{"annotation_id":"b3ce6739-c439-4637-b6d1-f034a26891af","file_hash":"48ca668d641a44ba258e112aee5c49da703ffbc540f4c9c0c59d5c705dd44c94","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"caec831c-2282-4f4d-8865-44f14f4a774f","block_type":"box","text":"BLACKROCK EQUITY DIVIDEND FUND","page_number":1,"box":{"x":339,"y":87,"width":325,"height":12}},{"id":"9602b01e-5250-4c50-888f-c7971d616504","block_type":"box","text":"(the “Fund”)","page_number":1,"box":{"x":454,"y":103,"width":96,"height":11}},{"id":"911d8b24-c415-44a0-b8b2-f3db7435dddd","block_type":"box","text":"Supplement dated September 29, 2026 to","page_number":1,"box":{"x":353,"y":134,"width":298,"height":12}},{"id":"0c9072ee-c03a-428b-b8cc-501364c0a207","block_type":"box","text":"the Prospectuses and Statement of Additional 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billion,","page_number":1,"box":{"x":183,"y":444,"width":672,"height":12}},{"id":"b0bc3b3e-c687-4a50-92dd-2130fdc6fc8d","block_type":"box","text":"0.50% of the Fund’s average daily net assets in excess of $12 billion but not more than $17 billion,","page_number":1,"box":{"x":183,"y":459,"width":672,"height":12}},{"id":"d5c84d51-5256-4fae-adef-4f0325ffa53d","block_type":"box","text":"0.49% of the Fund’s average daily net assets in excess of $17 billion but not more than $25 billion,","page_number":1,"box":{"x":183,"y":475,"width":672,"height":12}},{"id":"f7057346-10de-4592-baff-f21908a31248","block_type":"box","text":"0.48% of the Fund’s average daily net assets in excess of $25 billion but not more than $30 billion,","page_number":1,"box":{"x":183,"y":490,"width":672,"height":12}},{"id":"53b449f5-c80b-4f1f-bdda-10e382b75629","block_type":"box","text":"0.45% of the Fund’s average daily net assets in excess of $30 billion but not more than $40 billion, 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Any representation to the contrary is a criminal offense.","page_number":2,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"08cbf92c-0cf3-4ed2-958e-ce13d147921b","block_type":"box","text":"Not FDIC Insured","page_number":2,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"185ca13a-d3a9-4761-84c7-7b2434bfefb8","block_type":"box","text":"•","page_number":2,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"82ff8f59-c1aa-476b-b918-da07c7d3cac6","block_type":"box","text":"May Lose Value","page_number":2,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"9f2d0930-20e2-424e-80f9-2a5992413e67","block_type":"box","text":"•","page_number":2,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"4037c5f5-f4d3-494c-810b-59cf3daf4b6e","block_type":"box","text":"No Bank 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4","page_number":3,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"f270483c-4090-488a-b2cf-c9b3a3e74f9b","block_type":"box","text":"Principal Risks of Investing in the Fund ...................................................... 4","page_number":3,"box":{"x":360,"y":231,"width":577,"height":12}},{"id":"9793c556-b141-494e-b34c-1de0cad2c42e","block_type":"box","text":"Per formance Information .......................................................................... 6","page_number":3,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"c04513f8-5ad2-4d40-a2e8-c86a4d1dabfb","block_type":"box","text":"Investment Manager ................................................................................. 7","page_number":3,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"76422e87-e155-4a76-871a-29e09a90b35d","block_type":"box","text":"Por tfolio Managers ................................................................................... 7","page_number":3,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"c9d0e2e7-b8c5-49a5-9af6-8ecf8ce59624","block_type":"box","text":"Purchase and Sale of Fund Shares ............................................................ 7","page_number":3,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"d72241e2-ff47-4265-b0d4-6ee650eeec5d","block_type":"box","text":"Tax Information......................................................................................... 7","page_number":3,"box":{"x":361,"y":309,"width":577,"height":9}},{"id":"2a372002-bb7d-4d06-82cc-ebf44b8ed407","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries .................. 7","page_number":3,"box":{"x":360,"y":324,"width":578,"height":12}},{"id":"4e510f9a-41d0-4fc5-b33c-00c58779fc3e","block_type":"box","text":"Details About the 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11","page_number":3,"box":{"x":361,"y":397,"width":576,"height":9}},{"id":"8b54e1f9-512e-4fc5-9848-13dbeca02609","block_type":"box","text":"Account Information","page_number":3,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"54c0eee8-e715-4a67-8120-be4e7fd841eb","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":3,"box":{"x":361,"y":424,"width":468,"height":12}},{"id":"81f790c1-6ba5-4458-b7e4-10b9ce01861a","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":3,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"07cedf2b-63aa-4b03-add5-0385e3074f51","block_type":"box","text":"Details About the Share Class ................................................................. 21","page_number":3,"box":{"x":361,"y":454,"width":576,"height":10}},{"id":"9bd1dc0f-538d-4780-8821-2d04ca08986d","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 22","page_number":3,"box":{"x":361,"y":470,"width":577,"height":11}},{"id":"489a24e4-84e8-4f26-aeef-d2d96292d2ae","block_type":"box","text":"Fund’s Rights ......................................................................................... 28","page_number":3,"box":{"x":361,"y":485,"width":577,"height":12}},{"id":"1b4d48f9-f183-4188-9e9c-21450a1d8279","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 28","page_number":3,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"f76d25b2-845c-41c9-99e1-c93b034d13fa","block_type":"box","text":"Management of the Fund","page_number":3,"box":{"x":80,"y":524,"width":264,"height":16}},{"id":"aa89d19f-5327-4eaa-b7f1-8320890f23c3","block_type":"box","text":"Information about BlackRock and the Por tfolio 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Reimbursements","page_number":4,"box":{"x":69,"y":553,"width":598,"height":11}},{"id":"bce11ff8-7479-47bb-99a9-71bc2925cb87","block_type":"box","text":"1,3","page_number":4,"box":{"x":668,"y":553,"width":10,"height":5}},{"id":"eb913d27-42d4-473a-aa03-8ea6e6801779","block_type":"box","text":"0.59%","page_number":4,"box":{"x":884,"y":553,"width":41,"height":8}},{"id":"b0622dc7-8583-4d63-ba16-ede80c6110f0","block_type":"box","text":"1","page_number":4,"box":{"x":61,"y":573,"width":3,"height":4}},{"id":"1761fde2-a6d7-42af-9d50-0ac475923a3f","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, BlackRock has contractually agreed to","page_number":4,"box":{"x":81,"y":573,"width":837,"height":9}},{"id":"b6507e56-702c-4873-983a-5ebf5440219e","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":4,"box":{"x":80,"y":583,"width":854,"height":9}},{"id":"6ea12cc1-bc75-43d7-8893-1827d8c340fd","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":4,"box":{"x":81,"y":593,"width":810,"height":10}},{"id":"c7f8d736-802a-42ac-882e-d3cd04a751ed","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":4,"box":{"x":81,"y":604,"width":832,"height":9}},{"id":"7d059ca7-b80b-4473-8996-1f2b70969853","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":4,"box":{"x":81,"y":614,"width":847,"height":9}},{"id":"9fe046ec-e797-40d0-ace3-2a74368ec5b5","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a","page_number":4,"box":{"x":81,"y":624,"width":833,"height":10}},{"id":"21c449f4-f57e-4b96-9b45-25c83da84997","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":635,"width":330,"height":9}},{"id":"a9e9290d-c9e9-452f-953b-e59a47633b5f","block_type":"box","text":"2","page_number":4,"box":{"x":61,"y":648,"width":3,"height":3}},{"id":"765caaf1-418e-4d54-999c-956d5d241f08","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent","page_number":4,"box":{"x":81,"y":648,"width":820,"height":9}},{"id":"351ee98c-f2b2-4401-b7ae-35cc64271eff","block_type":"box","text":"Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":4,"box":{"x":81,"y":658,"width":662,"height":9}},{"id":"896a23fd-0ee8-4cb4-b163-0a068dc3edd6","block_type":"box","text":"3","page_number":4,"box":{"x":61,"y":671,"width":3,"height":4}},{"id":"f0598053-0990-43ec-9648-2a21ddfe9793","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, BlackRock has contractually agreed to","page_number":4,"box":{"x":81,"y":671,"width":837,"height":9}},{"id":"68fa7535-8eb7-49a7-afcd-1c7e77fad859","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":4,"box":{"x":80,"y":681,"width":771,"height":9}},{"id":"ac6e7e4b-7e6b-4585-a188-aed54fe014e9","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.66%","page_number":4,"box":{"x":81,"y":691,"width":844,"height":10}},{"id":"6e8f389c-d3ab-4f6d-a1d6-f3ab2cfb5801","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":4,"box":{"x":81,"y":702,"width":851,"height":9}},{"id":"a9cd7bb9-df04-42bd-aa3c-dce29745b180","block_type":"box","text":"interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":712,"width":616,"height":9}},{"id":"5a5ae1fc-77d3-4746-9918-0aad03af1be6","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":730,"width":74,"height":12}},{"id":"39c70452-2ae1-4cfc-ae6d-530ad2cea2b5","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":4,"box":{"x":60,"y":746,"width":830,"height":12}},{"id":"d9bfbfc6-447f-4536-b42e-fcc8b741614e","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":791,"width":859,"height":11}},{"id":"f9d4c797-9e0d-4367-8232-21da736b6d51","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":806,"width":436,"height":11}},{"id":"de70188c-e0a8-4174-931b-100b99b8d864","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":834,"width":292,"height":9}},{"id":"1e51b449-2825-4b10-8a90-54843a5ee869","block_type":"box","text":"Class K Shares $60 $189 $329 $738","page_number":4,"box":{"x":69,"y":852,"width":843,"height":9}},{"id":"9e88ae41-36a8-4997-9a77-36a3942eeff8","block_type":"box","text":"3","page_number":4,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"22e7d939-0519-4f8a-9af9-88fd49394ccf","block_type":"box","text":"NM1026U-5993011-4/41","page_number":4,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"7a7b17d9-44ef-4da4-b028-dd65eed155dd","block_type":"box","text":"Portfolio Turnover:","page_number":5,"box":{"x":61,"y":46,"width":151,"height":10}},{"id":"6d2034bb-09ff-4680-93e7-a032073ed8de","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":5,"box":{"x":60,"y":63,"width":800,"height":11}},{"id":"e2eedc69-2613-4fd4-bb15-a8460e04bbeb","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":5,"box":{"x":62,"y":77,"width":850,"height":12}},{"id":"f5409294-e450-497d-9430-b5e3da5aa3db","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":5,"box":{"x":61,"y":92,"width":870,"height":12}},{"id":"f5de218d-f637-4b86-acb1-d2cce95c75df","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":5,"box":{"x":62,"y":107,"width":839,"height":11}},{"id":"8a05d6bb-71e9-4372-9a13-fd1943c8913e","block_type":"box","text":"75% of the average value of its portfolio.","page_number":5,"box":{"x":61,"y":122,"width":298,"height":11}},{"id":"be8d41a2-aad3-4204-bb70-602dc9c22bce","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":5,"box":{"x":61,"y":161,"width":394,"height":13}},{"id":"5feeb3ac-810c-4315-a097-b6cc1e026ff6","block_type":"box","text":"The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under","page_number":5,"box":{"x":60,"y":187,"width":824,"height":11}},{"id":"9599ef8a-21c3-46fb-b50e-dcb36223342e","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":5,"box":{"x":61,"y":202,"width":803,"height":11}},{"id":"4cf1fcfb-a7f7-4d8a-beeb-37e6d489df70","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":5,"box":{"x":62,"y":217,"width":872,"height":11}},{"id":"883b7683-f2e5-4e24-9a53-693140084c4a","block_type":"box","text":"one or more market risk factors associated with such securities. The Fund may invest in securities of companies with","page_number":5,"box":{"x":61,"y":231,"width":861,"height":12}},{"id":"276d8209-df38-427f-a864-d232d0a7a48f","block_type":"box","text":"any market capitalization, but will generally focus on large cap securities. The Fund may also invest in convertible","page_number":5,"box":{"x":61,"y":246,"width":832,"height":12}},{"id":"74207dd2-fd54-4cba-af18-c3c5f986b6a6","block_type":"box","text":"securities and non-convertible preferred stock. Equity securities include common stock, preferred stock, or securities","page_number":5,"box":{"x":61,"y":261,"width":861,"height":11}},{"id":"6c360580-998a-4bc5-b415-25efe02c55f6","block_type":"box","text":"or other instruments whose price is linked to the value of common stock. For purposes of the Fund’s 80% policy,","page_number":5,"box":{"x":61,"y":276,"width":826,"height":11}},{"id":"12427ef4-dd31-4406-9b9c-3aaf67799996","block_type":"box","text":"dividend-paying equity securities are securities of companies that pay out a portion of their profits to shareholders of","page_number":5,"box":{"x":61,"y":291,"width":859,"height":11}},{"id":"0c0e426a-8479-4fff-a67f-04e09ca15401","block_type":"box","text":"such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year).","page_number":5,"box":{"x":61,"y":305,"width":690,"height":12}},{"id":"42ffe06f-a85e-46d4-864d-68b442c35d95","block_type":"box","text":"The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities","page_number":5,"box":{"x":60,"y":328,"width":848,"height":12}},{"id":"51ec7bcd-66e5-4a08-ad1a-395dece63f74","block_type":"box","text":"from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.","page_number":5,"box":{"x":60,"y":343,"width":856,"height":11}},{"id":"5c3b77b4-c989-4f58-abd4-4e8b255e7e0a","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts, European","page_number":5,"box":{"x":60,"y":358,"width":817,"height":11}},{"id":"1f7068a8-ee17-487c-9a84-e233a4dd5d2d","block_type":"box","text":"Depositary Receipts or other securities convertible into securities of foreign issuers.","page_number":5,"box":{"x":62,"y":372,"width":618,"height":12}},{"id":"05c4d55b-5ba3-463a-abef-1ca191e02730","block_type":"box","text":"BlackRock chooses investments for the Fund that it believes will both increase in value over the long term and provide","page_number":5,"box":{"x":62,"y":395,"width":868,"height":12}},{"id":"acd6b1f4-b5ee-430e-a2e6-53cd36ef34d7","block_type":"box","text":"current income, focusing on investments that will do both instead of those that will favor current income over capital","page_number":5,"box":{"x":61,"y":410,"width":854,"height":11}},{"id":"c116b8be-766a-4414-a036-99719ca00697","block_type":"box","text":"appreciation.","page_number":5,"box":{"x":61,"y":425,"width":93,"height":11}},{"id":"bdd5f4b9-1311-4537-b4c9-4820ebc4a0b2","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":464,"width":354,"height":13}},{"id":"3d7bde24-2c42-4a3f-9829-94530d1f1499","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":5,"box":{"x":62,"y":490,"width":860,"height":11}},{"id":"f9efa02c-a3ed-4553-b0d8-047312fb5f4e","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":5,"box":{"x":61,"y":505,"width":802,"height":11}},{"id":"8048434e-cefd-459b-9fa3-b2f8c86b7281","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":5,"box":{"x":62,"y":519,"width":866,"height":12}},{"id":"1a481339-accd-4bcc-895d-f80036194c0e","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":5,"box":{"x":62,"y":534,"width":869,"height":12}},{"id":"4b13b2fd-fec6-431f-9054-2877e3caf773","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":5,"box":{"x":60,"y":549,"width":835,"height":12}},{"id":"09d80dc8-dcb0-4ea0-b6b8-6e4d60f53534","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":564,"width":793,"height":11}},{"id":"16217137-070f-4c35-a885-e5726d790ada","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":584,"width":166,"height":11}},{"id":"3c625872-ebe4-4b0f-9b9c-738f4da1c14f","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":584,"width":685,"height":11}},{"id":"547d18de-ede2-4ee2-b16f-d999177427f6","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":599,"width":550,"height":11}},{"id":"50144ec7-63cb-4b19-b850-26ea894f4bec","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":5,"box":{"x":81,"y":619,"width":310,"height":11}},{"id":"4af9f844-cc49-4a3e-9c60-649646811051","block_type":"box","text":"—","page_number":5,"box":{"x":396,"y":624,"width":17,"height":1}},{"id":"1e66fcb4-17ce-41f2-acc9-dcf31e74a907","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":5,"box":{"x":418,"y":619,"width":507,"height":11}},{"id":"a87ceb78-df2e-4547-af90-af6121227a38","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":5,"box":{"x":80,"y":634,"width":837,"height":11}},{"id":"11576726-85db-430d-b4ad-af5402a32136","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":5,"box":{"x":81,"y":648,"width":852,"height":12}},{"id":"9820109f-1540-4c92-952e-4f2ff6185dbb","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":668,"width":166,"height":12}},{"id":"023f86e6-9e99-4c8e-ae0f-e881d2402c2f","block_type":"box","text":"—","page_number":5,"box":{"x":252,"y":674,"width":17,"height":0}},{"id":"7807a21e-b96e-47cd-b302-408f8ac26542","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":5,"box":{"x":274,"y":668,"width":658,"height":12}},{"id":"135c01e0-3ceb-4e09-bfee-3c5762c01ec6","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":5,"box":{"x":81,"y":683,"width":809,"height":12}},{"id":"304ed8ad-a4b8-41c6-b2fa-5fba33876e71","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":5,"box":{"x":82,"y":698,"width":841,"height":11}},{"id":"5999df0f-2cf7-4b34-a58c-1addcbba820a","block_type":"box","text":"investment styles.","page_number":5,"box":{"x":82,"y":713,"width":131,"height":11}},{"id":"6f58c612-f69c-47ee-983e-a94067055f3b","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":733,"width":176,"height":11}},{"id":"bdf91bf7-774c-4f56-871d-7a84f2bcf386","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":733,"width":668,"height":11}},{"id":"cb281cb9-0e30-4004-9f3e-831ab98ef6f4","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":748,"width":531,"height":11}},{"id":"1780dab7-98e2-4199-b752-bfb7754a8abd","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":768,"width":823,"height":11}},{"id":"c96da2d4-7de5-4f47-b00f-cd4a410dabbe","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":5,"box":{"x":102,"y":782,"width":823,"height":12}},{"id":"103671cd-c509-4693-a489-b168525d00e3","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":797,"width":70,"height":12}},{"id":"742b2952-3043-42af-b5be-5dd8ae91af20","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":5,"box":{"x":101,"y":817,"width":644,"height":12}},{"id":"4b484a8c-cfbe-4816-baa7-720e92a14f5f","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":837,"width":830,"height":12}},{"id":"cacbf763-72ed-4ce9-8855-2863652d1f0c","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":852,"width":808,"height":12}},{"id":"fd34fa91-5be4-41ba-98e0-109d9ab50d51","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":867,"width":137,"height":11}},{"id":"e797a30d-e77c-4fc3-b92c-ab8e9384fee1","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":5,"box":{"x":101,"y":887,"width":821,"height":11}},{"id":"91ec2e78-4df6-427e-81cc-920d7752c231","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":902,"width":809,"height":11}},{"id":"cc9a9e5c-df23-4fdc-b504-2a8f9eccc55a","block_type":"box","text":"4","page_number":5,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"a9e1d6b7-71b3-4822-87f2-0b86fe4edbbe","block_type":"box","text":"NM1026U-5993011-5/41","page_number":5,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"a27d1741-8c96-4b22-94a3-5aa076f5c613","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":46,"width":784,"height":11}},{"id":"293f4532-5f88-446c-a919-b5254a933179","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":61,"width":352,"height":11}},{"id":"110c9375-658f-4858-b18c-a30a75415cc7","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":80,"width":823,"height":12}},{"id":"9b9f5ca7-cbcd-40b7-8af9-22a7ae97dcd8","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":95,"width":811,"height":12}},{"id":"a897404e-4716-4544-be6f-212c85d4cf80","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":110,"width":148,"height":9}},{"id":"9b7571a1-8178-4740-866e-e855723b0df7","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":130,"width":834,"height":12}},{"id":"4c17fb9a-6a33-40d1-b6c6-e92ba2af7598","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":145,"width":628,"height":11}},{"id":"c924982b-6078-4ce6-80de-36ccea10802c","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":165,"width":830,"height":11}},{"id":"036969f3-844a-4d3a-b341-b62c97bb44b8","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":180,"width":831,"height":11}},{"id":"e05f7088-90f7-4b55-8f73-902ba987ed88","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":195,"width":813,"height":11}},{"id":"f9a0bf00-2e39-48a9-8bf3-07b65034d794","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":209,"width":395,"height":12}},{"id":"a8531b6d-2bcb-4d1b-91f8-25a93518c81e","block_type":"box","text":"Convertible Securities Risk","page_number":6,"box":{"x":81,"y":229,"width":206,"height":10}},{"id":"542f0546-914a-4159-9f35-435d153bdf16","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":6,"box":{"x":291,"y":229,"width":593,"height":12}},{"id":"2fa9687f-1a2e-407f-9d9b-43e610e23580","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":6,"box":{"x":81,"y":244,"width":853,"height":12}},{"id":"dabd3bad-a78c-41b3-9e6e-4204de185452","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":6,"box":{"x":81,"y":259,"width":855,"height":11}},{"id":"f3330dff-1c98-4337-a425-6779cf73db39","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":6,"box":{"x":80,"y":274,"width":816,"height":11}},{"id":"1b7d77c1-9b4c-4f3e-ab72-b5baccc22b54","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":6,"box":{"x":82,"y":289,"width":796,"height":11}},{"id":"271b11d2-266b-4639-a32f-7d57bcd6d79d","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":6,"box":{"x":81,"y":303,"width":812,"height":12}},{"id":"04b8cf8f-d3f2-4a69-abdb-8632dae5f9b7","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":6,"box":{"x":82,"y":318,"width":809,"height":12}},{"id":"e4ff99ab-1c15-4d09-9378-9878ddc373c6","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":338,"width":276,"height":12}},{"id":"05941a28-c539-4b93-a827-f3452e4d4655","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":339,"width":573,"height":11}},{"id":"d2cc1218-4d44-453b-a777-561b4748feeb","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":353,"width":848,"height":12}},{"id":"66a443a0-79aa-4ee1-81c6-ec099d6b26fa","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":368,"width":839,"height":11}},{"id":"9eaab88e-eb0b-494a-9bda-34a8eb0bc2cd","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":6,"box":{"x":82,"y":383,"width":851,"height":11}},{"id":"d75266f2-23ef-44ed-adfa-175065e13fb1","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":403,"width":240,"height":9}},{"id":"80920922-33ec-4b7f-a713-2cf05bbf65d8","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":403,"width":593,"height":9}},{"id":"45d7881b-14ae-4f8b-932a-9abb5f9bd6b4","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":418,"width":851,"height":11}},{"id":"7b64d9be-361e-41a7-b8f1-20575d337d9f","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":6,"box":{"x":82,"y":432,"width":824,"height":12}},{"id":"e2ab9b67-ccf0-48ce-8a9d-e469105194be","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":447,"width":851,"height":12}},{"id":"cea3c059-f8cd-47ce-95e2-eb5e5546ef29","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":462,"width":802,"height":11}},{"id":"84c99866-cdce-4273-b84e-27ba0cee0aa3","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":6,"box":{"x":81,"y":477,"width":849,"height":11}},{"id":"fa5d701c-0f8c-4a76-939e-b0ac59063da4","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":492,"width":843,"height":11}},{"id":"88be9b18-5d0d-4411-9457-f187e402ec6f","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":6,"box":{"x":81,"y":506,"width":830,"height":12}},{"id":"c14fe47f-dc24-4117-99cc-9db104730f97","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":521,"width":840,"height":12}},{"id":"61a28574-6ac2-49d4-8440-22ca34362914","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":6,"box":{"x":81,"y":536,"width":851,"height":12}},{"id":"017ef936-2b95-403b-a157-903c50bde757","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":6,"box":{"x":82,"y":551,"width":815,"height":12}},{"id":"898194a9-d925-45cc-8375-e63e847d13a8","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":6,"box":{"x":81,"y":566,"width":826,"height":11}},{"id":"346c98e6-6596-40f7-affe-3389fda2b371","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or","page_number":6,"box":{"x":81,"y":581,"width":850,"height":11}},{"id":"dc70ffed-0098-428d-855c-fe2a59ca0f14","block_type":"box","text":"other events. This means you may lose money.","page_number":6,"box":{"x":81,"y":596,"width":343,"height":11}},{"id":"a2bf8f2b-0493-435e-a442-76a7fb7b9704","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":616,"width":818,"height":11}},{"id":"bb5c8f1c-9f7d-4ea4-91fb-29c28bfd2ff3","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":6,"box":{"x":80,"y":631,"width":819,"height":11}},{"id":"4f9388e5-9eb1-4aa3-b1c9-a8b05fe69f8e","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":6,"box":{"x":81,"y":645,"width":819,"height":12}},{"id":"e83d38d4-8658-4a20-ae0a-6a724fb4132f","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":660,"width":846,"height":11}},{"id":"7942b331-da02-4255-9d94-016d4bda4d92","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":675,"width":848,"height":11}},{"id":"aa827aa6-3bb5-4898-9121-6d6e510cc25a","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":690,"width":125,"height":9}},{"id":"4abde155-5240-4609-b634-211605a725a4","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":710,"width":254,"height":11}},{"id":"d6ab7c5f-d4f2-4f06-9314-74943734dc5c","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":710,"width":578,"height":11}},{"id":"79bcc34f-caad-4a63-870c-8c307d4a60a6","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":724,"width":779,"height":12}},{"id":"a8e027be-f1d5-4c60-924f-95fb3a944987","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":739,"width":848,"height":12}},{"id":"9244513c-85f6-4dda-9a4a-e3e0ada5a03f","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":6,"box":{"x":81,"y":754,"width":806,"height":11}},{"id":"2d38ecf2-6aec-4fdf-bb46-39db7f655645","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":769,"width":807,"height":11}},{"id":"0ee192c3-dd65-421f-815d-b432af871256","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":6,"box":{"x":82,"y":784,"width":846,"height":11}},{"id":"ac600169-1759-48f8-b151-945a05fd180d","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":6,"box":{"x":81,"y":798,"width":836,"height":12}},{"id":"22aba239-f62c-41b7-bc83-b01459a294f0","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":814,"width":474,"height":11}},{"id":"868340df-6f94-407b-a9ff-56ae01fe41db","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":833,"width":189,"height":10}},{"id":"6fe3f0d0-2d90-47a2-bfa8-a8f0ad446d0b","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":833,"width":636,"height":12}},{"id":"e1aca1b4-f9ce-4bc1-a184-27fd4e4655e2","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":848,"width":824,"height":12}},{"id":"d7cbb137-6b42-456e-b796-e5e0b504a10c","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":863,"width":806,"height":12}},{"id":"44b81f64-c22f-4424-87c3-8385a5ce18b3","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":6,"box":{"x":81,"y":878,"width":842,"height":11}},{"id":"974fb86b-065f-4bb8-8917-3c30380ef8f6","block_type":"box","text":"5","page_number":6,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"810f38b1-c1ca-4285-8fb3-14250bf34b8a","block_type":"box","text":"NM1026U-5993011-6/41","page_number":6,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"b2b3d3ea-e107-4653-aa0c-976eed945200","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":46,"width":781,"height":11}},{"id":"53b3fbe6-d779-43f9-b165-fc683d24cc9c","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":60,"width":812,"height":12}},{"id":"2d9141f2-182b-4462-b014-0477ef56fc2c","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":76,"width":129,"height":11}},{"id":"d956daff-d21f-48ab-bfd8-adc8a7d1f693","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":95,"width":283,"height":12}},{"id":"5b57a116-09d5-4fc5-99e5-47f3115441ad","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":101,"width":17,"height":0}},{"id":"dc412073-57f2-4892-8650-6cf7e338214f","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":95,"width":518,"height":12}},{"id":"2250f2ab-7126-4587-8c40-1c99df1391fc","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":7,"box":{"x":80,"y":110,"width":847,"height":12}},{"id":"602c4fb3-6ab1-48c5-b966-5b8de73d950d","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":127,"width":70,"height":9}},{"id":"4906c506-d22f-4fed-bf49-8f50a18a192c","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":164,"width":224,"height":11}},{"id":"8fbae1b7-864d-44c8-9092-e6d15a7f91a2","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":190,"width":855,"height":11}},{"id":"1f286f56-917c-4567-98ad-b7d689dd5657","block_type":"box","text":"risks of investing in the Fund. The performance information for periods prior to March 28, 2016, the commencement","page_number":7,"box":{"x":61,"y":205,"width":859,"height":11}},{"id":"ddee36e2-fdb0-4b08-8ffd-72f5d0b8cdcd","block_type":"box","text":"of Class K Shares, shows the performance of the Fund’s Institutional Shares. The performance of Class K Shares","page_number":7,"box":{"x":61,"y":220,"width":840,"height":11}},{"id":"7d5f4648-65a8-476b-a2a4-50b4758d3c36","block_type":"box","text":"would be substantially similar to Institutional Shares because Class K Shares are invested in the same portfolio of","page_number":7,"box":{"x":60,"y":234,"width":846,"height":12}},{"id":"6383b142-9b07-461f-ab52-6c8480cc76b0","block_type":"box","text":"securities and performance would differ only to the extent that Institutional Shares and Class K Shares have different","page_number":7,"box":{"x":61,"y":249,"width":867,"height":12}},{"id":"c3d8aab1-d443-4147-a895-ccf8e4c80b64","block_type":"box","text":"expenses. The actual returns of Class K Shares would have been higher than those of Institutional Shares because","page_number":7,"box":{"x":61,"y":264,"width":848,"height":12}},{"id":"922d0b0b-10f0-439c-ac92-c809c9267de3","block_type":"box","text":"Class K Shares have lower expenses than Institutional Shares. The table compares the Fund’s performance to that of","page_number":7,"box":{"x":61,"y":279,"width":868,"height":11}},{"id":"7540173e-491d-4ffc-bf6d-7c8ea608cee5","block_type":"box","text":"the Standard & Poor’s (S&P) 500 Index and the Russell 1000 Value Index, which are relevant to the Fund because","page_number":7,"box":{"x":60,"y":294,"width":842,"height":11}},{"id":"6cf2945c-2d75-47a4-8e8f-86d0ee94dd4a","block_type":"box","text":"they have characteristics similar to the Fund’s investment strategies. To the extent that dividends and distributions","page_number":7,"box":{"x":60,"y":309,"width":845,"height":11}},{"id":"a7ce4315-92ab-492d-b20d-1a58738b8d24","block_type":"box","text":"have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of","page_number":7,"box":{"x":61,"y":323,"width":873,"height":12}},{"id":"e3119a89-4422-43e7-b521-e25dec471410","block_type":"box","text":"the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an","page_number":7,"box":{"x":60,"y":338,"width":834,"height":12}},{"id":"c6302701-bf0f-4f3b-b62e-a83d7bf68b8e","block_type":"box","text":"indication of future results. The table includes all applicable fees. 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The year-to","page_number":7,"box":{"x":62,"y":693,"width":853,"height":11}},{"id":"a9bac8be-3ebf-405d-a91b-c8c4e451b647","block_type":"box","text":"date return as of June 30, 2026 was 12.45%.","page_number":7,"box":{"x":61,"y":708,"width":337,"height":10}},{"id":"45802ccd-8417-4426-9300-ddf9e60db6ce","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":736,"width":223,"height":10}},{"id":"832366eb-dc66-4a23-a943-f95a8a02d41a","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":748,"width":854,"height":10}},{"id":"b3fbc0f6-2272-4934-a566-79b9098f6c7e","block_type":"box","text":"BlackRock Equity Dividend Fund — Class K Shares","page_number":7,"box":{"x":70,"y":766,"width":334,"height":10}},{"id":"e7e705ed-bd2a-4b4e-8cf4-e7c71595bec7","block_type":"box","text":"Return Before Taxes 21.83% 11.84% 11.37%","page_number":7,"box":{"x":85,"y":779,"width":840,"height":8}},{"id":"4113493c-4a5b-4215-b733-69b987488d57","block_type":"box","text":"Return After Taxes on Distributions 18.72% 8.91% 8.50%","page_number":7,"box":{"x":85,"y":792,"width":840,"height":8}},{"id":"32705b9e-5d2a-41a6-b22a-e3690935a3ea","block_type":"box","text":"Return After Taxes on Distributions","page_number":7,"box":{"x":85,"y":805,"width":228,"height":8}},{"id":"192eebf9-db76-42ea-8fa5-3c25fe4bedde","block_type":"box","text":"and Sale of Fund Shares 14.62% 8.73% 8.46%","page_number":7,"box":{"x":85,"y":816,"width":840,"height":8}},{"id":"fc209890-d536-4799-ad9e-d59579b6aad2","block_type":"box","text":"S&P 500 Index","page_number":7,"box":{"x":69,"y":834,"width":99,"height":9}},{"id":"c9379890-5519-41a6-b808-fc52ebf956cb","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.88% 14.42% 14.82%","page_number":7,"box":{"x":69,"y":848,"width":856,"height":10}},{"id":"f1ee12e8-25b7-4aba-a4ac-c0d45c5cac4c","block_type":"box","text":"Russell 1000 Value Index","page_number":7,"box":{"x":70,"y":866,"width":168,"height":8}},{"id":"517d4ccd-c6fb-43da-8099-2ae368aa605c","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%","page_number":7,"box":{"x":69,"y":879,"width":856,"height":11}},{"id":"58d742ea-959a-460e-bcab-84f31bcc948f","block_type":"box","text":"6","page_number":7,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"50a3126a-581e-465d-a980-1c9c4594baf9","block_type":"box","text":"NM1026U-5993011-7/41","page_number":7,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"2d6bec70-42fb-46b8-8b99-9bddc11deb3c","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":46,"width":840,"height":11}},{"id":"ad03fb99-2be8-4a60-b1f0-8f1a73ab1507","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":60,"width":835,"height":12}},{"id":"0f4a0dc7-75c3-4358-9663-978172e29931","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":75,"width":851,"height":12}},{"id":"41dd0527-88ee-4180-aaa7-66692c034ddf","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":90,"width":611,"height":12}},{"id":"5c099938-b83a-4414-8a36-c54247f4217a","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":129,"width":187,"height":14}},{"id":"5c8e1975-1971-4f85-ad5d-e5db6eb7c884","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":155,"width":709,"height":12}},{"id":"d66b5007-2f89-4718-a0e2-8eac2384cec0","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":194,"width":173,"height":14}},{"id":"8c1361a1-9f3e-447c-bb20-20cdbb40abdc","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":238,"width":121,"height":10}},{"id":"64588c6e-ac61-4741-95ca-25678af38607","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":362,"y":226,"width":121,"height":11}},{"id":"d3210f95-498e-4cc8-95fb-ae53d024ca95","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":363,"y":238,"width":427,"height":8}},{"id":"28675664-134a-468e-b038-c7ece094e99a","block_type":"box","text":"Cem Inal 2025 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":256,"width":826,"height":10}},{"id":"e3a1f199-ccae-4650-b200-02e53cdd26d2","block_type":"box","text":"David Zhao 2017 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":274,"width":825,"height":10}},{"id":"c6a71a3f-e7f2-4249-bb13-bb368ddedfee","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":315,"width":309,"height":11}},{"id":"bb15c4b1-90b6-4d9b-8420-53ea08c9b316","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":8,"box":{"x":61,"y":341,"width":859,"height":11}},{"id":"8819468d-1afd-4f50-b7d2-e0d6a7280f1f","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":356,"width":844,"height":11}},{"id":"fe20ae17-4747-45fd-894b-77bfc7d8401a","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":370,"width":791,"height":12}},{"id":"01c732de-a15b-4a3e-88ad-aa68af4fc56d","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":8,"box":{"x":62,"y":385,"width":874,"height":12}},{"id":"b844dd1c-e672-45b5-b5c3-aaf43a105ccb","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":8,"box":{"x":62,"y":400,"width":871,"height":12}},{"id":"8d9cefc9-ea1a-4b7f-82d8-0668b9b6f97a","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":415,"width":870,"height":12}},{"id":"30f302ce-cc83-441b-b21c-09bb87397b24","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":430,"width":863,"height":11}},{"id":"662bea1f-43d7-4b63-88b4-0e27143c80d7","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":445,"width":832,"height":11}},{"id":"8d123eea-4a84-4880-9718-b401a6a5a8f4","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":459,"width":815,"height":12}},{"id":"05fd4927-9b5d-4567-b96a-5d3d6cf0dabe","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":8,"box":{"x":61,"y":474,"width":816,"height":12}},{"id":"09db0186-4842-41a0-a033-0dd3df8e1dff","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":489,"width":867,"height":12}},{"id":"2deeabf6-e055-488b-909d-cc34860b4575","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":8,"box":{"x":62,"y":504,"width":868,"height":11}},{"id":"d63332fc-16a9-4bf5-8107-0befa90c51f2","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":8,"box":{"x":61,"y":519,"width":874,"height":11}},{"id":"389c2a9a-e87f-42ab-94e0-aeb78b43e265","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":8,"box":{"x":61,"y":534,"width":859,"height":11}},{"id":"b7c4f6f0-ee26-4c0f-8e01-5c5de3910948","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":8,"box":{"x":60,"y":548,"width":857,"height":12}},{"id":"032cb52f-8253-413a-b22a-0b1d8b59c2ca","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":8,"box":{"x":60,"y":571,"width":874,"height":12}},{"id":"02ddcc2a-107f-40e9-a52e-a8eda5a2a45f","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":8,"box":{"x":61,"y":586,"width":868,"height":11}},{"id":"4ba4d5ce-fa44-42b7-b25f-072f4f056841","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":8,"box":{"x":61,"y":600,"width":857,"height":12}},{"id":"29846e6e-ea50-4c1d-8b12-d8c038712b8f","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":8,"box":{"x":61,"y":616,"width":842,"height":11}},{"id":"57da193c-9230-4e0a-966e-098559eede28","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":8,"box":{"x":61,"y":630,"width":586,"height":12}},{"id":"91341dae-f44e-4030-9f0c-d1759e6aa630","block_type":"box","text":"Tax Information","page_number":8,"box":{"x":63,"y":669,"width":138,"height":11}},{"id":"77868ccc-4603-4448-83d9-f94801de1140","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":8,"box":{"x":62,"y":695,"width":865,"height":12}},{"id":"658c9764-9270-4b22-95e0-33301c3928c0","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":8,"box":{"x":62,"y":710,"width":842,"height":12}},{"id":"0866e793-b720-40c1-940e-f08e7f782ec5","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":8,"box":{"x":62,"y":725,"width":850,"height":12}},{"id":"6b983207-09e8-4f04-ae3b-8feb5753d8dd","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":8,"box":{"x":60,"y":740,"width":833,"height":11}},{"id":"6c273e7e-8f6b-457e-8cd5-a0fdd485e056","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":8,"box":{"x":60,"y":755,"width":865,"height":11}},{"id":"00f2d8ee-322a-4997-84ef-08f73768a20f","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":8,"box":{"x":61,"y":769,"width":851,"height":12}},{"id":"3cd8cb9b-b831-4578-a2c1-d139fbac72bc","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":8,"box":{"x":62,"y":785,"width":451,"height":11}},{"id":"0dc5cda8-ed7f-4e77-930c-958c4fafc597","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":8,"box":{"x":61,"y":823,"width":578,"height":14}},{"id":"38d50c16-b020-43ac-82fd-19c014934543","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, 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investment.","page_number":8,"box":{"x":62,"y":902,"width":455,"height":11}},{"id":"5dc74887-6b1b-46ae-a815-003298ecca09","block_type":"box","text":"7","page_number":8,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"a03652e6-ba99-4262-b0b1-452889049b8c","block_type":"box","text":"NM1026U-5993011-8/41","page_number":8,"box":{"x":757,"y":969,"width":137,"height":7}},{"id":"500632db-3a81-449a-a379-74e9f37dacb3","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":9,"box":{"x":61,"y":46,"width":849,"height":11}},{"id":"d8bb70fb-dde7-43e7-a4b4-e07527fd257b","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":9,"box":{"x":62,"y":60,"width":857,"height":12}},{"id":"e0a0bfd5-d898-4c66-a992-ca480ebe5610","block_type":"box","text":"fees (including sub-transfer agent and 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Fund","page_number":10,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"6592d6d0-9130-439d-a63e-38466511b513","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":10,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"73e67986-b11c-4dc9-abe2-ad611fba0f56","block_type":"box","text":"shareholder features of the BlackRock Equity Dividend Fund (the “Fund”) and your rights as a shareholder.","page_number":10,"box":{"x":61,"y":161,"width":779,"height":12}},{"id":"a88442db-252e-4e20-8bce-040e3e5d61b7","block_type":"box","text":"How the Fund Invests","page_number":10,"box":{"x":61,"y":200,"width":196,"height":11}},{"id":"01abcb23-b13e-455f-a7c3-c152fb01cb69","block_type":"box","text":"Investment Objective","page_number":10,"box":{"x":61,"y":227,"width":175,"height":12}},{"id":"e986a8dd-a81e-46ce-bd39-13cc4cfa1925","block_type":"box","text":"The investment objective of the Fund is to seek long-term total return and current income.","page_number":10,"box":{"x":60,"y":243,"width":660,"height":11}},{"id":"6d8f5c71-f1e6-4c9e-ad1e-45c8d8b7c4a6","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":10,"box":{"x":60,"y":265,"width":876,"height":12}},{"id":"5613f933-3bc4-4027-aecf-2bec95fe0a78","block_type":"box","text":"the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the","page_number":10,"box":{"x":60,"y":280,"width":814,"height":12}},{"id":"dfc913a9-3e63-4108-9904-9a045b315ea6","block_type":"box","text":"“Investment Company Act”).","page_number":10,"box":{"x":62,"y":295,"width":204,"height":12}},{"id":"14a24289-4e49-4f07-863d-af2664d37edd","block_type":"box","text":"Investment Process","page_number":10,"box":{"x":61,"y":318,"width":163,"height":10}},{"id":"5eb209a6-c0b2-4f87-89a7-4182ab2911a1","block_type":"box","text":"BlackRock Advisors, LLC (“BlackRock”) chooses investments for the Fund that it believes will both increase in value","page_number":10,"box":{"x":62,"y":334,"width":848,"height":12}},{"id":"8ea5fa3b-0720-481e-b1d7-0747959be939","block_type":"box","text":"over the long term and provide current income, focusing on investments that will do both instead of those that will","page_number":10,"box":{"x":61,"y":349,"width":838,"height":12}},{"id":"287ee5bb-9732-4fcf-9786-e45c27775805","block_type":"box","text":"favor current income over capital appreciation. Total return consists of increases in value from both capital","page_number":10,"box":{"x":60,"y":364,"width":783,"height":11}},{"id":"509918cc-bbff-4bd9-80ea-5ca0d6fd4e28","block_type":"box","text":"appreciation and income. The Fund will focus on issuers that have good prospects for capital appreciation. In selecting","page_number":10,"box":{"x":61,"y":379,"width":873,"height":11}},{"id":"d4800ef2-8de8-48bc-866d-36de1de042dc","block_type":"box","text":"portfolio securities, the Fund will generally employ a value-oriented analysis, but may purchase equity securities based","page_number":10,"box":{"x":62,"y":394,"width":868,"height":11}},{"id":"630acb45-cd1f-402a-9c6d-e8a244dc04c2","block_type":"box","text":"on a growth-oriented analysis when such securities pay dividends or Fund management believes such securities have","page_number":10,"box":{"x":61,"y":409,"width":860,"height":11}},{"id":"274d23ae-f176-44c6-a365-46cca701a403","block_type":"box","text":"particularly good prospects for capital appreciation.","page_number":10,"box":{"x":62,"y":423,"width":375,"height":12}},{"id":"c1a16c5f-8275-40a9-8103-830630a97e61","block_type":"box","text":"Fund management believes that stocks that have yields often provide more attractive long-term total return and greater","page_number":10,"box":{"x":62,"y":446,"width":874,"height":11}},{"id":"b4e90240-410a-430c-b91f-19a7cdcaa909","block_type":"box","text":"price stability during periods of downward movements in market prices than stocks that do not pay dividends. In","page_number":10,"box":{"x":62,"y":461,"width":820,"height":11}},{"id":"4b5aa2ff-601b-4825-ad95-70119a8abce7","block_type":"box","text":"certain market cycles, such as periods of high growth or high interest rates on bonds, dividend-paying stocks could go","page_number":10,"box":{"x":61,"y":476,"width":866,"height":11}},{"id":"773c6cbb-ff5d-44de-ac20-2e3dfd9439aa","block_type":"box","text":"out of favor. During such periods, the Fund may underperform other equity funds that do not emphasize investments in","page_number":10,"box":{"x":61,"y":490,"width":872,"height":12}},{"id":"3b475dc0-5d3f-474d-9720-de6f1e429cb1","block_type":"box","text":"dividend-paying stocks.","page_number":10,"box":{"x":61,"y":505,"width":167,"height":12}},{"id":"f8b88982-7b58-4fbb-bd85-41e605635eef","block_type":"box","text":"The Fund has no stated minimum holding period for investments and will buy or sell securities whenever Fund","page_number":10,"box":{"x":60,"y":528,"width":805,"height":11}},{"id":"d1ae58a9-52a0-4691-a49c-c67e9f8d1f8a","block_type":"box","text":"management sees an appropriate opportunity. For example, the Fund may sell shares of a company when the","page_number":10,"box":{"x":61,"y":543,"width":804,"height":11}},{"id":"8490cae7-4032-4309-957e-2d68504e7c61","block_type":"box","text":"company’s prospects for capital appreciation deteriorate or when its dividend rates become unattractive or when the","page_number":10,"box":{"x":61,"y":557,"width":855,"height":12}},{"id":"2a214f77-176c-4130-aa7e-704ec7107019","block_type":"box","text":"Fund identifies another company with more attractive prospects.","page_number":10,"box":{"x":62,"y":572,"width":469,"height":12}},{"id":"40623e5a-c75f-441b-b17b-556a74d3b324","block_type":"box","text":"Principal Investment Strategies","page_number":10,"box":{"x":61,"y":595,"width":260,"height":13}},{"id":"2b817864-1af2-4fd4-8780-c0efdbaeb9f1","block_type":"box","text":"The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under","page_number":10,"box":{"x":60,"y":612,"width":824,"height":11}},{"id":"05af9e6b-2822-437e-b315-af9b2d341247","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":10,"box":{"x":61,"y":626,"width":803,"height":12}},{"id":"5a88429e-ca97-45f7-b7a1-53f586567fc3","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":10,"box":{"x":62,"y":641,"width":872,"height":12}},{"id":"5c1f8371-dd87-435f-aed0-6d9952be1bc3","block_type":"box","text":"one or more market risk factors associated with such securities. Equity securities include common stock, preferred","page_number":10,"box":{"x":61,"y":656,"width":846,"height":11}},{"id":"b07c9616-20b7-46ee-a274-6ffcfc6b2f0c","block_type":"box","text":"stock or securities or other instruments whose price is linked to the value of common stock. For purposes of the","page_number":10,"box":{"x":61,"y":671,"width":826,"height":11}},{"id":"130d433d-1347-4761-9461-da061ce30dc3","block_type":"box","text":"Fund’s 80% policy, dividend-paying equity securities are securities of companies that pay out a portion of their profits","page_number":10,"box":{"x":62,"y":686,"width":858,"height":11}},{"id":"23375853-5f01-420b-83df-a989a65ee0cf","block_type":"box","text":"to shareholders of such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year). The","page_number":10,"box":{"x":60,"y":701,"width":863,"height":11}},{"id":"31c7722e-197c-4240-a8d7-ad505ce82533","block_type":"box","text":"Fund will focus on issuers that have good prospects for capital appreciation and current income. Although the Fund","page_number":10,"box":{"x":62,"y":715,"width":844,"height":12}},{"id":"27434ebb-e3f8-48d5-87c2-cb0467126826","block_type":"box","text":"invests primarily in dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the","page_number":10,"box":{"x":62,"y":730,"width":862,"height":12}},{"id":"d7600340-38a0-44e0-b7a6-4ba384c5863b","block_type":"box","text":"lower income tax rates applicable to dividends.","page_number":10,"box":{"x":62,"y":745,"width":342,"height":11}},{"id":"3bea3c2b-15a2-4bae-8479-af42430e12a9","block_type":"box","text":"The Fund may invest in securities of companies with any market capitalization, but will generally focus on large cap","page_number":10,"box":{"x":60,"y":768,"width":845,"height":11}},{"id":"1f07c231-042c-4a78-a81a-f796669955a2","block_type":"box","text":"securities. The Fund’s portfolio, in the aggregate, will be structured in a manner designed to seek long-term capital","page_number":10,"box":{"x":61,"y":782,"width":844,"height":12}},{"id":"ca0b3b28-ff3a-43a6-9150-6b03b0764f2f","block_type":"box","text":"appreciation as well as net portfolio yield in excess of the average yield of mutual funds invested primarily in U.S.","page_number":10,"box":{"x":61,"y":797,"width":832,"height":12}},{"id":"92f5248f-50f0-41a4-bed4-bfdc776f2f0a","block_type":"box","text":"equities.","page_number":10,"box":{"x":61,"y":812,"width":61,"height":11}},{"id":"6c18386d-6047-446a-a86f-002f0fd86da2","block_type":"box","text":"The Fund may also invest in securities convertible into common stock and non-convertible preferred stock. Convertible","page_number":10,"box":{"x":60,"y":835,"width":872,"height":11}},{"id":"f19b91ff-7704-4079-a6ef-19af28a6da82","block_type":"box","text":"securities are generally debt securities or preferred stock that may be converted into common stock. Convertible","page_number":10,"box":{"x":61,"y":849,"width":829,"height":12}},{"id":"08768e1b-c1d3-4130-9fbf-2128c087d46b","block_type":"box","text":"securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A","page_number":10,"box":{"x":61,"y":864,"width":856,"height":12}},{"id":"658b7b16-bf5a-4400-8dcb-1804687e8143","block_type":"box","text":"convertible’s value usually reflects both the stream of current income payments and the market value of the underlying","page_number":10,"box":{"x":61,"y":879,"width":875,"height":12}},{"id":"90cedb4b-4643-4fa9-8786-81f918a40fae","block_type":"box","text":"9","page_number":10,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"bdca80fe-d689-4a7a-b75f-9b9a8d4b8690","block_type":"box","text":"NM1026U-5993011-10/41","page_number":10,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"2eac6bf3-3ea4-4512-b8c0-c2fdb9e28f64","block_type":"box","text":"common stock. Preferred stock is a class of stock that often pays dividends at a specified rate and has preference","page_number":11,"box":{"x":61,"y":46,"width":845,"height":11}},{"id":"c5944251-e0cd-417f-8acc-d86a44ec5840","block_type":"box","text":"over common stock in dividend payments and liquidation of assets. Preferred stock may also be convertible into","page_number":11,"box":{"x":61,"y":60,"width":825,"height":12}},{"id":"2565a0e7-8573-4b2d-814d-be6dbba8ff67","block_type":"box","text":"common stock.","page_number":11,"box":{"x":61,"y":76,"width":110,"height":9}},{"id":"07bb5360-9ac4-4c90-beb9-bddcb1b0168f","block_type":"box","text":"The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities","page_number":11,"box":{"x":60,"y":98,"width":848,"height":11}},{"id":"00d94e87-e20a-45ea-af75-c768edeb3939","block_type":"box","text":"from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.","page_number":11,"box":{"x":60,"y":113,"width":856,"height":11}},{"id":"26081145-fb9f-4a66-a99e-e60bf8e013fc","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts (“ADRs”),","page_number":11,"box":{"x":60,"y":135,"width":812,"height":12}},{"id":"308102c5-ddf7-4be6-bb39-8bd035b396ab","block_type":"box","text":"European Depositary Receipts (“EDRs”) or other securities convertible into securities of foreign issuers. These","page_number":11,"box":{"x":62,"y":150,"width":813,"height":12}},{"id":"525b7535-dad1-4780-aa78-805d49a8cbc0","block_type":"box","text":"securities may not necessarily be denominated in the same currency as the securities into which they may be","page_number":11,"box":{"x":61,"y":165,"width":805,"height":11}},{"id":"e7ff1f2a-4600-4331-a567-ecfb18f4c20d","block_type":"box","text":"converted. ADRs are receipts typically issued by a United States bank or trust company that evidence ownership of","page_number":11,"box":{"x":61,"y":180,"width":845,"height":11}},{"id":"90bc1e1c-602f-4bd9-931f-ea1a89b8daba","block_type":"box","text":"underlying securities issued by a foreign corporation. EDRs are receipts issued in Europe that evidence a similar","page_number":11,"box":{"x":61,"y":195,"width":825,"height":11}},{"id":"28688927-b19f-4f50-8998-07d71bddcfe0","block_type":"box","text":"ownership arrangement. Generally, ADRs, which are issued in registered form, are designed for use in the United","page_number":11,"box":{"x":61,"y":209,"width":829,"height":12}},{"id":"c2aa1b22-03d9-4023-b838-8b314917775c","block_type":"box","text":"States securities markets, and EDRs, which are issued in bearer form, are designed for use in European securities","page_number":11,"box":{"x":61,"y":224,"width":844,"height":12}},{"id":"f1e0eebf-cee0-4bb6-80cf-dc8688275c37","block_type":"box","text":"markets. In a sponsored ADR or EDR arrangement, the foreign issuer assumes the obligation to pay some or all of the","page_number":11,"box":{"x":61,"y":239,"width":869,"height":12}},{"id":"ed9a4002-e519-4418-ad99-7d3e6777ec38","block_type":"box","text":"depositary’s transaction fees, whereas in an unsponsored arrangement the foreign issuer assumes no obligations and","page_number":11,"box":{"x":61,"y":254,"width":872,"height":11}},{"id":"1077f5d1-c745-4863-9096-1fd9d2565b92","block_type":"box","text":"the depositary’s transaction fees are paid by the ADR or EDR holders. Foreign issuers in respect of whose securities","page_number":11,"box":{"x":60,"y":269,"width":857,"height":11}},{"id":"940da051-0a2d-47b8-96c8-cf5c7364dc5d","block_type":"box","text":"unsponsored ADRs or EDRs have been issued are not necessarily obligated to disclose material information in the","page_number":11,"box":{"x":61,"y":283,"width":840,"height":12}},{"id":"499546ad-a95d-4ca8-9938-b830f6cb7c11","block_type":"box","text":"markets in which the unsponsored ADRs or EDRs are traded and, therefore, there may not be a correlation between","page_number":11,"box":{"x":61,"y":298,"width":850,"height":12}},{"id":"7cdc785d-8311-4ae3-b53b-3d02d93bdef7","block_type":"box","text":"such information and the market value of such securities.","page_number":11,"box":{"x":61,"y":313,"width":423,"height":9}},{"id":"b8f05319-2a55-4375-bebf-54dd2a19b03d","block_type":"box","text":"The 80% policies noted above are non-fundamental policies of the Fund and may not be changed without 60 days’ prior","page_number":11,"box":{"x":60,"y":336,"width":877,"height":11}},{"id":"5fc76978-70fc-45c0-918a-36440c79c98f","block_type":"box","text":"notice to shareholders.","page_number":11,"box":{"x":61,"y":351,"width":168,"height":9}},{"id":"b1e4e087-be7d-4a8e-a992-ed86ae94222c","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":11,"box":{"x":61,"y":374,"width":327,"height":12}},{"id":"660a7f50-6ac6-446b-88aa-276bd330dcc8","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":11,"box":{"x":62,"y":390,"width":870,"height":11}},{"id":"2eb5ede8-5888-4a64-b045-5d0b0f27d50a","block_type":"box","text":"investments/strategies:","page_number":11,"box":{"x":62,"y":405,"width":173,"height":11}},{"id":"5fff5091-a8f6-4946-bc38-a40ce0f19647","block_type":"box","text":"Borrowing","page_number":11,"box":{"x":81,"y":425,"width":78,"height":11}},{"id":"8a55a5b9-ee28-43dd-b92d-b9dcccff2976","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":11,"box":{"x":162,"y":425,"width":751,"height":11}},{"id":"8c80363a-87e2-4a79-bac3-bd9a899c32a7","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":11,"box":{"x":82,"y":439,"width":815,"height":12}},{"id":"6e7b55d2-e829-421f-b074-0c40417784b4","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":11,"box":{"x":82,"y":454,"width":801,"height":12}},{"id":"590e70ac-5baa-4c6e-a10f-b57b914096e7","block_type":"box","text":"Debt Securities","page_number":11,"box":{"x":81,"y":474,"width":116,"height":10}},{"id":"406374cb-15b5-4b8d-a861-c1cd7e98149a","block_type":"box","text":"— This includes fixed income securities issued by companies, as well as U.S. and foreign","page_number":11,"box":{"x":202,"y":474,"width":659,"height":12}},{"id":"7cb42b88-fcd2-48ed-8ff2-0d5021f6bdef","block_type":"box","text":"sovereign debt obligations. When choosing debt securities, Fund management considers various factors including","page_number":11,"box":{"x":81,"y":489,"width":834,"height":12}},{"id":"a3508435-005b-494f-a532-cde183d207c1","block_type":"box","text":"the credit quality of issuers and yield analysis. The Fund may invest in debt securities that are rated investment","page_number":11,"box":{"x":80,"y":504,"width":821,"height":11}},{"id":"b37db0ae-aa6b-481f-946f-650f380dd458","block_type":"box","text":"grade of any maturity or determined by Fund management to be of similar quality.","page_number":11,"box":{"x":81,"y":519,"width":595,"height":11}},{"id":"df2bd6e6-4677-4864-a025-37413e8423d4","block_type":"box","text":"Derivative Transactions","page_number":11,"box":{"x":81,"y":539,"width":177,"height":9}},{"id":"dd04100c-2294-4d04-a22f-5fd9e0452df8","block_type":"box","text":"— The Fund may use derivatives to hedge its investment portfolio against market, interest","page_number":11,"box":{"x":262,"y":539,"width":666,"height":11}},{"id":"e70c1418-c83c-46b4-b5e3-966dd7cbf740","block_type":"box","text":"rate and currency risks or to seek to enhance its return. The derivatives that the Fund may use include options,","page_number":11,"box":{"x":82,"y":554,"width":816,"height":11}},{"id":"66c2b157-4927-4bb0-9b5c-bcdc114cd912","block_type":"box","text":"futures, swaps and forward foreign exchange transactions.","page_number":11,"box":{"x":81,"y":568,"width":431,"height":12}},{"id":"f77b65df-03ff-46a9-ab65-b7467d564785","block_type":"box","text":"Illiquid Investments","page_number":11,"box":{"x":81,"y":589,"width":148,"height":11}},{"id":"adcd1dac-f664-4279-9bea-700434809509","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":11,"box":{"x":233,"y":588,"width":677,"height":12}},{"id":"80ef231e-8aae-4c84-b7d7-535d7783c83f","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":11,"box":{"x":82,"y":603,"width":811,"height":12}},{"id":"3b2b898e-d441-44b1-b953-4728f99447a9","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":11,"box":{"x":82,"y":618,"width":831,"height":11}},{"id":"7b8e5c0e-6773-4f1a-b9e7-cbf79166abfe","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":11,"box":{"x":81,"y":633,"width":811,"height":11}},{"id":"c8268ce9-cd9b-4968-885b-ca67b646076b","block_type":"box","text":"Indexed and Inverse Securities","page_number":11,"box":{"x":81,"y":653,"width":232,"height":9}},{"id":"767c4ea9-a9c2-4c84-90ec-afb37e909749","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":11,"box":{"x":317,"y":653,"width":598,"height":11}},{"id":"bcf6ef79-41bb-48bf-8ec2-b2acb69ac84b","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). The Fund may also invest in securities the","page_number":11,"box":{"x":81,"y":668,"width":854,"height":11}},{"id":"6ababbce-bbe8-4236-844b-5882791855c8","block_type":"box","text":"return of which is inversely related to changes in an interest rate or index (“inverse securities”). In general, the","page_number":11,"box":{"x":82,"y":682,"width":812,"height":12}},{"id":"49108d45-8408-41df-973d-01fc1664caed","block_type":"box","text":"return on inverse securities will decrease when the underlying index or interest rate goes up and increase when that","page_number":11,"box":{"x":82,"y":698,"width":851,"height":11}},{"id":"1770309c-aeb4-4bff-b67d-bda1c0c065ee","block_type":"box","text":"index or interest rate goes down.","page_number":11,"box":{"x":82,"y":712,"width":239,"height":12}},{"id":"0c86ef0d-39b7-49af-8c15-7a647d6dc1fc","block_type":"box","text":"Investment Companies","page_number":11,"box":{"x":81,"y":732,"width":172,"height":11}},{"id":"f1fbf6e7-7d07-45ae-bb4e-074045f62e1c","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":11,"box":{"x":258,"y":732,"width":643,"height":12}},{"id":"ab35d2ac-5af8-42a9-8244-5c2495b841b2","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":11,"box":{"x":80,"y":747,"width":837,"height":11}},{"id":"12d764bd-83ac-415d-96f3-d69e0c714b5b","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":11,"box":{"x":82,"y":762,"width":777,"height":11}},{"id":"b7566a24-8e2a-461a-aa96-d3d59ee2925f","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":11,"box":{"x":81,"y":777,"width":525,"height":11}},{"id":"ba018ed1-661d-4011-a3b5-859273804579","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":11,"box":{"x":81,"y":797,"width":442,"height":11}},{"id":"c7a3b8f6-c4fe-4953-83a4-6b4d2654940b","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":11,"box":{"x":527,"y":797,"width":406,"height":11}},{"id":"66bce03c-d8e0-48f0-8174-ff1a8704ca99","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":11,"box":{"x":81,"y":812,"width":813,"height":11}},{"id":"b46756e6-4eb5-4d27-bdeb-f8df0b7f579d","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":11,"box":{"x":81,"y":826,"width":779,"height":12}},{"id":"7742538b-0ff3-47c3-93aa-c5196cf6487b","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":11,"box":{"x":81,"y":841,"width":832,"height":12}},{"id":"ca139af2-3eed-4ee2-8869-78bcb2f53379","block_type":"box","text":"paid during the period.","page_number":11,"box":{"x":82,"y":856,"width":162,"height":11}},{"id":"eff85579-147b-40cd-886f-166d3205237e","block_type":"box","text":"Restricted Securities","page_number":11,"box":{"x":81,"y":876,"width":159,"height":9}},{"id":"73ea33fc-83f3-47d2-b43e-6afbd50342be","block_type":"box","text":"—","page_number":11,"box":{"x":245,"y":881,"width":17,"height":1}},{"id":"955aefc4-4bf9-409d-9198-fa3d946e7267","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":11,"box":{"x":268,"y":876,"width":602,"height":11}},{"id":"320cc470-009a-4f67-be06-00f983f9f124","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":11,"box":{"x":82,"y":891,"width":820,"height":11}},{"id":"f83a5948-50d9-4dcf-9581-1072beaf1858","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":11,"box":{"x":82,"y":905,"width":839,"height":12}},{"id":"0d0afa90-d21d-48a0-a352-6c07b623dce6","block_type":"box","text":"10","page_number":11,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8f5689ea-29be-4668-8345-a2cfb364ca3a","block_type":"box","text":"NM1026U-5993011-11/41","page_number":11,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"6dd5025d-08cf-4d2d-8399-f88118613242","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":46,"width":837,"height":11}},{"id":"71d38de3-2ec2-4b9f-bb78-368833731a41","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":60,"width":736,"height":12}},{"id":"a3462a22-61ae-4190-8241-1891f77ff111","block_type":"box","text":"Reverse Repurchase Agreements","page_number":12,"box":{"x":81,"y":81,"width":251,"height":11}},{"id":"fc64cc18-c23f-4807-9e4b-26078141db7a","block_type":"box","text":"— The Fund may enter into reverse repurchase agreements. The Fund is","page_number":12,"box":{"x":336,"y":81,"width":532,"height":11}},{"id":"a2bdffd5-d700-45cb-9efb-e6ceb3577154","block_type":"box","text":"permitted to invest up to one-third of its total assets in reverse repurchase agreements. Investments in reverse","page_number":12,"box":{"x":82,"y":95,"width":818,"height":12}},{"id":"62d50659-cac2-48a8-bd31-a98bf0e46116","block_type":"box","text":"repurchase agreements and securities lending transactions (described below) will be aggregated for purposes of","page_number":12,"box":{"x":82,"y":110,"width":825,"height":12}},{"id":"a2596655-f43c-46a8-ad2c-81a27c924f94","block_type":"box","text":"this investment limitation.","page_number":12,"box":{"x":80,"y":125,"width":190,"height":9}},{"id":"019d1e96-04be-4890-b76d-2f5fba4bd652","block_type":"box","text":"Rights","page_number":12,"box":{"x":81,"y":145,"width":49,"height":11}},{"id":"2f753aa6-15e4-4d84-93d6-420a30856e85","block_type":"box","text":"— The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s","page_number":12,"box":{"x":134,"y":145,"width":797,"height":11}},{"id":"30582ec1-c50a-48a8-8a92-ac693c45407a","block_type":"box","text":"existing shareholders to purchase additional common stock at a price substantially below the market price of the","page_number":12,"box":{"x":81,"y":160,"width":830,"height":11}},{"id":"d05fedc8-3473-4a96-a335-9d51971ca735","block_type":"box","text":"shares.","page_number":12,"box":{"x":81,"y":175,"width":53,"height":9}},{"id":"f6b597b8-863e-4326-98f7-e9d01fd6b5f2","block_type":"box","text":"Securities Lending","page_number":12,"box":{"x":81,"y":195,"width":140,"height":11}},{"id":"4aafeab9-8087-4dfb-9565-aa89a51484c9","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":12,"box":{"x":225,"y":195,"width":396,"height":11}},{"id":"17d22c97-9980-4ced-8a2a-dbdb63d9ec3c","block_type":"box","text":"1⁄","page_number":12,"box":{"x":622,"y":195,"width":6,"height":5}},{"id":"6b36c715-0c49-47eb-807d-358f5ec3c7e8","block_type":"box","text":"1⁄3","page_number":12,"box":{"x":626,"y":195,"width":8,"height":9}},{"id":"d9de5757-fb38-45f3-8d79-2828fd8cdf3b","block_type":"box","text":"⁄3","page_number":12,"box":{"x":632,"y":198,"width":6,"height":6}},{"id":"cce71e6f-2636-41ee-8aa7-b53aa608bef9","block_type":"box","text":"% of its total assets to financial","page_number":12,"box":{"x":639,"y":195,"width":231,"height":9}},{"id":"1d686df5-fe22-4b7a-bc13-25741b55f1cd","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":209,"width":748,"height":12}},{"id":"60db35c6-9475-484f-a1dd-c2a0ed68e74a","block_type":"box","text":"Short-term Securities","page_number":12,"box":{"x":81,"y":229,"width":161,"height":10}},{"id":"7a0be9f9-ffd0-4069-8f2f-1befb6bf48a5","block_type":"box","text":"— The Fund will normally invest a portion of its assets in short-term debt securities, money","page_number":12,"box":{"x":246,"y":229,"width":674,"height":12}},{"id":"37e5a4a6-acfc-4510-8eee-b46a01b8e577","block_type":"box","text":"market securities, including repurchase agreements, or cash. The Fund invests in such securities or cash when","page_number":12,"box":{"x":82,"y":244,"width":816,"height":12}},{"id":"c64d6fae-311a-402c-aac0-1c449512f672","block_type":"box","text":"Fund management is unable to find enough attractive long-term investments to reduce exposure to stocks when","page_number":12,"box":{"x":82,"y":259,"width":820,"height":12}},{"id":"f99ba69d-89b8-4cdd-8fbd-25d763539f04","block_type":"box","text":"Fund management believes it is advisable to do so or to meet redemptions. Except during temporary defensive","page_number":12,"box":{"x":82,"y":274,"width":814,"height":11}},{"id":"f7ce342e-7a2a-4524-8cd3-151561499182","block_type":"box","text":"periods, such investments will not exceed 20% of the Fund’s assets.","page_number":12,"box":{"x":82,"y":289,"width":503,"height":11}},{"id":"5caa3c19-4247-46b8-afc5-b54d43e0c413","block_type":"box","text":"Standby Commitment Agreements","page_number":12,"box":{"x":81,"y":309,"width":259,"height":11}},{"id":"b09fc638-8301-4ecf-a315-808358e6edef","block_type":"box","text":"— Standby commitment agreements commit the Fund, for a stated period of","page_number":12,"box":{"x":344,"y":309,"width":563,"height":11}},{"id":"870c529c-1442-4d26-a1a4-12d63c27b398","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.","page_number":12,"box":{"x":80,"y":323,"width":854,"height":12}},{"id":"5945f539-7f31-4408-b498-79182cc8d58c","block_type":"box","text":"Temporary Defensive Strategies","page_number":12,"box":{"x":82,"y":344,"width":238,"height":11}},{"id":"ba91cf27-b616-4fba-96b1-371e5d52ac6a","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":12,"box":{"x":325,"y":343,"width":600,"height":12}},{"id":"aec855b7-5762-41af-be91-67848eefaf5f","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":358,"width":802,"height":12}},{"id":"c392c325-5ccc-4dad-a761-fcc4556381bb","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":373,"width":833,"height":12}},{"id":"d6ae99a4-0035-4722-b0b7-cfd3293ef612","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":388,"width":796,"height":11}},{"id":"fc5a7d67-b82f-437b-a0fe-4acc05933d47","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":12,"box":{"x":81,"y":403,"width":802,"height":11}},{"id":"7539cb8a-31b0-4a34-b34c-e5d3aa4e6aa0","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":418,"width":778,"height":11}},{"id":"266fe174-752c-4004-9eb2-fc6bc1dbcd9f","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":432,"width":781,"height":12}},{"id":"37805d63-3aef-41a9-bb00-25c1fa2e5180","block_type":"box","text":"Warrants","page_number":12,"box":{"x":83,"y":453,"width":66,"height":9}},{"id":"28c9fc23-c804-40b1-b45b-4258b04bd9ad","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":12,"box":{"x":153,"y":452,"width":767,"height":12}},{"id":"db1d6f13-d701-4536-901d-63444ff655a7","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":12,"box":{"x":80,"y":467,"width":815,"height":12}},{"id":"70cc3469-185c-4278-a82a-55be36ef0730","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":12,"box":{"x":80,"y":482,"width":810,"height":11}},{"id":"ed837882-30d5-44d2-8a0b-90db2a1b4bc8","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":502,"width":545,"height":11}},{"id":"6eb7d2c5-857f-4ec1-a73e-fb2af8d3467b","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":502,"width":295,"height":11}},{"id":"0adbc747-2417-4696-90ea-791ce773ab42","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":12,"box":{"x":81,"y":517,"width":851,"height":11}},{"id":"e085c691-8166-4828-8948-0f7736c197d0","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":12,"box":{"x":81,"y":532,"width":847,"height":11}},{"id":"d5c42b6b-65ac-4d7e-9b94-2ae15aff0951","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":12,"box":{"x":82,"y":546,"width":842,"height":12}},{"id":"eb7f117e-a6a5-423f-bd1f-d6b7ce3867b0","block_type":"box","text":"the transaction.","page_number":12,"box":{"x":80,"y":562,"width":115,"height":9}},{"id":"996d2dc4-155a-428f-b96e-6a28c5a2b41a","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":618,"width":453,"height":9}},{"id":"0292380b-1389-4405-b80a-68ae9dbdd103","block_type":"box","text":"The Fund is managed by a team of financial professionals. Cem Inal and David Zhao are the portfolio managers and","page_number":12,"box":{"x":70,"y":641,"width":852,"height":11}},{"id":"637ecad4-b7e0-4b1b-a9fb-04b187f3be87","block_type":"box","text":"are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the","page_number":12,"box":{"x":71,"y":655,"width":826,"height":12}},{"id":"b4f678b0-51df-4d99-b09d-4e213da62a04","block_type":"box","text":"Fund — Portfolio Manager Information” for additional information about the portfolio management team.","page_number":12,"box":{"x":72,"y":670,"width":766,"height":12}},{"id":"7fbc36ad-48c7-4e42-b22c-0300d3f3c826","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":722,"width":156,"height":11}},{"id":"731fcc89-fe73-4d28-a434-027c714982a3","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives and","page_number":12,"box":{"x":60,"y":748,"width":820,"height":12}},{"id":"d4d3d6e7-29f7-4206-b94a-7481c6cf927c","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":763,"width":866,"height":11}},{"id":"8d43c140-cb72-453d-b763-78967e0b2f38","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":778,"width":863,"height":11}},{"id":"f573103c-b03a-439b-bfb3-003e63e987ea","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not","page_number":12,"box":{"x":61,"y":793,"width":822,"height":11}},{"id":"f3727e94-b4cb-4d5d-ac82-38e0bdbaa6ef","block_type":"box","text":"insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order","page_number":12,"box":{"x":62,"y":808,"width":867,"height":11}},{"id":"ebc9a6f9-68b4-4e9a-9d5d-ce0cbdedbd41","block_type":"box","text":"of the below risk factors does not indicate the significance of any particular risk factor.","page_number":12,"box":{"x":61,"y":822,"width":635,"height":12}},{"id":"e917ac25-5917-4d5e-bb53-442532deea0c","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":12,"box":{"x":61,"y":845,"width":322,"height":13}},{"id":"6fabc58b-4949-42c2-9937-19cd73aed826","block_type":"box","text":"Convertible Securities Risk","page_number":12,"box":{"x":81,"y":867,"width":206,"height":9}},{"id":"10753b35-adb2-409a-95a1-7bf99a01e2db","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":12,"box":{"x":291,"y":867,"width":593,"height":11}},{"id":"8afd748d-bdcc-476e-b0ce-f7f1473a8ed6","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":12,"box":{"x":81,"y":882,"width":853,"height":11}},{"id":"ce4401e0-2ab5-47fb-a298-0fae8969aba7","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":12,"box":{"x":81,"y":897,"width":855,"height":11}},{"id":"287717cf-a39e-423c-9ff5-add5dc963b04","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":12,"box":{"x":80,"y":911,"width":816,"height":12}},{"id":"3d7cafee-b92f-4180-894a-85bbad1370cc","block_type":"box","text":"11","page_number":12,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f5fa71c6-700d-4bed-9dd0-655bd8d29a4f","block_type":"box","text":"NM1026U-5993011-12/41","page_number":12,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"cfd69e2e-7bfe-4d93-843f-fde6dbed84af","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":46,"width":796,"height":11}},{"id":"3e521301-6749-4bd6-a362-7e81b4cb85c5","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":60,"width":812,"height":12}},{"id":"f44bee11-ba80-48f7-8eba-a594d0dfd3c6","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":75,"width":809,"height":12}},{"id":"7961559a-bf77-4c86-9c48-839959b22487","block_type":"box","text":"Equity Securities Risk","page_number":13,"box":{"x":81,"y":95,"width":166,"height":12}},{"id":"78f0d28c-859f-4c07-8894-dd28509a5223","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":13,"box":{"x":251,"y":95,"width":666,"height":12}},{"id":"14d43d62-bf99-4788-a806-a19c1005a844","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":13,"box":{"x":81,"y":110,"width":850,"height":12}},{"id":"96d9d2d9-436d-4b64-b330-a9ec9f1283f4","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":13,"box":{"x":82,"y":125,"width":802,"height":11}},{"id":"bca298d8-e38f-4ed5-9dc7-26df823a8f3a","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":13,"box":{"x":81,"y":140,"width":854,"height":11}},{"id":"23e4c413-230f-42b3-b0f2-9cf619f51868","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":13,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"68eaf673-d22b-405b-a21a-e1928a05cf24","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":13,"box":{"x":81,"y":170,"width":824,"height":11}},{"id":"f22edc46-f468-4791-b41e-afa7b9ff832d","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":13,"box":{"x":81,"y":184,"width":782,"height":12}},{"id":"c366ce40-f525-4573-9023-e6df2ff71591","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":13,"box":{"x":82,"y":199,"width":849,"height":12}},{"id":"e764a6a7-463e-47a8-a393-eeb8a0569de0","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":13,"box":{"x":82,"y":214,"width":482,"height":11}},{"id":"dc65e42e-f249-4b65-97db-777f684944a9","block_type":"box","text":"Foreign Securities Risk","page_number":13,"box":{"x":81,"y":234,"width":176,"height":11}},{"id":"17a63bf9-669a-478e-a2a9-b2b996abe183","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":13,"box":{"x":260,"y":234,"width":677,"height":11}},{"id":"1e9df15d-f449-4094-8fa1-ebbe5a8d00b0","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":13,"box":{"x":81,"y":249,"width":827,"height":11}},{"id":"9a747abb-ba54-4cc6-bfda-e5891c352630","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":13,"box":{"x":82,"y":264,"width":837,"height":11}},{"id":"27209d64-935d-4e5d-bc93-ddd177388c28","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":13,"box":{"x":80,"y":278,"width":849,"height":12}},{"id":"7c02a81e-ac11-4f08-868d-493a7f5ab814","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":13,"box":{"x":81,"y":293,"width":841,"height":12}},{"id":"d18f8ae2-27e6-4506-853b-f87680f0fd53","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":13,"box":{"x":81,"y":308,"width":716,"height":12}},{"id":"e5650cbc-5ca5-40a9-a348-f79ebaa7e3c2","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":13,"box":{"x":82,"y":328,"width":468,"height":12}},{"id":"8e7c88fe-c16e-4f53-be43-1096e0389856","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":13,"box":{"x":555,"y":328,"width":358,"height":12}},{"id":"a6eeaf45-89bc-4e6b-bb84-b1e2032262e4","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":13,"box":{"x":81,"y":343,"width":813,"height":11}},{"id":"a12eeffd-71f9-4ee1-bf0e-305cc5c62099","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":13,"box":{"x":82,"y":358,"width":791,"height":11}},{"id":"006e1c7e-6b3b-4950-be07-83d9c93fa860","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":13,"box":{"x":81,"y":372,"width":818,"height":12}},{"id":"f526fd0e-d2b3-4da7-a413-d3ffa9e58a72","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":13,"box":{"x":81,"y":387,"width":833,"height":12}},{"id":"a6666179-0002-4891-a7ea-d8fbf04cbe7a","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":13,"box":{"x":81,"y":402,"width":816,"height":12}},{"id":"48b341b3-1a7c-426f-8c7f-ecf46ac51c16","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":13,"box":{"x":82,"y":417,"width":827,"height":11}},{"id":"5defd30d-3800-48f8-af74-b6ec69251c0e","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":13,"box":{"x":80,"y":432,"width":848,"height":11}},{"id":"91fe0175-2e7c-4309-8448-3025700b900f","block_type":"box","text":"United States.","page_number":13,"box":{"x":82,"y":447,"width":102,"height":9}},{"id":"b128e4ee-2aaf-472b-8b2d-a596f00d3981","block_type":"box","text":"Currency Risk","page_number":13,"box":{"x":82,"y":467,"width":100,"height":11}},{"id":"c92e8958-a24a-4dbb-a932-42ba1bb17eb9","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":13,"box":{"x":186,"y":467,"width":706,"height":11}},{"id":"bcf633a5-b968-4f64-9dbf-34bfe1b7f7aa","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":13,"box":{"x":81,"y":481,"width":823,"height":12}},{"id":"412aba0d-ef59-4948-9b1f-71ebc8a21596","block_type":"box","text":"value of the Fund’s portfolio.","page_number":13,"box":{"x":80,"y":496,"width":211,"height":11}},{"id":"4f5fbdd1-89dd-4d5c-880e-e767127505ba","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":13,"box":{"x":81,"y":516,"width":823,"height":12}},{"id":"b8e3022b-a2a6-4be5-8cb8-4fc9cbec7060","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":13,"box":{"x":82,"y":531,"width":834,"height":11}},{"id":"840db36d-2cd8-4489-8cdd-1d1522e80b26","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":13,"box":{"x":81,"y":546,"width":846,"height":11}},{"id":"81cc4615-ebae-4d56-93f0-75f1159c2f7d","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":13,"box":{"x":82,"y":561,"width":826,"height":11}},{"id":"75aa9d09-d920-474b-a07a-cebbebdc71ea","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":13,"box":{"x":82,"y":576,"width":486,"height":9}},{"id":"3ce60048-d021-4cc2-8c02-57ec1373834e","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional","page_number":13,"box":{"x":81,"y":595,"width":817,"height":12}},{"id":"8b2c685d-9d38-43e6-900f-1fc0d93842aa","block_type":"box","text":"currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such","page_number":13,"box":{"x":81,"y":610,"width":851,"height":12}},{"id":"9e3a87f7-1d0a-464f-8b34-f973706c7a27","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":13,"box":{"x":82,"y":625,"width":799,"height":12}},{"id":"2071592d-150b-4b6f-baaf-3d443504ab1c","block_type":"box","text":"Foreign Economy Risk","page_number":13,"box":{"x":82,"y":645,"width":160,"height":12}},{"id":"0c47d56d-5cf8-48f5-8ee9-58b766c549bb","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":13,"box":{"x":246,"y":645,"width":685,"height":12}},{"id":"9ea01f06-0cbb-4330-874f-2dddacaacf20","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":13,"box":{"x":80,"y":660,"width":785,"height":11}},{"id":"b9cd0571-7c76-499f-9f96-f4310aa771a5","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":13,"box":{"x":82,"y":675,"width":845,"height":11}},{"id":"f7fc53ef-dae9-4090-96e1-c256f5a1190a","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":13,"box":{"x":81,"y":690,"width":853,"height":11}},{"id":"e7c37c7d-548c-4e9e-ba62-a03df9fbc9e1","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":13,"box":{"x":82,"y":705,"width":831,"height":11}},{"id":"18ed401d-45a4-4eb3-8c7f-6e9771d5eb50","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":13,"box":{"x":82,"y":719,"width":846,"height":12}},{"id":"153af5e8-5135-4621-af0f-dbb66e795bf8","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":13,"box":{"x":81,"y":734,"width":808,"height":11}},{"id":"73ab1309-0bef-4184-9a69-7c804a1cf258","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":13,"box":{"x":82,"y":749,"width":851,"height":11}},{"id":"2a8ece97-d332-4475-8ba4-65bae131ac29","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":13,"box":{"x":82,"y":764,"width":832,"height":11}},{"id":"32eb458e-a8e4-4189-b3f4-96dca65ac076","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":13,"box":{"x":81,"y":779,"width":814,"height":11}},{"id":"f2f2018e-02d5-43a3-b276-4162d81bcdb3","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":13,"box":{"x":82,"y":793,"width":805,"height":12}},{"id":"4ac4c204-723e-405f-a083-925de4a68290","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":13,"box":{"x":82,"y":808,"width":827,"height":12}},{"id":"4b98c63a-e386-41fe-bc2d-865a64180f78","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":13,"box":{"x":80,"y":823,"width":801,"height":11}},{"id":"baab8e4d-181a-47fb-92dd-552ccbc820c3","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":13,"box":{"x":81,"y":838,"width":809,"height":11}},{"id":"7355161b-e7b8-4247-83ae-9272c4262a18","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":13,"box":{"x":81,"y":853,"width":849,"height":11}},{"id":"0f2ed54f-9011-43b7-9465-4cd061d0bff5","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":13,"box":{"x":81,"y":867,"width":848,"height":12}},{"id":"96eac631-d572-4d6f-91c7-5dca57e915fb","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":13,"box":{"x":81,"y":882,"width":774,"height":12}},{"id":"bb8d0eb4-5eb3-4a72-9ddb-1731caf9971e","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":13,"box":{"x":81,"y":897,"width":355,"height":12}},{"id":"82acd28a-c4d1-4a7f-9fc2-236ba56c5f04","block_type":"box","text":"12","page_number":13,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b0b8c229-06cc-4c43-96af-222cdfee36cb","block_type":"box","text":"NM1026U-5993011-13/41","page_number":13,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"28b4013b-29cc-492c-a994-36abdfcdcf74","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":14,"box":{"x":81,"y":46,"width":838,"height":11}},{"id":"c3a6aaf4-1d7e-4823-83c4-6c19071c886b","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":14,"box":{"x":81,"y":60,"width":815,"height":12}},{"id":"ce020aeb-74c0-4b33-838c-8e09d2c14859","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":14,"box":{"x":82,"y":76,"width":827,"height":11}},{"id":"6d2ae6d4-02e4-4879-bcf8-18f93b8b4854","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":14,"box":{"x":82,"y":90,"width":832,"height":12}},{"id":"9e0b049b-0cb0-4a5e-a5e7-3c8fee1074f5","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":14,"box":{"x":81,"y":105,"width":781,"height":11}},{"id":"88e5fa7c-a223-4182-ba86-203c8fa9e5c7","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":14,"box":{"x":82,"y":120,"width":617,"height":11}},{"id":"2255b142-3dc0-457c-af83-673d174060b0","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":14,"box":{"x":82,"y":140,"width":476,"height":11}},{"id":"645abbb4-37c6-4df0-a11e-fe09df2cff00","block_type":"box","text":"— Many foreign governments do not supervise","page_number":14,"box":{"x":563,"y":140,"width":344,"height":11}},{"id":"b955a36f-06d4-400f-a431-226d6b75d931","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":14,"box":{"x":81,"y":155,"width":827,"height":11}},{"id":"562e6979-0be5-43a1-a449-397a6432ddbe","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":14,"box":{"x":80,"y":170,"width":855,"height":11}},{"id":"c78d8788-d92e-4853-a16c-600ab632ab76","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":14,"box":{"x":81,"y":184,"width":831,"height":12}},{"id":"8a251b25-b5c0-4a24-89c4-8c5f7d01b3e7","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":14,"box":{"x":82,"y":199,"width":800,"height":11}},{"id":"e3094006-b646-4d50-9f7c-4b9ec9a8d159","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":14,"box":{"x":81,"y":214,"width":829,"height":11}},{"id":"753eecc0-5e03-4674-ab53-41a2757b96ff","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":14,"box":{"x":81,"y":229,"width":856,"height":11}},{"id":"ee9c784e-1c75-4101-b65b-7882aec3a23e","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":14,"box":{"x":81,"y":244,"width":834,"height":11}},{"id":"4e2742a5-aecb-4207-8c5d-507c67969e80","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":14,"box":{"x":82,"y":258,"width":844,"height":12}},{"id":"b1de8001-4c18-43d7-8510-d1ef611bf64d","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":14,"box":{"x":81,"y":273,"width":393,"height":12}},{"id":"0704c72a-3425-417a-ba8d-860580c7325c","block_type":"box","text":"Settlement Risk","page_number":14,"box":{"x":82,"y":293,"width":117,"height":9}},{"id":"6d0ff51f-49a8-4f1d-9b1f-7e83b6f66430","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":14,"box":{"x":203,"y":293,"width":730,"height":12}},{"id":"19891ac1-9c6a-46cc-b0ae-ba1394d218c2","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":14,"box":{"x":80,"y":308,"width":856,"height":12}},{"id":"8daf2244-79db-431c-8caa-283a7d6db519","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":14,"box":{"x":81,"y":323,"width":784,"height":11}},{"id":"6385a87a-2b61-41bf-b26d-d5a85696c883","block_type":"box","text":"investments.","page_number":14,"box":{"x":82,"y":338,"width":92,"height":9}},{"id":"850cb5e4-6319-4080-9f2b-4ae3c9862854","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":14,"box":{"x":81,"y":358,"width":825,"height":11}},{"id":"901f02e5-387d-49d5-82fa-2b6418e46ccb","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":14,"box":{"x":81,"y":372,"width":839,"height":12}},{"id":"e2d0e8b7-5b13-4565-8baf-9cebfd55d89b","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":14,"box":{"x":82,"y":387,"width":854,"height":12}},{"id":"6961b9fd-cdaf-48af-b411-a3bf6e67a07a","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":14,"box":{"x":82,"y":402,"width":839,"height":12}},{"id":"d15e8bff-7421-40d4-9819-e44732f52589","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":14,"box":{"x":81,"y":417,"width":841,"height":11}},{"id":"9353d1fe-0279-4b9c-9a3d-a2286edf28bb","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":14,"box":{"x":80,"y":432,"width":480,"height":11}},{"id":"5c3c4826-046e-4559-ab79-455623f1359e","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":14,"box":{"x":83,"y":452,"width":221,"height":11}},{"id":"df8f0d59-d55c-4c61-ab7e-ddc7d6c64361","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":14,"box":{"x":308,"y":452,"width":589,"height":11}},{"id":"72d65f9e-8fa5-4ec8-a931-100464064622","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":14,"box":{"x":82,"y":467,"width":838,"height":11}},{"id":"d971c6ef-3524-4957-ba19-850d9908846f","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":14,"box":{"x":81,"y":482,"width":834,"height":11}},{"id":"7e2ed7f5-9601-4f77-afbf-e4c162872b59","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":14,"box":{"x":82,"y":496,"width":836,"height":12}},{"id":"6138ac1f-1817-46fb-bc30-688bedea3eee","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":14,"box":{"x":80,"y":511,"width":854,"height":12}},{"id":"813ba19c-0df1-4346-b162-f0d93d471512","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":14,"box":{"x":80,"y":526,"width":831,"height":11}},{"id":"495858df-af4e-49dd-8eda-48541e4b45d0","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":14,"box":{"x":82,"y":541,"width":852,"height":11}},{"id":"e50470f5-968a-46b0-99d4-b0ca9c12d38a","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":14,"box":{"x":81,"y":555,"width":848,"height":12}},{"id":"4a790048-92fb-4a99-bf36-43113bc75210","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":14,"box":{"x":81,"y":570,"width":831,"height":12}},{"id":"68784da7-3472-4a73-9414-0b1bdaa2fd66","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":14,"box":{"x":80,"y":585,"width":830,"height":12}},{"id":"cad24d72-c7f0-43f4-a306-44e53454937f","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":14,"box":{"x":82,"y":600,"width":832,"height":12}},{"id":"2a3437b8-d087-4b69-94da-ac42e72e13c1","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":14,"box":{"x":82,"y":615,"width":836,"height":11}},{"id":"6ba6fc0f-470f-465c-a1de-5f1538e90695","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":14,"box":{"x":81,"y":630,"width":325,"height":9}},{"id":"c8294850-c03e-49c4-9768-a6f5bd3fac7a","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":14,"box":{"x":81,"y":650,"width":310,"height":11}},{"id":"f781be60-4f26-4e49-923f-ae4b0fdfe1d1","block_type":"box","text":"—","page_number":14,"box":{"x":396,"y":655,"width":17,"height":1}},{"id":"ba0024e2-ffc3-41ce-8780-b1d6b3cb0798","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":14,"box":{"x":418,"y":650,"width":507,"height":11}},{"id":"38757117-3322-4b8b-88a0-1faa1b599f06","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":14,"box":{"x":80,"y":665,"width":837,"height":11}},{"id":"1506d28c-20a4-466a-9e97-a9bf5acb5149","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":14,"box":{"x":81,"y":679,"width":852,"height":12}},{"id":"597c2496-ea53-4e2c-8b7f-bcf21803d672","block_type":"box","text":"Investment Style Risk","page_number":14,"box":{"x":81,"y":699,"width":166,"height":12}},{"id":"a90a72da-38f2-4add-9e22-2271f8f991b9","block_type":"box","text":"—","page_number":14,"box":{"x":252,"y":705,"width":17,"height":0}},{"id":"0a02a569-1c32-4dad-a770-8d2f995d452a","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":14,"box":{"x":274,"y":699,"width":658,"height":12}},{"id":"b0197dc1-9df4-4ab3-bf91-02e58cef11d2","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":14,"box":{"x":81,"y":714,"width":809,"height":12}},{"id":"a03e2d96-b70f-4815-ad3d-d3324a9d82bb","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":14,"box":{"x":82,"y":729,"width":841,"height":11}},{"id":"05227ddf-adc5-484b-a912-a584a130342e","block_type":"box","text":"investment styles.","page_number":14,"box":{"x":82,"y":744,"width":131,"height":11}},{"id":"ed3f5462-3202-4267-852f-402a4bffb215","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":14,"box":{"x":81,"y":764,"width":276,"height":11}},{"id":"8f2f4c55-6e67-4819-a5b7-d52592eae24d","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":14,"box":{"x":361,"y":764,"width":573,"height":11}},{"id":"dd82852b-7712-4e40-a940-d94222cadd84","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":14,"box":{"x":81,"y":779,"width":848,"height":11}},{"id":"614d45ca-2455-4bb7-b1be-a2c3c02bf5c1","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":14,"box":{"x":81,"y":794,"width":839,"height":11}},{"id":"b7f80740-2405-479d-a361-e8b2a980fbda","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":14,"box":{"x":82,"y":808,"width":851,"height":12}},{"id":"10e3b66a-2ac7-4ca3-9b34-609a4bc1d539","block_type":"box","text":"Market Risk and Selection Risk","page_number":14,"box":{"x":81,"y":828,"width":240,"height":9}},{"id":"75c57207-c54d-4753-a121-6be8ebebdd15","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":14,"box":{"x":324,"y":828,"width":593,"height":9}},{"id":"54f34da1-d529-4c67-a46d-b9ef48e38969","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":14,"box":{"x":81,"y":843,"width":851,"height":12}},{"id":"4deae590-d6b3-4a11-a1b5-dcd6b2c9e7b5","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":14,"box":{"x":82,"y":858,"width":824,"height":11}},{"id":"647409b6-4499-4e0f-a599-1a253fd52645","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":14,"box":{"x":82,"y":873,"width":851,"height":11}},{"id":"6eef0284-c714-457c-8450-6112cbc0fbba","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":14,"box":{"x":82,"y":887,"width":802,"height":12}},{"id":"617f3b39-f3de-40ab-ae43-803989c5a54f","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":14,"box":{"x":81,"y":902,"width":849,"height":12}},{"id":"ac6d0560-7d89-417f-863f-ba3ed9ef125d","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":14,"box":{"x":81,"y":917,"width":843,"height":12}},{"id":"383152d6-f0b2-4aea-a4ef-b68cda9c1271","block_type":"box","text":"13","page_number":14,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d716658f-0aeb-4d4a-bf17-60d61398f0dd","block_type":"box","text":"NM1026U-5993011-14/41","page_number":14,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ee3ba932-28d3-4b1e-a006-9acb34c8bab7","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":15,"box":{"x":81,"y":46,"width":830,"height":11}},{"id":"603913a7-0a18-4efc-ab1f-69f546bf2ea1","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":15,"box":{"x":82,"y":60,"width":840,"height":12}},{"id":"54cf2b36-59a9-48b9-a845-551a14d63ddf","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":15,"box":{"x":81,"y":75,"width":851,"height":12}},{"id":"b474206f-c69d-4b91-83b9-15fae71c3233","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":15,"box":{"x":82,"y":90,"width":815,"height":12}},{"id":"029335fd-3bf0-4ec6-8e3c-e74a1e77639e","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":15,"box":{"x":81,"y":105,"width":826,"height":12}},{"id":"03e99ec2-1451-4f95-81b8-5cb2bce1f260","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or","page_number":15,"box":{"x":81,"y":120,"width":850,"height":11}},{"id":"3ea5b650-c858-40c0-9dd5-6e3c8dd327c5","block_type":"box","text":"other events. This means you may lose money.","page_number":15,"box":{"x":81,"y":135,"width":343,"height":11}},{"id":"4b2b390b-4265-4744-998c-c470a5fe31d1","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":15,"box":{"x":82,"y":155,"width":818,"height":11}},{"id":"9205b180-2549-4c33-827b-d6549f8764e2","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":15,"box":{"x":80,"y":170,"width":819,"height":11}},{"id":"89d7c679-4ff8-4de3-b73e-7e05bbc9535d","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":15,"box":{"x":81,"y":184,"width":819,"height":12}},{"id":"aa61bdf8-68d6-4258-8024-57dea0c3fe68","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":15,"box":{"x":81,"y":199,"width":846,"height":12}},{"id":"f1d1b395-8cb3-465c-9701-5ae7eeda5b64","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":15,"box":{"x":81,"y":214,"width":848,"height":11}},{"id":"6feb7312-e4d2-4709-8287-14d0b2fdd563","block_type":"box","text":"the Fund invests.","page_number":15,"box":{"x":80,"y":229,"width":125,"height":9}},{"id":"5ab98d74-0ce2-4042-b6bb-89b8c4efc3a5","block_type":"box","text":"Operational and Technology Risks","page_number":15,"box":{"x":82,"y":249,"width":254,"height":11}},{"id":"e72dbc67-cbff-4e1c-83b7-9c3ca5b82c7e","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":15,"box":{"x":340,"y":249,"width":549,"height":11}},{"id":"aa912681-c042-4f82-bcc6-ce5b22f05036","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":15,"box":{"x":81,"y":264,"width":790,"height":11}},{"id":"136a2985-16be-4b9f-bf84-973192a037d9","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":15,"box":{"x":81,"y":278,"width":837,"height":12}},{"id":"d09fa1f9-b903-40ca-82d5-b0c7b41139c9","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":15,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"86639899-1182-4289-916e-b3d142e5a7ba","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":15,"box":{"x":81,"y":308,"width":832,"height":12}},{"id":"3445055d-5401-4e5f-ab8d-8fb85803d2f8","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":15,"box":{"x":82,"y":323,"width":763,"height":11}},{"id":"f7d28302-0c54-418c-a781-f6239be309da","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":15,"box":{"x":81,"y":338,"width":825,"height":11}},{"id":"4f1ae6f8-9667-4e52-b560-efacb24c1e84","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":15,"box":{"x":81,"y":352,"width":842,"height":12}},{"id":"25cff7c1-d61c-4b00-9557-912a586ae2ff","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":15,"box":{"x":81,"y":367,"width":852,"height":12}},{"id":"1ba2c3d1-91b1-435c-ad99-b25c6f4bd674","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":15,"box":{"x":82,"y":382,"width":827,"height":12}},{"id":"7169424d-b0f8-4061-abe7-4513754459b4","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":15,"box":{"x":81,"y":402,"width":821,"height":12}},{"id":"e53683e7-eccb-4f2c-98c2-9be1163bbe1a","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":15,"box":{"x":82,"y":417,"width":814,"height":11}},{"id":"7da34d13-4b99-42c5-8adc-230b860f5202","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":15,"box":{"x":81,"y":432,"width":824,"height":11}},{"id":"932bdd9c-fac6-4a89-b11b-cb2fb2cf1351","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":15,"box":{"x":81,"y":447,"width":791,"height":11}},{"id":"bbe62fbb-f8c1-4f9f-b9de-24a15221703a","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":15,"box":{"x":82,"y":461,"width":852,"height":12}},{"id":"59b9c722-5ad2-4d9b-ba0c-5e594eb8f269","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":15,"box":{"x":81,"y":476,"width":784,"height":12}},{"id":"13409c22-c253-4197-8a40-4de396ce778f","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":15,"box":{"x":81,"y":491,"width":787,"height":12}},{"id":"2728375b-c85e-4d3d-a378-4af2954d34a3","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":15,"box":{"x":81,"y":506,"width":840,"height":11}},{"id":"ebe82911-d2de-4d7c-ad9d-afe9d2c97f20","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":15,"box":{"x":81,"y":521,"width":809,"height":11}},{"id":"14762794-233f-4a41-8dbd-df0a838adc95","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":15,"box":{"x":81,"y":536,"width":829,"height":11}},{"id":"c1dcb09d-882e-449d-a358-a1057c05d66b","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":15,"box":{"x":82,"y":550,"width":798,"height":12}},{"id":"838c22b9-17cd-49f5-8e66-56a25de6a61e","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":15,"box":{"x":81,"y":565,"width":829,"height":12}},{"id":"72830a65-6cdc-4df4-a43e-3e60db1f16f4","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":15,"box":{"x":82,"y":580,"width":846,"height":12}},{"id":"b7bc5f03-15c5-4e09-9039-3bec8d3f6610","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":15,"box":{"x":82,"y":595,"width":846,"height":11}},{"id":"14cef24a-6885-4c59-a1d7-29c9e39a7847","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":15,"box":{"x":81,"y":610,"width":838,"height":11}},{"id":"c30c620a-0e68-4523-8ad6-afa39ea574aa","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":15,"box":{"x":80,"y":625,"width":770,"height":11}},{"id":"30615ec7-62b9-4472-a807-462f08f1ac24","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":15,"box":{"x":80,"y":639,"width":792,"height":12}},{"id":"eb490cc5-dc97-4d4c-8ebf-45a2b2a9e9c7","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":15,"box":{"x":82,"y":654,"width":845,"height":11}},{"id":"03641eb6-22f4-41bf-80b7-f3460ac215d8","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":15,"box":{"x":80,"y":669,"width":840,"height":12}},{"id":"576cc461-cd94-40c7-a0fc-8567c2c22074","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":15,"box":{"x":81,"y":684,"width":841,"height":11}},{"id":"ecffd0a2-0583-4479-a95f-70e0adfb690e","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":15,"box":{"x":80,"y":699,"width":847,"height":11}},{"id":"acee3633-a0ff-4866-a9a2-e03778a25da9","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":15,"box":{"x":82,"y":713,"width":838,"height":12}},{"id":"6b0afcbf-e95e-4c94-b942-fabcd236cfa5","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":15,"box":{"x":81,"y":728,"width":847,"height":12}},{"id":"e1500d63-90e4-40d8-afd1-41b698f97678","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":15,"box":{"x":81,"y":743,"width":845,"height":11}},{"id":"8b1ca1c4-ee98-4c67-ac74-a4f16fdcf741","block_type":"box","text":"and the associated risks to the Fund.","page_number":15,"box":{"x":81,"y":758,"width":273,"height":9}},{"id":"0362bea8-a525-4f50-abe1-4bed9d481050","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":15,"box":{"x":81,"y":778,"width":769,"height":11}},{"id":"2cdb937f-5202-4448-aa80-8d6d2821c3e0","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":15,"box":{"x":81,"y":793,"width":855,"height":11}},{"id":"ec6cac4f-dcef-43e1-8c37-eb0b35a29b90","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":15,"box":{"x":80,"y":808,"width":848,"height":11}},{"id":"a24a6d0b-2ac0-42e3-903c-294ff5acc5ca","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":15,"box":{"x":81,"y":823,"width":777,"height":11}},{"id":"99b58175-9f9c-4c58-a8cf-d0fc1e187e55","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":15,"box":{"x":81,"y":837,"width":824,"height":12}},{"id":"b2b266a2-100b-4f03-94a8-44ea4394c4e8","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":15,"box":{"x":81,"y":852,"width":785,"height":12}},{"id":"76844173-6db4-4243-8a96-e8e0f8015323","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":15,"box":{"x":82,"y":867,"width":853,"height":11}},{"id":"312acf0e-2a4c-443a-9612-e3474619289f","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":15,"box":{"x":82,"y":882,"width":855,"height":11}},{"id":"10b41a2e-11a3-4bdf-acd4-686b9ee8d84d","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":15,"box":{"x":82,"y":896,"width":813,"height":12}},{"id":"733e73a3-ccea-4dc6-9b9c-d56d9e8947cd","block_type":"box","text":"14","page_number":15,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9858b8c4-859d-4303-8b59-88d488d1930f","block_type":"box","text":"NM1026U-5993011-15/41","page_number":15,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"5ca6d107-c708-458f-8e69-5e1053996c52","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":16,"box":{"x":81,"y":46,"width":806,"height":11}},{"id":"7f896696-5cf3-4ade-8a3e-3b0da5dd7e48","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":16,"box":{"x":82,"y":60,"width":602,"height":12}},{"id":"56bd9b14-b336-4979-9921-07cca32ec92f","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":16,"box":{"x":82,"y":81,"width":794,"height":11}},{"id":"74dc1897-5c88-4088-baa9-34231c85b450","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":16,"box":{"x":81,"y":96,"width":840,"height":11}},{"id":"f0c6c9b0-5cff-449e-b1ba-b47ad1764463","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":16,"box":{"x":81,"y":110,"width":801,"height":12}},{"id":"c2f40d5c-6f94-49cd-b801-5046e6c61cda","block_type":"box","text":"resources to monitor and implement required changes.","page_number":16,"box":{"x":82,"y":125,"width":402,"height":11}},{"id":"5ce89af3-1e0f-483f-81cf-2d4f8294b601","block_type":"box","text":"Preferred Securities Risk","page_number":16,"box":{"x":81,"y":145,"width":189,"height":9}},{"id":"ead63992-1644-4b4e-9adf-291d2f79aac8","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":16,"box":{"x":274,"y":145,"width":636,"height":11}},{"id":"28b1e387-27b9-4b1c-bea4-2312ece1959d","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":16,"box":{"x":81,"y":160,"width":824,"height":11}},{"id":"b69ed863-829f-40e7-a889-f48156aa74da","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":16,"box":{"x":82,"y":175,"width":806,"height":11}},{"id":"0fc03050-9d99-458e-973f-fc3d4051c461","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":16,"box":{"x":81,"y":189,"width":842,"height":12}},{"id":"f6dcc7a4-c5e2-4dc7-b57b-a1ff84a218cd","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":16,"box":{"x":81,"y":204,"width":781,"height":12}},{"id":"f64da855-e0ac-43b5-8580-b7e4b6cabd71","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":16,"box":{"x":81,"y":219,"width":812,"height":11}},{"id":"6acfed75-733e-4aaf-bf10-62e2ef957fff","block_type":"box","text":"larger companies.","page_number":16,"box":{"x":82,"y":234,"width":129,"height":11}},{"id":"b2a69757-5e3d-456a-b383-a6fa1eabe9d1","block_type":"box","text":"Risk of Investing in the United States","page_number":16,"box":{"x":81,"y":254,"width":283,"height":11}},{"id":"51bb56b8-5faf-44d4-8166-85e3a6634f5e","block_type":"box","text":"—","page_number":16,"box":{"x":369,"y":259,"width":17,"height":1}},{"id":"e8eee834-5da7-4fe0-92ec-079ca7bbefda","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":16,"box":{"x":390,"y":254,"width":519,"height":11}},{"id":"c890eae7-7853-4ea1-94ae-18cb4e64f828","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":16,"box":{"x":82,"y":269,"width":790,"height":11}},{"id":"8905c57a-0c36-44a3-8bec-761bd5fcc2d4","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":16,"box":{"x":81,"y":284,"width":835,"height":11}},{"id":"4bf6a85d-4d54-4c42-9f49-2e65d23d2c75","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":16,"box":{"x":82,"y":298,"width":784,"height":12}},{"id":"a31a2229-a20e-4be4-bf34-942f05f6cb4b","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":16,"box":{"x":82,"y":313,"width":849,"height":12}},{"id":"ed8ed641-30aa-4fed-a5da-22b74d20848d","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":16,"box":{"x":81,"y":328,"width":832,"height":12}},{"id":"f7f7ab8a-708b-44a9-9341-482c197c6c83","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":16,"box":{"x":81,"y":343,"width":851,"height":11}},{"id":"3f6df697-9232-417d-9423-b65e5c3f8261","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":16,"box":{"x":82,"y":358,"width":471,"height":11}},{"id":"f8a6d2eb-1bd8-41cf-a11c-82887f944dac","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":16,"box":{"x":81,"y":378,"width":847,"height":11}},{"id":"1a160dc4-d2b2-4211-8165-a9b2a5b40e42","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":16,"box":{"x":81,"y":392,"width":810,"height":12}},{"id":"ff4f379d-54a3-46e5-b40f-a46306f06c4c","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":16,"box":{"x":82,"y":407,"width":832,"height":11}},{"id":"72a90fc2-6fdb-414f-9d71-4f0b31f46b2d","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":16,"box":{"x":80,"y":422,"width":826,"height":11}},{"id":"02c0b82b-44d8-4427-989d-952ecf97dff2","block_type":"box","text":"Fund invests.","page_number":16,"box":{"x":82,"y":437,"width":95,"height":9}},{"id":"68ca498a-735a-4702-bce5-40a027c0b087","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":16,"box":{"x":61,"y":460,"width":296,"height":12}},{"id":"91342679-d372-4b64-910b-de7fbaced391","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":16,"box":{"x":60,"y":476,"width":832,"height":12}},{"id":"7d505697-3a93-4504-8924-f9c00059ff80","block_type":"box","text":"strategies, including:","page_number":16,"box":{"x":61,"y":491,"width":151,"height":12}},{"id":"9529bbf2-1178-40bf-9d63-4f6633ef5b0d","block_type":"box","text":"Borrowing Risk","page_number":16,"box":{"x":81,"y":511,"width":115,"height":11}},{"id":"c7266be3-2d31-45c0-b242-247b0cd294be","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":16,"box":{"x":200,"y":511,"width":711,"height":12}},{"id":"75d1949f-ed72-4be9-a2db-c1f934d223ae","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":16,"box":{"x":80,"y":526,"width":813,"height":11}},{"id":"ae0affab-0217-4068-99e3-8fd6759f7f0f","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":16,"box":{"x":82,"y":541,"width":846,"height":11}},{"id":"ff1bea0d-fc21-435b-8c62-cd87471073fb","block_type":"box","text":"do so to satisfy its obligations.","page_number":16,"box":{"x":81,"y":555,"width":225,"height":12}},{"id":"7d43e5ce-c2ec-4a81-8fc1-0941233eaebe","block_type":"box","text":"Debt Securities Risk","page_number":16,"box":{"x":81,"y":576,"width":155,"height":9}},{"id":"5df4bf5e-5a32-42fd-8a50-8da6ef6a4d76","block_type":"box","text":"— Debt securities, such as bonds, involve credit risk. Credit risk refers to the possibility that","page_number":16,"box":{"x":240,"y":575,"width":682,"height":12}},{"id":"0307ba06-eaf4-4639-9df7-4e59cabc020c","block_type":"box","text":"the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when","page_number":16,"box":{"x":80,"y":590,"width":827,"height":12}},{"id":"e426d55c-109e-455d-9f56-6a12e6ef0fe2","block_type":"box","text":"due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect","page_number":16,"box":{"x":81,"y":605,"width":851,"height":12}},{"id":"9c58a33c-9812-4f17-a54b-3be15279134d","block_type":"box","text":"the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition","page_number":16,"box":{"x":80,"y":620,"width":840,"height":12}},{"id":"6f57434c-0162-4a4d-871c-bdc48990da9b","block_type":"box","text":"of the issuer and the terms of the obligation. Debt securities are also subject to interest rate risk. Interest rate risk","page_number":16,"box":{"x":81,"y":635,"width":847,"height":11}},{"id":"c133a506-1f11-4b87-8d01-6ee7566fb122","block_type":"box","text":"is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt","page_number":16,"box":{"x":82,"y":650,"width":822,"height":11}},{"id":"7c7c5c7b-a5ad-4754-91ce-75e846bd7d6f","block_type":"box","text":"securities with longer maturities will go up or down more in response to changes in interest rates than the market","page_number":16,"box":{"x":81,"y":665,"width":836,"height":11}},{"id":"dbfffb78-6caa-4311-b2d4-2437917f243e","block_type":"box","text":"price of shorter term securities. The Fund may be subject to a greater risk of rising interest rates during a period of","page_number":16,"box":{"x":82,"y":679,"width":845,"height":12}},{"id":"e948298b-9cc1-4d7c-af6c-a3692e2fe354","block_type":"box","text":"low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened","page_number":16,"box":{"x":82,"y":694,"width":822,"height":12}},{"id":"e960c728-2f0f-4628-a010-163f9d0c9283","block_type":"box","text":"market volatility, and could negatively impact the Fund’s performance.","page_number":16,"box":{"x":82,"y":709,"width":512,"height":11}},{"id":"b57ec5bc-cbc6-4b68-83cc-1b6974c4812b","block_type":"box","text":"Derivatives Risk","page_number":16,"box":{"x":81,"y":729,"width":123,"height":9}},{"id":"7fdf246c-75f7-456c-880a-efad058739f7","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":16,"box":{"x":207,"y":729,"width":664,"height":11}},{"id":"f94e235f-b7e0-4780-b322-06be25ac8f0e","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":16,"box":{"x":82,"y":744,"width":469,"height":11}},{"id":"e7a7f29d-bfa9-45ed-aa21-c86e1ed9fbb8","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":82,"y":767,"width":102,"height":11}},{"id":"ee313993-02dd-42be-b5a8-c702de914b77","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":16,"box":{"x":188,"y":766,"width":723,"height":12}},{"id":"3348264c-29ef-49fd-9991-c24b418822de","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":16,"box":{"x":82,"y":781,"width":832,"height":12}},{"id":"1cf22d82-9198-493a-accf-9f5b27eda547","block_type":"box","text":"exceed the amount originally invested.","page_number":16,"box":{"x":81,"y":796,"width":280,"height":11}},{"id":"1b0cb67d-a1f2-460c-84c4-d0124e711fbd","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":82,"y":819,"width":87,"height":9}},{"id":"ef8aa1b4-b5dc-43f5-be28-0f97b34c0c7b","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":16,"box":{"x":173,"y":818,"width":728,"height":12}},{"id":"be812ef0-0117-47ee-acf7-94d710e41930","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":16,"box":{"x":81,"y":833,"width":834,"height":12}},{"id":"a288adeb-805a-4108-ad6b-6f19c16cdf5f","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":16,"box":{"x":82,"y":848,"width":832,"height":12}},{"id":"35eac6c2-4b6e-481e-aa07-1f966fe7a0d3","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":16,"box":{"x":80,"y":863,"width":779,"height":11}},{"id":"33c0c986-2cee-468a-b5ab-432a10c38fcf","block_type":"box","text":"derivatives positions to lose value.","page_number":16,"box":{"x":81,"y":878,"width":253,"height":11}},{"id":"8de120db-4e8d-4ea4-9a18-e85a22a3fd71","block_type":"box","text":"15","page_number":16,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"4230f364-7198-45c5-a4ec-3d91273f6259","block_type":"box","text":"NM1026U-5993011-16/41","page_number":16,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"7328eca3-fe71-4d05-a6d6-b0ad5d07a931","block_type":"box","text":"Counterpar ty Risk","page_number":17,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"c5983d83-b34f-4778-b529-80819fc6fd44","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":17,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"07cedd60-c45a-4698-aa97-d702c853ba54","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":17,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"a7bbc2a1-5abe-48c7-ab1c-6539e31a5c0b","block_type":"box","text":"exposure to such a counterparty.","page_number":17,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"ff1d6969-9d0a-491a-9bd4-acf98f88808c","block_type":"box","text":"Illiquidity Risk —","page_number":17,"box":{"x":82,"y":98,"width":122,"height":11}},{"id":"2fb96897-d4c6-4b90-b32f-9699d330eee5","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":17,"box":{"x":208,"y":98,"width":728,"height":11}},{"id":"3d7d2f51-0138-4817-8196-958b8184d303","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":17,"box":{"x":80,"y":113,"width":839,"height":11}},{"id":"bde7816a-86d9-4c68-87c4-8181ec1b5949","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":17,"box":{"x":81,"y":127,"width":293,"height":12}},{"id":"d2ed4025-114e-46dd-8e1f-2704234da2dc","block_type":"box","text":"Operational Risk","page_number":17,"box":{"x":82,"y":150,"width":120,"height":11}},{"id":"932ab91c-9ed8-41c1-9321-c3fc56a5537a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":17,"box":{"x":206,"y":150,"width":727,"height":12}},{"id":"65e8ef5c-f752-4918-9988-eb229d02a255","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":17,"box":{"x":82,"y":165,"width":607,"height":11}},{"id":"4b1a9a6e-1a6c-4c6d-a7f5-fd52ff4f4ff2","block_type":"box","text":"Legal Risk","page_number":17,"box":{"x":82,"y":188,"width":75,"height":11}},{"id":"1330cf2f-fd2e-4507-b56d-e440feb7c6b9","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":17,"box":{"x":161,"y":187,"width":761,"height":12}},{"id":"185aa55d-3750-46ea-8510-852551961ea4","block_type":"box","text":"enforceability of a contract.","page_number":17,"box":{"x":81,"y":202,"width":198,"height":12}},{"id":"3e7db885-0ffc-49b7-b28a-b24197c97847","block_type":"box","text":"Volatility and Correlation Risk","page_number":17,"box":{"x":83,"y":225,"width":214,"height":11}},{"id":"3eb52153-6fdd-43e6-8deb-a09bdaa57927","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":17,"box":{"x":300,"y":225,"width":590,"height":11}},{"id":"8bbec52a-2210-4500-b2fd-5535ee9bfe0c","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":17,"box":{"x":80,"y":240,"width":855,"height":11}},{"id":"9023ec3f-9fd5-4a16-a271-e13f90f4d5a0","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":17,"box":{"x":80,"y":254,"width":820,"height":12}},{"id":"87de089a-590e-480f-b87c-1bcc67185665","block_type":"box","text":"correlate with the overall securities markets.","page_number":17,"box":{"x":81,"y":270,"width":326,"height":9}},{"id":"9d87f4f6-7e24-407c-b43c-bd2a569e5820","block_type":"box","text":"Valuation Risk","page_number":17,"box":{"x":83,"y":292,"width":102,"height":9}},{"id":"08a30a7c-1396-439a-a4df-759a5c9fcaa7","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":17,"box":{"x":189,"y":292,"width":747,"height":11}},{"id":"86dcf581-4571-4217-bc3b-37b6e12c4cae","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":17,"box":{"x":82,"y":307,"width":783,"height":11}},{"id":"c08f9420-26df-411c-88f5-b7c4212cc307","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":17,"box":{"x":82,"y":321,"width":837,"height":12}},{"id":"b11f7ccb-7c64-469c-bee8-933426640b45","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":17,"box":{"x":81,"y":336,"width":826,"height":12}},{"id":"e1582e38-6607-4664-a0ad-db90002010b7","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":17,"box":{"x":80,"y":351,"width":405,"height":12}},{"id":"391617e8-26b8-4e8d-8386-6d00fddf09ec","block_type":"box","text":"Hedging Risk","page_number":17,"box":{"x":82,"y":374,"width":95,"height":11}},{"id":"15ad7d42-497d-43bf-874a-56ab052c2009","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":17,"box":{"x":181,"y":374,"width":752,"height":11}},{"id":"bbacbaf1-9463-49f7-9e74-18847bb5d3c3","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":17,"box":{"x":80,"y":389,"width":820,"height":11}},{"id":"f55f3776-2b85-4c32-9818-2be75bca4ccb","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":17,"box":{"x":82,"y":404,"width":823,"height":11}},{"id":"fe4354c8-a0ca-4698-8fec-88a488146af3","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":17,"box":{"x":82,"y":418,"width":813,"height":12}},{"id":"f6ff7bce-d418-4717-8ee4-361736e2650e","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":17,"box":{"x":82,"y":433,"width":832,"height":12}},{"id":"5043dded-dcf7-4c60-b4af-45cb49e21ddc","block_type":"box","text":"noted below.","page_number":17,"box":{"x":82,"y":448,"width":90,"height":9}},{"id":"83b56d67-af39-4ebe-8086-2a9094d0b8b4","block_type":"box","text":"Tax Risk","page_number":17,"box":{"x":83,"y":471,"width":59,"height":9}},{"id":"cf2f2e5f-7900-4d5f-84ac-887043a15980","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":17,"box":{"x":145,"y":470,"width":766,"height":12}},{"id":"a74456d7-8144-470b-992d-61ada695a53d","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":17,"box":{"x":82,"y":485,"width":826,"height":12}},{"id":"6cb76046-3391-4f5a-a4e2-737269cc960c","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":17,"box":{"x":82,"y":500,"width":846,"height":12}},{"id":"f81f3068-bd53-452e-afc1-c10f58cb8f94","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":17,"box":{"x":81,"y":515,"width":817,"height":11}},{"id":"f54e5743-a24b-43da-bcd2-2613b1ef7d4a","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":17,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"d2678ef1-87ff-479b-b40f-92e231c33f0b","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":17,"box":{"x":81,"y":545,"width":840,"height":11}},{"id":"d91ca398-8ff2-4cd5-8952-04e874081541","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":17,"box":{"x":81,"y":559,"width":750,"height":12}},{"id":"b7665b14-e0c3-4ca2-ab70-605a0a1d1ccb","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":17,"box":{"x":81,"y":574,"width":611,"height":12}},{"id":"a38cbd88-4501-4785-9ce4-2b83c98ca5bd","block_type":"box","text":"Regulatory Risk","page_number":17,"box":{"x":82,"y":597,"width":115,"height":11}},{"id":"3484cdff-462e-47b4-8348-1f12e88d2fce","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":17,"box":{"x":201,"y":597,"width":688,"height":11}},{"id":"ed751793-4755-44bd-947a-92d016932c77","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":17,"box":{"x":81,"y":612,"width":851,"height":11}},{"id":"d75094ff-44db-4dbf-9bca-2f694daae070","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":17,"box":{"x":81,"y":627,"width":811,"height":11}},{"id":"56653173-c39e-45ad-824b-9eba0e770acb","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":17,"box":{"x":82,"y":641,"width":850,"height":12}},{"id":"98414685-236d-4cdf-9cf0-5b373b23cf74","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":17,"box":{"x":81,"y":656,"width":850,"height":12}},{"id":"e871eb76-1790-44c4-89f4-7319ebaeeeaf","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":17,"box":{"x":81,"y":671,"width":838,"height":11}},{"id":"438b5bd2-3811-4098-942e-638efecc8362","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":17,"box":{"x":81,"y":686,"width":807,"height":11}},{"id":"ab0b27b0-1585-4739-a08b-0856b0099837","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":17,"box":{"x":81,"y":701,"width":787,"height":11}},{"id":"5a0a9d1e-6c28-4927-a645-6a3fe0a0a877","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":17,"box":{"x":82,"y":715,"width":837,"height":12}},{"id":"75d7b742-c880-47f9-b4ce-3752be514595","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":17,"box":{"x":80,"y":730,"width":804,"height":12}},{"id":"ab88df59-2a5f-4cd5-9268-1bdc48504837","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":17,"box":{"x":81,"y":745,"width":781,"height":11}},{"id":"897fbc2e-0527-46ec-807c-4668983bfd8e","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":17,"box":{"x":82,"y":760,"width":773,"height":11}},{"id":"e12ac8ab-4a04-40ea-873f-168b09bef1ef","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":17,"box":{"x":82,"y":775,"width":836,"height":11}},{"id":"bb2888cc-d6a6-4885-9715-1ec4e83b6546","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":17,"box":{"x":82,"y":789,"width":814,"height":12}},{"id":"e08f91dd-59b7-4a61-aae8-83eb975dba0f","block_type":"box","text":"investors in the Fund.","page_number":17,"box":{"x":82,"y":805,"width":156,"height":9}},{"id":"b47ab788-7601-420a-82fb-5c91233c0f45","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":17,"box":{"x":82,"y":827,"width":823,"height":11}},{"id":"20663231-a5e3-46f8-9d37-9b2a5b0ffb6a","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":17,"box":{"x":82,"y":842,"width":827,"height":11}},{"id":"8b031086-2b0d-4988-83af-36e68266cc12","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":17,"box":{"x":80,"y":856,"width":849,"height":12}},{"id":"857d94ae-3eef-4297-8f19-c14a64e26d7c","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":17,"box":{"x":81,"y":871,"width":846,"height":12}},{"id":"621c057d-b386-46b4-9b21-941fb20458c7","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":17,"box":{"x":81,"y":886,"width":509,"height":12}},{"id":"77ce47e4-b7bd-40cd-b389-3b0db4060801","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":17,"box":{"x":82,"y":909,"width":399,"height":11}},{"id":"6c0859c6-2e7f-49df-a4c0-db4e0c2a8768","block_type":"box","text":"16","page_number":17,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"712f3d8c-ac55-4c1d-acf5-29d430cf69eb","block_type":"box","text":"NM1026U-5993011-17/41","page_number":17,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"3d6784b2-b100-4b2a-a6c1-858c8d6ca207","block_type":"box","text":"Swaps","page_number":18,"box":{"x":102,"y":46,"width":47,"height":11}},{"id":"80da32b1-9fef-4678-9e32-469892c808fa","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":18,"box":{"x":154,"y":46,"width":775,"height":11}},{"id":"850898d1-0f72-4bd1-b63c-a8c73feed64e","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":18,"box":{"x":101,"y":60,"width":829,"height":12}},{"id":"ea9f4ef8-ad83-4350-b37e-4fde709b0f7f","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":18,"box":{"x":101,"y":75,"width":807,"height":12}},{"id":"116aca5c-ab54-4ca7-814c-ffd375b45dfe","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":18,"box":{"x":102,"y":90,"width":811,"height":12}},{"id":"53911444-efdd-404c-a64a-15ffc046f03a","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":18,"box":{"x":101,"y":105,"width":820,"height":12}},{"id":"8dc072de-971d-48b4-81d2-720f801c783b","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":18,"box":{"x":102,"y":120,"width":791,"height":11}},{"id":"548907c0-ce57-4d72-bb42-425dc067e268","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":18,"box":{"x":101,"y":135,"width":789,"height":11}},{"id":"f4fa4fd4-e836-4afe-a8f8-db9f18671ba8","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":18,"box":{"x":101,"y":150,"width":796,"height":11}},{"id":"cc8a3c18-890b-47c3-bb5e-5c19c8ccdda3","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":18,"box":{"x":102,"y":170,"width":335,"height":11}},{"id":"37dc1ef1-6f58-4d04-b28b-9ef856b52b32","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":18,"box":{"x":442,"y":169,"width":437,"height":12}},{"id":"cb0a8316-d717-4542-9549-07d0a6b25705","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":18,"box":{"x":101,"y":184,"width":820,"height":12}},{"id":"0ab4c62d-653e-40ca-817c-3ad32cdaf913","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":18,"box":{"x":101,"y":199,"width":801,"height":12}},{"id":"376846c2-b805-4a8b-9405-d9a1f338f733","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":18,"box":{"x":101,"y":214,"width":824,"height":11}},{"id":"4f41dd01-2b85-4c2d-91af-78b8f71ae85e","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":18,"box":{"x":101,"y":229,"width":831,"height":11}},{"id":"ad74c369-5fc1-4664-afc4-f244ebe3d6a8","block_type":"box","text":"Futures","page_number":18,"box":{"x":102,"y":249,"width":54,"height":9}},{"id":"a5405aea-1e35-4f38-9823-6aa975b7f222","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":18,"box":{"x":161,"y":249,"width":765,"height":11}},{"id":"35f0605c-edf1-401d-89d3-371d9b28c459","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":18,"box":{"x":101,"y":263,"width":786,"height":12}},{"id":"44de61f8-4205-4bf2-828a-5766703ada03","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":18,"box":{"x":102,"y":278,"width":769,"height":12}},{"id":"6fde6e00-9a0b-4654-899b-7b03dd00b72e","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":18,"box":{"x":102,"y":293,"width":822,"height":12}},{"id":"4c836b52-cd15-476a-8699-2656de9f04ed","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":18,"box":{"x":101,"y":308,"width":832,"height":12}},{"id":"2a5487a9-9072-4e02-8250-30ed91ea7155","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":18,"box":{"x":101,"y":323,"width":806,"height":11}},{"id":"2ddc623f-c88a-4102-92f0-3df4319a1c15","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":18,"box":{"x":102,"y":338,"width":793,"height":11}},{"id":"d7387bcd-0084-4d65-a062-88cad29bbad1","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":18,"box":{"x":102,"y":352,"width":787,"height":12}},{"id":"ea4ad43e-d0e1-437a-86b5-f2004ef17f42","block_type":"box","text":"default in the performance of its obligations.","page_number":18,"box":{"x":101,"y":367,"width":327,"height":12}},{"id":"530b747b-284f-4359-840e-6fad8c1518b3","block_type":"box","text":"Options","page_number":18,"box":{"x":102,"y":387,"width":55,"height":11}},{"id":"9b2028f1-fef9-4df9-ab33-1ac2c287ac1a","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":18,"box":{"x":162,"y":387,"width":772,"height":12}},{"id":"4c9c3d34-5a1e-48a4-b618-7e5b714f3369","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":18,"box":{"x":101,"y":402,"width":812,"height":12}},{"id":"1acb75d8-c41a-4e21-a00b-72fd02588cd8","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":18,"box":{"x":101,"y":417,"width":827,"height":11}},{"id":"6848f69a-34ee-491e-9d41-17f5300bca0f","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":18,"box":{"x":101,"y":432,"width":781,"height":11}},{"id":"e892b45e-7c4b-4f96-b7b1-43a2b7ac48ce","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":18,"box":{"x":102,"y":447,"width":785,"height":11}},{"id":"49cbdefa-6cf7-4ecb-bd3d-8e1b7818a83a","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":18,"box":{"x":101,"y":461,"width":831,"height":12}},{"id":"a2e287f3-6db8-4d0c-88dd-5a0ea21180d8","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":18,"box":{"x":101,"y":476,"width":814,"height":12}},{"id":"88e5ca1e-5d55-48a8-a39f-725436afeaf2","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":18,"box":{"x":101,"y":491,"width":826,"height":12}},{"id":"60783863-3b90-4aa8-9752-0a3b61b5d889","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":18,"box":{"x":101,"y":506,"width":822,"height":11}},{"id":"0a90d66f-2d84-4aab-8edb-199c8090b95a","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":18,"box":{"x":101,"y":521,"width":816,"height":11}},{"id":"50386529-ec3e-49f1-8660-e3a14bff4f2f","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":18,"box":{"x":101,"y":536,"width":442,"height":11}},{"id":"0e9befc3-c484-4fc8-9d7a-8d5f57536922","block_type":"box","text":"Expense Risk","page_number":18,"box":{"x":81,"y":556,"width":102,"height":11}},{"id":"9d5cc396-930a-49bd-b5f8-4a51d11ec721","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":555,"width":734,"height":12}},{"id":"d7638d4d-25d5-4086-8694-75a31f53fbb2","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":571,"width":855,"height":11}},{"id":"94648434-4938-46a1-9fa4-3cfdc4dc7cfe","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":585,"width":842,"height":12}},{"id":"c3862380-c994-4419-b9af-fe1e6cafc480","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":600,"width":808,"height":12}},{"id":"6e012715-367e-4423-901a-fe3307daa253","block_type":"box","text":"significant.","page_number":18,"box":{"x":81,"y":615,"width":78,"height":11}},{"id":"6a9b55a9-a075-4143-b1f3-66fc2aef8e21","block_type":"box","text":"Illiquid Investments Risk","page_number":18,"box":{"x":81,"y":635,"width":186,"height":11}},{"id":"cba85bce-2b64-4cfd-b636-434526cce156","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":18,"box":{"x":271,"y":635,"width":648,"height":11}},{"id":"7a1168e1-f244-4cca-8351-e05b663f2ca9","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":650,"width":841,"height":11}},{"id":"72b02db5-1b07-4d7c-8c9c-450f65ccd5b9","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":664,"width":831,"height":12}},{"id":"3fe3a369-f322-4c70-8ee3-9af01a2167c2","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":679,"width":811,"height":12}},{"id":"656f5ca0-85f5-4467-af7f-65a0b79e32ca","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":694,"width":825,"height":12}},{"id":"53923216-5290-41c2-b011-a7e0b9ee2aca","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":709,"width":837,"height":11}},{"id":"8787db16-aa0c-46c0-91e0-219bf376630c","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":724,"width":851,"height":11}},{"id":"ab250ebf-5f79-4822-8452-4a6e7ce848ed","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":739,"width":835,"height":11}},{"id":"f7db5990-4499-488f-82f6-7637e88333cd","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":753,"width":835,"height":12}},{"id":"fddf15bb-a5d3-4c36-9b3b-b9e98f15f6b2","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":768,"width":791,"height":12}},{"id":"aec76670-c808-4a59-86ee-0a7aef827e2a","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":783,"width":846,"height":12}},{"id":"9609c405-2432-43a5-b411-7a0fc9f7217a","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":798,"width":835,"height":11}},{"id":"07de3856-99f8-4ab5-9ebc-6392869f751a","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":813,"width":839,"height":11}},{"id":"135f3e23-9504-480c-95e0-4198c7edf7c4","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":828,"width":834,"height":11}},{"id":"4e60b7a0-120b-4df7-8511-7cf7c58b0e6c","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":843,"width":815,"height":11}},{"id":"6cc2312b-869d-4b90-a664-b8ac165f352e","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":857,"width":835,"height":12}},{"id":"ebc97933-0ae1-45c1-85e7-c06dd219ceca","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":872,"width":827,"height":11}},{"id":"9d7c9f09-0747-43eb-8460-406a60d5b1f5","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":18,"box":{"x":80,"y":887,"width":831,"height":11}},{"id":"f16a7c81-8f02-4547-9d2d-1b4400aa46bd","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":18,"box":{"x":81,"y":902,"width":304,"height":11}},{"id":"0a2022a6-3204-418e-a157-a9366c4b98e3","block_type":"box","text":"17","page_number":18,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"3773ab1e-4fbd-40b4-a864-a49ecea0a207","block_type":"box","text":"NM1026U-5993011-18/41","page_number":18,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"71c257b9-1e46-41ca-8a35-27b36a1e1d0b","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":19,"box":{"x":81,"y":46,"width":271,"height":9}},{"id":"653d9a6e-2b80-4bae-85be-87b16a978677","block_type":"box","text":"—","page_number":19,"box":{"x":356,"y":51,"width":17,"height":1}},{"id":"3821a77d-ed09-4fe8-aeaf-951f7ce5a970","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":19,"box":{"x":379,"y":46,"width":499,"height":11}},{"id":"20d74f8e-a665-4110-8d07-c0b8e7c43648","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":19,"box":{"x":82,"y":60,"width":839,"height":12}},{"id":"eaa9a47c-e0e9-484c-99f9-939698bd1c38","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":19,"box":{"x":80,"y":75,"width":799,"height":12}},{"id":"6e530bda-30af-477d-a319-f92b308289f5","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":19,"box":{"x":82,"y":90,"width":796,"height":12}},{"id":"b17145d9-53c9-4b78-8817-24b9d88e2552","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":19,"box":{"x":81,"y":105,"width":855,"height":12}},{"id":"f8f79645-1988-4cbc-888d-10af824695ec","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":19,"box":{"x":82,"y":120,"width":441,"height":11}},{"id":"3ddba257-188e-4ce8-86dc-3475eda7b092","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":19,"box":{"x":81,"y":140,"width":366,"height":11}},{"id":"82ac785f-2cbd-4364-8e18-98e8a33240ba","block_type":"box","text":"— As with other investments, investments in other investment","page_number":19,"box":{"x":450,"y":140,"width":459,"height":11}},{"id":"7a7313ac-da64-4e9f-bed0-37896da3e6b5","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":19,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"5d10df89-f57c-43da-b2d8-073755d8ea58","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":19,"box":{"x":82,"y":169,"width":844,"height":12}},{"id":"103ff1a5-b774-4122-b0be-12ed9a221941","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":19,"box":{"x":81,"y":184,"width":822,"height":12}},{"id":"41734ea1-2a72-423f-976d-de1cc16fed5c","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":19,"box":{"x":81,"y":199,"width":829,"height":12}},{"id":"e0636b69-f7d9-4c99-bef9-b39a932cdc14","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":19,"box":{"x":81,"y":214,"width":628,"height":11}},{"id":"a13cd059-0584-40d7-a07d-d453d599bd40","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":19,"box":{"x":81,"y":234,"width":396,"height":11}},{"id":"884ba153-8bc9-44a5-b4a9-8050cd9c74e1","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":19,"box":{"x":481,"y":234,"width":440,"height":11}},{"id":"f7be2f8d-2e7e-45e4-ace6-a3c2a8db2cb0","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":249,"width":801,"height":11}},{"id":"f3fb218a-f883-4812-8d47-4310face00c2","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":263,"width":825,"height":12}},{"id":"0916ac43-6edc-490a-85f5-2cec720e2949","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":278,"width":816,"height":12}},{"id":"401476a8-cd72-49b6-9dc2-a5a6299876f2","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":293,"width":818,"height":12}},{"id":"256274dd-07ac-4f6e-808b-1b94b58d4ba4","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":308,"width":835,"height":12}},{"id":"4f69750e-cac6-434b-8586-b88a5bcefa70","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":323,"width":807,"height":11}},{"id":"8b9c9d5c-1d0d-4e1b-8212-caaac360819b","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":338,"width":841,"height":11}},{"id":"c795ddba-6a90-47c3-9a6a-45083064abbb","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":352,"width":855,"height":12}},{"id":"cecd3688-390c-4359-9672-9c14f6a3ae89","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":368,"width":751,"height":10}},{"id":"a13d2547-7755-4c43-bf8b-640e540a27f0","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":19,"box":{"x":81,"y":382,"width":785,"height":12}},{"id":"cdd18bc4-b83c-469b-8d78-008dcb4e32bf","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":397,"width":841,"height":12}},{"id":"bd80dee3-d3d8-4cdd-a8c5-62f91b58d082","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":412,"width":824,"height":11}},{"id":"3920910f-bf06-400c-a198-d8f0c4001e03","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":427,"width":822,"height":11}},{"id":"0c7cb569-d04b-42e8-a9a0-b6b2fd0b536a","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":441,"width":801,"height":12}},{"id":"eec28e84-2fe0-47bd-9757-aa3fdce830c0","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":456,"width":765,"height":12}},{"id":"73dd27ce-5d50-47ed-bcc1-51e838e45a89","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":471,"width":852,"height":12}},{"id":"3dc1b623-7128-455c-8fb9-1e995a6fdc23","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":486,"width":847,"height":11}},{"id":"f1ebc422-27f8-46ae-8f16-7d2f9cbfbb96","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":501,"width":847,"height":11}},{"id":"617d1814-f35a-4f48-a61c-26887d3b864d","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":516,"width":845,"height":11}},{"id":"a0112972-bb83-4bd5-b598-b1ac8b82d5ff","block_type":"box","text":"in kind, subject to certain conditions. See “How to Buy, Sell, Exchange and Transfer Shares - Redemption Proceeds -","page_number":19,"box":{"x":82,"y":530,"width":854,"height":12}},{"id":"6b9a808c-06ca-47d2-b80b-c89b032e21c4","block_type":"box","text":"Redemption in Kind” below. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":19,"box":{"x":82,"y":545,"width":765,"height":12}},{"id":"37096b71-ddb9-4160-9df8-017c4dd8521c","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":560,"width":839,"height":12}},{"id":"a78fc729-d07a-4b32-ae81-2d233f7d25f7","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":19,"box":{"x":82,"y":575,"width":461,"height":11}},{"id":"16164b31-8888-47ed-ae29-97c519530309","block_type":"box","text":"Leverage Risk","page_number":19,"box":{"x":81,"y":595,"width":107,"height":11}},{"id":"9e624a8d-526d-440b-b8ea-a60a281e602b","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":19,"box":{"x":192,"y":595,"width":741,"height":11}},{"id":"695c1f4c-375f-4a7b-acb5-d8966d2835cc","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":19,"box":{"x":81,"y":610,"width":787,"height":11}},{"id":"77d82e1e-7b90-4ae5-9091-0c5d0f5de334","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":19,"box":{"x":82,"y":624,"width":825,"height":12}},{"id":"8444fbf4-cce9-4777-a769-d29f51da6d75","block_type":"box","text":"securities laws, including the Investment Company Act. Under Rule 18f-4 under the Investment Company Act, among","page_number":19,"box":{"x":81,"y":639,"width":856,"height":12}},{"id":"b36d6c42-6dc8-4b0e-818f-56142f5dbe48","block_type":"box","text":"other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage","page_number":19,"box":{"x":81,"y":654,"width":852,"height":12}},{"id":"5d20a758-85d4-4947-bd8c-8582e8e488cb","block_type":"box","text":"risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not","page_number":19,"box":{"x":82,"y":669,"width":845,"height":12}},{"id":"423aeaf1-bc94-4b5c-8386-9853cfa0881c","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":19,"box":{"x":81,"y":684,"width":797,"height":11}},{"id":"61d88be7-5702-4d77-84e2-a5980f8eb7a8","block_type":"box","text":"Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":19,"box":{"x":81,"y":699,"width":787,"height":11}},{"id":"d882d9cf-a41b-423e-9750-4b95d85bf952","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":19,"box":{"x":82,"y":713,"width":293,"height":12}},{"id":"8ce5fa4e-b868-4d0d-a7fd-966dd3e65b3b","block_type":"box","text":"Mid Cap Securities Risk","page_number":19,"box":{"x":81,"y":734,"width":182,"height":11}},{"id":"4d8ae74d-3cba-458f-ad29-63b34c2e19c4","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":733,"width":665,"height":12}},{"id":"2ca40f2f-ecd3-42e9-811d-4d8335ec1632","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":748,"width":789,"height":12}},{"id":"e7e67512-81af-4381-ab1b-f54c10ec99cd","block_type":"box","text":"Ownership Limitations Risk","page_number":19,"box":{"x":82,"y":768,"width":205,"height":12}},{"id":"9629feb6-a07d-4ed9-8dec-fce6c55f6ed8","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":19,"box":{"x":291,"y":768,"width":610,"height":12}},{"id":"0a1fd254-eb6a-4ce0-8d2a-23ab1e5c829d","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":783,"width":849,"height":11}},{"id":"965e121e-3815-4051-9a91-bf9eeda49221","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":798,"width":798,"height":11}},{"id":"f75712b9-659a-4fad-89f5-1d49911c0257","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":813,"width":833,"height":11}},{"id":"7956b247-76cc-47e5-9dcd-7ad256e2886f","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":827,"width":851,"height":12}},{"id":"a0443d91-8bd3-43b9-a6e9-883f6360e252","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":842,"width":813,"height":12}},{"id":"39642c91-f341-4b1d-a181-c2351cf0ee05","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":19,"box":{"x":82,"y":857,"width":331,"height":12}},{"id":"3e53e64b-a468-40b7-94cf-1775bd5a8238","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":877,"width":826,"height":12}},{"id":"9ceb56db-d92b-4af1-b18a-66bd9c93b73f","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":892,"width":848,"height":12}},{"id":"b08cff17-de6f-4971-a694-f9d54fdadd08","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":907,"width":799,"height":11}},{"id":"3c5bb4ab-9ea4-4a6d-8644-d85984292ea7","block_type":"box","text":"18","page_number":19,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b48a39dc-efe7-445f-8d79-6167f534bfb0","block_type":"box","text":"NM1026U-5993011-19/41","page_number":19,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"03b76a06-516f-45a3-81de-aaaafb26f9f2","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":20,"box":{"x":81,"y":46,"width":828,"height":11}},{"id":"b28a3140-b068-46b7-a764-3eb2f7d29442","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":20,"box":{"x":81,"y":60,"width":828,"height":12}},{"id":"688c7646-153a-4e2d-935d-bf30f2af66ed","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":20,"box":{"x":80,"y":75,"width":837,"height":12}},{"id":"3edef0f9-6bc0-4b7c-8cfe-299b80d9cd89","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":20,"box":{"x":80,"y":90,"width":837,"height":12}},{"id":"967150e0-4ce6-4184-bfde-f483d4a5f3f9","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":20,"box":{"x":82,"y":105,"width":800,"height":12}},{"id":"bf88ee0c-2012-4d45-b9a1-67352eb6bf52","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":20,"box":{"x":81,"y":120,"width":678,"height":11}},{"id":"2c4fabf9-9d7a-4391-b6b8-18dded32a1dc","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":20,"box":{"x":81,"y":140,"width":842,"height":11}},{"id":"5c929720-292c-4602-b09b-f4aae0b40d60","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":20,"box":{"x":81,"y":155,"width":833,"height":11}},{"id":"daf4030d-09aa-4f3d-b6a1-5c691ff5d31e","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":20,"box":{"x":82,"y":169,"width":582,"height":12}},{"id":"4f553b81-16b8-4357-b079-bb82b1e22338","block_type":"box","text":"Reliance on Advisor Risk","page_number":20,"box":{"x":81,"y":190,"width":188,"height":9}},{"id":"49134365-8110-4dbe-bf73-bde6e8e09c68","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":20,"box":{"x":273,"y":190,"width":614,"height":11}},{"id":"5dc229a8-f39d-4c3d-b69d-94e6be5c1140","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":204,"width":830,"height":11}},{"id":"9eea2b39-e747-47ec-8cff-7e72c11b4b86","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":219,"width":856,"height":12}},{"id":"6c15ad43-0399-46c1-a29c-0e6a947f3674","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":234,"width":841,"height":11}},{"id":"1365a65a-289c-4ea3-941e-7bf57b08fd10","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":249,"width":649,"height":11}},{"id":"7732bbc5-a0f8-4136-b6b7-d509bb510d2d","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":20,"box":{"x":81,"y":269,"width":481,"height":11}},{"id":"b2ad48de-cef7-40c0-9282-bcf9d445189d","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":20,"box":{"x":565,"y":269,"width":370,"height":11}},{"id":"037a4995-20b0-41d1-ad39-df13391d6784","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":20,"box":{"x":82,"y":283,"width":827,"height":12}},{"id":"28cd240e-49f6-4c9f-aeef-f50665bef6a8","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":20,"box":{"x":81,"y":298,"width":816,"height":12}},{"id":"0c584910-9ecb-4c0f-9413-20b653076de5","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":20,"box":{"x":81,"y":313,"width":647,"height":12}},{"id":"3e7e809c-4321-412a-8dff-53ba2539b3ef","block_type":"box","text":"Restricted Securities Risk","page_number":20,"box":{"x":81,"y":333,"width":198,"height":9}},{"id":"966aa31c-e45b-493d-9541-5fd52485c379","block_type":"box","text":"—","page_number":20,"box":{"x":284,"y":339,"width":17,"height":0}},{"id":"de08300f-0dff-4d47-8ef3-be3dd88a9e42","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":20,"box":{"x":306,"y":333,"width":571,"height":12}},{"id":"0b297bdc-7e35-4108-9f6a-4b6c27a41a18","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":348,"width":843,"height":11}},{"id":"7a5c45a7-1e9d-48ee-9a91-757a3a645bbc","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":363,"width":813,"height":11}},{"id":"af800e58-c7ce-4e9d-a353-4340a371d49a","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":378,"width":851,"height":11}},{"id":"ce322f37-2291-4ce0-9a50-4710c4e83b11","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":392,"width":774,"height":12}},{"id":"3bd3bc45-4a68-49f9-9c48-5e3e5886f457","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":407,"width":839,"height":12}},{"id":"585e4ea5-403f-4737-911c-50a99615e764","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":422,"width":828,"height":11}},{"id":"ce573d4e-4b44-48d1-ab39-397db97524a4","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":437,"width":830,"height":11}},{"id":"1c4a1938-222e-4873-85e0-0b84d2ac8ae3","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":452,"width":787,"height":11}},{"id":"7f6029f8-be8d-43b1-863a-14496d7454f5","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":467,"width":838,"height":11}},{"id":"9c0a33b6-5e1c-49a8-9e90-4d5f0b482dd2","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":481,"width":843,"height":12}},{"id":"72d7ce3d-94be-4f69-9e96-2106d6a16f5c","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":496,"width":827,"height":12}},{"id":"45e6e766-ba13-46d2-965e-5073ba09f7d2","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":20,"box":{"x":82,"y":511,"width":812,"height":11}},{"id":"d0cbc95c-ac61-4945-9071-f211525eec6f","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":526,"width":795,"height":11}},{"id":"d2d4d39a-e1c3-4a9e-8036-5df09e7907f8","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":20,"box":{"x":81,"y":541,"width":468,"height":11}},{"id":"9bdf4a91-525b-4e3e-bf43-5ce68099ada8","block_type":"box","text":"Reverse Repurchase Agreements Risk","page_number":20,"box":{"x":81,"y":561,"width":289,"height":11}},{"id":"edff1f51-99c0-4448-89b9-5f0a1f530f9e","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":20,"box":{"x":374,"y":561,"width":562,"height":11}},{"id":"0008689a-08d2-42b8-b9b2-24f1440130ef","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":20,"box":{"x":82,"y":576,"width":838,"height":11}},{"id":"1b83a547-4500-4af5-b355-e8bd63cc7645","block_type":"box","text":"repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at","page_number":20,"box":{"x":82,"y":590,"width":852,"height":12}},{"id":"6d6e44c9-2c3f-414e-957c-faf7ae948537","block_type":"box","text":"all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the","page_number":20,"box":{"x":81,"y":605,"width":821,"height":12}},{"id":"3ca94e9e-2f50-4342-92ef-883b0ab42f53","block_type":"box","text":"Fund, including the value of the investments made with cash collateral, is less than the value of the securities.","page_number":20,"box":{"x":82,"y":620,"width":812,"height":12}},{"id":"e16079b0-20f0-497f-873f-4626a7812f5f","block_type":"box","text":"These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements","page_number":20,"box":{"x":81,"y":635,"width":854,"height":11}},{"id":"c71bc636-1724-4610-99f0-4f3f636d40fa","block_type":"box","text":"involve the risk that the interest income earned in the investment of the proceeds will be less than the interest","page_number":20,"box":{"x":82,"y":650,"width":814,"height":11}},{"id":"f58fa8c5-704f-4309-ac11-fb7696edd641","block_type":"box","text":"expense.","page_number":20,"box":{"x":81,"y":667,"width":64,"height":9}},{"id":"312316e7-e198-4fb1-9ac5-a47af8143048","block_type":"box","text":"Rights Risk","page_number":20,"box":{"x":81,"y":685,"width":88,"height":11}},{"id":"641b0053-638c-45b3-8730-5c0d99d8c90b","block_type":"box","text":"—","page_number":20,"box":{"x":173,"y":690,"width":17,"height":1}},{"id":"1bfa924c-4a0a-4147-968a-1a42af97c1c2","block_type":"box","text":"The failure to exercise subscription rights to purchase common stock would result in the dilution of","page_number":20,"box":{"x":194,"y":684,"width":728,"height":12}},{"id":"4492e463-6bec-4ef6-9e23-67d1b8f9c334","block_type":"box","text":"the Fund’s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the","page_number":20,"box":{"x":80,"y":699,"width":836,"height":12}},{"id":"e2590e76-c6d6-492e-a739-8e11e22d918c","block_type":"box","text":"Fund may not always realize full value on the sale of rights.","page_number":20,"box":{"x":82,"y":714,"width":431,"height":12}},{"id":"bc754056-09b9-4568-bcce-e3dd91757001","block_type":"box","text":"Securities Lending Risk","page_number":20,"box":{"x":81,"y":734,"width":178,"height":11}},{"id":"708b17fd-86ed-4acb-a53b-198270c36527","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":734,"width":661,"height":12}},{"id":"16304916-8ba1-4447-ac64-7c3c4ae2afe4","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":749,"width":852,"height":11}},{"id":"db3d2a0f-069f-479e-80ab-0ab59f5e4991","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":764,"width":811,"height":11}},{"id":"e426ed82-9ace-47f4-a02d-f96464ef46c6","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":778,"width":829,"height":12}},{"id":"2457806f-1b8e-4ae5-974a-378d130d3088","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":20,"box":{"x":81,"y":793,"width":292,"height":12}},{"id":"b6b443ec-8e83-47f4-ad19-050c0d26d595","block_type":"box","text":"Small Cap Securities Risk","page_number":20,"box":{"x":81,"y":813,"width":196,"height":12}},{"id":"a59917c7-06b3-42dd-86dc-c7419a86d651","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":20,"box":{"x":280,"y":813,"width":630,"height":12}},{"id":"44f9d47e-f49d-442e-a37c-845d0b6ee1c2","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":20,"box":{"x":81,"y":828,"width":844,"height":12}},{"id":"7b96e627-b08b-441e-91d0-7637d7055562","block_type":"box","text":"If a product fails or there are other adverse developments, or if management changes, the Fund’s investment in a","page_number":20,"box":{"x":82,"y":843,"width":835,"height":12}},{"id":"f1e61781-eb10-483e-b3bd-09afb7365282","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":20,"box":{"x":81,"y":858,"width":787,"height":11}},{"id":"656dd2aa-9e7d-47c6-81a7-0087beb3fbed","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":20,"box":{"x":81,"y":873,"width":854,"height":11}},{"id":"c3574513-1036-4798-b914-6dba0de282f1","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":20,"box":{"x":82,"y":887,"width":501,"height":12}},{"id":"e8b551e5-70fd-49d9-a121-b089364a90f5","block_type":"box","text":"19","page_number":20,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"503a9862-898c-4f7f-a942-dbde30c20998","block_type":"box","text":"NM1026U-5993011-20/41","page_number":20,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"cc01dcda-7d37-4202-a150-7f8bb9fe8685","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":21,"box":{"x":81,"y":46,"width":794,"height":11}},{"id":"d4f881ac-18a3-49f8-a79b-16c9f00ab25f","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":21,"box":{"x":82,"y":61,"width":830,"height":11}},{"id":"a1c148d9-ae83-49e5-90c1-6b4e7774b85e","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":21,"box":{"x":82,"y":76,"width":812,"height":11}},{"id":"8c3d7a3e-c2d0-488b-831e-83034cc811c4","block_type":"box","text":"securities requires a longer term view.","page_number":21,"box":{"x":81,"y":90,"width":279,"height":12}},{"id":"dc2f8d71-f09a-47e1-bc9e-aae25c9e9ead","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":21,"box":{"x":81,"y":110,"width":298,"height":11}},{"id":"9d85d31b-62d4-4031-a8a6-a6af83451718","block_type":"box","text":"—","page_number":21,"box":{"x":383,"y":115,"width":17,"height":1}},{"id":"a6aa9fb4-147c-41e4-b48f-c59d687c3ef9","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":21,"box":{"x":405,"y":110,"width":514,"height":12}},{"id":"59e96b0c-9277-4a84-92e6-fa2e2b27f79e","block_type":"box","text":"Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to","page_number":21,"box":{"x":82,"y":125,"width":829,"height":11}},{"id":"6bdd1f76-c08c-4b8b-8111-d61e127a8314","block_type":"box","text":"pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide","page_number":21,"box":{"x":82,"y":140,"width":836,"height":11}},{"id":"d8554313-c514-4567-ae09-c69b7a4d1025","block_type":"box","text":"not to issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to","page_number":21,"box":{"x":82,"y":155,"width":844,"height":11}},{"id":"919e08b7-8c79-4f23-ac3b-fb5980b0d75d","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":82,"y":169,"width":403,"height":12}},{"id":"d27e1aad-bd8b-47f7-b95e-92acd9ed4fde","block_type":"box","text":"Valuation Risk","page_number":21,"box":{"x":83,"y":190,"width":107,"height":9}},{"id":"2ec6d545-b620-4558-9ac4-1e4e19436a63","block_type":"box","text":"—","page_number":21,"box":{"x":194,"y":195,"width":17,"height":1}},{"id":"afbf542d-8b09-4ea3-ab53-30dafdb225f2","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":21,"box":{"x":215,"y":189,"width":700,"height":12}},{"id":"bcc0db47-b653-4ec7-a6ce-d55f7d5e4dfc","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":21,"box":{"x":81,"y":204,"width":835,"height":12}},{"id":"55f7989f-08f8-4205-b79d-82133f6f86d3","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":21,"box":{"x":81,"y":219,"width":848,"height":12}},{"id":"d32d4818-6672-4201-a767-b0defc3e260f","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":21,"box":{"x":82,"y":234,"width":845,"height":11}},{"id":"ab456482-55b9-41d7-8a56-fa191880dc66","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":249,"width":840,"height":11}},{"id":"054e4c4a-f331-4637-b6e7-bae99c59fa64","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":263,"width":783,"height":12}},{"id":"7fa9d0f9-8676-4e15-aed2-25b187b0c9b1","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":279,"width":810,"height":11}},{"id":"1361fa59-4ae6-4733-b797-ba0310b1f241","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":293,"width":847,"height":12}},{"id":"dfb11cc3-d06c-4af9-b534-825d0849b6cc","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":308,"width":848,"height":11}},{"id":"9e77241d-d0a3-4572-a8d6-dfa8f1347f2a","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":323,"width":819,"height":11}},{"id":"acd4848d-6660-42ee-b0cb-cff39e71b82f","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":338,"width":837,"height":11}},{"id":"4c36854f-518a-4ab4-b59b-56e078a8fbd0","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":353,"width":672,"height":11}},{"id":"35958887-6f77-4d04-9d82-f7b7e7661357","block_type":"box","text":"Warrants Risk","page_number":21,"box":{"x":83,"y":373,"width":105,"height":9}},{"id":"fc66cf06-2066-46d6-9c31-90712a4ea50b","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":21,"box":{"x":192,"y":372,"width":698,"height":12}},{"id":"48804dd9-fe37-4638-9e23-347876205992","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":21,"box":{"x":81,"y":387,"width":830,"height":12}},{"id":"28f171ff-4c48-4b93-a45c-048ea93bc023","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":21,"box":{"x":81,"y":402,"width":821,"height":12}},{"id":"5f413d59-9b3e-4871-911c-037cf80b18cb","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":21,"box":{"x":82,"y":417,"width":822,"height":11}},{"id":"28b14eb1-7d8a-4446-9750-f9114076f050","block_type":"box","text":"move with the price of the underlying stock.","page_number":21,"box":{"x":82,"y":432,"width":317,"height":11}},{"id":"6c2ff29f-3851-411a-a7c3-6dde11fbb7fc","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":21,"box":{"x":83,"y":452,"width":584,"height":11}},{"id":"c628572b-b1e6-4e15-9823-60a8f3030598","block_type":"box","text":"— When-issued and delayed","page_number":21,"box":{"x":671,"y":452,"width":208,"height":11}},{"id":"fd321897-da58-4d85-9b8b-b615e7dfba81","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":467,"width":843,"height":11}},{"id":"3dd1779e-29e1-4289-910d-e7cab7146f9e","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":482,"width":830,"height":11}},{"id":"5f3ab366-3843-48f2-b27b-8781ff5b7a1f","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":496,"width":849,"height":12}},{"id":"e9767652-6910-4d12-8d3a-34ffd526bfb9","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":80,"y":511,"width":425,"height":12}},{"id":"487b8fd5-4104-4bc1-9280-aa4df0601858","block_type":"box","text":"20","page_number":21,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3b9bb680-e7f8-48bd-8edf-71b88807bf2b","block_type":"box","text":"NM1026U-5993011-21/41","page_number":21,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"1526845c-166f-4c9b-b7a6-026fd1adc977","block_type":"box","text":"Account Information","page_number":22,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"137b677e-a479-4159-b3f6-d92785866412","block_type":"box","text":"Details About the Share Class","page_number":22,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"97901994-9473-4485-bdb8-e1d1a5ff9a17","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":22,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"8b6b46a7-cc78-46a5-ac44-e7c0ee9bf940","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":22,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"d80af7b3-4d56-4208-b4f1-83dd69f88fa0","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":22,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"f97b0cff-4484-46cd-a2eb-f99abecfde41","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":22,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"3ee29070-ffec-4da4-950b-39f2c554adad","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":22,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"6aa0b1db-d028-41ec-8a0e-afc97e70c051","block_type":"box","text":"service provider, or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can","page_number":22,"box":{"x":61,"y":256,"width":869,"height":12}},{"id":"08d4363d-f421-4ad7-83fc-d0805578769c","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":22,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"3eed138a-9874-4988-b8bf-2943c478dfa9","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":294,"width":811,"height":11}},{"id":"bdffbeeb-a3a2-44f6-aed8-ddbffb334985","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":22,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"52340e77-a754-4b89-a86a-e76d7fd5cce1","block_type":"box","text":"Class K Shares at a Glance","page_number":22,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"0daf1d10-6193-46d9-af44-c6a4422f93c5","block_type":"box","text":"Availability","page_number":22,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"4c5f45de-cbd2-4b2c-a626-8d96ea04276b","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":22,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"7cc5aabb-6eb7-40c1-bbc5-ed023b601d40","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":22,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"bc7acf56-f004-461f-9ae7-db0d54f048e8","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":22,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"75a565ec-6035-40dd-858c-e72c21c4b74d","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":22,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"efbb4f4f-aea7-4d46-a44c-1463722ce800","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":22,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"3a98384c-8388-4c19-bbf6-31915bb768a2","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":22,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"23256e3b-a8e9-431d-9c6c-4ee149cea16b","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":22,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"c819486e-311b-4c0f-acfc-667a54000eec","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":22,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"524aadf7-bcb7-4ed8-a819-76becdd2a2f3","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":22,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"30fb9abb-f1ac-475c-bfd9-18d36e5cf386","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":22,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"6d822eda-7b7a-4fb8-b394-ad45a7d3e805","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":22,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"d4eee769-5bcf-43c3-baec-810251a8fcbf","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":22,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"35254c47-847c-4526-bad0-82610e09307c","block_type":"box","text":"to sell such shares; (v) fee-based advisory platforms of a Financial Intermediary that","page_number":22,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"59552cbc-0f2a-4fa4-bcfc-9d358dd489d7","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":22,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"81bc62f8-5b11-4bbe-afea-da357553e728","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":22,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"f42bb59f-fb76-4485-aca4-5e99c3e1b949","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":22,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"ee535ad3-5af8-4689-8e23-2e15bf281fa6","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":22,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"03aa0b60-ea6b-4f8c-ba62-b38f298ffc26","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":22,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"4688ae19-464f-4ced-9f20-3dd92be3d4ca","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":22,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"31094b66-0964-48f1-adfc-28404656433c","block_type":"box","text":"same account since August 15, 2016.","page_number":22,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"0c343062-31a5-40fe-a140-a75484fbd804","block_type":"box","text":"Minimum Investment","page_number":22,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"1fd34cb2-4d3b-4d00-8030-b28f01a26f60","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":22,"box":{"x":348,"y":666,"width":421,"height":10}},{"id":"57828bd9-e2e4-4340-9dc5-f9701ed2d3ed","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":22,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"0b3b1dcb-1497-4ed4-8d9c-453e2f5e79fe","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":22,"box":{"x":349,"y":699,"width":535,"height":10}},{"id":"d9b22c45-b5f2-4577-bccd-aba9c0dd72ac","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":22,"box":{"x":348,"y":718,"width":439,"height":10}},{"id":"02061910-100b-417d-9fd2-4a5b70ee6fdf","block_type":"box","text":"Initial Sales Charge?","page_number":22,"box":{"x":61,"y":736,"width":140,"height":10}},{"id":"710b65c8-7ba9-41c3-99c5-24d7890cbd78","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":22,"box":{"x":349,"y":736,"width":391,"height":10}},{"id":"d214b651-005b-426f-a9b1-40b83e0a63c1","block_type":"box","text":"Deferred Sales Charge?","page_number":22,"box":{"x":61,"y":754,"width":159,"height":10}},{"id":"61fc1d4a-414b-4d60-aaba-1ebf1c70c71a","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":754,"width":20,"height":8}},{"id":"b5e93464-de9f-4981-bf53-18692b1b4afd","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":22,"box":{"x":61,"y":772,"width":261,"height":10}},{"id":"0251d91d-2bb5-4ca1-bc69-f604f40750ab","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":772,"width":20,"height":8}},{"id":"33405b99-8e00-4e67-bde6-214a39305a23","block_type":"box","text":"Redemption Fees?","page_number":22,"box":{"x":61,"y":790,"width":125,"height":10}},{"id":"b52fd809-f152-4d9e-ac73-dfbcfdb4246d","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":790,"width":20,"height":8}},{"id":"46c961fa-ee19-456b-adfa-b7d11bacddcc","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":22,"box":{"x":60,"y":822,"width":620,"height":11}},{"id":"2b5df79b-7f5b-4a8d-9d4f-1e8030f99dbb","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":22,"box":{"x":60,"y":844,"width":874,"height":12}},{"id":"6cac0889-08be-4f27-b495-73a9bc36a8e9","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":22,"box":{"x":62,"y":859,"width":778,"height":12}},{"id":"acd68910-2e0f-4452-81b2-3b3ad454cf3b","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":22,"box":{"x":61,"y":874,"width":817,"height":11}},{"id":"b3122b72-7e30-4821-b6af-a6f87be04ffe","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":22,"box":{"x":61,"y":889,"width":807,"height":11}},{"id":"4312f1b3-4a83-443a-8e22-3c8775633294","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":22,"box":{"x":62,"y":904,"width":410,"height":11}},{"id":"fcdea6da-383d-4151-bc7f-c602141212bf","block_type":"box","text":"21","page_number":22,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"16159f1d-5bc8-4256-9954-3c920044f5f2","block_type":"box","text":"NM1026U-5993011-22/41","page_number":22,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"f584420c-02e4-43be-b3d4-ba42d99127e9","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":23,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"b3e1e05d-0417-4e99-a7ff-946daaabd7ce","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":23,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"bf98c494-824b-46ba-992f-67a396d2baab","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":23,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"c01d8b54-91f3-4f2d-a945-3d43c47a21d8","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":23,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"89c9a028-8624-452c-9bb0-c49b30bd0bba","block_type":"box","text":"by that type of account.","page_number":23,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"8901de15-b838-4047-a527-41b94146b6e8","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":23,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"90cc68d2-cbcc-4d1f-a05e-8750d99ea49e","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":23,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"8f472e98-57d7-46b3-ad34-1664c2ea2ac0","block_type":"box","text":"Right of Accumulation","page_number":23,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"f60e5016-599c-4293-99ee-d09ab68f4b32","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":23,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"06674a4a-f6aa-4aef-86f1-f529f17cde89","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":23,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"a8a87c0e-fd12-40c8-b87e-22128888449d","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":23,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"6dfa0d09-d9b4-45df-8ca4-e0d94da2d190","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":23,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"0cc624f1-81c4-4401-a88a-1bba26771933","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":23,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"e9dbb12b-9fcf-43ad-9ff7-9b303922b921","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":23,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"9b2d31ba-0f0f-442a-9988-4dddb656e8d7","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":23,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"a3d738ef-38ec-4104-8807-adc0feef7621","block_type":"box","text":"investor’s spouse and children.","page_number":23,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"eb556a81-ab41-4925-98b5-3b419947e648","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":23,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"88ec37e3-bfc7-4622-9d44-c9020bf13d3d","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":23,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"9584c548-d138-449b-afa9-11ec64f04de3","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":23,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"fa577865-375a-4bf8-a91a-94abb99ffa16","block_type":"box","text":"any previously purchased shares.","page_number":23,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"8ac0c5de-f846-4d43-94a2-e26a473eb520","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":23,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"1898618b-b999-4acb-a8e3-e330bc95bd9c","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":23,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"7f54141a-4295-4c9d-a9ac-def2e4dfa35c","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":23,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"6b7dcceb-e0b5-4485-b7b4-5c20073bc2f3","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":23,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"0d133c45-79ad-4614-8829-070c23c93d6d","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":23,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"08d3ab9f-d987-4450-80a4-91b9e30c3ec7","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":23,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"35d628ec-9a9e-41f6-ad30-7d30f18293ed","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":23,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"b2d08aea-9b17-4e6f-9a54-7023e5020b2b","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":23,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"d02170c5-f188-466a-aadb-8be7e1dedb4a","block_type":"box","text":"investments (including by way of exchange from another mutual fund sponsored and advised by a BlackRock Fund) into","page_number":23,"box":{"x":62,"y":552,"width":872,"height":12}},{"id":"ee2236cc-965c-4baf-9c19-efaf3689b27c","block_type":"box","text":"existing accounts, the Fund generally requires that (i) a shareholder that is a natural person be a U.S. citizen or","page_number":23,"box":{"x":61,"y":567,"width":818,"height":12}},{"id":"c050a015-b714-40d9-a58b-b79ff004ef98","block_type":"box","text":"resident alien, in each case residing within the United States or a U.S. territory (including APO/FPO/DPO addresses),","page_number":23,"box":{"x":61,"y":582,"width":859,"height":11}},{"id":"6acfdce4-e4b4-4a1c-a763-dd03952a828f","block_type":"box","text":"and have a valid U.S. taxpayer identification number, and (ii) a Financial Intermediary or a shareholder that is an entity","page_number":23,"box":{"x":61,"y":597,"width":869,"height":11}},{"id":"4dfced8b-5b2a-4e28-9391-d26ac0aedcbf","block_type":"box","text":"be domiciled in the United States and have a valid U.S. taxpayer identification number or be domiciled in a U.S.","page_number":23,"box":{"x":61,"y":612,"width":817,"height":11}},{"id":"2ef86392-19e9-43b0-a97d-168ed58b7a3f","block_type":"box","text":"territory and have a valid U.S. taxpayer identification number or IRS Form W-8. Any existing account that is updated to","page_number":23,"box":{"x":60,"y":626,"width":865,"height":12}},{"id":"26be013b-71b7-47cd-a695-b2ced07d75d2","block_type":"box","text":"reflect a non-U.S. address will also be restricted from making additional investments.","page_number":23,"box":{"x":61,"y":641,"width":625,"height":12}},{"id":"915b2c16-11d9-495c-9154-a48b998173f4","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":23,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"3d1ff1f5-0c88-4dd2-b74f-9f04e7e8aacc","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. 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Any purchase orders placed","page_number":24,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"b7edea2c-9ba9-4254-a914-a616b9287bf8","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":24,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"b2c843d5-3415-47dc-8dd0-69aee22e20fa","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":24,"box":{"x":461,"y":108,"width":445,"height":10}},{"id":"1148e3af-d79f-4307-97e3-842e912f8778","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":24,"box":{"x":461,"y":121,"width":435,"height":11}},{"id":"5a1e7617-c631-4876-977a-136c8b6f5217","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":24,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"76852cf5-841b-4c95-b25d-612a8454dfa6","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":24,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"1506a467-d10c-41a8-a94a-2ca3ca0ce55a","block_type":"box","text":"determined on the next business day. A broker-dealer or financial","page_number":24,"box":{"x":461,"y":162,"width":428,"height":10}},{"id":"65964ce1-df47-41ca-b9fa-a7905cee22c1","block_type":"box","text":"institution maintaining the account in which you hold shares may","page_number":24,"box":{"x":461,"y":176,"width":427,"height":10}},{"id":"ac097917-8a6a-405f-9d57-d77a0f5a295b","block_type":"box","text":"charge a separate account, service or transaction fee on the purchase","page_number":24,"box":{"x":461,"y":189,"width":466,"height":10}},{"id":"3b0b435b-481e-4149-835c-d671f999a107","block_type":"box","text":"or sale of Fund shares that would be in addition to the fees and","page_number":24,"box":{"x":461,"y":203,"width":420,"height":8}},{"id":"37a62388-5b6d-40a1-a729-debb63799acf","block_type":"box","text":"expenses shown in the Fund’s “Fees and Expenses” table.","page_number":24,"box":{"x":461,"y":216,"width":387,"height":10}},{"id":"3b90ec0b-7c05-4724-8834-71d92ed1ab3e","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":24,"box":{"x":460,"y":232,"width":473,"height":10}},{"id":"133e600b-f80b-4da7-b206-917dc29a567a","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":24,"box":{"x":461,"y":246,"width":453,"height":10}},{"id":"96ffbc7f-a506-457a-b6f9-9d89dfb83eff","block_type":"box","text":"processing fee to confirm a purchase.","page_number":24,"box":{"x":461,"y":259,"width":249,"height":11}},{"id":"63bbd836-a2c6-43cc-80a9-bf01ef934805","block_type":"box","text":"Or contact BlackRock (for","page_number":24,"box":{"x":214,"y":277,"width":167,"height":10}},{"id":"d7a36f10-61dc-4b1f-995b-bd6f015be2d1","block_type":"box","text":"accounts held directly with","page_number":24,"box":{"x":214,"y":291,"width":173,"height":10}},{"id":"9f1d555a-a569-4c10-ab54-20368b9aec32","block_type":"box","text":"BlackRock)","page_number":24,"box":{"x":214,"y":305,"width":71,"height":10}},{"id":"20cb2c6d-cafc-47cf-8d9b-7062ee7f9091","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":277,"width":450,"height":11}},{"id":"4a4b0159-83b7-49e5-8d74-760d2488a1b0","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":24,"box":{"x":461,"y":291,"width":432,"height":10}},{"id":"116dfc54-bafa-4c1a-a133-ed082f7c6d5e","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":24,"box":{"x":461,"y":305,"width":370,"height":10}},{"id":"85bfc62f-c60d-45d7-b650-1b4722843a9b","block_type":"box","text":"Add to Your","page_number":24,"box":{"x":60,"y":323,"width":78,"height":8}},{"id":"c2715d08-0a7d-42b8-b235-5ef4a6ce3512","block_type":"box","text":"Investment","page_number":24,"box":{"x":61,"y":334,"width":75,"height":8}},{"id":"00ba545f-cd3e-46e1-b4da-232d6808d4ed","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":24,"box":{"x":214,"y":322,"width":685,"height":11}},{"id":"2b54da22-9199-40bd-9f50-86b8a98844d4","block_type":"box","text":"Have your Financial","page_number":24,"box":{"x":214,"y":352,"width":125,"height":10}},{"id":"e815cb7b-1c22-49e1-bfc2-9158cbd493c8","block_type":"box","text":"Intermediary submit your","page_number":24,"box":{"x":214,"y":366,"width":164,"height":10}},{"id":"a4f42a48-9ed6-470c-b3b7-4725311674b1","block_type":"box","text":"purchase order for additional","page_number":24,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"e4c442a6-409d-4535-b195-2e413a0817f6","block_type":"box","text":"shares","page_number":24,"box":{"x":214,"y":393,"width":44,"height":8}},{"id":"94bdea37-cb67-417a-a7ee-ec0ff1ab203b","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":24,"box":{"x":460,"y":352,"width":409,"height":10}},{"id":"dd0d9bbe-e1a4-45d0-9dd0-58be59ee5782","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":24,"box":{"x":461,"y":366,"width":353,"height":10}},{"id":"9d5a0eb5-e816-4f09-8c76-f116335c94b9","block_type":"box","text":"Or contact BlackRock (for","page_number":24,"box":{"x":214,"y":411,"width":167,"height":10}},{"id":"4994677e-c05b-4677-a588-543ec4a21f5b","block_type":"box","text":"accounts held directly with","page_number":24,"box":{"x":214,"y":425,"width":173,"height":10}},{"id":"aff3d684-41c6-4a6b-a1b5-2af1872a2df5","block_type":"box","text":"BlackRock)","page_number":24,"box":{"x":214,"y":438,"width":71,"height":10}},{"id":"dae40c36-64bf-4197-ac09-57d5038e0601","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":411,"width":460,"height":10}},{"id":"f78c0ae2-0fce-4c89-9da3-d663e651b794","block_type":"box","text":"Retirement Plan","page_number":24,"box":{"x":461,"y":424,"width":108,"height":9}},{"id":"ee4bd0a2-c538-422e-967a-0121e9737e65","block_type":"box","text":":","page_number":24,"box":{"x":572,"y":427,"width":1,"height":5}},{"id":"2ec6e015-2917-491a-8c9c-6db640ecfa8e","block_type":"box","text":"Purchase by Telephone","page_number":24,"box":{"x":461,"y":441,"width":154,"height":10}},{"id":"8deb9cc1-d1c8-46cb-8754-cdfe51966827","block_type":"box","text":": Call the Fund at (800) 537-4942 and speak","page_number":24,"box":{"x":617,"y":441,"width":298,"height":10}},{"id":"5fc60a1e-3ce0-43e3-9dba-9cb9f8869e28","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":24,"box":{"x":460,"y":454,"width":449,"height":10}},{"id":"8f5e7e37-e8dc-4248-87c8-0f6e379f8491","block_type":"box","text":"telephone request for any reason.","page_number":24,"box":{"x":460,"y":467,"width":223,"height":11}},{"id":"daf9d536-ff7a-46d7-ae3e-60c09eb59b6f","block_type":"box","text":"Purchase by Internet","page_number":24,"box":{"x":461,"y":484,"width":140,"height":10}},{"id":"333901c7-c997-421d-8598-9d82b30257f3","block_type":"box","text":": You may purchase your shares, and view activity","page_number":24,"box":{"x":603,"y":484,"width":326,"height":10}},{"id":"b22b57ba-2e80-40af-b072-9d585709fbba","block_type":"box","text":"in your account, by logging onto the BlackRock website at","page_number":24,"box":{"x":461,"y":497,"width":379,"height":11}},{"id":"6e79654f-f98e-49a1-9a2a-f2122a7937bc","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":24,"box":{"x":460,"y":511,"width":416,"height":10}},{"id":"51d737a3-dc3e-48de-ae27-4e79efb5da52","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":24,"box":{"x":460,"y":524,"width":450,"height":11}},{"id":"ec581a29-bdb3-4486-aa4f-400029515f55","block_type":"box","text":"day after the purchase is made. Certain institutional clients’ purchase","page_number":24,"box":{"x":461,"y":538,"width":463,"height":10}},{"id":"bfc792a1-439b-40e9-8810-319e03d5666c","block_type":"box","text":"orders placed by wire prior to the close of business on the NYSE will be","page_number":24,"box":{"x":461,"y":551,"width":471,"height":11}},{"id":"be7701a9-d2a8-47bf-8f3f-94b212e443e6","block_type":"box","text":"priced at the net asset value determined that day. Contact your","page_number":24,"box":{"x":461,"y":565,"width":417,"height":10}},{"id":"8e280c8a-4266-4342-acff-28147c8bbb17","block_type":"box","text":"Financial Intermediary or BlackRock for further information. Limits on","page_number":24,"box":{"x":461,"y":578,"width":456,"height":11}},{"id":"75441732-3a1e-45c9-94cb-d46bd0346da5","block_type":"box","text":"amounts that may be purchased via Internet may vary. For additional","page_number":24,"box":{"x":461,"y":592,"width":452,"height":10}},{"id":"a1947809-8ca8-4403-a73a-e40341a850ba","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":24,"box":{"x":461,"y":605,"width":307,"height":11}},{"id":"45e3173a-d6c6-4875-9140-3729a15206fe","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":24,"box":{"x":461,"y":622,"width":430,"height":8}},{"id":"3a56293e-277f-4c07-b007-906e5b8cfc6e","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":24,"box":{"x":460,"y":635,"width":417,"height":10}},{"id":"db532bd8-1ebd-4037-bb7f-7b23cc0f17c3","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":24,"box":{"x":461,"y":649,"width":448,"height":10}},{"id":"8d58bdf1-7944-48b7-864d-0a89d59f7723","block_type":"box","text":"before attempting to transact online.","page_number":24,"box":{"x":461,"y":662,"width":240,"height":11}},{"id":"9376f963-4ab7-4d3f-887f-496eaf84d2a0","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":24,"box":{"x":460,"y":678,"width":464,"height":11}},{"id":"e7060bcb-0d4e-4f23-91a0-5e578da374a9","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":24,"box":{"x":461,"y":692,"width":419,"height":10}},{"id":"cd9b2adf-c396-4e37-96f8-ea3301df49bc","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":24,"box":{"x":460,"y":706,"width":431,"height":10}},{"id":"45999274-2f26-41b0-9be2-18fd758a370d","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":24,"box":{"x":460,"y":719,"width":453,"height":10}},{"id":"92093625-f2aa-47af-9e56-66c3230d11c0","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":24,"box":{"x":460,"y":732,"width":440,"height":11}},{"id":"e1c555f6-74fd-4b3d-aae1-353a3ad26ede","block_type":"box","text":"Acquire additional shares by","page_number":24,"box":{"x":213,"y":751,"width":187,"height":10}},{"id":"72769893-a269-4ffb-8288-951d40190bd5","block_type":"box","text":"reinvesting dividends and capital","page_number":24,"box":{"x":214,"y":764,"width":214,"height":10}},{"id":"5294c0e5-ae41-496e-b830-9317471fb9b4","block_type":"box","text":"gains","page_number":24,"box":{"x":213,"y":778,"width":35,"height":10}},{"id":"e51ae2c8-2941-450e-8f05-275f58a4842a","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":24,"box":{"x":460,"y":751,"width":405,"height":10}},{"id":"9f55607b-f425-4a80-b28f-f22fc7c01231","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":24,"box":{"x":461,"y":764,"width":429,"height":10}},{"id":"d5196b8c-57e9-455d-8474-a96115c96670","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":24,"box":{"x":461,"y":778,"width":445,"height":10}},{"id":"1a013768-a4ba-4f58-ad06-b822005824c5","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":24,"box":{"x":461,"y":791,"width":447,"height":10}},{"id":"535ca707-0e21-4339-a9e4-2b60fcf1b247","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":24,"box":{"x":461,"y":805,"width":468,"height":10}},{"id":"c7161f60-5f99-4444-b7ad-8788d0bae1ae","block_type":"box","text":"contact your Financial Intermediary.","page_number":24,"box":{"x":461,"y":818,"width":233,"height":10}},{"id":"5af42960-7174-4b4d-8cb0-a32ad0c9c7cc","block_type":"box","text":"23","page_number":24,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"2b6fa7b9-f554-4cec-ae11-8889b0c24c78","block_type":"box","text":"NM1026U-5993011-24/41","page_number":24,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"0cdcb158-59dc-469b-81f8-549f35f42a84","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"2562b830-7263-485d-b31c-f29af0d6ab1c","block_type":"box","text":"How to Pay for","page_number":25,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"65787fc8-4a2c-445b-a7cf-4c165034df6b","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"b358e94d-d550-46ad-985d-9b6c49285548","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":25,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"9e8428e5-a034-427e-a2bf-9db15019576c","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":25,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"926de4ab-0eaf-4c9d-8c26-774d84e63efa","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":25,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"c8b05d20-0dd6-44b4-a3c9-37813ccddca1","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":25,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"4b1275e8-1db5-4995-95e5-dbc620da6c26","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":25,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"618fc480-7548-407a-9d9a-2aa1b3b6def0","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":25,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"43c50b8f-d6fe-42cd-8ca1-61fa849ebdf9","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":25,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"488d58ef-4345-41b9-88c4-7c1481e216a3","block_type":"box","text":"the Fund.","page_number":25,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"9fe68876-fe2d-4bcd-aaf9-5c09a501bf47","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":25,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"df174f6f-feb3-47cb-8282-939c622cd43e","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":25,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"d06bb9db-1bf6-4ccc-a5ad-af952a39b6f4","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":25,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"b45abd8f-de86-4bf6-805f-6ea163ebfd6a","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":25,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"30eae52e-2ea9-4045-823e-3c5c43f26263","block_type":"box","text":"time) on the first business day following receipt of the order. Payment","page_number":25,"box":{"x":460,"y":232,"width":460,"height":11}},{"id":"cd7a6c63-547c-483a-b68c-27b09197e297","block_type":"box","text":"may also, at the discretion of the Fund, be made in the form of","page_number":25,"box":{"x":461,"y":246,"width":416,"height":10}},{"id":"70057953-e15b-47b7-a904-779983c6b064","block_type":"box","text":"securities that are permissible investments for the respective fund. If","page_number":25,"box":{"x":461,"y":259,"width":458,"height":10}},{"id":"d2bb0c00-7123-4c83-930d-5237c996393c","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":25,"box":{"x":461,"y":273,"width":472,"height":10}},{"id":"ba3d1a53-671d-4dff-840d-d39a4c6e7da4","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":25,"box":{"x":461,"y":286,"width":458,"height":11}},{"id":"0c0ba466-2d8b-416f-893d-019a0b5bce93","block_type":"box","text":"Fund.","page_number":25,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"f69b9d8e-6811-4bc7-a079-cdae0178edd7","block_type":"box","text":"How to Sell Shares","page_number":25,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"dc74fff2-32e8-4b7e-8c36-1fb048861062","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":347,"width":478,"height":9}},{"id":"95137933-0c2c-4ae0-bfe8-42f436793021","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"0ff7de5b-a4bd-4abb-bcfd-6961d4a3ca0f","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"d5847717-a8ac-46f6-9d89-cfafe39bc891","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"00abaa7f-89b7-4279-89bc-ac6c4906e6fb","block_type":"box","text":"Have your Financial","page_number":25,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"892de682-3553-4e65-95d6-37784c048391","block_type":"box","text":"Intermediary submit your sales","page_number":25,"box":{"x":214,"y":377,"width":204,"height":10}},{"id":"8fd22629-4d08-4592-8102-dabee9f9045d","block_type":"box","text":"order","page_number":25,"box":{"x":214,"y":391,"width":34,"height":8}},{"id":"c1282b5b-27b7-47b3-a558-a2005b148bc6","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":25,"box":{"x":461,"y":364,"width":450,"height":10}},{"id":"479c27c5-efe1-46ec-a809-afa074568d34","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":25,"box":{"x":461,"y":377,"width":418,"height":11}},{"id":"96a3e3f8-003f-4a9f-8ba2-09e5f0e2f89d","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":25,"box":{"x":461,"y":391,"width":436,"height":10}},{"id":"6c99396d-fea0-494b-9ef1-5941ff23f45c","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":25,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"e9a49234-339d-4695-a4f5-675e13538356","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":25,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"d8172877-a5ac-42c5-99a1-2c12fd3deb8f","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":25,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"c907a3de-fdc7-4add-8e88-5d61f539315e","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":25,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"eff38f8f-e6a1-47ff-b1e2-cf04b95b7488","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":25,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"7a549b3b-3ce4-4810-a535-460eedd93767","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":25,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"e332dbc3-7512-4d4a-99dd-2b427b8e49d9","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":25,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"5d800492-f658-4e8f-b0b0-b3f8f6f8aeea","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":25,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"06e43788-89cd-4f46-9151-490615a0461d","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":25,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"518fc39d-d592-473b-acb5-d26fa8fc562c","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":25,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"02fb6b0f-1ffc-4105-8ab3-539b920f2d09","block_type":"box","text":"Financial Intermediary.","page_number":25,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"85417e43-2f6c-4a9b-8007-14b5b54e80dc","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":25,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"475cc548-aa07-43f5-8817-c04ef0510623","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":25,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"8e66a168-935c-40ac-81cb-5a616160770d","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":25,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"c620cca1-90d4-40ec-bd83-1fc6be559644","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":25,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"6775f20e-f4bf-4f48-8a80-7a2ee65fde40","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. Eastern","page_number":25,"box":{"x":460,"y":612,"width":467,"height":11}},{"id":"8dd8233b-9009-4e66-9177-90d4445b5675","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":25,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"407d6c9a-0ff7-4627-8318-94a3ed5ebb9a","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":25,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"2d1a67ce-41fd-4395-bb58-cfa220c56b9d","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":25,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"70858e04-78c8-46e1-a829-8bf0128c97d1","block_type":"box","text":"business on the next business day.","page_number":25,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"609d69d4-b02b-4961-b39f-00e21958ad7e","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":25,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"6eff5f2e-b631-413d-a686-c9d9bc3511a1","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":25,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"5a4cb705-3883-4bdc-b94d-0afd9ea4ace9","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":25,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"479d5712-37c1-4c39-a526-e4eff7ba3d17","block_type":"box","text":"but in any event, within seven days.","page_number":25,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"4d334a25-fb11-4cb2-a939-fc9de2624107","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":25,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"1bf075dc-659a-4536-b233-670fbbbe4986","block_type":"box","text":"redemption of shares.","page_number":25,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"efe8f07a-65c9-459d-9d69-15d4b28741bc","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":25,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"a16a1280-9108-4ac0-a5c8-5b5f544f7a55","block_type":"box","text":"circumstances.","page_number":25,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"e82bb9df-76a9-4ef4-a220-f46c8e2ef213","block_type":"box","text":"Selling shares held directly with","page_number":25,"box":{"x":214,"y":801,"width":207,"height":10}},{"id":"4b621f7d-f270-4c58-81bc-22b52c44b3e8","block_type":"box","text":"BlackRock","page_number":25,"box":{"x":214,"y":814,"width":67,"height":9}},{"id":"fafbe615-27e3-4eca-b77d-fb3d3c03d146","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":25,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"26a59403-8b39-41ff-a54d-236371126ca6","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":25,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"540d0fc1-954a-415d-aea5-4616fa5ec7eb","block_type":"box","text":"Redeem by Telephone:","page_number":25,"box":{"x":461,"y":831,"width":150,"height":10}},{"id":"bce09333-efa1-4a1f-99d7-3f72e814e160","block_type":"box","text":"You may sell shares held at BlackRock by","page_number":25,"box":{"x":617,"y":831,"width":274,"height":10}},{"id":"4ec097ac-8d0c-4be0-9557-a24854d0dc7a","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":25,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"41891231-f0b7-4207-b689-2964c08ddac0","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":25,"box":{"x":460,"y":860,"width":468,"height":10}},{"id":"3943c52e-8bd9-46f0-87e5-510188f7fea3","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":25,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"74f5cfe4-7c5b-41c9-b87e-596bda90e104","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":25,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"f2942248-c5d4-43e7-b32b-3e2bd46a7529","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":25,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"49b1f395-396a-4854-95bb-dd76b0325f43","block_type":"box","text":"24","page_number":25,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"19747ab4-60a8-420d-8beb-467d95a4937b","block_type":"box","text":"NM1026U-5993011-25/41","page_number":25,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"cea43be4-b54f-4e34-88b9-bb2420a68ca2","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"95fb916f-2b04-4fe7-99a1-1786a4fc8586","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"36a63c0d-83c5-4e38-aa44-635cd22fcd56","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"a4a76f78-00a0-4857-9599-79bbd42ea587","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"fd3bab1a-d0af-47fb-b78a-f3bbe89772b2","block_type":"box","text":"Selling shares held directly with","page_number":26,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"6c3fbf1a-efdb-4c5b-94e8-d616dc948954","block_type":"box","text":"BlackRock (continued)","page_number":26,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"eddb3e53-266e-48fe-af89-1fcc2fe35cdd","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":26,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"4d58a7d1-62a5-4a81-a150-d66ee7c308f1","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":26,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"b08de18b-ec9a-41af-84fb-a7abbab3004e","block_type":"box","text":"believes it is advisable to do so.","page_number":26,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"50410f5d-3298-484b-93b8-6486d6691cf8","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":26,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"417a5f67-68c8-4d58-8ff9-044e56d4c198","block_type":"box","text":"redemptions may be difficult to complete. Please find below alternative","page_number":26,"box":{"x":461,"y":124,"width":470,"height":10}},{"id":"53545098-4fee-4c6a-bdaf-dc4caef91c3d","block_type":"box","text":"redemption methods.","page_number":26,"box":{"x":461,"y":138,"width":139,"height":10}},{"id":"27a944fa-ea6e-4cf9-8d0c-55c247f1336d","block_type":"box","text":"Redeem by Internet:","page_number":26,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"b705cb7b-ee2e-409e-98fd-1da00424d417","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":26,"box":{"x":603,"y":154,"width":321,"height":10}},{"id":"c7464462-5938-4e4b-b50d-da3e4354bb57","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":26,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"cb8b222d-3862-497e-b7ec-a88ba2101ea6","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":26,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"69b9b579-73aa-49af-b07a-ee2914e5de3b","block_type":"box","text":"Redeem in Writing:","page_number":26,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"1e164abe-5876-4187-be1e-b78191ed97d6","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":26,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"91d75853-7625-4207-b36f-0f5f0e36aebd","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":26,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"75021937-8e72-4335-a534-fc360c5680e1","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":26,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"1efe8ed1-e9d5-457a-8ee6-78b148c90c73","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":26,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"df3911e9-3ffb-49ee-ba04-a3cd2e9de3f5","block_type":"box","text":"medallion signature guarantee will be required.","page_number":26,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"95abe6f6-a822-459a-a77a-aea8691202c9","block_type":"box","text":"Payment of Redemption Proceeds","page_number":26,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"20a9354a-fde1-4ff2-bce1-3d2c7b1c71be","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":26,"box":{"x":461,"y":281,"width":467,"height":10}},{"id":"d32ac37d-3ec5-406a-a730-8457598230c0","block_type":"box","text":"banking information on file, by wire transfer.","page_number":26,"box":{"x":461,"y":294,"width":289,"height":10}},{"id":"2f87f199-9f9a-4529-85c6-3e20113771d1","block_type":"box","text":"Payment by Check:","page_number":26,"box":{"x":461,"y":310,"width":129,"height":10}},{"id":"58e1c2d6-7887-40a1-9ec2-134d4ce18cbd","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":26,"box":{"x":597,"y":310,"width":329,"height":10}},{"id":"44278a9c-983e-4c92-a161-aaddfa3af603","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":26,"box":{"x":460,"y":324,"width":430,"height":10}},{"id":"c3b004d2-a63d-42b4-9ef6-17c324904fde","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":26,"box":{"x":461,"y":337,"width":460,"height":11}},{"id":"40c70bc3-d230-43e0-8967-d62c2bff9943","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":26,"box":{"x":461,"y":351,"width":468,"height":10}},{"id":"2b240834-d27a-4edf-be75-428f321cb5aa","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":26,"box":{"x":461,"y":364,"width":467,"height":11}},{"id":"1b7647c9-db6e-4b8f-8f48-480207f7d7b7","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":26,"box":{"x":461,"y":378,"width":467,"height":10}},{"id":"b10e0ffd-f21d-457e-b449-d359b79d7004","block_type":"box","text":"charges imposed by your bank for this service.","page_number":26,"box":{"x":461,"y":391,"width":307,"height":11}},{"id":"530f418e-8fdb-4973-b49c-9090cd5b86fb","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":26,"box":{"x":460,"y":408,"width":438,"height":10}},{"id":"7b52dffb-3ef5-4b33-9802-3593b34dcb04","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":26,"box":{"x":461,"y":421,"width":429,"height":10}},{"id":"d0e572e0-32a3-4b9c-9e5c-dba304317a16","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":26,"box":{"x":461,"y":435,"width":403,"height":10}},{"id":"7db9d0d8-1e11-440b-bc00-0126ccba9489","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":26,"box":{"x":461,"y":448,"width":467,"height":8}},{"id":"85737e85-35f6-4157-ab7b-9452120ddfeb","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":26,"box":{"x":460,"y":462,"width":456,"height":10}},{"id":"13123255-9bef-4825-bdf4-52cde738fa88","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":26,"box":{"x":460,"y":475,"width":402,"height":10}},{"id":"0e9401b5-c318-4eb2-8a3c-c185e9967b7a","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":26,"box":{"x":461,"y":489,"width":430,"height":10}},{"id":"b2e542da-0f11-4bf2-8399-888d1036acd5","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":26,"box":{"x":461,"y":502,"width":465,"height":11}},{"id":"a54f3ba3-4393-4776-81dc-c05bad6ec78a","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":26,"box":{"x":461,"y":516,"width":473,"height":8}},{"id":"0d26c8db-dde1-4046-b581-ced3a6b8b520","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":26,"box":{"x":461,"y":529,"width":456,"height":11}},{"id":"9bc2a4db-b3b8-433f-b9fb-187991d676fd","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":26,"box":{"x":461,"y":543,"width":461,"height":10}},{"id":"52eac84b-8054-44ce-926e-39bd26b2ac5d","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":26,"box":{"x":460,"y":557,"width":469,"height":10}},{"id":"cc0461d9-4243-447a-a0ed-cd043dde7a74","block_type":"box","text":"as of the date of payment of the distribution.","page_number":26,"box":{"x":461,"y":570,"width":295,"height":10}},{"id":"59d0777c-77f2-45fd-8957-da572b6eefe0","block_type":"box","text":"Payment by Wire Transfer:","page_number":26,"box":{"x":461,"y":586,"width":177,"height":10}},{"id":"c5ef09ac-6412-4def-ab47-f568f957eb65","block_type":"box","text":"Payment for redeemed shares for which a","page_number":26,"box":{"x":644,"y":586,"width":275,"height":10}},{"id":"4d0158b5-45f4-4d40-9a12-5be2acc948bc","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":26,"box":{"x":461,"y":600,"width":437,"height":10}},{"id":"4e46daeb-735d-4d50-8f59-08795423562b","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":26,"box":{"x":461,"y":613,"width":471,"height":11}},{"id":"60176225-1964-486f-b321-99a03d563073","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":26,"box":{"x":461,"y":627,"width":417,"height":10}},{"id":"834e6a3a-aa64-4fca-aa22-0554c1634fe5","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":26,"box":{"x":461,"y":640,"width":449,"height":11}},{"id":"33e63ac3-13f4-43e3-83de-93454906a11b","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":26,"box":{"x":461,"y":654,"width":449,"height":10}},{"id":"067e6373-1fd6-4220-84f0-e6e61a48f89a","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":26,"box":{"x":461,"y":667,"width":433,"height":11}},{"id":"0d784da9-4638-44b1-b920-47ef5a0d531d","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":26,"box":{"x":461,"y":681,"width":449,"height":10}},{"id":"90551004-fca5-4ed0-ba11-c288aebf8f63","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":26,"box":{"x":461,"y":694,"width":437,"height":11}},{"id":"6e7a59b6-0f33-4683-b941-b35cc215db43","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":26,"box":{"x":461,"y":708,"width":469,"height":10}},{"id":"394db281-f380-442f-95ed-b0ffaf95de8b","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":26,"box":{"x":459,"y":721,"width":448,"height":11}},{"id":"63daf8ae-6a95-404d-b3f1-da8928f52707","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":26,"box":{"x":461,"y":735,"width":439,"height":10}},{"id":"109ba862-55f9-4ca7-bcdc-1966fb2f032c","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":26,"box":{"x":461,"y":748,"width":455,"height":11}},{"id":"c25336e3-59da-42db-9e2d-e12e0ec654df","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":26,"box":{"x":461,"y":762,"width":462,"height":10}},{"id":"9abe6279-02ad-43ca-baaa-ca6ad3d116ad","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":26,"box":{"x":461,"y":776,"width":448,"height":10}},{"id":"e5cadbad-7358-43c4-805d-6b5425bff928","block_type":"box","text":"wire transfers.","page_number":26,"box":{"x":460,"y":789,"width":94,"height":8}},{"id":"46ce6521-47a9-418a-bc67-890163491c63","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":26,"box":{"x":460,"y":805,"width":425,"height":11}},{"id":"5824e316-4622-4e25-955c-e28769357d63","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":26,"box":{"x":461,"y":819,"width":455,"height":10}},{"id":"6cae3aa9-5656-4f11-8b0f-1b24b6be471f","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":26,"box":{"x":461,"y":833,"width":476,"height":10}},{"id":"1b2f64f5-4ee2-483f-bf62-c60b01dee168","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":26,"box":{"x":461,"y":846,"width":455,"height":10}},{"id":"dadc7558-373c-46fb-b64c-84eb42249110","block_type":"box","text":"the back cover of this prospectus.","page_number":26,"box":{"x":460,"y":859,"width":224,"height":10}},{"id":"c813f31e-f262-4372-ac8a-8a02f8910315","block_type":"box","text":"***","page_number":26,"box":{"x":686,"y":876,"width":25,"height":5}},{"id":"6669bbb1-9c77-468a-8943-c1cefa473082","block_type":"box","text":"25","page_number":26,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"110b960b-0de5-428d-9181-1f42529a4382","block_type":"box","text":"NM1026U-5993011-26/41","page_number":26,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"2778d0fe-1ff4-4256-b813-7a739c87f282","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"f9d1d58f-2d84-4708-ab44-196a6c7f69da","block_type":"box","text":"Full or Partial","page_number":27,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"d8beae80-e858-4916-bef6-b23dc2dd2d9b","block_type":"box","text":"Redemption of","page_number":27,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"1652169a-38fa-4133-a742-ed4984469a1f","block_type":"box","text":"Shares (continued)","page_number":27,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"fb0036a8-9383-4764-8331-e2fc49c92d5a","block_type":"box","text":"Selling shares held directly with","page_number":27,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"2ba04278-381e-4d87-a76f-93c6b94d1692","block_type":"box","text":"BlackRock (continued)","page_number":27,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"5d2a45f1-4199-45f4-9164-62a10153077b","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":27,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"db45694f-4802-4b32-a460-a1ad635f8d10","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":27,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"4a8a5f68-a5f3-4d09-9e50-3c432d4384f4","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":27,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"2a8de199-48b6-4696-95aa-0ffdd42c6f1f","block_type":"box","text":"Redemption","page_number":27,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"e4e8a765-341a-467f-bcfd-03d15d35a161","block_type":"box","text":"Proceeds","page_number":27,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"1bd33520-ee75-4ca9-af03-0fa4f4325100","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":27,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"0436b1d1-db58-43df-be24-76ffcc35782b","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":27,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"ebbe3593-7be8-4b78-a340-9d266aec1ef4","block_type":"box","text":"portfolio assets to generate cash. The Fund reserves the right to pay","page_number":27,"box":{"x":461,"y":145,"width":456,"height":10}},{"id":"eb4b8735-283e-46a2-92eb-324dd5946984","block_type":"box","text":"redemption proceeds with securities from the Fund’s portfolio rather","page_number":27,"box":{"x":461,"y":158,"width":452,"height":10}},{"id":"f96dfb86-7b7d-43c9-8d94-44680a5fb9c6","block_type":"box","text":"than in cash (“redemptions in kind”) as described below. Redemptions","page_number":27,"box":{"x":460,"y":172,"width":467,"height":10}},{"id":"f068a4c1-71f5-4d61-a0aa-6b99392be082","block_type":"box","text":"in kind may be used in certain circumstances if the relevant","page_number":27,"box":{"x":461,"y":185,"width":396,"height":10}},{"id":"467d2d56-388e-4a9f-8901-bdc87e33b9d3","block_type":"box","text":"shareholder is able to accept securities in kind, and may also be used","page_number":27,"box":{"x":461,"y":199,"width":464,"height":10}},{"id":"cbe865f3-fa73-40a3-886d-091eee167b14","block_type":"box","text":"in stressed market conditions. During periods of stressed market","page_number":27,"box":{"x":461,"y":212,"width":431,"height":11}},{"id":"698f060d-0ef8-489a-a124-76a6e9f37127","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":27,"box":{"x":461,"y":226,"width":450,"height":10}},{"id":"45abc766-00d6-4b3e-be99-1736103f2d46","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":27,"box":{"x":461,"y":239,"width":452,"height":11}},{"id":"52490e2d-de7b-4693-90ca-abf2f761446a","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":27,"box":{"x":461,"y":253,"width":471,"height":10}},{"id":"80b3ad56-5dee-4d2e-b49b-a97d29ef8f68","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":27,"box":{"x":461,"y":266,"width":471,"height":11}},{"id":"18057e58-2ea1-4aa5-87e8-5c5c9734868c","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in kind to a","page_number":27,"box":{"x":461,"y":280,"width":406,"height":10}},{"id":"78471afd-bfca-4b6d-a9f3-d8be2c544266","block_type":"box","text":"redeeming shareholder. The SAI includes more information about the","page_number":27,"box":{"x":461,"y":293,"width":455,"height":11}},{"id":"7fc4e43b-a308-41ac-a76b-33deaa31755c","block_type":"box","text":"Fund’s line of credit.","page_number":27,"box":{"x":461,"y":307,"width":133,"height":8}},{"id":"2f72c016-8f5a-4cdc-9b78-b640e3f9a824","block_type":"box","text":"Redemptions in Kind:","page_number":27,"box":{"x":461,"y":323,"width":142,"height":10}},{"id":"a31991c9-af87-4d56-a064-60950367f48c","block_type":"box","text":"The Fund reserves the right to honor any request","page_number":27,"box":{"x":609,"y":323,"width":323,"height":10}},{"id":"37d78a09-9f07-4f08-a215-c725b9b0e4b7","block_type":"box","text":"for redemption by making payment in whole or in part by delivering","page_number":27,"box":{"x":460,"y":337,"width":440,"height":10}},{"id":"edb7e98f-bbad-4849-9517-3a93c5763b7f","block_type":"box","text":"securities valued in the same way as they would be valued for purposes","page_number":27,"box":{"x":461,"y":350,"width":474,"height":10}},{"id":"92b7c41e-5719-49cb-aba4-b134e4823641","block_type":"box","text":"of computing a Fund’s NAV, except that the Fund is obligated to redeem","page_number":27,"box":{"x":461,"y":364,"width":472,"height":10}},{"id":"67cb8503-68b1-4ce7-9aa9-d7038da7aee4","block_type":"box","text":"shares solely in cash up to the lesser of $250,000 or 1% of the Fund’s","page_number":27,"box":{"x":461,"y":377,"width":470,"height":11}},{"id":"decf0abd-0a99-4f36-8e95-c6216cb344dc","block_type":"box","text":"NAV during any 90-day period for any one shareholder. Redemptions in","page_number":27,"box":{"x":461,"y":391,"width":464,"height":10}},{"id":"ba2f6817-1a1e-43af-861d-c6b07fc936fa","block_type":"box","text":"excess of those amounts will normally be paid in cash but may be paid","page_number":27,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"3a444af9-4727-4a10-beec-683219fdea6f","block_type":"box","text":"wholly or partly by a distribution in kind of securities.","page_number":27,"box":{"x":460,"y":418,"width":347,"height":10}},{"id":"5f87a836-528b-49ae-8671-1456217d059b","block_type":"box","text":"The specific security or securities to be distributed will be determined","page_number":27,"box":{"x":460,"y":434,"width":459,"height":10}},{"id":"3f89372d-10b5-4b11-b66c-8269f1456708","block_type":"box","text":"by BlackRock and could include a pro-rata representation of the Fund’s","page_number":27,"box":{"x":461,"y":447,"width":467,"height":11}},{"id":"288146a2-ff44-482a-8ba8-7653d553b3c8","block_type":"box","text":"portfolio or a non-pro-rata representation of the Fund’s portfolio","page_number":27,"box":{"x":461,"y":461,"width":420,"height":10}},{"id":"81f571e0-e6bc-48fd-82ea-dbbae1982bdb","block_type":"box","text":"depending upon various circumstances and subject to the Fund’s","page_number":27,"box":{"x":461,"y":475,"width":430,"height":10}},{"id":"7c79e473-f653-42a6-be5f-1c2cdb1ab6b9","block_type":"box","text":"policies and procedures and any applicable laws or regulations. In","page_number":27,"box":{"x":461,"y":488,"width":435,"height":11}},{"id":"c5bd3f96-f1a9-48fc-bde9-cf48d7a27953","block_type":"box","text":"effecting such redemptions in kind, BlackRock may select securities to","page_number":27,"box":{"x":461,"y":502,"width":468,"height":10}},{"id":"87699a32-5976-4325-b8c8-78b147440819","block_type":"box","text":"distribute to the redeeming shareholder by considering certain factors,","page_number":27,"box":{"x":461,"y":515,"width":465,"height":11}},{"id":"e17be202-2ed9-4246-8e3a-479afd1bec8f","block_type":"box","text":"including, without limitation, the portfolio management team’s model or","page_number":27,"box":{"x":461,"y":529,"width":474,"height":10}},{"id":"bd3bf375-b379-41ec-a42a-8bd11fcd1d16","block_type":"box","text":"optimal portfolio, risk management considerations, compliance","page_number":27,"box":{"x":461,"y":542,"width":417,"height":11}},{"id":"0457b761-3390-420e-817c-c505aebb4ddd","block_type":"box","text":"considerations, the active positioning of the Fund post-redemption, the","page_number":27,"box":{"x":461,"y":556,"width":467,"height":10}},{"id":"85ab4f81-0526-42eb-85bc-17d485ba75b0","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities.","page_number":27,"box":{"x":461,"y":569,"width":400,"height":11}},{"id":"e4b91bdd-b65f-4e23-8f9c-9b62a135605d","block_type":"box","text":"The Fund may effect redemptions in kind in an effort to, among other","page_number":27,"box":{"x":460,"y":585,"width":459,"height":11}},{"id":"605b1c81-483e-48de-b387-1edc83482ace","block_type":"box","text":"considerations: (a) manage the portfolio efficiently or for any other","page_number":27,"box":{"x":461,"y":599,"width":439,"height":10}},{"id":"32ec0745-8e6b-4052-82e0-ed971d6be6bc","block_type":"box","text":"portfolio management purpose, and (b) externalize certain transaction","page_number":27,"box":{"x":461,"y":612,"width":463,"height":11}},{"id":"e1666eaf-a348-4e1e-a355-fc58735386f3","block_type":"box","text":"costs that would otherwise be borne by a Fund in connection with","page_number":27,"box":{"x":461,"y":626,"width":432,"height":10}},{"id":"feb13993-35a1-4dda-9ea3-69e27e4990a3","block_type":"box","text":"redemption activity or portfolio turnover. Redemptions in kind may","page_number":27,"box":{"x":461,"y":640,"width":435,"height":10}},{"id":"a780f295-86de-4cee-9312-962147abd068","block_type":"box","text":"reduce the need for the Fund to maintain short-term cash reserves,","page_number":27,"box":{"x":461,"y":653,"width":446,"height":10}},{"id":"6da4a1d1-2cec-46c5-a614-4b8962746080","block_type":"box","text":"reduce Fund transaction costs, reduce the need for the Fund to sell its","page_number":27,"box":{"x":461,"y":667,"width":466,"height":9}},{"id":"d1e30a2d-f526-407d-b7f5-a99612b007f8","block_type":"box","text":"investments at inopportune times, and lower Fund capital gain","page_number":27,"box":{"x":461,"y":680,"width":412,"height":11}},{"id":"8197cabc-cab3-4832-8739-9b0caadfa7fc","block_type":"box","text":"recognition, all of which may be considerations when determining","page_number":27,"box":{"x":461,"y":694,"width":431,"height":10}},{"id":"cc8b2f75-9430-4ab2-8304-3028bd3c630d","block_type":"box","text":"whether to effect a redemption in kind. However, there can be no","page_number":27,"box":{"x":460,"y":707,"width":430,"height":10}},{"id":"6ba88498-981a-4ad3-a8bc-cb0e51239645","block_type":"box","text":"assurance that redemptions in kind can or will be effected when they","page_number":27,"box":{"x":461,"y":721,"width":456,"height":10}},{"id":"a1718041-d0d5-4d07-a327-8d491376bd99","block_type":"box","text":"would be beneficial to the Fund, and it may be impractical or impossible","page_number":27,"box":{"x":460,"y":734,"width":475,"height":11}},{"id":"2ac9c75e-d6f4-4c95-9d6b-108a1afecc7d","block_type":"box","text":"to effect redemptions in kind with many or substantially all of the","page_number":27,"box":{"x":460,"y":748,"width":430,"height":10}},{"id":"c32e7c2d-ba1e-4144-a89e-63e1581ddb29","block_type":"box","text":"Fund’s shareholders because of, among other things, how they hold","page_number":27,"box":{"x":461,"y":761,"width":448,"height":11}},{"id":"2b869d51-f68d-4b5a-bbd4-f03ef8b6e25b","block_type":"box","text":"their Fund shares or the small value of the redemptions.","page_number":27,"box":{"x":460,"y":775,"width":372,"height":10}},{"id":"f7e93494-5e8e-4f94-af14-c0b7f5288b0a","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for","page_number":27,"box":{"x":461,"y":791,"width":431,"height":10}},{"id":"40471263-db29-483a-928b-d8cc29523fc2","block_type":"box","text":"optimization of the Fund’s portfolio, or a combination thereof, the Fund","page_number":27,"box":{"x":461,"y":805,"width":468,"height":10}},{"id":"0559fcb4-291e-4e43-86b9-fbf9d35333c5","block_type":"box","text":"in its discretion may accept large purchase orders from one or more","page_number":27,"box":{"x":461,"y":818,"width":450,"height":11}},{"id":"525989d3-9e28-4faf-85c2-de5248aefdc9","block_type":"box","text":"financial institutions that are willing, upon redemption of their","page_number":27,"box":{"x":460,"y":832,"width":407,"height":10}},{"id":"1e71180a-ae89-4997-9917-89777a595234","block_type":"box","text":"investment in the Fund, to receive their redemption proceeds in kind","page_number":27,"box":{"x":461,"y":845,"width":450,"height":10}},{"id":"f96495cc-b943-4d0f-909a-00f719757d3e","block_type":"box","text":"rather than in cash. A Fund’s ability to pay these redemption proceeds","page_number":27,"box":{"x":461,"y":859,"width":464,"height":10}},{"id":"33d94f86-49f8-479f-9155-87f3483fbfba","block_type":"box","text":"in kind relieves the Fund of the need to sell the securities that are","page_number":27,"box":{"x":461,"y":872,"width":437,"height":9}},{"id":"9a06d5ce-e631-4f01-b917-3253ac62a24e","block_type":"box","text":"distributed in kind and incur brokerage and other transaction costs","page_number":27,"box":{"x":461,"y":886,"width":440,"height":10}},{"id":"273fdcc4-e4b5-4d28-bba0-67bc71852a38","block_type":"box","text":"associated with such sale and may have the effect of reducing the","page_number":27,"box":{"x":461,"y":899,"width":439,"height":11}},{"id":"c76743cd-a075-473c-a8d2-0711a0d1921b","block_type":"box","text":"amount of taxable gains the Fund would otherwise be required to","page_number":27,"box":{"x":461,"y":913,"width":429,"height":10}},{"id":"2fbffbf9-eaff-475c-a9a4-04f9f43b7e8f","block_type":"box","text":"26","page_number":27,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fe65b4a3-137e-431c-9a7f-4f11c7dc9d38","block_type":"box","text":"NM1026U-5993011-27/41","page_number":27,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"b28c1648-3d5a-483e-8f0c-3f9f07bc768e","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":28,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"59d27ee7-f2a2-449d-a6b2-e4dbcfb22869","block_type":"box","text":"Redemption","page_number":28,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"07a60217-7a28-446a-8171-60eec5796ec0","block_type":"box","text":"Proceeds","page_number":28,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"351e3bee-267c-4b73-8dd2-c0f96a566a1c","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"6457878d-c298-494f-bf8e-5d0b0456b73f","block_type":"box","text":"(continued) distribute to shareholders. The Fund’s short-term trading policy, as","page_number":28,"box":{"x":214,"y":67,"width":687,"height":11}},{"id":"19d3683e-8c45-4d74-920b-76063b9ac43b","block_type":"box","text":"described below, shall not apply to the transactions described in this","page_number":28,"box":{"x":461,"y":81,"width":454,"height":10}},{"id":"39545818-3716-4d48-b394-a1a2def7c203","block_type":"box","text":"sub-section.","page_number":28,"box":{"x":461,"y":94,"width":78,"height":9}},{"id":"b0faca8e-4f23-4195-9520-1a4a01e3b0a8","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to","page_number":28,"box":{"x":461,"y":110,"width":446,"height":11}},{"id":"648b371a-ab7c-4a31-a57f-c7c6c10a8090","block_type":"box","text":"convert them to cash, you may pay taxes and brokerage and other","page_number":28,"box":{"x":461,"y":124,"width":438,"height":10}},{"id":"6d5378f8-a1b9-49f9-ba3b-254a71b39997","block_type":"box","text":"transaction costs to dispose of the securities. You may receive less for","page_number":28,"box":{"x":460,"y":137,"width":470,"height":11}},{"id":"079162ea-0cf2-41ee-b471-db380f96930f","block_type":"box","text":"the securities than the price at which they were valued for purposes of","page_number":28,"box":{"x":460,"y":151,"width":467,"height":10}},{"id":"aeb5a40b-6a2a-4049-9fce-d3da9c01bb94","block_type":"box","text":"effecting the redemption. There may also be a risk that redemption in","page_number":28,"box":{"x":461,"y":164,"width":459,"height":11}},{"id":"917a2b6f-1a3a-4275-ad6e-114683309989","block_type":"box","text":"kind activity could negatively impact the market value of the securities","page_number":28,"box":{"x":461,"y":178,"width":462,"height":10}},{"id":"73c9d696-3414-45ff-867a-d9968a45cab8","block_type":"box","text":"distributed in kind and, in turn, the NAV of the Fund.","page_number":28,"box":{"x":461,"y":192,"width":342,"height":9}},{"id":"3b33313f-cd82-421c-a469-653d4e49160e","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":28,"box":{"x":61,"y":216,"width":415,"height":13}},{"id":"29dfd557-8004-4d70-98f7-6d2c58cc66fb","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":28,"box":{"x":213,"y":238,"width":478,"height":9}},{"id":"3d27c1a7-2e53-4d64-9c51-828dee355b0d","block_type":"box","text":"Exchange Privilege","page_number":28,"box":{"x":61,"y":256,"width":128,"height":10}},{"id":"f2824851-80bb-48a1-bb56-24c7437d79a7","block_type":"box","text":"Selling shares of one BlackRock","page_number":28,"box":{"x":214,"y":255,"width":212,"height":11}},{"id":"ff855a35-7db9-4208-8c31-930d80afddc7","block_type":"box","text":"Fund to purchase shares of","page_number":28,"box":{"x":214,"y":269,"width":181,"height":10}},{"id":"99c7962a-f357-4ddd-a64e-965beafcc097","block_type":"box","text":"another BlackRock Fund","page_number":28,"box":{"x":214,"y":283,"width":158,"height":8}},{"id":"4bb49990-e245-4e9a-860b-6107d689a82c","block_type":"box","text":"(“exchanging”)","page_number":28,"box":{"x":214,"y":296,"width":95,"height":10}},{"id":"1a045caa-cb63-4567-85a4-ad2c50a9f28d","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":28,"box":{"x":461,"y":255,"width":454,"height":11}},{"id":"9728a4cf-ecac-4b5a-b467-5d9a1a8a4593","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":28,"box":{"x":460,"y":269,"width":461,"height":10}},{"id":"202f6dee-e42a-4add-86c1-2fcdfc195453","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":28,"box":{"x":461,"y":282,"width":465,"height":11}},{"id":"bde9cff0-a472-4f17-a4f3-a9d209b32814","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":28,"box":{"x":461,"y":296,"width":463,"height":10}},{"id":"e0375ebf-a322-4fd1-9f56-7faacd199142","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":28,"box":{"x":461,"y":310,"width":457,"height":10}},{"id":"9dc989f4-648f-452f-94c9-cf4f626031e6","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":28,"box":{"x":461,"y":323,"width":447,"height":8}},{"id":"f4dca8c0-d6bb-4564-9884-322601dfa41e","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":28,"box":{"x":460,"y":337,"width":429,"height":10}},{"id":"e4157ec0-bffd-4ad3-9645-f101a98ad3e8","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":28,"box":{"x":461,"y":350,"width":423,"height":11}},{"id":"e547aebc-2004-492c-96c1-5dec08554eed","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":28,"box":{"x":461,"y":364,"width":446,"height":10}},{"id":"f3e01462-1376-4ba6-a881-62b67fd6a849","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":28,"box":{"x":461,"y":377,"width":430,"height":11}},{"id":"3191f47e-c747-42a8-b980-9a7da316df3d","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":28,"box":{"x":461,"y":391,"width":383,"height":9}},{"id":"f5d104b7-6b7e-4692-838a-1c3a25cde7ab","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":28,"box":{"x":460,"y":408,"width":435,"height":11}},{"id":"9e48c97f-975d-4304-8a78-0aaa311a8d1f","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":28,"box":{"x":461,"y":422,"width":406,"height":10}},{"id":"026c7d35-e3f5-47f4-97d5-4514c431b72b","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":28,"box":{"x":461,"y":435,"width":468,"height":11}},{"id":"594de17b-1798-4254-9802-80d1f9be2706","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":28,"box":{"x":461,"y":449,"width":455,"height":10}},{"id":"8aa85bdb-6862-4eb4-a06f-68dc97abdb29","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":28,"box":{"x":460,"y":463,"width":423,"height":10}},{"id":"c4bfc4b6-3b38-4d10-afc4-53a256c914e4","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":28,"box":{"x":461,"y":476,"width":398,"height":10}},{"id":"5a388ce4-0ff3-4ea5-820c-a848b8916dbc","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":28,"box":{"x":461,"y":489,"width":409,"height":11}},{"id":"991243c1-4aef-4fe1-a395-5271b9ea167d","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":28,"box":{"x":461,"y":503,"width":469,"height":10}},{"id":"217553d1-ff6d-4661-804e-2e6b190d0578","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":28,"box":{"x":460,"y":517,"width":461,"height":10}},{"id":"c47ebc3c-6157-4cfb-9656-e4b2b93f5cb7","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":28,"box":{"x":460,"y":530,"width":469,"height":10}},{"id":"3d887494-4c47-421f-a0ee-5b8c6a1ba164","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":28,"box":{"x":460,"y":544,"width":368,"height":10}},{"id":"f8c41360-bdc3-4268-b141-a3678cfb41c5","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":28,"box":{"x":460,"y":561,"width":450,"height":10}},{"id":"a1dd80c6-6453-4ebc-977f-32afa8298654","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated","page_number":28,"box":{"x":460,"y":574,"width":454,"height":11}},{"id":"04036bec-c72f-4972-8b7f-f2f67efc4767","block_type":"box","text":"at any time in the future. The Fund may suspend or terminate your","page_number":28,"box":{"x":461,"y":588,"width":438,"height":10}},{"id":"0f1be933-b8c0-4203-a82c-5f5da3e3fc5b","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":28,"box":{"x":461,"y":602,"width":439,"height":10}},{"id":"f5c9d187-828b-41fa-8a2e-2bc4eed1b6ea","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":28,"box":{"x":461,"y":615,"width":460,"height":10}},{"id":"c55bc1cb-4128-47b5-ae6b-10de65dbf58c","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":28,"box":{"x":461,"y":629,"width":430,"height":10}},{"id":"cc35697f-274f-4da5-8f8a-c463506b3edc","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":28,"box":{"x":461,"y":642,"width":469,"height":11}},{"id":"8b55f5aa-4309-4130-9e4e-46b132f09180","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":28,"box":{"x":460,"y":656,"width":456,"height":10}},{"id":"dd95f114-2744-4e0f-9ad1-57c16c29d021","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":28,"box":{"x":461,"y":669,"width":390,"height":11}},{"id":"64131c12-5138-4faa-87af-5c254f75e079","block_type":"box","text":"Transfer Shares to","page_number":28,"box":{"x":60,"y":687,"width":124,"height":9}},{"id":"220620f3-15b1-4da0-b74c-235a83afdf46","block_type":"box","text":"Another Financial","page_number":28,"box":{"x":60,"y":699,"width":118,"height":8}},{"id":"8486ecb2-a709-495e-b2eb-b1a479768727","block_type":"box","text":"Intermediary","page_number":28,"box":{"x":61,"y":711,"width":85,"height":10}},{"id":"015845e3-a6e8-4d32-97ab-09c9cdea5f2b","block_type":"box","text":"Transfer to a participating","page_number":28,"box":{"x":213,"y":687,"width":171,"height":11}},{"id":"cc904804-0cb5-4894-a7f2-936e18096793","block_type":"box","text":"Financial Intermediary","page_number":28,"box":{"x":214,"y":701,"width":145,"height":10}},{"id":"9a6ff1a7-7adb-4eb3-8f9b-7e85740f9cb9","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":28,"box":{"x":460,"y":687,"width":432,"height":11}},{"id":"f3f6410b-4164-46e8-8204-7ddde97bc18e","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":28,"box":{"x":461,"y":701,"width":441,"height":10}},{"id":"71a424f7-3e98-4827-a013-9ab470c5221e","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":28,"box":{"x":461,"y":714,"width":456,"height":11}},{"id":"478fbbfb-5e7f-4f55-aeab-b47657f8885c","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":28,"box":{"x":460,"y":728,"width":407,"height":10}},{"id":"a36cb4b4-ec63-44d1-a7a7-73edebac772f","block_type":"box","text":"coordinated by the receiving firm.","page_number":28,"box":{"x":461,"y":741,"width":218,"height":11}},{"id":"49489cc7-cd63-41df-a629-1fdc288d9886","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":28,"box":{"x":461,"y":758,"width":475,"height":10}},{"id":"10c7eace-1b49-42f2-af8c-7bdc74047879","block_type":"box","text":"your Class K Shares.","page_number":28,"box":{"x":460,"y":771,"width":137,"height":10}},{"id":"17fa6009-227a-400b-837c-da2af1a2ddbb","block_type":"box","text":"Transfer to a non-participating","page_number":28,"box":{"x":213,"y":789,"width":199,"height":11}},{"id":"40bd3aca-5eae-41c5-bd1e-90a4c94c2dac","block_type":"box","text":"Financial Intermediary","page_number":28,"box":{"x":214,"y":803,"width":145,"height":10}},{"id":"3d74e52c-916f-4ea7-b8c1-ff6202971d74","block_type":"box","text":"You must either:","page_number":28,"box":{"x":460,"y":789,"width":107,"height":8}},{"id":"9d0b7690-6541-4270-b5f7-7332d5804036","block_type":"box","text":"•","page_number":28,"box":{"x":464,"y":805,"width":3,"height":3}},{"id":"4ad2d5d3-88db-48d8-9c42-5e70cbc6a903","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":28,"box":{"x":470,"y":803,"width":402,"height":10}},{"id":"ee6f38cd-627f-4610-b40a-48a7fae402e8","block_type":"box","text":"•","page_number":28,"box":{"x":464,"y":819,"width":3,"height":3}},{"id":"9c48450c-84c9-4f77-a1bb-8bfe758a4644","block_type":"box","text":"Sell your Class K Shares.","page_number":28,"box":{"x":471,"y":816,"width":166,"height":10}},{"id":"5e8373e7-18b4-4642-8e59-6725fb61b4cc","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":28,"box":{"x":461,"y":832,"width":475,"height":11}},{"id":"0ae0fb20-0e31-446a-9461-5a3de819c6a6","block_type":"box","text":"your Class K Shares.","page_number":28,"box":{"x":460,"y":846,"width":137,"height":10}},{"id":"8e65e29b-bf9d-43ed-910b-ac5b4429587a","block_type":"box","text":"27","page_number":28,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"059ac897-d00e-407e-afe5-68349f10a988","block_type":"box","text":"NM1026U-5993011-28/41","page_number":28,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"474c7c46-5332-44c6-908b-accadaddb1f5","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":29,"box":{"x":60,"y":46,"width":815,"height":13}},{"id":"269c54e0-8615-41db-a657-d38cf23cc10a","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":29,"box":{"x":60,"y":63,"width":467,"height":12}},{"id":"cb65d920-aee4-481c-a836-127c7bfecfe9","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":29,"box":{"x":62,"y":79,"width":872,"height":12}},{"id":"7848b3bc-4033-4850-8c13-f9c6704bf5be","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":29,"box":{"x":61,"y":94,"width":814,"height":12}},{"id":"7d084677-953e-4ac6-abc0-edb795643714","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":29,"box":{"x":62,"y":109,"width":826,"height":11}},{"id":"3b74d880-a20b-4e0c-86ed-d68912d571ef","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":29,"box":{"x":62,"y":124,"width":836,"height":11}},{"id":"95204e67-2af1-4020-ad97-831a0921ebc5","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":29,"box":{"x":60,"y":138,"width":861,"height":12}},{"id":"612b7bd9-f33a-42c5-b097-f92dfe7d766e","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":29,"box":{"x":61,"y":154,"width":875,"height":11}},{"id":"8440d116-716b-43e3-bae3-a5b46b70e22a","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":29,"box":{"x":61,"y":168,"width":853,"height":12}},{"id":"f33c2fce-ae05-4403-b127-bd3cc1014b57","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":29,"box":{"x":61,"y":183,"width":862,"height":12}},{"id":"34e90271-0adf-40ef-a497-81e5144868e8","block_type":"box","text":"they are so accepted.","page_number":29,"box":{"x":60,"y":198,"width":158,"height":11}},{"id":"6d300add-8202-47e9-bf65-a71c0b376b24","block_type":"box","text":"Fund’s Rights","page_number":29,"box":{"x":61,"y":237,"width":124,"height":13}},{"id":"ce7aaaaf-954f-4925-8729-f9885a2eb61f","block_type":"box","text":"The Fund may:","page_number":29,"box":{"x":60,"y":263,"width":106,"height":11}},{"id":"5aeeffb0-8c91-4df8-b002-eee4bd8aecc2","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":29,"box":{"x":81,"y":283,"width":840,"height":11}},{"id":"66e42914-b2b5-4cc7-b542-36f5385aefe3","block_type":"box","text":"described in the Investment Company Act;","page_number":29,"box":{"x":81,"y":298,"width":308,"height":11}},{"id":"be28d334-2bb7-40a8-b718-23b0266e42df","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":29,"box":{"x":81,"y":318,"width":789,"height":11}},{"id":"e25eb5f5-1344-4e03-9af9-6354c3e34d36","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":29,"box":{"x":81,"y":332,"width":850,"height":12}},{"id":"ed75263a-f3a6-420a-97d4-ff3ef39cd2e2","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":29,"box":{"x":82,"y":347,"width":368,"height":12}},{"id":"671f535a-72fe-4388-89b6-550a4bb620d0","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":29,"box":{"x":82,"y":367,"width":781,"height":12}},{"id":"f6cf73fd-bb75-4e2f-ab3d-a4de953d216a","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":29,"box":{"x":82,"y":387,"width":798,"height":12}},{"id":"2303b713-6965-42ff-a19d-8967292c0a17","block_type":"box","text":"specified level.","page_number":29,"box":{"x":81,"y":402,"width":108,"height":11}},{"id":"d300ea24-5c53-4a88-a7d5-6f016bc8301d","block_type":"box","text":"Note on Low Balance Accounts.","page_number":29,"box":{"x":61,"y":425,"width":239,"height":9}},{"id":"472c5563-7ca8-47d3-b4ec-0ee20dc8dd8e","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":29,"box":{"x":307,"y":425,"width":600,"height":11}},{"id":"0a555c3e-6b76-4492-bac6-0510592ddea6","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (“Fund Minimum”), and may","page_number":29,"box":{"x":61,"y":439,"width":854,"height":12}},{"id":"9e46a112-a904-497e-926c-3d436addb3e1","block_type":"box","text":"redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":29,"box":{"x":61,"y":454,"width":837,"height":12}},{"id":"2e74b38c-23b2-4e41-92d1-0d2b98eadc6c","block_type":"box","text":"reason, including market fluctuation.","page_number":29,"box":{"x":61,"y":469,"width":267,"height":12}},{"id":"5ebd821e-7860-472b-99a6-f6e2766812af","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":29,"box":{"x":60,"y":492,"width":799,"height":11}},{"id":"03da54ae-67f7-4450-b9f3-bc24852b0dd5","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":29,"box":{"x":62,"y":506,"width":796,"height":12}},{"id":"0a2246ce-3b38-42fe-a084-0faac183af07","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":29,"box":{"x":62,"y":521,"width":800,"height":12}},{"id":"a91b8a11-0ef9-4aa1-ac6d-f81e4aee7038","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":29,"box":{"x":61,"y":536,"width":859,"height":12}},{"id":"92b6ba87-f00c-4edc-9ab5-6dc2474300f8","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":29,"box":{"x":61,"y":551,"width":868,"height":12}},{"id":"cc39cff7-a4dd-4798-9f19-175d195a8035","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":29,"box":{"x":61,"y":566,"width":420,"height":11}},{"id":"f6d5045b-28fd-41c3-a6ec-81200e9826d7","block_type":"box","text":"Short-Term Trading Policy","page_number":29,"box":{"x":61,"y":605,"width":232,"height":13}},{"id":"3cd79d1b-e897-4466-a7c8-bbaea300165d","block_type":"box","text":"The Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the Fund’s ability","page_number":29,"box":{"x":60,"y":631,"width":875,"height":11}},{"id":"70592592-292b-4327-8668-3afb12ace7e0","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":29,"box":{"x":60,"y":646,"width":819,"height":11}},{"id":"bc595b8b-707c-4ef2-bd2e-7230a7d704e6","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":29,"box":{"x":61,"y":661,"width":845,"height":11}},{"id":"23aaf979-abc0-49ce-9b26-a4827e4f30c9","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":29,"box":{"x":60,"y":675,"width":869,"height":12}},{"id":"db98b35f-651e-40f7-9b84-1798b947fdec","block_type":"box","text":"privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may","page_number":29,"box":{"x":62,"y":690,"width":836,"height":12}},{"id":"39ad1a2b-19ca-42ea-930a-6c223bbae24c","block_type":"box","text":"interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the","page_number":29,"box":{"x":62,"y":705,"width":780,"height":12}},{"id":"06fc6c3d-71d8-4fe2-9ea6-6a8135087ee2","block_type":"box","text":"performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of the Fund","page_number":29,"box":{"x":62,"y":720,"width":842,"height":11}},{"id":"6235413d-4738-44d9-8ae3-b1beeb670af1","block_type":"box","text":"may require the management team to allocate a significant amount of assets to cash or other short-term investments","page_number":29,"box":{"x":61,"y":735,"width":866,"height":11}},{"id":"48d7a46b-2341-460a-b76f-a22296ce4a48","block_type":"box","text":"or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment","page_number":29,"box":{"x":61,"y":750,"width":808,"height":11}},{"id":"f440bbf7-510f-4ba7-a88b-687eac8b0cd9","block_type":"box","text":"objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such","page_number":29,"box":{"x":61,"y":764,"width":864,"height":12}},{"id":"49e01161-80d4-4edd-ad8d-9775853a6648","block_type":"box","text":"as brokerage commissions, can reduce the Fund’s performance.","page_number":29,"box":{"x":61,"y":779,"width":474,"height":12}},{"id":"d670ba91-1c01-483e-b35c-50dbaa604722","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":29,"box":{"x":60,"y":802,"width":873,"height":11}},{"id":"6c76b758-f579-49e7-a756-aaea85c1b8a1","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":29,"box":{"x":61,"y":817,"width":872,"height":11}},{"id":"352efcfa-fe0b-442e-999c-78cf3ecacae3","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":29,"box":{"x":61,"y":831,"width":865,"height":12}},{"id":"2e158ec2-ed12-404b-8491-259ef8ade816","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":29,"box":{"x":61,"y":846,"width":817,"height":11}},{"id":"00ca64e9-b6b9-47d4-8d09-d237c5a1fb12","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":29,"box":{"x":61,"y":861,"width":818,"height":12}},{"id":"14fe0d33-bdd4-49f8-b0f8-398ba6528d09","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":29,"box":{"x":60,"y":876,"width":865,"height":11}},{"id":"37f8f69f-a82a-49e5-82d5-e891e531c32a","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":29,"box":{"x":61,"y":891,"width":829,"height":11}},{"id":"53f44df3-726f-4aa4-83ba-a9d1bd4f557f","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":29,"box":{"x":62,"y":905,"width":671,"height":12}},{"id":"ec263011-6f50-4486-b55f-908abe993b6b","block_type":"box","text":"28","page_number":29,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"70b40897-a493-4db1-8d81-cce7f7cea711","block_type":"box","text":"NM1026U-5993011-29/41","page_number":29,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"6949a81a-52a8-46e5-aeef-24bd92931521","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":30,"box":{"x":60,"y":46,"width":869,"height":11}},{"id":"a2e7aabb-7f97-412e-b787-5638e5152313","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":30,"box":{"x":60,"y":61,"width":839,"height":11}},{"id":"7c6bca47-a799-4c80-8390-4db1890c583d","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":30,"box":{"x":61,"y":75,"width":869,"height":12}},{"id":"0467edcb-d29f-46ca-849c-fdb6565286e5","block_type":"box","text":"on purchases, sales and exchanges of Fund shares. These policies do not restrict transactions by a shareholder that","page_number":30,"box":{"x":61,"y":90,"width":860,"height":12}},{"id":"ddfa3505-0e67-47a7-966b-67cc8ce974e2","block_type":"box","text":"BlackRock has determined are in the best interests of the Fund, including redemptions in kind.","page_number":30,"box":{"x":62,"y":105,"width":695,"height":12}},{"id":"efb3dd92-f4f7-4af6-8252-72af21650147","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":30,"box":{"x":62,"y":127,"width":796,"height":12}},{"id":"241de50d-2999-48e5-971c-68c17041139a","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":30,"box":{"x":61,"y":143,"width":860,"height":11}},{"id":"77c84840-ff52-4dcd-8fcd-64d78b07a8a3","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":30,"box":{"x":62,"y":157,"width":871,"height":12}},{"id":"9ba32da1-3043-41ba-bcfc-7886508cca49","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":30,"box":{"x":62,"y":172,"width":858,"height":12}},{"id":"5b1ee786-774c-4df3-a11e-4a917a74e374","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":30,"box":{"x":61,"y":187,"width":866,"height":11}},{"id":"cf1b35c4-81cd-49f7-8da6-a15c05a090a6","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":30,"box":{"x":61,"y":202,"width":829,"height":11}},{"id":"15e359d0-8b21-4058-8412-7ca44c7b29f7","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":30,"box":{"x":62,"y":216,"width":862,"height":12}},{"id":"513996e0-bc8a-41a9-be8a-eacf5a54e17d","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":30,"box":{"x":61,"y":231,"width":849,"height":12}},{"id":"6b4dc971-e9f8-41fd-bd26-307830901f5f","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":30,"box":{"x":61,"y":246,"width":866,"height":12}},{"id":"d06736c7-1b9f-4819-a902-d19ee1f8b1a9","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":30,"box":{"x":60,"y":261,"width":806,"height":11}},{"id":"1495fd61-7028-4c6c-86ca-a1d411623649","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":30,"box":{"x":61,"y":276,"width":804,"height":11}},{"id":"1d1ae8cf-b87b-42ea-8f46-1577c12d7dd5","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":30,"box":{"x":61,"y":291,"width":849,"height":11}},{"id":"f65c598b-d1d6-459d-8b6b-595a6f9e1248","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":30,"box":{"x":61,"y":305,"width":875,"height":12}},{"id":"e7236071-4b5f-4414-9db2-826dbd5ca3ad","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":30,"box":{"x":62,"y":320,"width":869,"height":12}},{"id":"1b3547a1-0e7f-42b3-8563-d1ba04c6e144","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":30,"box":{"x":61,"y":335,"width":845,"height":12}},{"id":"041d249d-72a2-4cc1-96b3-ffe2f2fee2fe","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":30,"box":{"x":62,"y":350,"width":868,"height":11}},{"id":"61b0950b-db4c-40b7-bb99-5e84feda555c","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":30,"box":{"x":61,"y":365,"width":861,"height":11}},{"id":"650f5f38-c5af-43ce-91a3-f05f8b8683f4","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. 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Items (i), (ii), (iii) and (iv) in the preceding sentence are referred to in","page_number":31,"box":{"x":60,"y":798,"width":862,"height":11}},{"id":"742ef61a-b229-4492-ac7f-d0f4e6cb8d01","block_type":"box","text":"this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund","page_number":31,"box":{"x":60,"y":813,"width":846,"height":11}},{"id":"0b8030cd-c044-4fd6-9e64-376012e27311","block_type":"box","text":"expenses.” To achieve this expense cap, BlackRock has agreed to waive and/or reimburse fees or expenses if the","page_number":31,"box":{"x":61,"y":827,"width":841,"height":12}},{"id":"8158fe09-8649-4a16-b17e-d7ad90aff795","block_type":"box","text":"Fund’s operating expenses exceed a certain limit.","page_number":31,"box":{"x":62,"y":843,"width":363,"height":11}},{"id":"20327f85-47e5-4a86-92c0-a522c5484981","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or 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The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":32,"box":{"x":81,"y":180,"width":851,"height":9}},{"id":"2f41f640-36f4-4623-8d69-b827eb55e9b0","block_type":"box","text":"notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":32,"box":{"x":81,"y":190,"width":797,"height":9}},{"id":"f4e8dbbd-cd73-40e4-afe2-c5a323f452d0","block_type":"box","text":"2","page_number":32,"box":{"x":61,"y":203,"width":3,"height":4}},{"id":"1535e33e-7dae-48be-8136-379013f814c2","block_type":"box","text":"As a percentage of average daily net assets.","page_number":32,"box":{"x":81,"y":203,"width":260,"height":9}},{"id":"e2ab228d-7330-429c-96a1-a42ecc6185e6","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":32,"box":{"x":60,"y":228,"width":875,"height":11}},{"id":"25fc022d-294b-4cf7-8b7f-a57170ad50ed","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":32,"box":{"x":61,"y":243,"width":705,"height":11}},{"id":"4fd1d1bd-9219-4d97-bb8b-7e55e75480fd","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":32,"box":{"x":60,"y":265,"width":850,"height":12}},{"id":"243e9447-dddb-4276-8d5b-21a59282780f","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal period ended October 31, 2025.","page_number":32,"box":{"x":62,"y":280,"width":598,"height":11}},{"id":"32de9620-c323-401b-bf16-f324fe7b294f","block_type":"box","text":"For the fiscal year ended April 30, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":32,"box":{"x":62,"y":303,"width":853,"height":11}},{"id":"4e608b0a-e00b-42a6-bf6d-0aaa20242643","block_type":"box","text":"the annual rate of 0.56% of the Fund’s average daily net assets.","page_number":32,"box":{"x":60,"y":318,"width":473,"height":11}},{"id":"e1841dce-5c29-41c7-83da-4212f8ec110a","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":32,"box":{"x":62,"y":340,"width":864,"height":12}},{"id":"73b78c40-16fa-4640-8689-fa6ead579ea2","block_type":"box","text":"particular asset class, company, security, industry, or market sector. 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These views may not be relied on","page_number":32,"box":{"x":61,"y":400,"width":872,"height":11}},{"id":"0947dd00-c026-4389-8a45-5f628a0ca4ae","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":32,"box":{"x":61,"y":414,"width":841,"height":12}},{"id":"469bb76e-cd01-4fc6-a35c-6aaadb38c336","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":32,"box":{"x":61,"y":429,"width":472,"height":12}},{"id":"acfbdfd1-2681-401d-b775-a3f7296aca2c","block_type":"box","text":"Portfolio Manager Information","page_number":32,"box":{"x":61,"y":468,"width":272,"height":14}},{"id":"0c9978c6-5022-4e0d-9040-1f9987d7ff98","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":33,"box":{"x":62,"y":693,"width":870,"height":12}},{"id":"aa1ab3fc-0d0b-4f11-a056-36a137551e19","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":33,"box":{"x":60,"y":708,"width":545,"height":12}},{"id":"67492e98-99a0-455b-9f9b-25e00f19165d","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":33,"box":{"x":60,"y":731,"width":837,"height":11}},{"id":"255d2fc5-6811-475d-89e8-d0f568731292","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. 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BlackRock has been designated by the Board as the valuation designee for the","page_number":34,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"970096a8-fd19-4b50-afb3-c0be58ff66f6","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":34,"box":{"x":62,"y":128,"width":464,"height":11}},{"id":"905399e2-220c-433d-b662-3069b3facdb6","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":34,"box":{"x":62,"y":150,"width":863,"height":11}},{"id":"6fe40427-a38a-42c1-aac1-35082d806008","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":34,"box":{"x":60,"y":165,"width":858,"height":11}},{"id":"887b70ed-81e0-4aaf-a097-270e4870bdd8","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":34,"box":{"x":62,"y":180,"width":863,"height":11}},{"id":"275170cb-fb55-4961-96b3-9ef275cd1cac","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":34,"box":{"x":61,"y":195,"width":852,"height":11}},{"id":"5d14f45e-4f1c-401b-9d52-7f1af4849b10","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":34,"box":{"x":61,"y":209,"width":872,"height":12}},{"id":"d9336a3b-c1b2-421a-b811-2d35809b6b63","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":34,"box":{"x":61,"y":224,"width":763,"height":12}},{"id":"0bcbe198-bc30-4413-8159-3b26cc57ee02","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":34,"box":{"x":60,"y":247,"width":857,"height":11}},{"id":"5f7aae6b-7087-42af-8db2-bd7a43e398f1","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":34,"box":{"x":61,"y":262,"width":870,"height":11}},{"id":"e08b23a6-b5db-47dd-8f7d-702397ecbff3","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":34,"box":{"x":61,"y":277,"width":868,"height":11}},{"id":"f005c067-3038-45ed-ad0a-e767bf57cdd5","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":34,"box":{"x":61,"y":291,"width":842,"height":12}},{"id":"70678ed3-291d-4103-8aed-77b53b2e8b66","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":34,"box":{"x":61,"y":306,"width":853,"height":11}},{"id":"9d0746b5-7663-4aef-84fa-48d1eef3a0fb","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":34,"box":{"x":61,"y":321,"width":844,"height":11}},{"id":"c979a207-2891-473b-b41c-579409ad03f3","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":34,"box":{"x":61,"y":336,"width":822,"height":11}},{"id":"dd83f33a-856a-4786-9c90-125dda6f97a9","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":34,"box":{"x":61,"y":351,"width":845,"height":11}},{"id":"51908e27-b8a2-4c86-89eb-ca1e9fdd557c","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":34,"box":{"x":61,"y":365,"width":733,"height":12}},{"id":"000682a7-0d8d-4c51-b7a4-a9138e2f6a5f","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":34,"box":{"x":61,"y":388,"width":829,"height":11}},{"id":"ee3ce878-92a5-4eca-b472-f6a4c02ee716","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":34,"box":{"x":61,"y":403,"width":857,"height":11}},{"id":"84a98de6-6746-4a85-80c6-9d3671accc9a","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and certain fixed","page_number":34,"box":{"x":61,"y":418,"width":839,"height":11}},{"id":"c81ba180-03ed-4442-81db-533bba92ee06","block_type":"box","text":"income securities are generally priced as of close of regular trading hours on the NYSE.","page_number":34,"box":{"x":62,"y":432,"width":640,"height":12}},{"id":"c35af372-336f-47f2-a767-6b6a555e07f7","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":34,"box":{"x":60,"y":455,"width":839,"height":11}},{"id":"239c6a27-c2a6-426a-b6db-2746c7b01289","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":34,"box":{"x":60,"y":470,"width":858,"height":11}},{"id":"064fab7a-4cda-4275-9c3c-442312541475","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":34,"box":{"x":61,"y":485,"width":844,"height":11}},{"id":"8054b9a9-729b-469c-9ad3-64f0fd93314f","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":34,"box":{"x":61,"y":499,"width":845,"height":12}},{"id":"c7c1a9e9-2e4d-40d1-9edf-0a66a6aee669","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":34,"box":{"x":61,"y":514,"width":841,"height":12}},{"id":"4268a482-f34d-4c5a-a582-d56a80379fed","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":34,"box":{"x":60,"y":529,"width":820,"height":12}},{"id":"75b82c10-1d57-4260-81df-d0290c094dc4","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":34,"box":{"x":61,"y":544,"width":828,"height":11}},{"id":"13bbcbe8-4379-4ac7-aadf-0e8ec24215ec","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":34,"box":{"x":61,"y":559,"width":836,"height":11}},{"id":"b49d5ebf-5cf1-4972-ab58-a2ade3e4df09","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":34,"box":{"x":62,"y":574,"width":862,"height":11}},{"id":"3078b5cd-20f3-46b3-ba1c-f5c6421171ce","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":34,"box":{"x":62,"y":588,"width":623,"height":12}},{"id":"e99d4887-aba3-4d72-9c03-546c4a4b2834","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":34,"box":{"x":62,"y":611,"width":817,"height":11}},{"id":"d962971b-c1dd-4027-a84f-5706afc45c04","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":34,"box":{"x":61,"y":626,"width":871,"height":11}},{"id":"58c417eb-a943-4c75-b0b2-baeb722355ef","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":34,"box":{"x":62,"y":641,"width":872,"height":11}},{"id":"49764173-f00f-4c15-8be5-65e3d9b379bf","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":34,"box":{"x":61,"y":655,"width":697,"height":12}},{"id":"5225c92f-c5b7-411b-b48d-ab38699bd362","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":34,"box":{"x":62,"y":678,"width":825,"height":12}},{"id":"06708050-975f-45e2-b56d-554661cee023","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":34,"box":{"x":62,"y":693,"width":871,"height":11}},{"id":"84297970-454e-4b67-85fb-43ecdbe40918","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":34,"box":{"x":61,"y":708,"width":847,"height":11}},{"id":"e57f02a4-0cf2-4bfa-b96a-196191ffe798","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":34,"box":{"x":62,"y":722,"width":829,"height":12}},{"id":"4889c165-72ba-46ad-91ab-2e9c15c9097d","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":34,"box":{"x":60,"y":737,"width":760,"height":12}},{"id":"6771ddaf-986f-4462-8cc7-c29617513cf0","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":34,"box":{"x":60,"y":760,"width":830,"height":11}},{"id":"fffed929-cb02-42f6-98c0-8c6f0638d58c","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":34,"box":{"x":61,"y":775,"width":848,"height":11}},{"id":"7ebbe046-42b2-4b55-ab65-440c9c664baf","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":34,"box":{"x":61,"y":789,"width":868,"height":12}},{"id":"46fd63e4-87ef-4e8b-a499-41b8b826e4da","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":34,"box":{"x":61,"y":804,"width":856,"height":12}},{"id":"10e6239f-045d-4489-85e5-58582cc76b00","block_type":"box","text":"33","page_number":34,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"f7727169-5ec8-4a06-8f7b-aa32a4083cac","block_type":"box","text":"NM1026U-5993011-34/41","page_number":34,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"0f6e8322-4f55-4660-88b2-47b774a46de0","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":35,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"63464ece-5470-4ee1-bc15-b9c7348132ad","block_type":"box","text":"BUYING A DIVIDEND","page_number":35,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"7832e023-dfe8-4874-90b9-a7917a1e7250","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":35,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"54c4d1ed-3f79-4146-8ef0-7d92eb78f623","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":35,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"eb07e9ec-d54a-45cb-8226-6475c56479e0","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":35,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"ca836e10-4d1d-4bfc-a056-135da714c6f0","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":35,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"9e09cd1d-c6cc-4659-ad95-2ad531f4a692","block_type":"box","text":"The Fund will distribute net investment income, if any, at least quarterly and net realized capital gains, if any, at least","page_number":35,"box":{"x":60,"y":195,"width":861,"height":12}},{"id":"838c1117-6cce-4a48-b5d0-70c9aa7f4ea2","block_type":"box","text":"annually. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax","page_number":35,"box":{"x":61,"y":210,"width":819,"height":11}},{"id":"747016a9-2f88-4997-bd50-7105b9d1f958","block_type":"box","text":"requirements. Dividends may be reinvested automatically in shares of the Fund at net asset value or may be taken in","page_number":35,"box":{"x":61,"y":225,"width":860,"height":11}},{"id":"d6a87980-aeed-4ec1-8ed3-9e8801391d1e","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":35,"box":{"x":61,"y":240,"width":730,"height":11}},{"id":"35a5e63d-4b48-4678-bbd4-4b36413f77b7","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":35,"box":{"x":60,"y":262,"width":856,"height":12}},{"id":"970f0dd2-f0c4-4c27-9bb3-145713632ade","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":35,"box":{"x":60,"y":277,"width":692,"height":11}},{"id":"11b7bed7-3f9e-4f09-bc3a-c467e29eb702","block_type":"box","text":"Investments Through a Qualified Plan","page_number":35,"box":{"x":62,"y":300,"width":272,"height":11}},{"id":"dc788985-aff6-4287-a656-48387fde2351","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":35,"box":{"x":61,"y":322,"width":864,"height":12}},{"id":"21026865-5281-4b60-b316-3d5035367401","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":35,"box":{"x":62,"y":337,"width":851,"height":11}},{"id":"eca758f6-e7fb-446a-954c-4302b55ccc5e","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":35,"box":{"x":60,"y":352,"width":875,"height":11}},{"id":"d2ec4f77-c2c4-4862-ab6a-0dbda88fc64c","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":35,"box":{"x":61,"y":367,"width":841,"height":11}},{"id":"6e7d5ec8-f811-4273-936d-48715c7027f1","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":35,"box":{"x":60,"y":381,"width":455,"height":12}},{"id":"16d1092a-9cec-4f11-93d3-00bd4860d510","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":35,"box":{"x":62,"y":404,"width":344,"height":12}},{"id":"8f0fc413-282a-4106-b869-7e2f7e0489d4","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":35,"box":{"x":62,"y":427,"width":831,"height":11}},{"id":"6d83ea14-dab5-48f2-9592-03163410d5bd","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":35,"box":{"x":61,"y":441,"width":847,"height":12}},{"id":"0b427555-c067-47da-a96b-dad953c7f5f6","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":35,"box":{"x":60,"y":456,"width":851,"height":12}},{"id":"69a2a08a-5099-48f3-b0cf-3d61c98111c5","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":35,"box":{"x":61,"y":471,"width":859,"height":11}},{"id":"b96df234-9b0f-422a-b508-88d4479fca60","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":35,"box":{"x":61,"y":486,"width":863,"height":11}},{"id":"df094665-bae1-4bbc-81f4-d61d51b1bd4d","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":35,"box":{"x":60,"y":501,"width":875,"height":11}},{"id":"50874f78-2ce2-4dc7-85d8-495fe83c4c6a","block_type":"box","text":"inflation.","page_number":35,"box":{"x":62,"y":516,"width":61,"height":9}},{"id":"5d52f3c8-7327-4531-9c9f-516123aeecd1","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":35,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"a250b368-11eb-454d-81f1-0e0756f9f07d","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":35,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"9ae314bb-b8a8-4fd4-8a0f-d6315f1755e9","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":35,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"5fe15052-85f0-4881-aae7-a538dacfa24f","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":35,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"6cdbd330-945a-42bd-8c3c-c5d8ff3b3a60","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":35,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"48615327-a51c-4664-a741-33209c2b2c16","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":35,"box":{"x":62,"y":628,"width":326,"height":11}},{"id":"d38a69c5-7c96-4dd1-8531-641e6039d26e","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":35,"box":{"x":62,"y":650,"width":864,"height":12}},{"id":"72a11240-1890-4bf4-8668-6e01eaf067b0","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":35,"box":{"x":62,"y":665,"width":856,"height":12}},{"id":"d4eb6ee9-877f-4879-94d5-348af858d272","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":35,"box":{"x":62,"y":680,"width":857,"height":11}},{"id":"e5f0ea47-7567-4320-b22e-410dac69a8b2","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":35,"box":{"x":61,"y":695,"width":862,"height":11}},{"id":"f1502f3f-b4d7-44c0-bbac-f77a261a524e","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":35,"box":{"x":61,"y":710,"width":770,"height":11}},{"id":"72288876-5e55-4f81-9a9e-e480c6598f57","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":35,"box":{"x":61,"y":732,"width":868,"height":12}},{"id":"bf0106e0-9868-4e6d-bbc5-1af59da3c2f6","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. 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Other foreign entities will generally either need to provide detailed","page_number":35,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"2e6f5095-b43f-4dd6-9c3d-378188d3074d","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":35,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"b12a5d4e-a3e4-486b-a0a7-8a7272f7d3f1","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":35,"box":{"x":60,"y":858,"width":855,"height":12}},{"id":"616515ab-b2c0-4507-b637-647a6de26072","block_type":"box","text":"not a substitute for individualized tax advice. 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If you do not want the mailing of these documents to be","page_number":37,"box":{"x":61,"y":429,"width":844,"height":12}},{"id":"1027969d-2921-4171-af13-4afa8170f149","block_type":"box","text":"combined with those for other members of your household, please contact the Fund at (800) 537-4942.","page_number":37,"box":{"x":61,"y":444,"width":764,"height":11}},{"id":"8b3a41ac-ede2-4a85-925e-6c072401dae9","block_type":"box","text":"Certain Fund Policies","page_number":37,"box":{"x":61,"y":483,"width":194,"height":11}},{"id":"b02bf856-3105-4262-80b1-b082c43092bc","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":37,"box":{"x":60,"y":510,"width":309,"height":12}},{"id":"cf245f16-c8bb-45be-bf15-c9b9dcca793e","block_type":"box","text":"The Fund is subject to the USA PATRIOT Act (the “Patriot Act”). 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