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In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":3,"box":{"x":81,"y":586,"width":832,"height":9}},{"id":"adcfbfde-2b61-4071-9d2f-62a3d1b6a7bd","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":3,"box":{"x":81,"y":596,"width":847,"height":9}},{"id":"e6a75f2c-4b5c-4e18-8533-d0668b4391d7","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":3,"box":{"x":81,"y":606,"width":834,"height":10}},{"id":"76c04516-8142-457d-9c6b-f42b12ac15e4","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":617,"width":330,"height":9}},{"id":"7cf8a0dc-c638-46fc-a1a7-c09cdf2fbe16","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":630,"width":3,"height":3}},{"id":"a4fa546a-4bd1-44b5-b5f6-bb748161c237","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":3,"box":{"x":81,"y":629,"width":837,"height":10}},{"id":"658f0801-8efa-482f-89d2-03be8f61c463","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":80,"y":640,"width":771,"height":9}},{"id":"47e4dd96-55f1-4a59-b84e-22389799f06e","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) as a","page_number":3,"box":{"x":81,"y":650,"width":816,"height":9}},{"id":"f1486a39-9223-40ff-9d09-4d245e6dcde8","block_type":"box","text":"percentage of average daily net assets to 0.84% of average daily net assets through June 30, 2028. The contractual agreement may be","page_number":3,"box":{"x":81,"y":660,"width":799,"height":10}},{"id":"f2990df3-b884-435e-82a1-acfbd74fdbc5","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting","page_number":3,"box":{"x":80,"y":671,"width":821,"height":9}},{"id":"ab2afc49-79cf-4e24-bcdb-689b4553247f","block_type":"box","text":"securities of the Fund.","page_number":3,"box":{"x":81,"y":681,"width":130,"height":7}},{"id":"c3ae766c-f238-41a8-8fb6-c6c0aa3eedac","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":699,"width":74,"height":12}},{"id":"36dc68f6-b42a-4342-bad4-483f1501ab66","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":715,"width":830,"height":12}},{"id":"824804d6-5082-4a58-a8f6-9e400b64a12e","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":760,"width":859,"height":11}},{"id":"bdb01f50-de10-4017-a7ab-644a57513f5c","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":775,"width":436,"height":11}},{"id":"7fb1f962-d302-4710-971a-b8bc84fab0ed","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":803,"width":292,"height":9}},{"id":"a145b471-1aa1-404c-ae52-1eb746a63946","block_type":"box","text":"Class K Shares $85 $265 $460 $1,025","page_number":3,"box":{"x":69,"y":821,"width":849,"height":10}},{"id":"9b91362b-67ff-4509-9a5d-3509aeb0ff33","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":846,"width":151,"height":10}},{"id":"a7d112d5-4c70-4f34-b99e-0ec356144f35","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":863,"width":800,"height":11}},{"id":"4bc76523-39e5-45bb-923a-3dcdb60a7cc3","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":877,"width":850,"height":12}},{"id":"ba57b0eb-5495-457f-8af7-acb4c7cf6ade","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":892,"width":870,"height":12}},{"id":"14e377f7-fb42-4bb4-b578-4b93c5d39f1d","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"acf3176b-74a4-4699-98bd-04e830525595","block_type":"box","text":"NM1026U-5982555-3/40","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"afdd0108-8220-4fb2-b475-41c70c7671e5","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":46,"width":839,"height":11}},{"id":"67a4172a-8b08-4a1e-9d0e-86b7f553f819","block_type":"box","text":"57% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":60,"width":298,"height":12}},{"id":"ccd92144-b182-455c-b049-bb02f385e2e9","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":99,"width":394,"height":14}},{"id":"89e6959e-b870-43f6-a2ec-2507b4e7cf62","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings","page_number":4,"box":{"x":62,"y":126,"width":853,"height":11}},{"id":"404d0d7a-0c30-4f22-8de6-d68f60ae7437","block_type":"box","text":"for investment purposes, in equity securities issued by U.S. and non-U.S. technology companies in all market","page_number":4,"box":{"x":60,"y":140,"width":803,"height":12}},{"id":"04562251-4d40-427d-9ddd-f176617f327d","block_type":"box","text":"capitalization ranges, selected for their rapid and sustainable growth potential from the development, advancement","page_number":4,"box":{"x":61,"y":155,"width":847,"height":12}},{"id":"fd64bd97-8c43-4e4e-97b1-29dee26ea123","block_type":"box","text":"and use of technology. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":4,"box":{"x":61,"y":170,"width":843,"height":12}},{"id":"4a5638df-79ba-4416-926a-8f2c03c7e10a","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":4,"box":{"x":62,"y":185,"width":805,"height":11}},{"id":"9c688ba2-970b-4b1e-9a82-cc4f46e0c02d","block_type":"box","text":"associated with such securities.","page_number":4,"box":{"x":61,"y":200,"width":234,"height":9}},{"id":"f9867ee3-f38d-41a8-bee8-dfd51fc3f275","block_type":"box","text":"Technology companies may include those companies in the businesses of, among others: software, IT consulting, IT","page_number":4,"box":{"x":60,"y":222,"width":854,"height":12}},{"id":"4019684f-33f9-4839-b934-516ff9ad6d5f","block_type":"box","text":"services, interactive home entertainment, interactive media and services, networking equipment, telecom services,","page_number":4,"box":{"x":61,"y":237,"width":849,"height":12}},{"id":"186146d1-eada-4ba3-af90-2936e4fca652","block_type":"box","text":"communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and","page_number":4,"box":{"x":61,"y":252,"width":841,"height":11}},{"id":"bb93d7ee-6e7a-486e-bd42-192b496f4d03","block_type":"box","text":"components, semiconductors and semiconductor equipment and consumer finance. The Fund may invest in both","page_number":4,"box":{"x":61,"y":267,"width":827,"height":11}},{"id":"b08e0b10-ab4a-4b77-aa3b-72e01ff8cc1d","block_type":"box","text":"developed and emerging markets. BlackRock determines, in its discretion, whether a company is a technology","page_number":4,"box":{"x":61,"y":282,"width":810,"height":11}},{"id":"cf2dadc6-f36d-4633-803a-d93b22dfc5dc","block_type":"box","text":"company.","page_number":4,"box":{"x":61,"y":299,"width":67,"height":9}},{"id":"3ce607fc-f76a-44af-a5da-01f9f617cd01","block_type":"box","text":"The Fund seeks to invest primarily in common stock but may also invest in preferred stock and convertible securities.","page_number":4,"box":{"x":60,"y":319,"width":864,"height":11}},{"id":"d5a9864f-d717-4121-b6fb-e62ee8c4f14d","block_type":"box","text":"The Fund may also invest in Rule 144A securities, which are privately placed securities purchased by qualified","page_number":4,"box":{"x":60,"y":334,"width":809,"height":11}},{"id":"55ad0be3-dd9e-4851-b0db-97e199627913","block_type":"box","text":"institutional buyers. From time to time the Fund may invest in shares of companies through initial public offerings","page_number":4,"box":{"x":62,"y":349,"width":832,"height":11}},{"id":"f5b5e9ee-36e6-4c25-814d-95df2ba148c9","block_type":"box","text":"(“IPOs”).","page_number":4,"box":{"x":61,"y":364,"width":62,"height":11}},{"id":"23a40688-cfee-471c-a128-902136150be3","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":4,"box":{"x":60,"y":386,"width":866,"height":11}},{"id":"7998dfac-418a-4d06-a2be-92dff6432787","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies, or enter into foreign currency","page_number":4,"box":{"x":62,"y":401,"width":806,"height":11}},{"id":"9968b351-7d53-4aa7-9127-e54393b91067","block_type":"box","text":"transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or sell a","page_number":4,"box":{"x":60,"y":416,"width":830,"height":11}},{"id":"4def294e-5715-4d3a-9e39-b028f8f95e13","block_type":"box","text":"security or an index of securities at a specific price on or before a specific date. A future is an agreement to buy or sell","page_number":4,"box":{"x":61,"y":430,"width":872,"height":12}},{"id":"becc9834-aa73-4ef7-82f0-6ea216e47b8f","block_type":"box","text":"a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one party","page_number":4,"box":{"x":61,"y":445,"width":851,"height":12}},{"id":"9e28d2ac-7fb9-459d-9398-5f0621a41ed5","block_type":"box","text":"exchanges its right to receive or its obligation to pay one type of currency for another party’s obligation to pay or its","page_number":4,"box":{"x":61,"y":460,"width":847,"height":12}},{"id":"9249c4e5-242b-4e2c-a87a-05e79ac9d56b","block_type":"box","text":"right to receive another type of currency in the future or for a period of time. The Fund typically uses derivatives as a","page_number":4,"box":{"x":61,"y":475,"width":852,"height":11}},{"id":"6b7db53f-d499-4750-8bad-68ee67de330f","block_type":"box","text":"substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to","page_number":4,"box":{"x":61,"y":490,"width":844,"height":11}},{"id":"6e48a021-f76a-4a53-a99a-0e4526c8c86c","block_type":"box","text":"other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use","page_number":4,"box":{"x":61,"y":505,"width":831,"height":11}},{"id":"da148d64-ad5d-469c-b235-127c05602d95","block_type":"box","text":"would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily","page_number":4,"box":{"x":60,"y":520,"width":829,"height":11}},{"id":"d08734a4-24e1-48ef-a615-12fe6969ba92","block_type":"box","text":"invests by entering into a series of purchase and sale contracts or by using other investment techniques. The Fund","page_number":4,"box":{"x":62,"y":534,"width":842,"height":12}},{"id":"2d6f9c56-12e0-4dfe-8b30-034a12e475b9","block_type":"box","text":"may also use forward foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the","page_number":4,"box":{"x":61,"y":549,"width":841,"height":12}},{"id":"3c2a2cdd-3012-45f4-bb13-3289b1ba78ed","block_type":"box","text":"future).","page_number":4,"box":{"x":60,"y":564,"width":52,"height":11}},{"id":"1bb8b0f2-c554-414c-b11f-2a486c387dbb","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":603,"width":354,"height":13}},{"id":"78caa79c-40c2-48f7-a8de-e94370a68c11","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":629,"width":860,"height":12}},{"id":"c67ff466-4c7d-4ed0-a9f9-194e56e63f9b","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":4,"box":{"x":61,"y":644,"width":802,"height":11}},{"id":"270fb37a-777d-497b-8f82-b7ca98e984b7","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":659,"width":842,"height":11}},{"id":"045db67c-4762-4477-bdc6-1a9d2d5b1542","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":673,"width":857,"height":12}},{"id":"59fc8521-ed39-48dc-a7be-28e9a943b8b1","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":688,"width":515,"height":12}},{"id":"dcef1678-8b6d-49b3-8d11-7fd8e1b112d3","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":708,"width":166,"height":12}},{"id":"909f5dc5-dc36-4480-bf53-58c7012fc92b","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":708,"width":685,"height":12}},{"id":"e6ed47ff-2811-4735-915a-1b1f6d1daf4c","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":723,"width":550,"height":12}},{"id":"ee5b024a-38a4-4065-b636-13c40affd756","block_type":"box","text":"Technology Securities Risk","page_number":4,"box":{"x":82,"y":743,"width":203,"height":11}},{"id":"fdbecaca-a982-42e6-8bee-992cb62d17d6","block_type":"box","text":"—","page_number":4,"box":{"x":289,"y":748,"width":17,"height":1}},{"id":"fb05da76-4ae8-4f9d-a0b2-d98ac7f2ff59","block_type":"box","text":"Certain technology-related companies may face special risks that their products or","page_number":4,"box":{"x":311,"y":743,"width":606,"height":12}},{"id":"baa7d261-3164-4035-9f06-a672e5e93a44","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":4,"box":{"x":81,"y":758,"width":842,"height":11}},{"id":"8d9354ce-373c-474f-bc52-ac0a6b642b82","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":4,"box":{"x":80,"y":773,"width":838,"height":11}},{"id":"2835d47f-f460-487b-8d12-c015f175470c","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":4,"box":{"x":81,"y":788,"width":779,"height":11}},{"id":"c6b9902b-f14c-4d08-8846-0c3fde93037a","block_type":"box","text":"governmental policies. In addition, certain technology-related companies in which the Fund may invest may not","page_number":4,"box":{"x":81,"y":803,"width":812,"height":11}},{"id":"de07e5b3-e008-41df-8cea-82aa90631031","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":4,"box":{"x":81,"y":817,"width":778,"height":12}},{"id":"2dde3e06-bbd4-400f-a041-2d16eaed9621","block_type":"box","text":"Concentration Risk","page_number":4,"box":{"x":81,"y":837,"width":145,"height":9}},{"id":"b3c86ceb-7712-42dc-95bb-36468529c905","block_type":"box","text":"—","page_number":4,"box":{"x":231,"y":843,"width":17,"height":0}},{"id":"89a5d4db-2d1a-43e9-b776-eab3e99f144c","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":4,"box":{"x":252,"y":837,"width":654,"height":12}},{"id":"1a771ef2-fff9-451c-b537-c1734f8bcc6a","block_type":"box","text":"performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":4,"box":{"x":82,"y":852,"width":824,"height":12}},{"id":"68bb6b9e-be1f-45f0-a0ff-5a95f8ef1e7d","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":4,"box":{"x":80,"y":867,"width":853,"height":11}},{"id":"628da628-c363-41c4-af88-31a1acdc5c7e","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":4,"box":{"x":80,"y":882,"width":831,"height":11}},{"id":"5d544658-55e2-4dd2-8d22-a56ecb35d7f6","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":4,"box":{"x":81,"y":896,"width":855,"height":12}},{"id":"0722726a-9e50-4e4f-bdad-d97631069773","block_type":"box","text":"other industries or the broader market as a whole.","page_number":4,"box":{"x":81,"y":912,"width":368,"height":9}},{"id":"19bc116d-31d5-4395-919c-8bb0153658de","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"603a0634-ba03-46a3-b28d-0a0ae057911d","block_type":"box","text":"NM1026U-5982555-4/40","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4288e8a2-fc48-42d8-a634-ede04ed2f9fd","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":46,"width":206,"height":9}},{"id":"8c44c68f-3c51-481d-8673-66e0394e9c12","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":46,"width":593,"height":11}},{"id":"166b9480-5435-44f0-93fb-4dc4fe3562d3","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":5,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"229feb04-d6d6-4cbe-a74a-53f3996b3f8f","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":5,"box":{"x":81,"y":76,"width":855,"height":11}},{"id":"7d6cc510-4e0e-4f78-a536-ca9677f019ef","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":5,"box":{"x":80,"y":90,"width":816,"height":12}},{"id":"6bcc77e7-f533-4a30-a372-d2e602febc5e","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":105,"width":796,"height":11}},{"id":"f43aec1e-f0ad-4e3b-9d9a-7a5ece3041d9","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":120,"width":812,"height":11}},{"id":"3d0def35-9c19-4748-9970-4a032a66e2a4","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":5,"box":{"x":82,"y":135,"width":809,"height":11}},{"id":"40c178ba-57a8-4d25-9af8-be312b5e6453","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":155,"width":123,"height":9}},{"id":"64c24dae-03d3-46a1-af66-5934f1a15c6c","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":155,"width":664,"height":11}},{"id":"fb43fd22-991c-4827-a79b-984251baf0ac","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":169,"width":469,"height":12}},{"id":"fc05f649-c961-4f33-a01e-772c948b2359","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":190,"width":102,"height":11}},{"id":"ecaebf2a-102e-44b6-87e8-a7f9f38b1423","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":189,"width":723,"height":12}},{"id":"ff4e99de-437c-4a3b-9212-6379311b72c6","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":204,"width":832,"height":12}},{"id":"64d57e1f-ee5e-4297-93ff-2fcfb5b08519","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":219,"width":280,"height":12}},{"id":"9adbbab1-59d8-4944-9c81-fed55bb616bd","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":239,"width":87,"height":9}},{"id":"d9dd6b9a-4f1b-4e53-b0c2-77518b5d2ee4","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":239,"width":728,"height":12}},{"id":"f55dd68b-955b-4b64-80f7-8d8211d6f8ce","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":254,"width":834,"height":11}},{"id":"8184ae59-e652-4be4-be95-fb2ab4f5872e","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":269,"width":832,"height":11}},{"id":"40f7cd78-33e1-4ae1-a017-74e3000151a0","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":283,"width":779,"height":12}},{"id":"1ca2dfeb-0a7e-4135-a3d1-4c73fa03dc57","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":299,"width":253,"height":11}},{"id":"336d71ae-5e2d-4e44-94af-06a6031a2dd7","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":318,"width":131,"height":12}},{"id":"541c2bf5-d744-417c-8622-3a9c36d91655","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":5,"box":{"x":217,"y":319,"width":697,"height":11}},{"id":"f6ccaacf-1db9-4dcc-a7ce-ad88faedbe81","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":333,"width":855,"height":12}},{"id":"2b765eda-cb43-4251-ae46-38064a774967","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":348,"width":240,"height":11}},{"id":"3c755849-5b48-4113-b45d-f8512389cb48","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":368,"width":100,"height":11}},{"id":"f4b454c8-f3b2-4151-b9fe-86fcdbfa73ca","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":368,"width":750,"height":11}},{"id":"2bde948f-46a2-4646-ad5a-0e195794631e","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":383,"width":839,"height":11}},{"id":"2634f9ee-0a01-4b43-b823-99bb36546921","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":398,"width":293,"height":11}},{"id":"4c8ee1b1-5456-45de-8078-43824f6da081","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":418,"width":120,"height":11}},{"id":"df7414cc-d98b-41ca-8692-04aff33969d3","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":418,"width":727,"height":11}},{"id":"beaa9fb1-1eec-43f3-9058-e38b18a59ce6","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":432,"width":607,"height":12}},{"id":"641f0af8-a6de-4717-a76c-043e3b22ad64","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":453,"width":75,"height":11}},{"id":"c79e76aa-52e9-4347-89ce-ef996c48defd","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":5,"box":{"x":161,"y":452,"width":761,"height":12}},{"id":"5fd7f551-3f59-443a-9f99-650197e532df","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":467,"width":198,"height":12}},{"id":"10b8e524-4620-4d71-a765-c172f23d7f67","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":487,"width":214,"height":12}},{"id":"80f4c22f-53a4-4a6f-8bd7-8d10ebe5bed6","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":487,"width":590,"height":12}},{"id":"cb94ffd3-5f0e-471b-8a06-0c34aa2f9cbc","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":502,"width":775,"height":12}},{"id":"b5497b46-6ea4-42ac-989c-f3e07ea04d1d","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":517,"width":589,"height":11}},{"id":"6059e243-ccfb-4faf-9433-1eab1e4f8cf8","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":537,"width":102,"height":9}},{"id":"b5b4e361-f5bc-4063-aaea-68ce73e87596","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":537,"width":747,"height":11}},{"id":"e829c87c-382e-45df-8954-1bae33340c54","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":552,"width":783,"height":11}},{"id":"65537c7e-1a57-404a-811e-3afa469c2316","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":566,"width":273,"height":12}},{"id":"acaa1211-9600-4a50-90b9-a07060b129e0","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":587,"width":95,"height":11}},{"id":"1ea68e86-1f9c-4029-928c-3a41ed0dc4d2","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":586,"width":728,"height":12}},{"id":"75cf00fc-5ba3-4ae3-abdd-ea6ef916b424","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":601,"width":839,"height":12}},{"id":"9dbfbcfe-99c3-450e-a57f-c0c03606c507","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":5,"box":{"x":82,"y":616,"width":354,"height":12}},{"id":"a47bc73b-c9f8-4bb1-a226-14a170f30d52","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":636,"width":59,"height":9}},{"id":"e4c72028-bc0b-4006-8ef9-d5e70ca373ad","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":636,"width":719,"height":12}},{"id":"e301d427-3cc6-4abc-b4e5-676ec41b2834","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":651,"width":801,"height":11}},{"id":"7af0d514-1e03-4875-bdd5-f2d87ada5890","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":666,"width":802,"height":11}},{"id":"13c16a06-98a4-40b1-966c-326a9edd2cef","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":681,"width":830,"height":11}},{"id":"a34b288e-9d25-491a-8b1e-d0c52d323590","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":695,"width":215,"height":10}},{"id":"04d2e83a-ca1e-4f56-b543-5dd7c53a374b","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":715,"width":178,"height":12}},{"id":"87bb6ed6-c880-446e-b916-d746521e7358","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":716,"width":617,"height":11}},{"id":"82ce537f-23a2-4211-98f7-368d8ea2c3f2","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":730,"width":825,"height":12}},{"id":"bdcd7871-715d-4577-9a06-21a1d7072a30","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":745,"width":822,"height":12}},{"id":"f0cc9f21-d335-4516-8ac5-58e1f8113670","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":760,"width":816,"height":11}},{"id":"9f925017-b2fd-40c7-9276-8836c1a391bd","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":775,"width":240,"height":11}},{"id":"11bd7e28-a7b3-419b-b917-e9c485d19a6a","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":795,"width":176,"height":11}},{"id":"655be126-63f7-4b7d-96be-e15033567a03","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":795,"width":668,"height":11}},{"id":"3a9be060-43b9-418a-9f49-4b48f2d36a7f","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":810,"width":531,"height":11}},{"id":"42c9ccbb-f455-412c-a1f5-a79dd2bca62a","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":829,"width":823,"height":12}},{"id":"74b4394c-de94-42d8-a966-b731eef2ec55","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":844,"width":823,"height":12}},{"id":"c03d1165-46fb-4419-976c-e6197a659a07","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":859,"width":70,"height":12}},{"id":"7d8f479d-28d8-49c8-9d58-195688d2182a","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":879,"width":644,"height":12}},{"id":"8842293d-3d76-4745-9169-f273235c3693","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"a66f6585-c41a-495a-8449-b2498bde2250","block_type":"box","text":"NM1026U-5982555-5/40","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9afe45fd-7eb5-4917-94cd-9c8fa5a0b9db","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":46,"width":830,"height":11}},{"id":"81ed061e-7d18-435c-abae-5e85adaf2d9b","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":60,"width":808,"height":12}},{"id":"056274ed-afd8-467f-abc0-6c9001c575ce","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":76,"width":137,"height":11}},{"id":"d01538fc-7a7f-4d9c-98dc-3ff27aa1e995","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":95,"width":821,"height":12}},{"id":"74e6d071-78c7-4522-92db-0e72ec06a998","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":110,"width":809,"height":12}},{"id":"82271305-f64b-40ac-8d65-096a7e896ac6","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":125,"width":784,"height":11}},{"id":"fc7463ea-b64f-4b36-aa77-a466e2bf1a7f","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":140,"width":352,"height":11}},{"id":"f4e8c94c-5404-4976-98e6-f34a7c167c4d","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":160,"width":823,"height":11}},{"id":"b818e8c6-e458-4f01-987f-68bf18bdaf17","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":175,"width":811,"height":11}},{"id":"a64c9beb-6c46-4725-866f-274e70e46e6d","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":190,"width":148,"height":9}},{"id":"9505a78c-7f9d-401f-8762-c24a538b745b","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":209,"width":834,"height":12}},{"id":"6647a212-fe4f-49af-b373-e13384dfdda6","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":224,"width":628,"height":12}},{"id":"0040fd6f-29a9-4d31-8f8b-12dcaa6a873b","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":244,"width":830,"height":12}},{"id":"8e85aed0-3bb7-43b9-a3ec-04b5df91016f","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":259,"width":831,"height":12}},{"id":"4826d2f3-80fa-4f93-81dc-43947fc7b552","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":274,"width":813,"height":11}},{"id":"afd191bb-ebcc-4741-8b0d-03f127213587","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":289,"width":395,"height":11}},{"id":"f3eb9058-4968-4287-ac67-7b79043549dd","block_type":"box","text":"Geographic Concentration Risk","page_number":6,"box":{"x":81,"y":309,"width":235,"height":11}},{"id":"a0de386c-fbbe-48c9-be24-e5834082d6b2","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":6,"box":{"x":320,"y":309,"width":581,"height":11}},{"id":"648a3d79-786a-4516-89d4-d4630149c206","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":6,"box":{"x":82,"y":323,"width":848,"height":12}},{"id":"3657dea7-2e64-49ec-a6e8-7287b2c12f06","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":6,"box":{"x":82,"y":338,"width":841,"height":12}},{"id":"c3e95d8a-9f08-4fb1-a25b-3ac609273c9f","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":6,"box":{"x":82,"y":353,"width":777,"height":12}},{"id":"cf7296b7-3f23-4c57-abb8-892df8a035bb","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":6,"box":{"x":81,"y":368,"width":648,"height":11}},{"id":"689371bf-5a50-43e3-8ba4-ebc797828d66","block_type":"box","text":"Investment Style Risk","page_number":6,"box":{"x":81,"y":388,"width":166,"height":11}},{"id":"79e37f80-2f2c-4d6f-a48d-0f9779fd8cbc","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":6,"box":{"x":251,"y":388,"width":660,"height":11}},{"id":"b3f0ae60-e84d-4f8b-b259-b8262c9a791f","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":6,"box":{"x":82,"y":403,"width":842,"height":11}},{"id":"5f7f26a7-7abf-421a-bf7f-349450f6a20a","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":6,"box":{"x":80,"y":418,"width":847,"height":11}},{"id":"246a67e7-0e34-4834-9359-bbb4721b09cd","block_type":"box","text":"different investment styles.","page_number":6,"box":{"x":81,"y":432,"width":200,"height":12}},{"id":"a4b569df-9012-42d1-948d-ad04c77b9f9c","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":452,"width":107,"height":12}},{"id":"7476494a-207f-4400-ac70-aa7f2d87b01b","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":452,"width":741,"height":12}},{"id":"5927e9e4-8140-4069-9895-e291afe72944","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":467,"width":853,"height":12}},{"id":"0543a7eb-8cf7-4b08-9770-5d22b0ada1d6","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":482,"width":856,"height":12}},{"id":"611ab091-5c5c-411e-8e25-9266fe1c1334","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":6,"box":{"x":80,"y":497,"width":796,"height":11}},{"id":"2308d207-5e55-4d23-9a27-36befd2dbc07","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":6,"box":{"x":81,"y":512,"width":805,"height":11}},{"id":"83f75b22-41fc-4290-9f4a-d65b703eaa8b","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":6,"box":{"x":82,"y":526,"width":293,"height":12}},{"id":"cd80dc78-f2e6-4b57-a686-be4ee816a851","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":547,"width":240,"height":9}},{"id":"3cc91deb-c38e-44f7-9a1f-7996c617427f","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":547,"width":593,"height":9}},{"id":"e80624a8-0bcf-4bd4-9129-14f199009235","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":562,"width":851,"height":11}},{"id":"cecd3d95-cec4-45de-82cf-566793577e08","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":576,"width":824,"height":12}},{"id":"77c92a61-ff6b-48c5-b80f-f5ef808fe515","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":591,"width":851,"height":12}},{"id":"f2973e73-6749-4f82-bb86-24965e6cd32c","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":606,"width":802,"height":11}},{"id":"1bea4c51-55d6-45cc-bd77-36287d39b96b","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":621,"width":849,"height":11}},{"id":"4fc1ee87-e52d-4e48-a14e-fd5739b5d329","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":636,"width":843,"height":11}},{"id":"dcc871ac-7d0e-4909-957e-85739b70ad90","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":650,"width":830,"height":12}},{"id":"4debd924-45a1-4793-8eab-984bd0876030","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":665,"width":840,"height":12}},{"id":"f62422ea-6be2-4abb-8e5f-deeaf7a6f390","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":680,"width":851,"height":11}},{"id":"72f0d6ba-90aa-42a5-9eb1-0aa6aced3cf2","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":695,"width":815,"height":11}},{"id":"b8675715-23cf-4596-9de7-5db7a7c0feb9","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":710,"width":826,"height":11}},{"id":"bf13f1da-bbac-4879-9da8-bde0b060d13f","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":724,"width":735,"height":12}},{"id":"f5682e0f-8be1-4463-87b1-d4e998904652","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":744,"width":818,"height":12}},{"id":"ffb65239-50b7-4327-9000-f704405374ef","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":759,"width":819,"height":12}},{"id":"c1ea49f8-abaa-4b87-96ff-ef65e2457434","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":774,"width":819,"height":12}},{"id":"15a14b18-bf52-40c3-b89c-816ca2a5fee3","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":789,"width":846,"height":11}},{"id":"3d95a35a-138c-4ab7-bc21-97db8293121b","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":804,"width":848,"height":11}},{"id":"946717bc-603a-4cf7-86b3-fff59c020f56","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":819,"width":125,"height":9}},{"id":"edaa0d8e-198d-4ebf-b32e-576fddbfe79f","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":839,"width":182,"height":11}},{"id":"2a59ffb2-6a74-4fde-bd0c-47f08b945be5","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":838,"width":665,"height":12}},{"id":"61c9da31-aeff-44a5-ab45-235b0ad3a725","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":853,"width":789,"height":12}},{"id":"874a6c7a-0401-4665-8c0e-9efd1be2bfea","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":873,"width":139,"height":9}},{"id":"278493e8-3790-4a5d-a377-ac1447627acc","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":879,"width":17,"height":0}},{"id":"2a8e0499-db31-4b91-a663-8eb56bef1f71","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":873,"width":681,"height":12}},{"id":"7a37f352-3e5e-41ca-9737-7da1e506c667","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":888,"width":843,"height":12}},{"id":"fbc6c7d5-e3d8-4dd6-bdca-0b3999ac697f","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":6,"box":{"x":81,"y":903,"width":517,"height":11}},{"id":"e8914f2c-98b0-4d8c-bd55-cfcf01e2d22b","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"8d6710f2-06c0-4277-adad-7586143e2e05","block_type":"box","text":"NM1026U-5982555-6/40","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"640cb4ff-7da0-4e9d-853c-4a34f964f48b","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":46,"width":254,"height":11}},{"id":"833bc041-1769-4de3-a043-b930f93f3920","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":46,"width":578,"height":11}},{"id":"6fdd517c-ece0-41b9-aa1a-d17929dc4baf","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":60,"width":779,"height":12}},{"id":"9a330095-2238-4752-94d4-f76f6d236f0d","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":75,"width":848,"height":12}},{"id":"57a4836b-2b4d-4adc-a4fd-8a49c9b439d2","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":7,"box":{"x":81,"y":90,"width":806,"height":12}},{"id":"02d4a615-2ea4-4a24-b06b-13fc69d454ad","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":105,"width":807,"height":12}},{"id":"5b6a41f5-7590-4042-a690-1ea9e4d9b5df","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":120,"width":846,"height":11}},{"id":"891b304e-6f81-4fe8-9a40-7a5f8b03da2f","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":7,"box":{"x":81,"y":135,"width":836,"height":11}},{"id":"987ba723-16e1-4db3-b12c-26db098e2491","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":150,"width":474,"height":11}},{"id":"dbae0162-fa4b-4fff-891d-fe234773d3ab","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":169,"width":189,"height":10}},{"id":"1b8cf68c-25ef-43da-87f4-df88e0927d53","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":169,"width":636,"height":12}},{"id":"eb47258f-feb4-456b-afe9-8b47b9b625a3","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":184,"width":824,"height":12}},{"id":"7731f6b9-dde3-4312-adfd-48e731acb8d1","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":199,"width":806,"height":12}},{"id":"70cf732e-f1e8-409d-9297-79eaf88d54a4","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":214,"width":842,"height":11}},{"id":"efacf766-3b09-4e45-8aab-248593692ec0","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":229,"width":781,"height":11}},{"id":"e0aca859-f105-4184-aaf5-f12dd0fb60ea","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":244,"width":812,"height":11}},{"id":"a9051faa-d3e1-4a01-91d1-d8abd3fb548e","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":259,"width":129,"height":11}},{"id":"9733ab52-a39b-4482-96cc-c7accb5859ef","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":7,"box":{"x":81,"y":278,"width":258,"height":10}},{"id":"d94a32d4-b9f6-46ab-9c3c-d05c2e17dce4","block_type":"box","text":"— If the other party to a purchase and sale contract defaults on its obligation","page_number":7,"box":{"x":343,"y":278,"width":570,"height":12}},{"id":"a95db3fe-4514-40bb-889e-775586e3a3d6","block_type":"box","text":"under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the","page_number":7,"box":{"x":82,"y":293,"width":829,"height":12}},{"id":"225847ee-0da0-42c3-a014-80b9a62d0646","block_type":"box","text":"agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may","page_number":7,"box":{"x":81,"y":308,"width":850,"height":12}},{"id":"ca6f8385-66c9-4306-84e5-833a337ddde8","block_type":"box","text":"lose money.","page_number":7,"box":{"x":82,"y":323,"width":85,"height":11}},{"id":"a73088e2-71fb-4e60-a8bb-7270328814a0","block_type":"box","text":"Restricted Securities Risk","page_number":7,"box":{"x":81,"y":343,"width":198,"height":9}},{"id":"f52bb026-4c2c-4a29-a8b2-67e30b5be4b9","block_type":"box","text":"—","page_number":7,"box":{"x":284,"y":348,"width":17,"height":1}},{"id":"445ee54b-9aa6-4cb8-9eb9-6d96d0fcc9b3","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":7,"box":{"x":306,"y":343,"width":572,"height":11}},{"id":"f515f9f0-6330-4098-bd72-33f4539d0184","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity may prevent the Fund from","page_number":7,"box":{"x":82,"y":358,"width":845,"height":11}},{"id":"da080277-502c-4e79-b2fb-1454a72f6cd1","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":7,"box":{"x":81,"y":372,"width":850,"height":12}},{"id":"5274fcc4-9b79-4be4-a939-8faf69f75076","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":7,"box":{"x":81,"y":388,"width":843,"height":11}},{"id":"6d4d332a-b7d1-432b-ba2a-3d8ed15f5595","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":7,"box":{"x":81,"y":402,"width":847,"height":12}},{"id":"e97ceedd-bc34-4959-838e-7097a777b391","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":7,"box":{"x":80,"y":417,"width":838,"height":11}},{"id":"1062ebeb-f742-41b9-af45-721dee1f91b3","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":7,"box":{"x":81,"y":432,"width":825,"height":11}},{"id":"b7e2cf34-f309-446c-ae20-90a1ccc83878","block_type":"box","text":"regarding the investment’s market or fair value, and the securities values may have significant volatility. Also, the","page_number":7,"box":{"x":82,"y":447,"width":830,"height":11}},{"id":"90e921ee-57b1-4a65-9fc9-545f075fe700","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able","page_number":7,"box":{"x":82,"y":461,"width":849,"height":12}},{"id":"1e3217e2-e576-4bbd-be42-ac0d7b957df6","block_type":"box","text":"to determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which","page_number":7,"box":{"x":80,"y":476,"width":855,"height":12}},{"id":"07bfe995-f962-40af-8bd6-461500a21fc0","block_type":"box","text":"more information is available. Certain restricted securities may involve a high degree of business and financial risk","page_number":7,"box":{"x":82,"y":491,"width":844,"height":12}},{"id":"e91a6446-b1ef-467f-b3d8-476ddd4a0a08","block_type":"box","text":"and may result in substantial losses to the Fund. Certain restricted securities may represent limited investment","page_number":7,"box":{"x":81,"y":506,"width":821,"height":11}},{"id":"3123ebac-1d0e-4929-ab58-ffd5766c762e","block_type":"box","text":"opportunities and each shareholder’s proportionate investment exposure to such limited investment opportunities","page_number":7,"box":{"x":81,"y":521,"width":841,"height":11}},{"id":"d0fe83fd-3961-45f6-8c38-962e54218503","block_type":"box","text":"may be reduced proportionately as the Fund’s net assets grow from new or additional investments made in the","page_number":7,"box":{"x":82,"y":535,"width":815,"height":12}},{"id":"de475c1f-9cbb-4a8b-8afb-f2c395c30f57","block_type":"box","text":"Fund by other shareholders.","page_number":7,"box":{"x":82,"y":551,"width":202,"height":11}},{"id":"f0f12fb9-8487-405c-9297-14f22643ea63","block_type":"box","text":"Small Cap Securities Risk","page_number":7,"box":{"x":81,"y":570,"width":196,"height":12}},{"id":"dd807078-3cbe-4c7f-9983-891f3ddecbaf","block_type":"box","text":"—","page_number":7,"box":{"x":281,"y":576,"width":17,"height":1}},{"id":"d6ca4416-68a5-420c-abcc-54672ef2118c","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":7,"box":{"x":303,"y":570,"width":607,"height":12}},{"id":"e08361d2-f31a-455b-885a-ebfd9598ba9a","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":7,"box":{"x":81,"y":585,"width":852,"height":12}},{"id":"f1718ae7-f33f-4bfc-8e2d-fc64163dfd39","block_type":"box","text":"than larger capitalized companies.","page_number":7,"box":{"x":80,"y":600,"width":251,"height":12}},{"id":"85c5b15f-2988-4a88-91c7-b7e00980a25c","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":639,"width":224,"height":11}},{"id":"339392fd-6679-49ca-809c-1a4038f1f4fb","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":665,"width":855,"height":11}},{"id":"73c6c4ad-2ef3-4293-95c2-231360725217","block_type":"box","text":"risks of investing in the Fund. Effective December 30, 2017, the Fund changed its name, investment process and","page_number":7,"box":{"x":61,"y":680,"width":835,"height":11}},{"id":"04310f3c-eb31-43da-872a-d1b073ca5026","block_type":"box","text":"investment strategies. Performance for the periods prior to December 30, 2017, shown below, is based on the","page_number":7,"box":{"x":62,"y":695,"width":815,"height":11}},{"id":"083f9b5f-4090-4c6a-aa9a-db17a90d69b2","block_type":"box","text":"investment process and investment strategies utilized by the Fund at that time under the name “BlackRock Science &","page_number":7,"box":{"x":62,"y":710,"width":865,"height":11}},{"id":"52141d2c-3c41-4bd4-8af9-e94e04db3afb","block_type":"box","text":"Technology Opportunities Portfolio.” Class K Shares commenced operations on December 10, 2019. As a result,","page_number":7,"box":{"x":60,"y":724,"width":832,"height":12}},{"id":"30529184-bc36-4cb0-984c-405d352e0e17","block_type":"box","text":"returns shown below for Class K Shares prior to December 10, 2019 are those of the Fund’s Institutional Shares,","page_number":7,"box":{"x":61,"y":739,"width":836,"height":11}},{"id":"029636b6-d29b-4887-9113-972da71d2184","block_type":"box","text":"which are not offered in this prospectus. The performance of Class K Shares would be substantially similar to","page_number":7,"box":{"x":60,"y":754,"width":809,"height":11}},{"id":"3e9be64b-39e3-47dc-b3b9-94ebfdb89fb0","block_type":"box","text":"Institutional Shares because Class K Shares and Institutional Shares are invested in the same portfolio of securities","page_number":7,"box":{"x":62,"y":769,"width":858,"height":11}},{"id":"874d398f-8be8-4c3e-95b0-478e2ef9216a","block_type":"box","text":"and performance would differ only to the extent that Class K Shares and Institutional Shares have different expenses.","page_number":7,"box":{"x":61,"y":784,"width":869,"height":11}},{"id":"7fe3905d-7ad8-40e8-a7ca-45f08ab667ef","block_type":"box","text":"The actual returns of Class K Shares would have been higher than those of Institutional Shares because Class K","page_number":7,"box":{"x":60,"y":798,"width":831,"height":12}},{"id":"eaf4935a-71e3-4471-b190-7130cdef52af","block_type":"box","text":"Shares have lower expenses than Institutional Shares. The table compares the Fund’s performance to that of the","page_number":7,"box":{"x":61,"y":813,"width":834,"height":12}},{"id":"994c2ec3-661f-4388-a174-93ada4e5d6f1","block_type":"box","text":"MSCI All Country World Index (Net), the MSCI All-Country World Information Technology 10/40 Index (Net) and the","page_number":7,"box":{"x":62,"y":828,"width":832,"height":12}},{"id":"d555b433-4eb3-4548-8a40-66425e19c7bb","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net). The MSCI All-Country World Information Technology 10/40","page_number":7,"box":{"x":62,"y":843,"width":862,"height":12}},{"id":"2c11bd96-ad58-42f0-a678-0cc4cba96de9","block_type":"box","text":"Index (Net) and the MSCI All-Country World Information Technology Index (Net) are relevant to the Fund because they","page_number":7,"box":{"x":62,"y":858,"width":854,"height":11}},{"id":"ad9735e6-bbe4-4040-bee2-1802eff2f4f1","block_type":"box","text":"have characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been","page_number":7,"box":{"x":61,"y":873,"width":873,"height":11}},{"id":"597b986a-5dbb-4848-8a35-dec58e737a90","block_type":"box","text":"paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the","page_number":7,"box":{"x":62,"y":887,"width":818,"height":12}},{"id":"404e89c9-8c63-44c9-9f11-047eab3d4b49","block_type":"box","text":"dividends and distributions. As with all such investments, past performance (before and after taxes) is not an","page_number":7,"box":{"x":61,"y":902,"width":805,"height":12}},{"id":"5cee12b9-c7b4-464d-80d4-5a7f40784d85","block_type":"box","text":"indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or","page_number":7,"box":{"x":62,"y":917,"width":836,"height":11}},{"id":"8f6a1697-a200-4dcb-9825-bbcb8c1dada0","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"fa6944de-59fe-46aa-b889-3f8866eabce7","block_type":"box","text":"NM1026U-5982555-7/40","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0b2a898e-446d-472b-980c-cc2b2dd6026a","block_type":"box","text":"reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. 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Such indices use withholding tax rates that are often at a higher rate","page_number":8,"box":{"x":61,"y":648,"width":870,"height":9}},{"id":"97f0933e-3086-4218-b968-46eb0f8d1b05","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":658,"width":862,"height":9}},{"id":"4dcf20dd-0683-4995-8379-a611ff0dbc7f","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":8,"box":{"x":60,"y":668,"width":834,"height":9}},{"id":"e40b6a22-f2ba-44ab-adc1-e222499f1703","block_type":"box","text":"performance information for the MSCI All Country World Index, the MSCI All-Country World Information Technology 10/40 Index and the MSCI All","page_number":8,"box":{"x":61,"y":678,"width":850,"height":10}},{"id":"14b65f52-b708-47df-960a-abfd0add38a2","block_type":"box","text":"Country World Information Technology Index, please see the Fund’s Statement of Additional Information.","page_number":8,"box":{"x":61,"y":689,"width":611,"height":9}},{"id":"ea4ec80b-513a-4ce4-963b-aa867d9d2552","block_type":"box","text":"2","page_number":8,"box":{"x":61,"y":702,"width":3,"height":3}},{"id":"7f946701-2187-4cd8-801d-b832bbd331c5","block_type":"box","text":"The inception date of the MSCI All-Country World Information Technology 10/40 Index (Net) was February 23, 2024.","page_number":8,"box":{"x":68,"y":702,"width":682,"height":9}},{"id":"94af1c17-7a62-49d0-802e-6b5e7b45ab9d","block_type":"box","text":"3","page_number":8,"box":{"x":61,"y":715,"width":3,"height":3}},{"id":"229d9d53-dcf4-411e-930f-8a781be3e0ba","block_type":"box","text":"The Fund has added this additional benchmark.","page_number":8,"box":{"x":68,"y":715,"width":279,"height":7}},{"id":"f79cde80-b5b2-4205-befe-794a5bdf6183","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":740,"width":840,"height":11}},{"id":"040a88bd-3906-49af-82c8-fe930fdb78fd","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":755,"width":835,"height":11}},{"id":"9930292e-21d3-41a4-8645-fdc74fe9a41b","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":769,"width":851,"height":12}},{"id":"5d2ebf87-2856-41c3-9ab5-4e02619af056","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":784,"width":611,"height":12}},{"id":"c6b4a39f-dce9-464f-9507-d1931a971bc6","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":823,"width":187,"height":14}},{"id":"eaead937-89f9-430b-a163-7bb16a2de662","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":849,"width":709,"height":12}},{"id":"66bc65a5-5864-40e7-9b2f-dadbd7f250b6","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"bdb4f110-7050-4d4d-9db5-aecd38ac0ed1","block_type":"box","text":"NM1026U-5982555-8/40","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"80bcf635-d68f-4181-a129-7cc435c8f90f","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"3770e81b-5cf2-4445-81a9-b2e7f80c41d6","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"fbd90f92-9ab6-443b-b94e-5d17175966b2","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":362,"y":79,"width":121,"height":10}},{"id":"79748d51-2c44-4962-b6f5-0072116d6b5e","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":363,"y":90,"width":427,"height":9}},{"id":"d55a2a03-4a20-4633-b0e8-52ddd219af6e","block_type":"box","text":"Tony Kim 2013 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"f1722f10-e594-4b17-ad5f-e3188627e83c","block_type":"box","text":"Reid Menge 2020 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":126,"width":825,"height":11}},{"id":"46d6f128-60fa-42ca-8dd1-eb692b9c816d","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":167,"width":309,"height":11}},{"id":"c83fde62-7838-487a-8cac-e6579ccf0955","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":9,"box":{"x":61,"y":193,"width":859,"height":12}},{"id":"1f650494-4ca5-422a-b275-432f089e5755","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":9,"box":{"x":61,"y":208,"width":844,"height":12}},{"id":"a9b55ea2-2072-40f9-af92-743626ccd206","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":9,"box":{"x":62,"y":223,"width":791,"height":11}},{"id":"dc2cdaaa-22a7-4afe-b8a7-b0ffbcb28e5e","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":9,"box":{"x":62,"y":238,"width":874,"height":11}},{"id":"0a43b187-cb01-4490-9d8c-038561a00ff1","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":9,"box":{"x":62,"y":253,"width":871,"height":11}},{"id":"7b7e0add-172b-41d1-88c8-a2a6f704a940","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":9,"box":{"x":61,"y":267,"width":870,"height":12}},{"id":"1fa8a367-102e-40bf-bcaf-c5de8a26ee2a","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":9,"box":{"x":62,"y":282,"width":863,"height":12}},{"id":"02640265-fc3b-4eb0-8dde-afde19b6d91e","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":9,"box":{"x":60,"y":297,"width":832,"height":12}},{"id":"4b0c93d8-b110-4d64-b60f-13a2da7f2641","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":9,"box":{"x":61,"y":312,"width":815,"height":11}},{"id":"570c6508-ea8d-4cf6-8cbe-2ee4f99edcb9","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":9,"box":{"x":61,"y":327,"width":816,"height":11}},{"id":"8f38997b-ba92-4f58-bd5c-2a00497a1331","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":9,"box":{"x":62,"y":341,"width":867,"height":12}},{"id":"44694208-cb0e-409b-9284-085cb580c1d0","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":9,"box":{"x":62,"y":356,"width":868,"height":12}},{"id":"42a9a955-fbfe-4385-81b8-9544a4848b10","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":9,"box":{"x":61,"y":371,"width":874,"height":12}},{"id":"92ed82f3-6c17-46db-a0c2-0d6b2784bbf8","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":9,"box":{"x":61,"y":386,"width":859,"height":12}},{"id":"e43acda5-2de1-4829-86fd-6242cd4c0126","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":9,"box":{"x":60,"y":401,"width":857,"height":11}},{"id":"fa88713b-b284-4882-8670-88ee8a8bf433","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":9,"box":{"x":60,"y":423,"width":874,"height":12}},{"id":"352059d5-8b43-4567-9943-d076003274ef","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":9,"box":{"x":61,"y":438,"width":868,"height":12}},{"id":"3c28d5f6-2554-40d1-a7c9-9be7b6809db5","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":9,"box":{"x":61,"y":452,"width":857,"height":12}},{"id":"098f0155-8bbe-46a1-a2ee-c9b2eff1892e","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":9,"box":{"x":61,"y":468,"width":842,"height":11}},{"id":"71dbc4f3-7f06-4e6e-8744-8068523f7891","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":9,"box":{"x":61,"y":483,"width":586,"height":11}},{"id":"2252d7d4-7569-4384-831e-70698e135030","block_type":"box","text":"Tax Information","page_number":9,"box":{"x":63,"y":522,"width":138,"height":11}},{"id":"804e3270-9ee3-452b-9767-f9c2ad7cb02d","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":9,"box":{"x":62,"y":548,"width":865,"height":11}},{"id":"9b54ef1d-9686-4ba4-9f81-0bac0f842477","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":9,"box":{"x":62,"y":563,"width":842,"height":11}},{"id":"b595393b-68ed-4cc2-8561-3805a91557c5","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":9,"box":{"x":62,"y":577,"width":850,"height":12}},{"id":"45184e27-5b38-46de-9e50-945e9e58f620","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":9,"box":{"x":60,"y":592,"width":833,"height":12}},{"id":"609aacbf-b67f-410f-9fce-c678fe1287c7","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":9,"box":{"x":60,"y":607,"width":865,"height":12}},{"id":"65aae9c3-9f10-4eea-92d9-e9880d4c16c2","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":9,"box":{"x":61,"y":622,"width":851,"height":11}},{"id":"ed4fbc97-56e8-401d-9e16-fb57b43c569e","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":9,"box":{"x":62,"y":637,"width":451,"height":11}},{"id":"db54c5da-8c29-4669-8e6f-03592c176ab2","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":9,"box":{"x":61,"y":676,"width":578,"height":13}},{"id":"b38ae9f0-366f-47e6-8457-55caf4215a7d","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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BlackRock determines, in its discretion, whether a company is a technology","page_number":10,"box":{"x":61,"y":756,"width":810,"height":12}},{"id":"b7c0ee62-6425-49cd-ba99-afee2f8abaf4","block_type":"box","text":"company.","page_number":10,"box":{"x":61,"y":773,"width":67,"height":9}},{"id":"db9eb391-fbd1-482d-9e1d-73a149f0dd96","block_type":"box","text":"The Fund seeks to invest primarily in common stock but may also invest in preferred stock and convertible securities.","page_number":10,"box":{"x":60,"y":793,"width":864,"height":12}},{"id":"feca0bba-d364-4ed1-a3e4-0436e937ad6c","block_type":"box","text":"The Fund may also invest in Rule 144A securities, which are privately placed securities purchased by qualified","page_number":10,"box":{"x":60,"y":808,"width":809,"height":12}},{"id":"04189580-be35-4863-a8fb-3b57bc7ab0bb","block_type":"box","text":"institutional buyers. 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American Depositary Receipts are receipts","page_number":11,"box":{"x":81,"y":318,"width":829,"height":11}},{"id":"cba63547-b75d-4b4f-80b5-6795c0d42cb8","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":11,"box":{"x":80,"y":332,"width":802,"height":12}},{"id":"ac1ce979-da7f-4b4d-a2c1-a1fd78bd93be","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":11,"box":{"x":81,"y":347,"width":833,"height":12}},{"id":"62867863-15ea-4ce9-8468-e68e6e37ef56","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":11,"box":{"x":80,"y":362,"width":791,"height":12}},{"id":"f75e4105-91d0-4ab9-ae72-016fbebbb793","block_type":"box","text":"receipts.","page_number":11,"box":{"x":82,"y":377,"width":61,"height":11}},{"id":"5fbce41e-19b3-44b0-9a84-0f0e083a5f03","block_type":"box","text":"Illiquid Investments","page_number":11,"box":{"x":81,"y":397,"width":148,"height":11}},{"id":"2ac644db-8a0f-49cc-8bdf-60fd1513a3f2","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":397,"width":677,"height":11}},{"id":"304a0ca7-45d7-4263-9a20-19f2a3b4e2a0","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":412,"width":811,"height":11}},{"id":"5cfbb3dc-2188-4678-b943-9ee715e62fcd","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":427,"width":831,"height":11}},{"id":"aabe81d7-6e41-4603-a893-c28871c02d64","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":441,"width":811,"height":12}},{"id":"d880f206-83b6-426a-83d4-d8c4f0a6a517","block_type":"box","text":"Indexed and Inverse Securities","page_number":11,"box":{"x":81,"y":462,"width":232,"height":9}},{"id":"865b65bf-d07c-4ac3-8b09-21fce2afb58b","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":461,"width":598,"height":12}},{"id":"87ff47c4-9180-42a0-a392-84c5616a54fe","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). For example, the Fund may invest in a","page_number":11,"box":{"x":81,"y":476,"width":823,"height":12}},{"id":"6cf1df73-c0ad-4d82-8532-aa8e4678beea","block_type":"box","text":"security that pays a variable amount of interest or principal based on the current level of a particular stock market.","page_number":11,"box":{"x":81,"y":491,"width":843,"height":11}},{"id":"d8cd6456-92e3-43c3-a1b6-43c5ca03d6ee","block_type":"box","text":"The Fund may also invest in securities whose return is inversely related to changes in an interest rate or index","page_number":11,"box":{"x":81,"y":506,"width":810,"height":11}},{"id":"d9078186-3d34-4dce-a681-3ab852c92e76","block_type":"box","text":"(“inverse securities”). In general, the return on inverse securities will decrease when the underlying index or interest","page_number":11,"box":{"x":81,"y":521,"width":854,"height":11}},{"id":"8d9d69b0-3406-4f79-a88a-8e4c5f07672f","block_type":"box","text":"rate goes up and increase when that index or interest rate goes down.","page_number":11,"box":{"x":82,"y":536,"width":514,"height":11}},{"id":"5ee51216-b28e-4d09-a194-7958d2833bca","block_type":"box","text":"Investment Companies","page_number":11,"box":{"x":81,"y":556,"width":172,"height":11}},{"id":"adb30ae3-73b1-4a8e-b96b-56636968820a","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":556,"width":643,"height":11}},{"id":"e41eb95b-4fd8-483d-865a-51496967dd0b","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":11,"box":{"x":80,"y":570,"width":848,"height":12}},{"id":"dba256ae-4868-488f-a9d8-5ca228927f55","block_type":"box","text":"Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. The","page_number":11,"box":{"x":82,"y":585,"width":814,"height":12}},{"id":"8d8081e5-d34f-4874-9ff0-f21699ecc542","block_type":"box","text":"Fund may invest in affiliated investment companies, including affiliated money market funds and affiliated","page_number":11,"box":{"x":82,"y":600,"width":778,"height":12}},{"id":"031b65ed-81b8-405a-92d0-9cc577ff420f","block_type":"box","text":"exchange-traded funds (“ETFs”).","page_number":11,"box":{"x":81,"y":615,"width":234,"height":11}},{"id":"b2ed4e1f-fcf0-4d6f-a7f8-76a60702bd02","block_type":"box","text":"Money Market Securities","page_number":11,"box":{"x":81,"y":635,"width":190,"height":11}},{"id":"4c3a9e76-8290-4de7-b00f-2af3139ad961","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":11,"box":{"x":276,"y":635,"width":641,"height":11}},{"id":"830a96b0-0150-4857-93ba-0adb67605df5","block_type":"box","text":"when it expects to need cash to pay redeeming shareholders. The Fund will not be deemed to deviate from its","page_number":11,"box":{"x":80,"y":650,"width":808,"height":11}},{"id":"855d96b3-cb8a-4b70-ad58-9248232af201","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":11,"box":{"x":82,"y":664,"width":485,"height":12}},{"id":"61f4d4e6-3129-493d-b0b5-e1503eb467a2","block_type":"box","text":"Repurchase Agreements","page_number":11,"box":{"x":81,"y":685,"width":185,"height":11}},{"id":"089ca636-9c63-4336-b042-35e00e555079","block_type":"box","text":"—","page_number":11,"box":{"x":271,"y":690,"width":17,"height":1}},{"id":"3af12050-088a-4920-8248-b101cee897f1","block_type":"box","text":"The Fund may enter into certain types of repurchase agreements. Under a repurchase","page_number":11,"box":{"x":292,"y":684,"width":632,"height":12}},{"id":"fb692a87-6f32-429f-b5a8-ce77ba86080d","block_type":"box","text":"agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price.","page_number":11,"box":{"x":81,"y":699,"width":704,"height":12}},{"id":"78112366-bd92-461e-93f2-a6402b028961","block_type":"box","text":"Restricted Securities","page_number":11,"box":{"x":81,"y":719,"width":159,"height":9}},{"id":"b9c7db17-8a57-469b-905e-2a1a98ea8e28","block_type":"box","text":"—","page_number":11,"box":{"x":245,"y":725,"width":17,"height":0}},{"id":"21102b41-8da7-4197-b89e-67599fe18957","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":11,"box":{"x":268,"y":719,"width":602,"height":11}},{"id":"07cca2da-59dd-4912-8002-8e757463242c","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":734,"width":820,"height":12}},{"id":"270630e1-df03-4118-a127-e82072e9ebf7","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":749,"width":839,"height":11}},{"id":"99232e1d-3f04-442b-9371-1ac716d814a1","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":11,"box":{"x":82,"y":764,"width":837,"height":11}},{"id":"ecb66f73-f61b-439c-a5cb-25c9ba266c20","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":11,"box":{"x":80,"y":778,"width":736,"height":12}},{"id":"74e816fe-2b5c-4416-9dd4-8f7ea05ca9dd","block_type":"box","text":"Securities Lending","page_number":11,"box":{"x":81,"y":799,"width":140,"height":11}},{"id":"e979659f-a18f-4c18-b7d0-c3139b7802e0","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":11,"box":{"x":225,"y":799,"width":396,"height":11}},{"id":"d0e987db-391e-4ec8-a239-6b354e974fdb","block_type":"box","text":"1⁄","page_number":11,"box":{"x":622,"y":799,"width":6,"height":5}},{"id":"65a2dff9-4bac-4be2-af9f-4f2c80b6f8d7","block_type":"box","text":"1⁄3","page_number":11,"box":{"x":626,"y":799,"width":8,"height":9}},{"id":"273d14ce-b986-4a91-8249-f5e0b603b3a5","block_type":"box","text":"⁄3","page_number":11,"box":{"x":632,"y":802,"width":6,"height":6}},{"id":"cce241f1-e146-404e-9c6b-fc2a761f795c","block_type":"box","text":"% of its total assets to financial","page_number":11,"box":{"x":639,"y":798,"width":231,"height":10}},{"id":"031ba41d-0b40-443b-9d42-daada7dd2318","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":11,"box":{"x":82,"y":813,"width":748,"height":12}},{"id":"160c533f-4728-4cd0-8500-adcd72a1d903","block_type":"box","text":"Temporary Defensive Strategies","page_number":11,"box":{"x":82,"y":833,"width":238,"height":12}},{"id":"626c2805-830e-4fd1-a5da-ebccd8de44a2","block_type":"box","text":"—","page_number":11,"box":{"x":325,"y":839,"width":17,"height":0}},{"id":"4411c32f-0e29-4666-be88-61559a4479bf","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":11,"box":{"x":348,"y":833,"width":577,"height":12}},{"id":"9e5d97f3-512a-4386-aaa6-fd505fa4fb80","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":11,"box":{"x":81,"y":848,"width":802,"height":12}},{"id":"90fc86cc-8572-4928-986f-93b21df921fc","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":11,"box":{"x":82,"y":863,"width":833,"height":11}},{"id":"ffba9558-68d4-41bf-adda-4af15fc33482","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":11,"box":{"x":81,"y":878,"width":796,"height":11}},{"id":"da51d065-56ed-446c-af03-044ccc364ddb","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":11,"box":{"x":81,"y":893,"width":802,"height":11}},{"id":"6271ebef-2680-47b3-b6b9-ce2262d2d995","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"2165f3c8-c717-4f1b-acea-bf7436ee852f","block_type":"box","text":"NM1026U-5982555-11/40","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d1ffe01f-9826-4018-a18a-a124b7f3d90b","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":46,"width":777,"height":11}},{"id":"f505a1be-ab87-49bd-9b5d-c0b0e263d8e6","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":60,"width":781,"height":12}},{"id":"954e8c04-9c36-4936-b037-5be0b227f263","block_type":"box","text":"Warrants","page_number":12,"box":{"x":83,"y":81,"width":66,"height":9}},{"id":"5323a43b-10b9-40c7-9d0c-034d79cdc09d","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":80,"width":767,"height":12}},{"id":"06a945db-fcfc-44c4-98ee-3bf5c049c209","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":96,"width":815,"height":11}},{"id":"24389a1a-60ba-49f1-838d-5c75d60acc6d","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":110,"width":810,"height":12}},{"id":"6d8f14be-07c8-49f8-a2d1-646318692566","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":130,"width":545,"height":11}},{"id":"644e7104-8c9e-43b6-b5c8-1f76a7a41675","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":130,"width":295,"height":11}},{"id":"909d2cca-7317-4853-b8d7-5b46c39691a9","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":145,"width":851,"height":11}},{"id":"2de50551-eb4f-4a86-b622-296162fd572d","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":160,"width":847,"height":11}},{"id":"32f059ee-671f-462f-874d-941abf10f031","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":175,"width":842,"height":11}},{"id":"090921ae-446a-494c-9131-bba1ea975288","block_type":"box","text":"the transaction.","page_number":12,"box":{"x":80,"y":190,"width":115,"height":9}},{"id":"dd707299-0cf8-4302-99e9-f0b64f0c214d","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":246,"width":453,"height":9}},{"id":"284f16c3-639e-4310-83f3-d495e75ae3e6","block_type":"box","text":"The Fund is managed by a team of financial professionals. Tony Kim and Reid Menge are the portfolio managers of","page_number":12,"box":{"x":70,"y":269,"width":846,"height":11}},{"id":"cc532175-e52d-4f32-b141-090b4d6336f4","block_type":"box","text":"the Fund and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":12,"box":{"x":70,"y":283,"width":772,"height":12}},{"id":"340be799-97c8-4cf2-997a-3b46f9ba78de","block_type":"box","text":"“Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":12,"box":{"x":72,"y":298,"width":775,"height":12}},{"id":"e07e778e-1d2d-4eaf-9150-3621eb531f57","block_type":"box","text":"management team.","page_number":12,"box":{"x":71,"y":314,"width":141,"height":11}},{"id":"ec789398-7b26-4cdd-8aea-c4dd997c8e36","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":365,"width":156,"height":11}},{"id":"248c40ae-e209-475c-a43d-8e601d71e889","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":12,"box":{"x":60,"y":391,"width":811,"height":12}},{"id":"9b48ed10-4b23-4081-87dc-5696ae6246c1","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":12,"box":{"x":61,"y":406,"width":871,"height":11}},{"id":"d4a287e6-8f46-45f8-a0f3-28f25aabf21b","block_type":"box","text":"its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its","page_number":12,"box":{"x":62,"y":421,"width":799,"height":11}},{"id":"836af06d-8d3a-4f30-aaf0-33026ffc66ea","block_type":"box","text":"investment objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund","page_number":12,"box":{"x":62,"y":436,"width":860,"height":11}},{"id":"53a9d8d4-14c0-4578-a530-40f873343420","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":12,"box":{"x":62,"y":451,"width":856,"height":11}},{"id":"a6e305b4-2394-46b7-be40-8ac285120426","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":12,"box":{"x":61,"y":465,"width":853,"height":12}},{"id":"795761c0-2007-4f83-b6cc-2e1c3f4ef7a6","block_type":"box","text":"risk factor.","page_number":12,"box":{"x":61,"y":480,"width":76,"height":9}},{"id":"b4a3de13-05d6-4fb7-888a-0e6793e5f604","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":12,"box":{"x":61,"y":503,"width":322,"height":13}},{"id":"06737da4-7e33-4f78-b68b-92e9bff651dc","block_type":"box","text":"Concentration Risk","page_number":12,"box":{"x":81,"y":525,"width":145,"height":9}},{"id":"8467947f-6ad5-498a-bc34-799f7e42d282","block_type":"box","text":"—","page_number":12,"box":{"x":231,"y":530,"width":17,"height":1}},{"id":"3d9beee2-5bfa-4ae8-a2fc-ba5ff78e97ad","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":12,"box":{"x":252,"y":525,"width":654,"height":11}},{"id":"eb6f549b-eec7-458f-9dc2-de63ff8bbf49","block_type":"box","text":"performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":12,"box":{"x":82,"y":539,"width":824,"height":12}},{"id":"808fd0d9-7055-4037-a79d-020f9ae0dfe1","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":12,"box":{"x":80,"y":554,"width":853,"height":12}},{"id":"1ea38f4b-0469-4798-81b5-776e137a1b5a","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":12,"box":{"x":80,"y":569,"width":831,"height":12}},{"id":"81e993cc-3293-4d2c-9812-35cdebcd2e45","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":12,"box":{"x":81,"y":584,"width":855,"height":11}},{"id":"cc72bc3a-bb68-467b-a67f-b616851b7b0b","block_type":"box","text":"other industries or the broader market as a whole.","page_number":12,"box":{"x":81,"y":599,"width":368,"height":9}},{"id":"7b5ff163-7643-44c5-a634-c2f0f6492db3","block_type":"box","text":"Convertible Securities Risk","page_number":12,"box":{"x":81,"y":619,"width":206,"height":9}},{"id":"5c6c1db3-54d6-4a67-834e-efb109b40a0b","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":619,"width":593,"height":11}},{"id":"9148c246-58f0-4760-8fbc-fb84965328d9","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":633,"width":853,"height":12}},{"id":"c3587b98-e4f9-4d80-a97e-75cab44c653b","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":649,"width":855,"height":11}},{"id":"d6fd1152-44e9-4c60-9c96-dd248b8df076","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":663,"width":816,"height":12}},{"id":"dffadb9c-9158-4569-a0c3-0f3a86959736","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":12,"box":{"x":82,"y":678,"width":796,"height":11}},{"id":"421f12e8-fa0b-46b8-8d22-f5110aa64fa0","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":12,"box":{"x":81,"y":693,"width":812,"height":11}},{"id":"ff58a36d-cd70-4bed-8c53-ef0b5f440487","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":12,"box":{"x":82,"y":708,"width":809,"height":11}},{"id":"bca36c1e-e59c-4e97-a1b7-4394e4d117a6","block_type":"box","text":"Derivatives Risk","page_number":12,"box":{"x":81,"y":728,"width":123,"height":9}},{"id":"708b6c71-56ac-413b-a508-9c97972786c1","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":12,"box":{"x":207,"y":728,"width":664,"height":11}},{"id":"15274c97-5765-4bf3-87e4-fc2a9b31af7b","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":12,"box":{"x":82,"y":742,"width":469,"height":12}},{"id":"ce9f0f7d-0d15-406c-80b8-e15f9034c6b0","block_type":"box","text":"Leverage Risk","page_number":12,"box":{"x":82,"y":765,"width":102,"height":12}},{"id":"f512652a-95a8-48a0-b9ac-818918933d85","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":12,"box":{"x":188,"y":765,"width":723,"height":12}},{"id":"901238da-ef7c-441e-a82c-22cc13b4d97a","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":12,"box":{"x":82,"y":780,"width":832,"height":11}},{"id":"307e8729-ac98-427e-8d4b-a6b0134bbf11","block_type":"box","text":"exceed the amount originally invested.","page_number":12,"box":{"x":81,"y":795,"width":280,"height":11}},{"id":"216c136f-080c-4e53-96b4-06fd7d1dbe94","block_type":"box","text":"Market Risk","page_number":12,"box":{"x":82,"y":817,"width":87,"height":9}},{"id":"45bc041b-3fe0-4a6c-b9d8-f40948b368b1","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":12,"box":{"x":173,"y":817,"width":728,"height":12}},{"id":"334bad82-8892-4dea-ac9e-51920e21e186","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":12,"box":{"x":81,"y":832,"width":834,"height":11}},{"id":"73fe562f-88e9-4b71-8ea0-e48943225fc3","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":12,"box":{"x":82,"y":847,"width":832,"height":11}},{"id":"fd96b37a-c1a8-4183-8f64-c9f5f905a439","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":12,"box":{"x":80,"y":862,"width":779,"height":11}},{"id":"23765487-a41a-4f31-9501-477714788c3a","block_type":"box","text":"derivatives positions to lose value.","page_number":12,"box":{"x":81,"y":877,"width":253,"height":11}},{"id":"ff162ae0-6d33-4f7f-9f4f-26ce7575ca5f","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7d7cf675-c421-4a15-a18f-e4485498d1a7","block_type":"box","text":"NM1026U-5982555-12/40","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"62004393-6905-4f23-a437-5fb39dff00ea","block_type":"box","text":"Counterpar ty Risk","page_number":13,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"26816eaa-c5c1-419c-b015-68ad6e065123","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":13,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"cb01949f-fb69-442f-bb2f-8fdd715e5c25","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":13,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"de66c8d4-ea06-4083-9c8d-5654d23d3bb2","block_type":"box","text":"exposure to such a counterparty.","page_number":13,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"7336346a-4324-4b94-b6d9-1c3648e111e2","block_type":"box","text":"Illiquidity Risk —","page_number":13,"box":{"x":82,"y":98,"width":122,"height":11}},{"id":"3b3dec3f-7d5a-46df-a98c-bffe01d9b11f","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":13,"box":{"x":208,"y":98,"width":728,"height":11}},{"id":"3333c644-4c12-4c73-891e-4a0c8ccffbb4","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":13,"box":{"x":80,"y":113,"width":839,"height":11}},{"id":"4a7de915-1daa-46a9-87ad-dad7399e12ca","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":13,"box":{"x":81,"y":127,"width":293,"height":12}},{"id":"f77d90f3-b774-409d-b635-9709991abbaf","block_type":"box","text":"Operational Risk","page_number":13,"box":{"x":82,"y":150,"width":120,"height":11}},{"id":"69116e07-8d2a-4166-ae43-7d443c26b5fb","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":13,"box":{"x":206,"y":150,"width":727,"height":12}},{"id":"f343392b-24f7-48d3-a986-cc0ff5b9986b","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":13,"box":{"x":82,"y":165,"width":607,"height":11}},{"id":"c8290ca3-5401-4edb-aa90-51c9361a061c","block_type":"box","text":"Legal Risk","page_number":13,"box":{"x":82,"y":188,"width":75,"height":11}},{"id":"c0bf2399-473e-49c1-b0ee-b5b71924f449","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":13,"box":{"x":161,"y":187,"width":761,"height":12}},{"id":"09e99ea1-94e1-46eb-811c-3ee7cbc191ff","block_type":"box","text":"enforceability of a contract.","page_number":13,"box":{"x":81,"y":202,"width":198,"height":12}},{"id":"7a1df364-1375-442d-983d-ea35582cf7af","block_type":"box","text":"Volatility and Correlation Risk","page_number":13,"box":{"x":83,"y":225,"width":214,"height":11}},{"id":"96efedca-222f-45a7-9b7f-355624103708","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":13,"box":{"x":300,"y":225,"width":590,"height":11}},{"id":"2c89f08a-5dcf-467e-be11-d79053c7708d","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":13,"box":{"x":80,"y":240,"width":855,"height":11}},{"id":"b77cbb80-98de-4fe7-9a5a-f586ed6e93a4","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":13,"box":{"x":80,"y":254,"width":820,"height":12}},{"id":"05efe7e8-376e-45f5-b33e-215654791b7e","block_type":"box","text":"correlate with the overall securities markets.","page_number":13,"box":{"x":81,"y":270,"width":326,"height":9}},{"id":"6a635bff-efbd-4984-bd17-632d520c77f7","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":83,"y":292,"width":102,"height":9}},{"id":"f0badb6b-65cc-4de2-ad54-a4ca79442557","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":13,"box":{"x":189,"y":292,"width":747,"height":11}},{"id":"c9f7f68b-8a68-4bfd-8715-29c9bfbd6377","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":13,"box":{"x":82,"y":307,"width":783,"height":11}},{"id":"26888627-f12e-494a-8af6-a3e5334919c7","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":13,"box":{"x":82,"y":321,"width":837,"height":12}},{"id":"731def9b-3ef7-4ad3-9687-0dbcf6670562","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":13,"box":{"x":81,"y":336,"width":826,"height":12}},{"id":"954c7a81-26ff-40e5-88ea-b1f7ad4f9192","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":13,"box":{"x":80,"y":351,"width":405,"height":12}},{"id":"34a5f012-76fb-477c-9e75-7e2f1f91ed3c","block_type":"box","text":"Hedging Risk","page_number":13,"box":{"x":82,"y":374,"width":95,"height":11}},{"id":"29817ecf-d62f-4cca-96b0-43656e833be2","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":13,"box":{"x":181,"y":374,"width":752,"height":11}},{"id":"8396177a-d6b1-428e-ad91-ddc4eec93bdb","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":13,"box":{"x":80,"y":389,"width":820,"height":11}},{"id":"768f298a-5f3a-48f0-a23e-d819a891ee8c","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":13,"box":{"x":82,"y":404,"width":823,"height":11}},{"id":"1da1f2d4-f2f9-4723-b4ac-b342c09de3a3","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":13,"box":{"x":82,"y":418,"width":813,"height":12}},{"id":"7af3f6d9-5f83-493e-a801-f03c7c144a8c","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":13,"box":{"x":82,"y":433,"width":832,"height":12}},{"id":"24858785-2180-42b5-9afd-390a16f3688d","block_type":"box","text":"noted below.","page_number":13,"box":{"x":82,"y":448,"width":90,"height":9}},{"id":"ef9bc937-47eb-4fa8-8c70-bc07327488d4","block_type":"box","text":"Tax Risk","page_number":13,"box":{"x":83,"y":471,"width":59,"height":9}},{"id":"86d46271-31b4-4607-b65f-146a9bfcfd7e","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":13,"box":{"x":145,"y":470,"width":766,"height":12}},{"id":"a3f1d212-abc2-4c5e-9a08-7acfdec03de5","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":13,"box":{"x":82,"y":485,"width":826,"height":12}},{"id":"48972b77-9cba-4a8f-ae07-ff95c3e6526e","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":13,"box":{"x":82,"y":500,"width":846,"height":12}},{"id":"20e6d48e-60d8-4157-b051-563aca1a8b9e","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":13,"box":{"x":81,"y":515,"width":817,"height":11}},{"id":"39cf8c7e-8c94-47d5-be5a-f9b5c084e377","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":13,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"e939078b-ae94-4bd1-9cac-debcbf2d0b45","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":13,"box":{"x":81,"y":545,"width":840,"height":11}},{"id":"a338f6f5-74da-40d4-a311-a0ea12bef35c","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":13,"box":{"x":81,"y":559,"width":750,"height":12}},{"id":"547939eb-2f6e-4d1b-a126-89f32ba9da44","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":13,"box":{"x":81,"y":574,"width":611,"height":12}},{"id":"2f1f1c53-9d4a-4afd-bf69-a042f912dabd","block_type":"box","text":"Regulatory Risk","page_number":13,"box":{"x":82,"y":597,"width":115,"height":11}},{"id":"c418766f-f641-4264-a591-9ff340945a2f","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":13,"box":{"x":201,"y":597,"width":688,"height":11}},{"id":"45dbff92-6178-4686-8303-9fac193834f3","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":13,"box":{"x":81,"y":612,"width":851,"height":11}},{"id":"88f329cb-9266-422b-b21d-4319def3c8e6","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":13,"box":{"x":81,"y":627,"width":811,"height":11}},{"id":"9e6f824f-4b2b-42f8-8e0d-569a15dd01a8","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":13,"box":{"x":82,"y":641,"width":850,"height":12}},{"id":"153c0b4e-dd27-4b65-be12-896fbbe60d4a","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":13,"box":{"x":81,"y":656,"width":850,"height":12}},{"id":"3e571815-85bd-4258-9b3a-539c4951f15c","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":13,"box":{"x":81,"y":671,"width":838,"height":11}},{"id":"df759b81-6180-44f6-bb52-99b798e89007","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":13,"box":{"x":81,"y":686,"width":807,"height":11}},{"id":"df36764a-d7a0-46f1-ad7e-41f4a55380f0","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":13,"box":{"x":81,"y":701,"width":787,"height":11}},{"id":"91f48485-4f0c-4b06-9eec-d7302154f1d3","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":13,"box":{"x":82,"y":715,"width":837,"height":12}},{"id":"7d99eea5-a7de-4d1c-bfaa-129144d575f0","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":13,"box":{"x":80,"y":730,"width":804,"height":12}},{"id":"aa2ec271-593d-41e2-b1cf-e6879684423e","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":13,"box":{"x":81,"y":745,"width":781,"height":11}},{"id":"7d40ee76-cc64-4c0a-b82a-16108386b58a","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":13,"box":{"x":82,"y":760,"width":773,"height":11}},{"id":"2fbc41aa-5673-4515-9add-b871bdd8eb3f","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":13,"box":{"x":82,"y":775,"width":836,"height":11}},{"id":"429a7911-eb0a-4026-8f96-f59a9084f9e7","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":13,"box":{"x":82,"y":789,"width":814,"height":12}},{"id":"adb56e62-e9d7-4c72-a677-90d13e422bde","block_type":"box","text":"investors in the Fund.","page_number":13,"box":{"x":82,"y":805,"width":156,"height":9}},{"id":"36700387-e044-41c5-8229-c054323ca058","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":13,"box":{"x":82,"y":827,"width":823,"height":11}},{"id":"b9773d5d-749f-40d1-9893-16a212697eb9","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":13,"box":{"x":82,"y":842,"width":827,"height":11}},{"id":"928e3911-e285-48db-bdf0-f18fa216e315","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":13,"box":{"x":80,"y":856,"width":849,"height":12}},{"id":"67be46d9-09fc-4f24-9944-015b3440a3c3","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":13,"box":{"x":81,"y":871,"width":846,"height":12}},{"id":"164e20c7-d8ea-4abb-9bf7-6c22825fad82","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":886,"width":509,"height":12}},{"id":"75690e16-9f5f-4a40-adb2-dbd60dd83bcc","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":13,"box":{"x":82,"y":909,"width":399,"height":11}},{"id":"3bf9311b-ff00-4154-be61-2f2ae63aca09","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"f1707ba3-487c-482c-a648-095183f65d55","block_type":"box","text":"NM1026U-5982555-13/40","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8f9d9499-fb33-41bd-b65a-fe53fc49975e","block_type":"box","text":"Swaps","page_number":14,"box":{"x":102,"y":46,"width":47,"height":11}},{"id":"ad453dc8-dc6a-41a9-877d-1283a182d60c","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":14,"box":{"x":154,"y":46,"width":775,"height":11}},{"id":"d92c7042-cff6-4d38-8a2e-a535f056dd5d","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":14,"box":{"x":101,"y":60,"width":829,"height":12}},{"id":"742b940b-307b-4ce0-84c4-5bc5f5f80326","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":14,"box":{"x":101,"y":75,"width":807,"height":12}},{"id":"054c116c-3cb7-4a2d-a342-a67d34c5c857","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":14,"box":{"x":102,"y":90,"width":811,"height":12}},{"id":"989ac841-aba1-4d83-b9af-54c237df51ad","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":14,"box":{"x":101,"y":105,"width":820,"height":12}},{"id":"ce2229f4-6001-43f6-a24e-50f6b6d381cc","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":14,"box":{"x":102,"y":120,"width":791,"height":11}},{"id":"ac4dfac1-5324-4f81-b5c5-9985852bd387","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":14,"box":{"x":101,"y":135,"width":789,"height":11}},{"id":"844c798e-86e4-4d71-bc05-4ba4de3ae687","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":14,"box":{"x":101,"y":150,"width":796,"height":11}},{"id":"9fa3310a-c08e-403b-8ee8-78f44ce2e948","block_type":"box","text":"Credit Default Swaps","page_number":14,"box":{"x":102,"y":169,"width":153,"height":12}},{"id":"2f41e8fb-fa17-463e-ba4c-02cfbbb23a2a","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":14,"box":{"x":260,"y":169,"width":663,"height":12}},{"id":"53188de0-b91b-412b-9d5f-7677f6972895","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":14,"box":{"x":102,"y":184,"width":825,"height":12}},{"id":"e27684b1-60e5-4f5f-85b3-2bc19636b82e","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":14,"box":{"x":102,"y":199,"width":816,"height":12}},{"id":"69e2a244-4299-44cb-9990-fd8600f11c41","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":14,"box":{"x":101,"y":214,"width":827,"height":11}},{"id":"a39ce7a1-59aa-427f-b68e-2467a46fbbbb","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":14,"box":{"x":101,"y":229,"width":812,"height":11}},{"id":"81aa69a4-1144-40df-b708-8b3c5bbc5bf4","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":14,"box":{"x":101,"y":244,"width":822,"height":11}},{"id":"409b80ed-11be-4e4d-a5cb-a996d74be3ca","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":14,"box":{"x":101,"y":258,"width":758,"height":12}},{"id":"8e3cb3da-5b71-4b08-8b55-4e044041d252","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":14,"box":{"x":102,"y":278,"width":335,"height":12}},{"id":"0ddfcf0c-add4-4afa-be01-14f5a701308b","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":14,"box":{"x":442,"y":278,"width":437,"height":12}},{"id":"79fa4a2c-701c-400e-a2c8-fe9e7726f2cf","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":14,"box":{"x":101,"y":293,"width":820,"height":12}},{"id":"6280e244-8fd9-4651-bf7f-2096351da7de","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":14,"box":{"x":101,"y":308,"width":801,"height":12}},{"id":"679519e4-1670-49d1-b24e-9327a984237f","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":14,"box":{"x":101,"y":323,"width":824,"height":11}},{"id":"8b8f3bbc-35d5-4761-8bad-63afd7fbad16","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":14,"box":{"x":101,"y":338,"width":831,"height":11}},{"id":"5af07b3f-106f-4d8f-b742-bc88be1d20a5","block_type":"box","text":"Futures —","page_number":14,"box":{"x":102,"y":358,"width":76,"height":9}},{"id":"0a82a8f4-4fa3-45bf-90c3-fb36e534d56b","block_type":"box","text":"Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":14,"box":{"x":184,"y":358,"width":742,"height":11}},{"id":"a65445b6-fea7-4001-b47c-480f323dceab","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":14,"box":{"x":101,"y":372,"width":786,"height":12}},{"id":"7b6a9eb4-b206-4ffa-9b8b-8f291e436ea7","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":14,"box":{"x":102,"y":387,"width":769,"height":12}},{"id":"45c66491-5d6b-4f99-9290-edfde9e6e1dd","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":14,"box":{"x":102,"y":402,"width":822,"height":12}},{"id":"ca378c53-8b88-409c-9e5f-5274684eea1c","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":14,"box":{"x":101,"y":417,"width":832,"height":11}},{"id":"2b428f2c-bc47-4e02-b862-b408d969cadd","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":14,"box":{"x":101,"y":432,"width":806,"height":11}},{"id":"c4d2b5e6-5ae2-45bd-a2fb-4045268f9fa8","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":14,"box":{"x":102,"y":447,"width":793,"height":11}},{"id":"0f0bed34-b870-40be-ad02-80a792b60773","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":14,"box":{"x":102,"y":461,"width":787,"height":12}},{"id":"410b1c00-9e0f-4d58-aaf4-03c67803d191","block_type":"box","text":"default in the performance of its obligations.","page_number":14,"box":{"x":101,"y":476,"width":327,"height":12}},{"id":"5cb867df-b585-4125-b2b1-d968a03bd5c3","block_type":"box","text":"Options","page_number":14,"box":{"x":102,"y":496,"width":55,"height":11}},{"id":"86ddad62-baeb-47bb-badc-a8f4b3ae057b","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":14,"box":{"x":162,"y":496,"width":772,"height":12}},{"id":"fca58bd0-1271-4235-ae53-e5ce4a9bfa08","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":14,"box":{"x":101,"y":511,"width":812,"height":12}},{"id":"74aa2e9d-1501-4620-b782-c78ebb41d481","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":14,"box":{"x":101,"y":526,"width":827,"height":11}},{"id":"71ca3c07-62a1-4308-9845-f2c97318ef32","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":14,"box":{"x":101,"y":541,"width":781,"height":11}},{"id":"85188815-9509-4378-9e55-52e8a2cd7e97","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":14,"box":{"x":102,"y":555,"width":785,"height":12}},{"id":"5f5ac941-fab0-4494-95ba-0bd8f8690860","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":14,"box":{"x":101,"y":570,"width":831,"height":12}},{"id":"732ee6ef-ca32-496a-8e24-5ec6cac4c0f8","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":14,"box":{"x":101,"y":585,"width":814,"height":11}},{"id":"e8359240-9d1a-4d8d-bd45-90422bd66ae4","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":14,"box":{"x":101,"y":600,"width":826,"height":12}},{"id":"f564a6c0-9a42-4074-baa0-9a42d23b5da8","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":14,"box":{"x":101,"y":615,"width":822,"height":11}},{"id":"8b73e834-6209-48b8-b481-185ce2e252af","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":14,"box":{"x":101,"y":630,"width":816,"height":11}},{"id":"4b0cdf95-80c2-40e6-bc8d-39e9db8f96f9","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":14,"box":{"x":101,"y":645,"width":442,"height":11}},{"id":"51a746d0-a03f-4f1e-8edf-cd5de4087bef","block_type":"box","text":"Emerging Markets Risk","page_number":14,"box":{"x":81,"y":665,"width":178,"height":11}},{"id":"cc9d245e-ee49-46c6-ad4b-ccd2870509d3","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":14,"box":{"x":263,"y":664,"width":610,"height":12}},{"id":"8788be78-084e-43b5-914b-3b941fc40a42","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":14,"box":{"x":82,"y":680,"width":848,"height":11}},{"id":"8abff8a3-cce1-4b7d-be86-f1663f226646","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":14,"box":{"x":81,"y":694,"width":842,"height":12}},{"id":"a8a81f6b-b672-4441-a5fe-d55723134659","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":14,"box":{"x":82,"y":709,"width":838,"height":11}},{"id":"5883bccf-0614-42c5-99ae-fb6102764945","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":14,"box":{"x":81,"y":724,"width":825,"height":11}},{"id":"03621d8b-68dc-4d66-8e24-db4f5b338be9","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":14,"box":{"x":82,"y":739,"width":847,"height":11}},{"id":"91cd5c54-1199-4a7a-a336-60ffe8c989ed","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":14,"box":{"x":81,"y":753,"width":853,"height":12}},{"id":"4383e2e8-b2ba-48fe-ac12-24ce3bbe64cf","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":14,"box":{"x":81,"y":768,"width":823,"height":12}},{"id":"4f9cc4f3-af2e-47b0-b82c-db5eb4d94024","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":14,"box":{"x":82,"y":783,"width":825,"height":12}},{"id":"dc2d6d4d-3910-4d16-866c-2ad04700aed1","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":14,"box":{"x":81,"y":798,"width":855,"height":11}},{"id":"d4139ba5-9f9f-4611-9de0-d20826bec41b","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":14,"box":{"x":82,"y":813,"width":827,"height":11}},{"id":"8d39f9a3-5ef5-4cc9-ab88-8cd048419a86","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":14,"box":{"x":82,"y":827,"width":843,"height":12}},{"id":"670c6bcd-008d-4af2-aa51-deaf10a28900","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":14,"box":{"x":80,"y":842,"width":339,"height":12}},{"id":"d75c820c-c058-4a7c-99a5-b7be1fedf521","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":14,"box":{"x":82,"y":862,"width":802,"height":12}},{"id":"9f4271a8-466c-40f1-9a0b-ce11823f4f7e","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":14,"box":{"x":81,"y":877,"width":774,"height":12}},{"id":"84a8da24-9db7-4133-9e28-2fac40e39872","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":14,"box":{"x":82,"y":892,"width":830,"height":12}},{"id":"c96b5760-3138-4df0-be80-eb5f5169b26f","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":14,"box":{"x":82,"y":907,"width":769,"height":11}},{"id":"01eb67a7-edf8-4157-880a-b0cc8a631f24","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"752cb935-9772-4576-95cd-0bff2ae10b50","block_type":"box","text":"NM1026U-5982555-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9d662370-ef18-4e32-b5ed-7fa303f6c45c","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":15,"box":{"x":81,"y":46,"width":849,"height":11}},{"id":"77792f84-0cf1-4a7f-8be7-72f3ea80f5f2","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":15,"box":{"x":81,"y":61,"width":820,"height":11}},{"id":"155db559-5500-48d5-8bb7-d0f6c699d773","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":15,"box":{"x":82,"y":75,"width":779,"height":12}},{"id":"52bae696-9240-4d58-ad56-8807dbc9ae10","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":15,"box":{"x":81,"y":90,"width":798,"height":12}},{"id":"cb252989-b474-4947-a58a-3cf141782a2c","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":15,"box":{"x":82,"y":105,"width":755,"height":12}},{"id":"c532eef4-1958-4539-9b93-618f52f97fec","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":15,"box":{"x":81,"y":120,"width":783,"height":11}},{"id":"318d55e5-37ae-47f3-93c3-74b5c1781971","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":15,"box":{"x":81,"y":135,"width":839,"height":11}},{"id":"3fd4314a-8e17-4f3a-81fb-8cf88df78407","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":15,"box":{"x":82,"y":150,"width":827,"height":11}},{"id":"14f98248-a8ef-40f8-915d-ca365b91f842","block_type":"box","text":"interests.","page_number":15,"box":{"x":82,"y":165,"width":67,"height":8}},{"id":"46098761-f502-4566-9ec6-d7cd6da0b856","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":15,"box":{"x":82,"y":184,"width":809,"height":12}},{"id":"9ae74b01-c590-43b8-86c8-58cdf03d4fef","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":15,"box":{"x":81,"y":199,"width":783,"height":12}},{"id":"88da97c3-c5df-4e73-876a-719aa2903aec","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":15,"box":{"x":82,"y":214,"width":829,"height":11}},{"id":"15491a22-4f2e-4256-9261-9d8d3351757f","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":15,"box":{"x":81,"y":229,"width":818,"height":11}},{"id":"14d90f2a-ff1e-46a4-b584-9161362753c3","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":15,"box":{"x":82,"y":244,"width":833,"height":11}},{"id":"6a501d54-5c18-4e21-b8ba-916d1f85e241","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":15,"box":{"x":81,"y":259,"width":803,"height":11}},{"id":"728ef5b5-6dd8-4103-9023-f41e3a8fdda7","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":15,"box":{"x":82,"y":273,"width":793,"height":12}},{"id":"d6a4b660-bd61-44a2-8504-f78ff429578e","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":15,"box":{"x":81,"y":288,"width":855,"height":12}},{"id":"4458816e-36ec-4987-9664-1513e7b20f6a","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":15,"box":{"x":82,"y":303,"width":485,"height":11}},{"id":"4548670a-62df-46b8-a545-e3cea81bbace","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":15,"box":{"x":81,"y":323,"width":843,"height":11}},{"id":"02538cfa-3bbc-4809-87b4-76ef55984cff","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":15,"box":{"x":81,"y":338,"width":790,"height":11}},{"id":"72dfc70d-45e8-40b4-b2a8-0f86578220de","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":15,"box":{"x":81,"y":352,"width":823,"height":12}},{"id":"51a4f687-5e3f-44c6-8896-3bc93920728c","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":15,"box":{"x":82,"y":367,"width":843,"height":12}},{"id":"51fa88c3-e037-49c3-bae2-1ed78997ca8d","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":15,"box":{"x":82,"y":382,"width":845,"height":12}},{"id":"009d9e1c-e45a-44b0-b40c-1deb8fa91e04","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":15,"box":{"x":81,"y":397,"width":837,"height":12}},{"id":"e5c0564f-f868-44dd-a753-1a9dfee4e6fa","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":15,"box":{"x":81,"y":412,"width":844,"height":11}},{"id":"7903c147-8efc-49cd-82c6-7e00b98631d2","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":15,"box":{"x":80,"y":427,"width":474,"height":11}},{"id":"1ae21a03-9188-4def-8842-472205312086","block_type":"box","text":"Equity Securities Risk","page_number":15,"box":{"x":81,"y":447,"width":166,"height":11}},{"id":"de8d83d2-c6f2-4631-aee5-e726f51a3735","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":15,"box":{"x":251,"y":447,"width":666,"height":11}},{"id":"1b3e3b1a-2429-4fc5-9f84-01fcfd5a9157","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":15,"box":{"x":81,"y":461,"width":850,"height":12}},{"id":"2be3e32c-42a6-4d7a-9be2-45bce393d339","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":15,"box":{"x":82,"y":476,"width":802,"height":12}},{"id":"6d2040dd-594c-46e6-9885-1777605ce54a","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":15,"box":{"x":81,"y":491,"width":854,"height":11}},{"id":"998382e6-8f25-45e6-af67-7e05ecda4a44","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":15,"box":{"x":81,"y":506,"width":848,"height":11}},{"id":"d7412a1b-8bd1-479d-b162-5b6ba4c0c0e0","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":15,"box":{"x":81,"y":521,"width":824,"height":11}},{"id":"909aa88d-0db4-4cc1-a0d2-4764ae03defb","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":15,"box":{"x":81,"y":535,"width":782,"height":12}},{"id":"2d4f6706-d8b3-4179-8df2-baa0c48cfbf4","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":15,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"8e6b2712-b617-402a-8e5c-c67329582b43","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":15,"box":{"x":82,"y":565,"width":482,"height":12}},{"id":"5cc2bbeb-f6d4-4daf-8868-7216433078a3","block_type":"box","text":"Foreign Securities Risk","page_number":15,"box":{"x":81,"y":585,"width":176,"height":12}},{"id":"52046074-b2c6-4582-a475-bb44babeba47","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":15,"box":{"x":260,"y":585,"width":677,"height":12}},{"id":"cd99c555-a903-410b-a64e-c72f1785ac9d","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":15,"box":{"x":81,"y":600,"width":827,"height":11}},{"id":"34c3a70b-5037-489b-954e-0a637dd810e4","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":15,"box":{"x":82,"y":615,"width":837,"height":11}},{"id":"fce5d97e-b341-482a-a9d6-a8b83edb7433","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":15,"box":{"x":80,"y":630,"width":849,"height":11}},{"id":"d768984c-e0ba-46cc-a266-9c34a5213c72","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":15,"box":{"x":81,"y":644,"width":841,"height":12}},{"id":"5331b8e9-cc6b-45e7-8519-2a5cfe162e0e","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":15,"box":{"x":81,"y":659,"width":716,"height":12}},{"id":"ba88c5fa-7eca-4015-ab10-5d4b66bba33f","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":15,"box":{"x":82,"y":679,"width":468,"height":12}},{"id":"ddd9c9f0-1afc-4a2d-aad1-1a9bfcce3552","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":15,"box":{"x":555,"y":679,"width":358,"height":12}},{"id":"d501bbc7-2c63-4c0f-a0a6-7334b3556f72","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":15,"box":{"x":81,"y":694,"width":813,"height":12}},{"id":"13f04c53-7a8c-470d-9083-3c96c012a498","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":15,"box":{"x":82,"y":709,"width":791,"height":11}},{"id":"be5c7c12-0bbb-4e9e-95cb-a703657a616c","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":15,"box":{"x":81,"y":724,"width":818,"height":11}},{"id":"f2710938-a2de-4d86-a589-ff12ecfbe9d5","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":15,"box":{"x":81,"y":739,"width":833,"height":11}},{"id":"348cc4dc-158f-4c8a-9ed2-4909ebe272ae","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":15,"box":{"x":81,"y":753,"width":816,"height":12}},{"id":"d2068e0b-43c6-4091-b546-91e2be3654a9","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":15,"box":{"x":82,"y":768,"width":827,"height":12}},{"id":"8c53a5e6-3d63-4cb5-952a-ea2963662208","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":15,"box":{"x":80,"y":783,"width":848,"height":12}},{"id":"b2c708c3-69d7-4a1f-b570-328e18aaa0e6","block_type":"box","text":"United States.","page_number":15,"box":{"x":82,"y":798,"width":102,"height":9}},{"id":"d76581b4-41ca-4de1-8051-de5c948cf876","block_type":"box","text":"Currency Risk","page_number":15,"box":{"x":82,"y":818,"width":100,"height":11}},{"id":"47be9f9a-d87b-4f0d-ac82-8836aad08fd1","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":15,"box":{"x":186,"y":818,"width":706,"height":11}},{"id":"6bafe53e-526e-40c8-8ed3-084e6a6ca210","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":15,"box":{"x":81,"y":833,"width":823,"height":11}},{"id":"8c9e3211-9e4b-41ba-b5f3-5f72bc9ba2ca","block_type":"box","text":"value of the Fund’s portfolio.","page_number":15,"box":{"x":80,"y":847,"width":211,"height":12}},{"id":"f304dd32-474d-4fc8-ac1e-959d15b47c75","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":15,"box":{"x":81,"y":867,"width":823,"height":12}},{"id":"335753d0-35a5-4e4c-acc6-9be19a30a310","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":15,"box":{"x":82,"y":882,"width":834,"height":12}},{"id":"1cc58fc6-3bee-430b-8210-8c28cf661afe","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":15,"box":{"x":81,"y":897,"width":846,"height":12}},{"id":"cc88bcf1-12ce-493f-9a86-4995a429a181","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"18e2f3f1-2d86-4fdc-a604-bb2185e39e1e","block_type":"box","text":"NM1026U-5982555-15/40","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9cb996a0-ff62-436c-b88f-e55d51c1c0b5","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":16,"box":{"x":82,"y":46,"width":826,"height":11}},{"id":"f6680e89-5596-4ef9-97a5-0424b93400cc","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":16,"box":{"x":82,"y":61,"width":486,"height":9}},{"id":"bba1b2f8-2907-488a-8724-a42b0f3a009c","block_type":"box","text":"Foreign Economy Risk","page_number":16,"box":{"x":82,"y":81,"width":160,"height":11}},{"id":"015b5d75-34d5-4d6e-ba8e-3895aa792e80","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":16,"box":{"x":246,"y":80,"width":685,"height":12}},{"id":"70c4ba64-c0f0-458a-9dd2-e0b84daff295","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":16,"box":{"x":80,"y":95,"width":785,"height":12}},{"id":"0b68b898-c2d1-48c3-b456-96596d41b725","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":16,"box":{"x":82,"y":110,"width":845,"height":12}},{"id":"34d407b2-0bce-415a-b86b-ff105c943bb2","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":16,"box":{"x":81,"y":125,"width":853,"height":11}},{"id":"9eeec52b-6c11-426d-a16a-094d67296a04","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":16,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"4c79ab52-8da0-4a73-ab65-c11c72175c2d","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":16,"box":{"x":82,"y":155,"width":846,"height":11}},{"id":"057780f6-43b3-42ab-8831-1e39720a75d9","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":16,"box":{"x":81,"y":169,"width":808,"height":12}},{"id":"4a0e7ef4-fbee-45d4-80b4-072ca4dd4719","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":16,"box":{"x":82,"y":184,"width":851,"height":12}},{"id":"ba051e54-b343-40eb-a13f-ce6fb219fa6a","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":16,"box":{"x":82,"y":199,"width":832,"height":12}},{"id":"f8a0a730-6a1d-4759-a8eb-7cd13142788e","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":16,"box":{"x":81,"y":214,"width":814,"height":11}},{"id":"6dcfd5da-5541-40b0-bc73-5366317bf1dc","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":16,"box":{"x":82,"y":229,"width":805,"height":11}},{"id":"60ec1a2d-891d-4a2e-aa97-ef7bfe8c8cf9","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":16,"box":{"x":82,"y":244,"width":827,"height":11}},{"id":"bc77f8bd-660a-48d2-ba50-41471558238c","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":16,"box":{"x":80,"y":258,"width":801,"height":12}},{"id":"ce040a00-da6e-4dd0-ae59-1770ddfa35e6","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":16,"box":{"x":81,"y":273,"width":809,"height":12}},{"id":"faa9207c-7a00-4dcc-a978-59e874ba45ba","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":16,"box":{"x":81,"y":288,"width":849,"height":12}},{"id":"21f66740-a74e-4c29-877b-46128dc79f78","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":16,"box":{"x":81,"y":303,"width":848,"height":11}},{"id":"3a1d8a92-6bcc-48e7-a5da-635df693068b","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":16,"box":{"x":81,"y":318,"width":774,"height":11}},{"id":"7b4e11d6-5058-451c-aebf-b9120d6a35af","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":16,"box":{"x":81,"y":333,"width":355,"height":11}},{"id":"468c0b79-3987-402b-a8ec-8da48d920d10","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":16,"box":{"x":81,"y":352,"width":838,"height":12}},{"id":"5a1871f0-0cb7-40d7-87e0-e20deb2ddf08","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":16,"box":{"x":81,"y":367,"width":815,"height":12}},{"id":"2b91bcb7-ceba-4796-8393-d650ae13ac01","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":16,"box":{"x":82,"y":382,"width":827,"height":12}},{"id":"02c11e48-d280-4ca5-b4a5-52bb1b5f5c28","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":16,"box":{"x":82,"y":397,"width":832,"height":12}},{"id":"0898983c-818b-4967-a727-2269a76b41bf","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":16,"box":{"x":81,"y":412,"width":781,"height":11}},{"id":"d8826cf9-178a-456c-a991-c5baa2e491bf","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":16,"box":{"x":82,"y":427,"width":617,"height":11}},{"id":"1e169ab8-a187-423b-92f4-332f76f4becd","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":16,"box":{"x":82,"y":447,"width":476,"height":11}},{"id":"744ef82a-bd4c-471e-9de0-eb7624f9fdf4","block_type":"box","text":"— Many foreign governments do not supervise","page_number":16,"box":{"x":563,"y":447,"width":344,"height":11}},{"id":"3acef1e2-ebc3-4d70-bb16-60864e0e6a64","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":16,"box":{"x":81,"y":461,"width":827,"height":12}},{"id":"7b406b7f-c5ce-4295-9c84-9e40c527a31c","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":16,"box":{"x":80,"y":476,"width":855,"height":12}},{"id":"3d7fc3af-82e1-49de-ac9f-c2e21f3d8e5d","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":16,"box":{"x":81,"y":491,"width":831,"height":12}},{"id":"529d3f89-490e-406d-90a3-3aea6c3f11f0","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":16,"box":{"x":82,"y":506,"width":800,"height":11}},{"id":"3e25569b-40f8-4797-ac7d-bc8ca7d54657","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":16,"box":{"x":81,"y":521,"width":829,"height":11}},{"id":"90bcb958-5c44-4218-b5f6-34a13fa4d27e","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":16,"box":{"x":81,"y":535,"width":856,"height":12}},{"id":"ea5ab2ae-3583-4cd9-aab6-161921b2dcdd","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":16,"box":{"x":81,"y":550,"width":834,"height":12}},{"id":"8228d320-b40b-48bd-bf64-a0c9062b62b9","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":16,"box":{"x":82,"y":565,"width":844,"height":12}},{"id":"7cffaedf-8da3-4d1c-958a-9827478f8749","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":16,"box":{"x":81,"y":580,"width":393,"height":11}},{"id":"f808f79a-02e0-403c-bdcf-0793e572bc6a","block_type":"box","text":"Settlement Risk","page_number":16,"box":{"x":82,"y":600,"width":117,"height":9}},{"id":"9bb31089-45da-4480-b16f-34f54aba8040","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":16,"box":{"x":203,"y":600,"width":730,"height":12}},{"id":"f9e8c71a-a18c-4b92-8b10-c93f08d2994d","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":16,"box":{"x":80,"y":615,"width":856,"height":11}},{"id":"1db13535-9421-4773-8b6f-d971c29a6bbf","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":16,"box":{"x":81,"y":630,"width":784,"height":11}},{"id":"e80b66cc-72f3-4396-a2db-c523a649eba8","block_type":"box","text":"investments.","page_number":16,"box":{"x":82,"y":645,"width":92,"height":9}},{"id":"a154d467-fa06-4f8c-9387-dc71e6d12275","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":16,"box":{"x":81,"y":664,"width":825,"height":12}},{"id":"a8cf5286-378c-43ac-9051-b4ced449e08a","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":16,"box":{"x":81,"y":679,"width":839,"height":12}},{"id":"2f01b8b2-dc20-4906-a36a-0890e897971c","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":16,"box":{"x":82,"y":694,"width":854,"height":12}},{"id":"8fd1007b-81d1-4e55-90ce-d874fb6e0b7a","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":16,"box":{"x":82,"y":709,"width":839,"height":11}},{"id":"8b1f5df8-81ae-4922-b4f7-4ea5374e962e","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":16,"box":{"x":81,"y":724,"width":841,"height":11}},{"id":"8f4976eb-bf99-4383-b7c9-06e95ff84449","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":16,"box":{"x":80,"y":739,"width":480,"height":11}},{"id":"d9b1a427-6093-4b02-9144-abdf59ef90db","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":16,"box":{"x":83,"y":759,"width":221,"height":11}},{"id":"ba91c666-691e-42ad-869d-a045b7b994a9","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":16,"box":{"x":308,"y":759,"width":589,"height":11}},{"id":"c5c0762b-516c-4a16-87b6-7c4cf4c3952c","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":16,"box":{"x":82,"y":773,"width":838,"height":12}},{"id":"468536ab-75ab-4db4-98d4-11c0f51b83d3","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":16,"box":{"x":81,"y":788,"width":834,"height":12}},{"id":"8ecc0ab7-56e6-4fca-963e-1f332edfc370","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":16,"box":{"x":82,"y":803,"width":836,"height":12}},{"id":"e0fe8072-d980-4106-92c5-0a65ac2b9641","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":16,"box":{"x":80,"y":818,"width":854,"height":11}},{"id":"077e2b3c-adaf-4994-a59c-f5dbcd7eeb7a","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":16,"box":{"x":80,"y":833,"width":831,"height":11}},{"id":"5d161943-adf3-4810-be42-02ed2bdd6a99","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":16,"box":{"x":82,"y":847,"width":852,"height":12}},{"id":"5204240d-a1c2-4b33-94b1-cc96db50e50d","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":16,"box":{"x":81,"y":862,"width":848,"height":12}},{"id":"af638836-ffe9-4382-9641-a5f64a87d8b1","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":16,"box":{"x":81,"y":877,"width":831,"height":12}},{"id":"9b6b4ad9-5819-43da-8b2a-81bff1e1f3f2","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":16,"box":{"x":80,"y":892,"width":830,"height":12}},{"id":"422ee7f5-30d5-4bfa-b984-531b7217dfd6","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":16,"box":{"x":82,"y":907,"width":832,"height":11}},{"id":"c7d3ad49-16a5-4d68-9310-e8ae4c68920a","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f7f81c72-e42a-4003-8ed6-92c8cee5c218","block_type":"box","text":"NM1026U-5982555-16/40","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3a306d2e-aea6-46c8-91db-7583ef767658","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":17,"box":{"x":82,"y":46,"width":836,"height":11}},{"id":"73061021-f3b9-4700-8d33-5b72df9e26fd","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":17,"box":{"x":81,"y":61,"width":325,"height":9}},{"id":"1ea3cd68-38e9-4e09-9f04-7ebe4d646d09","block_type":"box","text":"Geographic Concentration Risk","page_number":17,"box":{"x":81,"y":81,"width":235,"height":11}},{"id":"89766237-31cd-4531-89a3-646c664032a8","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":17,"box":{"x":320,"y":80,"width":581,"height":12}},{"id":"6f720ddd-a4d7-4757-9e0d-27c018670dd1","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":17,"box":{"x":82,"y":95,"width":848,"height":12}},{"id":"a6114aad-9c13-4b7e-ad71-753718e913c0","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":17,"box":{"x":82,"y":110,"width":841,"height":12}},{"id":"918bbea8-0eea-422a-9bca-432fb75213ad","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":17,"box":{"x":82,"y":125,"width":777,"height":11}},{"id":"d4fb3184-c6fe-436c-bd21-ed7ba2f8f13b","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":17,"box":{"x":81,"y":140,"width":648,"height":11}},{"id":"dc900098-472b-4497-aa46-c705e4f56886","block_type":"box","text":"Investment Style Risk","page_number":17,"box":{"x":81,"y":160,"width":166,"height":11}},{"id":"34b3f376-d811-4885-b0f5-dbef4a253acc","block_type":"box","text":"—","page_number":17,"box":{"x":252,"y":165,"width":17,"height":1}},{"id":"7d30d393-6f1d-4eaa-ba76-7c96a2325260","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":17,"box":{"x":274,"y":160,"width":637,"height":11}},{"id":"c7e0df47-e6cb-4650-90a9-4057af59ffd7","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":17,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"1932a151-d4ed-4b12-a24c-b780cc3b6656","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":17,"box":{"x":80,"y":189,"width":847,"height":12}},{"id":"8c00ff45-1280-469e-b0a3-ba714d60007c","block_type":"box","text":"different investment styles.","page_number":17,"box":{"x":81,"y":204,"width":200,"height":12}},{"id":"29236bfb-29e2-4d1a-88cd-6d82bf2ea8d6","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":81,"y":224,"width":107,"height":12}},{"id":"fdc91e7c-a9c6-48db-aeff-9acc87db2db1","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":17,"box":{"x":192,"y":224,"width":741,"height":12}},{"id":"ada11c77-2e32-4ca3-a731-7df2fbf6861e","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":17,"box":{"x":81,"y":239,"width":787,"height":12}},{"id":"41feed90-5e3c-43b7-91f0-4ab01367bc61","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":17,"box":{"x":82,"y":254,"width":831,"height":11}},{"id":"6a3526cd-5ead-4c0c-a688-e05e0ee0676b","block_type":"box","text":"the federal securities laws, including the Investment Company Act, and the rules thereunder. Under Rule 18f-4","page_number":17,"box":{"x":80,"y":269,"width":811,"height":11}},{"id":"3656a9e8-311e-4f62-896d-f91605a0f6ba","block_type":"box","text":"under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":17,"box":{"x":82,"y":284,"width":853,"height":11}},{"id":"0a955c29-ca72-4dd9-9168-e8561f938e60","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":17,"box":{"x":81,"y":298,"width":837,"height":12}},{"id":"518f90b9-1828-4e95-8104-a079a2bfa0e7","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":17,"box":{"x":82,"y":313,"width":807,"height":12}},{"id":"d780c704-055d-4474-9d7b-562d5c13724c","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":17,"box":{"x":81,"y":328,"width":840,"height":11}},{"id":"9453afd7-eaf9-4c7b-8081-70c25641013a","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":17,"box":{"x":80,"y":343,"width":558,"height":11}},{"id":"09f7091c-26ba-4371-a322-67469f978de4","block_type":"box","text":"Market Risk and Selection Risk","page_number":17,"box":{"x":81,"y":363,"width":240,"height":9}},{"id":"c51666fd-9aa9-470e-bc31-7c8da3d8922a","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":17,"box":{"x":324,"y":363,"width":593,"height":9}},{"id":"12eec678-0e31-409c-a9b1-0c554b02ec23","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":17,"box":{"x":81,"y":378,"width":851,"height":11}},{"id":"5af9db42-f10e-4cdf-8dfd-b36dda7ef839","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":17,"box":{"x":82,"y":392,"width":824,"height":12}},{"id":"940049d7-32f9-48d4-86aa-1818be98e1b2","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":17,"box":{"x":82,"y":407,"width":851,"height":12}},{"id":"a42abf13-5485-4c8a-9eb0-de5842afd63c","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":17,"box":{"x":82,"y":422,"width":802,"height":11}},{"id":"4736fd53-9d04-4647-bf3d-e5eada3d284c","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":17,"box":{"x":81,"y":437,"width":849,"height":11}},{"id":"7a58b31d-7e39-4264-ab56-ef59f8abf159","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":17,"box":{"x":81,"y":452,"width":843,"height":11}},{"id":"4871df7e-1c55-4625-989c-0ef49f5a0410","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":17,"box":{"x":81,"y":467,"width":830,"height":11}},{"id":"49a00bed-1a13-4e9b-bfeb-eb2d4fa18c9c","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":17,"box":{"x":82,"y":481,"width":840,"height":12}},{"id":"c26f4a66-4d5c-48c1-9ccf-44be8679984c","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":17,"box":{"x":81,"y":496,"width":851,"height":12}},{"id":"22bfc309-f2f2-4634-92f8-ab3a61009074","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":17,"box":{"x":82,"y":511,"width":815,"height":12}},{"id":"4285b4d4-3698-4254-9dd0-4c11df8c57ab","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":17,"box":{"x":81,"y":526,"width":826,"height":11}},{"id":"37d81ca3-3feb-4334-9be5-8730d33b51f9","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":17,"box":{"x":81,"y":541,"width":735,"height":11}},{"id":"69567d0d-7857-4036-b066-f1789c4a3943","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":17,"box":{"x":82,"y":561,"width":818,"height":11}},{"id":"4bab2330-467b-4e47-b206-12777d1bcce3","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":17,"box":{"x":80,"y":576,"width":819,"height":11}},{"id":"60351008-8fdc-48b8-9f3a-2041203ae17b","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":17,"box":{"x":81,"y":590,"width":819,"height":12}},{"id":"bb2c2d9c-1fca-4e7d-9f56-9fb67b1cad79","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":17,"box":{"x":81,"y":605,"width":846,"height":12}},{"id":"bebe94fd-d4e2-4b12-9300-0894387a1709","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":17,"box":{"x":81,"y":620,"width":848,"height":12}},{"id":"b5de7ccc-81ec-44ae-9b09-9eb8d7870238","block_type":"box","text":"the Fund invests.","page_number":17,"box":{"x":80,"y":635,"width":125,"height":9}},{"id":"7546dcd9-e85b-40b6-8230-104a222a6579","block_type":"box","text":"Mid Cap Securities Risk","page_number":17,"box":{"x":81,"y":655,"width":182,"height":11}},{"id":"f962e9e4-714b-4ec6-8aaa-c9a2e3f433fb","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":17,"box":{"x":267,"y":655,"width":665,"height":11}},{"id":"f4aa116e-4b91-40c7-8921-4f2286ac15d4","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":17,"box":{"x":81,"y":670,"width":789,"height":11}},{"id":"8f60764d-afc7-4f77-92ce-650fdd2f4e20","block_type":"box","text":"“New Issues” Risk","page_number":17,"box":{"x":83,"y":690,"width":139,"height":9}},{"id":"e46de7fd-aa8b-4aaf-88c7-33eed99392d3","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":17,"box":{"x":226,"y":690,"width":673,"height":11}},{"id":"83fcb4a7-1503-440d-8fea-67e61ff7cb33","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":17,"box":{"x":81,"y":704,"width":833,"height":12}},{"id":"d9a3e107-9bf4-4911-aed4-c7a313470d4e","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":17,"box":{"x":82,"y":719,"width":853,"height":12}},{"id":"b05cab78-4bc4-49d4-87b6-aec97f1801ca","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":17,"box":{"x":81,"y":734,"width":778,"height":12}},{"id":"75280dcc-7503-4a4b-928a-a984c2f7d556","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":17,"box":{"x":81,"y":749,"width":827,"height":11}},{"id":"d1f16f27-6ba4-463d-b3ea-04446fc3734a","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":17,"box":{"x":82,"y":764,"width":838,"height":11}},{"id":"222ecbab-9e0b-4405-9f7c-35c201d11555","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":17,"box":{"x":82,"y":778,"width":776,"height":12}},{"id":"f92fb21b-c1dd-4935-a033-ecfb35fd4abb","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":17,"box":{"x":81,"y":793,"width":830,"height":12}},{"id":"7b6acad2-5c24-42f4-9219-9eb860a8d358","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":17,"box":{"x":82,"y":808,"width":834,"height":12}},{"id":"74ff12c6-864d-4f4f-91a0-d2e5cc417531","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":17,"box":{"x":80,"y":823,"width":844,"height":12}},{"id":"e9d46a73-aed3-49f1-8d24-d84d0a791a0d","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":17,"box":{"x":81,"y":838,"width":840,"height":11}},{"id":"9d01543c-2e5f-4448-8114-aafd3a333c04","block_type":"box","text":"price as it would like.","page_number":17,"box":{"x":82,"y":853,"width":153,"height":11}},{"id":"3c8838ee-877d-4033-b178-c065bf1f0d8d","block_type":"box","text":"Operational and Technology Risks","page_number":17,"box":{"x":82,"y":873,"width":254,"height":11}},{"id":"cd903dd6-0af8-4c35-8fb0-db1f8ffe48ee","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":17,"box":{"x":340,"y":873,"width":549,"height":11}},{"id":"a9e73846-1d1c-4fed-a1ca-d02f94eac5c8","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":17,"box":{"x":81,"y":888,"width":790,"height":11}},{"id":"76d87c61-530a-4203-a6e3-75d631fde7f9","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":17,"box":{"x":81,"y":902,"width":837,"height":12}},{"id":"4b354ff5-48ec-4c93-a72e-fcded16441c9","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":17,"box":{"x":82,"y":917,"width":845,"height":12}},{"id":"6222e8d1-2221-4911-a5e9-49573b53f9e1","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"273f7cc5-9ff5-4d4e-b69b-b11c7b38b541","block_type":"box","text":"NM1026U-5982555-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1ab3e50c-dd1d-4454-9fa0-95543e25875f","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":18,"box":{"x":81,"y":46,"width":832,"height":11}},{"id":"4e91b185-3107-4de5-8f8c-098de33bfd62","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":18,"box":{"x":82,"y":60,"width":763,"height":12}},{"id":"0d7f921b-3eea-406a-bb6b-a340963a08ef","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":18,"box":{"x":81,"y":75,"width":825,"height":12}},{"id":"47204cae-f223-4e0a-b165-0f59b1dad9be","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":18,"box":{"x":81,"y":90,"width":842,"height":12}},{"id":"e4ee1c16-214a-445c-9d5a-1bf89aa357db","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":18,"box":{"x":81,"y":105,"width":852,"height":11}},{"id":"df64f534-2327-4f5c-9108-d47757f89307","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":18,"box":{"x":82,"y":120,"width":827,"height":11}},{"id":"0d3dc15e-e7b5-42cf-af42-13ca0c754b87","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":18,"box":{"x":81,"y":140,"width":821,"height":11}},{"id":"4bf2d5a1-9a5b-46a6-ad1b-29e28941b72d","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":18,"box":{"x":82,"y":155,"width":814,"height":11}},{"id":"de66d982-547f-4646-96bd-512af8c01c1c","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":18,"box":{"x":81,"y":169,"width":824,"height":12}},{"id":"52fdd99c-daaf-4a9c-958a-55e68f4c0cd7","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":18,"box":{"x":81,"y":184,"width":791,"height":12}},{"id":"2e817806-72cd-4bd8-8ebc-e5f8558567a2","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":18,"box":{"x":82,"y":199,"width":852,"height":12}},{"id":"e835f347-f09e-4a20-ae03-0ff72314aeb4","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":18,"box":{"x":81,"y":214,"width":784,"height":11}},{"id":"4295c845-d505-4af2-b95c-005a70997828","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":18,"box":{"x":81,"y":229,"width":787,"height":11}},{"id":"a6f516b8-b1d5-41bd-ba8d-0b00f1f4aa86","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":18,"box":{"x":81,"y":244,"width":840,"height":11}},{"id":"d5c60dd3-409a-4db5-8d83-818aacfa1083","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":18,"box":{"x":81,"y":258,"width":809,"height":12}},{"id":"114a6134-6c29-4c7e-a56a-32d523dd47b0","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":18,"box":{"x":81,"y":273,"width":829,"height":12}},{"id":"47ed5d67-bc82-43e9-868e-26d0f6591604","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":18,"box":{"x":82,"y":288,"width":798,"height":12}},{"id":"a1833dd9-f256-4cf6-becc-8a2065e2a0d0","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":18,"box":{"x":81,"y":303,"width":829,"height":11}},{"id":"fd55bf4c-095d-4e09-a6ce-ae8566837fbb","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":18,"box":{"x":82,"y":318,"width":846,"height":11}},{"id":"d68f98d8-d83e-478a-bec5-c2ac9c006ee2","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":18,"box":{"x":82,"y":333,"width":846,"height":11}},{"id":"3bb2390e-6f1b-4768-97d2-50ca354e726f","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":18,"box":{"x":81,"y":347,"width":838,"height":12}},{"id":"b7735399-96d8-436c-b49d-e602425953a5","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":18,"box":{"x":80,"y":362,"width":770,"height":12}},{"id":"dec564b1-80fd-42df-b858-d40fa288bfe7","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":18,"box":{"x":80,"y":377,"width":792,"height":12}},{"id":"73e75a97-c721-42fa-93f8-3dbf7ffc26fe","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":18,"box":{"x":82,"y":392,"width":845,"height":11}},{"id":"c7d4671e-a2b5-498a-a497-0727934a5461","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":18,"box":{"x":80,"y":407,"width":840,"height":11}},{"id":"e8b9c0f7-e66b-40c5-9c5c-1f4c6688dd27","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":18,"box":{"x":81,"y":422,"width":841,"height":11}},{"id":"4049032c-d646-4088-82b4-a1e32f3267ca","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":18,"box":{"x":80,"y":436,"width":847,"height":12}},{"id":"1e50b5e8-d2c2-414d-ad2b-5ec1087fdac0","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":18,"box":{"x":82,"y":451,"width":838,"height":12}},{"id":"935750f8-b6a1-40f4-b061-cb11355851d3","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":18,"box":{"x":81,"y":466,"width":847,"height":11}},{"id":"4bc79bab-51bf-4748-8068-7a1b2118b838","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":18,"box":{"x":81,"y":481,"width":845,"height":11}},{"id":"5bdae668-1f48-42b9-a7c7-e033d92a39f6","block_type":"box","text":"and the associated risks to the Fund.","page_number":18,"box":{"x":81,"y":496,"width":273,"height":9}},{"id":"cd7c927d-932f-498a-9793-6ba3e98bd216","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":18,"box":{"x":81,"y":516,"width":769,"height":11}},{"id":"78bacfc2-ad2a-4030-bca1-4fd7ad8950c6","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":18,"box":{"x":81,"y":530,"width":855,"height":12}},{"id":"1e0ac2f2-b090-4f54-8dcc-08b6eb204410","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":18,"box":{"x":80,"y":545,"width":848,"height":12}},{"id":"4c84b022-f8a1-463a-9d2c-6fe464a6d972","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":18,"box":{"x":81,"y":560,"width":777,"height":12}},{"id":"b27a6377-4413-40f5-b410-0c8d5630c659","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":18,"box":{"x":81,"y":575,"width":824,"height":11}},{"id":"eb47980e-9369-44d9-8dfe-154d36d1fa88","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":18,"box":{"x":81,"y":590,"width":785,"height":11}},{"id":"a91db42d-aac2-4c6b-8218-e95f34ce9198","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":18,"box":{"x":82,"y":604,"width":853,"height":12}},{"id":"339f55eb-163b-4b4c-9f85-c3adb2dccea0","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":18,"box":{"x":82,"y":619,"width":855,"height":12}},{"id":"f2b20e1d-e6d8-4dc7-8185-960305460fb0","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":18,"box":{"x":82,"y":634,"width":813,"height":12}},{"id":"087f3ea8-71d0-4ba0-90da-f4e69def6515","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":18,"box":{"x":81,"y":649,"width":806,"height":11}},{"id":"37228512-242a-4bd6-badc-4295d7f3cbd1","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":18,"box":{"x":82,"y":664,"width":602,"height":11}},{"id":"9de5b8ab-78ba-4ab1-a256-5454829dfece","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":18,"box":{"x":82,"y":684,"width":794,"height":11}},{"id":"9beca410-0def-4315-b500-df73c2e97ca2","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":18,"box":{"x":81,"y":699,"width":840,"height":11}},{"id":"0c3775ec-0a33-4cdf-bcb6-84cbbc826e7a","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":18,"box":{"x":81,"y":714,"width":801,"height":11}},{"id":"c2b5b837-cdf2-4e59-b97e-d86a0437b7b2","block_type":"box","text":"resources to monitor and implement required changes.","page_number":18,"box":{"x":82,"y":729,"width":402,"height":11}},{"id":"7775f2d1-a1c9-436f-895a-b64181ccdb0d","block_type":"box","text":"Preferred Securities Risk","page_number":18,"box":{"x":81,"y":748,"width":189,"height":9}},{"id":"1bc76bf9-63d0-4939-9109-95986c327e87","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":18,"box":{"x":274,"y":748,"width":636,"height":12}},{"id":"4eb14943-e5cc-4d80-aece-6c24ef182258","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":18,"box":{"x":81,"y":763,"width":824,"height":12}},{"id":"14c25f51-5be8-4084-a09a-1e2739bf0528","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":18,"box":{"x":82,"y":778,"width":806,"height":11}},{"id":"c1b66b03-df90-4c4b-95c7-80c1d80f7044","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":18,"box":{"x":81,"y":793,"width":842,"height":11}},{"id":"d3151d1c-c4a8-439f-bf42-0bff7db0e9b9","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":18,"box":{"x":81,"y":808,"width":781,"height":11}},{"id":"a5498113-5be9-4654-8e09-263215059822","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":18,"box":{"x":81,"y":822,"width":812,"height":12}},{"id":"22697758-64a2-4175-a5fd-9701bf71c379","block_type":"box","text":"larger companies.","page_number":18,"box":{"x":82,"y":837,"width":129,"height":12}},{"id":"511684e5-66af-42d2-be7d-fc82904dd53c","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":18,"box":{"x":81,"y":857,"width":258,"height":9}},{"id":"77424460-4cc2-4f7d-8ff0-7b1f80facc58","block_type":"box","text":"— If the other party to a purchase and sale contract defaults on its obligation","page_number":18,"box":{"x":343,"y":857,"width":570,"height":12}},{"id":"b0685bad-869d-4b79-9c7a-f1aaf1c11889","block_type":"box","text":"under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the","page_number":18,"box":{"x":82,"y":872,"width":829,"height":12}},{"id":"48787727-e42d-477d-9355-c0a7ced0299b","block_type":"box","text":"agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may","page_number":18,"box":{"x":81,"y":887,"width":850,"height":11}},{"id":"9346ff69-a91d-43e7-b1d2-aad09e7ff0a1","block_type":"box","text":"lose money.","page_number":18,"box":{"x":82,"y":902,"width":85,"height":11}},{"id":"10004a3a-642a-4be2-bbdf-49f4e3e93361","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a468b4c7-31e4-4452-8dab-aed95ebf4c64","block_type":"box","text":"NM1026U-5982555-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"69412b2a-c8b4-41fa-834b-c16015009acb","block_type":"box","text":"Restricted Securities Risk","page_number":19,"box":{"x":81,"y":46,"width":198,"height":9}},{"id":"902d5d8d-b265-41d4-83fa-7a550347a0c4","block_type":"box","text":"—","page_number":19,"box":{"x":284,"y":51,"width":17,"height":1}},{"id":"590260b8-4243-42a4-a313-222f0f9ecfe7","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":19,"box":{"x":306,"y":46,"width":572,"height":11}},{"id":"d1aa5ef0-0c56-4851-9c92-a45a68d48b28","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity may prevent the Fund from","page_number":19,"box":{"x":82,"y":60,"width":845,"height":12}},{"id":"731f9095-d3ca-4ed1-a562-48ea65b245af","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":19,"box":{"x":81,"y":75,"width":850,"height":12}},{"id":"8644ff07-49f7-4079-ab32-ba70cb795484","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":19,"box":{"x":81,"y":90,"width":843,"height":12}},{"id":"08dd3523-f51d-4292-97fd-dfe00931a9e2","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":19,"box":{"x":81,"y":105,"width":847,"height":12}},{"id":"be179a49-f5be-4267-a0c3-00d77b33d705","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":19,"box":{"x":80,"y":120,"width":838,"height":11}},{"id":"3eb8bf0a-3c88-41fd-a401-f02a46d6caa5","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":19,"box":{"x":81,"y":135,"width":825,"height":11}},{"id":"83deb7e8-51b3-4296-b3d0-1a8e91c5818e","block_type":"box","text":"regarding the investment’s market or fair value, and the securities values may have significant volatility. Also, the","page_number":19,"box":{"x":82,"y":149,"width":830,"height":12}},{"id":"f200d957-ca91-47d3-9df7-bc034a6032f4","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able","page_number":19,"box":{"x":82,"y":164,"width":849,"height":12}},{"id":"f92eaacf-b3bf-4d95-b241-a77d58244e2b","block_type":"box","text":"to determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which","page_number":19,"box":{"x":80,"y":179,"width":855,"height":11}},{"id":"2d971e41-8882-40d6-a70c-6a459df31396","block_type":"box","text":"more information is available. Certain restricted securities may involve a high degree of business and financial risk","page_number":19,"box":{"x":82,"y":194,"width":844,"height":11}},{"id":"6675f508-a1f5-42aa-8938-50669654924f","block_type":"box","text":"and may result in substantial losses to the Fund. Certain restricted securities may represent limited investment","page_number":19,"box":{"x":81,"y":209,"width":821,"height":11}},{"id":"11cac66c-e0be-48fb-8d16-9a5484cd7c1f","block_type":"box","text":"opportunities and each shareholder’s proportionate investment exposure to such limited investment opportunities","page_number":19,"box":{"x":81,"y":224,"width":841,"height":11}},{"id":"fc5e3ea3-932d-4255-8894-4d9095cced3c","block_type":"box","text":"may be reduced proportionately as the Fund’s net assets grow from new or additional investments made in the","page_number":19,"box":{"x":82,"y":238,"width":815,"height":12}},{"id":"45d09747-ce8b-4d8f-be7c-c7583da05c40","block_type":"box","text":"Fund by other shareholders.","page_number":19,"box":{"x":82,"y":253,"width":202,"height":12}},{"id":"d807fe0f-d650-4c0c-8822-95a31cfea66e","block_type":"box","text":"Small Cap Securities Risk","page_number":19,"box":{"x":81,"y":273,"width":196,"height":11}},{"id":"0ce97f74-1090-4f2f-b140-d8fc0fce177e","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":19,"box":{"x":280,"y":273,"width":630,"height":12}},{"id":"73e918db-70d2-439d-b3c2-13bf6383088a","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":19,"box":{"x":81,"y":288,"width":844,"height":12}},{"id":"4b7e6506-c0b3-4685-a94d-0905191d8847","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":19,"box":{"x":82,"y":303,"width":835,"height":11}},{"id":"3d3a5fac-af3b-412f-9c58-ab800ea8eaa9","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":19,"box":{"x":81,"y":318,"width":787,"height":11}},{"id":"5abd0ebb-e297-417b-98f4-5809e4d892ac","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":19,"box":{"x":81,"y":332,"width":854,"height":12}},{"id":"24872978-68ed-402c-9be8-ff8b751a5dcf","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":19,"box":{"x":82,"y":347,"width":501,"height":12}},{"id":"d19308f0-6e74-4c2b-a65b-b7d78dbac653","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":19,"box":{"x":81,"y":367,"width":794,"height":12}},{"id":"7924fb5f-a1ee-4bde-a24e-03b92c29814f","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":19,"box":{"x":82,"y":382,"width":830,"height":12}},{"id":"f4e1af8d-6270-42d6-9ac5-bb2c42d9bb2b","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":19,"box":{"x":82,"y":397,"width":812,"height":12}},{"id":"b4020bc9-bfef-404f-9d88-ac5c28cd31ee","block_type":"box","text":"securities requires a longer term view.","page_number":19,"box":{"x":81,"y":412,"width":279,"height":11}},{"id":"a0945c12-00f2-4a35-bb54-db55902c75cf","block_type":"box","text":"Technology Securities Risk","page_number":19,"box":{"x":82,"y":432,"width":203,"height":11}},{"id":"68a3ab79-125a-4c68-848a-296deb4c3bdb","block_type":"box","text":"—","page_number":19,"box":{"x":289,"y":437,"width":17,"height":1}},{"id":"c0640d90-c7d2-42ed-97fc-280ebaa56ff8","block_type":"box","text":"Certain technology-related companies may face special risks that their products or","page_number":19,"box":{"x":311,"y":432,"width":606,"height":11}},{"id":"1d9b1f2e-ecd9-430d-ac3c-e3a89bc7d023","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":19,"box":{"x":81,"y":447,"width":842,"height":11}},{"id":"22be1a28-ac55-45d5-9c8d-edcf1793c6b4","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":19,"box":{"x":80,"y":461,"width":838,"height":12}},{"id":"59b8f223-4612-49d1-ba4f-143241822c79","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":19,"box":{"x":81,"y":476,"width":779,"height":12}},{"id":"e97a0514-701a-4da8-8ad6-a0512d03de21","block_type":"box","text":"governmental policies. In addition, certain technology-related companies in which the Fund may invest may not","page_number":19,"box":{"x":81,"y":491,"width":812,"height":12}},{"id":"6a936d12-0fb9-4d0e-adc2-178474d43364","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":19,"box":{"x":81,"y":506,"width":778,"height":11}},{"id":"f74b985c-00b5-4a8e-ba19-d566ee9c5eb2","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":19,"box":{"x":61,"y":529,"width":296,"height":12}},{"id":"0409c500-c4c1-4b44-9f21-d3d2bda68643","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":19,"box":{"x":60,"y":545,"width":832,"height":12}},{"id":"1b7dd008-03c5-4441-af17-58af86152b9a","block_type":"box","text":"strategies, including:","page_number":19,"box":{"x":61,"y":560,"width":151,"height":12}},{"id":"fa447c0c-c1b2-4b4d-94b5-34dd003ccf5c","block_type":"box","text":"Borrowing Risk","page_number":19,"box":{"x":81,"y":580,"width":115,"height":11}},{"id":"3ba6b039-9006-436e-a13f-11455403ae83","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":19,"box":{"x":200,"y":580,"width":711,"height":12}},{"id":"dfd058c3-9097-4584-b2c7-1a4bdea6bf50","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":19,"box":{"x":80,"y":595,"width":813,"height":11}},{"id":"afde2e7e-7a3b-42cb-bb00-eff0f4fe2331","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":19,"box":{"x":82,"y":610,"width":846,"height":11}},{"id":"2b394f3a-7f21-403d-9d43-4bc409f29e0c","block_type":"box","text":"do so to satisfy its obligations.","page_number":19,"box":{"x":81,"y":624,"width":225,"height":12}},{"id":"1f662580-853c-4f91-b464-7355067a21a7","block_type":"box","text":"Depositary Receipts Risk","page_number":19,"box":{"x":81,"y":645,"width":191,"height":11}},{"id":"e341d930-cf48-4776-8387-08180074ab90","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":19,"box":{"x":276,"y":644,"width":639,"height":12}},{"id":"de6195e3-3b2a-46b6-8c6f-83cc555b8198","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":19,"box":{"x":80,"y":660,"width":786,"height":11}},{"id":"3601f393-5c95-490a-a196-aa00ea147acd","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":19,"box":{"x":82,"y":674,"width":824,"height":12}},{"id":"e20a52f5-7f4f-4939-bd8e-868b68458512","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":19,"box":{"x":80,"y":689,"width":827,"height":11}},{"id":"5d0e9e95-0f8b-4675-9dd8-d822d199adbf","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":19,"box":{"x":82,"y":704,"width":849,"height":11}},{"id":"8c453cd7-6c69-408e-86b9-73240d4b5f50","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":19,"box":{"x":81,"y":719,"width":840,"height":11}},{"id":"4b35384d-ba35-4052-a6bd-c8b46e9b263f","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":19,"box":{"x":82,"y":733,"width":824,"height":12}},{"id":"d70e5bcc-f22a-421e-8607-b34ebe66bb11","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":19,"box":{"x":82,"y":748,"width":798,"height":12}},{"id":"d1178441-0ec5-4237-a959-235a31facd40","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":19,"box":{"x":82,"y":763,"width":847,"height":12}},{"id":"0bfddbdc-41e1-4cf0-af25-5c4fe2cdd734","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":19,"box":{"x":82,"y":778,"width":804,"height":11}},{"id":"bdb8d6ef-3ff9-4334-8ad7-76f4c38957df","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":19,"box":{"x":81,"y":793,"width":558,"height":11}},{"id":"126adf6a-8b2d-4ad6-9cc6-bf3d7caf89c6","block_type":"box","text":"Expense Risk","page_number":19,"box":{"x":81,"y":813,"width":102,"height":11}},{"id":"bb7aadce-44cd-4a28-b2cd-497530f445fc","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":19,"box":{"x":187,"y":813,"width":734,"height":11}},{"id":"80e7bf8b-8c87-4419-a700-63074db3d94c","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":19,"box":{"x":81,"y":828,"width":855,"height":11}},{"id":"15de16d0-c6eb-4eee-891f-34786833ee98","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":19,"box":{"x":82,"y":842,"width":842,"height":12}},{"id":"b447c42e-4e7e-4b2c-befe-d253b2e07785","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":19,"box":{"x":82,"y":857,"width":808,"height":12}},{"id":"b5eee34c-4970-45b9-a969-64942a538fa8","block_type":"box","text":"significant.","page_number":19,"box":{"x":81,"y":872,"width":78,"height":12}},{"id":"4cdd3217-cdca-4b80-8bcf-d93d9309cc2e","block_type":"box","text":"High Portfolio Turnover Risk","page_number":19,"box":{"x":81,"y":892,"width":212,"height":11}},{"id":"0c231899-4481-4974-b9c8-e7fdafb20aa5","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":19,"box":{"x":297,"y":892,"width":629,"height":12}},{"id":"0989bd27-c1ad-498c-be80-3ec75bff51ed","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":19,"box":{"x":82,"y":907,"width":812,"height":11}},{"id":"cd08ae87-882a-4ace-b65c-5813e2f6414e","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d47eeeb9-0c9c-4db4-b55d-0471ea2066dc","block_type":"box","text":"NM1026U-5982555-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5a866ed8-6778-498a-bcde-6fc35f77acde","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":20,"box":{"x":81,"y":46,"width":817,"height":11}},{"id":"d334be97-de31-4379-b1a6-86b0d54de580","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":20,"box":{"x":81,"y":60,"width":760,"height":12}},{"id":"229d2b00-1eb4-4f45-82b2-dd5d046575e7","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":20,"box":{"x":81,"y":75,"width":852,"height":12}},{"id":"f9e953a9-0a77-4c06-8a28-437d4ad19909","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":20,"box":{"x":81,"y":90,"width":589,"height":12}},{"id":"c6b46a5b-3248-4a80-9f7b-ce8f873e83bb","block_type":"box","text":"Illiquid Investments Risk","page_number":20,"box":{"x":81,"y":110,"width":186,"height":11}},{"id":"e5a0e178-6523-4e39-a8b7-ef18afa32b8c","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":20,"box":{"x":271,"y":110,"width":648,"height":12}},{"id":"b8511fc2-e2b0-4ecd-b647-da3fe82a33f0","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":20,"box":{"x":80,"y":125,"width":841,"height":11}},{"id":"694c33c6-9e2e-4f7c-afc4-925635f06cc0","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":20,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"3e5f53b2-91ef-4f50-b799-e8e5f3af051d","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":20,"box":{"x":81,"y":155,"width":811,"height":11}},{"id":"6732d176-169a-46bd-b186-b598d24e65c9","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":20,"box":{"x":82,"y":169,"width":825,"height":12}},{"id":"000d78ed-9a02-4fb8-92c3-5e58ffbdec85","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":20,"box":{"x":81,"y":184,"width":837,"height":12}},{"id":"7c124be1-820e-4e8a-8b05-0d4b70aada7e","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":20,"box":{"x":80,"y":199,"width":851,"height":12}},{"id":"92a7b8e1-9355-4b1a-bc9a-adc91ea7639c","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":20,"box":{"x":82,"y":214,"width":835,"height":11}},{"id":"0f458a3e-fffa-4a6d-84ab-b7b118491e99","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":20,"box":{"x":82,"y":229,"width":835,"height":11}},{"id":"b1fbf9e8-05bb-4f52-a432-52e6ff01e880","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":20,"box":{"x":81,"y":244,"width":791,"height":11}},{"id":"b882a2b2-4c76-4af3-80f8-252201f55d8b","block_type":"box","text":"shareholders are redeeming or selling their sharesor the Fund’s net assets otherwise shrink, the Fund will need to","page_number":20,"box":{"x":81,"y":259,"width":841,"height":11}},{"id":"aa8f9731-ad4c-410a-8a6a-4a67884c45cb","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":20,"box":{"x":81,"y":273,"width":835,"height":12}},{"id":"7542b0da-fda7-411f-b4f2-c85225826fa5","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":20,"box":{"x":82,"y":288,"width":839,"height":12}},{"id":"ffe5a7d3-46a4-409a-9266-31493fc1ec80","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":20,"box":{"x":80,"y":303,"width":834,"height":11}},{"id":"b57ab9a8-d791-4c2e-8782-3c74efbfd54a","block_type":"box","text":"and/or credit risk, the Fund will tend to have the greater exposure to the risks associated with illiquid investments.","page_number":20,"box":{"x":81,"y":318,"width":843,"height":11}},{"id":"b4bef1de-2b0b-4664-a088-e4e889797711","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":20,"box":{"x":82,"y":332,"width":835,"height":12}},{"id":"bacb04d7-cc3f-4847-b507-fc622c92ffca","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":20,"box":{"x":82,"y":347,"width":827,"height":12}},{"id":"3c42e15a-ab5e-43e8-8407-a240cf31993b","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":20,"box":{"x":80,"y":362,"width":831,"height":12}},{"id":"8b313196-d9ab-414f-a31e-ea0b7d7aadaa","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":20,"box":{"x":81,"y":377,"width":304,"height":11}},{"id":"3a946c5c-30f9-4c3b-b245-fe05d64564a7","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":20,"box":{"x":81,"y":397,"width":271,"height":9}},{"id":"3230b0f7-4f2f-4f78-a2cc-b34ada9ba8b1","block_type":"box","text":"—","page_number":20,"box":{"x":356,"y":402,"width":17,"height":1}},{"id":"bc9103c0-541e-4cc6-9bfa-34fc43774085","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":20,"box":{"x":379,"y":397,"width":499,"height":11}},{"id":"f0c710e3-f298-4901-b94c-73ba55d66b38","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":20,"box":{"x":82,"y":412,"width":839,"height":11}},{"id":"1b72069c-f988-44e8-870a-b14747aea272","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":20,"box":{"x":80,"y":427,"width":799,"height":11}},{"id":"da34a6d6-8e39-4e1b-89a8-ba4faee36451","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":20,"box":{"x":82,"y":442,"width":796,"height":11}},{"id":"42ccd3fc-f799-4409-99c6-c27cdefb2798","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":20,"box":{"x":81,"y":456,"width":855,"height":12}},{"id":"fc6a21f5-fbff-4faa-9a11-448d070f5108","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":20,"box":{"x":82,"y":471,"width":441,"height":12}},{"id":"e87c0ac1-9dad-4162-9013-0e52bbc470a1","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":20,"box":{"x":81,"y":491,"width":366,"height":11}},{"id":"128f8e6a-861b-4e98-9c43-4ce3adb2886e","block_type":"box","text":"— As with other investments, investments in other investment","page_number":20,"box":{"x":450,"y":491,"width":459,"height":11}},{"id":"98802d4a-0720-4919-b0a0-e66bb8e83dd6","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":20,"box":{"x":81,"y":506,"width":815,"height":11}},{"id":"5bbf25d6-3557-421d-9ed8-23fa787310e1","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":20,"box":{"x":82,"y":521,"width":844,"height":11}},{"id":"39c9a479-b8e1-4e39-9899-db3a5b2a72ba","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":20,"box":{"x":81,"y":535,"width":822,"height":12}},{"id":"d5dc7dd7-0dca-42b9-82c6-70fe4050b0ae","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":20,"box":{"x":81,"y":550,"width":829,"height":12}},{"id":"5e77d946-35cd-4062-bcf6-c15f671b675e","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":20,"box":{"x":81,"y":565,"width":628,"height":12}},{"id":"0cbfa856-0176-4ef6-9c14-097e2130f988","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":20,"box":{"x":81,"y":585,"width":396,"height":12}},{"id":"aba9f4e1-fcd1-4d01-bd50-c2db555efe58","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":20,"box":{"x":481,"y":585,"width":440,"height":12}},{"id":"c702489d-527b-40cc-a62a-015d410b0b23","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":20,"box":{"x":82,"y":600,"width":801,"height":12}},{"id":"ba29b887-4892-445d-b37d-a8f26f5bce40","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":20,"box":{"x":81,"y":615,"width":825,"height":11}},{"id":"9a77f9b1-9df8-49e2-8df5-d99669639865","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":20,"box":{"x":82,"y":630,"width":816,"height":11}},{"id":"92c83751-1cc6-42a3-93bc-45494b31ce81","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":20,"box":{"x":82,"y":644,"width":818,"height":12}},{"id":"18647650-8ad6-4341-9df6-c7468241857f","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":20,"box":{"x":80,"y":659,"width":835,"height":12}},{"id":"0ee21527-dcd2-490c-aa74-4f7dbf541fd6","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":20,"box":{"x":80,"y":674,"width":807,"height":12}},{"id":"1cb594b0-46a4-4ba0-9ded-9c99cbad2af4","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":20,"box":{"x":82,"y":689,"width":841,"height":11}},{"id":"99b6cbfd-32bd-498f-bfb8-a9058209442b","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":20,"box":{"x":80,"y":704,"width":855,"height":11}},{"id":"8666d4f6-d50f-4f02-b72c-83c2c95abc22","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":20,"box":{"x":81,"y":719,"width":751,"height":10}},{"id":"e780324a-6a6f-4738-85b4-d8f8cd579ea7","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":20,"box":{"x":81,"y":734,"width":785,"height":11}},{"id":"71dd31cc-2a19-42ea-b914-9ca47789ea0f","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":20,"box":{"x":81,"y":748,"width":841,"height":12}},{"id":"d2973a43-75be-4d83-9868-24ccc0cf4169","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":20,"box":{"x":80,"y":763,"width":824,"height":12}},{"id":"7cd341c1-cef6-41a9-a2de-e909294fd9cf","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":20,"box":{"x":81,"y":778,"width":822,"height":11}},{"id":"cb3728cf-d414-4c95-95f6-65255bed94dc","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":20,"box":{"x":81,"y":793,"width":801,"height":11}},{"id":"c4ac1c82-31dc-4132-b5c0-5376f1f29204","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":20,"box":{"x":80,"y":808,"width":765,"height":11}},{"id":"56f1196c-0f57-41de-86c2-25ef2a79b842","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":20,"box":{"x":82,"y":822,"width":852,"height":12}},{"id":"bf56da37-1c54-47af-a910-579b30462189","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":20,"box":{"x":82,"y":837,"width":847,"height":12}},{"id":"7361f4cd-c407-451c-b990-82aeea9fc395","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":20,"box":{"x":80,"y":852,"width":847,"height":12}},{"id":"bd5729f9-e37f-4f41-a9d4-5f653149eb02","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":20,"box":{"x":81,"y":867,"width":845,"height":11}},{"id":"86060c04-b14b-43d5-b8a1-e483cc6e9e66","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":20,"box":{"x":82,"y":882,"width":835,"height":11}},{"id":"f0bca450-7c0d-4b6f-8b53-636be1909d92","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":20,"box":{"x":82,"y":896,"width":839,"height":12}},{"id":"13119b19-501f-40a4-9d1a-e0a07271b01d","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":20,"box":{"x":82,"y":912,"width":461,"height":11}},{"id":"1bc78d62-522c-4970-b43e-18bfbab5fb32","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f96dd785-0514-497d-914d-9580772aea32","block_type":"box","text":"NM1026U-5982555-20/40","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"561e234b-e0a8-4a08-b1f9-913308acdb59","block_type":"box","text":"Ownership Limitations Risk","page_number":21,"box":{"x":82,"y":46,"width":205,"height":11}},{"id":"9e16d790-f8c7-4337-b523-fc25cdfa3766","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":21,"box":{"x":291,"y":46,"width":610,"height":11}},{"id":"120bb979-5961-461a-82e8-b3ef8fea4cb0","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":21,"box":{"x":80,"y":60,"width":849,"height":12}},{"id":"0d27d62d-eb3e-415e-833b-f1826fddd6c5","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":21,"box":{"x":81,"y":75,"width":798,"height":12}},{"id":"f32b4cba-61c3-4e8f-8699-9cf6caef837c","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":21,"box":{"x":82,"y":90,"width":833,"height":12}},{"id":"a507b14c-d1e0-4c46-b431-71311ee1f290","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":21,"box":{"x":82,"y":105,"width":851,"height":12}},{"id":"df03d402-6c2e-4cd7-b0a4-3f858746c76c","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":21,"box":{"x":81,"y":120,"width":813,"height":11}},{"id":"fc6eb9f6-1896-43e3-a9a2-1b6c5e0a682b","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":21,"box":{"x":82,"y":135,"width":331,"height":11}},{"id":"5dbd8bb4-95d6-474e-b287-d01b9798f5ca","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":21,"box":{"x":82,"y":155,"width":826,"height":11}},{"id":"78f312d5-60f1-4ab3-83c4-0d5999191843","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":21,"box":{"x":81,"y":170,"width":848,"height":11}},{"id":"c160f3d9-ce04-4d22-b09a-daebdc46d4ec","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":21,"box":{"x":81,"y":184,"width":799,"height":12}},{"id":"2aa73723-e1cd-461b-9923-5f10594d68d3","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":21,"box":{"x":81,"y":199,"width":828,"height":12}},{"id":"a56231b9-e0ae-4b80-800e-2d3948008eb1","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":21,"box":{"x":81,"y":214,"width":828,"height":11}},{"id":"f1075dff-cbca-46ad-b516-46680b093c90","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":21,"box":{"x":80,"y":229,"width":837,"height":11}},{"id":"657f7068-a864-4e0d-8106-72e8c1fb589c","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":21,"box":{"x":80,"y":244,"width":837,"height":11}},{"id":"05d86d3f-64ad-45a5-8a3e-1170ec8e8f06","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":21,"box":{"x":82,"y":259,"width":800,"height":11}},{"id":"f06bed26-6d75-4728-bc85-769ad833b9e5","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":21,"box":{"x":81,"y":273,"width":678,"height":12}},{"id":"ad1fdd2c-5428-43c7-8255-838ae89a01f7","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":21,"box":{"x":81,"y":293,"width":842,"height":12}},{"id":"3a8625b2-537e-486f-911c-3dbbddb47aff","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":21,"box":{"x":81,"y":308,"width":833,"height":12}},{"id":"effc97ef-3713-4040-b499-1d87a855632b","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":21,"box":{"x":82,"y":323,"width":582,"height":11}},{"id":"1d7bc82c-37e4-4b19-9bdf-2aed4bbe2628","block_type":"box","text":"Reliance on Advisor Risk","page_number":21,"box":{"x":81,"y":343,"width":188,"height":9}},{"id":"67043a8a-161f-4746-ae9c-dedadc14adc7","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":21,"box":{"x":273,"y":343,"width":614,"height":11}},{"id":"aaae68ab-345d-4c85-8060-9a09aee6f4f5","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":21,"box":{"x":80,"y":358,"width":830,"height":11}},{"id":"728a9f3b-f697-44bd-857f-faef4552ecab","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":21,"box":{"x":80,"y":372,"width":856,"height":12}},{"id":"ac5957de-d5c9-418f-ba70-6090f9372f2b","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":21,"box":{"x":80,"y":387,"width":841,"height":12}},{"id":"c06a03ae-dbaf-4967-951c-6679642dd4a3","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":21,"box":{"x":81,"y":402,"width":649,"height":12}},{"id":"d760d42f-70ff-48be-b9b4-27e78e1e072e","block_type":"box","text":"Repurchase Agreements Risk","page_number":21,"box":{"x":81,"y":422,"width":224,"height":11}},{"id":"4f3d464f-132d-4262-a439-150906eeee96","block_type":"box","text":"— If the other party to a repurchase agreement defaults on its obligation under the","page_number":21,"box":{"x":309,"y":422,"width":611,"height":12}},{"id":"11f87189-4730-4718-b170-ceede9ab8135","block_type":"box","text":"agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.","page_number":21,"box":{"x":81,"y":437,"width":842,"height":11}},{"id":"4ebab4bc-e35d-4c63-8425-d19a75393ac4","block_type":"box","text":"If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money.","page_number":21,"box":{"x":82,"y":452,"width":852,"height":11}},{"id":"8fd90a78-bd3b-482b-baeb-0d0927fe0027","block_type":"box","text":"Securities Lending Risk","page_number":21,"box":{"x":81,"y":472,"width":178,"height":11}},{"id":"f3c19c36-96ea-40a4-b9f4-4959c463a812","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":21,"box":{"x":263,"y":472,"width":661,"height":11}},{"id":"4a5f3c99-f440-444b-a68e-9bd77ddaa855","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":21,"box":{"x":82,"y":487,"width":852,"height":11}},{"id":"fcc687ec-17e8-4348-bfd3-09bb3de39af6","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":21,"box":{"x":81,"y":501,"width":811,"height":12}},{"id":"2b99c10e-b65d-4d4a-ac4e-5325aea42a20","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":21,"box":{"x":81,"y":516,"width":829,"height":12}},{"id":"0eef22c3-f1cd-4e8e-92c6-9be2ff71e168","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":21,"box":{"x":81,"y":531,"width":292,"height":11}},{"id":"3e668513-c6eb-4670-83dd-0133e0f738d5","block_type":"box","text":"Valuation Risk","page_number":21,"box":{"x":83,"y":551,"width":107,"height":9}},{"id":"38edff6f-fdfa-465a-9fce-ad2009a09750","block_type":"box","text":"—","page_number":21,"box":{"x":194,"y":556,"width":17,"height":1}},{"id":"2efc9c78-055e-4108-ac8e-927410334de5","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":551,"width":700,"height":11}},{"id":"ee8af505-faf5-4d51-90e2-3abeafa886b8","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":566,"width":835,"height":11}},{"id":"9ff89352-0e6e-4733-af77-011192cf4626","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":581,"width":848,"height":11}},{"id":"c343765a-e0aa-4e50-bd50-603ace15a855","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":595,"width":845,"height":12}},{"id":"a7071fa1-5ef8-48c4-b2f8-dab7062cbb3f","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":610,"width":840,"height":12}},{"id":"ef3bf761-dc21-4cfe-b2e2-66c4df605502","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":625,"width":783,"height":12}},{"id":"bbc02663-c94f-4bb4-8f7d-43ef7ca40b7b","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":640,"width":810,"height":12}},{"id":"d1c5e777-e5c9-4dde-a93f-badab88e44e7","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":655,"width":847,"height":11}},{"id":"619cd824-4f39-4d29-9763-22af4264196e","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":670,"width":848,"height":11}},{"id":"46c0911f-8996-488c-ba25-d890c9e2967f","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":685,"width":819,"height":11}},{"id":"14a2b85b-39ef-4aa2-a5d5-e60caa41f8f1","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":699,"width":837,"height":12}},{"id":"b2c73262-4f60-4bc1-bb0b-09c4fc602c22","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":714,"width":672,"height":12}},{"id":"ad822dc5-38c2-4f2a-9b3f-32ddd5d71bd3","block_type":"box","text":"Warrants Risk","page_number":21,"box":{"x":83,"y":734,"width":105,"height":9}},{"id":"7a26e2ed-aeda-4dca-bee2-9144b1f8fd6d","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":734,"width":698,"height":12}},{"id":"789b9bf2-1ee4-4ad5-aefc-017e0fa2a638","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":749,"width":830,"height":11}},{"id":"b8a09ed5-1e85-4162-a3bd-bf3f2aaff8b0","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":764,"width":821,"height":11}},{"id":"7344d964-08bf-4c09-ad7c-bc7a2882362a","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":778,"width":822,"height":12}},{"id":"669158ee-f747-40dd-83d5-78cf2829a06b","block_type":"box","text":"move with the price of the underlying stock.","page_number":21,"box":{"x":82,"y":793,"width":317,"height":12}},{"id":"1db26acf-7537-4654-bda6-758926a1f657","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":21,"box":{"x":83,"y":813,"width":584,"height":12}},{"id":"1a8fdf2d-fa25-40fa-9092-52b374be1cdb","block_type":"box","text":"— When-issued and delayed","page_number":21,"box":{"x":671,"y":814,"width":208,"height":11}},{"id":"6a1838d7-6f6a-456a-9e45-53fd5a0b00cf","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":828,"width":843,"height":12}},{"id":"3bb293eb-b512-45d0-aa05-07c8ddcaa034","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":843,"width":830,"height":11}},{"id":"a825f705-2f86-4cca-8ef8-a27df43d321d","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":858,"width":849,"height":11}},{"id":"80a4b9ae-04e6-4651-81a3-1eea70b49167","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":80,"y":873,"width":425,"height":11}},{"id":"1fc04e1f-b57f-46d7-914c-03ad4a80d58b","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"566a5f88-9a59-4644-9f49-d3a26d7f47d4","block_type":"box","text":"NM1026U-5982555-21/40","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c0521e49-87ed-4a4e-be9a-4d338ad1edc6","block_type":"box","text":"Account Information","page_number":22,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"dbd0f071-02db-468b-9cb2-10ddef6e9584","block_type":"box","text":"Details About the Share Class","page_number":22,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"3472362c-4688-41a4-908b-bf9191c736d3","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":"9878c174-3cf8-49fe-864b-3039e830310e","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":"d2824695-bfb0-49f8-a20d-2bb8a2a7577b","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":"89427879-3d0e-48f6-bdb5-310f176067ab","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":"174fe4da-f14b-4f61-b3f2-5bc076c50fe9","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":"2e7e43cd-44e7-4123-9e66-5090c9bf71e4","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":864,"height":12}},{"id":"8d73ac6c-8415-4867-a447-713b4b5dc7fb","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":"bcaa735f-22f6-4b9c-8b9f-9cfd5b3b849d","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":"f80ac344-033d-49d1-9ebc-ad47b3ce6c50","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":"812ac0a9-3e2e-4a88-8af6-a51cce381953","block_type":"box","text":"Class K Shares at a Glance","page_number":22,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"515ad006-e40c-48df-8ee8-b1c68ceae33b","block_type":"box","text":"Availability","page_number":22,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"be83196b-f802-441b-b0d7-d0fb9a96ea4d","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":"25bd4f7a-68d6-4211-bd00-0a03d32577fb","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":"a50d2cee-9a81-466c-adee-7ee64bd4bbfa","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":"798ca28e-f283-4664-bd3a-1265b1f8e44f","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":"94afd968-1e5a-4b46-a701-8e459074b600","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":"5be2a08f-372d-4029-93f1-bbc6ff408a0c","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":"08b2155f-a8aa-40e3-bb9b-2cf12fbb46a5","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":"5e911d46-6ccd-4919-830b-c278649d2806","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":"fcf10af1-df67-4bfd-8981-6960ab585008","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":"a998cb34-c702-4d28-adda-e69be82e0548","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":"03f350e8-d58a-4ef9-8606-27c028b11999","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":"8b6c66e0-6db0-47a4-8998-40950f997181","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":"3017b483-1b10-444c-9d97-b838a1ca920a","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":"4dedca3f-4b38-4f0f-a1ab-9752af23723e","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":"c97a6c84-e41b-4e58-a9f2-62763404fd6c","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":"2cbbb5ea-02f9-4029-a594-59e07ab53da2","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":"fb397513-37cd-430a-82cb-5e9f30ecf4d6","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":"49f413f1-90ad-4b91-a469-a05e0a2e89af","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":"faf4a361-a0ad-4590-9875-a15c12c5a131","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":"8943d81a-5562-48b8-b67c-abf7b5b31ff3","block_type":"box","text":"same account since August 15, 2016.","page_number":22,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"a27e3169-2cd8-4984-a5dc-068f1c00ccb2","block_type":"box","text":"Minimum Investment","page_number":22,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"a3d097b4-73b1-4be7-8df9-7cd387034f79","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":"15fc6b94-52bf-42fc-9f11-b6d0acb47672","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":"793d85f0-dad6-47de-89c9-8e7b4e083a07","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":"c5ca7bf5-91b3-4959-a588-aa323625a09c","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":"4d91fb7d-ef66-4979-b615-0da7b457b553","block_type":"box","text":"Initial Sales Charge?","page_number":22,"box":{"x":61,"y":736,"width":140,"height":10}},{"id":"cad65bbd-8661-4337-8a47-0225a3b0c684","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":"ce8bc69a-73fc-4b5c-b61a-b7054b49e14d","block_type":"box","text":"Deferred Sales Charge?","page_number":22,"box":{"x":61,"y":754,"width":159,"height":10}},{"id":"393c2d20-86bc-4e2e-931a-c9969eb76a45","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":754,"width":20,"height":8}},{"id":"b441348c-6e86-4d79-8fa6-c01db61f6dd0","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":22,"box":{"x":61,"y":772,"width":261,"height":10}},{"id":"3f1d8e07-bbb1-468f-9928-2e0f51e83967","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":772,"width":20,"height":8}},{"id":"40b68ee3-0c5e-4f95-8753-4fce9338fea2","block_type":"box","text":"Redemption Fees?","page_number":22,"box":{"x":61,"y":790,"width":125,"height":10}},{"id":"f943d078-d8b0-490e-a4b1-710de1b33fec","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":790,"width":20,"height":8}},{"id":"7f56185b-b78a-4719-a272-25bb14cf2954","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":"0314124c-f2ab-4f02-91c8-28ab2e123f02","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":"6c17e7d5-f55e-42a5-aedf-f1d68d937bf3","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":"01522533-af07-4442-805e-e6a365e4e242","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":"6490211f-f16b-4a97-be07-8ae85af79d87","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":"9b852a0a-7108-4157-a6a5-0956993aa0d3","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":22,"box":{"x":62,"y":904,"width":410,"height":11}},{"id":"b357b8f6-d2fa-4fa3-83af-fa34ca73bd30","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"31070cbb-4caf-4e51-b884-51910f0244c6","block_type":"box","text":"NM1026U-5982555-22/40","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"07c19a75-e8d7-4b67-b60a-1752d1a90122","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":"8e2671a9-a756-4507-96c0-19549e367cac","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":"63ae3427-e43a-4ee3-9063-ca9619cb4826","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":"b1d4e71a-97ba-4bd6-8940-bbb8b56a2a6c","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":"9708a3ac-f749-4e5e-bec2-b64c9cf37c89","block_type":"box","text":"by that type of account.","page_number":23,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"8bdcc7cf-3678-456d-aa03-daca2e443514","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":"427af3de-9c0d-49a6-8ccd-8e969ff1f1ee","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":"84f27a30-e086-4888-aaa2-f9f63112c211","block_type":"box","text":"Right of Accumulation","page_number":23,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"87cb0ed4-32a0-4272-8c92-ba9bf2299b1d","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":"37fbe7f0-08ad-47ad-9752-0df6a50e89b4","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":"413839bc-3efa-48d5-a568-2a64245a54ba","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":"c43314db-b953-4a99-8e00-5f7052b5f6f4","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":"2436bf75-f2cb-4dd2-ad59-a476a3d66712","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":"b60ca71b-d135-40c3-bc49-35d67f1196bd","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":"d794bd01-ee65-45d8-97c1-60cdfbb56bc6","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":"19f1e7f6-1cbb-48fa-8a78-66b7c10d5ffc","block_type":"box","text":"investor’s spouse and children.","page_number":23,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"ab928e66-618f-46ee-8bfc-755629a368e8","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":"d4ac4652-ab0e-4c3c-9e74-0dcc3388752a","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":"ed97abf3-0fce-4d58-bf42-eb8992ddc3ed","block_type":"box","text":"Intermediary will be treated similarly. 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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":"953240aa-0c19-49f3-a625-60dec50faa97","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":"1407e2c6-d62f-472e-877c-177893483767","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. 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Any existing account that is updated to reflect a non-U.S. address will also be","page_number":23,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"a44c55f4-5847-4c1f-925d-25a446660552","block_type":"box","text":"restricted from making additional investments.","page_number":23,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"77bb0414-fb6d-43c9-b20e-7b1f3120a4df","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":"1748db3f-9571-4de8-bdff-ab09be61e8b7","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":23,"box":{"x":60,"y":679,"width":856,"height":11}},{"id":"90eb48cc-ccdd-4360-9a45-b8c68f1d577e","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":23,"box":{"x":61,"y":693,"width":822,"height":12}},{"id":"f0e1e691-f9e7-47b5-872f-f319eeddf387","block_type":"box","text":"described below.","page_number":23,"box":{"x":61,"y":709,"width":121,"height":8}},{"id":"f701efd0-86dd-4fc8-97e8-7bd7a7de3cff","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":23,"box":{"x":62,"y":731,"width":797,"height":11}},{"id":"d8b0a09d-fd3f-460c-8c4f-0416f5c866fd","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":23,"box":{"x":61,"y":746,"width":487,"height":11}},{"id":"2adc0b90-1165-41b1-854b-240488ab74d8","block_type":"box","text":"How to Buy Shares","page_number":23,"box":{"x":61,"y":769,"width":156,"height":12}},{"id":"a20c2d56-36c8-4cfd-ab62-8214bd20c7e4","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":23,"box":{"x":213,"y":791,"width":478,"height":9}},{"id":"964cd2ed-6e89-4384-8cc0-43b603a8f807","block_type":"box","text":"Initial Purchase","page_number":23,"box":{"x":61,"y":808,"width":105,"height":8}},{"id":"5bc50d7d-a332-47f2-9283-4e7e2f0b2637","block_type":"box","text":"Determine the amount of your","page_number":23,"box":{"x":214,"y":808,"width":197,"height":10}},{"id":"0d3f4a89-c302-4012-bf2c-6a71d6f58fa7","block_type":"box","text":"investment","page_number":23,"box":{"x":214,"y":822,"width":72,"height":8}},{"id":"17a6b7c7-c1a0-4e10-a845-21c380502265","block_type":"box","text":"There is no minimum initial investment for any Employer-Sponsored","page_number":23,"box":{"x":460,"y":808,"width":444,"height":10}},{"id":"4ad5d9f8-84b7-41ad-b7c8-e8a0b25c8be1","block_type":"box","text":"Retirement Plans or any other investors other than Institutional","page_number":23,"box":{"x":461,"y":822,"width":415,"height":10}},{"id":"0729209c-850a-4dfc-856c-9c1e0421ea97","block_type":"box","text":"Investors.","page_number":23,"box":{"x":461,"y":835,"width":63,"height":8}},{"id":"1883a7ac-dbc4-42ff-8c84-0b23a002eee2","block_type":"box","text":"For Institutional Investors, there is a $5 million minimum initial","page_number":23,"box":{"x":461,"y":850,"width":414,"height":11}},{"id":"66b0cd89-49f3-4e14-b1a7-ad18883a3b41","block_type":"box","text":"investment for all accounts.","page_number":23,"box":{"x":461,"y":864,"width":181,"height":9}},{"id":"eb958cef-4110-4651-ba41-5c5dad6a6d98","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"55362b49-a722-4575-8192-2c14d652643e","block_type":"box","text":"NM1026U-5982555-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"75adc771-5f8f-411a-a22a-d00272381813","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"46bfe76e-55e9-4c9d-8698-5e385cfda448","block_type":"box","text":"Initial Purchase","page_number":24,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"8e0e6c63-f9f6-40fa-8f56-7759e5dd3aa6","block_type":"box","text":"(continued)","page_number":24,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"0dcdc440-d474-4a47-be1e-378570ddcd83","block_type":"box","text":"Have your Financial","page_number":24,"box":{"x":214,"y":67,"width":125,"height":10}},{"id":"02b5d5c4-c810-428c-809f-1964074e7008","block_type":"box","text":"Intermediary submit your","page_number":24,"box":{"x":214,"y":81,"width":164,"height":10}},{"id":"1355c6c4-10d5-40a4-9687-74cf037e6862","block_type":"box","text":"purchase order","page_number":24,"box":{"x":214,"y":94,"width":99,"height":10}},{"id":"738aefc7-b178-4731-9c5c-240b76dfe38e","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":24,"box":{"x":460,"y":67,"width":466,"height":10}},{"id":"184c171c-f95d-4e42-a357-65a65a8c92fe","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":24,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"ff34f138-ff32-459f-8178-325110ff24e5","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":"f843a36f-893d-4914-9d6b-d0c6985701f1","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":449,"height":10}},{"id":"a1a99e96-228f-48b8-b1c8-eb97b2194ed1","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":"c25f0679-1799-45f6-beac-9ec4da6b631f","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":"fdf4daf0-1e92-41d9-bca5-2831a94d1b4e","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":"cfec4e44-ef54-4356-aa9f-bfcea66eee2f","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":"04d668fd-212a-4f35-bddf-50257c7730a0","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":"7a6ece08-c1da-40a8-9669-9e0cb02bca1b","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":"2877124a-a8d1-4f23-af82-c2644dc0b193","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":"8c426c38-9397-4a5e-8f6d-cc548d2a60df","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":"de04ee04-59cf-4c1b-b364-4f804dbd5510","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":"df3e461d-2b53-46dd-aeaf-b02e7707423f","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":"a57706ea-0d58-4e7b-ad7b-02bad5056029","block_type":"box","text":"processing fee to confirm a purchase.","page_number":24,"box":{"x":461,"y":259,"width":249,"height":11}},{"id":"45fdc707-3964-4bcc-b139-d81c6f6ec32c","block_type":"box","text":"Or contact BlackRock (for","page_number":24,"box":{"x":214,"y":277,"width":167,"height":10}},{"id":"f9b942c0-de34-4f6f-b6f8-177ca78db083","block_type":"box","text":"accounts held directly with","page_number":24,"box":{"x":214,"y":291,"width":173,"height":10}},{"id":"d801a4f7-9c43-47c5-a648-6bc526e6c010","block_type":"box","text":"BlackRock)","page_number":24,"box":{"x":214,"y":305,"width":71,"height":10}},{"id":"a73cd511-9932-4bd1-a12e-06429bda7447","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":"7c27f116-57f3-4100-9cf0-9abbb185cf92","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":"5fc48761-dc1c-4cd4-ac3d-37a4ae4e1f5a","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":"a020a0cb-c81d-42eb-9db0-a6f22fe8f810","block_type":"box","text":"Add to Your","page_number":24,"box":{"x":60,"y":323,"width":78,"height":8}},{"id":"fef8577a-0e17-4333-816f-a2131360db3c","block_type":"box","text":"Investment","page_number":24,"box":{"x":61,"y":334,"width":75,"height":8}},{"id":"1879fae7-6df3-4eb6-8030-b6273759cba1","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":"bbbd76c6-0d1e-4099-b7f3-8d2bd02348dd","block_type":"box","text":"Have your Financial","page_number":24,"box":{"x":214,"y":352,"width":125,"height":10}},{"id":"a958c851-6170-48fe-94c4-4aef5f02c57b","block_type":"box","text":"Intermediary submit your","page_number":24,"box":{"x":214,"y":366,"width":164,"height":10}},{"id":"c6f2b13e-3146-4d27-865d-3519601bc1cf","block_type":"box","text":"purchase order for additional","page_number":24,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"61af091b-b739-4f76-8623-b03f04b00348","block_type":"box","text":"shares","page_number":24,"box":{"x":214,"y":393,"width":44,"height":8}},{"id":"ce21e863-83ac-4444-9868-e9f8f3ba8bfb","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":"07c61aba-f951-4eb5-b60f-bf8387b1db1d","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":24,"box":{"x":461,"y":366,"width":353,"height":10}},{"id":"3ce2cc95-acbb-4a92-9dd4-267131edc5ec","block_type":"box","text":"Or contact BlackRock (for","page_number":24,"box":{"x":214,"y":411,"width":167,"height":10}},{"id":"427dbd11-38f9-415c-9d50-492637d1d21c","block_type":"box","text":"accounts held directly with","page_number":24,"box":{"x":214,"y":425,"width":173,"height":10}},{"id":"91f3ea48-7c0f-4a43-af6c-e256c45229fd","block_type":"box","text":"BlackRock)","page_number":24,"box":{"x":214,"y":438,"width":71,"height":10}},{"id":"b34215ef-a07d-40b0-9fb6-5d59e434ab0b","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":"18ae3e62-06d9-4d5f-be95-69b596fe2794","block_type":"box","text":"Retirement Plan","page_number":24,"box":{"x":461,"y":424,"width":108,"height":9}},{"id":"b9cdafc0-8c6a-4552-b517-d81a89ac365c","block_type":"box","text":":","page_number":24,"box":{"x":572,"y":427,"width":1,"height":5}},{"id":"15b0e927-b931-463e-b231-8f9bf173e978","block_type":"box","text":"Purchase by Telephone","page_number":24,"box":{"x":461,"y":441,"width":154,"height":10}},{"id":"6993843e-55f4-4da3-a3e2-f8663e4e751a","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":"d2b594dd-1b66-425a-ba98-1174d5e5d147","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":"578cf494-2a69-428c-94b9-91cb0eea273c","block_type":"box","text":"telephone request for any reason.","page_number":24,"box":{"x":460,"y":467,"width":223,"height":11}},{"id":"d11f8252-6ea8-4bca-ac47-96241f939842","block_type":"box","text":"Purchase by Internet","page_number":24,"box":{"x":461,"y":484,"width":140,"height":10}},{"id":"19e7dbad-de47-492c-afec-066f59deec3f","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":"77d11912-4ec3-4a10-a269-a6e36cfcbd98","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":"ad942d85-ea3a-48f8-a727-5bd0e8e4aa67","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":"57c74f53-9877-41a1-b3df-097137afbfdc","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":"a48268f8-bfa3-4864-a5e8-2bac8aaf8cf4","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":"6b3af901-c1e2-435d-8243-c89f0ea29576","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":"56dbad56-c006-4a36-9372-a4b8280b9495","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":"57cad8d0-d996-4ce2-9f8b-e89a5f2a9f7c","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":"80379c15-891f-4fe9-a7f5-5c4c718a41af","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":"9f83e55f-fd25-451a-abbe-19448bd4e517","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":24,"box":{"x":461,"y":605,"width":307,"height":11}},{"id":"9d54c8db-8065-4920-960c-4fd34b2bcdb6","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":"35dfbf1f-8441-43e7-a058-702ec68489d6","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":"850b5b8c-4a58-48fc-a9da-5ee5b27e66a8","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":"4ac48bf7-21a7-4c54-90b7-0d3f20376614","block_type":"box","text":"before attempting to transact online.","page_number":24,"box":{"x":461,"y":662,"width":240,"height":11}},{"id":"d8bd3a52-c2fd-4ede-a57f-a7e5c8ab8145","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":"cbd62f63-8609-4db9-b500-a0dd0894f813","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":"a6775348-005a-4eac-8196-2672766f0737","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":"8a228b4f-1ac4-4c0a-9888-5d531eee40df","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":"e20d256b-526b-49ad-b001-8ed9f705ae65","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":"093db8bc-d83f-4c2b-a634-a6cdf94ee93c","block_type":"box","text":"Acquire additional shares by","page_number":24,"box":{"x":213,"y":751,"width":187,"height":10}},{"id":"8054a946-679c-4c8f-876a-82096a8d97ca","block_type":"box","text":"reinvesting dividends and capital","page_number":24,"box":{"x":214,"y":764,"width":214,"height":10}},{"id":"c47ab40d-2f54-413a-bd66-1b6df127ff3a","block_type":"box","text":"gains","page_number":24,"box":{"x":213,"y":778,"width":35,"height":10}},{"id":"67f9e8de-2117-4040-a90f-fb3f2681af50","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":"430f5282-edaf-4fbd-8007-65517ac61583","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":"f0c55ef8-d291-45c9-95a3-4a08cf15fd59","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":"bdbd423f-d69f-45bc-8562-6b6c73520a29","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":"a2f3b920-fce6-4bf5-8619-e7351c9f3aaa","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":"000afa0e-ee2c-4564-98d7-b566e93bfdd7","block_type":"box","text":"contact your Financial Intermediary.","page_number":24,"box":{"x":461,"y":818,"width":233,"height":10}},{"id":"30140f65-4844-4cad-a15f-11f47b68f368","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e73aa440-5e0e-4cc9-be93-15eb8f11ff28","block_type":"box","text":"NM1026U-5982555-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6c017ce5-ca1a-4a67-bbd4-da86d2e571f8","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":"86820ba4-67dc-4a6d-81c3-cec4cd0cfe2e","block_type":"box","text":"How to Pay for","page_number":25,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"b5c3ea00-56f1-411f-ad7a-c34161a0ea9d","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"8f2f2cae-4d55-44b8-8a98-713c5d4606a6","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":"6bbf0fa9-2021-420b-ae93-15c5288e1b5f","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":"fe8840df-3b2c-423e-80ca-670a08a10d6f","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":"b858cda6-3249-4fc6-b8e4-150bfcb205a3","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":"8cca63bb-8efc-4a0e-ad7c-e8273864e520","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":"0ad47838-e54f-4489-84bc-1b72ef188eee","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":"4a7146ee-e36a-4bf1-a3e6-611d2314fb43","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":"5482afac-174d-4ada-a720-b9dea7692457","block_type":"box","text":"the Fund.","page_number":25,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"07e79b57-7338-48d1-bfa5-d841cc512275","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":"c2fd5fd4-f639-432f-a545-7443ab763f89","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":"c4f73c02-cbf9-44c4-a5b4-5bd12b76487f","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":"13332397-4aa4-4692-a91b-36a0bd84dc7d","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":"61e52005-99dd-4d84-9a7f-944febd8308a","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":"c35dede3-4bdf-400a-bd8b-f59c8f6825b9","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":"58440ac7-8ee2-4e22-8792-adf7a662576b","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":"fb92d0d9-e98a-4bc6-bc1d-a01df7c39dea","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":"00eee9d7-96a4-4f18-829a-c06537f25d05","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":"0f3a767c-900b-45bf-8f58-e8da14d38685","block_type":"box","text":"Fund.","page_number":25,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"bcb6d903-deec-4478-afb8-11e5188b37b5","block_type":"box","text":"How to Sell Shares","page_number":25,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"cf0fd7c7-3133-4092-966f-b1f6fd746a85","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":"20d1d55d-5415-4aba-a62e-488ddacf8243","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"e7c54443-07fc-4f14-a683-04f12a305dad","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"aca3f0a9-d4df-49d9-adea-56a0b01c1221","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"36e9994f-04c7-4b9d-abbf-473738e3b52e","block_type":"box","text":"Have your Financial","page_number":25,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"682fd1ad-c44b-4ee1-8a23-f605039a1787","block_type":"box","text":"Intermediary submit your sales","page_number":25,"box":{"x":214,"y":377,"width":204,"height":10}},{"id":"1c34ecce-05dd-47e1-ad41-6cb1d20f2128","block_type":"box","text":"order","page_number":25,"box":{"x":214,"y":391,"width":34,"height":8}},{"id":"2889ba52-8459-4790-b77d-a75bd0dfa648","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":"4f448640-035e-4c40-b75a-495993480cbe","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":"e12a6f52-ed55-4da1-a68e-d558add751b3","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":"873c5148-1fb1-4c7c-80b8-262bd56d502b","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":"0b9a5bea-316e-41ab-b359-b945833fad01","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":"e52a2655-62ce-4e77-9eb8-2b5e93f1c3e3","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":"f3e30500-dd5b-42da-998f-726e121dac91","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":"17a91441-2259-4f83-b893-bb0dc3f55b9b","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":"db2a124d-732c-48bf-91cf-9e5041750fde","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":"18a7f180-6a74-4809-b67a-1f703d782026","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":"c3db227c-cff5-46e6-b2bc-1316dbf6347b","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":25,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"99c090db-909b-4f19-a3de-cdf5b8a386d3","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":"05e37262-81b8-4a51-bfec-ce6555f045e8","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":"7635e273-a380-4d94-82ce-42da6a4a06cb","block_type":"box","text":"Financial Intermediary.","page_number":25,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"b00f48ad-c9f8-4fc8-ae5b-dd4612a2d8fc","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":"fa6fa571-f235-4f4f-a72b-a98c2ed99101","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":"4bb1053d-ff6d-4d25-b6ae-02676aa5a3bf","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":"90667742-a31d-4047-bf0d-06d61fa13b13","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":"644a8983-9746-4ae7-8f51-0cc7fb8e748a","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":"59db6a23-141c-4506-a416-cc3b8b82de88","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":25,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"08595e4e-f5a4-4e0f-bc01-1a0afb8656d6","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":"ef414151-4e1e-4b95-bc0e-2f42460f1723","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":"290b4b4d-70a3-4936-9f37-7a46e033e398","block_type":"box","text":"business on the next business day.","page_number":25,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"9ce4b22d-5d89-41f3-9c7d-362e2a6438db","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":"233e29b8-4ae8-4ad0-b4d2-d092f797fa2e","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":"9b84967d-2b0f-4b72-8917-57bd5de9fbb9","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":"db6bf4cc-862c-4a4d-89a7-4a96247871fd","block_type":"box","text":"but in any event, within seven days.","page_number":25,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"a222f6dc-af09-4697-bb4e-437127d54a3c","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":"67c8b037-b47b-47cb-8231-860e46b83b94","block_type":"box","text":"redemption of shares.","page_number":25,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"75060894-1aee-48c1-851b-e61216a9e815","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":"d356d177-dd33-439b-a271-04326890ca0c","block_type":"box","text":"circumstances.","page_number":25,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"33882367-ec0d-4169-a273-0934060ac18c","block_type":"box","text":"Selling shares held directly with","page_number":25,"box":{"x":214,"y":801,"width":207,"height":10}},{"id":"8b47b2bd-2460-4e7c-b806-102e017688d8","block_type":"box","text":"BlackRock","page_number":25,"box":{"x":214,"y":814,"width":67,"height":9}},{"id":"79def283-c718-48a6-9733-3551f6fd7c36","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":"8d5763da-2843-46fa-8d85-7f8e2bc8607c","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":25,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"e9610e2b-518c-479b-920c-7b342a13a737","block_type":"box","text":"Redeem by Telephone:","page_number":25,"box":{"x":461,"y":831,"width":150,"height":10}},{"id":"b9aa278a-0ac8-4c90-a558-a44493543abf","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":"e12c26ed-abb9-4a5b-850b-c7c7ca24b892","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":"7ad1ab12-377a-443e-9175-a8c77e8403da","block_type":"box","text":"The Fund, its administrator and the Distributor will employ reasonable","page_number":25,"box":{"x":460,"y":860,"width":460,"height":10}},{"id":"b8f79f67-c4e4-48c5-a883-f19f99cf46b8","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":"702085a7-d4f2-4b69-87fb-a90bfaecb1fe","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":"55c25dec-f133-492c-89af-3da4c7c156a2","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":"2b930f93-af11-4cfe-b1ef-017571b776c0","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"552980ea-bd3e-45a9-b740-9897158e0521","block_type":"box","text":"NM1026U-5982555-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"15bcc833-abe1-4c48-b455-8dfe2d9cbd3a","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":"19766a93-207b-4254-8173-9949ea72fcb6","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"b1ecd5ca-bc67-40dc-b91f-e14704208eb3","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"65ca29fb-016d-436b-99e7-f7cabd1dce00","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"b0d5f6b1-c7a7-4c58-bb9f-190df0ce4d79","block_type":"box","text":"Selling shares held directly with","page_number":26,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"6ed47f91-f76a-4559-941d-89531ee047e2","block_type":"box","text":"BlackRock (continued)","page_number":26,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"8d115201-8cef-4038-ab56-4ddb5132cc02","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":"30dedeb6-6a08-4c69-baf6-bf2908cad51f","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":"b969e885-47e7-4569-b8d5-e7f6952aa134","block_type":"box","text":"believes it is advisable to do so.","page_number":26,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"9bbf191a-a68c-45c5-aa47-0ec2e94af125","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":"334d2c87-2de7-47d7-9048-d11230391740","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":26,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"b3a920fe-cb47-40bf-abd9-8f2e61d85372","block_type":"box","text":"redemption methods below.","page_number":26,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"35bc0ab9-589f-4209-af3a-4e43207dc999","block_type":"box","text":"Redeem by Internet:","page_number":26,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"1717dd18-4f27-4069-a1e3-9b50a0d3e14b","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":"3c07c975-bfb7-4667-90e8-0a51b46025ae","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":"4f0cdaa3-167f-47e7-b042-f6ce581174ed","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":"06512dc9-bad1-4dd3-8e5c-a7d2d5591f1c","block_type":"box","text":"Redeem in Writing:","page_number":26,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"9ec20343-fee9-4c77-8d81-a3d502769bda","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":"510005cc-c812-41b3-9bfc-6f06e238c10b","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":"6bb50011-e695-47b9-af81-7af3adc44051","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":"ca1a7a96-0c67-4801-b9f5-ff350135bfa3","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":"547e5ab1-bb8b-42da-bf3f-8ed606e7777e","block_type":"box","text":"medallion signature guarantee will be required.","page_number":26,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"1fa0f09e-774e-4902-8894-7b12bdddcb93","block_type":"box","text":"Payment of Redemption Proceeds","page_number":26,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"ad6cbbe5-3ce8-43ef-b9a4-94f0c9b23e9b","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":"71925303-a440-4a02-8935-5adebd663a87","block_type":"box","text":"banking information on file, by wire transfer.","page_number":26,"box":{"x":461,"y":294,"width":289,"height":10}},{"id":"821d69c4-5a9e-44ed-a00d-788cb8a243e2","block_type":"box","text":"Payment by Check:","page_number":26,"box":{"x":461,"y":310,"width":129,"height":10}},{"id":"d0ab706d-2e0b-4061-bf70-bbd44cf600c2","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":26,"box":{"x":597,"y":310,"width":329,"height":10}},{"id":"491aeaf5-a62c-4436-84de-da9f90409cf0","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":"0fedfb48-a4cb-4257-995e-c544383f002f","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":"41533c1f-fee0-47c4-9d0a-cbf46c1885da","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":"37eb2bd8-7c0e-44a2-ac65-156fd3f5a792","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":"e32180bc-1b02-43da-b762-97f962852c31","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":"b44f7276-b1b2-4e8d-ad89-91b0b624c0e7","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":"44b2c022-df8c-4d45-bfa4-4525397491c7","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":"3a7d1ab5-fb71-41ab-8104-349cd1dd8e83","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":"8a09ad7a-3337-4109-9bdb-e6e7d17bd9f8","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":"c7aecf5b-4b13-4d1a-8ef9-e5e0074b5b2c","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":"f0f96c63-39eb-4db5-991e-3364dc90a6b6","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":"3478f7d6-3647-4d77-8817-df2061177af9","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":"e744ecde-29ff-4f0d-a130-ab6e425b91e9","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":"0e0dd7bb-1ebf-4877-b880-ab12d231e293","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":"c98efe42-d419-433d-8bd9-98b426860ca5","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":"b304c75d-0fef-4a1c-98f7-599de0c1a625","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":"62881736-d1af-4ba1-bb78-53efc37106df","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":"72342335-066d-4cc1-81ec-6eb007c779fb","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":"c51b1215-cd8c-4456-9686-e4fd13a4e022","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":"81f6b92a-cff0-422e-b549-6e28e6098344","block_type":"box","text":"Payment by Wire Transfer:","page_number":26,"box":{"x":461,"y":586,"width":177,"height":10}},{"id":"ce936d36-2780-4660-890e-757e86e3bd99","block_type":"box","text":"Payment for redeemed shares for which a","page_number":26,"box":{"x":644,"y":586,"width":275,"height":10}},{"id":"53240818-810b-477a-b5db-6f8b2887a755","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":"e0828e42-ffd6-46cb-be91-dabdb421a987","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":"96ee3b6a-3370-4b03-be60-6cffc6aacd16","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":"677e738b-1495-4706-aaf2-7493279e8bbd","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":"f81e4a2c-4c30-4c9f-b193-3b624fd40ce4","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":"cbbcf51e-4e1c-49f8-a430-693be2f93ed1","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":"daf6206b-171b-411a-9681-2904202505ce","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":"72716204-4d5c-42ff-b06a-09e173caed54","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":"625ca077-b461-4143-bdc5-d07a2111d271","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":"2e521f7d-d37f-4f76-8cbc-5e20039b934f","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":"a82c55db-d0cf-4452-ade9-2ac3ed83ea9c","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":"8f013c39-2884-4b96-a067-9135ad0b97d4","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":"9dc42e7f-a6b8-40f6-aad1-9aa94e0621cd","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":"d8d19917-88ad-4079-ae01-cea9720961ce","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":"5812218e-cc15-4465-be9b-db1ba3dcac49","block_type":"box","text":"wire transfers.","page_number":26,"box":{"x":460,"y":789,"width":94,"height":8}},{"id":"c443608a-efef-4bda-bf3e-0ba711932028","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":"28a56dd2-ab76-440e-a69d-17652d0b4335","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":"a6b54e74-ea3d-4478-ae0f-3e66a7cb3a9d","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":"40af3fb5-fdf6-438a-9a45-ee44fac5a56b","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":"94b44bd7-de76-413c-997f-92d31c58d903","block_type":"box","text":"the back cover of this prospectus.","page_number":26,"box":{"x":460,"y":859,"width":224,"height":10}},{"id":"a08235a2-d4c4-422d-88cc-1a035fc045e0","block_type":"box","text":"***","page_number":26,"box":{"x":686,"y":876,"width":25,"height":5}},{"id":"9f9cc57d-b5b6-4b1a-8809-1b68d5ae999d","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4c4e73ef-0742-4b6f-b23f-d09408449b03","block_type":"box","text":"NM1026U-5982555-26/40","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9730988b-0e3f-4a67-a7fe-3d4db2df1e62","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":"fdaa2e2c-1571-4510-8f5f-b978701b024e","block_type":"box","text":"Full or Partial","page_number":27,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"32926087-6274-417e-9a4a-b5af08d052f9","block_type":"box","text":"Redemption of","page_number":27,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"6ef06b2a-5549-4376-bfde-be29338f2a50","block_type":"box","text":"Shares (continued)","page_number":27,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"33301acb-b8a7-416b-9df5-9b2b7097af56","block_type":"box","text":"Selling shares held directly with","page_number":27,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"17f1e8cf-4962-4c24-81a6-7cc83bbcb94d","block_type":"box","text":"BlackRock (continued)","page_number":27,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"af1e00b4-169e-4c12-807d-a69b57b554b2","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":"71be612c-6bbf-417b-948d-6ae65d2f367b","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":"9144d83e-b797-481f-96e9-7add06dcb539","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":"01ff95b0-ba1a-4e54-bdac-b7cd7d0767ba","block_type":"box","text":"Redemption","page_number":27,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"d2c45932-09f0-433e-8459-000b786665dd","block_type":"box","text":"Proceeds","page_number":27,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"cfbff517-74cf-4937-8eed-111d2ec49865","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":"1f88d9f1-b724-4678-b82d-7bb989f3d150","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":"662a9ab3-01c7-42ad-bff9-edd676e555d4","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":27,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"0cf810f4-37f4-40ca-a6ae-cfc8fe9370bc","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":27,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"26b0bfaa-8b6a-4b63-ab49-ca3ef4ebc66f","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":27,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"6a319243-8e6f-4e37-80f9-65c44e75b4fb","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":27,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"0f12278e-a2f4-491d-ab1b-ea627acc962b","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":199,"width":471,"height":10}},{"id":"a9a9ccad-466b-41d7-9b49-4bb3d51cb05a","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":27,"box":{"x":461,"y":212,"width":453,"height":11}},{"id":"191ad2c8-f9f2-49df-97c2-3e37270766c3","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":27,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"94c53b99-8359-415b-a138-8cd93779ef1e","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":27,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"1f1487f6-8da5-48ec-b4bb-db3b10d28605","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":27,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"f67e9be8-c377-4ab0-a628-541055aaf420","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":27,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"233edd20-d584-4b0c-b6c9-eef8bd5f4b27","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":27,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"cf5add74-4e23-47fc-9176-e85f17526ec3","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":27,"box":{"x":61,"y":307,"width":415,"height":13}},{"id":"03b4efc3-ed8d-46bd-9c6f-0d8a68fe5091","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":329,"width":478,"height":9}},{"id":"ea63e2ee-1f68-4adb-9f6d-d659b005313c","block_type":"box","text":"Exchange Privilege","page_number":27,"box":{"x":61,"y":346,"width":128,"height":11}},{"id":"8b437876-fa0f-467c-92d6-8e9f5b1c9431","block_type":"box","text":"Selling shares of one BlackRock","page_number":27,"box":{"x":214,"y":346,"width":212,"height":11}},{"id":"5d013cf9-0383-4d5e-a31a-995ff5bddd45","block_type":"box","text":"Fund to purchase shares of","page_number":27,"box":{"x":214,"y":360,"width":181,"height":10}},{"id":"4fda0d03-d1e2-4d41-a574-0e30de2f7144","block_type":"box","text":"another BlackRock Fund","page_number":27,"box":{"x":214,"y":374,"width":158,"height":8}},{"id":"a648c594-585a-4716-b479-c22f149b41a5","block_type":"box","text":"(“exchanging”)","page_number":27,"box":{"x":214,"y":387,"width":95,"height":10}},{"id":"bfcc3220-febd-4228-b5d9-9b261d3ef61d","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":27,"box":{"x":461,"y":346,"width":454,"height":11}},{"id":"34055d99-4270-4143-8663-b00777235be3","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":27,"box":{"x":460,"y":360,"width":461,"height":9}},{"id":"2f6e4646-6591-447a-9f8c-6b6a648a6a7d","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":27,"box":{"x":461,"y":373,"width":465,"height":11}},{"id":"c9415755-270b-4712-b8cb-f17170acc10a","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":27,"box":{"x":461,"y":387,"width":463,"height":10}},{"id":"4a62af53-fb44-4634-aae9-66be741b980e","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":27,"box":{"x":461,"y":400,"width":457,"height":11}},{"id":"5f328fe8-a239-457e-90fc-e4198cd08119","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":27,"box":{"x":461,"y":414,"width":447,"height":8}},{"id":"b4d0143d-6220-4c2c-8bdc-b6305f22b1e4","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":27,"box":{"x":460,"y":428,"width":429,"height":10}},{"id":"233e384d-ecff-4e0d-8fab-68aa1cf6d996","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":27,"box":{"x":461,"y":441,"width":423,"height":10}},{"id":"f16d0526-16a0-4890-80f6-22e8dbfaabb0","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":27,"box":{"x":461,"y":455,"width":446,"height":10}},{"id":"f6363ec4-1333-489c-832c-edd6c2d629c7","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":27,"box":{"x":461,"y":468,"width":430,"height":10}},{"id":"4eded8a1-68da-40b4-b59b-edd42b430499","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":27,"box":{"x":461,"y":482,"width":383,"height":9}},{"id":"510bf06a-14b5-4c8f-b8d5-3ea1a748abcb","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":27,"box":{"x":460,"y":499,"width":435,"height":10}},{"id":"75e58609-24da-4577-90e9-82e53b31b96b","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":27,"box":{"x":461,"y":513,"width":406,"height":10}},{"id":"8c554838-d707-4bdf-88e0-9951053b3a43","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":27,"box":{"x":461,"y":526,"width":468,"height":10}},{"id":"190c965f-97e4-4d29-bba6-d100ef70e27a","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":27,"box":{"x":461,"y":540,"width":455,"height":10}},{"id":"1dc042ce-9877-4b7a-871c-dab83cc4efba","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":27,"box":{"x":460,"y":553,"width":423,"height":10}},{"id":"35b54944-c6bc-4cfe-bedd-313e0bac98bb","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":27,"box":{"x":461,"y":567,"width":398,"height":10}},{"id":"d8ee17b5-eeb6-4d6d-be9a-5680d8030aff","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":27,"box":{"x":461,"y":580,"width":409,"height":11}},{"id":"91dc35a0-012e-4b59-b1f6-3cafa9168c3f","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":27,"box":{"x":461,"y":594,"width":469,"height":10}},{"id":"e980ee79-ffc8-46d6-ac6a-4aa7be028097","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":27,"box":{"x":460,"y":608,"width":461,"height":10}},{"id":"4c4a0462-5f85-433f-b050-ea38fb3259f1","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":27,"box":{"x":460,"y":621,"width":469,"height":10}},{"id":"4133fee5-1a47-4d96-a6bd-cbb06e3f8441","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":27,"box":{"x":460,"y":634,"width":368,"height":11}},{"id":"a352b043-12eb-4f3a-ac66-3963c202a8ce","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":27,"box":{"x":460,"y":652,"width":450,"height":10}},{"id":"a5571c12-051e-422e-85f1-144e8a2561ef","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated","page_number":27,"box":{"x":460,"y":665,"width":454,"height":11}},{"id":"3e40b04c-f65f-4ed1-b606-85afd4620172","block_type":"box","text":"at any time in the future. The Fund may suspend or terminate your","page_number":27,"box":{"x":461,"y":679,"width":438,"height":10}},{"id":"ee8a315e-ce6c-4867-823d-5e11c3e86ddf","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":27,"box":{"x":461,"y":692,"width":439,"height":11}},{"id":"d15d1b3e-c80c-4d49-a943-6e5a297eebe6","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":27,"box":{"x":461,"y":706,"width":460,"height":10}},{"id":"ad711d27-dda4-41ee-bc63-421812d2764c","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":27,"box":{"x":461,"y":719,"width":430,"height":11}},{"id":"0b59d4a5-2330-4957-bf11-877f54b6453e","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":27,"box":{"x":461,"y":733,"width":469,"height":10}},{"id":"f6e969de-0628-4fac-b756-91aba1809381","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":27,"box":{"x":460,"y":747,"width":456,"height":10}},{"id":"8470aa88-3f94-4ed7-b1fc-1351b63715a2","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":27,"box":{"x":461,"y":760,"width":390,"height":11}},{"id":"e51c5ad2-50e2-4a5e-9f35-fd2c9ecc132d","block_type":"box","text":"Transfer Shares to","page_number":27,"box":{"x":60,"y":778,"width":124,"height":8}},{"id":"a5ba6968-1687-4222-b526-7e017860512b","block_type":"box","text":"Another Financial","page_number":27,"box":{"x":60,"y":790,"width":118,"height":8}},{"id":"4f7ec761-b150-4926-b389-8fe95d72b98e","block_type":"box","text":"Intermediary","page_number":27,"box":{"x":61,"y":801,"width":85,"height":11}},{"id":"c6311805-3d2b-4a83-850c-4f4e86bfd78b","block_type":"box","text":"Transfer to a participating","page_number":27,"box":{"x":213,"y":778,"width":171,"height":11}},{"id":"9b667801-e85d-4bed-b3a3-cff0751ce9fc","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":792,"width":145,"height":10}},{"id":"c5db9b81-d539-40e3-abf1-7ebe27bfbb77","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":27,"box":{"x":460,"y":778,"width":432,"height":10}},{"id":"74d3d391-e9d0-4318-8577-52dd9f781221","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":27,"box":{"x":461,"y":792,"width":441,"height":10}},{"id":"a99edddc-7308-48aa-bbc8-8bc4e1a0a544","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":27,"box":{"x":461,"y":805,"width":456,"height":11}},{"id":"ac32ef4b-2cd9-43c7-b30f-8b3020f50a59","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":27,"box":{"x":460,"y":819,"width":407,"height":10}},{"id":"656193da-287a-4980-9220-9773d4fd6cc2","block_type":"box","text":"coordinated by the receiving firm.","page_number":27,"box":{"x":461,"y":832,"width":218,"height":11}},{"id":"83773b6a-fb9b-4af8-8ffb-edf875e1e587","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":27,"box":{"x":461,"y":848,"width":475,"height":11}},{"id":"8e3e339a-b1c1-4021-9abc-2074b52124e2","block_type":"box","text":"your Class K Shares.","page_number":27,"box":{"x":460,"y":862,"width":137,"height":10}},{"id":"8aa5d0a0-d8e1-4c61-956f-c0ff8575f728","block_type":"box","text":"Transfer to a non-participating","page_number":27,"box":{"x":213,"y":880,"width":199,"height":10}},{"id":"92abd83e-de03-4a33-95dd-2d7acbf5db19","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":894,"width":145,"height":10}},{"id":"55bf2e40-ab42-4a6b-a991-d88efc8a1f7a","block_type":"box","text":"You must either:","page_number":27,"box":{"x":460,"y":880,"width":107,"height":8}},{"id":"3359fa4d-d016-421c-8ade-e55828d02841","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":896,"width":3,"height":3}},{"id":"d5ff7357-e7b8-4d68-8a07-ddfd495d8283","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":27,"box":{"x":470,"y":894,"width":402,"height":10}},{"id":"33e39cb0-21c8-48df-994c-f74ddae74896","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":910,"width":3,"height":3}},{"id":"8ec474e9-5e21-4d73-a6a6-b2a47263648f","block_type":"box","text":"Sell your Class K Shares.","page_number":27,"box":{"x":471,"y":907,"width":166,"height":10}},{"id":"0aa535f1-1ad1-44d3-9488-a93202b0de15","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"174a8aa2-8ffc-42e8-b3ed-933600cd3531","block_type":"box","text":"NM1026U-5982555-27/40","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"87a262c4-3354-4c0e-9f82-8495a06b8855","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":"dc1ef6cf-2fa8-4c8e-8b7f-0ff479466a2e","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":67,"width":76,"height":10}},{"id":"f139ae1c-ccb5-4ad5-8a4d-0f58ecc68c3b","block_type":"box","text":"Transfer to a non-participating","page_number":28,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"076cb8d3-a86e-48a8-b0eb-d3437d1c7cf4","block_type":"box","text":"Financial Intermediary","page_number":28,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"ad4cac48-38ce-4639-b8b9-9115308ee0ef","block_type":"box","text":"(continued)","page_number":28,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"421da0f6-449a-47da-82a4-fdf4eea1e17b","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":28,"box":{"x":461,"y":70,"width":475,"height":10}},{"id":"62d56322-6e9c-4b4e-9d76-3a7d49b37815","block_type":"box","text":"your Class K Shares.","page_number":28,"box":{"x":460,"y":83,"width":137,"height":11}},{"id":"3cf94b89-7687-4c6b-8f43-9ff333b23a5f","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":28,"box":{"x":60,"y":119,"width":815,"height":12}},{"id":"f803768d-fd0b-4df6-96fd-8b91f3b21645","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":28,"box":{"x":60,"y":136,"width":467,"height":12}},{"id":"44d3193f-d8e8-4565-9501-388017a4847e","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":28,"box":{"x":62,"y":152,"width":872,"height":12}},{"id":"fad31430-a29a-480c-9ed6-50caad31bec6","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":28,"box":{"x":61,"y":167,"width":814,"height":11}},{"id":"ebbfcf2e-b3da-4609-badf-146ea44394bd","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":28,"box":{"x":62,"y":182,"width":826,"height":11}},{"id":"378d3e0b-bb87-4d2d-afc6-cac39ad564b4","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":28,"box":{"x":62,"y":196,"width":836,"height":12}},{"id":"dd4fca2a-5050-44b1-b146-241320c703a8","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":28,"box":{"x":60,"y":211,"width":861,"height":12}},{"id":"296eeee5-9ebe-4b27-8308-ea2b570f3b29","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":28,"box":{"x":61,"y":226,"width":875,"height":12}},{"id":"cb27756e-3633-49a1-85e7-7358263e3f55","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":28,"box":{"x":61,"y":241,"width":853,"height":12}},{"id":"125a730e-335c-415e-a7c6-95097c092248","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":28,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"69089e5b-3172-44cb-b77d-535f912ef7a4","block_type":"box","text":"they are so accepted.","page_number":28,"box":{"x":60,"y":271,"width":158,"height":11}},{"id":"c97ff44a-f637-4755-89fc-d13c410fdf46","block_type":"box","text":"Fund’s Rights","page_number":28,"box":{"x":61,"y":310,"width":124,"height":13}},{"id":"3bf1e820-2d9f-4940-a861-f5e08b89b5b1","block_type":"box","text":"The Fund may:","page_number":28,"box":{"x":60,"y":336,"width":106,"height":11}},{"id":"c30888b9-95a5-4c8b-a2f3-d4ac60b73ee4","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":28,"box":{"x":81,"y":356,"width":840,"height":11}},{"id":"c8344679-c3af-4182-aec6-77c99853decf","block_type":"box","text":"described in the Investment Company Act;","page_number":28,"box":{"x":81,"y":371,"width":308,"height":11}},{"id":"b818bc46-85ed-48e8-8aa4-597f4711b014","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":28,"box":{"x":81,"y":390,"width":789,"height":12}},{"id":"84d8166f-9b49-4b45-804e-c295e3109e1c","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":28,"box":{"x":81,"y":405,"width":850,"height":12}},{"id":"3a5a74dd-6de1-4c4f-bb16-056ae1858a10","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":28,"box":{"x":82,"y":420,"width":368,"height":12}},{"id":"684141c9-f0ad-49e5-b704-13e37085d67d","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":28,"box":{"x":82,"y":440,"width":781,"height":12}},{"id":"63f0f252-e2e9-4368-ae9e-9226f6e92303","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":28,"box":{"x":82,"y":460,"width":798,"height":12}},{"id":"ea0652ce-0213-4bae-8232-4e19caa42f44","block_type":"box","text":"specified level.","page_number":28,"box":{"x":81,"y":475,"width":108,"height":11}},{"id":"115cb0d3-db87-4cf5-a578-94f252c01c60","block_type":"box","text":"Note on Low Balance Accounts.","page_number":28,"box":{"x":61,"y":498,"width":239,"height":9}},{"id":"786e9d0e-77d0-48b4-a228-76e2d86e8274","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":28,"box":{"x":307,"y":497,"width":600,"height":12}},{"id":"021798ad-981d-4532-92df-83262c0ff617","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":28,"box":{"x":61,"y":512,"width":846,"height":12}},{"id":"33b92729-2382-4bb1-8bab-dcc69cfcc36f","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":28,"box":{"x":61,"y":526,"width":872,"height":13}},{"id":"c2a07173-6083-481c-80fb-df5a6609a927","block_type":"box","text":"reason, including market fluctuation.","page_number":28,"box":{"x":61,"y":542,"width":267,"height":12}},{"id":"d6808297-562c-4fcc-a88d-9d13ad64d078","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":28,"box":{"x":60,"y":564,"width":799,"height":12}},{"id":"2bf83d5c-7e2a-457b-a21f-59ec8e8c6c35","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":28,"box":{"x":62,"y":579,"width":796,"height":12}},{"id":"fa9c8d21-0ef7-485d-8fff-2eed07b7d595","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":28,"box":{"x":62,"y":594,"width":800,"height":12}},{"id":"15c3f26d-1249-421b-90b9-099cbcdf649b","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":28,"box":{"x":61,"y":609,"width":859,"height":12}},{"id":"34d885c9-bcc9-44d4-8c4b-df9a4c03aa11","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":28,"box":{"x":61,"y":624,"width":868,"height":11}},{"id":"5b92071d-9e1e-4b4b-96ac-31623718ae3c","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":28,"box":{"x":61,"y":639,"width":420,"height":11}},{"id":"9cb95392-5aba-44ed-bfee-3962247100af","block_type":"box","text":"Short-Term Trading Policy","page_number":28,"box":{"x":61,"y":678,"width":232,"height":13}},{"id":"ab3942a3-06f3-48e9-b7b7-8a4771676707","block_type":"box","text":"The Board has determined that the interests of long-term shareholders and the Fund’s ability to manage its","page_number":28,"box":{"x":60,"y":704,"width":790,"height":11}},{"id":"352185b0-0ae7-4691-982e-3948831e291f","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":28,"box":{"x":62,"y":719,"width":853,"height":11}},{"id":"121b3d8a-3e1a-481b-9dae-8a6182cfd957","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":28,"box":{"x":60,"y":733,"width":863,"height":12}},{"id":"9631c6db-2d90-4f7b-9574-1ee9c2da2a11","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege is not","page_number":28,"box":{"x":61,"y":748,"width":828,"height":12}},{"id":"d5207294-cc3a-4662-abe7-051ba757c5c6","block_type":"box","text":"intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may interfere with","page_number":28,"box":{"x":62,"y":763,"width":826,"height":12}},{"id":"44ef6608-9e26-4b52-aa81-5b5a731d920c","block_type":"box","text":"portfolio management, increase expenses and taxes and may have an adverse effect on the performance of the Fund","page_number":28,"box":{"x":62,"y":778,"width":864,"height":11}},{"id":"2fcfc1e7-2553-4077-9016-29e125796436","block_type":"box","text":"and its returns to shareholders. For example, large flows of cash into and out of the Fund may require the","page_number":28,"box":{"x":61,"y":793,"width":776,"height":11}},{"id":"debc5452-f1c1-4168-a355-60e2afeeec22","block_type":"box","text":"management team to allocate a significant amount of assets to cash or other short-term investments or sell","page_number":28,"box":{"x":61,"y":808,"width":796,"height":11}},{"id":"0472640b-4bbc-4df2-b231-2b6da9ba235e","block_type":"box","text":"securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment objective.","page_number":28,"box":{"x":61,"y":823,"width":831,"height":11}},{"id":"63cddb08-6371-4c8e-b110-5bb847e430a9","block_type":"box","text":"Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such as","page_number":28,"box":{"x":62,"y":837,"width":811,"height":12}},{"id":"58cf2812-c1a2-47be-b501-f0bbbd07a477","block_type":"box","text":"brokerage commissions, can reduce the Fund’s performance.","page_number":28,"box":{"x":61,"y":852,"width":451,"height":12}},{"id":"86ad9090-50d4-4315-8b81-7454fb72dbd2","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":28,"box":{"x":60,"y":875,"width":873,"height":11}},{"id":"fc17c5ca-734a-4f5a-b972-280dcb895a8e","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":28,"box":{"x":61,"y":889,"width":872,"height":12}},{"id":"d9c16fd0-356a-4d5d-8232-66080a036c0d","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":28,"box":{"x":61,"y":904,"width":865,"height":12}},{"id":"426dd5cd-d76b-401c-9716-23699090eb0a","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c644533c-d3e0-4f2a-8e82-8ae50dedcced","block_type":"box","text":"NM1026U-5982555-28/40","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c1c3b8ce-91d6-4ce7-9494-15b09e31d5bb","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":46,"width":817,"height":11}},{"id":"f2768d56-864a-462f-b247-5661e19f8f31","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":60,"width":818,"height":12}},{"id":"b6eec81f-ee40-4bdc-83d3-27b478e5fd3d","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":75,"width":865,"height":12}},{"id":"7f78e748-33cb-4728-8cff-4a0ded1a988b","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":90,"width":829,"height":12}},{"id":"0e1dc55f-cab4-4baa-ba2e-98628af7d42a","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":29,"box":{"x":62,"y":105,"width":671,"height":12}},{"id":"5262cb23-f4b6-4075-a369-79ec58123194","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":29,"box":{"x":60,"y":127,"width":869,"height":12}},{"id":"d9425349-8aed-4023-943f-8f7b5652df6c","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":29,"box":{"x":60,"y":143,"width":839,"height":11}},{"id":"66809f36-a9f2-4864-9615-14dfec200756","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":29,"box":{"x":61,"y":157,"width":869,"height":12}},{"id":"f8aa4484-9b98-4c3e-98ba-38423faaeca1","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":29,"box":{"x":61,"y":172,"width":870,"height":12}},{"id":"3896908e-8eb1-4429-aaad-6981d3f2c56c","block_type":"box","text":"Fund or its shareholders.","page_number":29,"box":{"x":62,"y":187,"width":181,"height":9}},{"id":"7ff6396a-8609-4471-ab66-31f286269d3f","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":29,"box":{"x":62,"y":209,"width":796,"height":12}},{"id":"7ea6281d-0f46-4048-86c1-2c6f9a9ce231","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":29,"box":{"x":61,"y":224,"width":860,"height":12}},{"id":"e506be29-d0b3-4dc8-afe3-5ff77a09fc00","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":29,"box":{"x":62,"y":239,"width":871,"height":12}},{"id":"a720735f-d34c-40cc-88ca-460b743ba656","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":29,"box":{"x":62,"y":254,"width":858,"height":11}},{"id":"cdb08e12-e683-4094-9ec4-0761a535a698","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":29,"box":{"x":61,"y":269,"width":866,"height":11}},{"id":"73f81bce-28a5-475a-a1a0-ae1a1fecb60c","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":29,"box":{"x":61,"y":283,"width":829,"height":12}},{"id":"c2254a7d-845c-4286-9b40-092004bec581","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":29,"box":{"x":62,"y":298,"width":862,"height":12}},{"id":"a833cacf-21b4-4aca-bc03-85bf6f757622","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":29,"box":{"x":61,"y":313,"width":849,"height":12}},{"id":"599ad774-dca0-45de-9eb3-e3dfc731884a","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":29,"box":{"x":61,"y":328,"width":866,"height":11}},{"id":"3b9b160d-f2e0-4c35-af0f-bce6b13363fa","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":29,"box":{"x":60,"y":343,"width":806,"height":11}},{"id":"40626f3f-d4dd-4059-8fbb-74ff0258536a","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":29,"box":{"x":61,"y":358,"width":804,"height":11}},{"id":"3a165a9f-12b5-4c93-adca-953b49566596","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":29,"box":{"x":61,"y":372,"width":849,"height":12}},{"id":"7a279f95-6432-4eef-98dd-f2d7f1ad6191","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":29,"box":{"x":61,"y":387,"width":875,"height":12}},{"id":"acd51733-38fc-4f56-96de-b04de74c6a41","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":29,"box":{"x":62,"y":402,"width":869,"height":12}},{"id":"f0b9cebf-8631-4ae1-a22f-a877b28c5a10","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":29,"box":{"x":61,"y":417,"width":845,"height":11}},{"id":"54ed4928-bcee-4bf2-857a-635f00066d2c","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":29,"box":{"x":62,"y":432,"width":868,"height":11}},{"id":"fa1d7a17-6dce-4779-8894-4f67f4752240","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":29,"box":{"x":61,"y":447,"width":861,"height":11}},{"id":"ecd6a664-1ee4-465c-bd11-38afe3f8c7ea","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":29,"box":{"x":61,"y":461,"width":868,"height":12}},{"id":"2cb80666-5edd-4edc-91e1-4d2751e62f33","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":29,"box":{"x":60,"y":476,"width":847,"height":12}},{"id":"cd6b50ab-443f-45a8-80a6-12247381908b","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":29,"box":{"x":60,"y":491,"width":837,"height":12}},{"id":"a1c8dd4b-87f7-4fdd-bebb-fbf805a9685d","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":29,"box":{"x":61,"y":506,"width":663,"height":11}},{"id":"1ce0e20d-fae7-4b56-9947-74083dd7cedc","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":29,"box":{"x":60,"y":529,"width":824,"height":11}},{"id":"6714df48-40b0-4746-9c6c-f04b8a65189c","block_type":"box","text":"deemed abusive.","page_number":29,"box":{"x":61,"y":544,"width":123,"height":8}},{"id":"3f8926fc-e53b-4022-a22d-d856a4c5336e","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":29,"box":{"x":60,"y":566,"width":841,"height":11}},{"id":"1403a02e-3f7c-4911-b9a9-25e3d035aba1","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":29,"box":{"x":60,"y":581,"width":572,"height":11}},{"id":"038f211b-00f8-4af6-8f2e-f158da20848f","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"e8de5816-e13c-4512-adbc-b5ee34e90895","block_type":"box","text":"NM1026U-5982555-29/40","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a75ef8e6-b2fe-4d91-9e6f-927c075d5cdb","block_type":"box","text":"Management of the Fund","page_number":30,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"12fe3d16-2992-4d11-9cbd-31720a05285b","block_type":"box","text":"BlackRock","page_number":30,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"9eb80878-1a49-47b7-8ecd-0433531abab9","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":30,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"235faff7-edd4-41f5-8360-57abf441d783","block_type":"box","text":"the oversight of the Trust’s Board. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":30,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"497dc806-53b3-497d-9504-973cb1e3a222","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":30,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"1a963903-8b4c-4ab1-821c-7e528cdee3e6","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":30,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"2b5be0be-68d4-4421-b1f0-563f82477407","block_type":"box","text":"BlackRock, Inc.","page_number":30,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"f17c686e-f8d5-43f5-922f-42034d385e26","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":30,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"9764c6cd-7f64-4c3f-b3fc-8384e8125f08","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":30,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"079c42a2-5e8e-4140-9082-2cfe7a1055ae","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":30,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"e58648eb-bc40-479c-9735-950589df5958","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":30,"box":{"x":62,"y":317,"width":800,"height":11}},{"id":"afafd40a-c800-49d3-a3a0-8388cdee2520","block_type":"box","text":"Agreement”). Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable","page_number":30,"box":{"x":60,"y":331,"width":829,"height":12}},{"id":"c2571494-0ab2-4845-90b7-7cd159a085a2","block_type":"box","text":"monthly. The maximum annual management fee that can be paid to BlackRock (as a percentage of average daily net","page_number":30,"box":{"x":61,"y":346,"width":854,"height":12}},{"id":"93dff524-10b4-4348-82e0-45c355f999d4","block_type":"box","text":"assets) is calculated as follows:","page_number":30,"box":{"x":61,"y":361,"width":234,"height":11}},{"id":"820530fb-89ef-451c-9db4-98f5cc3b6844","block_type":"box","text":"Average Daily Net Assets","page_number":30,"box":{"x":69,"y":400,"width":151,"height":9}},{"id":"030fdb40-6184-4a5f-b772-7b0b06358229","block_type":"box","text":"Rate of","page_number":30,"box":{"x":844,"y":389,"width":43,"height":7}},{"id":"144a2780-1ec0-4c16-8939-527a6ad07abe","block_type":"box","text":"Management Fee","page_number":30,"box":{"x":813,"y":400,"width":104,"height":9}},{"id":"bdcbfbc8-20d8-4031-80d9-e121d6e14374","block_type":"box","text":"First $1 billion","page_number":30,"box":{"x":70,"y":416,"width":92,"height":10}},{"id":"eba48f64-69ee-4eb2-8b25-b5f562b86a91","block_type":"box","text":"0.82%","page_number":30,"box":{"x":849,"y":417,"width":42,"height":8}},{"id":"c59bee6b-5e2d-44c9-b411-aa977dab4242","block_type":"box","text":"$1 billion – $3 billion","page_number":30,"box":{"x":70,"y":434,"width":138,"height":10}},{"id":"05c0b2f9-47b3-477e-83dc-5b956dae4896","block_type":"box","text":"0.77%","page_number":30,"box":{"x":849,"y":435,"width":42,"height":8}},{"id":"6a39d278-ddd9-40cb-92bf-bedabca6bca9","block_type":"box","text":"$3 billion – $5 billion","page_number":30,"box":{"x":70,"y":452,"width":138,"height":10}},{"id":"3afc855c-aac4-466c-87a4-0357b1ffa3cc","block_type":"box","text":"0.74%","page_number":30,"box":{"x":849,"y":453,"width":42,"height":8}},{"id":"5013a5ab-fc06-4bd8-97b9-06ffe9090fe6","block_type":"box","text":"$5 billion – $10 billion","page_number":30,"box":{"x":70,"y":470,"width":147,"height":10}},{"id":"4de93398-236e-462b-8273-799411359b1c","block_type":"box","text":"0.71%","page_number":30,"box":{"x":849,"y":471,"width":42,"height":8}},{"id":"e4d32919-dd0b-4be7-b9ad-fdcdeeb5d0e3","block_type":"box","text":"Greater than $10 billion","page_number":30,"box":{"x":69,"y":488,"width":157,"height":10}},{"id":"0874b901-7297-4a3f-a121-90aabab86482","block_type":"box","text":"0.70%","page_number":30,"box":{"x":849,"y":489,"width":42,"height":8}},{"id":"cc4edc42-90c1-49fb-8dd7-42863b808ead","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":30,"box":{"x":62,"y":521,"width":840,"height":11}},{"id":"8f4dfc17-18d0-4e5d-8667-ddea43fe5911","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":30,"box":{"x":61,"y":535,"width":861,"height":12}},{"id":"e125a6a1-ed3a-49bb-ac5e-e377589249f8","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition,","page_number":30,"box":{"x":61,"y":550,"width":856,"height":12}},{"id":"427b7437-77c1-4a47-9b01-dcdb93ad8930","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays to","page_number":30,"box":{"x":62,"y":565,"width":844,"height":12}},{"id":"21328a21-2fb9-4629-9ab1-c7d9e86c78af","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":30,"box":{"x":62,"y":580,"width":808,"height":12}},{"id":"ebfeecf5-3ad9-4d3f-a904-4af8980211af","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":30,"box":{"x":62,"y":595,"width":860,"height":11}},{"id":"caef0db8-804d-41cc-a539-95f0dc392859","block_type":"box","text":"90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding","page_number":30,"box":{"x":61,"y":610,"width":851,"height":11}},{"id":"956ffc19-2c1c-414b-a8f5-681ccb1bf065","block_type":"box","text":"voting securities of the Fund.","page_number":30,"box":{"x":60,"y":624,"width":212,"height":12}},{"id":"035b1f5d-b481-4113-842c-3f28661d69ea","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales,","page_number":30,"box":{"x":62,"y":647,"width":851,"height":12}},{"id":"c954c80a-f3fd-46ee-a7a3-b102b72e42a2","block_type":"box","text":"brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted","page_number":30,"box":{"x":61,"y":662,"width":796,"height":11}},{"id":"2fe2e974-ea97-4f1e-a7ca-e728f99513f0","block_type":"box","text":"accounting principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result","page_number":30,"box":{"x":61,"y":677,"width":876,"height":11}},{"id":"a2493b69-06ba-4990-8914-c2e282c85383","block_type":"box","text":"of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":30,"box":{"x":61,"y":691,"width":867,"height":12}},{"id":"28394f05-6680-499b-b54d-b9fb3f75a0cd","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":30,"box":{"x":62,"y":706,"width":858,"height":12}},{"id":"5cc36f94-a7f4-4f50-bc99-48707dc20b17","block_type":"box","text":"Fund’s business, if any) of Class K Shares of the Fund at the level shown below and in the Fund’s fees and expenses","page_number":30,"box":{"x":62,"y":721,"width":862,"height":12}},{"id":"8efdeb7f-5ec8-42fd-9e30-d707da1c443a","block_type":"box","text":"table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence are","page_number":30,"box":{"x":60,"y":736,"width":821,"height":12}},{"id":"2ee32150-f0ee-416d-a332-bffa3ed5a95b","block_type":"box","text":"referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain","page_number":30,"box":{"x":61,"y":751,"width":863,"height":11}},{"id":"337c6695-cac0-4aef-aa90-21e1a800a30a","block_type":"box","text":"other Fund expenses.” To achieve this expense cap, BlackRock has agreed to waive and/or reimburse fees or","page_number":30,"box":{"x":61,"y":766,"width":807,"height":11}},{"id":"5d3a78dd-2b5e-407a-816f-c678d809f641","block_type":"box","text":"expenses if these operating expenses exceed a certain limit.","page_number":30,"box":{"x":61,"y":780,"width":446,"height":12}},{"id":"dc3e5299-e393-4cfb-bde7-36b747a3352f","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":32,"box":{"x":62,"y":693,"width":870,"height":12}},{"id":"002d00b3-df8c-4127-9a30-690a107d951d","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":32,"box":{"x":60,"y":708,"width":545,"height":12}},{"id":"fb6dfa4b-5dc9-4e0a-b6b7-b8a19cad24d9","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":32,"box":{"x":60,"y":731,"width":837,"height":11}},{"id":"cc2006f0-717a-4e6c-b374-b405d5e3ba4b","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":32,"box":{"x":61,"y":746,"width":865,"height":11}},{"id":"449e89e4-dcb3-4e49-94e4-48eebac084c3","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":32,"box":{"x":62,"y":760,"width":819,"height":12}},{"id":"8d506ecd-537f-4c8a-af23-b1f0847065cd","block_type":"box","text":"Valuation of Fund Investments","page_number":32,"box":{"x":63,"y":799,"width":271,"height":11}},{"id":"e77cb4c7-8f7d-4131-980c-46c3a269e415","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":32,"box":{"x":60,"y":826,"width":849,"height":11}},{"id":"06cabf5a-ca6e-4328-9b57-e778442fe1e7","block_type":"box","text":"asset value, minus any applicable redemption fee. 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The net asset value of each class of shares","page_number":32,"box":{"x":61,"y":855,"width":821,"height":12}},{"id":"dc33af96-d2ed-40f8-a2a0-36d6bea1b4a5","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":32,"box":{"x":61,"y":870,"width":866,"height":12}},{"id":"bbb286d9-57df-411f-81b6-765b05b8ef17","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":32,"box":{"x":60,"y":885,"width":831,"height":11}},{"id":"8c284978-041a-40ef-a9f4-b62c21bdcbce","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":32,"box":{"x":61,"y":900,"width":843,"height":11}},{"id":"0114ff8f-4b81-4628-87d0-cde6a1dcb123","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":32,"box":{"x":60,"y":915,"width":876,"height":11}},{"id":"5fd351a9-0bd3-4279-92cb-e30529b92cfb","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"734dbccf-b92d-4617-a06c-4c699648b7df","block_type":"box","text":"NM1026U-5982555-32/40","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f82eb42d-a920-45c0-bdae-4817df3cbf66","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":33,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"732b807c-98c0-46fa-b10d-d13b6861d110","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":33,"box":{"x":61,"y":60,"width":825,"height":12}},{"id":"a70f1c23-d093-4f3f-8530-95d51baa3b55","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":33,"box":{"x":61,"y":75,"width":430,"height":12}},{"id":"caff0904-b1f9-4035-8e02-0ed8407444be","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":33,"box":{"x":60,"y":98,"width":844,"height":11}},{"id":"e157f801-1207-4a96-bb0c-1f7ee48f3c34","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":33,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"3fbaeab1-4657-4c7e-9c57-b13a85971479","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":33,"box":{"x":62,"y":128,"width":464,"height":11}},{"id":"df0dc7e3-5826-4d66-a178-9dca3ab3cec9","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":33,"box":{"x":62,"y":150,"width":863,"height":11}},{"id":"5c220257-9478-4e19-8d86-9770ed1be007","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":33,"box":{"x":60,"y":165,"width":858,"height":11}},{"id":"14663250-e54f-4858-a4b3-3e37813f4845","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":33,"box":{"x":62,"y":180,"width":863,"height":11}},{"id":"f5b5b8dc-a3ae-4109-9cf7-fcf27e5b190b","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. 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Pricing services may use valuation models that utilize","page_number":33,"box":{"x":61,"y":277,"width":868,"height":11}},{"id":"d921c136-ef19-435c-a03d-b9ff29ab67c9","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":33,"box":{"x":61,"y":291,"width":842,"height":12}},{"id":"413bcf5d-e8bd-4fc5-bd93-024c858221aa","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":33,"box":{"x":61,"y":306,"width":853,"height":11}},{"id":"9882405d-e010-40dd-97d0-f2f231b1a112","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":33,"box":{"x":61,"y":321,"width":844,"height":11}},{"id":"57ac9bf6-d9ee-43f7-a99d-2b994d3c4ad8","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":33,"box":{"x":61,"y":336,"width":822,"height":11}},{"id":"a47aee2c-2507-454f-8448-68ed9c19fbd2","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":33,"box":{"x":61,"y":351,"width":845,"height":11}},{"id":"0778665d-cdea-4210-a740-e7e8ac973e37","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":33,"box":{"x":61,"y":365,"width":733,"height":12}},{"id":"f2585aa1-805f-459c-8230-6b8ff371d3a3","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":33,"box":{"x":61,"y":388,"width":829,"height":11}},{"id":"d7cd62eb-5598-4e3f-958b-1299c4807c28","block_type":"box","text":"regular trading hours of the NYSE. 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The Fund will be","page_number":33,"box":{"x":60,"y":760,"width":830,"height":11}},{"id":"3e48b3d7-67e7-4d23-8492-8f58ea90ea37","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":33,"box":{"x":61,"y":775,"width":848,"height":11}},{"id":"98d20160-d1aa-4c10-881f-16b34cf1f592","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":33,"box":{"x":61,"y":789,"width":868,"height":12}},{"id":"29925ced-9734-41b2-a894-0e6ab35520fd","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":33,"box":{"x":61,"y":804,"width":856,"height":12}},{"id":"8846129d-1551-4676-b7d7-a2ba33262fd5","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"5a2cc1aa-2976-4f78-bc81-4c788b914cf9","block_type":"box","text":"NM1026U-5982555-33/40","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c11acecc-af9c-4a6a-aece-c2ad778f104e","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":34,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"12abf76c-1499-43c6-9ae7-36dbff160f1d","block_type":"box","text":"BUYING A DIVIDEND","page_number":34,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"2d69a9a8-f6bc-4670-a506-f22af15c2a9b","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":34,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"f3c8b09a-4eaa-4499-aee6-ab51410bf8f7","block_type":"box","text":"pays a dividend. 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If you redeem Fund shares or exchange them for shares of another fund,","page_number":34,"box":{"x":61,"y":441,"width":847,"height":12}},{"id":"d55fcc7a-b2e3-48c5-a5c6-9b7789823c3a","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction generally will be subject to tax.","page_number":34,"box":{"x":60,"y":456,"width":873,"height":12}},{"id":"b5d26070-8e15-4f72-94bd-5fc9be58494f","block_type":"box","text":"Fund distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations","page_number":34,"box":{"x":62,"y":471,"width":867,"height":11}},{"id":"8a6073bf-e19f-40f0-b4a0-6f4d4b403c98","block_type":"box","text":"and qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or","page_number":34,"box":{"x":61,"y":486,"width":859,"height":11}},{"id":"f26b10d6-d196-447a-914d-6c7c2c62c1df","block_type":"box","text":"20% for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted","page_number":34,"box":{"x":61,"y":501,"width":819,"height":11}},{"id":"c042bbf5-51b9-4668-9549-a11d343dd3ff","block_type":"box","text":"annually for inflation.","page_number":34,"box":{"x":61,"y":516,"width":152,"height":11}},{"id":"56dbfb09-138c-4db8-8b89-8541faff7c44","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":34,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"72479970-5011-4fe4-924d-d2b92e1e475c","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":34,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"e4813431-ba7a-4d15-b005-5b2cb80eae05","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":34,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"6deed544-f64b-4319-b5df-d0013e95693b","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":34,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"382c4a3b-4f75-404a-b81f-d167b3e53234","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":34,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"de9ed086-05df-4f93-a72c-9c4f643ebf60","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":34,"box":{"x":62,"y":628,"width":326,"height":11}},{"id":"2b663b9a-046c-4878-86ff-6d72d4704d1a","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":34,"box":{"x":62,"y":650,"width":864,"height":12}},{"id":"4ae2f2c0-5bea-4b28-b0c2-c927751d1bfe","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 dividends","page_number":34,"box":{"x":62,"y":665,"width":865,"height":12}},{"id":"e9484950-4483-4686-a344-b52b9211342d","block_type":"box","text":"will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However, certain","page_number":34,"box":{"x":60,"y":680,"width":783,"height":11}},{"id":"09d80274-346f-496e-aa3a-5efa29c5f8c9","block_type":"box","text":"distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":34,"box":{"x":61,"y":695,"width":805,"height":11}},{"id":"c903ad5c-9deb-4e30-9a1e-665bb75f9734","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":34,"box":{"x":61,"y":710,"width":770,"height":11}},{"id":"24309677-e279-4660-b07c-43cc7af7c53d","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":34,"box":{"x":61,"y":732,"width":868,"height":12}},{"id":"8117cd4b-7849-4b88-bc62-e04a93e5a753","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":34,"box":{"x":60,"y":747,"width":808,"height":12}},{"id":"a629c4a5-7cfc-4878-b903-23f08875fc69","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":34,"box":{"x":60,"y":762,"width":874,"height":11}},{"id":"d5697fe5-4a14-4120-ab85-655432f932f5","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":34,"box":{"x":62,"y":777,"width":789,"height":11}},{"id":"29338c78-a8f3-4d70-830b-2ec3f045c973","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":34,"box":{"x":62,"y":791,"width":858,"height":12}},{"id":"4d94bd3c-5136-4db3-b9e2-a3d5aa402650","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":34,"box":{"x":61,"y":806,"width":865,"height":12}},{"id":"4e9aba24-5642-4f1a-ae7a-0fa5aa3edc45","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":34,"box":{"x":61,"y":821,"width":802,"height":12}},{"id":"1723bc3e-8f54-4bba-977c-6f848237c256","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":34,"box":{"x":62,"y":836,"width":639,"height":11}},{"id":"c4f395fc-0170-4510-86be-7751d1f19d86","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":34,"box":{"x":60,"y":858,"width":855,"height":12}},{"id":"e571700f-73c8-4dde-81ae-983823060eaf","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":34,"box":{"x":61,"y":873,"width":832,"height":12}},{"id":"c4fbae28-591e-463f-aa73-e3a321611a4e","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":34,"box":{"x":62,"y":888,"width":383,"height":11}},{"id":"eeab39f6-d5a3-49e2-a108-e347b3a3e61f","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"13263d71-99f2-409d-880b-9a083cbc7fbc","block_type":"box","text":"NM1026U-5982555-34/40","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f198061f-45f0-45e3-8cde-9beb0f0c20ad","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":35,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"7ecd3247-2f20-4837-83a4-3334c114e9cd","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":35,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"652cc496-5ffb-4e53-b266-d2a2f9db5ca3","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":35,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"d106221b-2b5b-4e2d-afcd-1a59c664f40f","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP whose","page_number":35,"box":{"x":61,"y":120,"width":836,"height":11}},{"id":"e29feee9-f114-4d2b-aa67-7e001739afdd","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":35,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"08447d6b-b0d6-41a5-9807-ac398e2ccac5","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which is available","page_number":35,"box":{"x":60,"y":149,"width":872,"height":12}},{"id":"a4f17d2a-d26f-48f1-83a8-ca01ba401e68","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":35,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"2b1ade0a-6950-45fd-afa3-4faa380935b9","block_type":"box","text":"BlackRock Technology Opportunities 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(0.24)","page_number":35,"box":{"x":502,"y":261,"width":422,"height":9}},{"id":"96174415-f40f-4a27-8a6f-bfea8c890a4e","block_type":"box","text":"Net realized and unrealized gain (loss) 44.87 11.01 17.97 2.56 (14.55)","page_number":35,"box":{"x":85,"y":273,"width":839,"height":9}},{"id":"3609e851-c413-4d02-b625-329050ed396e","block_type":"box","text":"Net increase (decrease) from investment operations 44.50 10.74 17.78 2.46 (14.79)","page_number":35,"box":{"x":70,"y":284,"width":854,"height":9}},{"id":"713b666d-9969-4adb-ae15-e5243bb6d16f","block_type":"box","text":"Distributions","page_number":35,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"69703c3b-6e08-4231-ba61-c4a479855be1","block_type":"box","text":"(b)","page_number":35,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"e4850c89-2021-4bb5-97a4-5e715603cfe9","block_type":"box","text":"From net investment income (1.17) — — — —","page_number":35,"box":{"x":85,"y":313,"width":836,"height":8}},{"id":"e41fa31c-2d2e-4d15-96cf-9da24731b3ff","block_type":"box","text":"From net realized gain (8.35) (2.86) — — (4.73)","page_number":35,"box":{"x":85,"y":324,"width":839,"height":9}},{"id":"913b9379-b756-4545-87ab-78e0f744f315","block_type":"box","text":"Total distributions (9.52) (2.86) — — (4.73)","page_number":35,"box":{"x":69,"y":341,"width":855,"height":9}},{"id":"cc44890d-ef97-40a1-8093-df13426e92d2","block_type":"box","text":"Net asset value, end of year","page_number":35,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"7a24c1c7-9f71-4a32-922c-bff8c6579b91","block_type":"box","text":"$ 108.47 $ 73.49 $ 65.61 $ 47.83 $ 45.37","page_number":35,"box":{"x":474,"y":357,"width":446,"height":9}},{"id":"b4f04593-a811-4063-9d14-07e22ac1d876","block_type":"box","text":"Total 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waived and/or reimbursed 0.83% 0.83% 0.85% 0.87% 0.83%","page_number":35,"box":{"x":69,"y":441,"width":861,"height":9}},{"id":"aacf4387-2a55-413e-8c84-7bf3ad37e157","block_type":"box","text":"Net investment loss (0.45)% (0.38)% (0.34)% (0.24)% (0.38)%","page_number":35,"box":{"x":70,"y":458,"width":864,"height":9}},{"id":"38df7ce1-8d6a-4450-a923-8fe4bdb06fd2","block_type":"box","text":"Supplemental Data","page_number":35,"box":{"x":69,"y":475,"width":114,"height":9}},{"id":"0da9a445-1f23-41f3-8c07-16100edf81e5","block_type":"box","text":"Net assets, end of year (000) $602,102 $479,904 $241,109 $157,185 $135,879","page_number":35,"box":{"x":70,"y":491,"width":850,"height":10}},{"id":"e42e2c6e-7053-4c4f-b655-96e341189957","block_type":"box","text":"Portfolio turnover rate 57% 52% 21% 39% 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reinvestment of distributions.","page_number":35,"box":{"x":81,"y":554,"width":361,"height":9}},{"id":"d0877ecd-c301-4d03-842b-f0617f1aad9a","block_type":"box","text":"(d)","page_number":35,"box":{"x":61,"y":567,"width":7,"height":5}},{"id":"c8404c9f-76de-4afd-b74d-c4455d3dd9be","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":35,"box":{"x":82,"y":567,"width":550,"height":9}},{"id":"fe7fb0dd-0da8-458b-8c21-1d7e9d2e16c0","block_type":"box","text":"Financial 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