":50,"box":{"x":61,"y":543,"width":7,"height":4}},{"id":"39017c8f-c129-4331-8f13-802243fe19dc","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":50,"box":{"x":82,"y":542,"width":582,"height":10}},{"id":"02eba3dc-d130-44a4-aaaa-95c6a68265c0","block_type":"box","text":"(c)","page_number":50,"box":{"x":61,"y":556,"width":6,"height":4}},{"id":"11da4d99-ebcd-4f69-a517-825f2ce55abd","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":50,"box":{"x":81,"y":555,"width":361,"height":9}},{"id":"96f888d5-ede0-491a-9e75-76da98dcd1a2","block_type":"box","text":"(d)","page_number":50,"box":{"x":61,"y":568,"width":7,"height":5}},{"id":"ecd09bf9-3f15-492a-a88b-916a65201a57","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":50,"box":{"x":82,"y":568,"width":550,"height":10}},{"id":"fd266b18-eef1-4c58-9789-97622d47c61d","block_type":"box","text":"Financial Highlights","page_number":50,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"6683cd76-067d-430c-beb3-98c5897690ab","block_type":"box","text":"(concluded)","page_number":50,"box":{"x":244,"y":48,"width":83,"height":12}},{"id":"45d25264-5392-46da-b943-8bffcdaa634f","block_type":"box","text":"50","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"65f62db2-d11a-4b0f-be72-c61f878208f0","block_type":"box","text":"NM1026U-5979803-50/68","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e42ab7fe-49c5-4f92-9c64-dc512e639229","block_type":"box","text":"General Information","page_number":51,"box":{"x":63,"y":82,"width":431,"height":27}},{"id":"15ac3a64-2f28-4803-85ab-3b840690459d","block_type":"box","text":"Shareholder Documents","page_number":51,"box":{"x":61,"y":156,"width":216,"height":11}},{"id":"484f809c-3d53-47d1-985d-f7e6473581b2","block_type":"box","text":"Electronic Access to Annual and Semi-Annual Reports, Annual and Semi-Annual Financial Statements and","page_number":51,"box":{"x":61,"y":183,"width":875,"height":12}},{"id":"8846387f-77c6-4b2e-afea-cea3f3f7dca8","block_type":"box","text":"Additional Information and Prospectuses","page_number":51,"box":{"x":60,"y":200,"width":336,"height":12}},{"id":"8b079732-bcf6-4302-bd2d-1a810ab211c9","block_type":"box","text":"Electronic copies of most financial reports and prospectuses are available on BlackRock’s website. Shareholders can","page_number":51,"box":{"x":62,"y":216,"width":862,"height":11}},{"id":"a7c08ccd-0af1-4e4f-bf1e-07e4e7d124b8","block_type":"box","text":"sign up for e-mail notifications of annual and semi-annual reports, Annual and Semi-Annual Financial Statements and","page_number":51,"box":{"x":61,"y":231,"width":858,"height":11}},{"id":"77dd5ae5-9713-4fe1-b5e3-681e3bc9d4b9","block_type":"box","text":"Additional Information and prospectuses by enrolling in the Fund’s electronic delivery program. To enroll:","page_number":51,"box":{"x":60,"y":245,"width":767,"height":12}},{"id":"395dc44c-532f-4ddd-8341-282d368797df","block_type":"box","text":"Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:","page_number":51,"box":{"x":60,"y":268,"width":619,"height":11}},{"id":"942f2191-bd46-4643-9d44-65fb6e890ec2","block_type":"box","text":"Please contact your Financial","page_number":51,"box":{"x":686,"y":268,"width":211,"height":11}},{"id":"b41d6673-c512-429c-b52c-f7ce9af022cd","block_type":"box","text":"Intermediary. Please note that not all investment advisers, banks or brokerages may offer this service.","page_number":51,"box":{"x":62,"y":283,"width":754,"height":11}},{"id":"cccff19f-2b9e-4eab-9a29-0f5f1660181b","block_type":"box","text":"Shareholders Who Hold Accounts Directly With BlackRock:","page_number":51,"box":{"x":60,"y":306,"width":445,"height":11}},{"id":"15391ad1-5527-4ad2-9e61-ba4fc396851f","block_type":"box","text":"Access the BlackRock website at http://www.blackrock.com/edelivery; and","page_number":51,"box":{"x":81,"y":326,"width":552,"height":11}},{"id":"3ee91e37-432b-464e-ad38-6cfda5043aea","block_type":"box","text":"Log into your account.","page_number":51,"box":{"x":82,"y":346,"width":159,"height":11}},{"id":"abb9f141-cdfe-4e70-a821-31d95cc49b68","block_type":"box","text":"Delivery of Shareholder Documents","page_number":51,"box":{"x":61,"y":368,"width":289,"height":13}},{"id":"5d858d7d-008f-431f-8e5e-ef01c3a50c55","block_type":"box","text":"The Fund delivers only one copy of shareholder documents, including prospectuses, shareholder reports and proxy","page_number":51,"box":{"x":60,"y":385,"width":843,"height":11}},{"id":"d6dc87b0-55b9-4a63-9477-eea6ba75ec86","block_type":"box","text":"statements, to shareholders with multiple accounts at the same address. This practice is known as “householding”","page_number":51,"box":{"x":61,"y":400,"width":849,"height":11}},{"id":"6bf1b610-06ce-4c28-98f9-360f127ef10d","block_type":"box","text":"and is intended to eliminate duplicate mailings and reduce expenses. Mailings of your shareholder documents may be","page_number":51,"box":{"x":61,"y":414,"width":868,"height":12}},{"id":"cfa54b43-a841-4f48-b21b-b923d4fd7d31","block_type":"box","text":"householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be","page_number":51,"box":{"x":61,"y":429,"width":844,"height":12}},{"id":"87793bd5-5aac-4978-9a74-e5eaa9ba4f65","block_type":"box","text":"combined with those for other members of your household, please contact the Fund at (800) 441-7762.","page_number":51,"box":{"x":61,"y":444,"width":764,"height":11}},{"id":"5d7fbd39-2d15-42cd-b975-5dfa12ba6946","block_type":"box","text":"Certain Fund Policies","page_number":51,"box":{"x":61,"y":483,"width":194,"height":11}},{"id":"28a9b48b-8888-494d-929f-d0a7e7c035bb","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":51,"box":{"x":60,"y":510,"width":309,"height":12}},{"id":"4917b1f9-0038-493f-9635-3bbdf8435e6a","block_type":"box","text":"The Fund is subject to the USA PATRIOT Act (the “Patriot Act”). The Patriot Act is intended to prevent the use of the","page_number":51,"box":{"x":60,"y":526,"width":844,"height":11}},{"id":"89a61633-6309-4ae9-ba30-e07f2f0b05d9","block_type":"box","text":"U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements","page_number":51,"box":{"x":62,"y":541,"width":861,"height":11}},{"id":"51195b96-af2b-4675-babc-bff1c1939ca3","block_type":"box","text":"under the Patriot Act, the Fund is required to obtain sufficient information from shareholders to enable it to form a","page_number":51,"box":{"x":61,"y":555,"width":840,"height":12}},{"id":"55e11da5-9eb3-4ebd-aced-8abffab00810","block_type":"box","text":"reasonable belief that it knows the true identity of its shareholders. This information will be used to verify the identity","page_number":51,"box":{"x":61,"y":570,"width":861,"height":12}},{"id":"69d123f6-adf4-4b33-bff2-4e340b6dd399","block_type":"box","text":"of investors or, in some cases, the status of Financial Intermediaries. Such information may be verified using third","page_number":51,"box":{"x":61,"y":585,"width":844,"height":12}},{"id":"26c38b25-7ba6-4b0c-8d68-fea7f631a635","block_type":"box","text":"party sources. This information will be used only for compliance with the Patriot Act or other applicable laws,","page_number":51,"box":{"x":62,"y":600,"width":795,"height":11}},{"id":"91f11917-b310-4137-9d14-2db7aa832f0d","block_type":"box","text":"regulations and rules in connection with money laundering, terrorism or economic sanctions.","page_number":51,"box":{"x":61,"y":615,"width":679,"height":11}},{"id":"1833e34b-c040-416e-a00f-80c0a6b63ff9","block_type":"box","text":"The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to","page_number":51,"box":{"x":60,"y":637,"width":858,"height":12}},{"id":"976f7dda-a9d6-4d4b-b094-0a5670377e36","block_type":"box","text":"allow the Fund to verify their identity. The Fund also reserves the right to redeem any amounts in the Fund from","page_number":51,"box":{"x":61,"y":652,"width":815,"height":12}},{"id":"0a1161f8-562f-4c9b-8d08-d948f21aab03","block_type":"box","text":"persons whose identity it is unable to verify on a timely basis. It is the Fund’s policy to cooperate fully with appropriate","page_number":51,"box":{"x":62,"y":667,"width":869,"height":11}},{"id":"bd842d3a-608d-43ea-80ec-2ff2bea6f25b","block_type":"box","text":"regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit","page_number":51,"box":{"x":61,"y":682,"width":805,"height":11}},{"id":"604c8dc5-05a2-4a05-a5d2-0e75e3699a51","block_type":"box","text":"activities.","page_number":51,"box":{"x":61,"y":697,"width":68,"height":9}},{"id":"133f9789-7957-412d-9b5f-ae1e615367f2","block_type":"box","text":"BlackRock Privacy Principles","page_number":51,"box":{"x":61,"y":720,"width":241,"height":12}},{"id":"10576b10-d6d5-4852-a48d-8dbe473f73b6","block_type":"box","text":"BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients","page_number":51,"box":{"x":62,"y":736,"width":821,"height":12}},{"id":"513097cc-6807-4d4d-a320-a3f23698a313","block_type":"box","text":"(collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided","page_number":51,"box":{"x":61,"y":751,"width":868,"height":11}},{"id":"d262d84a-14b5-4794-ab08-9433b6d06d10","block_type":"box","text":"to help you understand what personal information BlackRock collects, how we protect that information and why in","page_number":51,"box":{"x":60,"y":766,"width":834,"height":11}},{"id":"012a22b8-cca0-47d5-b98e-6fb513c90b93","block_type":"box","text":"certain cases we share such information with select parties.","page_number":51,"box":{"x":61,"y":780,"width":445,"height":12}},{"id":"5d918315-b6de-4f0d-856d-fbc71d7e049a","block_type":"box","text":"If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with","page_number":51,"box":{"x":62,"y":803,"width":823,"height":12}},{"id":"7aa1b17f-8224-4e86-a5b8-bdc095828747","block_type":"box","text":"additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those","page_number":51,"box":{"x":61,"y":818,"width":832,"height":11}},{"id":"48d81b0c-655b-4d10-a36b-beee282481d8","block_type":"box","text":"specific laws, rules or regulations.","page_number":51,"box":{"x":61,"y":833,"width":250,"height":11}},{"id":"9b7427d8-0fc7-4c42-bf31-78c6b6406828","block_type":"box","text":"BlackRock obtains or verifies personal non-public information from and about you from different sources, including the","page_number":51,"box":{"x":62,"y":855,"width":867,"height":12}},{"id":"b0660a3f-08ce-490f-ad38-973aff29da02","block_type":"box","text":"following: (i) information we receive from you or, if applicable, your Financial Intermediary, on applications, forms or","page_number":51,"box":{"x":60,"y":870,"width":847,"height":12}},{"id":"a351860d-6bf5-41d6-8f1c-d40fd4ef3b6f","block_type":"box","text":"other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive","page_number":51,"box":{"x":61,"y":885,"width":858,"height":11}},{"id":"72ab0fda-d27a-4788-8855-fe9d63a658e4","block_type":"box","text":"from a consumer reporting agency; and (iv) from visits to our website.","page_number":51,"box":{"x":60,"y":900,"width":511,"height":11}},{"id":"eae022cc-df12-4710-9728-18cf909e97a4","block_type":"box","text":"51","page_number":51,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"2f2b4001-30b5-434a-a435-963e309bdca4","block_type":"box","text":"NM1026U-5979803-51/68","page_number":51,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5bafd4e7-c549-4573-91a3-bec310a49a5e","block_type":"box","text":"BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients,","page_number":52,"box":{"x":62,"y":46,"width":872,"height":11}},{"id":"c6da66e5-1f95-402b-a918-dbdcdd5c642a","block_type":"box","text":"except as permitted by law, or as is necessary to respond to regulatory requests or to service Client accounts. These","page_number":52,"box":{"x":61,"y":61,"width":863,"height":11}},{"id":"b44912a2-bec9-4ce1-8b3c-91fcf38caffe","block_type":"box","text":"non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only","page_number":52,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"bcc15a32-bc47-4dad-a4aa-2d186be1d1ad","block_type":"box","text":"for its intended purpose.","page_number":52,"box":{"x":60,"y":90,"width":180,"height":11}},{"id":"cfd41a82-04d8-43d3-b174-2cdaa2d3f4a9","block_type":"box","text":"We may share information with our affiliates to service your account or to provide you with information about other","page_number":52,"box":{"x":60,"y":113,"width":842,"height":11}},{"id":"5535931f-21f9-43d4-b655-156fd3498371","block_type":"box","text":"BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public","page_number":52,"box":{"x":62,"y":127,"width":846,"height":12}},{"id":"98629a96-80b3-401f-b7b8-c34dc3e6ae1e","block_type":"box","text":"personal information about its Clients to those BlackRock employees with a legitimate business need for the","page_number":52,"box":{"x":62,"y":142,"width":798,"height":12}},{"id":"f4745b81-75d1-4727-bf8e-f3801a3af9fe","block_type":"box","text":"information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non","page_number":52,"box":{"x":62,"y":157,"width":867,"height":12}},{"id":"791d34c6-703b-4454-b883-75a1abe3ca3e","block_type":"box","text":"public personal information of its Clients, including procedures relating to the proper storage and disposal of such","page_number":52,"box":{"x":62,"y":172,"width":836,"height":12}},{"id":"570ea1a4-1761-4d55-8f07-45fbb09c93db","block_type":"box","text":"information.","page_number":52,"box":{"x":62,"y":187,"width":85,"height":9}},{"id":"c881420e-515b-420c-8b8a-854c2cf54452","block_type":"box","text":"Statement of Additional Information","page_number":52,"box":{"x":61,"y":226,"width":324,"height":11}},{"id":"e237e83a-42bd-4f36-a98f-c34634f02d6f","block_type":"box","text":"If you would like further information about the Fund, including how the Fund invests, please see the SAI.","page_number":52,"box":{"x":62,"y":252,"width":763,"height":11}},{"id":"c0499556-a92b-4a85-a9e4-d59ff0068e83","block_type":"box","text":"For a discussion of the Fund’s policies and procedures regarding the selective disclosure of its portfolio holdings,","page_number":52,"box":{"x":62,"y":274,"width":833,"height":12}},{"id":"f2eedbdd-6cfd-4bb8-8ae9-5fe2a6a46baa","block_type":"box","text":"please see the SAI. The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally","page_number":52,"box":{"x":62,"y":289,"width":867,"height":12}},{"id":"1ca20790-d049-47e0-bb44-75d827c1c529","block_type":"box","text":"within 5 business days after the end of the month to which the information applies.","page_number":52,"box":{"x":60,"y":304,"width":612,"height":12}},{"id":"263e4cf5-c562-486b-8a0f-a9258be0655d","block_type":"box","text":"52","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1bcac7da-81e9-4150-bf7c-14001dde01bf","block_type":"box","text":"NM1026U-5979803-52/68","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5d787189-11e9-44bb-895c-fba13a2e6869","block_type":"box","text":"Glossary","page_number":53,"box":{"x":63,"y":82,"width":192,"height":34}},{"id":"5a5012e3-33a4-4620-a3ca-030f27b4053d","block_type":"box","text":"This glossary contains an explanation of some of the common terms used in this prospectus. For additional","page_number":53,"box":{"x":60,"y":146,"width":792,"height":12}},{"id":"843f9303-d8d9-4ab0-9ca0-3fd7d57fdc92","block_type":"box","text":"information about the Fund, please see the SAI.","page_number":53,"box":{"x":62,"y":161,"width":350,"height":11}},{"id":"518a587d-b23d-4117-a14b-f2144caccbe1","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":53,"box":{"x":60,"y":184,"width":259,"height":11}},{"id":"697efe17-a3ec-44a3-8b3b-d55664acc447","block_type":"box","text":"— the Fund’s pro rata share of the fees and expenses incurred indirectly by the","page_number":53,"box":{"x":323,"y":184,"width":585,"height":11}},{"id":"5989bd9d-4ade-41a9-a56a-ab7fae52de61","block_type":"box","text":"Fund as a result of investing in other investment companies.","page_number":53,"box":{"x":62,"y":198,"width":442,"height":12}},{"id":"38b3fe90-dd21-4d42-b19c-3441e76479ba","block_type":"box","text":"Annual Fund Operating Expenses","page_number":53,"box":{"x":60,"y":221,"width":249,"height":11}},{"id":"cd35a5b5-e1c3-4b6e-ba98-96a212549c5b","block_type":"box","text":"— expenses that cover the costs of operating the Fund.","page_number":53,"box":{"x":313,"y":221,"width":409,"height":12}},{"id":"ed1fcea3-5de9-48c2-a4da-fe331092b0b4","block_type":"box","text":"Distribution Fees","page_number":53,"box":{"x":61,"y":244,"width":128,"height":9}},{"id":"24007b14-ca83-46ea-8c91-955031ee6079","block_type":"box","text":"— fees used to support the Fund’s marketing and distribution efforts, such as compensating","page_number":53,"box":{"x":193,"y":244,"width":688,"height":11}},{"id":"c225a3c6-968b-4183-9a7a-da3062c0af4e","block_type":"box","text":"Financial Intermediaries, advertising and promotion.","page_number":53,"box":{"x":62,"y":259,"width":380,"height":11}},{"id":"ea3bf47b-3a40-43ce-a5d8-eeb7e9bda824","block_type":"box","text":"Dividend Expense","page_number":53,"box":{"x":61,"y":281,"width":132,"height":11}},{"id":"336272cb-2c6f-4b45-8b11-e61dc3d56efb","block_type":"box","text":"— if the Fund sells a security short, the Fund will generally have to borrow the shares for delivery to","page_number":53,"box":{"x":198,"y":281,"width":735,"height":11}},{"id":"ccfe8232-d886-4b30-8cf6-c586afa55312","block_type":"box","text":"the broker that sold the shares. If a cash dividend is paid on securities that are sold short, the Fund will be required to","page_number":53,"box":{"x":60,"y":296,"width":875,"height":11}},{"id":"33fdd070-0008-4c73-9cde-75b66ca5412b","block_type":"box","text":"reimburse the lender of the shares for the amount of that dividend.","page_number":53,"box":{"x":61,"y":311,"width":491,"height":9}},{"id":"638358a7-babf-4769-9118-f46d3d46a939","block_type":"box","text":"Interest Expense","page_number":53,"box":{"x":61,"y":333,"width":128,"height":11}},{"id":"e9e5d5de-67b9-41da-aad4-b01fb4bdeb0d","block_type":"box","text":"— the cost of borrowing money to buy additional securities.","page_number":53,"box":{"x":193,"y":333,"width":437,"height":12}},{"id":"61c62813-9827-4ded-bc49-db789669f1de","block_type":"box","text":"Management Fee","page_number":53,"box":{"x":61,"y":356,"width":131,"height":11}},{"id":"25e62e3b-a92d-4e81-a1e6-98de166babb4","block_type":"box","text":"— a fee paid to BlackRock for managing the Fund.","page_number":53,"box":{"x":196,"y":356,"width":369,"height":11}},{"id":"a8b07e1b-723d-4e45-bc06-d0147f3d3dcf","block_type":"box","text":"MSCI World Value Index","page_number":53,"box":{"x":61,"y":378,"width":181,"height":9}},{"id":"670cabd9-a7f1-444f-bd6d-5b61b3721893","block_type":"box","text":"— an index that captures large- and mid-cap securities exhibiting overall value style","page_number":53,"box":{"x":246,"y":379,"width":613,"height":11}},{"id":"cc01074a-2ecc-4836-b940-f343d7b22232","block_type":"box","text":"characteristics across 23 developed market countries. The value investment style characteristics for index","page_number":53,"box":{"x":61,"y":393,"width":782,"height":11}},{"id":"3211a8d1-e01f-4cf2-8ecc-bd691199f454","block_type":"box","text":"construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend","page_number":53,"box":{"x":61,"y":408,"width":853,"height":11}},{"id":"b7113421-11fe-4384-831c-1338df4fe995","block_type":"box","text":"yield.","page_number":53,"box":{"x":60,"y":423,"width":37,"height":11}},{"id":"0a8d6d03-f428-42f5-82f6-967f14213de9","block_type":"box","text":"Other Expenses","page_number":53,"box":{"x":62,"y":445,"width":117,"height":12}},{"id":"fa3b2f84-4e3f-4f5b-9522-047623f4cbf5","block_type":"box","text":"— include accounting, administration, transfer agency, custody, professional and registration fees.","page_number":53,"box":{"x":184,"y":445,"width":722,"height":12}},{"id":"0524f272-4243-421d-8869-adfc503eb6bf","block_type":"box","text":"Russell 1000 Index","page_number":53,"box":{"x":61,"y":468,"width":147,"height":9}},{"id":"74f9eaf6-eff6-4083-a22b-6d534dadeb68","block_type":"box","text":"— an index that measures the performance of the large-cap segment of the U.S. equity universe.","page_number":53,"box":{"x":212,"y":468,"width":714,"height":11}},{"id":"b95ac3a2-9942-4412-8240-b281c33ca084","block_type":"box","text":"It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a","page_number":53,"box":{"x":62,"y":483,"width":813,"height":11}},{"id":"00c95c4b-2856-47c7-acee-4274ae653893","block_type":"box","text":"combination of their market cap and current index membership.","page_number":53,"box":{"x":61,"y":497,"width":466,"height":12}},{"id":"748e2bd2-2447-4353-a7c4-5ce37a0772a1","block_type":"box","text":"Russell 1000 Value Index","page_number":53,"box":{"x":61,"y":520,"width":192,"height":9}},{"id":"94bab406-9c4b-42d7-83ba-15652d8cbce5","block_type":"box","text":"— an index that measures the performance of the large-cap value segment of the U.S.","page_number":53,"box":{"x":257,"y":520,"width":638,"height":12}},{"id":"448bd092-1395-4e24-863e-3781fc2c74ef","block_type":"box","text":"equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth","page_number":53,"box":{"x":61,"y":535,"width":854,"height":11}},{"id":"d2f8901d-fdb0-486e-b935-45cb462911d3","block_type":"box","text":"values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the","page_number":53,"box":{"x":60,"y":550,"width":832,"height":11}},{"id":"7dcff721-bff8-4f3d-9c84-ec2b48573732","block_type":"box","text":"large-cap value segment.","page_number":53,"box":{"x":62,"y":565,"width":180,"height":11}},{"id":"19033c62-bc99-4a16-b302-cb6a6191d1a7","block_type":"box","text":"Russell 3000 Value Index","page_number":53,"box":{"x":61,"y":587,"width":192,"height":9}},{"id":"34a1e575-d5f5-4fd2-a381-9205f1743ee5","block_type":"box","text":"— an index that measures the performance of the broad value segment of the U.S. equity","page_number":53,"box":{"x":257,"y":587,"width":664,"height":12}},{"id":"52b35a1b-1853-468c-a947-63aea2617492","block_type":"box","text":"value universe. It includes those Russell 3000 companies with relatively lower price-to-book ratios, lower I/B/E/S","page_number":53,"box":{"x":60,"y":602,"width":834,"height":11}},{"id":"baf7146f-117f-41fe-a92a-eca1de62a7da","block_type":"box","text":"forecast medium term (2-year) growth and lower sales per share historical growth (5 years).","page_number":53,"box":{"x":60,"y":617,"width":671,"height":11}},{"id":"3dd4bb34-0b35-423b-bd1f-9e37e8673910","block_type":"box","text":"S&P Composite 1500 Value Index","page_number":53,"box":{"x":61,"y":639,"width":255,"height":12}},{"id":"0687a1a4-eb13-4992-a09c-3ac7f76765a3","block_type":"box","text":"— an index that measures constituents from the S&P Composite 1500 that are","page_number":53,"box":{"x":321,"y":639,"width":586,"height":12}},{"id":"4835f8bd-4f08-4ec0-a55a-5cf3f17a0134","block_type":"box","text":"classified as value stocks based on three factors: the ratios of book value, earnings and sales to price.","page_number":53,"box":{"x":61,"y":654,"width":759,"height":12}},{"id":"b725b308-847b-4d93-b3c4-ffec49200524","block_type":"box","text":"Service Fees","page_number":53,"box":{"x":61,"y":677,"width":97,"height":9}},{"id":"2eecf065-4e9b-46eb-90f5-1a7081fba24d","block_type":"box","text":"— fees used to compensate Financial Intermediaries for certain shareholder servicing activities.","page_number":53,"box":{"x":162,"y":677,"width":708,"height":11}},{"id":"c5e0da5e-379a-4c91-a09e-544b5734ee38","block_type":"box","text":"Shareholder Fees","page_number":53,"box":{"x":61,"y":699,"width":130,"height":9}},{"id":"39577e06-3764-4942-80fc-d683aac2de88","block_type":"box","text":"— fees paid directly by a shareholder, including sales charges that you may pay when you buy or sell","page_number":53,"box":{"x":196,"y":699,"width":739,"height":12}},{"id":"3f294625-050b-42b0-a168-ac2227295555","block_type":"box","text":"shares of the Fund.","page_number":53,"box":{"x":61,"y":714,"width":141,"height":9}},{"id":"d16fc0c1-4465-4480-a26f-0fab6d0aa425","block_type":"box","text":"53","page_number":53,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"4bd643b2-bb87-4d2d-9c71-746c7dfcfade","block_type":"box","text":"NM1026U-5979803-53/68","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"080bb30c-b276-4d91-8ef6-8cb12cdc43d6","block_type":"box","text":"Intermediary-Defined Sales Charge","page_number":54,"box":{"x":65,"y":47,"width":762,"height":34}},{"id":"c2a40e26-e917-4dbc-af1a-81c7acd66341","block_type":"box","text":"Waiver Policies","page_number":54,"box":{"x":61,"y":89,"width":325,"height":27}},{"id":"7aae887f-40b5-45ec-ac7e-45bed6477965","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies","page_number":54,"box":{"x":62,"y":163,"width":456,"height":13}},{"id":"c6c1a74e-51b8-4bec-a1b0-bdb7a920b65d","block_type":"box","text":"Ameriprise Financial:","page_number":54,"box":{"x":60,"y":189,"width":173,"height":13}},{"id":"d4d281c4-fed0-429a-89a5-6537429fc62b","block_type":"box","text":"Front-end sales charge reductions on Investor A Shares purchased through Ameriprise Financial","page_number":54,"box":{"x":61,"y":214,"width":792,"height":12}},{"id":"1c535ca0-6b42-4723-a4c4-9d4522dbe517","block_type":"box","text":"Shareholders purchasing Investor A Shares of the Fund through an Ameriprise Financial platform or account are eligible","page_number":54,"box":{"x":61,"y":230,"width":875,"height":12}},{"id":"40df7b6d-2950-40aa-9b3f-d681b1aa170d","block_type":"box","text":"only for the following sales charge reductions, which may differ from those disclosed elsewhere in this Fund’s","page_number":54,"box":{"x":61,"y":245,"width":806,"height":11}},{"id":"904140a4-5819-4a50-9df7-f015b4aefeb4","block_type":"box","text":"prospectus or SAI. Such shareholders can reduce their initial sales charge on the purchase of Investor A Shares as","page_number":54,"box":{"x":62,"y":260,"width":846,"height":11}},{"id":"d9651ec8-cc26-4956-ab66-b2c406d905f7","block_type":"box","text":"follows:","page_number":54,"box":{"x":60,"y":274,"width":55,"height":10}},{"id":"9582a7f8-8f5f-4073-ae95-3f42b56dc748","block_type":"box","text":"Transaction size breakpoints,","page_number":54,"box":{"x":83,"y":295,"width":212,"height":11}},{"id":"462c8e13-6efb-4a8c-bd47-626c87ce64f1","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":302,"y":295,"width":337,"height":11}},{"id":"8279a10a-2714-4126-b1ca-4e8d98a13cef","block_type":"box","text":"Rights of accumulation (ROA),","page_number":54,"box":{"x":82,"y":314,"width":216,"height":12}},{"id":"cbd2729c-fb4a-44a2-930c-4c61c2634560","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":305,"y":315,"width":338,"height":11}},{"id":"e69b3a07-137a-471e-b766-938ca787b6c8","block_type":"box","text":"Letter of intent,","page_number":54,"box":{"x":82,"y":334,"width":111,"height":11}},{"id":"b984c175-214f-4e9b-9675-3e7d39c0cb06","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":200,"y":335,"width":337,"height":11}},{"id":"917f1e6a-5109-4734-a9fa-4e60b361cf52","block_type":"box","text":"Front-end sales charge waivers on Investor A shares purchased through Ameriprise Financial","page_number":54,"box":{"x":61,"y":357,"width":766,"height":13}},{"id":"ca8b90a4-9645-4b90-8ac2-0d5d2ee81388","block_type":"box","text":"Shareholders purchasing Fund shares through an Ameriprise Financial platform or account are eligible for the following","page_number":54,"box":{"x":61,"y":374,"width":870,"height":11}},{"id":"4e0ad1a1-6246-44f3-a0a6-bed726d67b2b","block_type":"box","text":"front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":60,"y":389,"width":838,"height":11}},{"id":"92e585e9-c5b9-4fb3-addc-a7757a0c077f","block_type":"box","text":"Such shareholders may purchase Investor A shares at NAV without payment of a sales charge as follows:","page_number":54,"box":{"x":61,"y":403,"width":772,"height":12}},{"id":"6743246c-30f0-4817-b8d1-9568042b3056","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":54,"box":{"x":81,"y":423,"width":817,"height":12}},{"id":"2d080930-40bd-43c7-8999-7ef5a3d3b26b","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this","page_number":54,"box":{"x":81,"y":438,"width":821,"height":12}},{"id":"0a6a644f-d38f-4045-8255-2e1a9e9d18ac","block_type":"box","text":"provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.","page_number":54,"box":{"x":82,"y":453,"width":728,"height":11}},{"id":"30998465-7b2f-4cc6-9321-eaa66dbf01bd","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":54,"box":{"x":81,"y":473,"width":835,"height":12}},{"id":"df4be6a0-ee37-4042-9dd1-30b5cc9c45be","block_type":"box","text":"shares of the same Fund (but not any other fund within BlackRock Funds).","page_number":54,"box":{"x":81,"y":488,"width":542,"height":11}},{"id":"e4eb20c2-2452-42a5-9da3-12e35f223822","block_type":"box","text":"Shares exchanged from Investor C Shares of the same fund in the month of or following the 7-year anniversary of","page_number":54,"box":{"x":81,"y":508,"width":833,"height":11}},{"id":"7a0b15b5-db8c-467b-b04c-7a90711f780f","block_type":"box","text":"the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of","page_number":54,"box":{"x":80,"y":523,"width":846,"height":11}},{"id":"e0a184ef-aeb5-4c04-8f7a-a10a0e87e6e4","block_type":"box","text":"Investor C Shares or conversion of Investor C Shares following a shorter holding period, that waiver will apply to","page_number":54,"box":{"x":82,"y":537,"width":818,"height":12}},{"id":"5e86fa19-5307-4862-a7a1-bc19df9434b5","block_type":"box","text":"exchanges following such shorter period. To the extent that this Fund’s prospectus elsewhere provides for a waiver","page_number":54,"box":{"x":81,"y":552,"width":845,"height":12}},{"id":"504cd8c9-6275-41d3-8667-5a0511b41464","block_type":"box","text":"with respect to exchanges of Investor C Shares for load waived shares, that waiver will also apply to such","page_number":54,"box":{"x":80,"y":567,"width":774,"height":12}},{"id":"da633de8-aa14-42c1-a39e-6800792532a2","block_type":"box","text":"exchanges.","page_number":54,"box":{"x":81,"y":582,"width":81,"height":11}},{"id":"9f3750a6-552f-494a-9004-173116b45d2b","block_type":"box","text":"Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their","page_number":54,"box":{"x":81,"y":602,"width":824,"height":11}},{"id":"0656da92-667f-42e1-a35f-7e2b1a0e8bb3","block_type":"box","text":"immediate family members.","page_number":54,"box":{"x":82,"y":617,"width":201,"height":11}},{"id":"6d191a52-d16d-4ba1-a103-3b005615d5b0","block_type":"box","text":"Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s,","page_number":54,"box":{"x":81,"y":637,"width":847,"height":11}},{"id":"fcb16466-0fba-4ed4-90a1-07fef2cf9464","block_type":"box","text":"403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an","page_number":54,"box":{"x":81,"y":652,"width":844,"height":11}},{"id":"0ad14eb6-2921-4759-9427-4f3a287b923e","block_type":"box","text":"Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother,","page_number":54,"box":{"x":81,"y":666,"width":837,"height":12}},{"id":"f2db72c9-a8f1-4146-9d50-d2a658c79926","block_type":"box","text":"grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step","page_number":54,"box":{"x":81,"y":681,"width":810,"height":12}},{"id":"a1adeaef-2af0-4fdb-9064-5fd7e99c2f67","block_type":"box","text":"daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family","page_number":54,"box":{"x":81,"y":696,"width":792,"height":12}},{"id":"8684046c-b9a5-4eca-bc95-b2b7d800a77d","block_type":"box","text":"member who is a lineal descendant.","page_number":54,"box":{"x":82,"y":711,"width":263,"height":9}},{"id":"799aa49a-8ec8-4271-ad0c-43b79a272811","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds, provided (1) the repurchase occurs","page_number":54,"box":{"x":81,"y":731,"width":834,"height":11}},{"id":"ea260f85-5256-49da-9bc5-b5eb7131c570","block_type":"box","text":"within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":54,"box":{"x":80,"y":746,"width":781,"height":11}},{"id":"51ef21c1-3766-438a-895b-d9917a8529d2","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (i.e. Rights of Reinstatement).","page_number":54,"box":{"x":81,"y":760,"width":766,"height":12}},{"id":"75930c8b-0345-40f3-b863-003eeee624c2","block_type":"box","text":"CDSC waivers on Investor A and C Shares purchased through Ameriprise Financial","page_number":54,"box":{"x":61,"y":784,"width":679,"height":12}},{"id":"f7912787-2717-42c6-9db7-1087e86e0c53","block_type":"box","text":"Fund shares purchased through an Ameriprise Financial retail brokerage account are eligible only for the following","page_number":54,"box":{"x":62,"y":800,"width":832,"height":11}},{"id":"9698f488-8343-449e-82af-d4eb60e52891","block_type":"box","text":"CDSC waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:","page_number":54,"box":{"x":61,"y":813,"width":715,"height":12}},{"id":"65073ebd-99e8-4984-a401-2e7579ee3952","block_type":"box","text":"Redemptions due to death or disability of the shareholder","page_number":54,"box":{"x":82,"y":830,"width":423,"height":11}},{"id":"573806e0-6982-43ef-b07b-2cbecc69119d","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in this Fund’s prospectus or SAI","page_number":54,"box":{"x":81,"y":846,"width":720,"height":11}},{"id":"bf999130-8238-4c04-bcaf-9ac5fa7d1852","block_type":"box","text":"Redemptions made in connection with a return of excess contributions from an IRA account","page_number":54,"box":{"x":82,"y":862,"width":671,"height":11}},{"id":"c693f2e6-576a-4cf9-a081-59c42297486f","block_type":"box","text":"Shares purchased through a Right of Reinstatement (as defined above)","page_number":54,"box":{"x":81,"y":878,"width":522,"height":12}},{"id":"519bf5a9-bc51-4f38-aa81-516787396564","block_type":"box","text":"Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the","page_number":54,"box":{"x":82,"y":895,"width":814,"height":11}},{"id":"1ea559b9-7d87-49f0-b52f-585bef12f6c6","block_type":"box","text":"Internal Revenue Code","page_number":54,"box":{"x":82,"y":908,"width":164,"height":10}},{"id":"1e7489b3-24db-4ea4-87bc-675762a561e5","block_type":"box","text":"A-1","page_number":54,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"a24ddca2-8ecc-4be3-b666-6580404424a3","block_type":"box","text":"NM1026U-5979803-54/68","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"666d5c5b-6ab8-4585-aa96-380f8cda04eb","block_type":"box","text":"D.A. Davidson & Co. (“D.A. Davidson”):","page_number":55,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"f510a02e-4ec5-42ba-84f8-38ba698e0130","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":55,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"2fdccf14-a31c-475c-b965-af9681748753","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment adviser for","page_number":55,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"308e959b-1a23-4ecb-9cb2-0564633427f5","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":55,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"4a718112-3b62-419d-a879-1766e67ae137","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":55,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"ca4dc182-0716-4c16-b587-24b3cb4cf126","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":55,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"dd837264-6712-4e50-ad6c-f65687e48c23","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":55,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"765b2617-af9a-4cfc-9153-030b68d710da","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":55,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"ec8219d1-f682-4798-81b1-a7fd35ac8d57","block_type":"box","text":"and dividend distributions.","page_number":55,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"63b3ff73-b4cf-498b-be49-b23e8a010b05","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":55,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"0174ee3d-6b97-48a8-af49-5c038fa94a81","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":55,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"c8cc237e-5c01-41dd-b3f3-a0c1856cd837","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":55,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"b1628f4a-9fea-4b83-a0d9-c5a52126161b","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":55,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"f739b7fc-b33f-4fca-95a7-9b0db9b7e423","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of","page_number":55,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"04b5eda2-fcc5-46bf-8ca6-e3008bd6446b","block_type":"box","text":"Reinstatement).","page_number":55,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"fd50f106-d0d3-41ed-ab69-9623bd730f55","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":55,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"20da76db-9fd8-4a76-b948-ae071f70b02e","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":55,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"d836df23-f7b9-42bb-ada1-b7639d17896b","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":55,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"732d2102-d365-4a3d-a8d1-0afdfccf40c7","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":55,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"1b3fbfa1-9e40-4ca6-b59c-1aa07db9ffaf","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":55,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"1d15e2da-4c8f-4bd4-973d-6be1b215bc18","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":55,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"5881e7d2-f732-439a-b966-7238684197b6","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":55,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"f248715c-e277-4c0d-af34-28e74c35a300","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":55,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"73c63f2f-5b04-4f58-b9fa-cc71071d3f4d","block_type":"box","text":"the Internal Revenue Code.","page_number":55,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"ce7e48df-6e5d-42bc-92a9-889d310872d9","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":55,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"bc8220b5-97ba-42b3-9cde-5a3192c0a02a","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":55,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"54532e73-337f-4c34-b9eb-2989894e49aa","block_type":"box","text":"or Letters of Intent","page_number":55,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"88fd421a-4e5b-4c04-97be-f5bff1437445","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":55,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"34d13db3-66e3-4235-8084-063bb5a29798","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":55,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"edda5b21-5713-46ec-a1a5-b3bda94a6442","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":55,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"6a9c52ba-1710-4a9b-95b8-791168ebd5f1","block_type":"box","text":"Davidson. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":55,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"9bad62f4-90fb-46ae-b289-d046646cfd46","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":55,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"63b8d30d-ebb3-44be-a6a4-b446f60623ef","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":55,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"f999fbfa-d936-4ab4-ad10-c59fcacc3616","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":55,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"f112b5e5-79f5-4537-9e5f-053831b03a82","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":55,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"56850fcf-0592-49d9-bcf0-36f16c8e52a2","block_type":"box","text":"A-2","page_number":55,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"bbe2fd10-255b-4ef8-8f8f-626172f2964c","block_type":"box","text":"NM1026U-5979803-55/68","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b4e244e8-5612-4887-b206-08f9980e6225","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":56,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"ed0dca94-88c8-4ece-9ad5-29b395041f71","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":56,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"6e954b3d-140b-4047-910c-dc0adf1201d5","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":56,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"60535f58-136d-4a3e-b427-5eefad390f53","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":56,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"5d68ee9b-4809-482d-8f94-1e905cd20338","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":56,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"03169e35-f19f-430b-8157-df6e74980d96","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":56,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"113bb4af-d4a0-4ff0-b30a-32f6792b8234","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":56,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"4a4b7145-ec86-4376-86ff-915a937ea1c8","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":56,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"0bb609e5-d532-4ba1-b881-68ad83f420ab","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":56,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"85d2d367-835c-4eed-b860-2a749e36f77a","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":56,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"dc0c19b2-6b1e-430a-b803-0509f63b708b","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":56,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"da43bd93-e0c0-4fff-bf25-7dd730b467a5","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":56,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"cc60a7da-6d12-443c-8a6f-a0a91e486b2f","block_type":"box","text":"Breakpoints","page_number":56,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"3158d1c9-00c7-46e2-b643-2d7929be28b7","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":56,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"064217d0-1759-47ea-a626-b7cf27913a0f","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":56,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"29460753-c382-4ea0-8fd2-bac0b7242b38","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":56,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"5a0808b8-c6ac-477a-b904-a8a838541bfc","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":56,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"a91a8a88-23b4-4cd8-a8ab-84074a44d1d9","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":56,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"c108ae2a-3854-4976-b5bd-c4b16c41256f","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":56,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"4b557ee0-68c4-41b4-933b-99886af00ccb","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":56,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"fac729cb-abb8-436b-9c7e-02a9e8340fbe","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":56,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"67c75eb3-d842-4af2-a146-32e08db58f8c","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":56,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"3c16aaa3-0afd-4221-b4b0-20a4e14adf7d","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":56,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"160bf4cc-3324-412d-aeca-d9526727b77f","block_type":"box","text":"sales charge.","page_number":56,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"b5f65395-d13f-4a63-aea3-c26c2e51cbc3","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":56,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"ef983624-0228-4e8b-a6d1-683de8590a7d","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":56,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"b77d3b18-fa38-460f-8072-e7e5d27b93d4","block_type":"box","text":"shareholder or pricing group level.","page_number":56,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"e8340279-5f5d-46e5-bd14-eebf82cf215b","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":56,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"f45f24a5-d604-4df5-8d4e-e7724f08131b","block_type":"box","text":"by NAV).","page_number":56,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"ebf5726f-f214-49ab-b431-dbdaeb225757","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":56,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"83eb552b-af7f-4d5b-bd31-f6885bfe728d","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":56,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"b2075750-452f-41c3-b0ca-839b9148d022","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":56,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"9db73a4b-a784-4fb5-9b9f-1a19b325a3db","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":56,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"1f2158e7-4e1f-4f82-a024-9556ab8e5c8d","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":56,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"b51a62fc-9ab1-4f60-8255-54dafae7aab2","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":56,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"21b98cc5-cb67-474d-977d-92364a5a3803","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":56,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"ceccccd0-bd27-4e15-8ac8-19e7d7f6456d","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":56,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"6377c31f-cedd-4ae7-bac5-fb0114055e21","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":56,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"8f6f0ed6-805d-44b4-a895-67fe236ab0c1","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":56,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"e664c2fc-0667-4ed0-ad30-64ef6d851cd5","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":56,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"62389e00-3a33-44b5-b1c1-1cd5f4f2aafd","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":56,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"dfc96122-5abf-4e1b-8b79-3cc243f0461a","block_type":"box","text":"established by the employer.","page_number":56,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"f0bb0138-c6cf-465c-a99b-ddaee4ce64f0","block_type":"box","text":"Sales Charge Waivers","page_number":56,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"8590f2e0-5e98-41d0-957f-9fa44b105f96","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":56,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"95f54bc3-0b91-4e93-9dc4-6f8d6a8fb6a0","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":56,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"cd6d9e68-0d88-4c9f-aedb-7457d5709bea","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":56,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"c5fab843-0644-4da4-915a-04d7111a2de0","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":56,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"9a8f17af-dbbd-4ae1-a56f-9308a3cbd01a","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":56,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"ec3261d2-a160-4db8-aaee-a433a9f8c0fc","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":56,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"356aa828-f57a-4fa7-ab50-99c70f65ba79","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":56,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"f837f162-3ece-47a4-9f84-bbfc47d69966","block_type":"box","text":"A-3","page_number":56,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"8e757e58-5231-44bb-95cf-9b94065bd7e3","block_type":"box","text":"NM1026U-5979803-56/68","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d13c4153-ea8c-40eb-b210-f4257cc3007b","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":57,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"78cbc6f4-1133-46ec-8715-6cc284b258bd","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":57,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"bee8fc87-6256-4857-9f00-0f256d5407b2","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":57,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"040b9ac2-258b-4f37-94fc-9e99cc254c23","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":57,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"7c0a102b-0f4e-42fa-8bc6-f5a65a96150b","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":57,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"5e93b898-f813-4b78-9bec-307e2bd26503","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":57,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"96e7c789-a3a4-423b-831e-7e1480bc4859","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":57,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"cf534007-3f58-4958-b04a-f7e1b1237e10","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":57,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"bce30df4-f71e-4929-b4c2-41f1a3dd5545","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":57,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"1cb83c13-185a-4afe-afa6-304890f6d556","block_type":"box","text":"products.","page_number":57,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"cb221292-abc2-4646-a16a-468d4cdd1ee7","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":57,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"b1f5f70b-d287-42e3-8f0d-58750048a9d5","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":57,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"3997ba37-8f1f-407a-8ddc-d90e4e45a1e2","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":57,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"6d914ebb-8179-47da-b0f2-83a96564fe3a","block_type":"box","text":"prospectus.","page_number":57,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"4e23f6de-e433-45ae-a760-995169ec12f2","block_type":"box","text":"Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month following the","page_number":57,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"92d58e06-5839-4eb7-a2ad-1a95a4051d33","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":57,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"9ed8243f-36f7-4680-8a2f-c7f5bbf99662","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":57,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"6c4b7f14-ecc2-4824-afb1-9270414886cd","block_type":"box","text":"If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is","page_number":57,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"d6904332-b856-46de-940b-9cf2a3beacac","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":57,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"f9c88c3c-5d81-47fc-be09-6944717de3b5","block_type":"box","text":"The death or disability of the shareholder.","page_number":57,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"16a1c3a0-3163-40dc-b2e3-d2b0c3b50a7d","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":57,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"0a91e14d-bfb2-4b59-892a-df83f3675432","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":57,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"37597eff-9405-48cf-982d-c9563659cc76","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":57,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"60172fb9-aa5b-4e77-a7fc-abf72f6a8ba3","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":57,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"0496a267-47cb-4dc4-a33a-9475f6fe5135","block_type":"box","text":"Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward","page_number":57,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"3c0fb9da-4cec-471b-956d-5873bfc5f698","block_type":"box","text":"Jones.","page_number":57,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"d4912b92-68ac-4af9-99fc-2674a1fb2baa","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":57,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"102476ad-151e-4d9e-a507-c161743f22b1","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":57,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"2f91537b-1bf2-45b3-a710-1dcab67b3161","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":57,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"be0b205c-6110-467e-9504-db1fd46a9f9e","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":57,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"f439a0a3-2638-48e5-8a5e-28b02b294a17","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":57,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"6216d608-803f-461c-9968-1b6c53d632f4","block_type":"box","text":"Initial purchase minimum: $250","page_number":57,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"f511d9ad-d7a1-425b-be39-98ca00722483","block_type":"box","text":"Subsequent purchase minimum: none","page_number":57,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"908f8225-f595-43eb-91ea-b6f568980e05","block_type":"box","text":"Minimum Balances","page_number":57,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"3283ebdd-d294-42ab-979f-acb61055d6e8","block_type":"box","text":"Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following","page_number":57,"box":{"x":82,"y":666,"width":837,"height":12}},{"id":"ae80abf9-5877-46eb-a0c8-885f4a258606","block_type":"box","text":"are examples of accounts that are not included in this policy:","page_number":57,"box":{"x":81,"y":681,"width":447,"height":12}},{"id":"ed22ef54-a811-4a4f-a582-bc21c6e61427","block_type":"box","text":"A fee-based account held on an Edward Jones platform","page_number":57,"box":{"x":101,"y":701,"width":403,"height":11}},{"id":"eb542e8f-5162-4f7f-b90a-1532735e7bb5","block_type":"box","text":"A 529 account held on an Edward Jones platform","page_number":57,"box":{"x":101,"y":721,"width":361,"height":11}},{"id":"ed6ae520-6b2b-4695-9be5-80c8ebeee563","block_type":"box","text":"An account with an active systematic investment plan or LOI","page_number":57,"box":{"x":101,"y":741,"width":440,"height":12}},{"id":"ac7d754f-f3bf-4eed-b2bb-aa5c13dc4831","block_type":"box","text":"Exchanging Share Classes","page_number":57,"box":{"x":61,"y":764,"width":218,"height":13}},{"id":"4f7b9b45-c296-4329-9118-d6bd8e4cf1e9","block_type":"box","text":"At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a","page_number":57,"box":{"x":81,"y":786,"width":836,"height":11}},{"id":"5acd8693-903e-4f4a-ae93-c885f94b1b26","block_type":"box","text":"fund to Investor A Shares of the same fund at NAV, provided that Edward Jones will be responsible for any remaining","page_number":57,"box":{"x":81,"y":800,"width":855,"height":12}},{"id":"3b1215fb-cd1c-4148-9b14-3c1efe3c3e0d","block_type":"box","text":"CDSC due to BlackRock, if applicable, and that the shareholders meet the eligibility requirements of the new share","page_number":57,"box":{"x":81,"y":815,"width":844,"height":12}},{"id":"7322e994-d7e9-41e2-9bf2-90ca27e684cf","block_type":"box","text":"class.","page_number":57,"box":{"x":81,"y":830,"width":42,"height":9}},{"id":"0b3a8e7f-3215-4e52-b5b5-4c845ce3f830","block_type":"box","text":"A-4","page_number":57,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"b729665f-4892-45de-9fd3-394f068a07df","block_type":"box","text":"NM1026U-5979803-57/68","page_number":57,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"62857984-c18c-4a39-bdf1-ab883cadcbbe","block_type":"box","text":"J.P. Morgan Securities LLC:","page_number":58,"box":{"x":61,"y":46,"width":225,"height":13}},{"id":"0e9940f4-1b0e-4bcc-bb1d-d8dd8d24b5cc","block_type":"box","text":"Effective September 29, 2023, if you purchase or hold Fund shares through an applicable J.P. Morgan Securities LLC","page_number":58,"box":{"x":62,"y":62,"width":860,"height":12}},{"id":"7b907c37-fcb6-46cd-b100-f0f3b6016248","block_type":"box","text":"brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and","page_number":58,"box":{"x":61,"y":77,"width":825,"height":12}},{"id":"84d6f03d-28c8-4c55-a0d1-8bcacf480764","block_type":"box","text":"contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and","page_number":58,"box":{"x":61,"y":92,"width":836,"height":12}},{"id":"99ae729a-c18a-40a6-9e3f-de3bb08da828","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":58,"box":{"x":61,"y":107,"width":684,"height":11}},{"id":"ff07a04e-cf98-4329-ad6a-f829069fee42","block_type":"box","text":"Front-end sales charge waivers on Investor A Shares available at J.P. Morgan Securities LLC","page_number":58,"box":{"x":61,"y":130,"width":762,"height":12}},{"id":"327f36ae-e3c0-4cbc-a168-9a3c7f8bc0d8","block_type":"box","text":"Shares exchanged from Investor C (i.e., level-load) Shares of the same Fund pursuant to J.P. Morgan Securities","page_number":58,"box":{"x":81,"y":151,"width":817,"height":12}},{"id":"22b92c23-a955-4ae9-b71f-70d719dc6c9d","block_type":"box","text":"LLC’s policies relating to sales load discounts and waivers.","page_number":58,"box":{"x":82,"y":166,"width":432,"height":12}},{"id":"9fb3ef04-a323-47a3-9c6d-046a2db445c8","block_type":"box","text":"Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred","page_number":58,"box":{"x":81,"y":186,"width":807,"height":12}},{"id":"67582dd6-59eb-47ef-9d6e-61156dc77482","block_type":"box","text":"compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this","page_number":58,"box":{"x":81,"y":201,"width":798,"height":11}},{"id":"b7f864e8-f4ee-40ca-ae1e-ccec571cf6ce","block_type":"box","text":"provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.","page_number":58,"box":{"x":82,"y":216,"width":690,"height":11}},{"id":"dca4a9b7-f2a4-45e9-abb8-7cee92c4d2e6","block_type":"box","text":"Shares of Funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.","page_number":58,"box":{"x":81,"y":236,"width":707,"height":11}},{"id":"bbeced45-e85f-4100-9385-6892c713254d","block_type":"box","text":"Shares purchased through rights of reinstatement.","page_number":58,"box":{"x":81,"y":256,"width":370,"height":11}},{"id":"84d8942f-3e1f-46ce-ae91-f926cdeedbfa","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":58,"box":{"x":81,"y":276,"width":835,"height":11}},{"id":"87c48ae1-fa81-4815-b57f-76139a33761d","block_type":"box","text":"shares of the same Fund (but not any other fund within the fund family).","page_number":58,"box":{"x":81,"y":291,"width":526,"height":11}},{"id":"8cb28fd0-3d96-4e5c-8be1-6f0f12ff1f42","block_type":"box","text":"Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and","page_number":58,"box":{"x":81,"y":311,"width":832,"height":11}},{"id":"e4cbcfa3-5b8d-46d7-b65b-1de65f0733d5","block_type":"box","text":"their spouse or financial dependent.","page_number":58,"box":{"x":80,"y":325,"width":265,"height":12}},{"id":"f176b99c-0043-4482-85e4-f6f0c8a70745","block_type":"box","text":"Investor C to Investor A Share conversion","page_number":58,"box":{"x":61,"y":348,"width":343,"height":10}},{"id":"7bd6caf1-9162-4190-b292-2721095d0d28","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted by J.P. Morgan Securities LLC to","page_number":58,"box":{"x":81,"y":370,"width":817,"height":11}},{"id":"09889fa9-60f7-49f6-9743-0fd88e3758f1","block_type":"box","text":"Investor A Shares (or the appropriate share class) of the same Fund if the shares are no longer subject to a CDSC","page_number":58,"box":{"x":82,"y":385,"width":838,"height":11}},{"id":"6a2a6e45-d63e-4902-84ff-6d57a36209fc","block_type":"box","text":"and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.","page_number":58,"box":{"x":81,"y":400,"width":672,"height":11}},{"id":"af79f74a-9536-43a7-a474-48f8f13873dc","block_type":"box","text":"CDSC waivers on Investor A and C Shares available at J.P. Morgan Securities LLC","page_number":58,"box":{"x":61,"y":423,"width":674,"height":12}},{"id":"fd19868e-8905-4e2f-80c6-f77c37015c09","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":58,"box":{"x":81,"y":444,"width":436,"height":11}},{"id":"185737f7-9e94-4421-bf08-db4ac1e149b2","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":58,"box":{"x":81,"y":464,"width":672,"height":11}},{"id":"523511b3-288f-4077-b273-6ba54b168551","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":58,"box":{"x":81,"y":484,"width":667,"height":11}},{"id":"392b78c6-febe-453a-b432-20be77045487","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":58,"box":{"x":81,"y":504,"width":820,"height":11}},{"id":"b1331a41-d842-4c50-9ada-62b38a2c76ba","block_type":"box","text":"Revenue Code.","page_number":58,"box":{"x":82,"y":519,"width":108,"height":9}},{"id":"c0da06e7-5956-49d6-971b-aa5a5be1969b","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":539,"width":362,"height":11}},{"id":"e2fc6bff-b660-434e-8dfc-38289b95d3a8","block_type":"box","text":"Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation &","page_number":58,"box":{"x":61,"y":562,"width":856,"height":12}},{"id":"7a96bdca-ac5d-4154-8117-11e21cdc9909","block_type":"box","text":"letters of intent","page_number":58,"box":{"x":61,"y":579,"width":128,"height":10}},{"id":"7db3deec-349d-4960-9b1b-62c8c27f5050","block_type":"box","text":"Breakpoints as described in the prospectus.","page_number":58,"box":{"x":82,"y":600,"width":323,"height":11}},{"id":"0581855c-5e52-4513-9aab-2aafe621a691","block_type":"box","text":"Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s","page_number":58,"box":{"x":82,"y":620,"width":789,"height":12}},{"id":"c6f958eb-046d-4594-9276-00d73148220a","block_type":"box","text":"prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts","page_number":58,"box":{"x":82,"y":635,"width":847,"height":11}},{"id":"bf29dff3-cdd5-4c0f-87c4-62ff28bf5dd9","block_type":"box","text":"within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan","page_number":58,"box":{"x":80,"y":650,"width":840,"height":11}},{"id":"d260ae13-5395-405b-9b84-4afbb9b214cd","block_type":"box","text":"Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the","page_number":58,"box":{"x":81,"y":664,"width":853,"height":12}},{"id":"8a560093-f23c-416f-9144-56e5bb53f04e","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":81,"y":679,"width":490,"height":9}},{"id":"ade289e6-02c8-41b7-be44-3da4408c1a8e","block_type":"box","text":"Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family,","page_number":58,"box":{"x":82,"y":699,"width":818,"height":12}},{"id":"f02f7ae4-e8c5-42fc-976e-24d2a4209a7c","block_type":"box","text":"through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":58,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"f2c33f3f-c214-4393-af7f-2e5e4c1b42f7","block_type":"box","text":"A-5","page_number":58,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"eaca3f2f-d1f4-4d86-9b98-b7c4eb0c7126","block_type":"box","text":"NM1026U-5979803-58/68","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"93a55c9d-82b4-4fcc-a9e1-210c5064730d","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":59,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"7db94d30-8985-4e72-a609-b0d0f4cc01e0","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":59,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"14759566-2190-41a7-8aaa-8fa13e9b9794","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":59,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"bf560c1f-ad2c-4893-aea4-b8e67b136208","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":59,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"760a6c82-aa29-4edd-9016-0f1e65d54b64","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":59,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"902260a0-6e49-4ff7-a5d3-f8e5767f456d","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":59,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"a3c07c86-826b-4980-8854-e73b3ddc8c30","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":59,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"e5ba2cc2-5097-4506-a230-13130029a9a8","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":59,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"d38571f6-566b-4e7f-b00c-1955089429bc","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":59,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"7bb09a59-126d-41a9-b6eb-72ce74b683e1","block_type":"box","text":"as designated by Janney.","page_number":59,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"bf7eaa97-29a3-4440-8317-8a7f6c7f6d39","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":59,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"b920e574-2c9c-484a-91e9-e707fbf405ba","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":59,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"8fcce928-665f-4e46-a2ee-e11ed832f9f5","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., right of reinstatement).","page_number":59,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"8afff6a6-1971-4389-9a75-149b48710314","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":59,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"ec2e80d5-75c9-4b1f-b5f6-02990ebff786","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":59,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"9535ced0-f8ba-492c-a4ca-711426474197","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":59,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"c6af9c45-3800-4aff-a974-972ed81ad687","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":59,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"7a867c9c-c5b0-41e9-8cfd-8dad1611615d","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":59,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"c5efe2c7-933a-4e6f-84da-8c27a6444e88","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":59,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"a38c8a6f-404c-42b1-b72c-f91d59bd918b","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":59,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"6e975fa1-5beb-4547-aefa-5746c2cb3788","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":59,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"ac0518ac-06ba-4f25-88f7-ddc9aa6e9983","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":59,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"51778256-60c7-4c4a-966f-fc2c4957bf77","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":59,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"bc2091ac-1025-466c-83fc-39203d9255bb","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":59,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"7921f065-c62a-4257-b73d-1cda751e7e2b","block_type":"box","text":"Revenue Code.","page_number":59,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"630b9fde-5719-45e5-9b65-c12032538f47","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":59,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"89a4e479-f0a0-46a9-aaf5-2e653ee89a93","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":59,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"b200bb08-cf10-4a91-b268-f18cc9d6e189","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":59,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"6e2c9204-9e23-4c23-9fac-b116506faa2c","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":59,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"7812deab-9812-4015-92ed-9dec535d4375","block_type":"box","text":"letters of intent","page_number":59,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"16c30b12-5a70-4264-8871-a023a023dc82","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":59,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"636264c2-b6a0-44fd-883a-856c9d25f937","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":59,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"d32dc076-63ef-4957-8c91-086dc4e95f30","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":59,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"7b1a90ef-ddf5-4ded-91dc-625811be2877","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":59,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"90b504bc-4aef-4280-a8e2-ed9b6c13e7d8","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"1dc3d6a0-02df-4783-9f05-3db927802252","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":59,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"579040fa-2261-4f0a-bc0c-012714695d36","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":59,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"aab22f23-c80b-4b4c-9cf2-566fba790def","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"b8361767-e4d6-4b99-a29c-6f32d03ccf40","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":59,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"84bcc7c9-d26d-486f-80ca-e90985e78c01","block_type":"box","text":"A-6","page_number":59,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"e24a88c7-0f78-462b-883f-0c454837506c","block_type":"box","text":"NM1026U-5979803-59/68","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"76a0246f-f199-4681-a340-5adab4b3071e","block_type":"box","text":"Merrill Lynch:","page_number":60,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"0d9b3976-3566-4268-a4e3-6b6df95b99f6","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":60,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"e2561307-5872-4bec-832f-0a846d3ee0c0","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":60,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"74ed7ab5-edae-47ce-b771-10f3a87116d5","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":60,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"fce4895a-f968-4381-ae1a-e079d2856146","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":60,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"63984fa0-21cf-4109-9d53-79f616b700c3","block_type":"box","text":"waivers or discounts not listed below.","page_number":60,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"e9222e13-14ea-4d07-8b18-3341b55b9f2e","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":60,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"12b2b99a-de51-45d1-a166-71110d96b544","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":60,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"957c6911-5d4e-413c-9c88-f92a408bf347","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":60,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"fa7aaee5-46e9-47cb-ada8-7bf28891880e","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":60,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"1eb7a7d1-834f-48d1-b3b8-559ecc42607a","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":60,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"4f0c834b-5a48-4613-b5db-5827da9c8b58","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":60,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"bc5f3b0f-0757-49e2-9fb1-8a4961f6240c","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":60,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"3bd3dd11-e40e-42eb-8c97-1f4a93592f18","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":60,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"c94684e6-1ac4-4702-af42-10005d5e959b","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":60,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"e29bfa20-b4f7-4d28-98ba-62ad2e69a034","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":60,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"fe141641-42ee-4fc7-adb8-c98dd59ea2a6","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes","page_number":60,"box":{"x":81,"y":315,"width":854,"height":12}},{"id":"ea05341c-1baa-4d53-b192-a30f427ef853","block_type":"box","text":"of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh","page_number":60,"box":{"x":81,"y":330,"width":832,"height":11}},{"id":"66be523e-2cef-4ba9-9944-93534a09b70e","block_type":"box","text":"plans","page_number":60,"box":{"x":82,"y":345,"width":38,"height":11}},{"id":"ef3b6e81-4aad-4d2f-bd48-dcb5eb45fb8d","block_type":"box","text":"Shares purchased through a Merrill investment advisory program","page_number":60,"box":{"x":81,"y":365,"width":476,"height":11}},{"id":"4b5e56d4-882e-41f4-a85b-2f6ddfe7f936","block_type":"box","text":"Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment","page_number":60,"box":{"x":82,"y":385,"width":853,"height":11}},{"id":"0e73aa70-b67f-431b-9415-34ef37771dc5","block_type":"box","text":"advisory program to a Merrill brokerage account","page_number":60,"box":{"x":81,"y":400,"width":352,"height":11}},{"id":"9686f070-5fbd-4c0c-bb8d-62a5a46d5b45","block_type":"box","text":"Shares purchased through the Merrill Edge Self-Directed platform","page_number":60,"box":{"x":81,"y":419,"width":479,"height":12}},{"id":"141cc3a7-471b-4410-9511-5033f61c36f4","block_type":"box","text":"Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment","page_number":60,"box":{"x":81,"y":439,"width":820,"height":12}},{"id":"ac1f689c-8c55-460f-98c2-e8c6893abbf7","block_type":"box","text":"when purchasing shares of the same mutual fund in the same account","page_number":60,"box":{"x":80,"y":454,"width":521,"height":12}},{"id":"94c6d161-1795-45b0-838c-a0032b521dad","block_type":"box","text":"Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the","page_number":60,"box":{"x":81,"y":474,"width":839,"height":12}},{"id":"8d673805-2da7-4464-9ab3-cdcaef7c8235","block_type":"box","text":"description in the Merrill SLWD Supplement","page_number":60,"box":{"x":81,"y":489,"width":319,"height":11}},{"id":"03bb2528-f489-45af-a089-2df95d8cbf72","block_type":"box","text":"Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in","page_number":60,"box":{"x":81,"y":509,"width":850,"height":12}},{"id":"24fd46ae-db5e-4d94-b23e-a9d08dce6cde","block_type":"box","text":"accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)","page_number":60,"box":{"x":81,"y":524,"width":697,"height":11}},{"id":"e7e4a4af-fd28-4d2f-a002-d6bd64cfab76","block_type":"box","text":"Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s","page_number":60,"box":{"x":81,"y":544,"width":803,"height":11}},{"id":"be9d45da-224b-463f-9641-774cb7e514f9","block_type":"box","text":"officers or trustees)","page_number":60,"box":{"x":81,"y":559,"width":145,"height":11}},{"id":"cc4bf90f-3490-4167-b3a6-9bcff6ab867d","block_type":"box","text":"Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the","page_number":60,"box":{"x":81,"y":579,"width":788,"height":11}},{"id":"0cc4bbd7-e121-415f-bdcf-28be70c8cbac","block_type":"box","text":"repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from","page_number":60,"box":{"x":82,"y":594,"width":847,"height":11}},{"id":"a03ceaae-7bae-4b9e-a343-681dc77112fd","block_type":"box","text":"the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of","page_number":60,"box":{"x":80,"y":608,"width":827,"height":12}},{"id":"979a3a2a-4901-4973-a7ac-085a7d101f3f","block_type":"box","text":"Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after","page_number":60,"box":{"x":82,"y":623,"width":823,"height":12}},{"id":"b359d306-39c6-4e19-aa30-0c008b6c3423","block_type":"box","text":"shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement","page_number":60,"box":{"x":81,"y":638,"width":852,"height":12}},{"id":"e3d92eb1-4f70-4ec6-a2c4-362c984c593a","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares","page_number":60,"box":{"x":61,"y":661,"width":830,"height":12}},{"id":"2d9366bf-c9ed-4245-868a-46f9d80d8f62","block_type":"box","text":"Available at Merrill","page_number":60,"box":{"x":60,"y":678,"width":155,"height":10}},{"id":"13edffc3-cec7-4702-af67-a5b2d6acc30f","block_type":"box","text":"Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22(e)(3))","page_number":60,"box":{"x":81,"y":699,"width":771,"height":12}},{"id":"6af50733-892b-40f6-a88f-b2a952f26c96","block_type":"box","text":"Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits","page_number":60,"box":{"x":81,"y":719,"width":852,"height":12}},{"id":"646fd881-96fd-49d6-adc1-e6dd7e43332c","block_type":"box","text":"as described in the Merrill SLWD Supplement","page_number":60,"box":{"x":81,"y":734,"width":333,"height":11}},{"id":"6b3ef014-03e1-40b9-89ed-3d3cea35199c","block_type":"box","text":"Shares sold due to return of excess contributions from an IRA account","page_number":60,"box":{"x":81,"y":754,"width":517,"height":9}},{"id":"a95642aa-4e0b-4d78-8357-458121af2023","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching","page_number":60,"box":{"x":81,"y":774,"width":854,"height":12}},{"id":"c3cdf750-6489-4ca5-b8da-5efbc11b4942","block_type":"box","text":"the qualified age based on applicable IRS regulation","page_number":60,"box":{"x":80,"y":789,"width":383,"height":11}},{"id":"efa43e32-412c-475e-94d5-8d5c34567665","block_type":"box","text":"Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g.","page_number":60,"box":{"x":82,"y":809,"width":772,"height":11}},{"id":"ede315d3-e365-4078-9b04-6ad62d83ad52","block_type":"box","text":"traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based","page_number":60,"box":{"x":80,"y":824,"width":804,"height":11}},{"id":"c1f6f8aa-00e1-40f4-bf95-fc04ec9dcefd","block_type":"box","text":"accounts or platforms and exchanged for a lower cost share class of the same mutual fund","page_number":60,"box":{"x":81,"y":838,"width":670,"height":12}},{"id":"ba10c2e5-3891-450e-b7b7-28423ac315a0","block_type":"box","text":"Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent","page_number":60,"box":{"x":61,"y":861,"width":845,"height":13}},{"id":"1701ec7e-1e51-4f17-a2e6-5ad4329631e3","block_type":"box","text":"Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load","page_number":60,"box":{"x":82,"y":883,"width":848,"height":11}},{"id":"34263ba4-11cb-4f75-9c7b-098ea9029455","block_type":"box","text":"that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement","page_number":60,"box":{"x":80,"y":898,"width":817,"height":11}},{"id":"f8628ea2-d581-417c-baae-a794e7dba143","block_type":"box","text":"A-7","page_number":60,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"f150a87c-ac9f-4722-8a26-f3be36cc1552","block_type":"box","text":"NM1026U-5979803-60/68","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fdafc68a-85d3-4cb0-b9f2-968972c8c89e","block_type":"box","text":"Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint","page_number":61,"box":{"x":82,"y":46,"width":815,"height":11}},{"id":"bb9bf296-6ba3-49b9-a10f-78fc97a7245d","block_type":"box","text":"discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill","page_number":61,"box":{"x":81,"y":60,"width":772,"height":12}},{"id":"7e2e024a-ba66-4ef6-8f4d-873fed75e18d","block_type":"box","text":"Household","page_number":61,"box":{"x":82,"y":76,"width":76,"height":9}},{"id":"60dbe36d-340d-4edd-b26f-6e08e7fb0f7a","block_type":"box","text":"On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail","page_number":61,"box":{"x":76,"y":97,"width":859,"height":11}},{"id":"b3e96e74-73f5-4f93-8661-fab8ef659b55","block_type":"box","text":"on the timing and calculation, please refer to the Merrill SLWD Supplement","page_number":61,"box":{"x":76,"y":109,"width":551,"height":12}},{"id":"c007ffc2-2afd-426f-8166-2559bd17e182","block_type":"box","text":"Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future","page_number":61,"box":{"x":82,"y":127,"width":836,"height":12}},{"id":"650a36f7-262f-4c76-a8ad-d360aea7cd24","block_type":"box","text":"eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in","page_number":61,"box":{"x":81,"y":142,"width":840,"height":12}},{"id":"0cad02cf-22b5-434a-ab18-7907482bff3a","block_type":"box","text":"the Merrill SLWD Supplement","page_number":61,"box":{"x":80,"y":157,"width":216,"height":11}},{"id":"27ff1434-c1a3-46fa-982f-7542d40548d9","block_type":"box","text":"On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the","page_number":61,"box":{"x":76,"y":178,"width":838,"height":12}},{"id":"27ef74c3-df26-4bd7-a584-6533079160f0","block_type":"box","text":"Merrill SLWD Supplement.","page_number":61,"box":{"x":77,"y":191,"width":189,"height":12}},{"id":"94e99a3e-52d7-4dd6-844b-4b55113ad74f","block_type":"box","text":"A-8","page_number":61,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"f91dadc2-d8db-4766-b225-dac90a09b066","block_type":"box","text":"NM1026U-5979803-61/68","page_number":61,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"936945f3-2520-429b-afb7-e813e701188e","block_type":"box","text":"Morgan Stanley Wealth Management:","page_number":62,"box":{"x":61,"y":46,"width":312,"height":13}},{"id":"9213f481-6525-4e4b-9edb-d1a5512b10e7","block_type":"box","text":"Morgan Stanley Wealth Management Investor A Share Front-End Sales Charge Waiver","page_number":62,"box":{"x":61,"y":71,"width":711,"height":12}},{"id":"acef6d3e-96d4-49fe-9de2-a770175883ab","block_type":"box","text":"Effective July 1, 2018, Morgan Stanley Wealth Management clients purchasing Investor A Shares of the Fund through","page_number":62,"box":{"x":62,"y":87,"width":861,"height":11}},{"id":"905c270e-2aad-41f2-9af6-3ce71ad79e4c","block_type":"box","text":"Morgan Stanley’s transactional brokerage accounts are entitled to a waiver of the front-end sales charge in the","page_number":62,"box":{"x":62,"y":102,"width":813,"height":11}},{"id":"0cf7d564-c794-447c-9657-a9b90cdf6680","block_type":"box","text":"following circumstances:","page_number":62,"box":{"x":60,"y":117,"width":179,"height":11}},{"id":"9f3f1ed0-2e5e-4e82-96b4-856f5abe6849","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":62,"box":{"x":82,"y":137,"width":805,"height":11}},{"id":"e44d795e-ad4f-4f98-8c67-752b05c73645","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":62,"box":{"x":81,"y":151,"width":826,"height":12}},{"id":"a03fa187-5e64-4c97-89cf-056f4c87ef82","block_type":"box","text":"sponsored retirement plans does not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans","page_number":62,"box":{"x":81,"y":166,"width":697,"height":12}},{"id":"c4b3135f-2785-4ebb-aa58-76214095fadb","block_type":"box","text":"Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules","page_number":62,"box":{"x":82,"y":186,"width":807,"height":12}},{"id":"615d5d0e-0bac-4f04-8dca-f523064dda07","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":62,"box":{"x":81,"y":206,"width":846,"height":12}},{"id":"7ef315bb-28b9-43e1-a284-95e7535d187a","block_type":"box","text":"same fund","page_number":62,"box":{"x":81,"y":221,"width":76,"height":9}},{"id":"81614d91-89c8-4ebf-9de6-1989f15570eb","block_type":"box","text":"Shares purchased through a Morgan Stanley self-directed brokerage account","page_number":62,"box":{"x":81,"y":241,"width":564,"height":12}},{"id":"ca759729-815a-4cdf-aab2-9334326837fe","block_type":"box","text":"Investor C Shares that are no longer subject to a contingent deferred sales charge and are exchanged for Investor A","page_number":62,"box":{"x":82,"y":261,"width":852,"height":11}},{"id":"3a6b1a4b-541d-4b1c-a4d6-9e3566b3ad33","block_type":"box","text":"Shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program","page_number":62,"box":{"x":81,"y":276,"width":799,"height":11}},{"id":"82d1f7d2-6ca2-471d-912e-ee98b9fe7938","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds under a Rights of Reinstatement","page_number":62,"box":{"x":81,"y":296,"width":811,"height":11}},{"id":"31114ff9-6fb9-4435-b35c-ccbf8a6dd62b","block_type":"box","text":"provision, provided the repurchase occurs within 90 days following the redemption, the redemption and purchase","page_number":62,"box":{"x":82,"y":311,"width":830,"height":11}},{"id":"08c9d0b5-97ce-40c9-b12b-221b33a0d126","block_type":"box","text":"occur in the same account, and redeemed shares were subject to a front-end or deferred sales charge","page_number":62,"box":{"x":81,"y":325,"width":753,"height":12}},{"id":"66e1ea9b-0c1e-422f-a5e9-a24f1aeee78b","block_type":"box","text":"Unless specifically described above, no other front-end sales charge waivers are available to mutual fund purchases by","page_number":62,"box":{"x":62,"y":348,"width":874,"height":12}},{"id":"3ff51e5e-ac23-4691-b319-1e352afedd5c","block_type":"box","text":"Morgan Stanley Wealth Management clients through Morgan Stanley’s transactional brokerage accounts.","page_number":62,"box":{"x":62,"y":363,"width":770,"height":11}},{"id":"8cf0d551-498a-41d6-9b47-b9659b3813bd","block_type":"box","text":"A-9","page_number":62,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"a9d8b13e-9456-46cc-83ce-5b92f2404b23","block_type":"box","text":"NM1026U-5979803-62/68","page_number":62,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b3aa09af-e711-4750-b45d-47c6041d6886","block_type":"box","text":"Oppenheimer & Co. Inc.:","page_number":63,"box":{"x":61,"y":46,"width":200,"height":12}},{"id":"2196e663-6acd-4a6d-9ac9-822030c93c79","block_type":"box","text":"Effective May 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or","page_number":63,"box":{"x":62,"y":62,"width":872,"height":12}},{"id":"e52ff121-36a3-469d-b12a-37665e20e427","block_type":"box","text":"account are eligible only for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":63,"box":{"x":61,"y":77,"width":806,"height":12}},{"id":"9804421f-2145-40ea-90f6-690a11aade01","block_type":"box","text":"deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":63,"box":{"x":61,"y":92,"width":854,"height":12}},{"id":"42894d2a-f1f6-4822-92da-3f8ada7d0249","block_type":"box","text":"Fund’s prospectus or SAI.","page_number":63,"box":{"x":62,"y":107,"width":186,"height":11}},{"id":"7ceec66e-93bf-4a8c-acbe-72953af79b97","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares available at OPCO","page_number":63,"box":{"x":61,"y":130,"width":596,"height":12}},{"id":"eb16b56b-5fb5-450f-9f57-732b44e40d04","block_type":"box","text":"Shares purchased by employer-sponsored retirement, deferred compensation and employee benefit plans (including","page_number":63,"box":{"x":81,"y":151,"width":852,"height":12}},{"id":"1a0b679f-f394-448b-9ee0-8fea8e5b2f78","block_type":"box","text":"health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a","page_number":63,"box":{"x":82,"y":166,"width":766,"height":12}},{"id":"944bfb14-440f-4243-9d0d-721045f213f9","block_type":"box","text":"commission-based brokerage account and shares are held for the benefit of the plan","page_number":63,"box":{"x":81,"y":181,"width":622,"height":12}},{"id":"78caa733-5136-4303-9f04-dbe7e82f43bf","block_type":"box","text":"Shares purchased by or through a 529 Plan","page_number":63,"box":{"x":81,"y":201,"width":320,"height":12}},{"id":"0e8cefd3-71cc-410a-a15d-e563e8ab3992","block_type":"box","text":"Shares purchased through an OPCO affiliated investment advisory program","page_number":63,"box":{"x":81,"y":221,"width":551,"height":12}},{"id":"08ff8fc8-ab02-47f6-81eb-83362b37531d","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":63,"box":{"x":81,"y":241,"width":835,"height":12}},{"id":"c4464d30-c8b2-4af8-b43b-600f928c486c","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund)","page_number":63,"box":{"x":81,"y":256,"width":441,"height":11}},{"id":"e9e5b6c7-50bc-4a48-9d03-c353914af14e","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":63,"box":{"x":81,"y":276,"width":823,"height":11}},{"id":"1539294c-d452-4e2a-a455-ebd08f246e64","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":63,"box":{"x":81,"y":291,"width":834,"height":11}},{"id":"77b05217-c2d0-42e3-82ed-5fa96cbd4d76","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)","page_number":63,"box":{"x":81,"y":305,"width":808,"height":12}},{"id":"67bd7c07-1cd1-431b-9edd-dcf4b8510e43","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":63,"box":{"x":81,"y":326,"width":812,"height":9}},{"id":"59a58b9b-19dc-4ecb-9ee7-ece4c0a13c74","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":63,"box":{"x":81,"y":340,"width":776,"height":12}},{"id":"e2e58e7d-a0bd-449d-bf49-de3ce36d93ba","block_type":"box","text":"conversion is in line with the policies and procedures of OPCO","page_number":63,"box":{"x":81,"y":355,"width":455,"height":11}},{"id":"ee9ec9ef-e936-4c23-875b-389e9f80a066","block_type":"box","text":"Shares purchased by employees and registered representatives of OPCO or its affiliates and their family members","page_number":63,"box":{"x":81,"y":375,"width":839,"height":12}},{"id":"50a63c81-dc54-4af7-a29a-1edc5bd2e49e","block_type":"box","text":"Shares purchased by directors or trustees of the Fund, and employees of the Fund’s investment adviser or any of","page_number":63,"box":{"x":81,"y":395,"width":834,"height":11}},{"id":"2b4f2935-3cd5-405c-9fab-19b2c728028b","block_type":"box","text":"its affiliates, as described in this prospectus","page_number":63,"box":{"x":82,"y":410,"width":327,"height":11}},{"id":"8c2a9830-c960-4f86-b11a-cf5550efef05","block_type":"box","text":"CDSC Waivers on Investor A and C Shares available at OPCO","page_number":63,"box":{"x":61,"y":433,"width":503,"height":10}},{"id":"c8191d0e-8908-40fe-90df-97c011c0e63b","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":63,"box":{"x":81,"y":454,"width":415,"height":12}},{"id":"3a2e9fd6-a07e-43c9-bf92-be658df523ea","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":63,"box":{"x":81,"y":474,"width":668,"height":12}},{"id":"86f3caa3-da01-4ec7-b536-8d83ed4afffb","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account","page_number":63,"box":{"x":81,"y":494,"width":537,"height":12}},{"id":"e87cf7c3-65ff-4785-b20c-f80a9531d38f","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":63,"box":{"x":81,"y":514,"width":816,"height":11}},{"id":"cede1f13-b4a8-497d-bdf4-fa68519a9e25","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the prospectus","page_number":63,"box":{"x":82,"y":529,"width":690,"height":12}},{"id":"1a4fb157-3efa-4f90-a787-a1d67a906a5b","block_type":"box","text":"Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO","page_number":63,"box":{"x":81,"y":549,"width":563,"height":11}},{"id":"7622a1ee-9230-47cc-af2f-7c76119bbe3c","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":63,"box":{"x":81,"y":569,"width":358,"height":12}},{"id":"9cd0cdf9-2bb1-4980-a420-685df52c2f82","block_type":"box","text":"Front-End Sales Charge Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of","page_number":63,"box":{"x":61,"y":592,"width":857,"height":13}},{"id":"91abbbd8-9fbb-447d-ba94-81d8b8cb322b","block_type":"box","text":"Intent","page_number":63,"box":{"x":61,"y":609,"width":48,"height":10}},{"id":"fcea52db-4961-4926-affd-fc16a2c3636c","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":63,"box":{"x":82,"y":631,"width":322,"height":10}},{"id":"539913b0-16a4-4946-b04e-7f916ad75490","block_type":"box","text":"Rights of Accumulation (“ROA”) and Letters of Intent (“LOI”) which entitle shareholders to breakpoint discounts will","page_number":63,"box":{"x":82,"y":650,"width":842,"height":12}},{"id":"9b1aa0fc-a62d-4593-98bf-3be19f30e768","block_type":"box","text":"be automatically calculated based on the aggregated holding of BlackRock Fund assets held by accounts within the","page_number":63,"box":{"x":81,"y":665,"width":845,"height":12}},{"id":"654c1c15-a280-481d-a2b7-f3c96e092053","block_type":"box","text":"purchaser’s household at OPCO. Eligible BlackRock Fund assets not held at OPCO may be included in the ROA or","page_number":63,"box":{"x":82,"y":680,"width":830,"height":11}},{"id":"c9849f54-d946-47bd-888a-01c786460165","block_type":"box","text":"LOI calculation only if the shareholder notifies his or her financial advisor about such assets","page_number":63,"box":{"x":82,"y":695,"width":675,"height":11}},{"id":"4f56cc2f-f3d3-4a2d-8433-45ded960d37e","block_type":"box","text":"A-10","page_number":63,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"844b34d4-83f8-4a96-8947-5170f1007ce5","block_type":"box","text":"NM1026U-5979803-63/68","page_number":63,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6c81f870-03c9-41ca-87b7-56c758fe0f04","block_type":"box","text":"Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and Each Entity’s Affiliates","page_number":64,"box":{"x":61,"y":46,"width":863,"height":13}},{"id":"18eeb5ac-0f0c-4c58-b886-5d7c56dc4126","block_type":"box","text":"(“Raymond James”):","page_number":64,"box":{"x":61,"y":63,"width":169,"height":12}},{"id":"df1512ea-ac21-4392-80de-fd4e3becaf59","block_type":"box","text":"Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or","page_number":64,"box":{"x":62,"y":87,"width":838,"height":11}},{"id":"36ceb8d4-8c8e-4cee-847b-8bffbf931cf8","block_type":"box","text":"through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides","page_number":64,"box":{"x":60,"y":102,"width":867,"height":11}},{"id":"172d84bb-1fa7-48ff-b388-04552c3208e6","block_type":"box","text":"trade execution, clearance, and/or custody services, will be eligible only for the following sales charge waivers (front","page_number":64,"box":{"x":60,"y":117,"width":860,"height":11}},{"id":"8a072daf-509f-4215-b38e-87542baa7d4b","block_type":"box","text":"end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":64,"box":{"x":61,"y":131,"width":858,"height":12}},{"id":"c7fc6e7f-711d-44ab-ab5e-b99c82f1b85f","block_type":"box","text":"prospectus or the SAI.","page_number":64,"box":{"x":62,"y":146,"width":161,"height":11}},{"id":"01c094be-4bcb-4540-88d4-bb61462654bb","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Raymond James","page_number":64,"box":{"x":61,"y":169,"width":682,"height":13}},{"id":"1bec7c3b-39bf-429b-8ef6-251bd277f055","block_type":"box","text":"Shares purchased in a Raymond James investment advisory program.","page_number":64,"box":{"x":81,"y":191,"width":512,"height":11}},{"id":"11f97709-89cf-40d5-8272-5541225b64e7","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":64,"box":{"x":81,"y":211,"width":845,"height":11}},{"id":"6491f2ce-6777-4103-98da-2813e6396a8f","block_type":"box","text":"distributions and dividend distributions.","page_number":64,"box":{"x":81,"y":226,"width":288,"height":9}},{"id":"9bf56acc-0653-4fb3-a523-75ce3a7441f0","block_type":"box","text":"Shares purchased by employees and registered representatives of Raymond James or its affiliates and their family","page_number":64,"box":{"x":81,"y":245,"width":844,"height":12}},{"id":"07f8f9ae-899c-41f0-9bd2-5c99545b7185","block_type":"box","text":"members as designated by Raymond James.","page_number":64,"box":{"x":82,"y":261,"width":326,"height":11}},{"id":"959ffe57-a27c-44b4-bbe3-e9f6e6960d85","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":64,"box":{"x":81,"y":280,"width":823,"height":12}},{"id":"88842445-d06e-4964-a0ef-f07d99bb3df1","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":64,"box":{"x":81,"y":295,"width":834,"height":12}},{"id":"49bb70fc-bc5f-4eb3-a23a-a707cc3c6968","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).","page_number":64,"box":{"x":81,"y":310,"width":812,"height":11}},{"id":"900c03f3-1154-4a07-9944-7cd68988644c","block_type":"box","text":"A shareholder in the Fund’s Investor C shares will have their shares converted at net asset value to Investor A","page_number":64,"box":{"x":81,"y":330,"width":810,"height":9}},{"id":"9acbaabc-1a63-4e25-b4ec-ea351404817a","block_type":"box","text":"shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and","page_number":64,"box":{"x":81,"y":345,"width":844,"height":11}},{"id":"2c127295-b93c-4481-886e-3be35ed12340","block_type":"box","text":"procedures of Raymond James.","page_number":64,"box":{"x":82,"y":360,"width":228,"height":11}},{"id":"f99a69fe-66b8-4f49-a203-d18f8c76e4b7","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Raymond James","page_number":64,"box":{"x":61,"y":383,"width":589,"height":12}},{"id":"822db910-2feb-48cb-9d9c-178b3f29842e","block_type":"box","text":"Shares sold due to death or disability of the shareholder.","page_number":64,"box":{"x":81,"y":404,"width":417,"height":11}},{"id":"dd7cf6af-642e-487b-b6ab-10a6f85c231e","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":64,"box":{"x":81,"y":424,"width":672,"height":11}},{"id":"c127a017-e7b6-48a5-b371-683a8cc1c0c2","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA Account.","page_number":64,"box":{"x":81,"y":444,"width":541,"height":12}},{"id":"5c2c675a-1ad9-4177-9c18-9c9710dbc41b","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":64,"box":{"x":81,"y":464,"width":816,"height":11}},{"id":"92ccbf0b-1ee6-4f57-a525-2c5a18f85003","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the Fund’s prospectus or SAI.","page_number":64,"box":{"x":82,"y":479,"width":797,"height":11}},{"id":"29dee749-d742-4296-beac-838d0c70aec1","block_type":"box","text":"Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.","page_number":64,"box":{"x":81,"y":499,"width":723,"height":11}},{"id":"48988fd0-7bc0-4334-83a8-5d91d6b4dfd7","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":64,"box":{"x":81,"y":519,"width":372,"height":11}},{"id":"7f53d610-3671-4df7-bf8a-a3278c81a8f9","block_type":"box","text":"Front-End Sales Charge Discounts Available at Raymond James: Breakpoints, Rights of Accumulation","page_number":64,"box":{"x":61,"y":542,"width":837,"height":12}},{"id":"a1c71617-81b9-4574-b6f8-a859806c327f","block_type":"box","text":"and/or Letters of Intent","page_number":64,"box":{"x":61,"y":559,"width":196,"height":12}},{"id":"9977643e-27d8-452b-b1de-1249d94ca883","block_type":"box","text":"Breakpoints as described in this prospectus.","page_number":64,"box":{"x":82,"y":580,"width":327,"height":11}},{"id":"eacf4b70-1a03-482c-9ccb-176ce21d9246","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":64,"box":{"x":82,"y":600,"width":849,"height":12}},{"id":"1e0a5318-7f2f-4884-9475-d0521a6a6e34","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at Raymond","page_number":64,"box":{"x":80,"y":615,"width":833,"height":11}},{"id":"94d404f1-0219-47b2-aa69-a5af0e9378a5","block_type":"box","text":"James. Eligible BlackRock Fund assets not held at Raymond James may be included in the calculation of rights of","page_number":64,"box":{"x":81,"y":630,"width":834,"height":11}},{"id":"5c18696d-9fd6-4cbb-9949-e07287aeb6fb","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":64,"box":{"x":81,"y":644,"width":670,"height":12}},{"id":"4fa8bc1a-97f8-4024-be66-ee88ee34bd6e","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds over a","page_number":64,"box":{"x":82,"y":664,"width":828,"height":12}},{"id":"daf15df2-66b3-477c-b42e-5556a5a136f9","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at Raymond James may be included in the","page_number":64,"box":{"x":82,"y":679,"width":775,"height":12}},{"id":"28c8dab9-aa36-47c3-9ff4-0678e63bce09","block_type":"box","text":"calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":64,"box":{"x":81,"y":694,"width":789,"height":12}},{"id":"b27dd2cd-7229-4a57-aca9-59a0a4e78b02","block_type":"box","text":"A-11","page_number":64,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"9b631c71-9b3f-4f27-82c4-54a33d41a682","block_type":"box","text":"NM1026U-5979803-64/68","page_number":64,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"37a1f694-730e-4c0e-9262-37261ceb0411","block_type":"box","text":"Robert W. Baird & Co. (“Baird”):","page_number":65,"box":{"x":61,"y":46,"width":268,"height":12}},{"id":"4f98c8ff-e66d-41fe-aee1-42efaca57b67","block_type":"box","text":"Effective January 1, 2026, shareholders purchasing Fund shares through a Baird platform or account will only be","page_number":65,"box":{"x":62,"y":70,"width":828,"height":12}},{"id":"7d8cb487-b44e-427b-9c21-83c000fc3257","block_type":"box","text":"eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which","page_number":65,"box":{"x":61,"y":85,"width":870,"height":12}},{"id":"613b169f-592e-4eb4-9b44-ab863bca00b9","block_type":"box","text":"may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":65,"box":{"x":61,"y":100,"width":556,"height":11}},{"id":"f45166b0-bd09-490e-95e9-461894cd39dd","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Baird","page_number":65,"box":{"x":61,"y":123,"width":592,"height":12}},{"id":"2ef226d7-efbc-47d6-a45d-fa2c8282f3a2","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":65,"box":{"x":81,"y":144,"width":835,"height":12}},{"id":"0601a600-fd68-418d-8a05-6911e1c0322c","block_type":"box","text":"shares of the same fund","page_number":65,"box":{"x":81,"y":159,"width":179,"height":9}},{"id":"8ef477c1-5d77-4a42-8370-cd4b3db90431","block_type":"box","text":"Shares purchased by employees and registered representatives of Baird or its affiliates and their family members","page_number":65,"box":{"x":81,"y":179,"width":835,"height":12}},{"id":"8bd29ae0-6d29-4fdf-974f-ec9ffe7b58a1","block_type":"box","text":"as designated by Baird","page_number":65,"box":{"x":81,"y":194,"width":167,"height":11}},{"id":"08ec46f7-2af8-4d25-af84-03c6a16c95f5","block_type":"box","text":"Shares purchased within 90 days following a redemption from a BlackRock Fund, provided (1) the redemption and","page_number":65,"box":{"x":81,"y":214,"width":836,"height":11}},{"id":"77929f41-5014-4d35-8456-4f33a1d621a0","block_type":"box","text":"purchase occur within the purchaser’s Baird household, and (2) redeemed shares were subject to a front-end or","page_number":65,"box":{"x":82,"y":229,"width":822,"height":11}},{"id":"db10c698-23e4-4b80-8ad0-857bd58fa71f","block_type":"box","text":"deferred sales charge (known as Rights of Reinstatement)","page_number":65,"box":{"x":81,"y":244,"width":427,"height":11}},{"id":"97ef249b-729a-4b7f-bec5-a8509db23c59","block_type":"box","text":"A shareholder in the Fund’s Investor C shares will have their shares converted at net asset value to Investor A","page_number":65,"box":{"x":81,"y":264,"width":810,"height":9}},{"id":"7a24294f-721a-4a97-b03c-c4649069a34d","block_type":"box","text":"shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and","page_number":65,"box":{"x":81,"y":278,"width":827,"height":12}},{"id":"f1503ce6-abd4-48aa-8f01-777a34cdc559","block_type":"box","text":"procedures of Baird","page_number":65,"box":{"x":82,"y":293,"width":142,"height":11}},{"id":"1a33b7b0-01d7-4625-b95e-78390e682a8b","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans or charitable accounts in a transactional brokerage","page_number":65,"box":{"x":81,"y":313,"width":812,"height":12}},{"id":"5dbcca62-2508-4aa0-9d5d-5250fb3b301a","block_type":"box","text":"account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money","page_number":65,"box":{"x":81,"y":328,"width":829,"height":12}},{"id":"e75d06a5-7ec9-417f-bcd2-3e3b5b87ecd8","block_type":"box","text":"purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement","page_number":65,"box":{"x":82,"y":343,"width":834,"height":11}},{"id":"eab195a7-8dd7-43d5-8d56-351ad064ae43","block_type":"box","text":"plans do not include SEP IRAs, Simple IRAs or SAR-SEPs","page_number":65,"box":{"x":82,"y":358,"width":414,"height":11}},{"id":"47b1fb22-bbcf-4db2-b229-abcebb1b411c","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Baird","page_number":65,"box":{"x":61,"y":381,"width":499,"height":10}},{"id":"c9ab19aa-4d9c-4031-8a8e-a1e9298e9e30","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":65,"box":{"x":81,"y":402,"width":415,"height":12}},{"id":"d643882b-45e8-4f48-872d-882f6446ef46","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":65,"box":{"x":81,"y":422,"width":668,"height":11}},{"id":"50d6fa74-7eb4-472d-bb78-1b84fb9fef0c","block_type":"box","text":"Shares bought due to returns of excess contributions from an IRA account","page_number":65,"box":{"x":81,"y":442,"width":545,"height":12}},{"id":"933cdc2e-fd3c-429f-9557-77362cb31779","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":65,"box":{"x":81,"y":462,"width":816,"height":11}},{"id":"2ca32e51-e194-4f61-b6ba-9d7239e1ef5d","block_type":"box","text":"reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund’s","page_number":65,"box":{"x":82,"y":477,"width":816,"height":11}},{"id":"74503cae-b7a8-4808-8896-966c62f75815","block_type":"box","text":"prospectus","page_number":65,"box":{"x":82,"y":492,"width":80,"height":11}},{"id":"b9bfbaf6-80d0-4221-8aa4-44fbc5862d3a","block_type":"box","text":"Shares sold to pay Baird fees but only if the transaction is initiated by Baird","page_number":65,"box":{"x":81,"y":512,"width":555,"height":11}},{"id":"889d0d35-9b84-4187-9950-a6bd2a086ad1","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":65,"box":{"x":81,"y":532,"width":358,"height":11}},{"id":"f6109d3d-b2ba-43b3-91e5-7f9a375226cb","block_type":"box","text":"Front-End Sales Charge Discounts Available at Baird: Breakpoints, Rights of Accumulation, & Letters of","page_number":65,"box":{"x":61,"y":555,"width":859,"height":12}},{"id":"80b2b377-9ee4-4462-85d8-c6dd9ffc8dae","block_type":"box","text":"Intent","page_number":65,"box":{"x":61,"y":572,"width":48,"height":9}},{"id":"5b9c922f-bef5-44de-b52b-a4633a64df69","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":65,"box":{"x":82,"y":593,"width":322,"height":11}},{"id":"0a36180a-4b0a-45b1-93ae-4399435378eb","block_type":"box","text":"Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts will be automatically calculated","page_number":65,"box":{"x":82,"y":613,"width":838,"height":11}},{"id":"80ce0520-30a0-44d7-bed3-b60b469a4fbf","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":65,"box":{"x":81,"y":628,"width":834,"height":11}},{"id":"976ba47a-cc3e-4347-9b71-bed6356866b7","block_type":"box","text":"Baird. Eligible BlackRock Fund assets not held at Baird may be included in ROA calculation only if the shareholder","page_number":65,"box":{"x":82,"y":642,"width":834,"height":12}},{"id":"cbd484b2-7310-400d-a422-4142d9485121","block_type":"box","text":"notifies his or her financial advisor about such assets","page_number":65,"box":{"x":82,"y":657,"width":393,"height":10}},{"id":"d3d416f9-4b74-4339-86b8-ed84c8aeddb7","block_type":"box","text":"Letters of Intent (“LOI”) allow for breakpoint discounts based on anticipated purchases of BlackRock Funds through","page_number":65,"box":{"x":82,"y":677,"width":847,"height":12}},{"id":"e997fd50-37dd-4cb7-98db-d6043c6c4956","block_type":"box","text":"Baird, over a 13-month period of time","page_number":65,"box":{"x":82,"y":692,"width":273,"height":11}},{"id":"bfc1908c-f0e8-4720-8b29-6ffe900da01e","block_type":"box","text":"A-12","page_number":65,"box":{"x":482,"y":935,"width":32,"height":9}},{"id":"aa5ff570-96ff-42ba-9886-dc5e5c7f56ec","block_type":"box","text":"NM1026U-5979803-65/68","page_number":65,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3a47b836-3146-49a9-8cc8-6b39233d1e4f","block_type":"box","text":"Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, “Wells","page_number":66,"box":{"x":60,"y":46,"width":869,"height":13}},{"id":"ed80a297-d107-41cf-95d4-d616dc171f39","block_type":"box","text":"Fargo Advisors”)","page_number":66,"box":{"x":61,"y":63,"width":136,"height":12}},{"id":"59572f2b-4f84-4e5c-8fb4-24f031b55d1c","block_type":"box","text":"Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended","page_number":66,"box":{"x":60,"y":87,"width":855,"height":13}},{"id":"1c1a49fe-6235-43f5-a107-0c5230fe5c44","block_type":"box","text":"to include First Clearing firms.","page_number":66,"box":{"x":60,"y":104,"width":250,"height":13}},{"id":"8b883a8b-d751-4405-a305-72ca7816096f","block_type":"box","text":"Effective April 1, 2026, clients of Wells Fargo Advisors purchasing Fund shares through Wells Fargo Advisors are","page_number":66,"box":{"x":62,"y":120,"width":825,"height":12}},{"id":"17fec001-3326-455f-9dbd-c57a186b8670","block_type":"box","text":"eligible for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from","page_number":66,"box":{"x":61,"y":135,"width":863,"height":12}},{"id":"13a69c4e-5704-4f68-b96a-599e0fb1ffa1","block_type":"box","text":"discounts and waivers described elsewhere in the prospectus or SAI. In all instances, it is the investor’s responsibility","page_number":66,"box":{"x":61,"y":150,"width":868,"height":11}},{"id":"3c523b8d-a9e5-45cd-9ab1-70fc5904e26a","block_type":"box","text":"to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the","page_number":66,"box":{"x":60,"y":165,"width":824,"height":11}},{"id":"f514aa94-1f35-4519-8c4b-dd551dfe4f21","block_type":"box","text":"investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.","page_number":66,"box":{"x":62,"y":180,"width":809,"height":11}},{"id":"20298b21-96cb-4628-b0ce-868359667591","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end sales charge waivers information.","page_number":66,"box":{"x":60,"y":203,"width":678,"height":12}},{"id":"4d6a74e6-4fe4-477b-90ed-96c913c074b1","block_type":"box","text":"Wells Fargo Advisors clients purchasing or converting to Investor A Shares of the Fund in a Wells Fargo Advisors","page_number":66,"box":{"x":60,"y":219,"width":822,"height":12}},{"id":"73affb3a-c6e0-47af-947f-35cf25532ef9","block_type":"box","text":"brokerage account are entitled to a waiver of the front-end load in the following circumstances:","page_number":66,"box":{"x":61,"y":234,"width":694,"height":11}},{"id":"a6094805-1f62-4aaa-9c29-d49fac2c16d4","block_type":"box","text":"Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor’s employee account","page_number":66,"box":{"x":81,"y":254,"width":855,"height":11}},{"id":"4822fb0e-f48a-4f17-82f5-cc82b85aa624","block_type":"box","text":"linking rules. Legacy accounts and positions receiving affiliate discounts prior to April 1, 2026 will continue to","page_number":66,"box":{"x":82,"y":269,"width":805,"height":11}},{"id":"ef491a11-dd69-4dd5-af0a-c772b52326ad","block_type":"box","text":"receive discounts. Going forward employees of affiliate businesses will not be offered NAV.","page_number":66,"box":{"x":82,"y":283,"width":667,"height":12}},{"id":"d23e7e25-3392-4b52-8f7f-75859d9f433c","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":66,"box":{"x":81,"y":303,"width":846,"height":12}},{"id":"3d614946-1abe-4945-bb09-6e506e0a52d2","block_type":"box","text":"same fund.","page_number":66,"box":{"x":81,"y":318,"width":81,"height":10}},{"id":"8fe63b27-2b53-4dfa-9c5f-0676a80d8092","block_type":"box","text":"WellsTrade, the firm’s online self-directed brokerage account, generally offers no-load share classes but there could be","page_number":66,"box":{"x":60,"y":341,"width":875,"height":11}},{"id":"b0ca6198-62be-4981-9be0-a327f61678a5","block_type":"box","text":"instances where an Investor A Share is offered without a front-end sales charge.","page_number":66,"box":{"x":62,"y":356,"width":589,"height":11}},{"id":"2da99b9a-4837-4e81-900c-2bbd2ea7b617","block_type":"box","text":"Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through","page_number":66,"box":{"x":62,"y":378,"width":858,"height":12}},{"id":"eb2826b1-ed9a-44a5-8053-e82cfba7f303","block_type":"box","text":"Wells Fargo Advisors.","page_number":66,"box":{"x":60,"y":393,"width":155,"height":12}},{"id":"3d18e3be-f0f7-4d4d-82a9-2fc46c85515a","block_type":"box","text":"Wells Fargo Advisors Contingent Deferred Sales Charge information.","page_number":66,"box":{"x":60,"y":416,"width":565,"height":13}},{"id":"56b2f792-5dfb-4bec-9479-d6cca5bacb47","block_type":"box","text":"CDSC imposed on Fund redemptions will not be rebated based on future purchases.","page_number":66,"box":{"x":61,"y":432,"width":618,"height":12}},{"id":"a7312b09-d075-42dd-81f6-681c9ae886eb","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end load discounts","page_number":66,"box":{"x":60,"y":455,"width":521,"height":13}},{"id":"a1ced025-7efb-4ff3-a1ed-9f09ea525641","block_type":"box","text":"Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage","page_number":66,"box":{"x":60,"y":472,"width":809,"height":11}},{"id":"c8137f42-71e4-4dd9-a492-0285adc87ff9","block_type":"box","text":"accounts will follow the following aggregation rules for breakpoint discounts:","page_number":66,"box":{"x":61,"y":487,"width":558,"height":11}},{"id":"b2b94611-d74d-4c66-a82c-e55fe7890367","block_type":"box","text":"Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the","page_number":66,"box":{"x":82,"y":506,"width":820,"height":12}},{"id":"8fb8d150-eedf-45aa-a22e-dcc36eb84ec0","block_type":"box","text":"client’s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still","page_number":66,"box":{"x":81,"y":521,"width":845,"height":12}},{"id":"baea2329-570b-4557-9b75-e7a8ffd3557e","block_type":"box","text":"be aggregated as a group plan.","page_number":66,"box":{"x":81,"y":536,"width":227,"height":12}},{"id":"f7c61ac6-df6b-45be-abbd-ebbdc602812c","block_type":"box","text":"Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":66,"box":{"x":82,"y":556,"width":823,"height":12}},{"id":"2ee797af-9b65-426c-bd83-28f24d28460c","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate","page_number":66,"box":{"x":81,"y":571,"width":841,"height":12}},{"id":"9f420512-6e5e-4304-b6bc-ddf92aa1e365","block_type":"box","text":"with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts","page_number":66,"box":{"x":80,"y":586,"width":815,"height":11}},{"id":"f8e5edfd-17fc-45a2-830a-08b9415916ef","block_type":"box","text":"under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans","page_number":66,"box":{"x":82,"y":601,"width":842,"height":11}},{"id":"99d737a0-4269-4024-b2b1-38487f7d09a1","block_type":"box","text":"do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.","page_number":66,"box":{"x":81,"y":616,"width":481,"height":11}},{"id":"00291f87-a9ea-43e2-9f86-a483f79aa7a6","block_type":"box","text":"Gifts of shares will not be considered when determining breakpoint discounts.","page_number":66,"box":{"x":81,"y":635,"width":572,"height":12}},{"id":"c3adee9c-0e17-490f-97d3-10616772efd5","block_type":"box","text":"A-13","page_number":66,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"f08c44e3-aef2-40a0-925c-65582b69bd67","block_type":"box","text":"NM1026U-5979803-66/68","page_number":66,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ffb3e8fb-63c5-448a-a721-08a5e5d3dabc","block_type":"box","text":"For More Information","page_number":67,"box":{"x":64,"y":82,"width":455,"height":27}},{"id":"ac3b5968-561d-431d-81bb-0d856ccf97e1","block_type":"box","text":"Fund and Service Providers","page_number":67,"box":{"x":61,"y":156,"width":246,"height":11}},{"id":"457e5bd3-4ee9-47a1-bd9c-f6e8dc1c4cfb","block_type":"box","text":"FUND","page_number":67,"box":{"x":102,"y":188,"width":39,"height":9}},{"id":"22b1b500-b198-408f-8bea-35b859057d18","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":67,"box":{"x":102,"y":211,"width":288,"height":12}},{"id":"332eb86f-1a14-48ac-86bf-aa08bfd57dd8","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":67,"box":{"x":102,"y":227,"width":318,"height":11}},{"id":"c3f90357-4eaf-40e8-a9e0-09b9bf7846a2","block_type":"box","text":"100 Bellevue Parkway","page_number":67,"box":{"x":102,"y":242,"width":161,"height":12}},{"id":"f4001fc7-49ad-49e6-8216-c4ea2bbb6ce1","block_type":"box","text":"Wilmington, Delaware 19809","page_number":67,"box":{"x":101,"y":258,"width":213,"height":11}},{"id":"aaabc057-b813-44ad-939f-f90373ec5cdd","block_type":"box","text":"Written Correspondence:","page_number":67,"box":{"x":103,"y":277,"width":180,"height":11}},{"id":"cdf2b68b-8e9f-4d6d-9b4a-900d8999da3a","block_type":"box","text":"P.O. Box 534429","page_number":67,"box":{"x":102,"y":293,"width":124,"height":9}},{"id":"27a1aa7d-3542-4ee3-8a14-bb03b7870465","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":67,"box":{"x":102,"y":308,"width":277,"height":12}},{"id":"f4d1c069-cf4c-43c0-9f4e-18b1a074f78b","block_type":"box","text":"Overnight Mail:","page_number":67,"box":{"x":102,"y":327,"width":109,"height":12}},{"id":"23c9f888-c098-4eba-8132-4c91e187fc13","block_type":"box","text":"Attention: 534429","page_number":67,"box":{"x":101,"y":343,"width":135,"height":9}},{"id":"0ac32340-0790-4c9e-9c67-379066db4641","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":67,"box":{"x":102,"y":358,"width":221,"height":11}},{"id":"5ea48538-9e8f-49b0-9ec6-8ffe3e1a0888","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":67,"box":{"x":102,"y":374,"width":233,"height":11}},{"id":"d5c5b098-e613-4311-a625-cc57dd0c6c2e","block_type":"box","text":"(800) 441-7762","page_number":67,"box":{"x":101,"y":393,"width":118,"height":11}},{"id":"ee914faa-dedc-400a-939d-41c3ea92dc4c","block_type":"box","text":"MANAGER AND ADMINISTRATOR","page_number":67,"box":{"x":102,"y":416,"width":241,"height":9}},{"id":"ee52d339-4855-455e-b17e-0117850b833c","block_type":"box","text":"BlackRock Advisors, LLC","page_number":67,"box":{"x":102,"y":432,"width":171,"height":10}},{"id":"ef1ac90e-f632-4c3b-9ee1-b311beef99d0","block_type":"box","text":"100 Bellevue Parkway","page_number":67,"box":{"x":102,"y":447,"width":154,"height":12}},{"id":"5d50584b-2a48-4b18-98ba-c7ea405c47d0","block_type":"box","text":"Wilmington, Delaware 19809","page_number":67,"box":{"x":101,"y":463,"width":205,"height":11}},{"id":"f50e634d-ef94-4238-8688-4b6ea747ef81","block_type":"box","text":"TRANSFER AGENT","page_number":67,"box":{"x":101,"y":486,"width":134,"height":9}},{"id":"bc3faa40-4c2c-452b-9880-721653435359","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc.","page_number":67,"box":{"x":102,"y":501,"width":295,"height":12}},{"id":"0dc94672-e4a6-4f4f-868f-12149458db05","block_type":"box","text":"118 Flanders Road","page_number":67,"box":{"x":102,"y":517,"width":133,"height":9}},{"id":"499e9c87-6261-42bb-82ff-b142d63e4f58","block_type":"box","text":"Westborough, Massachusetts 01581","page_number":67,"box":{"x":101,"y":532,"width":263,"height":12}},{"id":"32b67e71-a106-49d7-8045-7646dc2915d3","block_type":"box","text":"INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM","page_number":67,"box":{"x":525,"y":188,"width":410,"height":9}},{"id":"81b191bf-88c0-48a3-aebf-40e61c9c45e9","block_type":"box","text":"Deloitte & Touche LLP","page_number":67,"box":{"x":525,"y":204,"width":153,"height":9}},{"id":"b0e60707-7dd4-4902-82d0-8b57603a732e","block_type":"box","text":"115 Federal Street","page_number":67,"box":{"x":525,"y":219,"width":132,"height":9}},{"id":"8b371955-33a9-4f64-90e9-3707c4bb13a2","block_type":"box","text":"Boston, Massachusetts 02110","page_number":67,"box":{"x":525,"y":235,"width":220,"height":10}},{"id":"9988bcf9-ab5d-49c8-a453-cc1f06b77247","block_type":"box","text":"ACCOUNTING SERVICES PROVIDER","page_number":67,"box":{"x":524,"y":258,"width":260,"height":9}},{"id":"ba00e3b1-99df-4e71-bf6c-7ffd8d97df94","block_type":"box","text":"The Bank of New York Mellon","page_number":67,"box":{"x":524,"y":277,"width":204,"height":9}},{"id":"f6ae9a50-a08c-4f92-bc99-dc97fd00dd1e","block_type":"box","text":"240 Greenwich Street","page_number":67,"box":{"x":525,"y":293,"width":154,"height":9}},{"id":"3e94686a-b70d-4ffa-9274-cbc0cd11e2af","block_type":"box","text":"New York, New York 10286","page_number":67,"box":{"x":525,"y":308,"width":190,"height":11}},{"id":"8798b364-be82-4989-b7e7-3100b0b451da","block_type":"box","text":"DISTRIBUTOR","page_number":67,"box":{"x":525,"y":331,"width":100,"height":9}},{"id":"23c9b571-e57d-4b4f-895b-44c8ef80b4f7","block_type":"box","text":"BlackRock Investments, LLC","page_number":67,"box":{"x":525,"y":347,"width":198,"height":10}},{"id":"87da50c7-babf-459a-9a44-f9a9e4966080","block_type":"box","text":"50 Hudson Yards","page_number":67,"box":{"x":525,"y":362,"width":120,"height":9}},{"id":"6393a0f2-2b9a-4be4-ac3d-4fba149ac047","block_type":"box","text":"New York, New York 10001","page_number":67,"box":{"x":525,"y":378,"width":190,"height":10}},{"id":"498bd4eb-ae95-4a66-a1c1-c4b2b43d95c3","block_type":"box","text":"CUSTODIAN","page_number":67,"box":{"x":524,"y":401,"width":86,"height":9}},{"id":"da8b90e9-42d7-4172-bcb7-c247e6e8caa8","block_type":"box","text":"The Bank of New York Mellon","page_number":67,"box":{"x":524,"y":420,"width":204,"height":9}},{"id":"01493271-97d6-4b03-8fd4-930bc2369daa","block_type":"box","text":"240 Greenwich Street","page_number":67,"box":{"x":525,"y":436,"width":154,"height":9}},{"id":"0fc88dd2-eba4-49b5-a0dd-df20df85f5f4","block_type":"box","text":"New York, New York 10286","page_number":67,"box":{"x":525,"y":451,"width":190,"height":11}},{"id":"0309235d-b070-4b99-ae5a-4f8c59a84179","block_type":"box","text":"COUNSEL","page_number":67,"box":{"x":524,"y":474,"width":70,"height":10}},{"id":"ab4c3ceb-4841-4522-9686-983a1ce122ba","block_type":"box","text":"Ropes & Gray LLP","page_number":67,"box":{"x":525,"y":490,"width":125,"height":11}},{"id":"3f29c0c6-2b3b-4834-ae0b-5fac474acfb6","block_type":"box","text":"1211 Avenue of the Americas","page_number":67,"box":{"x":525,"y":505,"width":208,"height":9}},{"id":"d1985cef-5d89-476f-a331-7ca139f45508","block_type":"box","text":"New York, New York 10036","page_number":67,"box":{"x":525,"y":521,"width":190,"height":10}},{"id":"f0519b1c-9ceb-4f45-b54e-69b4080ce81b","block_type":"box","text":"NM1026U-5979803-67/68","page_number":67,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"20675421-9ed4-4597-8376-19bef1ecbc77","block_type":"box","text":"Additional Information","page_number":68,"box":{"x":90,"y":87,"width":197,"height":10}},{"id":"e9c3f554-4eff-492c-95dc-95521110a725","block_type":"box","text":"For more information:","page_number":68,"box":{"x":92,"y":140,"width":155,"height":9}},{"id":"9357d571-b02e-4979-a3aa-a9f55013a9c7","block_type":"box","text":"This prospectus contains important information you should","page_number":68,"box":{"x":91,"y":156,"width":390,"height":11}},{"id":"05e25da4-ee46-47f0-ad29-21cadf621321","block_type":"box","text":"know before investing, including information about risks.","page_number":68,"box":{"x":91,"y":171,"width":372,"height":11}},{"id":"914dbae0-87b8-4759-b843-a88b2d8daab8","block_type":"box","text":"Please read it before you invest and keep it for future","page_number":68,"box":{"x":92,"y":187,"width":350,"height":11}},{"id":"6f3f1f0b-71ef-43a5-afeb-7a93766c26c9","block_type":"box","text":"reference. More information about the Fund is available at","page_number":68,"box":{"x":91,"y":202,"width":387,"height":9}},{"id":"ba507da6-f5a6-4afa-a346-6c6f3991241c","block_type":"box","text":"no charge upon request. This information includes:","page_number":68,"box":{"x":91,"y":218,"width":338,"height":11}},{"id":"4e20aff4-5236-47ef-8c8e-002cedc5b4e2","block_type":"box","text":"Annual/Semi-Annual Reports and Form N-CSR","page_number":68,"box":{"x":90,"y":241,"width":335,"height":11}},{"id":"923304bf-fb28-4ea6-8640-3fdeff788f8e","block_type":"box","text":"The Fund’s annual and semi-annual reports and Form N","page_number":68,"box":{"x":91,"y":257,"width":381,"height":10}},{"id":"605ad084-7740-4f54-9b90-0f2727367ca4","block_type":"box","text":"CSR contain additional information about the Fund’s","page_number":68,"box":{"x":91,"y":272,"width":349,"height":8}},{"id":"a6e1af0b-0f36-4c34-8ed7-825d82fb483c","block_type":"box","text":"investments. The annual report describes the Fund’s","page_number":68,"box":{"x":91,"y":288,"width":350,"height":10}},{"id":"98890947-99ee-46f5-8233-7f104545c278","block_type":"box","text":"performance, lists portfolio holdings, and discusses recent","page_number":68,"box":{"x":91,"y":303,"width":388,"height":11}},{"id":"4f6c87b3-2453-4405-ae85-6f2270b6c80f","block_type":"box","text":"market conditions, economic trends and Fund investment","page_number":68,"box":{"x":91,"y":318,"width":381,"height":10}},{"id":"ea79e9f0-7dfe-43b4-95d8-a5fcf0e5f531","block_type":"box","text":"strategies that significantly affected the Fund’s","page_number":68,"box":{"x":91,"y":334,"width":309,"height":11}},{"id":"2760ba82-870e-4284-90d2-a31950601362","block_type":"box","text":"performance for the last fiscal year. In Form N-CSR, you","page_number":68,"box":{"x":91,"y":349,"width":373,"height":11}},{"id":"c8f01633-63d3-4065-8df7-7524a4249495","block_type":"box","text":"will find the Fund’s financial statements.","page_number":68,"box":{"x":91,"y":365,"width":264,"height":8}},{"id":"62f83a7d-254c-4a2d-a600-039c2dbaf07a","block_type":"box","text":"Statement of Additional Information","page_number":68,"box":{"x":91,"y":388,"width":255,"height":8}},{"id":"849da9f1-c22d-4091-a918-11a3f70bd660","block_type":"box","text":"A Statement of Additional Information (“SAI”), dated","page_number":68,"box":{"x":90,"y":403,"width":347,"height":11}},{"id":"9fa24a9b-8ce1-4603-944b-89f45509cdac","block_type":"box","text":"September 28, 2026, has been filed with the Securities","page_number":68,"box":{"x":91,"y":419,"width":365,"height":11}},{"id":"219cbbb4-1678-4ea7-b1a4-3b75cf2a5d1b","block_type":"box","text":"and Exchange Commission (the “SEC”). The SAI, which","page_number":68,"box":{"x":91,"y":434,"width":373,"height":11}},{"id":"ee04f466-5850-41ce-866f-42a0362f270b","block_type":"box","text":"includes additional information about the Fund, may be","page_number":68,"box":{"x":91,"y":450,"width":367,"height":11}},{"id":"2f19a3d6-200f-47d8-b595-adbf4262d67f","block_type":"box","text":"obtained free of charge, along with the Fund’s annual and","page_number":68,"box":{"x":91,"y":465,"width":385,"height":11}},{"id":"d460b49c-9352-4aec-91ac-6a5124a0d41b","block_type":"box","text":"semi-annual reports and other information such as Fund","page_number":68,"box":{"x":91,"y":481,"width":376,"height":10}},{"id":"1d28e49e-1faf-407c-856b-1d37d4cb378e","block_type":"box","text":"financial statements, by calling (800) 441-7762. The SAI,","page_number":68,"box":{"x":91,"y":496,"width":378,"height":11}},{"id":"9fc9232c-c77a-4506-ab81-fec83a55b308","block_type":"box","text":"as amended and/or supplemented from time to time, is","page_number":68,"box":{"x":91,"y":512,"width":364,"height":10}},{"id":"a46bedea-d155-41b6-960d-7bb06a219203","block_type":"box","text":"incorporated by reference into this prospectus.","page_number":68,"box":{"x":91,"y":527,"width":308,"height":11}},{"id":"582ff6e0-f0dc-4aa9-8165-de63f4b84d00","block_type":"box","text":"BlackRock Investor Services","page_number":68,"box":{"x":92,"y":550,"width":205,"height":9}},{"id":"0d1d9429-20d9-4622-a957-ddf456da5f54","block_type":"box","text":"Representatives are available to discuss account balance","page_number":68,"box":{"x":92,"y":566,"width":382,"height":11}},{"id":"98431168-c882-4082-b8fe-a9e8d5b57e60","block_type":"box","text":"information, mutual fund prospectuses, literature,","page_number":68,"box":{"x":91,"y":581,"width":326,"height":11}},{"id":"7106e44f-bf08-4133-9d0f-5153d325b392","block_type":"box","text":"programs and services available. Hours: 8:00 a.m. to","page_number":68,"box":{"x":91,"y":597,"width":353,"height":11}},{"id":"4c99388c-9b69-4f96-87f0-8d9859f67512","block_type":"box","text":"6:00 p.m. (Eastern time), on any business day. Call:","page_number":68,"box":{"x":91,"y":612,"width":342,"height":11}},{"id":"9a8884e2-d58b-47d9-a2c4-5ceec9898e71","block_type":"box","text":"(800) 441-7762.","page_number":68,"box":{"x":91,"y":628,"width":106,"height":11}},{"id":"673354fb-7652-4295-8904-a7f877b67afc","block_type":"box","text":"Purchases and Redemptions","page_number":68,"box":{"x":92,"y":651,"width":205,"height":11}},{"id":"d8d0b927-27f2-4e16-846c-a44142f3e337","block_type":"box","text":"Call your Financial Intermediary or BlackRock","page_number":68,"box":{"x":91,"y":666,"width":306,"height":11}},{"id":"7d2eed7e-772a-439a-a603-e788ad1733ba","block_type":"box","text":"Investor Services at (800) 441-7762.","page_number":68,"box":{"x":92,"y":682,"width":242,"height":11}},{"id":"b2db7098-24c8-4968-8e23-4dfc75282ede","block_type":"box","text":"World Wide Web","page_number":68,"box":{"x":91,"y":705,"width":118,"height":9}},{"id":"edd51021-017a-4d71-9289-13baf1ff1721","block_type":"box","text":"General Fund information and specific Fund performance,","page_number":68,"box":{"x":91,"y":721,"width":386,"height":10}},{"id":"955251c5-894d-4a52-841c-603a08604abf","block_type":"box","text":"including the SAI, annual/semi-annual reports and other","page_number":68,"box":{"x":91,"y":736,"width":374,"height":11}},{"id":"0e9b1da8-8993-42c9-a69d-80e85ff3144e","block_type":"box","text":"information such as Fund financial statements, can be","page_number":68,"box":{"x":91,"y":751,"width":361,"height":11}},{"id":"5bd8ba22-b389-4cc6-9021-0fec39fa04c3","block_type":"box","text":"accessed free of charge at www.blackrock.com/","page_number":68,"box":{"x":91,"y":767,"width":320,"height":11}},{"id":"6d37a3be-1d94-4461-abf8-b0e73978b652","block_type":"box","text":"prospectus. Mutual fund prospectuses and literature can","page_number":68,"box":{"x":91,"y":782,"width":375,"height":11}},{"id":"807353ee-6d87-476c-a6ed-991859e759e3","block_type":"box","text":"also be requested via this website.","page_number":68,"box":{"x":91,"y":798,"width":228,"height":11}},{"id":"472469e8-3ba7-42a2-a275-434d95892567","block_type":"box","text":"Written Correspondence","page_number":68,"box":{"x":514,"y":140,"width":176,"height":11}},{"id":"c5d36992-9470-4247-8f52-edd2aa619d74","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":68,"box":{"x":515,"y":156,"width":269,"height":11}},{"id":"526195f7-731e-492f-9205-c456a115314e","block_type":"box","text":"P.","page_number":68,"box":{"x":515,"y":171,"width":8,"height":9}},{"id":"7cfc6ccc-08e1-4f30-8beb-2eeeeb8004e7","block_type":"box","text":"P.O. Box 534429","page_number":68,"box":{"x":521,"y":171,"width":101,"height":9}},{"id":"e0d8ce1f-2882-434c-b3d5-3ede28645ba3","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":68,"box":{"x":515,"y":187,"width":248,"height":11}},{"id":"dd04c6b6-8b6a-4fb0-80e4-c657855aebe2","block_type":"box","text":"Overnight Mail","page_number":68,"box":{"x":514,"y":210,"width":104,"height":11}},{"id":"65aea39d-454b-46f6-b5eb-f749b12729d7","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":68,"box":{"x":515,"y":225,"width":269,"height":11}},{"id":"07a3dd7b-71a7-4a0b-bb5f-e2ec5f99a882","block_type":"box","text":"Attention: 534429","page_number":68,"box":{"x":514,"y":241,"width":118,"height":9}},{"id":"faf1d564-5087-461b-be83-57197127eac9","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":68,"box":{"x":515,"y":256,"width":196,"height":10}},{"id":"17db97fc-d609-426e-b099-96ede8af24ea","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":68,"box":{"x":515,"y":272,"width":210,"height":11}},{"id":"3b5e3fa0-be9d-4eac-b136-65d56b15f334","block_type":"box","text":"Internal Wholesalers/Broker Dealer Support","page_number":68,"box":{"x":515,"y":295,"width":312,"height":11}},{"id":"696e211a-a76e-4a24-a3fd-cfd2f02f20f6","block_type":"box","text":"Available on any business day to support investment","page_number":68,"box":{"x":514,"y":311,"width":350,"height":10}},{"id":"97ba3b19-b8a5-4906-bb20-91b761c4ac14","block_type":"box","text":"professionals. Call: (800) 882-0052.","page_number":68,"box":{"x":515,"y":326,"width":236,"height":11}},{"id":"d460e5cc-2e32-4514-9026-2fa7d78f8293","block_type":"box","text":"Portfolio Characteristics and Holdings","page_number":68,"box":{"x":515,"y":349,"width":274,"height":11}},{"id":"5fc83ecd-c1a9-42c0-9bb6-864fd5d54cfa","block_type":"box","text":"A description of the Fund’s policies and procedures","page_number":68,"box":{"x":514,"y":365,"width":343,"height":10}},{"id":"ad3629dc-c5ba-432e-ab10-dc417c56a486","block_type":"box","text":"related to disclosure of portfolio characteristics and","page_number":68,"box":{"x":515,"y":380,"width":341,"height":11}},{"id":"0be9859a-2ba3-4f9c-9948-f4583efdd7b7","block_type":"box","text":"holdings is available in the SAI.","page_number":68,"box":{"x":515,"y":396,"width":207,"height":11}},{"id":"14299e6d-7769-4850-b2da-42e927b0230a","block_type":"box","text":"For information about portfolio holdings and","page_number":68,"box":{"x":515,"y":419,"width":290,"height":11}},{"id":"31191077-2100-40db-b98a-a61160178c45","block_type":"box","text":"characteristics, BlackRock fund shareholders and","page_number":68,"box":{"x":514,"y":434,"width":330,"height":10}},{"id":"8808b5d0-285d-4490-ab41-d839ad7134ce","block_type":"box","text":"prospective investors may call (800) 882-0052.","page_number":68,"box":{"x":515,"y":450,"width":309,"height":11}},{"id":"0accc803-191f-4082-a342-66d0f4a499bc","block_type":"box","text":"Securities and Exchange Commission","page_number":68,"box":{"x":514,"y":473,"width":273,"height":11}},{"id":"73d26bf3-13c1-44ce-a45b-b31ed73378da","block_type":"box","text":"You may also view and copy public information about the","page_number":68,"box":{"x":514,"y":488,"width":379,"height":11}},{"id":"bf725b3e-8a75-4ebc-9305-5686f40905dd","block_type":"box","text":"Fund, including the SAI, by visiting the EDGAR database","page_number":68,"box":{"x":515,"y":504,"width":379,"height":11}},{"id":"2e222a53-da22-4432-8715-e7d1eeb43e3b","block_type":"box","text":"on the SEC’s website (http://www.sec.gov). Copies of this","page_number":68,"box":{"x":514,"y":519,"width":383,"height":11}},{"id":"5b7a8c68-753d-439c-a4f0-02c4a3e70839","block_type":"box","text":"information can be obtained, for a duplicating fee, by","page_number":68,"box":{"x":515,"y":535,"width":350,"height":11}},{"id":"939f0964-5cc0-4822-9985-1ce19588cf6f","block_type":"box","text":"electronic request at the following e-mail address:","page_number":68,"box":{"x":514,"y":550,"width":330,"height":11}},{"id":"973b87e8-43c1-400b-875a-519c181be497","block_type":"box","text":"publicinfo@sec.gov.","page_number":68,"box":{"x":515,"y":566,"width":130,"height":11}},{"id":"0cca0d70-76ad-4c3a-9742-2279982b2a47","block_type":"box","text":"You should rely only on the information contained in","page_number":68,"box":{"x":514,"y":589,"width":378,"height":11}},{"id":"697a6117-c85b-41d9-adfc-81186d6429b5","block_type":"box","text":"this prospectus. No one is authorized to provide you","page_number":68,"box":{"x":514,"y":605,"width":377,"height":10}},{"id":"fb6415f2-4d5a-4857-ace2-bb461dc7d290","block_type":"box","text":"with information that is different from information","page_number":68,"box":{"x":514,"y":620,"width":355,"height":9}},{"id":"206b2510-21cd-41cb-88f6-0e99b3fab991","block_type":"box","text":"contained in this prospectus.","page_number":68,"box":{"x":514,"y":636,"width":209,"height":10}},{"id":"2a74ebac-5ec5-4aed-93b6-0c8189137e94","block_type":"box","text":"The SEC has not approved or disapproved these","page_number":68,"box":{"x":514,"y":659,"width":326,"height":10}},{"id":"1660b9dc-0a15-4ca4-a970-db8c3c9f331b","block_type":"box","text":"securities or passed upon the adequacy of this","page_number":68,"box":{"x":514,"y":674,"width":313,"height":11}},{"id":"3931820b-2b7f-4af9-af01-340cbb73279c","block_type":"box","text":"prospectus. Any representation to the contrary is a","page_number":68,"box":{"x":515,"y":690,"width":336,"height":10}},{"id":"286b8fc3-5a33-4f8d-9ee6-1d5603647a43","block_type":"box","text":"criminal offense.","page_number":68,"box":{"x":514,"y":705,"width":108,"height":9}},{"id":"1caa7525-24cc-4fdb-b2ce-b81bde7d60b6","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 811-09637","page_number":68,"box":{"x":515,"y":728,"width":334,"height":9}},{"id":"3ae7842f-eb31-4f95-836a-6b61a47402fd","block_type":"box","text":"PRO-ALCV-0926","page_number":68,"box":{"x":806,"y":919,"width":100,"height":7}},{"id":"9acb8558-8fe9-4fff-860a-b73ace3b741e","block_type":"box","text":"NM1026U-5979803-68/68","page_number":68,"box":{"x":757,"y":969,"width":145,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":68}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"767228ca-1413-4c0e-af19-f4910081f1dc"},"user_id":1000002,"date_created":"2026-10-02T11:58:15.241000Z","date_modified":"2026-10-02T11:58:15.241000Z","private":false}