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In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":760,"width":832,"height":10}},{"id":"17229f0e-d118-4a09-b9fd-5e82b825efb1","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":771,"width":847,"height":9}},{"id":"c1d98f4a-6569-46a2-bff2-c6e9c5d0e259","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":2,"box":{"x":81,"y":781,"width":834,"height":9}},{"id":"8dc50a86-7a6b-4cca-9c11-cd7c9aee3d7a","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":791,"width":330,"height":10}},{"id":"2fa51d63-8776-46ba-bbfc-c2006ad4b133","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":804,"width":4,"height":4}},{"id":"39be7791-3d05-4ee2-b620-3e6403d0a6b1","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":2,"box":{"x":81,"y":804,"width":837,"height":9}},{"id":"68470a95-c631-4f86-b08f-be59399c30d7","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":2,"box":{"x":80,"y":814,"width":771,"height":10}},{"id":"cf88983a-a61f-4be0-8dd3-1424aaa9a6e0","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.32%","page_number":2,"box":{"x":81,"y":825,"width":844,"height":9}},{"id":"4672447f-e152-467e-be2b-f26f7adb4a4a","block_type":"box","text":"(for Investor A Shares), 2.04% (for Investor C Shares) and 0.91% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":2,"box":{"x":81,"y":835,"width":833,"height":9}},{"id":"c3d56fb1-9b00-43b8-b4c2-e14eada99060","block_type":"box","text":"The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":2,"box":{"x":81,"y":845,"width":827,"height":10}},{"id":"3369fca8-3133-4e46-b3e6-80f418404d74","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":856,"width":330,"height":9}},{"id":"037e2da2-dc02-48c4-8ba7-969f826842f4","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f7c65508-09a1-4b7e-a40d-e85b3e34e30c","block_type":"box","text":"NM1026U-5982518-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c59e3de0-6b7b-4960-913b-ba092ad1defa","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"6d1c9e05-5fa5-4e11-9d65-a93f595a64ff","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":59,"width":830,"height":11}},{"id":"c5496ea5-9cdb-4da8-8d21-8f5d1ecee64a","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":73,"width":832,"height":12}},{"id":"8148db84-b987-4fb3-8b7a-c921b065405b","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":88,"width":832,"height":12}},{"id":"6803c327-65aa-4131-98a1-803872f704c1","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":103,"width":859,"height":12}},{"id":"f3a010f1-b278-4395-b7b3-103ec156c668","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"c203f2db-daf6-47b3-9fd6-9065ca922b51","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"feabd326-0032-48db-a813-3b680a8862c0","block_type":"box","text":"Investor A Shares $653 $930 $1,228 $2,072","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"679614d8-0201-4aa0-a985-1f126689fbf0","block_type":"box","text":"Investor C Shares $308 $649 $1,116 $2,224","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"4e6278b8-fb8b-41c0-9125-ba9e6be57400","block_type":"box","text":"Institutional Shares $ 94 $325 $ 576 $1,292","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"7c334716-d537-4414-91bb-c10b124baeea","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":233,"width":532,"height":11}},{"id":"d7310286-d35b-4823-91a3-357a918305c0","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":261,"width":292,"height":8}},{"id":"8aa4bb7e-8c41-4b49-87ac-2c8770da4fae","block_type":"box","text":"Investor C Shares $208 $649 $1,116 $2,224","page_number":3,"box":{"x":70,"y":279,"width":848,"height":10}},{"id":"72eaec7f-291f-48bc-b9b4-8c704d6f240e","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":304,"width":151,"height":10}},{"id":"43ef4c5c-b8b9-4d20-8128-0ec61da43baf","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":320,"width":800,"height":12}},{"id":"d370f379-f484-4c52-8bd6-c39026d0dc08","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":335,"width":850,"height":12}},{"id":"c26db2f4-4eb3-43e4-9ce4-3a0d0d6db89b","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":350,"width":870,"height":11}},{"id":"cffee5fc-b2a7-4a03-a718-a6a7c607abd7","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":365,"width":839,"height":11}},{"id":"7cf23e29-31c3-4b53-b0eb-4c9c6e393f53","block_type":"box","text":"38% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":380,"width":298,"height":11}},{"id":"4d806ae8-d13d-4116-83a8-4ac7e0975ac8","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":418,"width":394,"height":14}},{"id":"3f3018ac-d69a-4913-8839-f715f2f2dcb4","block_type":"box","text":"Under normal conditions, the Fund invests at least 80% of its total assets in equity securities of global energy and","page_number":3,"box":{"x":62,"y":445,"width":838,"height":11}},{"id":"26d2ca6d-55b0-4307-b51d-15ed79938be8","block_type":"box","text":"natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable,","page_number":3,"box":{"x":61,"y":460,"width":868,"height":11}},{"id":"a766a3ef-50aa-4a56-bb60-afa4d1692ca0","block_type":"box","text":"electrical and telecommunications utilities). Equity securities include common and preferred stock, warrants,","page_number":3,"box":{"x":61,"y":474,"width":797,"height":12}},{"id":"815603e6-fe2e-4579-b3f5-9df7361a2c02","block_type":"box","text":"depositary receipts and securities or other instruments whose price is linked to the price of common stock. The Fund","page_number":3,"box":{"x":61,"y":489,"width":861,"height":12}},{"id":"c5819a36-7414-468d-ba3b-dfb23d90ee67","block_type":"box","text":"may also purchase conver tible securities. Investments in derivatives are counted toward the Fund’s 80% policy to the","page_number":3,"box":{"x":61,"y":504,"width":863,"height":11}},{"id":"0a40cc8c-8f6b-445d-8bdb-698caf7b561a","block_type":"box","text":"extent that they provide investment exposure to the securities included within that policy or to one or more market risk","page_number":3,"box":{"x":61,"y":519,"width":871,"height":11}},{"id":"72f30099-d139-4eaa-a2c5-6ee448ee4eef","block_type":"box","text":"factors associated with such securities.","page_number":3,"box":{"x":60,"y":534,"width":291,"height":9}},{"id":"479d70c4-3cd6-4cc6-b0dc-e3ea0727aca2","block_type":"box","text":"The Fund will concentrate its investments (","page_number":3,"box":{"x":60,"y":556,"width":314,"height":11}},{"id":"5d2d5a52-8128-4e54-9631-772f6bec44f4","block_type":"box","text":"i.e.","page_number":3,"box":{"x":376,"y":556,"width":21,"height":9}},{"id":"d2e0d790-ef77-4255-938f-cd39a834ae78","block_type":"box","text":", invest more than 25% of its assets) in energy or natural resources","page_number":3,"box":{"x":400,"y":556,"width":496,"height":12}},{"id":"185696ef-d3c5-4316-9b3a-04ca001d099a","block_type":"box","text":"companies. The Fund may invest without limit in companies located anywhere in the world and will generally invest in","page_number":3,"box":{"x":61,"y":571,"width":857,"height":12}},{"id":"a224952b-c1f3-4867-9a6f-b9b638da825f","block_type":"box","text":"at least three countries and in companies tied economically to a number of countries. The Fund expects to invest","page_number":3,"box":{"x":61,"y":586,"width":831,"height":11}},{"id":"cf891bc4-c6dd-478d-afb7-c9b117b7a884","block_type":"box","text":"primarily in developed markets, but may also invest in emerging markets. The Fund may invest in companies of any","page_number":3,"box":{"x":62,"y":601,"width":845,"height":11}},{"id":"67146286-fb47-4b3a-8991-79edd36bbc39","block_type":"box","text":"size.","page_number":3,"box":{"x":61,"y":616,"width":32,"height":9}},{"id":"6e607c04-9955-42d1-872e-8ada06d00299","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":3,"box":{"x":60,"y":638,"width":866,"height":11}},{"id":"b76dfba5-bfe5-49ac-af9b-28967ca09d7f","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies (commonly known as derivatives).","page_number":3,"box":{"x":62,"y":653,"width":834,"height":11}},{"id":"c64b7a9f-e9e7-48cc-9f1a-485750dd9007","block_type":"box","text":"The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer issuers than a diversified","page_number":3,"box":{"x":60,"y":675,"width":873,"height":11}},{"id":"9c125aec-2500-4ded-94cb-c923b759a400","block_type":"box","text":"fund.","page_number":3,"box":{"x":60,"y":690,"width":36,"height":9}},{"id":"86f85f91-7a02-4f1c-b37a-5327ca420967","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":729,"width":354,"height":14}},{"id":"4fc3692e-6308-485a-9213-44eb3b43debb","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":3,"box":{"x":62,"y":755,"width":860,"height":12}},{"id":"a359f2f6-d8f9-47e4-a9c3-1f2b245e4e1e","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":770,"width":802,"height":12}},{"id":"46f404f4-b922-43e7-b809-3ebee94be353","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":3,"box":{"x":62,"y":785,"width":842,"height":12}},{"id":"efc0323e-a6af-4239-8082-872f90efc816","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":3,"box":{"x":61,"y":800,"width":857,"height":11}},{"id":"faf4a742-a341-460b-9563-3aeeba977b71","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":815,"width":515,"height":11}},{"id":"6cec7fa5-3092-430b-9d27-d3135ca23f75","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":835,"width":166,"height":11}},{"id":"27671471-fbba-43f2-818e-8f6ebaaecb89","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":835,"width":685,"height":11}},{"id":"eb2077fc-7a2d-4635-aead-0b2e0522adf3","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":849,"width":550,"height":12}},{"id":"9e641c2d-9674-48b0-8503-7487325fb19b","block_type":"box","text":"Commodities Market Risk","page_number":3,"box":{"x":81,"y":870,"width":197,"height":9}},{"id":"44693235-f8e3-4fab-9755-a32c2dc763f4","block_type":"box","text":"—","page_number":3,"box":{"x":282,"y":875,"width":17,"height":1}},{"id":"2bf425de-cf5c-4921-ae5c-ce1a42cc85cd","block_type":"box","text":"Stocks of companies engaged in commodities related industries, such as energy or","page_number":3,"box":{"x":304,"y":869,"width":613,"height":12}},{"id":"2cfa3eb8-cf85-49bf-9ea1-66829a60dbb1","block_type":"box","text":"natural resources companies, are especially affected by variations in the commodities markets (that may be due to","page_number":3,"box":{"x":82,"y":884,"width":846,"height":12}},{"id":"448edadd-50d6-4003-be3b-12b7521b581a","block_type":"box","text":"market events, regulatory developments or other factors that the Fund cannot control) and these companies may","page_number":3,"box":{"x":82,"y":899,"width":830,"height":12}},{"id":"678cf5ba-5de2-473d-93fa-3e1eb9478250","block_type":"box","text":"lack the resources and the broad business lines to weather hard times.","page_number":3,"box":{"x":82,"y":914,"width":524,"height":9}},{"id":"4016720a-720f-43c6-ba45-761dd2547cd5","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"c1ac2bd1-d816-435d-a834-396dba4d80b9","block_type":"box","text":"NM1026U-5982518-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d3e39913-80b1-4583-a3ab-c337ba3f78a8","block_type":"box","text":"Concentration Risk","page_number":4,"box":{"x":81,"y":42,"width":145,"height":9}},{"id":"a4d52292-4400-4962-8d31-c67f070b350b","block_type":"box","text":"—","page_number":4,"box":{"x":231,"y":47,"width":17,"height":1}},{"id":"e5df4172-af02-494b-ad58-be3eefc3cfca","block_type":"box","text":"The Fund’s strategy of concentrating in energy and natural resources companies means that","page_number":4,"box":{"x":252,"y":42,"width":679,"height":11}},{"id":"99c722c8-f992-4cfe-b012-c3e9e5dc1b88","block_type":"box","text":"its per formance will be closely tied to the per formance of a par ticular market segment. The Fund’s concentration in","page_number":4,"box":{"x":82,"y":57,"width":848,"height":11}},{"id":"08e4475c-3a7a-47dd-b767-0296548fdcec","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":4,"box":{"x":80,"y":71,"width":853,"height":12}},{"id":"71589bfa-2ecd-47f2-82b0-355164fce5b4","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":4,"box":{"x":80,"y":86,"width":831,"height":12}},{"id":"b11bf651-2093-45d6-ba2d-2ff463e6aa45","block_type":"box","text":"does not concentrate in such companies. At times, the per formance of these companies will lag the per formance of","page_number":4,"box":{"x":81,"y":101,"width":855,"height":12}},{"id":"246ce732-d4d9-4614-9a5d-b8f8a2ce4c31","block_type":"box","text":"other industries or the broader market as a whole.","page_number":4,"box":{"x":81,"y":116,"width":368,"height":9}},{"id":"94691e89-d55a-427d-8150-d255788a627e","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":136,"width":240,"height":9}},{"id":"2fb444d7-9d51-4cd1-87da-ab6792a587b3","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":4,"box":{"x":324,"y":136,"width":593,"height":9}},{"id":"42037f83-88ac-4f9c-9fc0-0a7ba16813dd","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":4,"box":{"x":81,"y":151,"width":851,"height":11}},{"id":"f3c8c83c-d6e5-4dc3-b925-731b75e90092","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":4,"box":{"x":82,"y":166,"width":824,"height":11}},{"id":"f222112d-4637-4965-b1b2-f5ded6b8edc8","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":4,"box":{"x":82,"y":180,"width":851,"height":12}},{"id":"85555896-0a38-4af3-9d23-61583f591f32","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":4,"box":{"x":82,"y":195,"width":802,"height":12}},{"id":"cd225889-19a1-46fb-a8f8-c4b84c2a9006","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":4,"box":{"x":81,"y":210,"width":849,"height":12}},{"id":"c7c700bf-a190-498d-b3bf-7b4e66692766","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":4,"box":{"x":81,"y":225,"width":843,"height":11}},{"id":"ec396f97-b142-4077-8ff0-d5519ee5607a","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":4,"box":{"x":81,"y":240,"width":830,"height":11}},{"id":"15e5e2c3-7959-473c-b60e-34faa0a554e0","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":4,"box":{"x":82,"y":254,"width":840,"height":12}},{"id":"37f091df-30d8-461d-af4a-5504eb3ab452","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":4,"box":{"x":81,"y":269,"width":789,"height":12}},{"id":"d8d1bc46-92c4-4acc-a0c1-146477e24611","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":4,"box":{"x":81,"y":284,"width":823,"height":12}},{"id":"023cf55d-1d76-4f7c-871a-e5febbc639c4","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":4,"box":{"x":81,"y":299,"width":784,"height":12}},{"id":"9c3f4041-286d-4ac2-bb52-430964090301","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":4,"box":{"x":81,"y":314,"width":844,"height":11}},{"id":"e09f7444-1341-4c9b-bb7a-1d03f2b80a84","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":4,"box":{"x":82,"y":334,"width":818,"height":11}},{"id":"a8f4aad2-e215-4359-a246-4540449d4ffb","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":4,"box":{"x":80,"y":349,"width":819,"height":11}},{"id":"e70584f6-f559-46f5-849f-c5147ee669ec","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":4,"box":{"x":81,"y":363,"width":819,"height":12}},{"id":"0049a20e-90ea-45fb-8f7f-ade041965d8e","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":4,"box":{"x":81,"y":378,"width":846,"height":12}},{"id":"7556aaf7-113f-4b76-98ce-cd84395c3e07","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":4,"box":{"x":81,"y":393,"width":848,"height":12}},{"id":"d91ee681-6b82-4d36-af77-ffb12b3ffad0","block_type":"box","text":"the Fund invests.","page_number":4,"box":{"x":80,"y":408,"width":125,"height":9}},{"id":"1ab46281-7095-4e30-a60f-f3206ccfd1b1","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":428,"width":206,"height":9}},{"id":"a868abc0-7160-4c2c-b9d1-577c9c94e01f","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":428,"width":593,"height":11}},{"id":"9a9f3a68-56e9-460e-8a21-088bdcce10d9","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":443,"width":853,"height":11}},{"id":"e6c558c2-0ccc-4df1-87bd-23fffa1ded3e","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":4,"box":{"x":81,"y":458,"width":855,"height":11}},{"id":"270c57fb-b17f-419b-91bb-f930f77db162","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":4,"box":{"x":80,"y":472,"width":816,"height":12}},{"id":"219bc11a-d584-4886-908b-80430763bd4d","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":487,"width":796,"height":12}},{"id":"a4037dc9-e51b-410c-95ae-6783325b9948","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":502,"width":812,"height":11}},{"id":"1bd342f1-e020-4223-b733-5d7e12a82501","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":517,"width":809,"height":11}},{"id":"5397d4b5-7b7c-472c-ad8f-ae6d2a1c1867","block_type":"box","text":"Depositary Receipts Risk","page_number":4,"box":{"x":81,"y":537,"width":191,"height":11}},{"id":"de0e41f4-c3ed-4cf6-a3a2-d95c4e941d72","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":4,"box":{"x":276,"y":537,"width":639,"height":11}},{"id":"318207b0-8ed2-4e21-a2fd-095ec980d6d6","block_type":"box","text":"that they evidence or into which they may be conver ted. In addition to investment risks associated with the","page_number":4,"box":{"x":80,"y":552,"width":786,"height":11}},{"id":"271ab4ab-d59d-4846-a377-fea89496a72d","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":4,"box":{"x":82,"y":566,"width":824,"height":12}},{"id":"16ea4767-75f2-49e9-8195-80e466691026","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":4,"box":{"x":80,"y":582,"width":827,"height":11}},{"id":"61f2deb3-7892-41e5-abf0-5ddf3117bcd4","block_type":"box","text":"par ties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":4,"box":{"x":82,"y":596,"width":849,"height":12}},{"id":"17b6a4ea-fe08-48b3-8c0b-50620c29eaad","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":4,"box":{"x":81,"y":611,"width":840,"height":11}},{"id":"ad275ea8-8065-4a88-8acf-e71e01b9eb01","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":4,"box":{"x":82,"y":626,"width":824,"height":11}},{"id":"a43ee755-4c47-47bf-bf1a-af9041e0d728","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":4,"box":{"x":82,"y":641,"width":798,"height":11}},{"id":"a4459e71-230b-4f84-8240-cb0d23beb108","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":4,"box":{"x":82,"y":655,"width":847,"height":12}},{"id":"03bdeacb-8bf0-410b-b83a-ff8ebe457483","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":4,"box":{"x":82,"y":670,"width":804,"height":12}},{"id":"f30ef027-77d1-492f-a37e-50986e5c45b5","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":4,"box":{"x":81,"y":685,"width":558,"height":12}},{"id":"3302b483-466c-4fd0-b046-e6a3b36d8442","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":705,"width":123,"height":9}},{"id":"e06d101e-0796-4e7c-82ce-42ad0d6938ed","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":4,"box":{"x":207,"y":705,"width":664,"height":11}},{"id":"75d94029-6d1d-472a-a764-79e68cf85a23","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":720,"width":469,"height":11}},{"id":"90e5fe70-fc78-4e2f-9553-b3588045eefe","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":740,"width":102,"height":11}},{"id":"19d1e7fb-2180-427a-8a80-b8221dd4ff18","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":740,"width":723,"height":11}},{"id":"f69f0550-01ee-453f-bde1-33b3fe7642f8","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":4,"box":{"x":82,"y":755,"width":832,"height":11}},{"id":"0d3cf92c-17d5-40af-a058-366fd828cfd5","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":770,"width":280,"height":11}},{"id":"5127be61-7e75-4bba-8928-46b3389d029a","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":790,"width":87,"height":9}},{"id":"dc538fb6-3ef8-44a0-8686-59208da5e9c1","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":4,"box":{"x":173,"y":789,"width":728,"height":12}},{"id":"e63d75af-ccfa-4542-b34c-9ef3fe5edce6","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":4,"box":{"x":81,"y":804,"width":834,"height":12}},{"id":"4c24f7e0-d00e-4652-9c26-65b2f2967c9d","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":4,"box":{"x":82,"y":819,"width":832,"height":12}},{"id":"6751a4a3-dd17-4e5a-9f0c-03b66c283c0e","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":4,"box":{"x":80,"y":834,"width":779,"height":11}},{"id":"bd9ca4fb-db48-43ee-af0d-000dfa739c5c","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":849,"width":253,"height":11}},{"id":"dd9b0954-3f07-4b11-9e76-44abe341e84b","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":869,"width":131,"height":11}},{"id":"c4934bcc-cbb8-4246-9d35-d77615b361cf","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":4,"box":{"x":217,"y":869,"width":697,"height":11}},{"id":"47900980-95e2-4c3f-b813-4ad9f1ca9056","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":4,"box":{"x":80,"y":884,"width":855,"height":11}},{"id":"e448f317-c4f0-40fe-88e9-72d7a7ab00e1","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":899,"width":240,"height":11}},{"id":"79211e96-9c66-4a63-a9fc-6ac4d8e0004b","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"558dd49f-ec7d-4afe-8119-6676c13eec75","block_type":"box","text":"NM1026U-5982518-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"19826c4c-8758-4c7a-8022-e5c6b3f2619a","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":42,"width":100,"height":11}},{"id":"f9e74ffc-9e5c-4cee-ad6f-3afe7de5087f","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":42,"width":750,"height":11}},{"id":"b68969f0-26c6-49e9-9761-bbf85d4857ad","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":57,"width":839,"height":11}},{"id":"43e1f485-c4f8-44b9-b8d5-83b5d34d6291","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":71,"width":293,"height":12}},{"id":"1a7d5d1e-89ed-4e41-a936-cf46ff9ad156","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":92,"width":120,"height":11}},{"id":"1721b102-554f-4318-9e76-a070cb5d0def","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":91,"width":727,"height":12}},{"id":"b4f50cb7-5aee-4a63-a359-e3bc99b182fa","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":106,"width":607,"height":12}},{"id":"7424d856-2ca9-4bff-84a5-35306a372c60","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":126,"width":75,"height":12}},{"id":"abac2524-5dbe-44c5-b245-f2bec2c004ab","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":126,"width":761,"height":12}},{"id":"fda2d2a1-aa2e-496d-9258-9705f968f85c","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":141,"width":198,"height":11}},{"id":"d1372a8a-baa3-4e2c-8247-31d4eb50d43c","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":161,"width":214,"height":11}},{"id":"f30c6f50-cd03-4e78-9a3b-f830209e338d","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":161,"width":590,"height":11}},{"id":"d266a108-13d7-4571-a62e-7c0a9ea2c14e","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":176,"width":775,"height":11}},{"id":"f0b78ff2-cdeb-4cef-b6ad-aee8f847a22a","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":191,"width":589,"height":11}},{"id":"de1bffa7-8f57-44a2-b0b2-2607451418fd","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":211,"width":102,"height":9}},{"id":"5f9d00d7-0863-4d77-8d95-490a6bbc18b8","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":211,"width":747,"height":11}},{"id":"33205acd-cee3-420c-ab9b-3846fbdcac84","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":225,"width":783,"height":12}},{"id":"676d5b90-7fde-4644-bee8-3f6ee4715b64","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":240,"width":273,"height":12}},{"id":"117e966b-b882-4603-8599-5e439f27ab3b","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":261,"width":95,"height":11}},{"id":"4102b5b8-0d00-4d97-b0b3-5c8b7a62d331","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":260,"width":728,"height":12}},{"id":"1a9c8d22-cc0f-46cd-a60a-91149a481c3b","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":275,"width":839,"height":12}},{"id":"63671132-5147-4e61-9778-e675e5a263a7","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":290,"width":354,"height":11}},{"id":"d7885fc5-cef5-4614-8d71-65c34e319e90","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":310,"width":59,"height":9}},{"id":"2caebe58-f376-4b4e-a392-81dd34e4ece6","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":310,"width":719,"height":11}},{"id":"39d153b8-7f99-4eaf-ba4f-39f5bb8c3c53","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":325,"width":801,"height":11}},{"id":"16e5eb6a-16a3-46c1-8aa5-00f41b116319","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":340,"width":802,"height":11}},{"id":"9bb97c23-d423-4b33-a421-c66e0393dab9","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":354,"width":830,"height":12}},{"id":"7f4bb075-c894-4a38-837c-2f81382c8bf9","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":369,"width":215,"height":9}},{"id":"8b1ba975-5562-42e0-84fd-a7a617c344d9","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":389,"width":178,"height":12}},{"id":"aba10d54-41d7-4817-abdb-45089b770500","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":389,"width":617,"height":12}},{"id":"6585ddac-29b7-4282-87df-4488c2518ee3","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":404,"width":825,"height":12}},{"id":"33fa56af-0538-40fa-9717-64780b55b0a5","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":419,"width":822,"height":11}},{"id":"4f349df3-70b6-4876-8bd9-a51a83cb2a7b","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":434,"width":816,"height":11}},{"id":"c2d3bc79-1a6a-4ec3-b364-9a7a1e9d73e6","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":449,"width":240,"height":11}},{"id":"cd457233-dab0-40f5-84b8-ede06e6ff00b","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":469,"width":176,"height":11}},{"id":"5d5a99a1-0ab3-45b4-8b57-71495df2684e","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":468,"width":668,"height":12}},{"id":"b074ac67-035d-4546-a7be-01abe397d292","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":484,"width":531,"height":11}},{"id":"da1ecacb-c754-4452-8935-d1a9f0d4e756","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":503,"width":823,"height":12}},{"id":"3390739b-eb47-48cc-8467-f451bd5afaf0","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":5,"box":{"x":102,"y":518,"width":823,"height":12}},{"id":"565182aa-5d27-4b82-8e87-331634764d4c","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":533,"width":70,"height":12}},{"id":"5272e628-7d93-402d-af02-cfb114eb85df","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":5,"box":{"x":101,"y":553,"width":644,"height":11}},{"id":"c8876cdb-4773-4582-8373-e4112100e23b","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":573,"width":830,"height":11}},{"id":"9a629e42-8eed-4158-9b33-6dcbc6c65ac9","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":588,"width":808,"height":11}},{"id":"1e83f2ac-cb27-4622-92d1-cd60094dbd75","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":603,"width":137,"height":11}},{"id":"9693dd97-3662-45fd-80b1-12d3b7e2fd30","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":5,"box":{"x":101,"y":623,"width":821,"height":11}},{"id":"86edb778-6d87-44c8-b817-f08cfd44dc4c","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":637,"width":809,"height":12}},{"id":"0d41bf1d-4e10-4c3d-96e4-5b93448480c4","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":652,"width":784,"height":12}},{"id":"104a2a6e-d90a-405d-b873-9b1790a49d16","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":667,"width":352,"height":11}},{"id":"63e697ac-04c0-4745-8f03-15ace23b22b2","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":687,"width":823,"height":12}},{"id":"f78fb0ba-fac4-4df7-a95a-9fa52f28c72b","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":5,"box":{"x":101,"y":702,"width":811,"height":11}},{"id":"05c4c920-43d9-4c91-9642-3affe48fe460","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":717,"width":148,"height":9}},{"id":"1a42b12a-4c2f-4338-bb42-0bfee13ec3ac","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":737,"width":834,"height":11}},{"id":"40f4c302-e24c-441c-b5f8-9cfff357d759","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":751,"width":628,"height":12}},{"id":"f33a9736-8655-4a49-b079-87ff38d6346a","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":5,"box":{"x":101,"y":771,"width":830,"height":12}},{"id":"6b412263-1f28-4a78-ae4a-138f69c54cb2","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":786,"width":831,"height":12}},{"id":"e2397bc1-8445-4667-b812-1cc445d2f1cf","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":5,"box":{"x":101,"y":801,"width":813,"height":12}},{"id":"468a0695-6c30-48f3-8197-7020e80bcc7d","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":816,"width":395,"height":11}},{"id":"f9d79c09-f6fb-493c-82bd-fc87470a781d","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":836,"width":235,"height":11}},{"id":"952d7445-46ae-4025-b40d-b38145bd3a40","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":5,"box":{"x":320,"y":836,"width":581,"height":11}},{"id":"8409c04b-a790-4abf-b80e-92fb5b581de2","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":5,"box":{"x":82,"y":851,"width":848,"height":11}},{"id":"e2b348af-5934-4ef2-babb-63ee3ed668ac","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":5,"box":{"x":82,"y":866,"width":841,"height":11}},{"id":"69bad1fc-28a8-41e4-87f5-233e28ca4ebd","block_type":"box","text":"impact on its investment per formance. The Fund’s investment per formance may also be more volatile if it","page_number":5,"box":{"x":82,"y":880,"width":777,"height":12}},{"id":"812eca87-3493-4ee8-9447-6eb3fa395d2c","block_type":"box","text":"concentrates its investments in cer tain countries, especially emerging market countries.","page_number":5,"box":{"x":81,"y":895,"width":648,"height":12}},{"id":"d16ab785-b6f7-4ca0-8511-e0d5c813a513","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"bf471617-75cd-4588-8b05-78715db3c491","block_type":"box","text":"NM1026U-5982518-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"43287806-88d3-449e-9bea-4a3e4cb7beff","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":42,"width":107,"height":11}},{"id":"5cff5e0b-491d-4947-9f4d-83da79091a3d","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":42,"width":741,"height":11}},{"id":"8732e1ca-c444-43a3-8032-c616f27f432a","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":57,"width":853,"height":11}},{"id":"cb8fa465-4cca-442f-b84e-79fca3706060","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":71,"width":856,"height":12}},{"id":"fb01e3a6-26fc-4a55-be86-ec3abc90d2c4","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":86,"width":775,"height":12}},{"id":"1c6c0ca8-9777-4525-ab8b-05158e03bb98","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":101,"width":814,"height":12}},{"id":"1b8e646f-fd6a-45c0-bfc9-a03f5138dec0","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":116,"width":63,"height":11}},{"id":"e655e08f-ce1c-4281-8116-dd35e1b10f66","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":136,"width":182,"height":11}},{"id":"64654183-58a1-496e-bc18-72e115399b0c","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":136,"width":665,"height":11}},{"id":"8afa714e-4cc7-45a9-870d-17335cef3689","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":151,"width":789,"height":11}},{"id":"a769e84a-3e5d-43b5-9237-e7cf95027f95","block_type":"box","text":"Non-Diversification Risk","page_number":6,"box":{"x":81,"y":171,"width":180,"height":9}},{"id":"daae0c79-eae2-4133-8f4b-65446065238a","block_type":"box","text":"— The Fund is a non-diversified fund. Because the Fund may invest in securities of a","page_number":6,"box":{"x":264,"y":171,"width":623,"height":11}},{"id":"6ef817bf-5842-41b5-8ac2-3d6d7e0efb7e","block_type":"box","text":"smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an","page_number":6,"box":{"x":81,"y":185,"width":818,"height":12}},{"id":"b654e5d9-d39c-4eb8-a724-df4b516aec1c","block_type":"box","text":"individual issuer than a fund that invests more widely.","page_number":6,"box":{"x":82,"y":200,"width":392,"height":12}},{"id":"67dedd69-5e1f-4572-a45c-7e6cf29c7373","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":220,"width":254,"height":12}},{"id":"1d059fb0-75cb-44d8-bff0-1ff387fb80bf","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":221,"width":578,"height":11}},{"id":"96b05909-e7d9-4c3e-92d5-d01ed7dfccb8","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":235,"width":779,"height":12}},{"id":"3714d01a-3332-4ca9-b4f0-6dccdfc15ce4","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":250,"width":848,"height":12}},{"id":"88203f25-8b26-45ab-8c54-55471831a8b1","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":6,"box":{"x":81,"y":265,"width":806,"height":11}},{"id":"74744517-71e7-4bc9-a650-38544c13abe5","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":280,"width":807,"height":11}},{"id":"78c54708-97e3-4804-a2d6-e36b00ccda60","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":6,"box":{"x":82,"y":294,"width":846,"height":12}},{"id":"305f1762-7a7f-49f3-8660-02a40ad173e2","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":6,"box":{"x":81,"y":309,"width":836,"height":12}},{"id":"1a0e1288-81f3-477b-93db-796cc45c8599","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":324,"width":474,"height":12}},{"id":"cd2694f4-0228-411d-99b4-eaf3dcf83b10","block_type":"box","text":"Risk of Investing in the United States","page_number":6,"box":{"x":81,"y":344,"width":283,"height":11}},{"id":"63cc032f-840a-4c4f-a6dd-f63bf9600089","block_type":"box","text":"— Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":6,"box":{"x":368,"y":344,"width":541,"height":12}},{"id":"5a823bbc-837f-443e-bd88-a2d0934d6059","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":6,"box":{"x":80,"y":359,"width":847,"height":11}},{"id":"ed00c068-62dc-4bb7-a2be-b155939b1f4b","block_type":"box","text":"exposure.","page_number":6,"box":{"x":81,"y":376,"width":70,"height":9}},{"id":"a69a1d96-adf6-4546-8840-1bd1cfd6ed5a","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":6,"box":{"x":81,"y":394,"width":363,"height":11}},{"id":"ccdad7e8-7c82-47ca-9447-d3dbffde95fc","block_type":"box","text":"—","page_number":6,"box":{"x":448,"y":399,"width":17,"height":1}},{"id":"8697cc43-b4e1-4735-a6c2-10df2f88c4c5","block_type":"box","text":"Small cap or emerging growth companies may have limited","page_number":6,"box":{"x":470,"y":394,"width":431,"height":11}},{"id":"6c2d4f75-1a70-496e-a557-ec69ad54e89b","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":6,"box":{"x":82,"y":409,"width":833,"height":11}},{"id":"9a7985a8-399c-47d9-8253-d5d0b5470df9","block_type":"box","text":"depend on a more limited management group than larger capitalized companies.","page_number":6,"box":{"x":81,"y":424,"width":591,"height":11}},{"id":"c49496b5-eb02-4939-b1d8-51a3ef4050cc","block_type":"box","text":"Warrants Risk","page_number":6,"box":{"x":83,"y":443,"width":105,"height":10}},{"id":"7b1bf885-94c8-4021-8a1c-87898d27d1cd","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":6,"box":{"x":192,"y":443,"width":698,"height":12}},{"id":"db6877c6-6c69-42b7-8c7e-8298bd64e0fc","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":6,"box":{"x":81,"y":458,"width":830,"height":12}},{"id":"cb817941-f0b0-46ee-af1c-034a613e6449","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":6,"box":{"x":81,"y":473,"width":821,"height":11}},{"id":"b014988b-3a4c-4db0-a1d4-c82476bd6aea","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":6,"box":{"x":82,"y":488,"width":822,"height":11}},{"id":"5854d3fe-79e5-4bf2-9a74-e43710f96f2d","block_type":"box","text":"move with the price of the underlying stock.","page_number":6,"box":{"x":82,"y":503,"width":317,"height":11}},{"id":"0796a4bd-1fe3-47ea-824b-2f88762ccb98","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":542,"width":224,"height":10}},{"id":"718fe543-3dcb-48b8-bd76-2bab065affe8","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":6,"box":{"x":60,"y":568,"width":855,"height":11}},{"id":"e35d7623-6f18-41c4-9453-3828c1e70444","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the MSCI All Country World Index","page_number":6,"box":{"x":61,"y":583,"width":868,"height":11}},{"id":"0d5c8330-a9c2-4b53-beef-1352ef83339c","block_type":"box","text":"(Net) and the MSCI World Energy Index (Net). The MSCI World Energy Index (Net) is relevant to the Fund because it has","page_number":6,"box":{"x":61,"y":598,"width":872,"height":11}},{"id":"5ca4e459-323d-4255-b8d1-028a4cbd50e6","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":6,"box":{"x":61,"y":612,"width":870,"height":12}},{"id":"9ca6a469-94bf-4274-93f0-3640b1d14376","block_type":"box","text":"by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends","page_number":6,"box":{"x":61,"y":627,"width":857,"height":11}},{"id":"210add9d-ea6f-4ccf-b21c-515d96de9583","block_type":"box","text":"and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future","page_number":6,"box":{"x":61,"y":642,"width":874,"height":11}},{"id":"fc8a25f5-3ea9-461f-99b4-89506efbdb3e","block_type":"box","text":"results. Sales charges are not reflected in the bar char t. If they were, returns would be less than those shown.","page_number":6,"box":{"x":61,"y":657,"width":814,"height":11}},{"id":"24692a86-9f5b-44bb-bd9e-fc899e1b8112","block_type":"box","text":"However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates","page_number":6,"box":{"x":62,"y":671,"width":862,"height":12}},{"id":"aa61adb3-6ad1-441e-9788-931abfc65633","block_type":"box","text":"had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower.","page_number":6,"box":{"x":61,"y":687,"width":865,"height":11}},{"id":"76331a8c-eac7-4b11-a6cf-657a65af33f1","block_type":"box","text":"Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting","page_number":6,"box":{"x":62,"y":701,"width":832,"height":12}},{"id":"6bd6566c-a11b-40c4-b7c9-e6d88d0bc0a9","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":6,"box":{"x":60,"y":716,"width":505,"height":11}},{"id":"a81250e3-d13e-46de-af25-975cb00d8aaa","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"aac52f78-1176-477c-b4a9-f6b5af35c30a","block_type":"box","text":"NM1026U-5982518-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"13bd5fbe-e2f6-4b99-8ed1-caeba07fe785","block_type":"box","text":"Investor A Shares","page_number":7,"box":{"x":427,"y":42,"width":144,"height":10}},{"id":"d380a40d-ec3e-46d2-9ea2-e7477c859e7c","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"e655f27a-dbd4-48db-848c-037434a55e28","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":7,"box":{"x":342,"y":75,"width":313,"height":12}},{"id":"f34a1a24-cf31-4e02-ac46-be3450d5d40e","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"84584587-d2c3-4e89-a44e-dac2a252a402","block_type":"box","text":"26.88%","page_number":7,"box":{"x":291,"y":158,"width":45,"height":7}},{"id":"3abe230d-8fd6-4ede-80a2-07edb6e81498","block_type":"box","text":"2.06%","page_number":7,"box":{"x":344,"y":196,"width":36,"height":8}},{"id":"b6b0d4a4-631b-4ff6-a5cf-e44181a03e0d","block_type":"box","text":"-19.93%","page_number":7,"box":{"x":385,"y":246,"width":49,"height":7}},{"id":"7f60ae82-8ec2-4695-a577-190d3615cbb9","block_type":"box","text":"12.66%","page_number":7,"box":{"x":436,"y":180,"width":45,"height":7}},{"id":"6dffddea-1fca-4341-b784-291c8ecc0cf5","block_type":"box","text":"-29.65%","page_number":7,"box":{"x":482,"y":261,"width":48,"height":7}},{"id":"01f47cdc-3dd2-4b5e-b9fb-15d9c68423f2","block_type":"box","text":"42.93%","page_number":7,"box":{"x":532,"y":133,"width":45,"height":7}},{"id":"fb5406a1-e0a5-4b91-ab3c-032365e9365a","block_type":"box","text":"43.06%","page_number":7,"box":{"x":580,"y":132,"width":45,"height":8}},{"id":"e7adb136-f3c3-4dfe-8f5c-87d49732dd98","block_type":"box","text":"2.60%","page_number":7,"box":{"x":633,"y":195,"width":36,"height":8}},{"id":"20b0fde3-cc29-4553-9136-ad06d07bab1a","block_type":"box","text":"3.79%","page_number":7,"box":{"x":681,"y":194,"width":36,"height":7}},{"id":"59ce04ab-ad56-4f0c-a8c3-bf4bf96d5040","block_type":"box","text":"10.53%","page_number":7,"box":{"x":725,"y":183,"width":45,"height":7}},{"id":"2cc40e01-08c7-41f5-b635-0e549b9992eb","block_type":"box","text":"-40%","page_number":7,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"af8d95dd-cc93-45b5-84d9-c73df83d4889","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":238,"width":28,"height":7}},{"id":"0c9d9fe8-e248-4d23-b1b7-201dcab014a4","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":207,"width":17,"height":7}},{"id":"93f2f063-54c9-40af-a5f4-4a2ab9f25163","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":176,"width":25,"height":7}},{"id":"18a537fa-b0bc-4c78-9c5d-f61a1dc8f6bd","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":145,"width":25,"height":7}},{"id":"62029bab-02c6-4fc6-abae-a5de52b615be","block_type":"box","text":"60%","page_number":7,"box":{"x":240,"y":114,"width":25,"height":7}},{"id":"cf52c6ae-8aba-4abb-93c8-d0db84819183","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":279,"width":465,"height":7}},{"id":"0083a24c-3293-4ba3-b7e3-2d2fd7ee627f","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 28.90% (quar ter ended","page_number":7,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"06b1c946-0a9e-47cf-ac62-3772eca19f12","block_type":"box","text":"March 31, 2022) and the lowest return for a quar ter was -43.23% (quar ter ended March 31, 2020). The year-to-date","page_number":7,"box":{"x":62,"y":314,"width":856,"height":12}},{"id":"b4197646-1fbf-4d23-82d7-254c6123a94f","block_type":"box","text":"return as of June 30, 2026 was 19.30%.","page_number":7,"box":{"x":61,"y":329,"width":299,"height":11}},{"id":"0ce8b812-2733-4af1-a009-3db4e7e0c35c","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"ecd7e35d-1b18-4fd6-bb0a-b5e118a725b9","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"49e7bac6-427f-4c65-a640-2138de465dcd","block_type":"box","text":"BlackRock Energy Oppor tunities Fund — Investor A Shares","page_number":7,"box":{"x":70,"y":388,"width":387,"height":10}},{"id":"be2937e3-67c7-4b1b-bfd8-5ae084eb4671","block_type":"box","text":"Return Before Taxes 4.73% 17.92% 6.48%","page_number":7,"box":{"x":85,"y":400,"width":840,"height":9}},{"id":"e0a0a16f-ff04-496b-98da-6c784e5c579c","block_type":"box","text":"Return After Taxes on Distributions 4.11% 17.21% 5.86%","page_number":7,"box":{"x":85,"y":413,"width":840,"height":9}},{"id":"a0cc6473-42bc-4369-97e2-d4ebce95682d","block_type":"box","text":"Return After Taxes on Distributions","page_number":7,"box":{"x":85,"y":426,"width":228,"height":9}},{"id":"5e4ff321-da83-4f49-8e20-4e4183975eec","block_type":"box","text":"and Sale of Fund Shares 3.23% 14.47% 5.09%","page_number":7,"box":{"x":85,"y":438,"width":840,"height":8}},{"id":"d321588a-0d7f-45ad-bcd2-be2d089698b5","block_type":"box","text":"BlackRock Energy Oppor tunities Fund — Investor C Shares","page_number":7,"box":{"x":70,"y":456,"width":388,"height":10}},{"id":"86a80b9b-ca8c-4d99-b5b3-a228a9c84fa5","block_type":"box","text":"Return Before Taxes 8.77% 18.38% 6.43%","page_number":7,"box":{"x":85,"y":469,"width":840,"height":8}},{"id":"cbcb960b-97aa-4754-96b8-e9b6315665d3","block_type":"box","text":"BlackRock Energy Oppor tunities Fund — Institutional Shares","page_number":7,"box":{"x":70,"y":487,"width":399,"height":10}},{"id":"fdbb126a-813e-4b85-8acd-d19d4a5f39ba","block_type":"box","text":"Return Before Taxes 11.04% 19.69% 7.50%","page_number":7,"box":{"x":85,"y":500,"width":840,"height":8}},{"id":"67d1fb7a-0964-4134-87ab-28efcd705e31","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":7,"box":{"x":70,"y":518,"width":227,"height":10}},{"id":"11e2db51-1f88-44fc-964a-9b7d9325a426","block_type":"box","text":"1","page_number":7,"box":{"x":298,"y":518,"width":4,"height":4}},{"id":"a6ae7ded-cf06-49cf-a595-f785a36b0d87","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":7,"box":{"x":69,"y":531,"width":486,"height":11}},{"id":"6220a2e6-85a7-4b93-882a-22acb25d0067","block_type":"box","text":"taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":7,"box":{"x":69,"y":545,"width":856,"height":10}},{"id":"11ed6790-c5ca-4015-be87-bce87fb1cfdb","block_type":"box","text":"MSCI World Energy Index (Net)","page_number":7,"box":{"x":70,"y":563,"width":199,"height":10}},{"id":"3d4fa177-dd6e-466e-b4c1-33b2b721d9ba","block_type":"box","text":"1","page_number":7,"box":{"x":270,"y":563,"width":4,"height":4}},{"id":"3e11bcb8-96a0-4369-ae9a-a6c45fb5dec3","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":7,"box":{"x":69,"y":576,"width":486,"height":11}},{"id":"a2cbd6cb-96e3-4604-ad82-045460633a91","block_type":"box","text":"taxes on reinvested dividends) 13.32% 19.54% 7.62%","page_number":7,"box":{"x":69,"y":590,"width":856,"height":10}},{"id":"bd1c5a9e-ef89-4f3e-8b81-48ee0f3a3541","block_type":"box","text":"1","page_number":7,"box":{"x":61,"y":610,"width":3,"height":3}},{"id":"c9cddfb0-d0a1-4e19-99c2-2690959515d3","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":7,"box":{"x":69,"y":610,"width":818,"height":9}},{"id":"2e36d242-b1ad-404b-8883-4303838f0429","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":7,"box":{"x":61,"y":620,"width":870,"height":9}},{"id":"c4d157b0-3043-4a7b-9003-3a8949c84161","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":7,"box":{"x":60,"y":630,"width":862,"height":9}},{"id":"ccb4902e-967d-45fd-9929-dbe09c6cdd16","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":7,"box":{"x":60,"y":640,"width":834,"height":10}},{"id":"c36b3d36-4a12-4066-bb98-b9fce18920ee","block_type":"box","text":"per formance information for the MSCI All Country World Index and the MSCI World Energy Index, please see the Fund’s Statement of Additional","page_number":7,"box":{"x":61,"y":651,"width":842,"height":9}},{"id":"d208b709-210b-4e37-8100-88db38ef70e0","block_type":"box","text":"Information.","page_number":7,"box":{"x":61,"y":661,"width":69,"height":7}},{"id":"38b9eec1-a9cf-48b3-aebf-94a953131cf3","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":7,"box":{"x":60,"y":686,"width":840,"height":12}},{"id":"b1afa548-504b-483c-b1a0-6a02bedd7626","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":7,"box":{"x":61,"y":701,"width":835,"height":12}},{"id":"bd0bded1-cd36-45a6-9b47-8640d4684fb1","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":7,"box":{"x":61,"y":716,"width":851,"height":12}},{"id":"c2235458-dd9c-4faa-8b3d-415e9e175195","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":7,"box":{"x":60,"y":731,"width":840,"height":11}},{"id":"72fd27b0-7be8-4257-8fb7-723d8faa952d","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":7,"box":{"x":62,"y":746,"width":700,"height":11}},{"id":"8cf00b29-e1b0-4f8f-9060-35550f65204f","block_type":"box","text":"Investment Manager","page_number":7,"box":{"x":62,"y":785,"width":187,"height":13}},{"id":"95ad0d87-a259-4e4d-ba1c-b60755a02265","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":7,"box":{"x":60,"y":811,"width":832,"height":11}},{"id":"d1049260-2904-4cea-94f1-a8b2b1ba9525","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, “BlackRock” also refers to the Sub","page_number":7,"box":{"x":61,"y":826,"width":858,"height":11}},{"id":"c3f30ab9-370b-4e29-a372-3512ff53d72f","block_type":"box","text":"Adviser.","page_number":7,"box":{"x":60,"y":841,"width":56,"height":9}},{"id":"17cd9314-e817-4fff-ad91-e9238b0dd05d","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"4c9badee-da76-469d-bab4-2767e001b841","block_type":"box","text":"NM1026U-5982518-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"99eb1966-2b21-45f3-aade-789ccd897107","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":43,"width":173,"height":13}},{"id":"0382c31f-1008-4c64-84e9-90017cf476cd","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":87,"width":121,"height":10}},{"id":"a2d8f53e-56d0-4a5d-8ad4-6b80a35ba8a7","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":362,"y":75,"width":121,"height":10}},{"id":"f6c82662-9b72-4bd5-b190-e2961cb0dcf2","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":363,"y":87,"width":427,"height":8}},{"id":"fd7b45a9-aecf-43a5-a5ac-27f10e4d775a","block_type":"box","text":"Alastair Bishop 2015 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":105,"width":826,"height":10}},{"id":"564dd508-409e-4b70-8e28-0626523acabb","block_type":"box","text":"Mark Hume 2018 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":123,"width":825,"height":10}},{"id":"6603fcc1-fa23-46db-bdc5-89b5d3d6f769","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":163,"width":309,"height":11}},{"id":"80564532-b1d1-49c6-9d00-4f3b7ec2f41c","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":8,"box":{"x":60,"y":189,"width":857,"height":12}},{"id":"ea538e79-3ff5-480c-a961-8b0b671e158f","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":8,"box":{"x":61,"y":204,"width":873,"height":12}},{"id":"3ab2df4f-1530-43d6-abcd-562941733f2e","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":8,"box":{"x":60,"y":219,"width":833,"height":12}},{"id":"7d0c556c-8275-4f74-9bb8-84778fedc47b","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":8,"box":{"x":62,"y":234,"width":827,"height":11}},{"id":"20576e91-c0ba-4964-b757-f89ebab3019b","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":8,"box":{"x":60,"y":249,"width":696,"height":11}},{"id":"07bfa20b-f259-4537-9c1b-2e99f75facbc","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":8,"box":{"x":232,"y":277,"width":480,"height":7}},{"id":"79efbc0d-a0ce-4ae2-8451-4b03b9de4184","block_type":"box","text":"Minimum Initial","page_number":8,"box":{"x":61,"y":294,"width":104,"height":8}},{"id":"c6aac707-2100-43cc-9804-60372edfd6d2","block_type":"box","text":"Investment","page_number":8,"box":{"x":61,"y":308,"width":75,"height":8}},{"id":"15f7c306-6452-4665-8c18-9301315e0747","block_type":"box","text":"$1,000 for all accounts except:","page_number":8,"box":{"x":232,"y":293,"width":207,"height":11}},{"id":"f4b84d36-d667-4497-b2e5-d8e2d6a72500","block_type":"box","text":"•","page_number":8,"box":{"x":235,"y":310,"width":4,"height":3}},{"id":"7a3f4101-9c43-4d78-bdf8-ddbc9c332f84","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":8,"box":{"x":243,"y":307,"width":296,"height":11}},{"id":"a0277db5-40a7-48d4-826b-d2fa7e211382","block_type":"box","text":"Plan.","page_number":8,"box":{"x":243,"y":321,"width":30,"height":8}},{"id":"26c995cb-0a46-4c7b-bea4-144908d6b6f2","block_type":"box","text":"•","page_number":8,"box":{"x":235,"y":337,"width":4,"height":3}},{"id":"909e68f3-fd16-43c2-9975-f5bbd080217b","block_type":"box","text":"There is no investment minimum for employer","page_number":8,"box":{"x":242,"y":335,"width":306,"height":10}},{"id":"12bf26ae-163a-4f44-87de-4c7a0968656b","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":8,"box":{"x":242,"y":348,"width":306,"height":11}},{"id":"949e2a3c-6a89-4a20-a0a2-ba48222c6459","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs).","page_number":8,"box":{"x":243,"y":362,"width":213,"height":10}},{"id":"cb7a1da6-ddc2-4251-ad61-4ed6e296ec0a","block_type":"box","text":"•","page_number":8,"box":{"x":235,"y":378,"width":4,"height":3}},{"id":"ae7d0c93-9b3f-40bc-a677-f25492e3a1c7","block_type":"box","text":"There is no investment minimum for cer tain fee","page_number":8,"box":{"x":242,"y":375,"width":318,"height":9}},{"id":"88433b35-b5b1-48a7-afe9-53f528b15cd6","block_type":"box","text":"based programs.","page_number":8,"box":{"x":243,"y":389,"width":109,"height":10}},{"id":"18bb2734-e9cf-403e-b99f-bb4a55d9cb7f","block_type":"box","text":"There is no minimum initial investment 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