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1.23%","page_number":3,"box":{"x":69,"y":659,"width":856,"height":10}},{"id":"f721a799-75d8-46e7-9cd6-e731934d9537","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":677,"width":304,"height":10}},{"id":"9ff4b822-473d-49b6-b8c5-646a14c44bc0","block_type":"box","text":"3,4","page_number":3,"box":{"x":375,"y":677,"width":11,"height":5}},{"id":"212d30ed-d725-4d48-a7df-a5cf7739561b","block_type":"box","text":"(0.14)% (0.22)% (0.11)% (0.23)%","page_number":3,"box":{"x":587,"y":677,"width":343,"height":10}},{"id":"38b07343-d0df-4348-a170-b2f84c34b80d","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or","page_number":3,"box":{"x":69,"y":695,"width":421,"height":10}},{"id":"737a2501-59d2-4475-bf5a-7e1d2fc6e90c","block_type":"box","text":"Expense 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In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory","page_number":3,"box":{"x":80,"y":795,"width":829,"height":9}},{"id":"a9fbfc89-d852-4fa2-bcba-d8249145970f","block_type":"box","text":"fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through","page_number":3,"box":{"x":81,"y":805,"width":804,"height":10}},{"id":"5abd6040-9c00-4dfc-b955-2511df591838","block_type":"box","text":"June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or","page_number":3,"box":{"x":81,"y":816,"width":847,"height":9}},{"id":"c7c92b58-82a1-4ac4-b87e-0eab983e0a80","block_type":"box","text":"by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":826,"width":413,"height":9}},{"id":"77595e5c-1eab-40d1-8ca2-be1d9a029f85","block_type":"box","text":"4","page_number":3,"box":{"x":60,"y":839,"width":4,"height":4}},{"id":"9d5dae88-0265-4549-b66a-31eda340f821","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":839,"width":837,"height":9}},{"id":"19aeb32d-535b-4396-b22f-ca8f08a6f74b","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":849,"width":771,"height":10}},{"id":"a14d81b4-6a63-4410-8fce-9dcf4ad78694","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.75%","page_number":3,"box":{"x":81,"y":860,"width":844,"height":9}},{"id":"559bdca3-2f32-4349-b9a3-9ed8ed2d50ea","block_type":"box","text":"(for Investor A Shares), 1.50% (for Investor C Shares), 0.50% (for Institutional Shares) and 1.00% (for Class R Shares) of average daily net","page_number":3,"box":{"x":81,"y":870,"width":814,"height":9}},{"id":"14dd9767-5df4-451d-a2c8-9132d53a6836","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":3,"box":{"x":81,"y":880,"width":845,"height":10}},{"id":"c730df8b-8cbc-4bb6-a606-679d22cb2825","block_type":"box","text":"of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":891,"width":501,"height":9}},{"id":"547d0c37-ab4f-4966-b1a8-2e22f1db2b7a","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"2868483c-ddcf-4f69-a140-5f716789720c","block_type":"box","text":"NM1026U-5978932-3/72","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"649c984d-4f59-4ee2-ba87-4e7a1938a3ed","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":46,"width":74,"height":12}},{"id":"184aa4d1-6d86-4f05-a72f-6489d60efab5","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":4,"box":{"x":60,"y":62,"width":830,"height":12}},{"id":"7dc549d7-17be-4331-b4dc-5c33790bff30","block_type":"box","text":"mutual funds. 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"2bcfc832-1ee3-478b-8c03-5c4fe830568f","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":122,"width":436,"height":11}},{"id":"ef8f1774-51e4-42ee-8cb5-8150e32a50a1","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":150,"width":292,"height":9}},{"id":"32713d03-650d-4f9e-919c-f454a121281c","block_type":"box","text":"Investor A Shares $598 $781 $979 $1,551","page_number":4,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"2f3a8501-a3e8-4fdb-a609-fd47ce7d09d7","block_type":"box","text":"Investor C Shares $253 $520 $913 $1,791","page_number":4,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"ff7276e6-b5de-444d-aed8-7abe0c1dd9ea","block_type":"box","text":"Institutional Shares $ 51 $184 $329 $ 752","page_number":4,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"ef43d7b3-d0f1-42e1-b8e5-1b59ed302ccb","block_type":"box","text":"Class R Shares $102 $368 $654 $1,468","page_number":4,"box":{"x":69,"y":222,"width":849,"height":10}},{"id":"02c8089c-36b0-4689-985c-9a2d340fea49","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":254,"width":532,"height":12}},{"id":"f2a38485-0c7f-4582-92eb-ca81a24c0ac9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":283,"width":292,"height":8}},{"id":"4eae6766-ce9f-438e-bed3-1c401900173e","block_type":"box","text":"Investor C Shares $153 $520 $913 $1,791","page_number":4,"box":{"x":70,"y":301,"width":848,"height":10}},{"id":"149b488f-1ff5-4b86-a622-9706e24953c9","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":326,"width":151,"height":10}},{"id":"563c0225-dde1-41c4-b78b-f54efd229a8e","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":342,"width":800,"height":12}},{"id":"97635943-8cf0-46fc-991b-2df099a935b7","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":357,"width":850,"height":12}},{"id":"9a73bbc6-462b-446c-b040-07cda1ff0804","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":372,"width":870,"height":11}},{"id":"1541f8c8-f2fe-4a82-a544-79df8082c984","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":387,"width":839,"height":11}},{"id":"6ee25f44-d8da-441d-868b-d33a9f402017","block_type":"box","text":"99% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":401,"width":298,"height":12}},{"id":"ba7d408d-656c-4fb1-bd14-1e0c92e3d1b6","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":440,"width":394,"height":14}},{"id":"2649e28f-f268-4cbe-95e1-f97ea59445ee","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":4,"box":{"x":62,"y":467,"width":798,"height":11}},{"id":"816e4357-27a7-4223-8e7b-a63da612fc44","block_type":"box","text":"borrowings for investment purposes in non-U.S. equity securities and equity-like instruments of companies that are","page_number":4,"box":{"x":61,"y":481,"width":843,"height":12}},{"id":"1f9ca287-8875-4373-a12b-02eff770d8c1","block_type":"box","text":"components of, or have characteristics similar to, the companies included in the MSCI EAFE","page_number":4,"box":{"x":61,"y":496,"width":676,"height":11}},{"id":"6126aa04-7659-41d4-a48e-ca24f41d54c3","block_type":"box","text":"®","page_number":4,"box":{"x":737,"y":497,"width":6,"height":4}},{"id":"ac0580c2-0822-4d5a-8297-b08401b59a24","block_type":"box","text":"Index (the “MSCI EAFE","page_number":4,"box":{"x":750,"y":496,"width":164,"height":11}},{"id":"0f8edcc0-34c5-4ed8-9053-55c235604682","block_type":"box","text":"Index”) and derivatives that are tied economically to securities of the MSCI EAFE Index. Investments in derivatives are","page_number":4,"box":{"x":62,"y":511,"width":864,"height":11}},{"id":"477e9d5d-23d6-4590-a219-a51ee4ae0955","block_type":"box","text":"counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included","page_number":4,"box":{"x":61,"y":526,"width":853,"height":11}},{"id":"0224583a-6254-4ff1-be5c-559d66aea503","block_type":"box","text":"within that policy or to one or more market risk factors associated with such securities. The MSCI EAFE Index is a","page_number":4,"box":{"x":60,"y":541,"width":834,"height":11}},{"id":"48c35356-dd30-4751-8630-9bbbeb254c2b","block_type":"box","text":"capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group","page_number":4,"box":{"x":61,"y":555,"width":831,"height":12}},{"id":"65ceab8c-6af9-4072-8fee-91e545663e00","block_type":"box","text":"representation.","page_number":4,"box":{"x":61,"y":571,"width":110,"height":11}},{"id":"ab72d20c-c7d0-4313-b850-8ee0ed84672a","block_type":"box","text":"Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may","page_number":4,"box":{"x":62,"y":593,"width":861,"height":11}},{"id":"3de9f47b-a864-4860-a326-022958860415","block_type":"box","text":"also invest in preferred stock. From time to time, the Fund may invest in shares of companies through “new issues” or","page_number":4,"box":{"x":61,"y":608,"width":873,"height":11}},{"id":"fa9eed69-6f52-4080-8052-7daa8b8cf6be","block_type":"box","text":"initial public offerings (“IPOs”). The Fund may also purchase convertible securities.","page_number":4,"box":{"x":62,"y":623,"width":607,"height":11}},{"id":"69ea154a-dba2-4ff7-96d5-4c4293c39c78","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based on a","page_number":4,"box":{"x":60,"y":645,"width":823,"height":9}},{"id":"2d21079a-2b63-414e-9ce6-8589914bcd2d","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":4,"box":{"x":61,"y":660,"width":862,"height":11}},{"id":"426e09cc-0e0a-4a04-95ed-747adb8f4f63","block_type":"box","text":"seek total return.","page_number":4,"box":{"x":61,"y":675,"width":125,"height":9}},{"id":"f6ba8ee5-ebcd-4f3f-9881-52ab2dc71b53","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":4,"box":{"x":60,"y":697,"width":875,"height":12}},{"id":"1e1c200d-c796-40df-bce4-d521b49a9edd","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":4,"box":{"x":61,"y":712,"width":859,"height":12}},{"id":"ca772021-160e-420c-a822-995de7434577","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":4,"box":{"x":60,"y":727,"width":839,"height":12}},{"id":"74c28c88-390c-4f01-ab42-daf85c406be5","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":4,"box":{"x":62,"y":742,"width":808,"height":11}},{"id":"8715ff2e-1c96-4495-bd36-4bc828ddf9e1","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":4,"box":{"x":61,"y":757,"width":872,"height":11}},{"id":"3b0770c6-5a42-43d9-a9c2-44f776a1c8fd","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI","page_number":4,"box":{"x":62,"y":771,"width":868,"height":12}},{"id":"90510c1e-11e5-4fdd-ae14-915e903cefbd","block_type":"box","text":"EAFE Index. The use of options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":4,"box":{"x":62,"y":786,"width":873,"height":12}},{"id":"11124aa1-bea7-4b30-a62a-ff8b92687619","block_type":"box","text":"referred to as contracts for difference) and forward contracts can be effective in protecting or enhancing the value of","page_number":4,"box":{"x":61,"y":801,"width":859,"height":12}},{"id":"ff88a109-e198-464b-b4d2-67fa2f0148f2","block_type":"box","text":"the Fund’s assets.","page_number":4,"box":{"x":60,"y":816,"width":136,"height":9}},{"id":"bb2f7516-c93f-4a86-be20-88785d44dde8","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in securities in a disciplined manner, by using","page_number":4,"box":{"x":60,"y":839,"width":802,"height":11}},{"id":"06f2a0f6-4415-4549-ad52-dcbe314b08d3","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":4,"box":{"x":62,"y":853,"width":826,"height":12}},{"id":"4857b009-7eef-4a26-8b81-05f9affd5ef0","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":4,"box":{"x":62,"y":868,"width":874,"height":12}},{"id":"8571c2bb-66df-46c2-b972-25e22afe4d7b","block_type":"box","text":"equity securities while seeking to control incremental risk. BlackRock then constructs and rebalances the portfolio by","page_number":4,"box":{"x":61,"y":883,"width":862,"height":12}},{"id":"f33e5184-fcbe-4fea-9459-f0a128010c72","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":4,"box":{"x":62,"y":898,"width":570,"height":11}},{"id":"53fa6e05-cf69-4787-a782-c5129a9d9b99","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"01e63346-66e2-41bd-9ad6-21cda9ed3099","block_type":"box","text":"NM1026U-5978932-4/72","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d82d8490-9283-43af-ac44-41a91bc59828","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":46,"width":354,"height":14}},{"id":"fe61d285-be68-4001-9593-16c80b44aac4","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":5,"box":{"x":62,"y":73,"width":860,"height":11}},{"id":"f326a46f-df4f-475e-afa5-dd5143e08db4","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":5,"box":{"x":61,"y":88,"width":802,"height":11}},{"id":"4e5b737b-d1aa-4ff4-805f-76d7d37dd0ac","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":5,"box":{"x":62,"y":102,"width":866,"height":12}},{"id":"f0d07f12-e4c8-4570-b4a8-b709f2c62ade","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":5,"box":{"x":62,"y":117,"width":869,"height":12}},{"id":"169ca0d4-6859-4fb7-b49c-2c30caacdbc2","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":5,"box":{"x":60,"y":132,"width":864,"height":12}},{"id":"313d35aa-1306-4fc9-9391-f75c7fe7f9f4","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":147,"width":793,"height":11}},{"id":"f595e110-be16-473f-a3e9-6aeaed297770","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":167,"width":166,"height":11}},{"id":"7bd8adb5-78d0-4b84-b8d8-657e5a05e927","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":167,"width":685,"height":11}},{"id":"9c41f467-a2a6-4d09-b8d4-660fd823e23e","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":182,"width":550,"height":11}},{"id":"3f425f9f-69b0-48bb-a0dd-9075495696b4","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":202,"width":176,"height":11}},{"id":"b2ef2d0c-60ad-4a55-adfe-e14ef275d915","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":202,"width":668,"height":11}},{"id":"049dc61f-9157-48df-9217-0d6692d65ed6","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":217,"width":531,"height":11}},{"id":"969336ef-b95a-4b08-96fb-3e03b0b3272c","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":236,"width":823,"height":12}},{"id":"b65d2a2c-35d2-44b5-8707-aea4e7a85241","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":251,"width":823,"height":12}},{"id":"48ae950a-828c-4316-9e74-afafa7624fb4","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":266,"width":70,"height":12}},{"id":"457669af-5588-4679-a1fb-7663d4c311a3","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":286,"width":644,"height":12}},{"id":"dcfa9ea1-ccc5-4e5e-9951-b87a7e2718a3","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":306,"width":830,"height":12}},{"id":"24aefea6-584e-461d-9d40-481c4741bb5b","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":321,"width":808,"height":11}},{"id":"f90abcfd-cbb4-4bf3-ab2e-b2c5891dc142","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":336,"width":137,"height":11}},{"id":"e0de9654-cbda-4bb7-8d32-9e85951c7b49","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":5,"box":{"x":101,"y":356,"width":821,"height":11}},{"id":"a60bf70a-0bb9-4e7e-8f8c-13ea54524710","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":370,"width":809,"height":12}},{"id":"9e4343d9-80f5-4192-9686-a2c0f41666f1","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":385,"width":784,"height":12}},{"id":"d594103d-f2f9-4825-8c8d-c87bcc47d33f","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":400,"width":352,"height":12}},{"id":"d9226023-1121-4c22-bf8a-8f3796c275b6","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":420,"width":823,"height":12}},{"id":"5046243f-92d1-4004-80c0-39adc0c9376e","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":5,"box":{"x":101,"y":435,"width":811,"height":11}},{"id":"fdaa63fe-e201-4605-9a4d-c4131b97e4d1","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":450,"width":148,"height":9}},{"id":"128ad203-3068-4a0b-a8c9-35b098f423f1","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":470,"width":834,"height":11}},{"id":"7a971507-0ab9-4fe7-8902-6422e2a3653d","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":485,"width":628,"height":11}},{"id":"3ad6a50f-dfd1-4912-ad0b-7fbb39a41334","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":5,"box":{"x":101,"y":505,"width":830,"height":11}},{"id":"23b214df-0d38-4b2b-b2aa-c06e99c8222c","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":519,"width":831,"height":12}},{"id":"797c4421-c6e9-49aa-b4f7-58d5447145d8","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":5,"box":{"x":101,"y":534,"width":813,"height":12}},{"id":"2a6f9245-706f-4185-8834-dbf9063a8e52","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":549,"width":395,"height":11}},{"id":"e35f4342-9163-47cf-916b-3dcbb8ce30cd","block_type":"box","text":"Model Risk","page_number":5,"box":{"x":81,"y":569,"width":85,"height":9}},{"id":"40643ee9-dc1c-44ca-a4c4-38b76955e26b","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":5,"box":{"x":170,"y":569,"width":722,"height":12}},{"id":"026b0901-8e56-4746-90ce-aaadfd8029e6","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":5,"box":{"x":81,"y":584,"width":840,"height":11}},{"id":"835a8dc1-1cfe-494f-b6d7-a1ed0b2d3ec2","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":5,"box":{"x":80,"y":599,"width":807,"height":11}},{"id":"953a26e8-cfde-4fe1-a867-acf333980cf3","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":5,"box":{"x":82,"y":613,"width":842,"height":12}},{"id":"c7ddcb96-9fef-4b7e-9d6f-ff7d61367238","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”) and other technological issues). There is no","page_number":5,"box":{"x":82,"y":628,"width":836,"height":12}},{"id":"b883aaa0-402c-447c-b31c-6d1e76819dea","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":5,"box":{"x":81,"y":643,"width":777,"height":12}},{"id":"ee3bec32-5b18-4ed0-bf75-f47ff8521ce9","block_type":"box","text":"The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may","page_number":5,"box":{"x":81,"y":663,"width":837,"height":12}},{"id":"5e8303a4-266a-486b-b140-73f170209bd5","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":5,"box":{"x":82,"y":678,"width":819,"height":11}},{"id":"c884422c-9123-48f4-af8d-845f72e6e451","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":5,"box":{"x":80,"y":693,"width":843,"height":11}},{"id":"f041553f-2928-4327-8fba-7e04745d17a6","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":5,"box":{"x":81,"y":708,"width":834,"height":11}},{"id":"a966f924-b3cb-4043-b366-9b585a8034e4","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":723,"width":176,"height":11}},{"id":"9ae309ce-fb41-40f4-b74a-56fec48822db","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":743,"width":206,"height":9}},{"id":"cc2390ef-8d0b-4d1f-8674-0933d0494f19","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":742,"width":593,"height":12}},{"id":"1b58af44-9e74-4165-b88a-b7c0376bbb0c","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":757,"width":853,"height":12}},{"id":"39371a11-bcd6-4cd0-ab90-8229c563e696","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":772,"width":855,"height":11}},{"id":"28f363be-7df6-4bba-a690-f8ea291e7141","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":787,"width":816,"height":11}},{"id":"f8b9285f-0bfc-4152-99f9-3178a03b1942","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":802,"width":796,"height":11}},{"id":"a73ddfca-65b7-48b8-adf4-6b40db448c05","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":817,"width":812,"height":11}},{"id":"b7eab132-19da-4942-af8f-a5a0edc600a4","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":831,"width":809,"height":12}},{"id":"e2f98738-8cb7-4b15-bde7-ae3acef7b3d6","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":851,"width":123,"height":10}},{"id":"c73c83cc-1729-462c-ae3b-6691d9cfba0f","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":851,"width":664,"height":12}},{"id":"42193efa-8bd8-4afa-ac73-9658d55293ec","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":866,"width":469,"height":12}},{"id":"f8b2accb-04a2-42a6-bd3d-6ca0827645b2","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":886,"width":102,"height":12}},{"id":"8341a03f-6125-4945-ab72-0ae70b724074","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":886,"width":723,"height":12}},{"id":"24648f20-1dff-446e-ad1c-e72eaf9a3bdd","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":901,"width":832,"height":12}},{"id":"d1c41749-9a83-40b5-ac8c-9eb48a4300dd","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":916,"width":280,"height":11}},{"id":"44fc42d5-6051-43fd-89b3-164339ac09a0","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"39e42d49-f5b1-45d1-8071-2dcf5f180e72","block_type":"box","text":"NM1026U-5978932-5/72","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"2e816a4f-d4ed-4eae-9641-1b193fb5db25","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":46,"width":87,"height":9}},{"id":"9c57efdf-b0ab-47a5-8566-2498903ee947","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":6,"box":{"x":173,"y":46,"width":728,"height":11}},{"id":"ae6499fb-0a5f-4af6-bccf-15cec7f71e3a","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":6,"box":{"x":81,"y":60,"width":834,"height":12}},{"id":"1a811382-aba1-46aa-98b3-ec2a09c9253e","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":6,"box":{"x":82,"y":76,"width":832,"height":11}},{"id":"b8acf9c9-7df0-4b4c-87c8-c57eefb09f76","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":6,"box":{"x":80,"y":90,"width":779,"height":11}},{"id":"039dcaa0-3500-4e08-90d2-b16655d1a49e","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":105,"width":253,"height":11}},{"id":"0b7d1119-6aeb-406c-a243-dacbdcd446da","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":125,"width":131,"height":11}},{"id":"0241f58d-25b9-4ee4-be06-3aba2e1fef37","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":125,"width":697,"height":11}},{"id":"fa61da9a-e0d7-4ed7-9a90-18907aa03ebb","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":140,"width":855,"height":11}},{"id":"c37b8eca-a3fd-4417-83b7-24c0d16474fe","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":155,"width":240,"height":11}},{"id":"eb654e40-ea30-4543-a626-a3cd1c5de271","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":175,"width":100,"height":11}},{"id":"2f39c786-04a8-4f62-8eb2-bbd5134674c3","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":175,"width":750,"height":11}},{"id":"f8a272b0-1419-442f-9316-25cde49706b4","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":190,"width":839,"height":11}},{"id":"0562c8a2-57ee-4b4b-96b3-5519835d0d19","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":204,"width":293,"height":12}},{"id":"7707d9c2-0623-4e9d-a000-de00f8cbefb9","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":224,"width":120,"height":11}},{"id":"d779ef25-0680-4037-a948-827d8e6b84fd","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":224,"width":727,"height":12}},{"id":"b0387999-e957-4469-8fc0-bd97492025ed","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":239,"width":607,"height":11}},{"id":"793968c3-9f37-4b50-a872-0062c5700930","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":259,"width":75,"height":12}},{"id":"406cf21c-22d5-4620-8af3-0627af961454","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":259,"width":761,"height":12}},{"id":"7ae65b02-8e85-4c76-97a9-08e2263bc39b","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":274,"width":198,"height":11}},{"id":"c48d37ec-e30c-4750-9856-dd752666ba12","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":294,"width":214,"height":11}},{"id":"5931cb60-870a-4be9-84d3-b63c98363ec7","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":294,"width":590,"height":11}},{"id":"f1bcb281-306a-437d-953e-f31e24e7206e","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":309,"width":775,"height":11}},{"id":"77ce3857-3735-45df-b0eb-890f75fd396c","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":323,"width":589,"height":12}},{"id":"489a7ae5-d1c8-487e-b267-b93dd66415c4","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":344,"width":102,"height":9}},{"id":"1842ac89-97bf-408a-b7a3-2654d0ab475e","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":343,"width":747,"height":12}},{"id":"565e3a05-3e4b-4ecd-a374-1d8dd49da041","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":358,"width":783,"height":12}},{"id":"4d436ec7-3800-4ce4-b235-eb92cb0c2677","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":373,"width":273,"height":11}},{"id":"59b50b4c-7aaf-47b5-b1fb-d8e98be2e85d","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":393,"width":95,"height":12}},{"id":"d035205b-4948-4b56-9327-70322d2b34cf","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":393,"width":728,"height":12}},{"id":"ab3e6284-63cf-4425-9d97-011a0eeb70c0","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":408,"width":839,"height":11}},{"id":"7f09e1db-aeaf-49ea-bb21-3f10e8a4342e","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":423,"width":354,"height":11}},{"id":"719684fd-85d5-4663-9f6b-dbd33a588cc7","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":443,"width":59,"height":9}},{"id":"f7fb047b-3b19-4b12-a564-e1f41d595222","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":443,"width":719,"height":11}},{"id":"b6d5e0af-6dbb-41cb-9ed1-ca67a17d1cd8","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":458,"width":801,"height":11}},{"id":"eee51028-3455-48c8-b26f-b66ea3d92872","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":472,"width":802,"height":12}},{"id":"ab99fd77-ebff-43ff-9a33-7fa0a497f494","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":487,"width":830,"height":12}},{"id":"bd1168b4-8d64-4363-89e8-7eadb33b0f08","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":502,"width":215,"height":9}},{"id":"a57d2f08-b390-4576-84bf-f15a2f1cb0e7","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":522,"width":212,"height":11}},{"id":"af2067be-5b61-4e01-b6cb-17b4abc4c8a3","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":6,"box":{"x":297,"y":522,"width":629,"height":12}},{"id":"64403e07-8c90-4e0c-941b-2163010fc047","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":6,"box":{"x":82,"y":537,"width":812,"height":11}},{"id":"33044b63-358e-47db-97d5-926800da7197","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":552,"width":817,"height":11}},{"id":"85e30c79-8d40-4907-8cff-08e22b54fb2a","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":566,"width":760,"height":12}},{"id":"ea62ccdc-e55a-4e57-bb36-1195b73a6cdb","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":6,"box":{"x":81,"y":581,"width":852,"height":12}},{"id":"939e00f1-a665-4d20-9418-2aa1568417bc","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":6,"box":{"x":81,"y":596,"width":589,"height":12}},{"id":"afc97361-cf38-48f9-9899-4ee8c5f3e4ae","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":616,"width":107,"height":11}},{"id":"649808e5-2414-48b2-be3b-fd90dcc1db1f","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":616,"width":741,"height":12}},{"id":"9df4d971-bd0d-4399-89e0-e6b3728b6924","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":631,"width":853,"height":11}},{"id":"25adbd19-996a-4d2e-b590-f6da5fdb7932","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":646,"width":856,"height":11}},{"id":"0397f71e-4903-4d40-a8f5-694998dfe14b","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":661,"width":775,"height":11}},{"id":"3c10db6c-e50d-4986-be9d-2dac49b41037","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":675,"width":814,"height":12}},{"id":"2163b339-2e7f-497e-bc35-943cad066eec","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":690,"width":63,"height":12}},{"id":"510b2540-229e-4755-86a6-b6b3a1aa700a","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":710,"width":240,"height":9}},{"id":"fb53ab05-d57b-4b03-953a-7823d5093be5","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":710,"width":593,"height":9}},{"id":"b3bbaabe-142f-40c6-9a15-e167a32d5dfa","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":725,"width":851,"height":12}},{"id":"23abdd3e-effb-482c-b23c-cf83215d0d6c","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":740,"width":824,"height":11}},{"id":"e9c7572e-6f4d-4b4c-a418-6b9e99bab88d","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":755,"width":851,"height":11}},{"id":"37a81018-0ad0-4f7e-90a7-722af054c9c8","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":769,"width":802,"height":12}},{"id":"90281780-1adb-48c5-97d1-a09c23035bd5","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":784,"width":849,"height":12}},{"id":"f3d757e5-5219-461a-97d7-557c80ff225b","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":799,"width":843,"height":12}},{"id":"e9e00a45-e280-4058-bcbc-b0814f679415","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":814,"width":830,"height":11}},{"id":"61110168-677e-4d6f-8098-d2538a4c213f","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":829,"width":840,"height":11}},{"id":"e6c29a45-a3ac-4890-8a1d-3e1ff982b083","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":844,"width":789,"height":11}},{"id":"e1ed4c38-6b70-46cf-bc39-aeae4125515b","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":858,"width":823,"height":12}},{"id":"a3aa7a59-a565-4826-9610-b5f1aeefbfbd","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":873,"width":784,"height":12}},{"id":"3324fd4e-d834-49bc-a1fc-5a27169124b0","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":888,"width":844,"height":11}},{"id":"ffa86842-e1ff-4309-8083-a3d976d6a520","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":6,"box":{"x":81,"y":903,"width":855,"height":11}},{"id":"44e47060-057f-45e4-b112-e9e89966fe5a","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":81,"y":918,"width":376,"height":11}},{"id":"b7b3974d-535c-4295-8155-b0ec980bd91d","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"6cfe8bdd-b54c-4748-88ac-84daba6d8661","block_type":"box","text":"NM1026U-5978932-6/72","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"90f1de5d-71e0-460b-ada7-74b606294018","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":46,"width":818,"height":11}},{"id":"c028e007-ec4c-4290-b617-726125f40271","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":7,"box":{"x":80,"y":61,"width":819,"height":11}},{"id":"9907ddb7-b2da-4ac6-b954-5c608ad8cdca","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":75,"width":819,"height":12}},{"id":"5b63705e-6d4a-48b4-b77c-967e93c1c17b","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":90,"width":846,"height":12}},{"id":"f90b0ca4-aab9-4458-9a1c-a92eed766b18","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":105,"width":848,"height":12}},{"id":"fa15ec78-074f-475b-8039-90e4229250f5","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":120,"width":125,"height":9}},{"id":"e4344c9d-93bc-4a46-b36b-6139e7749c61","block_type":"box","text":"Mid Cap Securities Risk","page_number":7,"box":{"x":81,"y":140,"width":182,"height":11}},{"id":"ac6f51bc-a854-4957-b1a7-b797b95c7b82","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":7,"box":{"x":267,"y":140,"width":665,"height":11}},{"id":"669281e8-e296-4fbc-bbd7-1033b7cd4c28","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":7,"box":{"x":81,"y":155,"width":789,"height":11}},{"id":"a580f584-3127-4ab7-872d-20998e452e0e","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":175,"width":139,"height":9}},{"id":"edbda0ad-cb36-4aa1-8baa-bc2a920db57e","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":180,"width":17,"height":1}},{"id":"afa70ac8-7388-4836-a970-b6ec3f49c1d3","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":175,"width":681,"height":11}},{"id":"e6fc1aea-8920-4fcb-a783-ac4df590ba92","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":189,"width":843,"height":12}},{"id":"125b44e9-5156-4c88-9b16-1f7dfef91653","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":7,"box":{"x":81,"y":204,"width":517,"height":12}},{"id":"6ba21ca0-7ff3-45db-a299-f492922b857b","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":224,"width":254,"height":12}},{"id":"ee870e80-78a4-4b6f-8ae5-ab2f447558fb","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":224,"width":578,"height":12}},{"id":"1c48cb23-0e01-41f6-9985-4df2b33c3a87","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":239,"width":779,"height":12}},{"id":"b2dda306-5c17-4478-a3e0-fc43d4bde7c1","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":7,"box":{"x":81,"y":254,"width":811,"height":11}},{"id":"50e136f7-e8d0-4a7c-9f9c-b61b84be4cf7","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":7,"box":{"x":82,"y":269,"width":806,"height":11}},{"id":"98f98cbb-7a9e-4f67-bc00-e90a570aab6c","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":7,"box":{"x":82,"y":283,"width":853,"height":12}},{"id":"cce474c2-c0b4-417f-979b-883ee384d7b8","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":7,"box":{"x":82,"y":298,"width":841,"height":12}},{"id":"7d560c2f-fdd3-4f44-8f8d-c70930a9d166","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":7,"box":{"x":81,"y":313,"width":808,"height":12}},{"id":"c7173525-13f0-4c51-a49c-0c91e4df8349","block_type":"box","text":"issuers to lose value.","page_number":7,"box":{"x":82,"y":328,"width":155,"height":9}},{"id":"6280d813-dee4-4b4b-834d-6af1a657f0a1","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":348,"width":189,"height":9}},{"id":"8ac37e0d-25ed-4462-a356-c5456eb38caf","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":348,"width":636,"height":11}},{"id":"5aca1ba3-f43a-4ab9-8253-5cd88b680bea","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":363,"width":824,"height":11}},{"id":"e87fa601-38c3-4f62-8fec-8fbafc27873e","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":378,"width":806,"height":11}},{"id":"de3ca2b0-1437-445e-865f-e4351d9d2d57","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":392,"width":842,"height":12}},{"id":"1f66cb74-4223-4d09-b002-d9b0c99cf76e","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":407,"width":781,"height":12}},{"id":"4f923098-f405-4669-8c21-06cfa1775ea9","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":422,"width":812,"height":11}},{"id":"59e09191-d9e1-4725-8fdf-36d92d4633ba","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":437,"width":129,"height":11}},{"id":"ccab4bf0-adb3-4e81-b7bd-bed0bc43c478","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":476,"width":224,"height":11}},{"id":"0e55bafe-84bd-425a-a2e3-29895fec81f1","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. Performance for","page_number":7,"box":{"x":62,"y":502,"width":867,"height":12}},{"id":"ec9b8939-1b5e-433e-8c88-512481f95235","block_type":"box","text":"the periods prior to June 12, 2017 shown below is based on the investment process and investment strategies utilized","page_number":7,"box":{"x":60,"y":517,"width":876,"height":11}},{"id":"53dc40fe-7253-4d4f-988a-561bf5654f67","block_type":"box","text":"by the Fund at that time under the name “BlackRock Global Opportunities Portfolio.”","page_number":7,"box":{"x":61,"y":532,"width":619,"height":11}},{"id":"2d5b07e6-34aa-4430-bd1b-72a7b48b6396","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":554,"width":855,"height":12}},{"id":"0fed4b23-bec1-4722-a6b6-22492e5b0005","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI EAFE Index (Net). 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To purchase or sell","page_number":9,"box":{"x":60,"y":147,"width":857,"height":11}},{"id":"08a032e2-17a7-4806-97aa-00ad5e73617d","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":9,"box":{"x":61,"y":162,"width":873,"height":11}},{"id":"db61d3eb-8186-46ca-9de2-c2ba677f430a","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":9,"box":{"x":60,"y":177,"width":833,"height":11}},{"id":"87760699-1d79-4ade-84ab-05b83c57aedc","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":9,"box":{"x":62,"y":191,"width":827,"height":12}},{"id":"5a9a97b6-1ea5-4d56-b316-1c4d59e1d34f","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":9,"box":{"x":60,"y":206,"width":696,"height":12}},{"id":"0d815f20-008c-42d7-ad15-0ba1e48d9543","block_type":"box","text":"Investor A and Investor C","page_number":9,"box":{"x":232,"y":234,"width":152,"height":8}},{"id":"e994c7a9-0da8-43e0-a5e6-edf95ebad470","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":9,"box":{"x":232,"y":245,"width":604,"height":7}},{"id":"e9bfd43a-d009-41a3-813a-d358d28983bd","block_type":"box","text":"Minimum 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The Fund may engage in active and frequent","page_number":11,"box":{"x":61,"y":423,"width":861,"height":12}},{"id":"6be0a96d-9dbd-4788-b1f3-d2b0c8a03e8e","block_type":"box","text":"trading of its investments.","page_number":11,"box":{"x":60,"y":438,"width":191,"height":12}},{"id":"47ade647-c4cd-4d38-971f-ef5c33ccd19d","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":11,"box":{"x":60,"y":461,"width":862,"height":11}},{"id":"50835544-7eb3-42dd-9b16-65577c03ee9b","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":11,"box":{"x":60,"y":476,"width":873,"height":11}},{"id":"fb54c0fd-a466-4273-9b03-abb45c7c5a12","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":11,"box":{"x":62,"y":490,"width":871,"height":12}},{"id":"5ad7b7ed-4dc0-49cd-bf57-f5802cb84feb","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":11,"box":{"x":61,"y":505,"width":331,"height":12}},{"id":"91158aaf-4c6c-4ff8-a423-50f320426382","block_type":"box","text":"Principal Investment Strategies","page_number":11,"box":{"x":61,"y":528,"width":262,"height":13}},{"id":"05a63e23-f61b-4efa-a8bb-7f0dc8754255","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":11,"box":{"x":62,"y":545,"width":798,"height":11}},{"id":"6e1f5949-1904-44f5-891c-32e766be6228","block_type":"box","text":"borrowings for investment purposes in non-U.S. equity securities and equity-like instruments of companies that are","page_number":11,"box":{"x":61,"y":559,"width":843,"height":12}},{"id":"79f2e232-9419-40c8-a4de-cb67e9248225","block_type":"box","text":"components of, or have characteristics similar to, the companies included in the MSCI EAFE","page_number":11,"box":{"x":61,"y":574,"width":676,"height":11}},{"id":"803e3d07-aaa0-4dbc-a074-23e8466837c1","block_type":"box","text":"®","page_number":11,"box":{"x":737,"y":575,"width":6,"height":4}},{"id":"7c0754bb-28e6-4409-a5f9-1d5f0a4ca806","block_type":"box","text":"Index (the “MSCI EAFE","page_number":11,"box":{"x":750,"y":574,"width":164,"height":11}},{"id":"926a62fe-5bd1-4d0c-b92a-79c0d8ebe8b6","block_type":"box","text":"Index”) and derivatives that are tied economically to securities of the MSCI EAFE Index. 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The MSCI EAFE","page_number":11,"box":{"x":60,"y":633,"width":869,"height":12}},{"id":"d5b8eb31-4ba9-4b41-a177-b0ef4d673402","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":11,"box":{"x":62,"y":648,"width":861,"height":12}},{"id":"0c23e82e-d083-41b4-bf0c-a604630dcd0e","block_type":"box","text":"group representation.","page_number":11,"box":{"x":60,"y":663,"width":157,"height":12}},{"id":"edb45dfe-3abf-430b-8479-63294d540d0e","block_type":"box","text":"Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may","page_number":11,"box":{"x":62,"y":686,"width":861,"height":11}},{"id":"b23c8363-6985-4f03-9e58-52ec7c212f2e","block_type":"box","text":"also invest in preferred stock. From time to time, the Fund may invest in shares of companies through “new issues” or","page_number":11,"box":{"x":61,"y":701,"width":873,"height":11}},{"id":"651eb2bf-ffaa-4423-9550-f5ef46a5d096","block_type":"box","text":"initial public offerings (“IPOs”). The Fund may also purchase convertible securities.","page_number":11,"box":{"x":62,"y":715,"width":607,"height":12}},{"id":"f5f76a48-3d60-4911-a9dd-e91f74262c2c","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based on a","page_number":11,"box":{"x":60,"y":738,"width":823,"height":9}},{"id":"c24ac6c6-28fa-458d-abd0-e545ac06a995","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":11,"box":{"x":61,"y":753,"width":862,"height":11}},{"id":"717a2fca-0924-4d6f-9cb8-9aa7c2be7a5d","block_type":"box","text":"seek total return.","page_number":11,"box":{"x":61,"y":768,"width":125,"height":9}},{"id":"01bb9f7e-793a-49e8-9740-42b6255624ac","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":11,"box":{"x":60,"y":790,"width":875,"height":12}},{"id":"6a82b7c3-c98f-4978-863f-8d08b5fe4faa","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":11,"box":{"x":61,"y":805,"width":859,"height":11}},{"id":"03474bd1-da03-4341-98d5-93d7d8600676","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":11,"box":{"x":60,"y":820,"width":839,"height":11}},{"id":"84679208-569e-4721-ade9-cdc44bdd4914","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":11,"box":{"x":62,"y":835,"width":808,"height":11}},{"id":"41003b21-11ff-46ec-a991-466b31d25831","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":11,"box":{"x":61,"y":849,"width":872,"height":12}},{"id":"f2763870-87b7-4ed3-9441-4e4f2825e9d7","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI","page_number":11,"box":{"x":62,"y":864,"width":868,"height":12}},{"id":"282e78e4-85a5-493a-b99a-c9636ce5a6fd","block_type":"box","text":"EAFE Index. The use of options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":11,"box":{"x":62,"y":879,"width":873,"height":12}},{"id":"c8fbd212-5659-45d7-ba99-923f2816a12c","block_type":"box","text":"referred to as contracts for difference) and forward contracts can be effective in protecting or enhancing the value of","page_number":11,"box":{"x":61,"y":894,"width":859,"height":11}},{"id":"b8f5b3d7-680e-4126-ae89-db8628ce5873","block_type":"box","text":"the Fund’s assets.","page_number":11,"box":{"x":60,"y":909,"width":136,"height":9}},{"id":"047e54af-b3bf-4024-94db-0da294f0627e","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"1b9846a9-0e33-4489-a81e-16f30efc095a","block_type":"box","text":"NM1026U-5978932-11/72","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d4b826ac-33b3-4d1e-8bd1-55ae0f871001","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":46,"width":327,"height":13}},{"id":"32eb34f6-5db4-4389-ac6c-e8bac7d15393","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":12,"box":{"x":62,"y":62,"width":870,"height":12}},{"id":"ade29cea-bd86-474c-8c9a-15ecf77d0f89","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":77,"width":173,"height":12}},{"id":"514d5826-41a1-48d1-a524-aedabf2c9ddf","block_type":"box","text":"Depositary Receipts","page_number":12,"box":{"x":81,"y":97,"width":152,"height":12}},{"id":"2a109d28-256a-4513-948a-a73b4969fd4b","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":12,"box":{"x":238,"y":97,"width":671,"height":12}},{"id":"3913c7a5-f51a-4d6b-8bb4-923709f533de","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":12,"box":{"x":81,"y":112,"width":829,"height":12}},{"id":"347d4433-3f8d-441b-a22f-85e8ffa811f0","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":12,"box":{"x":80,"y":127,"width":802,"height":11}},{"id":"c406f163-9c30-4356-a77e-86b76a479f64","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":12,"box":{"x":81,"y":142,"width":833,"height":11}},{"id":"64faecf5-6519-4d6c-9666-93f4c52c4ff9","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":12,"box":{"x":80,"y":157,"width":791,"height":11}},{"id":"29de4f95-d629-4b35-9e62-70a47f0d7123","block_type":"box","text":"receipts.","page_number":12,"box":{"x":82,"y":172,"width":61,"height":11}},{"id":"25b359b0-f934-4dd9-8f1b-67473c1d0891","block_type":"box","text":"Emerging Markets Issuers","page_number":12,"box":{"x":81,"y":191,"width":198,"height":12}},{"id":"46e987c1-52aa-4208-b6be-f6c0b22bbbdc","block_type":"box","text":"— The Fund may also invest a portion of its assets in securities of issuers located in","page_number":12,"box":{"x":283,"y":191,"width":626,"height":12}},{"id":"a9b5f366-3021-42b6-a0f3-c85a3c7a368d","block_type":"box","text":"emerging markets.","page_number":12,"box":{"x":81,"y":206,"width":136,"height":12}},{"id":"127076c1-51c3-4a98-b641-f43bb8f98441","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":226,"width":148,"height":11}},{"id":"65616d80-6f54-48b6-b2e3-ead458918db6","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":226,"width":677,"height":12}},{"id":"07b9a693-f8ed-4255-a5a3-a723a6dfb545","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":12,"box":{"x":82,"y":241,"width":811,"height":11}},{"id":"811b1bdf-af92-4776-a06d-9dab418ef95e","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":256,"width":831,"height":11}},{"id":"49d36ec2-b4c6-4e52-8dc8-ef0811130d1a","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":271,"width":811,"height":11}},{"id":"aac2b9da-dacb-4cb8-9393-0ee25fb9970d","block_type":"box","text":"Investment Companies","page_number":12,"box":{"x":81,"y":291,"width":172,"height":11}},{"id":"2a93e3ee-75a0-4705-ae31-8f4df7241bf6","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":12,"box":{"x":258,"y":291,"width":643,"height":11}},{"id":"a3fe8735-ba28-43ea-9fa8-191e1826fedc","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":12,"box":{"x":80,"y":305,"width":848,"height":12}},{"id":"ab7ac25f-d0c5-4a2e-a1b2-23cd255f1466","block_type":"box","text":"Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. The","page_number":12,"box":{"x":82,"y":320,"width":814,"height":12}},{"id":"7a8b89a9-c308-430f-8ec3-652f25003e78","block_type":"box","text":"Fund may invest in affiliated investment companies, including affiliated money market funds and affiliated Exchange","page_number":12,"box":{"x":82,"y":335,"width":853,"height":12}},{"id":"2bc4a708-4686-4500-b529-5e6f7bff7758","block_type":"box","text":"Traded Funds (“ETFs”).","page_number":12,"box":{"x":81,"y":350,"width":166,"height":11}},{"id":"f6bbc339-dc20-4703-9dc9-df0ba60a096b","block_type":"box","text":"Money Market Securities","page_number":12,"box":{"x":81,"y":370,"width":190,"height":11}},{"id":"8fe84814-a03f-4df1-a72c-644e5e2fc9fd","block_type":"box","text":"— The Fund may invest in money market securities or commercial paper.","page_number":12,"box":{"x":276,"y":370,"width":534,"height":11}},{"id":"379ef997-7f02-4a1c-9584-e6e6aa465936","block_type":"box","text":"Real Estate Investment Trusts (“REITs”)","page_number":12,"box":{"x":81,"y":390,"width":305,"height":11}},{"id":"a4a519e4-16ec-4c31-938c-2fc84231fdf2","block_type":"box","text":"— The Fund may invest in REITs. REITs are companies that own interests","page_number":12,"box":{"x":391,"y":390,"width":537,"height":11}},{"id":"eba39cce-b366-4c0f-a0c1-eed9679cb263","block_type":"box","text":"in real estate or in real estate-related loans or other interests, and have revenue primarily consisting of rent derived","page_number":12,"box":{"x":82,"y":405,"width":848,"height":11}},{"id":"62c9e90e-c8ea-4cb1-b4c8-852496cdd5be","block_type":"box","text":"from owned, income producing real estate properties and capital gains from the sale of such properties. REITs can","page_number":12,"box":{"x":81,"y":419,"width":844,"height":12}},{"id":"a27804fa-15b5-4532-a8ac-21c604ea6974","block_type":"box","text":"generally be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest the majority of their","page_number":12,"box":{"x":81,"y":434,"width":826,"height":12}},{"id":"27769fbb-83e9-47eb-aef5-9fe894f59821","block_type":"box","text":"assets directly in real property and derive their income primarily from rents. Equity REITs can also realize capital","page_number":12,"box":{"x":81,"y":449,"width":821,"height":12}},{"id":"7bbb40ef-0196-4b62-a9fe-f8f02413a62b","block_type":"box","text":"gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real","page_number":12,"box":{"x":81,"y":464,"width":847,"height":12}},{"id":"ca15a225-96a1-4826-a0d7-028c603e9516","block_type":"box","text":"estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the","page_number":12,"box":{"x":81,"y":479,"width":746,"height":11}},{"id":"1a48752d-589b-4a68-9ab4-1fb3d14091d7","block_type":"box","text":"characteristics of both equity REITs and mortgage REITs. REITs are not taxed on income distributed to shareholders","page_number":12,"box":{"x":81,"y":494,"width":846,"height":11}},{"id":"bc971140-4615-44b7-98a7-6c83670930ce","block_type":"box","text":"provided they comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal","page_number":12,"box":{"x":82,"y":508,"width":804,"height":12}},{"id":"8a10aba0-0f18-45cc-8b6f-3e53999c45ab","block_type":"box","text":"Revenue Code”).","page_number":12,"box":{"x":82,"y":523,"width":121,"height":12}},{"id":"a04b6d6d-bc80-4a7a-aa99-9959885e9c4f","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":12,"box":{"x":81,"y":543,"width":442,"height":12}},{"id":"67a3273e-912a-45d5-8fb8-493972a7ea2e","block_type":"box","text":"—","page_number":12,"box":{"x":528,"y":549,"width":17,"height":0}},{"id":"2ba3e8bf-e20b-4263-9174-bbe6c1135c87","block_type":"box","text":"The Fund may enter into certain types of repurchase","page_number":12,"box":{"x":549,"y":543,"width":384,"height":12}},{"id":"267415bc-4ef9-40e7-8419-62802becb72e","block_type":"box","text":"agreements or purchase and sale contracts. 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A purchase and sale contract is similar to a repurchase","page_number":12,"box":{"x":81,"y":573,"width":779,"height":11}},{"id":"1500e1bc-8806-471d-90b5-9bb7aea6afb6","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":12,"box":{"x":81,"y":588,"width":832,"height":11}},{"id":"52f8991e-154c-4d71-9c26-43a94e41cd2e","block_type":"box","text":"paid during the period.","page_number":12,"box":{"x":82,"y":603,"width":162,"height":11}},{"id":"4c20ece6-a9e6-4777-9e49-584eba569390","block_type":"box","text":"Restricted Securities","page_number":12,"box":{"x":81,"y":623,"width":159,"height":9}},{"id":"a7dd702c-6ad2-4758-8c86-9b9722627b1f","block_type":"box","text":"—","page_number":12,"box":{"x":245,"y":628,"width":17,"height":1}},{"id":"ec92ba47-c7ff-44b2-805b-b8996e512dcb","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":12,"box":{"x":268,"y":623,"width":602,"height":11}},{"id":"a222227b-9f83-4bb4-ab34-87a50e7a8d5e","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":12,"box":{"x":82,"y":638,"width":820,"height":11}},{"id":"ba99815c-abb7-4000-86e5-32a3a78bc79a","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":12,"box":{"x":82,"y":652,"width":839,"height":12}},{"id":"04a09d90-d3dc-4e16-bbc7-545225bb96a4","block_type":"box","text":"institutional buyers but not to the general public, U.S. and non-U.S. issuers that are offered pursuant to Regulation","page_number":12,"box":{"x":82,"y":667,"width":842,"height":12}},{"id":"66afb3d8-b3ba-4f2d-9429-6fe72dc379fc","block_type":"box","text":"S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":12,"box":{"x":81,"y":682,"width":633,"height":11}},{"id":"30c08ada-371b-4411-954c-8cd68982f3ab","block_type":"box","text":"Rights","page_number":12,"box":{"x":81,"y":702,"width":49,"height":11}},{"id":"9ef02726-b827-47e8-8c1e-22d072cc3607","block_type":"box","text":"— The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s","page_number":12,"box":{"x":134,"y":702,"width":797,"height":11}},{"id":"cce2a4db-4e45-4074-a319-e5d892ffbd66","block_type":"box","text":"existing shareholders to purchase additional common stock at a price substantially below the market price of the","page_number":12,"box":{"x":81,"y":717,"width":830,"height":11}},{"id":"b76ccf00-577d-4c8d-8edc-2282cfcecd78","block_type":"box","text":"shares.","page_number":12,"box":{"x":81,"y":732,"width":53,"height":9}},{"id":"69953d73-ebeb-4afe-b65c-3a77d7c8ebb9","block_type":"box","text":"Securities Lending","page_number":12,"box":{"x":81,"y":752,"width":140,"height":11}},{"id":"b66b39a1-2659-4ca4-9e3d-2a429982b334","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":12,"box":{"x":225,"y":752,"width":396,"height":11}},{"id":"1d650ee8-436f-4213-a3a6-86e82a8c8cef","block_type":"box","text":"1⁄","page_number":12,"box":{"x":622,"y":752,"width":6,"height":5}},{"id":"748f68f7-7e63-4c1d-80a3-d8b4103fde64","block_type":"box","text":"1⁄3","page_number":12,"box":{"x":626,"y":752,"width":8,"height":9}},{"id":"8a3387e1-8a86-4dd9-8e94-f4cacdb2b734","block_type":"box","text":"⁄3","page_number":12,"box":{"x":632,"y":755,"width":6,"height":6}},{"id":"e82015a9-51e6-4baf-a5a4-01729b2e27cb","block_type":"box","text":"% of its total assets to financial","page_number":12,"box":{"x":639,"y":751,"width":231,"height":10}},{"id":"b8c25dc5-f319-4c42-90f3-5bb1b376e5b1","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":12,"box":{"x":82,"y":766,"width":748,"height":12}},{"id":"e1b86f09-b4f2-4d2f-b2b0-49e89e033b3e","block_type":"box","text":"Temporary Defensive Strategies","page_number":12,"box":{"x":82,"y":786,"width":238,"height":12}},{"id":"8b959bc0-0971-4be1-8987-cd61f67ed983","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":12,"box":{"x":325,"y":786,"width":600,"height":12}},{"id":"ecfea286-6be0-49bf-9a2a-dba8ca7932c2","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":12,"box":{"x":81,"y":801,"width":802,"height":12}},{"id":"5a89ebad-b6ce-4012-b771-07b653607578","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":12,"box":{"x":82,"y":816,"width":833,"height":11}},{"id":"454fd620-d47a-4fa7-930a-c8d4a22aa971","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":12,"box":{"x":81,"y":831,"width":796,"height":11}},{"id":"edef15e6-503e-4fc8-953f-3cfedbe68daf","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":12,"box":{"x":81,"y":846,"width":802,"height":11}},{"id":"9180290b-2565-45d3-a8d1-37d336bbc051","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":860,"width":778,"height":12}},{"id":"d88cff30-35a1-4e54-8ebc-0e7e3eaf760e","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":875,"width":781,"height":12}},{"id":"5ef76b9f-bf02-41e3-b168-0080e915108b","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"60b2f763-3b1b-4211-ba7f-2e13f43eed47","block_type":"box","text":"NM1026U-5978932-12/72","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a70af762-d02f-4f87-b248-3c114fce236a","block_type":"box","text":"Warrants","page_number":13,"box":{"x":83,"y":46,"width":66,"height":9}},{"id":"ede4f331-4eb9-4c28-9601-4e87ff13f83a","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":13,"box":{"x":153,"y":46,"width":767,"height":11}},{"id":"1c2caf6a-a6c6-48bf-8031-9d827c7b99ab","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":13,"box":{"x":80,"y":61,"width":815,"height":11}},{"id":"f85b0f9c-01b9-475b-b37c-55ab39a97372","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":13,"box":{"x":80,"y":75,"width":810,"height":12}},{"id":"de3aee47-9737-48cd-8581-c44a1f585b99","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":13,"box":{"x":83,"y":95,"width":545,"height":12}},{"id":"d53f8f2e-e598-43c4-b6cd-fb6e9d0bbf21","block_type":"box","text":"— The purchase or sale of securities on","page_number":13,"box":{"x":632,"y":95,"width":295,"height":12}},{"id":"59ab52df-268d-441d-bcc0-b06e1023ba9c","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":13,"box":{"x":81,"y":110,"width":851,"height":12}},{"id":"b55435d6-b7e6-4d8d-8a0f-64d29ca472d7","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":13,"box":{"x":81,"y":125,"width":847,"height":11}},{"id":"d859d869-8cb1-4404-bfec-9d8f2b73abe1","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":13,"box":{"x":82,"y":140,"width":842,"height":11}},{"id":"cd8832aa-12fd-4e1d-a858-9d8ce8bbdb31","block_type":"box","text":"the transaction.","page_number":13,"box":{"x":80,"y":155,"width":115,"height":9}},{"id":"f3f47ebf-defa-426c-822e-56db32a39d10","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":13,"box":{"x":272,"y":211,"width":453,"height":10}},{"id":"15b38cd2-9482-4155-827a-2a015ac8e53e","block_type":"box","text":"The Fund is managed by a team of financial professionals. Raffaele Savi, Kevin Franklin and Richard Mathieson are","page_number":13,"box":{"x":70,"y":234,"width":848,"height":11}},{"id":"303d5729-990c-4040-823b-e0dd492547b4","block_type":"box","text":"the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please","page_number":13,"box":{"x":70,"y":249,"width":844,"height":11}},{"id":"53135a98-36e3-4738-a950-08a4a3530eae","block_type":"box","text":"see “Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":13,"box":{"x":71,"y":263,"width":808,"height":12}},{"id":"bac6b35f-e85f-4dbb-9654-948d930e0d87","block_type":"box","text":"management team.","page_number":13,"box":{"x":71,"y":279,"width":141,"height":11}},{"id":"522ba031-78ab-452b-9e46-378f853f1699","block_type":"box","text":"Investment Risks","page_number":13,"box":{"x":62,"y":330,"width":156,"height":11}},{"id":"ed756738-8d4d-435c-bb3e-f4d54b78b4e1","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":13,"box":{"x":60,"y":356,"width":811,"height":12}},{"id":"f56423be-0719-490e-8229-0bd4836bf883","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":13,"box":{"x":61,"y":371,"width":866,"height":11}},{"id":"1ccb0bf3-f815-47bf-948e-a14ff0d13b91","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":13,"box":{"x":62,"y":386,"width":863,"height":12}},{"id":"8f058b82-7bf4-42ee-a01c-b6e046153612","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not a","page_number":13,"box":{"x":61,"y":401,"width":836,"height":11}},{"id":"6411320f-4525-45fa-a7b3-221ebf85c258","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":13,"box":{"x":61,"y":416,"width":856,"height":11}},{"id":"cd1e0fc9-b905-4fa3-a0bc-316c89b93358","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":13,"box":{"x":60,"y":430,"width":875,"height":12}},{"id":"244e5b94-b587-4687-9594-c44752b906df","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":453,"width":322,"height":13}},{"id":"7351c5ee-db3a-4f18-b9e0-52787214bb46","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":475,"width":206,"height":9}},{"id":"e7da1e54-a119-444e-b620-f0629fd469f9","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":13,"box":{"x":291,"y":475,"width":593,"height":11}},{"id":"a9a08437-f5ca-4c30-9d69-1bc518451a27","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":13,"box":{"x":81,"y":490,"width":853,"height":11}},{"id":"01009e6b-b0ab-4f89-97d8-1d1746e606ca","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":13,"box":{"x":81,"y":505,"width":855,"height":11}},{"id":"0e503043-2ebd-40bd-9364-de8cc028c3a7","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":13,"box":{"x":80,"y":519,"width":816,"height":12}},{"id":"37495acd-fa79-4a5f-b080-563a8050498b","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":13,"box":{"x":82,"y":534,"width":796,"height":12}},{"id":"74aa53f4-907e-43fd-8a10-46b987e7c8fd","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":13,"box":{"x":81,"y":549,"width":812,"height":11}},{"id":"448e756a-29bc-4fc4-8695-5f537f42fc4b","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":13,"box":{"x":82,"y":564,"width":809,"height":11}},{"id":"45da76a7-21aa-4756-aa01-664573d3eeb0","block_type":"box","text":"Derivatives Risk","page_number":13,"box":{"x":81,"y":584,"width":123,"height":9}},{"id":"b0b4b5db-db86-4e22-a234-49033fda444b","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":13,"box":{"x":207,"y":584,"width":664,"height":11}},{"id":"3809122f-5b4f-411c-9359-22888bd8d7f5","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":13,"box":{"x":82,"y":599,"width":469,"height":11}},{"id":"3061e267-f661-43e7-bf4f-8458bf4d1373","block_type":"box","text":"Leverage Risk","page_number":13,"box":{"x":82,"y":622,"width":102,"height":11}},{"id":"3136cb20-560d-4eb4-ba82-19512082fc82","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":13,"box":{"x":188,"y":621,"width":723,"height":12}},{"id":"e48ff96a-a758-4452-ab63-81eb27b56b64","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":13,"box":{"x":82,"y":636,"width":832,"height":12}},{"id":"185a3529-22e1-4cad-9722-212fcd092e0f","block_type":"box","text":"exceed the amount originally invested.","page_number":13,"box":{"x":81,"y":651,"width":280,"height":11}},{"id":"5fe52c6e-02b9-4eb4-825b-6e7896bd5a9b","block_type":"box","text":"Market Risk","page_number":13,"box":{"x":82,"y":674,"width":87,"height":9}},{"id":"b568d0b3-b64c-4eb6-a6ba-023c590492a4","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":13,"box":{"x":173,"y":673,"width":728,"height":12}},{"id":"8e39a9fd-ec71-4d62-aea3-7850eb85e997","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":13,"box":{"x":81,"y":688,"width":834,"height":12}},{"id":"dd592793-4801-46df-9c15-7e7ca7545a34","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":13,"box":{"x":82,"y":703,"width":832,"height":12}},{"id":"31727a0c-167a-4637-959c-9079d012ae17","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":13,"box":{"x":80,"y":718,"width":779,"height":11}},{"id":"3df19d3e-157b-494e-a23a-352a7ddd6d41","block_type":"box","text":"derivatives positions to lose value.","page_number":13,"box":{"x":81,"y":733,"width":253,"height":11}},{"id":"434b4d1b-5c53-4f2d-9ad9-9ac656a8c7d3","block_type":"box","text":"Counterpar ty Risk","page_number":13,"box":{"x":82,"y":755,"width":131,"height":12}},{"id":"3ac6f02f-a864-44c9-a434-0d02d024caf2","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":756,"width":697,"height":11}},{"id":"7aaa7c61-f95a-4240-b668-f5c87f0875d3","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":770,"width":855,"height":12}},{"id":"af80edf3-8aef-454c-a21b-4b17a891bb34","block_type":"box","text":"exposure to such a counterparty.","page_number":13,"box":{"x":81,"y":785,"width":240,"height":11}},{"id":"e9ab20cd-fac1-4e88-be02-cc031d12281c","block_type":"box","text":"Illiquidity Risk —","page_number":13,"box":{"x":82,"y":808,"width":122,"height":11}},{"id":"cedbc3f5-fb24-42fe-a0f4-4ca0208fc705","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":808,"width":728,"height":11}},{"id":"24033d4a-6e76-4fe7-8b41-273b77f7bc22","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":823,"width":839,"height":11}},{"id":"d1b4040d-60a2-4e09-931f-b7ce54b400d8","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":13,"box":{"x":81,"y":837,"width":293,"height":12}},{"id":"2932ae43-75cc-4014-a7c7-f2daa2c33c73","block_type":"box","text":"Operational Risk","page_number":13,"box":{"x":82,"y":860,"width":120,"height":11}},{"id":"07c5cbd4-c7fe-48a6-9c39-8e5f6467dece","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":13,"box":{"x":206,"y":860,"width":727,"height":11}},{"id":"e5fd5875-8961-4e3f-ab99-0b3712995ce8","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":13,"box":{"x":82,"y":875,"width":607,"height":11}},{"id":"824dda98-d235-418b-92fd-8f049d7f8f61","block_type":"box","text":"Legal Risk","page_number":13,"box":{"x":82,"y":897,"width":75,"height":12}},{"id":"170c64a9-d356-43d5-8003-606924676596","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":897,"width":761,"height":12}},{"id":"4486b804-81d7-4943-aceb-0bb134ceba6a","block_type":"box","text":"enforceability of a contract.","page_number":13,"box":{"x":81,"y":912,"width":198,"height":11}},{"id":"6fd2c0af-3bf5-42d9-a498-2ec4131ead82","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ddaca856-3a06-4755-9f9b-a9b5c78a00b0","block_type":"box","text":"NM1026U-5978932-13/72","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e2738cc1-13f5-4b9e-94e7-5009fc311a92","block_type":"box","text":"Volatility and Correlation Risk","page_number":14,"box":{"x":83,"y":46,"width":214,"height":11}},{"id":"536c8df1-d57e-4489-965a-caf57d397521","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":14,"box":{"x":300,"y":46,"width":590,"height":11}},{"id":"c596181f-d8c2-4019-aa0b-fa3f06f46379","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":14,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"57ea1f82-c4cc-4ae4-938f-923fe023497a","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":14,"box":{"x":80,"y":75,"width":820,"height":12}},{"id":"a3435c30-04a4-4daf-a2c3-f383b696e374","block_type":"box","text":"correlate with the overall securities markets.","page_number":14,"box":{"x":81,"y":90,"width":326,"height":9}},{"id":"37a8068e-1f73-4be7-972e-3f4c2586cf4b","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":83,"y":113,"width":102,"height":9}},{"id":"90676f1f-e019-4a76-96fd-c20e00705c46","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":14,"box":{"x":189,"y":113,"width":747,"height":11}},{"id":"ca30a2be-1a2e-4fab-b89e-095b3e1ba131","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":14,"box":{"x":82,"y":127,"width":783,"height":12}},{"id":"53f83a51-a466-40ef-9157-fafa7fb227ec","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":14,"box":{"x":82,"y":142,"width":837,"height":12}},{"id":"d4db77e7-1137-4aa4-953a-55652f050ea7","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":14,"box":{"x":81,"y":157,"width":826,"height":12}},{"id":"fd34a962-101f-4c3f-bc05-cfd214ab73b8","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":14,"box":{"x":80,"y":172,"width":405,"height":12}},{"id":"a2e0706a-4253-4d95-9767-3b9d6836330b","block_type":"box","text":"Hedging Risk","page_number":14,"box":{"x":82,"y":195,"width":95,"height":11}},{"id":"b9edd66b-dca8-4c77-9b85-378f708e8fe5","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":14,"box":{"x":181,"y":195,"width":752,"height":11}},{"id":"35e9dbb9-a34c-4e75-9257-15db1652e28f","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":14,"box":{"x":80,"y":209,"width":820,"height":12}},{"id":"b1c2c24f-49de-4658-99fb-ddae21677739","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":14,"box":{"x":82,"y":224,"width":823,"height":12}},{"id":"919a4d66-bc4d-4e2e-bf0b-a7c2e4845c0a","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":14,"box":{"x":82,"y":239,"width":813,"height":12}},{"id":"d28183bd-8540-46d9-94fc-b100fa35f743","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":14,"box":{"x":82,"y":254,"width":832,"height":11}},{"id":"472a8845-0c52-4feb-8ce6-219098174c45","block_type":"box","text":"noted below.","page_number":14,"box":{"x":82,"y":269,"width":90,"height":9}},{"id":"3d6694de-b026-4f4a-8442-cd3ca6123a90","block_type":"box","text":"Tax Risk","page_number":14,"box":{"x":83,"y":291,"width":59,"height":9}},{"id":"5f740ed7-480c-409a-b5f1-b24182edd188","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":14,"box":{"x":145,"y":291,"width":766,"height":12}},{"id":"1ac543ce-f10b-4134-9155-73ea1c0168bc","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":14,"box":{"x":82,"y":306,"width":826,"height":12}},{"id":"504ef55f-c19d-4468-b767-baa6910602b4","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":14,"box":{"x":82,"y":321,"width":846,"height":11}},{"id":"626ff600-1124-441e-b1a4-f51a1dfed086","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":14,"box":{"x":81,"y":336,"width":817,"height":11}},{"id":"5c78c09e-dcda-4bac-b297-159793e299b4","block_type":"box","text":"Revenue Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable","page_number":14,"box":{"x":82,"y":351,"width":845,"height":11}},{"id":"c67b44a4-666f-45d8-8515-b826fe37f37d","block_type":"box","text":"dividends paid by the Fund. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and","page_number":14,"box":{"x":81,"y":365,"width":827,"height":12}},{"id":"1fa84643-748e-4a7b-bf5a-c48de5a254dd","block_type":"box","text":"may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue","page_number":14,"box":{"x":82,"y":380,"width":828,"height":12}},{"id":"ecd3ec0f-f5a8-4ef5-b99b-434b3d6dcb8c","block_type":"box","text":"Service (the “IRS”).","page_number":14,"box":{"x":81,"y":395,"width":142,"height":11}},{"id":"3cf3af36-a802-4363-a1b2-8c46e7bd6248","block_type":"box","text":"Regulatory Risk","page_number":14,"box":{"x":82,"y":418,"width":115,"height":11}},{"id":"99c695b8-d58c-4ae5-aaaf-f4736594e2ce","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":14,"box":{"x":201,"y":418,"width":688,"height":11}},{"id":"3f3e0495-b67d-4e6f-920c-3edaa9063459","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":14,"box":{"x":81,"y":433,"width":851,"height":11}},{"id":"ef2968ae-6121-413b-93ff-7888867dbf0e","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":14,"box":{"x":81,"y":447,"width":811,"height":12}},{"id":"2716c052-a004-4c82-9f1d-e86cde7611e2","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":14,"box":{"x":82,"y":462,"width":850,"height":12}},{"id":"eb075fa9-950c-42ca-975e-1dece17f75e5","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":14,"box":{"x":81,"y":477,"width":850,"height":11}},{"id":"aff3ea13-a0a6-4d5b-ad55-7bcf103e9ec7","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":14,"box":{"x":81,"y":492,"width":838,"height":11}},{"id":"5a78ada6-6ed6-4fee-aed1-bebf29485b8a","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":14,"box":{"x":81,"y":507,"width":807,"height":11}},{"id":"cad6bb2d-a9fe-4e00-8945-bf72b152062c","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":14,"box":{"x":81,"y":521,"width":787,"height":12}},{"id":"1df1809c-b9e7-49b3-b656-53a0bc5e1395","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":14,"box":{"x":82,"y":536,"width":837,"height":12}},{"id":"fc1607f0-fa7a-4f28-b268-8c22fe9d2c82","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":14,"box":{"x":80,"y":551,"width":804,"height":12}},{"id":"0144938a-c7e5-464e-8f48-ce472982973c","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":14,"box":{"x":81,"y":566,"width":781,"height":11}},{"id":"5a4794b6-7895-4808-b809-5ace5eb4a0b2","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":14,"box":{"x":82,"y":581,"width":773,"height":11}},{"id":"bdae801a-72a7-4ea0-8b10-5f9fe35ab923","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":14,"box":{"x":82,"y":595,"width":836,"height":12}},{"id":"43c1b600-5f95-408a-b116-799c6b6f8696","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":14,"box":{"x":82,"y":610,"width":814,"height":12}},{"id":"e791bdff-980e-4df3-9958-016aff1477c1","block_type":"box","text":"investors in the Fund.","page_number":14,"box":{"x":82,"y":625,"width":156,"height":9}},{"id":"c5e4131a-0a83-4a2c-ac31-9c7b54cd8af4","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":14,"box":{"x":82,"y":648,"width":823,"height":11}},{"id":"f2a6bfe5-911f-4fd2-bfd5-96d65c2e02b1","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":14,"box":{"x":82,"y":662,"width":827,"height":12}},{"id":"87e3c7ce-2995-48c0-924f-2ddd3c182e76","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":14,"box":{"x":80,"y":677,"width":849,"height":12}},{"id":"cac17736-f704-4790-ae32-8c6076bf0329","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":14,"box":{"x":81,"y":692,"width":846,"height":12}},{"id":"b0f1fae7-90b2-4201-9c2c-52d5c57e2a2b","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":707,"width":509,"height":11}},{"id":"6b9d560f-42a0-471a-bff9-ce5375a4616f","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":14,"box":{"x":82,"y":730,"width":399,"height":11}},{"id":"65d79630-c118-46d4-b772-17befa87f9fd","block_type":"box","text":"Swaps","page_number":14,"box":{"x":102,"y":750,"width":47,"height":11}},{"id":"3e617423-6a60-46af-bc85-c25cb11b8604","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":749,"width":775,"height":12}},{"id":"efc309a9-4d99-4187-87ee-b7dbc3832832","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":764,"width":829,"height":12}},{"id":"317d7f71-f8b2-4acb-8ae0-3b26bd080d2f","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":779,"width":807,"height":12}},{"id":"434669ec-7c70-4561-8106-efbd3f728bb7","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":794,"width":811,"height":12}},{"id":"70e168c7-1c7f-4af2-8143-6fa6686695e6","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":809,"width":820,"height":11}},{"id":"279af762-fb30-406d-9671-3a9876dcfc51","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":824,"width":791,"height":11}},{"id":"e4a5e9b9-03b9-4bd1-97b4-20ee28d652a7","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":838,"width":789,"height":12}},{"id":"62f020c9-1401-438c-83ea-2daab8145848","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":854,"width":796,"height":11}},{"id":"6054279f-77e2-4bb7-8f68-18a2158f05ec","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":14,"box":{"x":102,"y":873,"width":335,"height":12}},{"id":"ebd1a6a5-1015-473f-a311-9438b1fa5ff7","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":14,"box":{"x":442,"y":873,"width":437,"height":12}},{"id":"d1e58534-c094-4ba0-85ad-ef31429e848d","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":888,"width":820,"height":12}},{"id":"3fc7f59d-9a13-4867-856f-07070422876d","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":903,"width":801,"height":11}},{"id":"62c52215-1dd1-4f96-9dc9-de93f9fd473a","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e419df97-838e-4b66-b3cb-dd261c857305","block_type":"box","text":"NM1026U-5978932-14/72","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b1228459-5bc5-4acf-8e55-ac0de4b28920","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":15,"box":{"x":101,"y":46,"width":824,"height":11}},{"id":"7b1f32c7-354b-4490-ac02-a7b38ff97545","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":15,"box":{"x":101,"y":60,"width":831,"height":12}},{"id":"aa1d3884-f95a-463b-bd81-de1fc9dd11e1","block_type":"box","text":"Futures","page_number":15,"box":{"x":102,"y":81,"width":54,"height":9}},{"id":"7190e00c-e87f-4777-a16b-2a28ab255536","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":15,"box":{"x":161,"y":81,"width":765,"height":11}},{"id":"49196d11-20f6-447a-b7fb-08aa49b6fd58","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":15,"box":{"x":101,"y":95,"width":786,"height":12}},{"id":"9d6b2938-b245-4b81-80c6-f08004cf6a54","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":15,"box":{"x":102,"y":110,"width":769,"height":12}},{"id":"5e00f5fc-bdf3-4f05-adc7-74edeff51d1a","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":15,"box":{"x":102,"y":125,"width":822,"height":11}},{"id":"5e1e229c-550a-4829-b7cc-3b37a2b3590a","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":15,"box":{"x":101,"y":140,"width":832,"height":11}},{"id":"21d6d27f-d23c-4e61-bedc-b33fb388d3f4","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":15,"box":{"x":101,"y":155,"width":806,"height":11}},{"id":"adaefa07-9e8e-494a-bbf0-5d18e3f3c1c0","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":15,"box":{"x":102,"y":169,"width":793,"height":12}},{"id":"03dff113-a719-4982-955c-43a34ee7dc6c","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":15,"box":{"x":102,"y":184,"width":787,"height":12}},{"id":"58555bdc-6970-4472-a132-1ad657291e86","block_type":"box","text":"default in the performance of its obligations.","page_number":15,"box":{"x":101,"y":199,"width":327,"height":12}},{"id":"5dfc19d8-69be-4dcf-9d2a-3608ff8ad9bb","block_type":"box","text":"Options","page_number":15,"box":{"x":102,"y":219,"width":55,"height":11}},{"id":"66292103-b2b9-4a6c-97cc-62826ce56665","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":15,"box":{"x":162,"y":219,"width":772,"height":12}},{"id":"ca1171f9-2e9d-43c2-ac0a-4662da5539cb","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":15,"box":{"x":101,"y":234,"width":812,"height":11}},{"id":"cd658cb6-a28c-4f2c-abb8-df2736e749b7","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":15,"box":{"x":101,"y":249,"width":827,"height":11}},{"id":"4fc474d7-bae5-47a2-8f1b-36f92098ca08","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":15,"box":{"x":101,"y":263,"width":781,"height":12}},{"id":"1e938c74-af59-4acd-a014-70edbcede73c","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":15,"box":{"x":102,"y":278,"width":785,"height":12}},{"id":"746face3-451d-4ddd-b13c-8ccdccfc061b","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":15,"box":{"x":101,"y":293,"width":831,"height":12}},{"id":"022c515a-634d-433c-9cf3-20f9d1a63325","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":15,"box":{"x":101,"y":308,"width":814,"height":11}},{"id":"7adab8bd-eae7-4da5-9c50-629ed00147c1","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":15,"box":{"x":101,"y":323,"width":826,"height":11}},{"id":"722ae5af-1ad3-46a8-9c7b-d77595492b11","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":15,"box":{"x":101,"y":338,"width":822,"height":11}},{"id":"78df9290-6c4d-439c-aacd-c7ce84abd728","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":15,"box":{"x":101,"y":352,"width":816,"height":12}},{"id":"1491a2fb-c302-4f85-99e7-934a5a59fab8","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":15,"box":{"x":101,"y":368,"width":442,"height":11}},{"id":"94e8d42c-0bee-4a4a-8706-c955e22a87e6","block_type":"box","text":"Equity Securities Risk","page_number":15,"box":{"x":81,"y":387,"width":166,"height":12}},{"id":"efcd410e-523c-4e46-9f74-5d6521e4f042","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":15,"box":{"x":251,"y":387,"width":666,"height":12}},{"id":"21cf2f9e-25de-42c9-9bce-97f6740d4e44","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":402,"width":850,"height":12}},{"id":"9a34face-d0b8-410f-9e58-d031b2c483cb","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":417,"width":802,"height":11}},{"id":"11d0e976-58b0-4465-bb28-6d7203f21b94","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":432,"width":854,"height":11}},{"id":"ff847c5c-7f9a-457b-bb1e-790b18f5afcb","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":447,"width":848,"height":11}},{"id":"5fe6f873-d089-4609-8234-34f219aacb02","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":462,"width":824,"height":11}},{"id":"0ab2f38c-0d06-402f-9171-08ee353be4b5","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":476,"width":782,"height":12}},{"id":"1c8a6000-371f-4465-82f3-39f928551321","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":491,"width":849,"height":12}},{"id":"851816b5-03ff-4cff-893c-876b96e30b6b","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":15,"box":{"x":82,"y":506,"width":482,"height":11}},{"id":"97b74f4c-858f-43b0-9e7e-9b8211733091","block_type":"box","text":"Foreign Securities Risk","page_number":15,"box":{"x":81,"y":526,"width":176,"height":11}},{"id":"dbc15b9e-8c42-4eeb-b6cf-0092ed655016","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":15,"box":{"x":260,"y":526,"width":677,"height":11}},{"id":"cfeefa63-8f33-4476-9d1a-fbf1df94b3ea","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":541,"width":827,"height":11}},{"id":"72255f09-2904-4bda-965b-669d89032a92","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":556,"width":837,"height":11}},{"id":"d588ac53-9b23-410c-a011-28cb0473c5a0","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":570,"width":849,"height":12}},{"id":"fbe7e4c3-56f8-47c2-9e7e-b9621379871d","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":585,"width":841,"height":12}},{"id":"b10b676e-9d11-4ec7-8946-aebb497950cf","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":600,"width":716,"height":12}},{"id":"a10a6b88-edf9-4629-b47a-38989e937877","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":15,"box":{"x":82,"y":620,"width":468,"height":12}},{"id":"ecaef8b6-a3ac-4694-96ce-c4fdfffa7f08","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":15,"box":{"x":555,"y":620,"width":358,"height":12}},{"id":"4b430207-c5ae-469a-94ab-001ad2789300","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":635,"width":813,"height":11}},{"id":"7ca58e2b-b7bf-44b7-9bf2-f859788526db","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":650,"width":791,"height":11}},{"id":"330a0430-350a-4eb2-b999-d5f6dfdaab45","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":664,"width":818,"height":12}},{"id":"195c8dfb-846b-45b8-a109-af729811a0db","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":679,"width":833,"height":12}},{"id":"458e582d-3e71-40ef-b663-d39762188e8e","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":694,"width":816,"height":12}},{"id":"d73d9029-85fd-47db-931d-cdbb2b7c156a","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":709,"width":827,"height":11}},{"id":"0d88f7c0-5c1a-4b15-b1b0-7298e175e209","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":724,"width":848,"height":11}},{"id":"4d19862f-1154-4604-a57a-9cb1e42d6d59","block_type":"box","text":"United States.","page_number":15,"box":{"x":82,"y":739,"width":102,"height":9}},{"id":"d3a3a6eb-46d9-4d52-85c9-cac9d7e5fd7c","block_type":"box","text":"Currency Risk","page_number":15,"box":{"x":82,"y":759,"width":100,"height":11}},{"id":"54fdccb0-55d5-42c7-b09a-8c24de21db48","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":759,"width":706,"height":11}},{"id":"0e1f81ee-9d68-48c1-8bc5-6b07d589d829","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":773,"width":823,"height":12}},{"id":"e1d21993-aaad-40b7-bac5-eac9fb669397","block_type":"box","text":"value of the Fund’s portfolio.","page_number":15,"box":{"x":80,"y":788,"width":211,"height":11}},{"id":"9f632f26-4fdf-4ea4-b85a-7ffd0b7494dc","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":808,"width":823,"height":12}},{"id":"ca4519d1-0e51-49d2-9a80-a36e56e52ed8","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":823,"width":834,"height":11}},{"id":"861e677b-b8bb-4591-b4f1-91c8a55ec9ed","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":838,"width":846,"height":11}},{"id":"9a781c68-26e8-47ba-b479-6d15e2d12d94","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":15,"box":{"x":82,"y":853,"width":826,"height":11}},{"id":"ece3a813-6ad7-4f37-b67d-240fb9cc7a73","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":15,"box":{"x":82,"y":868,"width":486,"height":9}},{"id":"9d177830-fe9a-4946-bd19-a3c17a644465","block_type":"box","text":"Foreign Economy Risk","page_number":15,"box":{"x":82,"y":888,"width":160,"height":11}},{"id":"d91e9a72-276d-4bc1-b672-00283558809e","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":15,"box":{"x":246,"y":887,"width":685,"height":12}},{"id":"41470d2f-cdaf-48cf-9f4f-d6922ae832b5","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":15,"box":{"x":80,"y":902,"width":785,"height":12}},{"id":"895cf305-8418-4a48-90e8-3ad4cba3278c","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":15,"box":{"x":82,"y":917,"width":845,"height":12}},{"id":"15b2606d-9590-4127-88d3-0d2bd9fcef67","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"7e73d292-10f3-45c2-9aa8-d187959aa57e","block_type":"box","text":"NM1026U-5978932-15/72","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8e1e2ec3-748a-4687-ac3c-c6c84beba8a0","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":46,"width":853,"height":11}},{"id":"f6cdc423-bd99-4dfd-a8fe-76cb8fe9a935","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":61,"width":831,"height":11}},{"id":"8e11a8b8-d700-4f96-a506-8bb40ebc3133","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":75,"width":846,"height":12}},{"id":"ec345c0b-f9dc-475d-80eb-fde2358a8def","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":90,"width":808,"height":11}},{"id":"6571940b-8d8c-4657-b4be-cff6a21260be","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":105,"width":851,"height":12}},{"id":"c473b0b8-4ef1-4ae5-8f25-1722e837c933","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":120,"width":832,"height":11}},{"id":"2c21b615-8735-47b6-85c8-63a717a581db","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":135,"width":814,"height":11}},{"id":"bffadd8f-0ffa-4497-a5b4-2da0c852b0af","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":149,"width":805,"height":12}},{"id":"47e7aa7a-881d-49bf-88b8-c38381dbca42","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":164,"width":827,"height":12}},{"id":"7cd0bcc5-f4ed-4491-a4f9-85e4e9655a4a","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":179,"width":801,"height":11}},{"id":"02ae70e2-c35c-4bef-9498-f312894a5ff7","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":194,"width":809,"height":11}},{"id":"e7405aea-2d96-4a21-b5f4-cd8022419bd8","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":209,"width":849,"height":11}},{"id":"346079d2-0c3b-4d6a-aab9-276279243c01","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":224,"width":848,"height":11}},{"id":"fb6dfc5a-b7ec-468c-ad03-bf9e6e5009dd","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":238,"width":774,"height":12}},{"id":"93420231-e5d8-4e94-a00b-2511d1e2fdc0","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":16,"box":{"x":81,"y":253,"width":355,"height":12}},{"id":"fd01bc23-9478-4e6c-b39e-9b03fac663ee","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":273,"width":838,"height":12}},{"id":"5896c454-af48-46ee-8357-1722523ce7b0","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":288,"width":815,"height":12}},{"id":"bd591d60-1f80-4da6-b8d5-da44411588c4","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":16,"box":{"x":82,"y":303,"width":827,"height":11}},{"id":"4326dd2e-0c96-4cca-9299-b3c53e6b5204","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":318,"width":832,"height":11}},{"id":"1eb55afd-e101-4151-b720-456af24d0a65","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":332,"width":781,"height":12}},{"id":"4a8f74c0-31fd-489c-93a1-47bc95e45ecc","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":348,"width":617,"height":11}},{"id":"a8fb5dc7-e5e3-4e98-9b3a-d1b58fb6fbbc","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":16,"box":{"x":82,"y":367,"width":476,"height":12}},{"id":"0640f938-bfa7-4dcf-a9bd-da37eeaa9a36","block_type":"box","text":"— Many foreign governments do not supervise","page_number":16,"box":{"x":563,"y":367,"width":344,"height":12}},{"id":"3c9215b6-2657-4ff9-823f-2cc413dc5090","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":382,"width":827,"height":12}},{"id":"0c78c618-1688-44d6-b5a9-560b0561397d","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":397,"width":855,"height":11}},{"id":"fc16d97f-41d3-46f5-8f2e-b6bdf03d352c","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":412,"width":831,"height":11}},{"id":"2e4e3af1-db8c-4586-8aa8-89d126a33f05","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":427,"width":800,"height":11}},{"id":"2e6f8de5-6b1f-4fe8-9bdc-19f9e04108da","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":441,"width":829,"height":12}},{"id":"a68b480f-7b18-4fe8-85de-ceb1f0ff44d7","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":456,"width":856,"height":12}},{"id":"f9bc1f22-e242-4c3c-8aee-50ff55b83e59","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":471,"width":834,"height":12}},{"id":"3b688b23-4b08-4c63-b12c-c77dceec845b","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":486,"width":844,"height":11}},{"id":"3d2cd45b-0e13-42b5-9d35-5acb601ccaab","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":16,"box":{"x":81,"y":501,"width":393,"height":11}},{"id":"f89b9763-9aeb-40eb-b758-60b3b9e6d934","block_type":"box","text":"Settlement Risk","page_number":16,"box":{"x":82,"y":521,"width":117,"height":9}},{"id":"3aa544ad-12e4-4672-a5b2-11004ac38a0b","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":16,"box":{"x":203,"y":521,"width":730,"height":11}},{"id":"ba61427a-8a02-4899-8499-e58ada0f01d0","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":536,"width":856,"height":11}},{"id":"317766d2-7c88-4843-b977-6b2930229d15","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":550,"width":784,"height":12}},{"id":"5397de77-1a88-46d3-974b-8b86f3284e9a","block_type":"box","text":"investments.","page_number":16,"box":{"x":82,"y":565,"width":92,"height":9}},{"id":"c9b27153-62c6-4811-ad43-0382a9f7e924","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":585,"width":825,"height":12}},{"id":"0527b236-4b8e-48c9-a966-cd046f2c9c6b","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":600,"width":839,"height":11}},{"id":"8cc2d4f7-b528-4790-8f5b-c08fb074919e","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":615,"width":854,"height":11}},{"id":"87b52ef8-01f4-4402-9ad0-891239c6da85","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":630,"width":839,"height":11}},{"id":"6fd0c984-9fdf-432a-a1e7-59c71b9a70f6","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":644,"width":841,"height":12}},{"id":"e2cbb004-80b7-4c58-a071-945c2e904024","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":16,"box":{"x":80,"y":659,"width":480,"height":12}},{"id":"77d188be-e3bc-4ff7-9f66-bb4e2e6f2026","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":16,"box":{"x":83,"y":680,"width":221,"height":11}},{"id":"b4b41762-dd20-4b22-87cd-fdea8a1cf193","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":16,"box":{"x":308,"y":679,"width":589,"height":12}},{"id":"d999be19-3385-4244-b056-084f86052b06","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":694,"width":838,"height":12}},{"id":"1a4f5666-5032-4b0d-8ecf-88fdbcc5703b","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":709,"width":834,"height":11}},{"id":"b8cba451-1ee4-444e-aa30-5bd42fa44311","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":724,"width":836,"height":11}},{"id":"d988dcdb-6f74-45bd-89f7-0b5b32e5340e","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":739,"width":854,"height":11}},{"id":"e14fe3c0-1652-4d9c-af37-5ea4e99fdb53","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":753,"width":831,"height":12}},{"id":"a6159ff6-4edf-4a0c-99f6-a013da2a05e9","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":768,"width":852,"height":12}},{"id":"411c8f63-3e73-4cb9-9600-53950c62b073","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":783,"width":848,"height":11}},{"id":"ed4b7c08-a791-4930-909b-12550ea61196","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":798,"width":831,"height":11}},{"id":"75eef92c-1b9e-4466-aa3e-94e5c65dc57e","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":813,"width":830,"height":11}},{"id":"e0562a87-53d4-4160-a768-a4aaa30dda78","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":827,"width":832,"height":12}},{"id":"c5eaa15d-e02f-41ae-af82-580f29bdd778","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":16,"box":{"x":82,"y":842,"width":836,"height":12}},{"id":"a2100f33-26cf-4836-946d-55daa47cdceb","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":16,"box":{"x":81,"y":857,"width":325,"height":9}},{"id":"a4e8e0b2-bd16-4d7a-b0a0-4457f71cd827","block_type":"box","text":"High Portfolio Turnover Risk","page_number":16,"box":{"x":81,"y":877,"width":212,"height":12}},{"id":"9d27da3c-139c-4ece-8bef-99b9e18cd125","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":16,"box":{"x":297,"y":877,"width":629,"height":12}},{"id":"b736a0c6-901d-4c5f-8bb7-46cea84e00b8","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":16,"box":{"x":82,"y":892,"width":812,"height":12}},{"id":"e4766805-4c68-435f-8cfb-f0ca92e49000","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":16,"box":{"x":81,"y":907,"width":817,"height":11}},{"id":"6c9299cf-7156-46a5-a847-10ecb58b1579","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"127f5cf4-ffe3-4604-8fd8-6f4b391bf651","block_type":"box","text":"NM1026U-5978932-16/72","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"28d38bd2-4a51-4d34-b76e-e67607cd2fb4","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":17,"box":{"x":81,"y":46,"width":760,"height":11}},{"id":"7f6dd3b8-1b4d-4afa-8bce-9c839cda400b","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":17,"box":{"x":81,"y":60,"width":852,"height":12}},{"id":"9560194e-0d33-4b37-9922-76eb9d43f1ca","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":17,"box":{"x":81,"y":75,"width":589,"height":12}},{"id":"9925bf6a-8d35-4c02-b78d-ec69b1cabb93","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":81,"y":95,"width":107,"height":12}},{"id":"339e0f5d-e9f7-4e6a-a023-a5dd3557de05","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":95,"width":741,"height":12}},{"id":"36a94a69-2ba4-4b85-b0fd-c4f866552fd3","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":110,"width":787,"height":12}},{"id":"aa3ba32e-6aaf-453d-9acf-cc93b3882a67","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":17,"box":{"x":82,"y":125,"width":825,"height":11}},{"id":"c1e712cd-7d7e-48c2-843e-ed5f806f8ebf","block_type":"box","text":"securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":17,"box":{"x":81,"y":140,"width":796,"height":11}},{"id":"14591ef1-f9a6-42b2-a2a2-e30d02afe9d5","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":17,"box":{"x":82,"y":155,"width":834,"height":11}},{"id":"b798ede2-c5bf-4de4-ba23-62093a7d59f6","block_type":"box","text":"with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate","page_number":17,"box":{"x":80,"y":169,"width":850,"height":12}},{"id":"eb4b8cd1-b2e6-42b1-aa53-3f7e6d90fac4","block_type":"box","text":"portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable","page_number":17,"box":{"x":82,"y":184,"width":819,"height":12}},{"id":"7fc1a4b1-a8cf-4a23-bcd2-1d6835019538","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":17,"box":{"x":82,"y":199,"width":850,"height":11}},{"id":"05735256-6e43-48a0-95ac-a3735d818e8b","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":17,"box":{"x":82,"y":214,"width":465,"height":11}},{"id":"f4c114ad-6e49-489c-928e-0918aae35c83","block_type":"box","text":"Market Risk and Selection Risk","page_number":17,"box":{"x":81,"y":234,"width":240,"height":9}},{"id":"b43e1564-2c91-4348-bb5a-c4ff5cd9cdb9","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":234,"width":593,"height":9}},{"id":"5a157a85-3478-4cff-bde5-3703b6225a21","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":249,"width":851,"height":11}},{"id":"73fdf660-ef6a-4d7a-af23-2f65932b92c6","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":263,"width":824,"height":12}},{"id":"df563cdb-438c-44b1-a872-1c4947ccfcb9","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":278,"width":851,"height":12}},{"id":"db9cf207-ee66-463d-9888-b906a6a8929d","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":293,"width":802,"height":12}},{"id":"56628c15-b1be-46dd-b82f-1faa6eef6d2f","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":308,"width":849,"height":12}},{"id":"403e44b6-554e-485f-a188-7248c9bf630a","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":323,"width":843,"height":11}},{"id":"70fdc838-179e-4c06-88ee-3bbf534d5af4","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":338,"width":830,"height":11}},{"id":"3cc46bd1-0b1a-465d-88b2-0ed0fef1591d","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":352,"width":840,"height":12}},{"id":"346cf5cd-7f0d-4393-a285-ebc1929096da","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":17,"box":{"x":81,"y":367,"width":789,"height":12}},{"id":"5164859e-cd82-4b28-8aba-70ccec8458b7","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":17,"box":{"x":81,"y":382,"width":823,"height":12}},{"id":"4eea2d49-c07d-4b17-ac5e-2ad875630c98","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":17,"box":{"x":81,"y":397,"width":784,"height":12}},{"id":"ad96595d-9213-4f8f-9b67-6918f9359cdf","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":17,"box":{"x":81,"y":412,"width":844,"height":11}},{"id":"0467af13-f8c6-4122-b78e-7c39610bbb0a","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":17,"box":{"x":81,"y":427,"width":855,"height":11}},{"id":"70abd944-f496-4d2f-b4e5-62004005a705","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":17,"box":{"x":81,"y":442,"width":373,"height":11}},{"id":"be511f28-0050-4ca2-8bd8-f3cb5780c47e","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":462,"width":818,"height":11}},{"id":"67b2798e-9255-4d7e-af1b-1dc9d2bae989","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":476,"width":819,"height":12}},{"id":"2b74cfaf-37c5-4d41-87ee-1f059e27b9ba","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":491,"width":819,"height":12}},{"id":"49cd6457-4636-467f-8db0-d9c3602d1c5e","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":506,"width":846,"height":11}},{"id":"ca45dbb3-1eec-4d1a-abb4-ffb7e8f34a50","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":521,"width":848,"height":11}},{"id":"47b9ec59-d410-4fba-a780-918c16f8edad","block_type":"box","text":"the Fund invests.","page_number":17,"box":{"x":80,"y":536,"width":125,"height":9}},{"id":"5cb59cb9-ca11-406f-856d-4ac817410ee8","block_type":"box","text":"Mid Cap Securities Risk","page_number":17,"box":{"x":81,"y":556,"width":182,"height":11}},{"id":"c6d1475c-cfc0-48b2-b2be-cca3d0f78d3f","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":555,"width":665,"height":12}},{"id":"02cd8348-6ce3-4c18-9069-abd21031373c","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":570,"width":789,"height":12}},{"id":"d3c16829-08f6-4ce2-a2e1-44ff957d7507","block_type":"box","text":"Model Risk","page_number":17,"box":{"x":81,"y":590,"width":85,"height":10}},{"id":"7b82b70b-c206-4bd3-8bcb-160af357045f","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":17,"box":{"x":170,"y":591,"width":722,"height":11}},{"id":"062a0852-02ad-44e8-940a-b3381cad48a3","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":17,"box":{"x":81,"y":605,"width":840,"height":12}},{"id":"8a579f9e-36e7-4921-b7df-687b33efdd6e","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes","page_number":17,"box":{"x":80,"y":620,"width":854,"height":12}},{"id":"f656532b-2a90-4762-aa05-c5cfc35369fb","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":17,"box":{"x":81,"y":635,"width":845,"height":11}},{"id":"223d77d1-d9e0-404a-84df-ede69195d673","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":17,"box":{"x":81,"y":650,"width":852,"height":11}},{"id":"9fac427b-a315-4720-89d4-ef54e26e67b1","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”) and other technological failures or various other events or","page_number":17,"box":{"x":82,"y":664,"width":835,"height":12}},{"id":"590a2bb9-7ff0-42b5-a91e-ad7a1131b99a","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":17,"box":{"x":81,"y":679,"width":779,"height":12}},{"id":"3f03beb0-c659-41c8-93b0-8dd784520189","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":17,"box":{"x":82,"y":694,"width":838,"height":12}},{"id":"b17dd2af-5ed6-4531-8090-b1b3db0a4eb6","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":17,"box":{"x":82,"y":709,"width":338,"height":9}},{"id":"ae785800-e86a-4179-bbcc-3a0e422e3f53","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":17,"box":{"x":81,"y":729,"width":789,"height":11}},{"id":"6486cb6c-9725-45f7-9638-a291837765fd","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":17,"box":{"x":82,"y":744,"width":800,"height":11}},{"id":"f57a2f6a-2d14-49c3-b135-6ac7d11a8db8","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":17,"box":{"x":82,"y":759,"width":824,"height":11}},{"id":"db21e91c-921b-4738-b50f-ced87094fbdb","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":17,"box":{"x":81,"y":773,"width":814,"height":12}},{"id":"976aa874-60b5-4a7c-97d0-9dbce714e729","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":17,"box":{"x":82,"y":788,"width":774,"height":12}},{"id":"7cb60659-9d30-42f4-a2a1-ebfd7e41536f","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":17,"box":{"x":82,"y":803,"width":808,"height":11}},{"id":"4e246638-062f-4719-92bb-5944661f6027","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":17,"box":{"x":82,"y":818,"width":840,"height":11}},{"id":"430b486c-c874-42e4-8a9f-44aa92826eab","block_type":"box","text":"by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such","page_number":17,"box":{"x":81,"y":833,"width":834,"height":11}},{"id":"72e5ba5e-d5ce-475b-b992-41c3877ab21a","block_type":"box","text":"data.","page_number":17,"box":{"x":81,"y":848,"width":36,"height":9}},{"id":"1852a42e-8878-49aa-923d-13b051d36cb8","block_type":"box","text":"“New Issues” Risk","page_number":17,"box":{"x":83,"y":868,"width":139,"height":9}},{"id":"4c011c81-9c61-47df-95c3-03196b872625","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":17,"box":{"x":226,"y":867,"width":673,"height":12}},{"id":"560f529c-f991-488d-a744-bf2be23808e5","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":882,"width":833,"height":12}},{"id":"668c1f58-8c13-4b39-a39e-c44b646a52b6","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":897,"width":853,"height":12}},{"id":"45334770-f8d0-4ddd-b7b1-8728e9f8bfe5","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":912,"width":778,"height":12}},{"id":"eceb0dac-a320-48fb-95e2-56ab6c8476e3","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"1663124f-4a19-487b-8a0d-68709c43f3d5","block_type":"box","text":"NM1026U-5978932-17/72","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"413db538-77d9-406b-ae9f-1047ac7bce16","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":18,"box":{"x":81,"y":46,"width":827,"height":11}},{"id":"648eb2c2-cf0c-4d5f-bf05-3019d7cd02f0","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":18,"box":{"x":82,"y":60,"width":838,"height":12}},{"id":"f837b267-4fd6-4da8-a67c-c850b1fe7e7e","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":18,"box":{"x":82,"y":75,"width":776,"height":12}},{"id":"09bd1aa0-c40c-41d9-9187-059a0b08c05b","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":18,"box":{"x":81,"y":90,"width":830,"height":12}},{"id":"a6535472-10c7-4982-96b2-d369642d2f30","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":18,"box":{"x":82,"y":105,"width":834,"height":12}},{"id":"2e491365-cf02-424e-9e51-d2c086eb1831","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":18,"box":{"x":80,"y":120,"width":844,"height":11}},{"id":"8742b6fc-417d-44bd-8ea0-371bd6e9dd98","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":18,"box":{"x":81,"y":135,"width":840,"height":11}},{"id":"4bb31bfb-f4f6-4a7e-8127-8f0fded2149f","block_type":"box","text":"price as it would like.","page_number":18,"box":{"x":82,"y":150,"width":153,"height":11}},{"id":"793cde35-717b-441b-b690-af82efba2473","block_type":"box","text":"Operational and Technology Risks","page_number":18,"box":{"x":82,"y":170,"width":254,"height":11}},{"id":"e52d9f28-a4f5-4a4b-8e35-21ae3f0a7840","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":18,"box":{"x":340,"y":170,"width":549,"height":11}},{"id":"207e7d98-178e-406b-80cd-105e77db457f","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":18,"box":{"x":81,"y":184,"width":790,"height":12}},{"id":"d7ec2015-9866-48d3-af3a-0b78cf361b40","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":18,"box":{"x":81,"y":199,"width":833,"height":11}},{"id":"cb0c93e7-6bd0-467d-9083-fa34f37ec949","block_type":"box","text":"the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the","page_number":18,"box":{"x":80,"y":214,"width":826,"height":11}},{"id":"96708fbb-3722-485a-ae80-0933294d1422","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":18,"box":{"x":82,"y":229,"width":754,"height":11}},{"id":"71516523-7058-4b37-a960-1a5f73906e02","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":18,"box":{"x":81,"y":244,"width":845,"height":11}},{"id":"ed0b47c2-ec91-4d38-b70d-c91639da8aa6","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":18,"box":{"x":82,"y":258,"width":805,"height":12}},{"id":"a53f1dcc-a341-4b35-8947-4713331df04e","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":18,"box":{"x":81,"y":273,"width":815,"height":12}},{"id":"2d9f29f5-b605-4336-8bd4-b6f5a1dc9e00","block_type":"box","text":"consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may","page_number":18,"box":{"x":81,"y":288,"width":850,"height":11}},{"id":"0553343e-0663-4d2b-aaa4-fe225991d9ad","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":18,"box":{"x":82,"y":303,"width":558,"height":11}},{"id":"73f7d763-29b4-4c29-9c13-3480a3e40961","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":323,"width":821,"height":11}},{"id":"9846a31d-e593-4b3e-a65a-1c585ac70e9a","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":338,"width":814,"height":11}},{"id":"13351559-8a7a-4ecd-a052-c3e11b13fbe8","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":352,"width":824,"height":12}},{"id":"44524e64-8cae-4517-bc0f-582874fc717b","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":18,"box":{"x":81,"y":367,"width":791,"height":12}},{"id":"e5742806-a09e-4683-a21e-eaa7f41b8860","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":382,"width":852,"height":12}},{"id":"5762889e-d266-4371-bd1a-3e24e768aaf1","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":397,"width":784,"height":12}},{"id":"0961cc85-13dd-48f5-8245-aa56bee37af6","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":412,"width":787,"height":11}},{"id":"83d7db93-c7ed-4f62-946c-dcddf8d0f96a","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":427,"width":840,"height":11}},{"id":"5106bb2c-e1f1-4ebb-9530-9510b72aa681","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":441,"width":809,"height":12}},{"id":"64751f02-0ac9-4c6f-b3ef-aee1aa6cb7ed","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":18,"box":{"x":81,"y":456,"width":829,"height":12}},{"id":"a5043ba2-3a38-4544-9f5c-53ceed68548e","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":471,"width":798,"height":12}},{"id":"7fe6b51d-86c6-483b-9498-8502a7bc4956","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":486,"width":829,"height":11}},{"id":"e7575daf-5be5-4320-81b1-fdb18589540a","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":18,"box":{"x":82,"y":501,"width":846,"height":11}},{"id":"7fd22951-4758-4fd8-9bf8-790e1e546e4d","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":516,"width":846,"height":11}},{"id":"8d350e8b-2b60-45fe-b804-c9067924bf35","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":530,"width":838,"height":12}},{"id":"d6e6a268-79ee-412b-8e26-021141846e75","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":545,"width":770,"height":12}},{"id":"a91773bb-522f-481f-8c65-edc6f6d01c04","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":560,"width":792,"height":12}},{"id":"e26e5c40-1d85-4b93-a71d-9eb6f15cdce8","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":575,"width":845,"height":11}},{"id":"4c701f01-1ac9-4c3c-9f1f-391f869e6697","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":590,"width":840,"height":11}},{"id":"63f7c114-8a41-498b-9efd-11701b895c9b","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":605,"width":841,"height":11}},{"id":"83481890-623f-4193-b202-62526eee317c","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":619,"width":847,"height":12}},{"id":"f9e1df4a-6b33-4aa1-baf2-9ec628e6a1c3","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":634,"width":838,"height":12}},{"id":"cb4e0273-fff5-4952-968f-732b87dce9c3","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":649,"width":847,"height":12}},{"id":"e71e0e96-612d-4461-a5e5-f4e2156b1f81","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":664,"width":845,"height":11}},{"id":"5f249c63-3b79-4402-862b-a084ffc270a3","block_type":"box","text":"and the associated risks to the Fund.","page_number":18,"box":{"x":81,"y":679,"width":273,"height":9}},{"id":"0f08e159-326f-45bd-9f3e-099c878a14c0","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":699,"width":769,"height":11}},{"id":"c8dcf1ae-c040-4c85-9dc8-906c19c44895","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":713,"width":855,"height":12}},{"id":"a309323e-85c9-4bb6-9886-5131e798d115","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":728,"width":848,"height":12}},{"id":"38c9757b-182a-4018-ae36-5444ac486168","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":743,"width":777,"height":12}},{"id":"1f2a8425-5517-4891-83c5-2e3f0f5ef68c","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":758,"width":824,"height":11}},{"id":"66dbb998-8cb1-4b32-968e-645bb0b37c76","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":773,"width":785,"height":11}},{"id":"6e5345a6-be7c-4e50-8a4c-0de8df126be5","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":788,"width":853,"height":11}},{"id":"599c450e-7b79-4617-8809-ef0ab8affd3a","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":802,"width":855,"height":12}},{"id":"e4373959-fa3c-4e5a-aa20-21662c99588c","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":817,"width":813,"height":12}},{"id":"ba8eff13-1ce1-4354-bd95-2cb89c5eaf02","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":832,"width":806,"height":11}},{"id":"fa63d489-fedc-40a6-91e9-ffcb4c18f656","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":18,"box":{"x":82,"y":847,"width":602,"height":11}},{"id":"e99d3e79-d078-43db-acc2-dce4edf2ae0b","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":867,"width":794,"height":11}},{"id":"c1004985-3b5d-4ad7-8a26-c0b7d04ad699","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":882,"width":840,"height":11}},{"id":"1b7a97c9-4c39-4a55-8f17-647bcdc1a6e4","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":897,"width":801,"height":11}},{"id":"2058a406-1d45-4aa5-b086-81a30a3a5bfc","block_type":"box","text":"resources to monitor and implement required changes.","page_number":18,"box":{"x":82,"y":912,"width":402,"height":11}},{"id":"a9ad7f17-97a9-470b-9393-ef3f7d8baba5","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"94a5712a-6cea-4093-8010-b6deb9f81790","block_type":"box","text":"NM1026U-5978932-18/72","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"32a86a23-b62a-4f48-8737-1e721d4b3e95","block_type":"box","text":"Preferred Securities Risk","page_number":19,"box":{"x":81,"y":46,"width":189,"height":9}},{"id":"1afa3d6b-dc5e-4aaf-b7f9-6237be7b6ff8","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":19,"box":{"x":274,"y":46,"width":636,"height":11}},{"id":"27073c23-3480-44d5-94c6-d828b12529ab","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":19,"box":{"x":81,"y":60,"width":824,"height":12}},{"id":"fbdfab88-99a5-40e0-a72b-f211bafd13b6","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":19,"box":{"x":82,"y":75,"width":806,"height":12}},{"id":"24d1fbfe-0fdf-4a22-a63f-858bd77f8a2f","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":19,"box":{"x":81,"y":90,"width":842,"height":12}},{"id":"5df26166-ce06-4b57-bfcb-c65da4a298a4","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":19,"box":{"x":81,"y":105,"width":781,"height":12}},{"id":"31d548a1-c896-4f45-8b26-d20008f1934a","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":19,"box":{"x":81,"y":120,"width":812,"height":11}},{"id":"c7e0f628-1666-4bf1-b00f-88cb0dfaaba1","block_type":"box","text":"larger companies.","page_number":19,"box":{"x":82,"y":135,"width":129,"height":11}},{"id":"4fe74954-2015-4502-a450-fb9ed1ae3f47","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":19,"box":{"x":61,"y":158,"width":296,"height":12}},{"id":"669bf70e-aa74-426c-bc42-f6aa40223208","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":174,"width":832,"height":11}},{"id":"95f8f8af-d158-45d3-a625-9d50c82b1c09","block_type":"box","text":"strategies, including:","page_number":19,"box":{"x":61,"y":189,"width":151,"height":11}},{"id":"0c76bba0-b73e-47bd-817d-2dc786e81b9d","block_type":"box","text":"Borrowing Risk","page_number":19,"box":{"x":81,"y":209,"width":115,"height":11}},{"id":"ee629523-0284-4e88-8112-2fde613e4aa3","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":209,"width":711,"height":11}},{"id":"b6d0c144-f35d-4f3d-bd2c-96b7b4a4e774","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":224,"width":813,"height":11}},{"id":"6cf8e41b-820e-4c46-bfe8-6ae24ea13914","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":239,"width":846,"height":11}},{"id":"34c6b130-1618-4417-9bd6-51fa2219883d","block_type":"box","text":"do so to satisfy its obligations.","page_number":19,"box":{"x":81,"y":253,"width":225,"height":12}},{"id":"e49e6434-4597-446b-b24b-e89f1568955a","block_type":"box","text":"Depositary Receipts Risk","page_number":19,"box":{"x":81,"y":273,"width":191,"height":12}},{"id":"de12e53d-00c4-4bd5-bc24-cb550fa8a248","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":19,"box":{"x":276,"y":273,"width":639,"height":12}},{"id":"f909ed04-ba8a-40a2-afd3-959dacbe8d23","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":288,"width":786,"height":11}},{"id":"90495aad-0b70-4040-8276-9abdc9b39227","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":303,"width":824,"height":11}},{"id":"e387d024-b4ad-4e53-a7c6-84473173df63","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":318,"width":827,"height":11}},{"id":"ee46d4ed-3c23-4255-af3e-aaf721d490c4","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":332,"width":849,"height":12}},{"id":"858765a5-c32e-491b-b925-6da23287b5ab","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":347,"width":840,"height":12}},{"id":"cc8cf419-b84c-4201-baf9-ba96831c1f0b","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":362,"width":824,"height":12}},{"id":"80aa30d1-d575-48d9-976f-1fbd0cdb4106","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":377,"width":798,"height":11}},{"id":"1fa57e2f-5bfd-4ec7-b410-338cea05a53e","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":392,"width":847,"height":11}},{"id":"fa00a4ea-de30-41d3-8269-add8bbdf0391","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":407,"width":804,"height":11}},{"id":"cdab8fcc-be06-4bb2-926f-d0df6be9e1cc","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":19,"box":{"x":81,"y":421,"width":558,"height":12}},{"id":"0a3aaf56-ce53-44e6-a38f-b43c8d408e33","block_type":"box","text":"Emerging Markets Risk","page_number":19,"box":{"x":81,"y":442,"width":178,"height":11}},{"id":"5086b6f9-61c7-4455-947f-6bd431bd5878","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":19,"box":{"x":263,"y":441,"width":610,"height":12}},{"id":"581b86a1-513f-452e-b313-72f05f2ae061","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":19,"box":{"x":82,"y":456,"width":848,"height":12}},{"id":"31f8665e-60d6-4b92-83d3-461052e8aa8a","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":19,"box":{"x":81,"y":471,"width":842,"height":12}},{"id":"43635a37-9d41-4944-b31d-d5212bac8450","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":19,"box":{"x":82,"y":486,"width":838,"height":11}},{"id":"015bba7f-bea3-4e16-a73f-329554bb1085","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":19,"box":{"x":81,"y":501,"width":825,"height":11}},{"id":"0aa56ac2-02f2-4e74-bc8e-0bf5c6ba2893","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":19,"box":{"x":82,"y":516,"width":847,"height":11}},{"id":"a2cda037-e026-4cfb-888b-f98eaeafe2ed","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":19,"box":{"x":81,"y":530,"width":853,"height":12}},{"id":"870b3271-e20b-44bc-bc20-f3ff45d67cee","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":19,"box":{"x":81,"y":545,"width":823,"height":12}},{"id":"acdf2eda-0801-41bd-a007-d98bf3f523bf","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":19,"box":{"x":82,"y":560,"width":825,"height":12}},{"id":"8774456f-22f3-4878-9715-69c42d2c8423","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":19,"box":{"x":81,"y":575,"width":855,"height":11}},{"id":"88a416fb-472d-44ce-a153-e111ba4e1314","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":19,"box":{"x":82,"y":590,"width":827,"height":11}},{"id":"43af621f-34da-4c9c-b7fb-aeeb286ef94f","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":19,"box":{"x":82,"y":604,"width":843,"height":12}},{"id":"d7b4d5cb-6402-45b0-a301-25143ca8ec81","block_type":"box","text":"to those to which U.S. companies are subject. Communications between the United States and emerging market","page_number":19,"box":{"x":80,"y":619,"width":830,"height":12}},{"id":"262d338f-24a7-45eb-bc4f-793f6b9d69ea","block_type":"box","text":"countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. In addition,","page_number":19,"box":{"x":81,"y":634,"width":854,"height":12}},{"id":"5f061e70-b88f-477c-8cb6-7ff655c67c8d","block_type":"box","text":"foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting","page_number":19,"box":{"x":81,"y":649,"width":820,"height":12}},{"id":"b6d82a88-d321-46a3-91fa-6267772e0e3c","block_type":"box","text":"standards and auditor oversight requirements, which may significantly decrease the liquidity and value of the","page_number":19,"box":{"x":81,"y":664,"width":798,"height":11}},{"id":"72572746-ca8c-412f-acba-c9f1b87d8f15","block_type":"box","text":"securities.","page_number":19,"box":{"x":81,"y":679,"width":74,"height":9}},{"id":"7bcbb7c7-5678-4d75-8e87-3c68f9166d6f","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":19,"box":{"x":82,"y":699,"width":802,"height":11}},{"id":"c0e5f5b6-9d23-42e8-830d-1ad4770667dd","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":19,"box":{"x":81,"y":713,"width":774,"height":12}},{"id":"01cbcc21-1585-4ed8-bdd7-d11af0a5862e","block_type":"box","text":"investment than those of more developed countries. Some countries have pervasive corruption and crime that may","page_number":19,"box":{"x":82,"y":728,"width":845,"height":12}},{"id":"0ddd36e0-6c77-4db3-bf43-ffbb1e056574","block_type":"box","text":"hinder investments. Certain emerging markets may also face other significant internal or external risks, including","page_number":19,"box":{"x":82,"y":743,"width":830,"height":12}},{"id":"ce69f80a-2be4-4d19-9982-5b2d78b6d770","block_type":"box","text":"the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market","page_number":19,"box":{"x":80,"y":758,"width":790,"height":11}},{"id":"0db66d73-e25b-4b0e-a92f-d4affe862084","block_type":"box","text":"countries participate to a significant degree in their economies and securities markets, which may impair","page_number":19,"box":{"x":81,"y":773,"width":772,"height":11}},{"id":"a1cd9c64-a240-4cac-b8b6-fc99fbbd8b85","block_type":"box","text":"investment and economic growth.","page_number":19,"box":{"x":82,"y":788,"width":244,"height":11}},{"id":"e7db644a-a42f-4659-a428-e6514ecee7c4","block_type":"box","text":"Expense Risk","page_number":19,"box":{"x":81,"y":808,"width":102,"height":11}},{"id":"f4cee4b8-7e40-4554-ac78-5b36b7f3f961","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":808,"width":734,"height":11}},{"id":"dba792e3-2a93-4232-a3f2-b679c06ca505","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":823,"width":855,"height":11}},{"id":"479c668b-cf1e-43a0-b28e-6bbd152b67dc","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":837,"width":842,"height":12}},{"id":"db129486-ab8d-4d3a-8081-459af45a3cf0","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":852,"width":808,"height":12}},{"id":"35d6e958-888a-41bf-9f5b-64b4ef1f3550","block_type":"box","text":"significant.","page_number":19,"box":{"x":81,"y":867,"width":78,"height":11}},{"id":"eec25fc8-098b-4816-969a-be2d9a41a84f","block_type":"box","text":"Illiquid Investments Risk","page_number":19,"box":{"x":81,"y":887,"width":186,"height":11}},{"id":"070ad968-f2d6-4057-b4f0-e324c16fbcaf","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":19,"box":{"x":271,"y":887,"width":648,"height":11}},{"id":"f166aacf-aee9-4e13-afee-8cbef537e58f","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":19,"box":{"x":80,"y":902,"width":841,"height":11}},{"id":"84c8c51a-43b5-48c5-bed4-e53dd5bddf8f","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":19,"box":{"x":82,"y":916,"width":831,"height":12}},{"id":"2b804ea1-1db0-47fe-8364-801ba0387388","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"150eef49-4768-4945-8717-ce95e0cf313e","block_type":"box","text":"NM1026U-5978932-19/72","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3fe18ed0-73fb-424d-b8ef-fb63595a71cd","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":46,"width":811,"height":11}},{"id":"d5533f07-8d07-4b6c-b54d-c88e8ef70d81","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":60,"width":825,"height":12}},{"id":"df4cdad0-f5fb-4a64-83da-ee219b3a1e01","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":76,"width":837,"height":11}},{"id":"b428bbf1-6bb4-48b0-9cd6-2303af677245","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":90,"width":851,"height":12}},{"id":"267c2007-41a1-4bfb-b870-5d2f23c22ff0","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":105,"width":835,"height":12}},{"id":"17d9f095-e5ca-4f4b-92e0-4f31bb36313a","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":120,"width":835,"height":11}},{"id":"dc00c14d-0a76-4699-91f6-576fc1163e23","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":135,"width":791,"height":11}},{"id":"978ee1a0-fbb1-4769-a7c5-10c46a117d11","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":20,"box":{"x":81,"y":150,"width":846,"height":11}},{"id":"9477acac-e597-467e-a877-4508de58e7ab","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":164,"width":835,"height":12}},{"id":"ce1be2ec-0e91-41e1-9c56-67c1f8cfa417","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":179,"width":839,"height":12}},{"id":"ac205517-0ffd-48b1-8275-17165f925f52","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":194,"width":834,"height":11}},{"id":"f210143e-b435-4e43-a752-16d6bae9e971","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":20,"box":{"x":81,"y":209,"width":815,"height":11}},{"id":"47099122-f887-453f-b7d1-f881d10f480d","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":224,"width":835,"height":11}},{"id":"5a9afdd8-2393-48ce-841f-3288b76a6843","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":238,"width":827,"height":12}},{"id":"6cfc45ee-9acb-4d40-9c1e-cc2ad9b00435","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":253,"width":831,"height":12}},{"id":"a16265e6-231a-4890-a8a2-1da47ba64339","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":20,"box":{"x":81,"y":268,"width":304,"height":11}},{"id":"9bfa8e53-9533-45b1-83bc-0e925b3e9ed0","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":20,"box":{"x":81,"y":288,"width":366,"height":11}},{"id":"7f0730df-67c9-4a5f-82f9-ad10d158271b","block_type":"box","text":"— As with other investments, investments in other investment","page_number":20,"box":{"x":450,"y":288,"width":459,"height":11}},{"id":"4c0dc14d-3e4a-4e96-a046-2e0f2addb186","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":303,"width":815,"height":11}},{"id":"08df6948-177f-489f-8a90-90f193adb8bb","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":318,"width":844,"height":11}},{"id":"4db1190e-2ac9-4432-b09a-5f837548101f","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":332,"width":822,"height":12}},{"id":"78a05e98-5ff8-4ca8-b6b8-33d208d70199","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":347,"width":829,"height":12}},{"id":"c86dab99-9848-41b9-836f-e59cc323d21d","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":362,"width":628,"height":12}},{"id":"10e220b1-3d4c-4717-9b14-0dcc5708b302","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":20,"box":{"x":81,"y":382,"width":396,"height":12}},{"id":"4cd52651-75dc-4854-8736-70c83a4aa6d4","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":20,"box":{"x":481,"y":382,"width":440,"height":12}},{"id":"d87d1249-f8dd-42fe-8a86-3217b56b0aec","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":397,"width":801,"height":11}},{"id":"36f4c220-d3ec-4f65-8efd-77f09db384fe","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":412,"width":825,"height":11}},{"id":"3315aba5-107b-49d8-9dac-9c38354745d3","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":427,"width":816,"height":11}},{"id":"53d1f89e-9e42-4b80-a308-23322414d391","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":441,"width":818,"height":12}},{"id":"4c68915d-3972-42d7-8510-013623f41594","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":456,"width":835,"height":12}},{"id":"bc3df9d4-6ebf-4a9f-8814-ca4a5205cf27","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":471,"width":807,"height":11}},{"id":"8b495eb3-3a88-403e-a4e6-3d94873e6f28","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":486,"width":841,"height":11}},{"id":"ccb2adb3-a23a-469c-b882-ab2a6f6a6f1d","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":501,"width":855,"height":11}},{"id":"cd50335b-8c19-45dd-876a-a1d83ad31495","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":516,"width":751,"height":10}},{"id":"a781494c-1d4e-4c42-9c2e-d3491a1aff7d","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":20,"box":{"x":81,"y":531,"width":785,"height":11}},{"id":"865f8386-86e8-4c17-8a62-d58655ace466","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":545,"width":841,"height":12}},{"id":"668decb6-8409-4a6d-aa43-ada5fa8cad09","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":560,"width":824,"height":12}},{"id":"eff50c41-528c-45fa-8495-747ff32c0c55","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":575,"width":822,"height":11}},{"id":"492da132-a937-4d31-911a-07b8b2daa272","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":590,"width":801,"height":11}},{"id":"0e710e9a-a73a-4477-82b3-eddb5a1d5d9d","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":605,"width":765,"height":11}},{"id":"382190c4-0ac2-430e-961f-ff03f252cd78","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":619,"width":852,"height":12}},{"id":"73299a1f-fe8a-409e-8efa-a1d51654018c","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":634,"width":847,"height":12}},{"id":"1d3a5010-40eb-498c-bb43-75ec4c4e6454","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":649,"width":847,"height":12}},{"id":"f5edf0e2-9845-4185-8a83-ee0d46a944d2","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":664,"width":845,"height":11}},{"id":"888d45d7-46e3-4b8f-aeee-f42040cd4946","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":679,"width":835,"height":11}},{"id":"d9cb0b45-9ed9-4800-b9a3-4d5061dd9dce","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":693,"width":839,"height":12}},{"id":"08023cf7-9537-4593-a8ae-d265d741912e","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":20,"box":{"x":82,"y":709,"width":461,"height":11}},{"id":"45e60a7b-571e-4321-8311-8998f18348ce","block_type":"box","text":"Money Market Securities Risk","page_number":20,"box":{"x":81,"y":728,"width":229,"height":12}},{"id":"0b6d8937-bc14-4496-8536-2784cb21f3dc","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":20,"box":{"x":314,"y":728,"width":570,"height":11}},{"id":"b11e0eca-9407-4db9-995b-3f9b7c96a8de","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":20,"box":{"x":81,"y":743,"width":819,"height":12}},{"id":"366c5781-c188-4322-b319-c6cd25345465","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":20,"box":{"x":82,"y":758,"width":657,"height":11}},{"id":"3fb5c7b7-3108-4aca-a532-fc2dafee6be2","block_type":"box","text":"Ownership Limitations Risk","page_number":20,"box":{"x":82,"y":778,"width":205,"height":11}},{"id":"94ceb934-2fa7-4edd-a8be-7d0721831c9a","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":20,"box":{"x":291,"y":778,"width":610,"height":11}},{"id":"f8b9992c-ffcd-4a10-99b9-1733f1b8afd8","block_type":"box","text":"transactions undertaken by BlackRock Advisors, LLC (“BlackRock”), its affiliates or the Fund, or as a result of third","page_number":20,"box":{"x":80,"y":793,"width":849,"height":11}},{"id":"fe7743c2-42a7-4c7d-b373-abadfed4fdea","block_type":"box","text":"party transactions or actions by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients","page_number":20,"box":{"x":82,"y":808,"width":845,"height":11}},{"id":"eaba465d-57da-45ab-a166-1b29d36fc19e","block_type":"box","text":"(including the Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may","page_number":20,"box":{"x":81,"y":822,"width":851,"height":12}},{"id":"d764c294-ac24-4f99-ac5f-37d1801ba77f","block_type":"box","text":"be restricted by law, regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities","page_number":20,"box":{"x":81,"y":837,"width":851,"height":12}},{"id":"84afe4ee-a3eb-46ba-8efc-b325a0d4a38d","block_type":"box","text":"or other assets may be affected by the relevant threshold limits, and such limitations may have adverse effects on","page_number":20,"box":{"x":81,"y":852,"width":843,"height":11}},{"id":"11279101-4461-42a5-b899-c98b9ed231cc","block_type":"box","text":"the liquidity and performance of the Fund’s portfolio holdings.","page_number":20,"box":{"x":80,"y":867,"width":455,"height":11}},{"id":"7d2b3634-eac0-4919-af02-85438a52ef7d","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":20,"box":{"x":82,"y":887,"width":826,"height":11}},{"id":"c35f3848-1c9e-432f-8f73-8c0caefcb11a","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":20,"box":{"x":81,"y":902,"width":848,"height":11}},{"id":"9b1cc213-fb49-4b23-bd56-a19eccf58a59","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":20,"box":{"x":81,"y":916,"width":799,"height":12}},{"id":"6e8cdf0d-0aae-4308-882b-35ff816018a1","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"866229c3-d266-4eb4-a477-eb37386976cb","block_type":"box","text":"NM1026U-5978932-20/72","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dd851177-ef8c-4be1-8b31-be82265781ed","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":46,"width":828,"height":11}},{"id":"0d3206a2-bd06-4d80-810f-dd4f7131457c","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":60,"width":828,"height":12}},{"id":"b010c92a-5098-466d-af46-4767cfc9e3bc","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":75,"width":837,"height":12}},{"id":"e1d1ffcc-8dd8-4499-86ab-d02f0165d1d2","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":90,"width":837,"height":12}},{"id":"18bf3432-0d0b-4218-b4cf-9de06e28af02","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":105,"width":800,"height":12}},{"id":"09fdf86f-4fe5-4715-8bdf-ad8480eaa686","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":21,"box":{"x":81,"y":120,"width":678,"height":11}},{"id":"805dbf74-da89-4851-b2f4-5f2fee201f9b","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":140,"width":842,"height":11}},{"id":"74589be4-da4c-4209-81d9-7be5d1d7f18d","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":155,"width":833,"height":11}},{"id":"ef633a23-8a03-4576-b86e-9c46fe9e5f08","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":21,"box":{"x":82,"y":169,"width":582,"height":12}},{"id":"a0a729b6-fcf1-4f8e-81ac-bbfa2a2479e2","block_type":"box","text":"REIT Investment Risk","page_number":21,"box":{"x":81,"y":190,"width":163,"height":9}},{"id":"9b737218-0572-4444-bf98-9cf8cd694607","block_type":"box","text":"—","page_number":21,"box":{"x":248,"y":194,"width":17,"height":2}},{"id":"034cd4ac-9323-4bdb-bb9e-741189e2616a","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in property","page_number":21,"box":{"x":271,"y":189,"width":653,"height":12}},{"id":"faa65bfe-2230-40d5-b5d4-f74d3ab26c78","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":21,"box":{"x":80,"y":204,"width":846,"height":12}},{"id":"f62d3896-8dc1-44e7-8a29-ab2bc201f76e","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":21,"box":{"x":81,"y":219,"width":829,"height":11}},{"id":"98e8bed9-2b65-4f02-b8c4-43cf41bc11ef","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":21,"box":{"x":80,"y":234,"width":793,"height":11}},{"id":"b2002251-3c04-4020-9393-e97eac448708","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":21,"box":{"x":82,"y":249,"width":836,"height":11}},{"id":"aadbb6f6-bb0f-4910-92b4-c32572968593","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":21,"box":{"x":81,"y":263,"width":814,"height":12}},{"id":"87523497-3291-47bb-90c7-2ceb7e1ddfd5","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":21,"box":{"x":81,"y":278,"width":825,"height":12}},{"id":"0171b1cb-d3d6-45f8-8934-2d1a4d8d6dd3","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":21,"box":{"x":81,"y":293,"width":797,"height":12}},{"id":"f90b9fe9-9ad1-4d95-be6b-f24b71def8a0","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":21,"box":{"x":81,"y":308,"width":812,"height":12}},{"id":"0441e63c-0d0b-4a3e-8e3f-ce757c7cd009","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":21,"box":{"x":82,"y":323,"width":838,"height":11}},{"id":"72335819-a5f5-4f44-a8a6-9dd15090d17a","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":21,"box":{"x":81,"y":338,"width":832,"height":11}},{"id":"1c0f0f34-341d-415a-90bf-8003654c32d9","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":21,"box":{"x":82,"y":352,"width":809,"height":12}},{"id":"8c256c90-3eba-4ec7-9204-e4cb2d441397","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":21,"box":{"x":81,"y":367,"width":819,"height":12}},{"id":"d2680f7b-933c-4d84-a3b4-41505007327b","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":21,"box":{"x":81,"y":382,"width":813,"height":12}},{"id":"9f45e0d4-529e-406b-84a2-9a1f1fac6b83","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":21,"box":{"x":81,"y":397,"width":434,"height":12}},{"id":"04d1e533-0ded-4098-ac26-46c2fabdea35","block_type":"box","text":"Reliance on Advisor Risk","page_number":21,"box":{"x":81,"y":417,"width":188,"height":9}},{"id":"73a47741-b4f6-4d26-b600-45638eb78275","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":21,"box":{"x":273,"y":417,"width":614,"height":11}},{"id":"f7c93bde-0460-411f-b98d-778e4bd98166","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":432,"width":830,"height":11}},{"id":"5e4e4e87-9a2e-496a-a00f-b9b59b591d54","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":447,"width":856,"height":11}},{"id":"76e5ee2d-6c90-4307-863d-497de75eb85f","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":461,"width":841,"height":12}},{"id":"29ab0248-da60-4288-b2b4-c69656aa82f1","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":476,"width":649,"height":12}},{"id":"385f4a23-a20d-49bf-a7a2-6e075e4266b0","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":21,"box":{"x":81,"y":496,"width":481,"height":12}},{"id":"08954288-62db-42ac-b15c-506b7a2a8dd6","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":21,"box":{"x":565,"y":496,"width":370,"height":12}},{"id":"74a66321-ef11-4fe5-92c1-bc206fda5c8f","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":21,"box":{"x":82,"y":511,"width":827,"height":12}},{"id":"b0acf984-174f-440f-88b9-844a5767b847","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":21,"box":{"x":81,"y":526,"width":816,"height":11}},{"id":"610e4391-e715-49ad-a4c3-ee08c638757f","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":21,"box":{"x":81,"y":541,"width":647,"height":11}},{"id":"0541e0d6-e9fa-4a3b-972b-142ba8781148","block_type":"box","text":"Restricted Securities Risk","page_number":21,"box":{"x":81,"y":561,"width":198,"height":9}},{"id":"d79212d3-168a-4ac9-a777-b8b70ad5814d","block_type":"box","text":"—","page_number":21,"box":{"x":284,"y":566,"width":17,"height":1}},{"id":"790b43a8-2cdb-499b-8ae3-1b9d12676040","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":21,"box":{"x":306,"y":561,"width":571,"height":11}},{"id":"5b7bead5-8cd2-4738-937c-64c2c42d6bbe","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":21,"box":{"x":82,"y":575,"width":843,"height":12}},{"id":"b5412943-fb7c-44e1-9e49-f33872c45d07","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":21,"box":{"x":81,"y":590,"width":813,"height":12}},{"id":"0d90ee79-9694-4a51-aeed-3d93b97367ab","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":21,"box":{"x":81,"y":605,"width":851,"height":12}},{"id":"5782eb8f-d349-4a14-a2c0-9da3f27f4fc8","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":21,"box":{"x":81,"y":620,"width":774,"height":12}},{"id":"9ec9fc51-780b-44e6-8b52-e2d85b27f9dd","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":21,"box":{"x":82,"y":635,"width":839,"height":11}},{"id":"c04880e2-71af-4c3e-966a-26260c0b7853","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":21,"box":{"x":81,"y":650,"width":828,"height":11}},{"id":"bd944e2d-fe30-4131-9a0d-8330f08519af","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":21,"box":{"x":81,"y":664,"width":830,"height":12}},{"id":"ae885eb2-3f19-421b-aa2a-5c5070ba3acc","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":21,"box":{"x":80,"y":679,"width":787,"height":12}},{"id":"7172c7c4-8e8f-4ae8-ab13-af68efacfcfd","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":21,"box":{"x":80,"y":694,"width":838,"height":12}},{"id":"2463fbc2-2d89-4c67-a9af-cf9a308fc65e","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":21,"box":{"x":81,"y":709,"width":843,"height":11}},{"id":"20ed5189-6fde-402a-b02c-692b847e0770","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":21,"box":{"x":81,"y":724,"width":827,"height":11}},{"id":"6b56bf35-07dd-44b4-a125-37a2070a0e33","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":21,"box":{"x":82,"y":739,"width":812,"height":11}},{"id":"24afb4a2-2648-4f41-95a4-f621a00a65a1","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":21,"box":{"x":82,"y":753,"width":795,"height":12}},{"id":"190a8d2f-58f9-4241-94d5-f08894b2dee1","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":21,"box":{"x":81,"y":768,"width":468,"height":12}},{"id":"f8b548b0-279d-4b6a-9b22-c5bf9b99f90e","block_type":"box","text":"Rights Risk","page_number":21,"box":{"x":81,"y":788,"width":88,"height":12}},{"id":"feec7652-33c6-46b4-bf49-030e58fc1e97","block_type":"box","text":"—","page_number":21,"box":{"x":173,"y":794,"width":17,"height":0}},{"id":"22271c23-a48c-4fcd-9b6e-cd129ebc693f","block_type":"box","text":"The failure to exercise subscription rights to purchase common stock would result in the dilution of","page_number":21,"box":{"x":194,"y":788,"width":728,"height":12}},{"id":"57c2174b-fb73-408b-b994-ac757bb08798","block_type":"box","text":"the Fund’s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the","page_number":21,"box":{"x":80,"y":803,"width":836,"height":12}},{"id":"7d72194f-37bd-40df-9206-3da5d2971419","block_type":"box","text":"Fund may not always realize full value on the sale of rights.","page_number":21,"box":{"x":82,"y":818,"width":431,"height":11}},{"id":"f9506418-5e96-4b50-bf3b-8dc9c2505b0a","block_type":"box","text":"Securities Lending Risk","page_number":21,"box":{"x":81,"y":838,"width":178,"height":11}},{"id":"f0a246c9-de62-41f7-a890-4afe03941c8a","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":838,"width":661,"height":11}},{"id":"edaac16e-6b5a-4f39-99f6-a1593c60b936","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":853,"width":852,"height":11}},{"id":"b3ab5b61-121b-420a-b534-036fca568331","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":867,"width":811,"height":12}},{"id":"ac7b4714-b1f7-42ed-b5d3-056a9cde25d8","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":882,"width":829,"height":12}},{"id":"8da4e995-752d-4448-9361-45fed4f04e07","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":21,"box":{"x":81,"y":897,"width":292,"height":11}},{"id":"27fa7911-4bd3-489c-b0fa-63cd67859c44","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"5fa45010-828e-4b13-bfa0-afdacdda3198","block_type":"box","text":"NM1026U-5978932-21/72","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"94287c86-eb78-44ab-82e9-019bf7dfe7ab","block_type":"box","text":"Valuation Risk","page_number":22,"box":{"x":83,"y":46,"width":107,"height":9}},{"id":"8894a463-f6df-4444-ae48-9bdd5b6d15e7","block_type":"box","text":"—","page_number":22,"box":{"x":194,"y":51,"width":17,"height":1}},{"id":"fbfcae88-132b-45f5-b22a-c03cf6e78418","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":22,"box":{"x":215,"y":46,"width":700,"height":11}},{"id":"45e51419-8db7-4469-a502-5aad902a5749","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":22,"box":{"x":81,"y":60,"width":835,"height":12}},{"id":"3ce77b5a-df31-4b4f-a26c-6e30e25b373c","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":22,"box":{"x":81,"y":75,"width":848,"height":12}},{"id":"6a050ab9-6e0a-4210-9b8a-1ea7faaafc7f","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":22,"box":{"x":82,"y":90,"width":845,"height":12}},{"id":"898a2fb3-4f4b-4dda-9cfc-4cf447865de9","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":22,"box":{"x":82,"y":105,"width":840,"height":12}},{"id":"7c660a47-bda1-4676-9a6a-8ae9470d4b10","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":22,"box":{"x":80,"y":120,"width":783,"height":11}},{"id":"4bd80560-00ef-4af5-a6b0-2adab6406c93","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":22,"box":{"x":81,"y":135,"width":810,"height":11}},{"id":"986d8330-70ea-4e9c-9560-9ed14c18e666","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":22,"box":{"x":81,"y":149,"width":847,"height":12}},{"id":"6adef496-761b-4da0-86af-3a4379bf3bb8","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":22,"box":{"x":82,"y":164,"width":848,"height":12}},{"id":"4ccfb304-57d1-4ed5-a13b-81e1a0740f12","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":22,"box":{"x":80,"y":179,"width":819,"height":11}},{"id":"a62f5d1c-482a-4d78-a248-0ce75ac63c29","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":22,"box":{"x":81,"y":194,"width":837,"height":11}},{"id":"80410136-0ca8-4582-a621-b1f53dfb789c","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":22,"box":{"x":80,"y":209,"width":672,"height":11}},{"id":"c69be2b0-62bd-4d13-9e1c-7d29f7c93e49","block_type":"box","text":"Warrants Risk","page_number":22,"box":{"x":83,"y":229,"width":105,"height":9}},{"id":"632c3346-05ea-4767-b547-b6a685156e1d","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":22,"box":{"x":192,"y":229,"width":698,"height":11}},{"id":"eb723360-db7a-47d2-9766-1a79598fcbc3","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":22,"box":{"x":81,"y":244,"width":830,"height":11}},{"id":"a13802a0-aea6-45be-adb2-c1ae8fdb139e","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":22,"box":{"x":81,"y":259,"width":821,"height":11}},{"id":"ce21644e-ddf8-45cd-a2a3-06d77711d745","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":22,"box":{"x":82,"y":273,"width":822,"height":12}},{"id":"8ef9a59f-52eb-4834-a947-9070991e3191","block_type":"box","text":"move with the price of the underlying stock.","page_number":22,"box":{"x":82,"y":288,"width":317,"height":12}},{"id":"bf6da60c-741b-4842-ab27-1fffb42b6155","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":22,"box":{"x":83,"y":308,"width":584,"height":11}},{"id":"bd80a957-8e77-4a81-955b-7b9dc4df3ac5","block_type":"box","text":"— When-issued and delayed","page_number":22,"box":{"x":671,"y":308,"width":208,"height":11}},{"id":"7be61e44-abc3-4078-8de3-8302ea96155c","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":22,"box":{"x":81,"y":323,"width":843,"height":11}},{"id":"7953905f-121a-4115-a881-7a9726fd9051","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":22,"box":{"x":82,"y":338,"width":830,"height":11}},{"id":"ab3e91dd-8710-4c6b-b6b0-3f0bb2225897","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":22,"box":{"x":82,"y":352,"width":849,"height":12}},{"id":"6e2d90af-0885-4820-9315-61a33c712ed4","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":22,"box":{"x":80,"y":367,"width":425,"height":12}},{"id":"3bd6bf0d-a12b-4dd8-8aa5-30b67a20cd74","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"81d3d5e7-30e5-4ed1-b81c-e35705d79219","block_type":"box","text":"NM1026U-5978932-22/72","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"20969944-69c1-4468-b8f4-cfbf0aaa2312","block_type":"box","text":"Account Information","page_number":23,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"2e05ebdf-7671-48bd-ad1d-a655789e2fe1","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":23,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"f2ca5ab6-526e-4079-8d30-3acdf02d23fa","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C, Institutional and Class R Shares in this","page_number":23,"box":{"x":60,"y":182,"width":820,"height":12}},{"id":"1f95d2ee-e65c-4a0e-8b1f-9a7988101a61","block_type":"box","text":"prospectus), each with its own sales charge and expense structure, allowing you to invest in the way that best suits","page_number":23,"box":{"x":62,"y":197,"width":850,"height":12}},{"id":"a1dd3506-e781-4234-9e02-48333e5a0fcc","block_type":"box","text":"your needs. Each share class represents an ownership interest in the same investment portfolio of the Fund. When","page_number":23,"box":{"x":60,"y":212,"width":848,"height":11}},{"id":"6c70d1dd-c4b2-466d-904c-a563a4bb229c","block_type":"box","text":"you choose your class of shares, you should consider the size of your investment and how long you plan to hold your","page_number":23,"box":{"x":60,"y":227,"width":857,"height":11}},{"id":"4de2d0ee-f3dc-42c2-8687-d82e5d94b0c7","block_type":"box","text":"shares. Either your financial professional or your selected securities dealer, broker, investment adviser, service","page_number":23,"box":{"x":61,"y":242,"width":815,"height":11}},{"id":"ea479815-b840-4971-88b5-98d38110f089","block_type":"box","text":"provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you","page_number":23,"box":{"x":62,"y":256,"width":866,"height":12}},{"id":"4b34b863-6b33-4cff-ae57-7c13996518af","block_type":"box","text":"determine which share class is best suited to your personal financial goals. Investor A and Investor C Shares are","page_number":23,"box":{"x":61,"y":271,"width":830,"height":12}},{"id":"eca94073-6e7f-43d7-94c1-67b69dee2976","block_type":"box","text":"sometimes referred to herein collectively as “Investor Shares.”","page_number":23,"box":{"x":61,"y":286,"width":461,"height":11}},{"id":"7dbcd240-eabf-4ca2-9dcc-92d1c1bce795","block_type":"box","text":"For example, if you select Institutional Shares of the Fund, you will not pay any sales charge. However, only certain","page_number":23,"box":{"x":62,"y":309,"width":841,"height":11}},{"id":"58b966ca-a007-4cc2-92ef-a897b741ff5d","block_type":"box","text":"investors may buy Institutional Shares. If you select Investor A Shares of the Fund, you generally pay a sales charge at","page_number":23,"box":{"x":62,"y":323,"width":870,"height":12}},{"id":"d6fb39e9-6d03-4e8d-b1ca-3872157adeb9","block_type":"box","text":"the time of purchase and an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or","page_number":23,"box":{"x":60,"y":338,"width":874,"height":12}},{"id":"84eff183-1f36-45d1-9a58-7a7b4accf27a","block_type":"box","text":"waiver.","page_number":23,"box":{"x":60,"y":353,"width":49,"height":9}},{"id":"a9566e8d-58c0-4ea6-919c-bddde3cdc397","block_type":"box","text":"If you select Investor C or Class R Shares, you will invest the full amount of your purchase price, but you will be subject","page_number":23,"box":{"x":62,"y":376,"width":874,"height":11}},{"id":"8ee6dc26-2e4d-4d68-9de0-9f53d407f8d5","block_type":"box","text":"to a distribution fee of 0.75% per year for Investor C Shares and 0.25% per year for Class R Shares, and a service fee","page_number":23,"box":{"x":60,"y":390,"width":869,"height":12}},{"id":"971ab2b7-55e7-4e03-809f-516428c10961","block_type":"box","text":"of 0.25% per year for both classes of shares under a plan adopted pursuant to Rule 12b-1 under the Investment","page_number":23,"box":{"x":61,"y":405,"width":826,"height":12}},{"id":"76654d78-cf68-41bc-ba64-5c02c029ec39","block_type":"box","text":"Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees","page_number":23,"box":{"x":61,"y":420,"width":816,"height":12}},{"id":"c1a8deea-d98b-4e27-bc52-282346beef54","block_type":"box","text":"increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, you","page_number":23,"box":{"x":62,"y":435,"width":868,"height":12}},{"id":"40501b71-d884-43d7-9b1b-f6c211167613","block_type":"box","text":"may be subject to a deferred sales charge when you sell Investor C Shares within one year. 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In that case, BlackRock compensates the","page_number":27,"box":{"x":82,"y":496,"width":802,"height":9}},{"id":"aaf144de-ac76-4a58-9ba2-f6540c8bf80d","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":27,"box":{"x":81,"y":506,"width":819,"height":10}},{"id":"2b27b471-eaa5-43db-bbd1-53b132786ed3","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":27,"box":{"x":81,"y":517,"width":821,"height":9}},{"id":"66a663db-4809-4031-b867-586b66100309","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":27,"box":{"x":81,"y":527,"width":444,"height":9}},{"id":"ee097454-fa90-4d45-9c41-9191672bc1cf","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":27,"box":{"x":62,"y":552,"width":837,"height":12}},{"id":"164c8267-0f82-4d09-8655-91c951b0b0c3","block_type":"box","text":"gains.","page_number":27,"box":{"x":60,"y":567,"width":43,"height":12}},{"id":"c790a2bc-dc11-418a-a784-85b79eda760d","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":27,"box":{"x":60,"y":590,"width":490,"height":13}},{"id":"d2c31b5e-a4d6-4ba1-9976-62e87d707823","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":27,"box":{"x":60,"y":606,"width":841,"height":12}},{"id":"f5a540c7-f81c-4dd9-947e-c73e950d4316","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":27,"box":{"x":61,"y":621,"width":831,"height":12}},{"id":"3a318e14-6367-48ec-8c31-a89756ce5ac5","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":27,"box":{"x":61,"y":636,"width":876,"height":12}},{"id":"5bdc08f3-5e7b-4ec5-8c2c-80466b37432e","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":27,"box":{"x":61,"y":651,"width":856,"height":11}},{"id":"08c0d007-4b6c-4ab1-a477-3b4f681e9ee4","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":27,"box":{"x":61,"y":666,"width":872,"height":11}},{"id":"88ffec34-bd6d-4849-9c79-71179b79e842","block_type":"box","text":"below).","page_number":27,"box":{"x":61,"y":681,"width":50,"height":11}},{"id":"0ea34ba1-783f-4d7c-b11f-b1d94047b834","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or the right of accumulation will apply to the value of all qualifying","page_number":27,"box":{"x":62,"y":703,"width":869,"height":12}},{"id":"d4488ec8-015e-4cec-baf8-7ff623fa036b","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":27,"box":{"x":61,"y":718,"width":875,"height":11}},{"id":"3eda9155-d9c9-4dd5-a4a7-3c5c9605e7f1","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":27,"box":{"x":61,"y":733,"width":875,"height":11}},{"id":"1106d8cb-5dfe-4f16-844a-e49ac1351b95","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":27,"box":{"x":61,"y":748,"width":847,"height":11}},{"id":"126d6eba-2c0a-4e87-94fb-7fabec53696b","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":27,"box":{"x":61,"y":763,"width":844,"height":11}},{"id":"6155a5ac-0520-46fd-85c1-e03f0f61eaec","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":27,"box":{"x":62,"y":777,"width":484,"height":12}},{"id":"27689559-26dd-4d61-87d0-8a24344fba60","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies”section beginning on page A-1 of the Fund’s prospectus","page_number":27,"box":{"x":61,"y":800,"width":856,"height":11}},{"id":"7a9e76c3-3668-4bd2-800a-55322c542eb1","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":27,"box":{"x":60,"y":815,"width":817,"height":11}},{"id":"44a26b98-58ae-486c-bfd1-6bf56581bdba","block_type":"box","text":"Qualifying Holdings","page_number":27,"box":{"x":62,"y":837,"width":143,"height":12}},{"id":"5fcd9a6c-9922-44eb-aac6-97483cf4fd10","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":27,"box":{"x":209,"y":837,"width":696,"height":11}},{"id":"19b8f641-2ed8-4343-98f0-46df7e78c631","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":27,"box":{"x":62,"y":852,"width":836,"height":12}},{"id":"5303d573-bbc3-4101-b654-9445a1ad1176","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":27,"box":{"x":61,"y":867,"width":808,"height":11}},{"id":"5d8dd1e1-40c1-43d7-bf4a-8f14372d8e34","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":27,"box":{"x":62,"y":882,"width":314,"height":11}},{"id":"545b50ec-e800-4ed0-a838-3cb065479c2b","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"3df392a3-b6ba-418d-8211-8f3822874f0d","block_type":"box","text":"NM1026U-5978932-27/72","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8201be42-1ddc-4ab2-ab50-ccf5eb4e832c","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":28,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"317ead2b-11e5-4e7e-a892-cb06ce30bdae","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":28,"box":{"x":61,"y":60,"width":844,"height":12}},{"id":"76cda884-3960-40d6-987c-852e3d3f7768","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":28,"box":{"x":61,"y":75,"width":856,"height":12}},{"id":"ad0c0f36-0fb7-4ffc-9b35-5d420c6da8a6","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":28,"box":{"x":62,"y":90,"width":818,"height":12}},{"id":"e0596a42-021f-48c4-b173-a76393b92a4d","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":28,"box":{"x":62,"y":105,"width":811,"height":12}},{"id":"3f4f1fe5-2796-4cb4-843b-5385946a726f","block_type":"box","text":"nominee or custodian.","page_number":28,"box":{"x":61,"y":120,"width":162,"height":9}},{"id":"c305193f-fcdf-4746-8fc7-6217d285ac25","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":28,"box":{"x":62,"y":142,"width":861,"height":12}},{"id":"cb27d09c-7027-41c1-ba17-7b8c7c685ab4","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":28,"box":{"x":62,"y":157,"width":836,"height":12}},{"id":"295111bc-5c61-4c45-84a7-497e3252e2d8","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":28,"box":{"x":62,"y":172,"width":862,"height":12}},{"id":"0b8f994c-6645-4129-9525-f1c6003652f1","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":28,"box":{"x":61,"y":187,"width":875,"height":11}},{"id":"ea67d848-03c5-4cb1-a57a-1dea992aa14e","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":28,"box":{"x":60,"y":202,"width":312,"height":9}},{"id":"a882eeea-4375-46f6-9fcb-98209e4eeb07","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":28,"box":{"x":60,"y":224,"width":828,"height":12}},{"id":"34695e4c-2386-4df4-bdda-28be406aa63d","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":28,"box":{"x":61,"y":239,"width":850,"height":12}},{"id":"ddc47391-7f58-41df-afe0-6f0ba35fb639","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":28,"box":{"x":60,"y":254,"width":856,"height":11}},{"id":"8cd18965-79c9-4b0a-8c1c-795c51e316fe","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":28,"box":{"x":60,"y":269,"width":845,"height":11}},{"id":"f05cbf14-277f-4962-9676-a82e03f32db4","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":28,"box":{"x":62,"y":283,"width":667,"height":12}},{"id":"7cd6f4c8-970d-4c8e-b18a-c87fdca606a0","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":28,"box":{"x":62,"y":306,"width":531,"height":11}},{"id":"fb8ecbf7-1ce0-4709-b49a-55b6ee06ddb3","block_type":"box","text":"Letter of Intent","page_number":28,"box":{"x":61,"y":329,"width":124,"height":10}},{"id":"fadee5f3-29aa-4de9-acb3-abcbef9961b8","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":28,"box":{"x":60,"y":345,"width":839,"height":12}},{"id":"1533abb1-36fb-43c2-bbc3-5345dba7b1fd","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":28,"box":{"x":62,"y":360,"width":875,"height":12}},{"id":"98320f34-50de-40a2-94d1-6fc07c81f2ad","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":28,"box":{"x":61,"y":375,"width":431,"height":12}},{"id":"268ce896-5338-4c9f-907c-dd988fd16760","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":28,"box":{"x":82,"y":398,"width":794,"height":11}},{"id":"13291043-b71b-4e46-8344-9c4215e54208","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":28,"box":{"x":82,"y":420,"width":675,"height":12}},{"id":"bd7ce317-a34b-48a7-9ef5-c02a4a0be938","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":28,"box":{"x":82,"y":443,"width":820,"height":11}},{"id":"980b7c07-1a82-4887-82e2-90e5fcbc6764","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":28,"box":{"x":60,"y":465,"width":830,"height":11}},{"id":"bca10293-803f-4eb4-9b6b-d82146baf02c","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":28,"box":{"x":61,"y":480,"width":524,"height":12}},{"id":"3abd1527-f237-4422-bad6-d864a4122d72","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":28,"box":{"x":60,"y":503,"width":865,"height":11}},{"id":"1baf84e8-a489-4a6c-a590-0ad4aa8ba6a4","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":28,"box":{"x":61,"y":518,"width":862,"height":11}},{"id":"6e63ed6a-8dc8-4e79-8a38-16336f946773","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":28,"box":{"x":61,"y":532,"width":870,"height":12}},{"id":"67783868-f029-4ea2-a6f1-cbb253d53e20","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":28,"box":{"x":61,"y":547,"width":384,"height":12}},{"id":"10a80b09-381f-4449-ab87-294662cd353e","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":28,"box":{"x":60,"y":570,"width":823,"height":11}},{"id":"ad005bb2-e9c9-488f-8314-0ab44f1da019","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":28,"box":{"x":61,"y":585,"width":842,"height":11}},{"id":"e4ff6ec6-6254-4567-84f7-f5b55935131e","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":28,"box":{"x":61,"y":599,"width":765,"height":12}},{"id":"c3a5ea8e-5bae-43e5-988d-832ab17158cd","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":28,"box":{"x":62,"y":622,"width":833,"height":11}},{"id":"324b0b6a-abdf-4a61-95f2-af1893386b21","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":28,"box":{"x":61,"y":637,"width":852,"height":11}},{"id":"8c4fdc01-aed8-4a05-99c6-a9cde36a08c0","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":28,"box":{"x":61,"y":652,"width":872,"height":11}},{"id":"6260e201-0400-40ca-aa31-3ad2e51c87a9","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":28,"box":{"x":60,"y":666,"width":860,"height":12}},{"id":"f23e49c0-c069-4d3d-b118-5fa90bb93860","block_type":"box","text":"difference.","page_number":28,"box":{"x":61,"y":681,"width":77,"height":9}},{"id":"2fd95aca-f595-45f6-9e8b-75ca652e763d","block_type":"box","text":"Right of Accumulation","page_number":28,"box":{"x":61,"y":704,"width":183,"height":13}},{"id":"a943d2f5-b0c6-437a-b014-ccb0b841760f","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":28,"box":{"x":62,"y":720,"width":839,"height":12}},{"id":"6b96eee8-c962-4e6a-80a1-e8f3557b1510","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":28,"box":{"x":61,"y":735,"width":856,"height":12}},{"id":"0405e526-b722-4e9f-9acb-f24b114e4330","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":28,"box":{"x":82,"y":758,"width":821,"height":11}},{"id":"c57b5421-7949-43ed-997d-08726d1d669c","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":28,"box":{"x":102,"y":773,"width":306,"height":10}},{"id":"1b222dfa-dda0-4e95-99d5-bf9bdfd7c96a","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":28,"box":{"x":82,"y":795,"width":771,"height":12}},{"id":"d2865fbb-f827-41d7-b108-51e55ac50b26","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":28,"box":{"x":82,"y":818,"width":788,"height":11}},{"id":"d1a81358-d34f-4a02-bff3-248dd70452c3","block_type":"box","text":"investor’s spouse and children.","page_number":28,"box":{"x":102,"y":833,"width":228,"height":11}},{"id":"f09bcc73-5ad4-47ac-948d-28732428d231","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":28,"box":{"x":62,"y":855,"width":866,"height":12}},{"id":"32d80a81-1b5b-4b4f-a5aa-e251fb56965c","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":28,"box":{"x":61,"y":870,"width":866,"height":12}},{"id":"775611b0-80d7-4181-90a6-c2c7faae3f5e","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":28,"box":{"x":62,"y":885,"width":854,"height":11}},{"id":"c38a2edd-8627-4ab6-a998-b4db3798c854","block_type":"box","text":"any previously purchased shares.","page_number":28,"box":{"x":61,"y":900,"width":243,"height":11}},{"id":"c26be157-19ae-43d3-8e9a-0177f92eacf2","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2a4e10e2-9347-4de5-823f-26a357717796","block_type":"box","text":"NM1026U-5978932-28/72","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"30b57656-c6b1-42e9-b076-4e873cacff9b","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":29,"box":{"x":61,"y":46,"width":314,"height":13}},{"id":"2492ea2a-96c2-4401-aa7f-31a601779624","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":29,"box":{"x":60,"y":62,"width":623,"height":12}},{"id":"ce69dca7-e188-4f3e-9601-b5fd6e6de714","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":29,"box":{"x":81,"y":82,"width":846,"height":12}},{"id":"2507c176-bf93-4b25-9dd1-912ca1fc15e6","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":29,"box":{"x":82,"y":97,"width":352,"height":11}},{"id":"4760b855-6455-4780-9752-a8f5df025064","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":29,"box":{"x":82,"y":117,"width":817,"height":12}},{"id":"3daaa0b1-89e1-4d91-9c98-2b998e4936ce","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":29,"box":{"x":80,"y":132,"width":854,"height":11}},{"id":"d88f53ef-ab4f-465c-b0b2-2a066ba51584","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":29,"box":{"x":81,"y":147,"width":840,"height":11}},{"id":"1c6524de-01c0-4194-8ca7-6c5ad3066a8c","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":29,"box":{"x":81,"y":162,"width":760,"height":11}},{"id":"e868bb57-3552-4493-abc1-209a578fadc7","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":29,"box":{"x":82,"y":176,"width":812,"height":12}},{"id":"d1ae7818-c417-4b0d-88e4-2c87e61323f5","block_type":"box","text":"Distributor;","page_number":29,"box":{"x":82,"y":192,"width":79,"height":10}},{"id":"6f0c327a-5ddd-4153-ad6f-4224c94eeb9b","block_type":"box","text":"Insurance company separate accounts;","page_number":29,"box":{"x":82,"y":212,"width":286,"height":11}},{"id":"4cc127f5-a658-41b5-a686-0b6005c140ca","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":29,"box":{"x":82,"y":232,"width":836,"height":11}},{"id":"b6b9a323-a9af-45fe-9358-da06cacf7fd2","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":29,"box":{"x":81,"y":246,"width":446,"height":12}},{"id":"cdc129cc-4fa5-43d1-af84-57dd99092188","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":29,"box":{"x":81,"y":266,"width":815,"height":12}},{"id":"290bf622-c101-4b69-b418-c2ecd168959d","block_type":"box","text":"broker-dealer or other financial institution;","page_number":29,"box":{"x":81,"y":281,"width":306,"height":11}},{"id":"edd598f2-02a6-4ed7-9a7a-d93739d13915","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":29,"box":{"x":82,"y":301,"width":828,"height":11}},{"id":"fcb7b221-7b21-49fe-84ef-f47a05a60125","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":29,"box":{"x":82,"y":316,"width":800,"height":11}},{"id":"63ad9620-153d-4fdc-a1a0-7f66e1d19a77","block_type":"box","text":"transaction fee;","page_number":29,"box":{"x":80,"y":331,"width":114,"height":10}},{"id":"845e1de9-7edb-4274-972f-a2ef67d9dbbe","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":29,"box":{"x":81,"y":351,"width":819,"height":11}},{"id":"9f9a025f-4463-4f35-974c-ad91a02df12c","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":29,"box":{"x":81,"y":365,"width":846,"height":12}},{"id":"324cdd9b-74e9-4c9d-a0db-73fdcea3a78c","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":29,"box":{"x":82,"y":380,"width":843,"height":12}},{"id":"0094efaa-2a6c-437b-8003-951a1a053b86","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":29,"box":{"x":82,"y":395,"width":829,"height":12}},{"id":"9880238a-9076-4c78-9ca3-d8941afb9cdd","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":29,"box":{"x":81,"y":410,"width":815,"height":11}},{"id":"898f249e-9db1-4d12-90da-845b34d0103d","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":29,"box":{"x":81,"y":430,"width":841,"height":11}},{"id":"2d09f37e-c9c9-4584-bf85-c14a31483c23","block_type":"box","text":"Internal Revenue Code; and","page_number":29,"box":{"x":82,"y":445,"width":201,"height":10}},{"id":"4a936339-c184-49c5-8c54-528e613afc7f","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":29,"box":{"x":81,"y":465,"width":808,"height":11}},{"id":"2301a59d-45e6-46c2-9eb8-93a8bf55a76e","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":29,"box":{"x":62,"y":487,"width":852,"height":12}},{"id":"0293e57d-1002-4dd6-a265-38886d8233b5","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":29,"box":{"x":62,"y":502,"width":846,"height":12}},{"id":"99b23781-85f8-4408-bacc-2c8e5464a5b1","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":29,"box":{"x":62,"y":517,"width":434,"height":11}},{"id":"4e41f77d-8a16-4edf-b6be-3ffe52bf1b1e","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":29,"box":{"x":62,"y":540,"width":864,"height":11}},{"id":"99616be2-a051-470a-bd4a-93a857588a46","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":29,"box":{"x":61,"y":554,"width":852,"height":12}},{"id":"9b90446a-4635-4dc0-98e6-451e2f4ef0a4","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":29,"box":{"x":62,"y":569,"width":837,"height":12}},{"id":"56df4d47-fdcb-4788-b75c-035541c97324","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":62,"y":584,"width":873,"height":11}},{"id":"b9a1b464-620a-4bca-b457-e81f5f6492d2","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":599,"width":317,"height":11}},{"id":"ffe73943-f3cc-4dd2-9b65-39c4451b3bcc","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies”section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":621,"width":856,"height":12}},{"id":"717177d8-f626-49f5-a3f6-cefeaae3f84b","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":636,"width":817,"height":12}},{"id":"c6fb18dd-d781-4dbb-afea-8acb13dc16c4","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":29,"box":{"x":61,"y":659,"width":306,"height":10}},{"id":"a5059231-8315-4b16-bb2a-5c78cbec2265","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":29,"box":{"x":62,"y":675,"width":814,"height":12}},{"id":"a5b8f195-eede-4cc8-98ec-36a60b1a91d0","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":29,"box":{"x":61,"y":690,"width":828,"height":12}},{"id":"2b7badd3-4677-45ab-97b3-ec14d3684c25","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":29,"box":{"x":62,"y":705,"width":857,"height":12}},{"id":"5a4d4755-bb6c-4342-9fcc-6cd6567cba0d","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":29,"box":{"x":61,"y":720,"width":451,"height":11}},{"id":"65bf02fc-999d-483f-866d-0778ff144e85","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":29,"box":{"x":62,"y":742,"width":860,"height":12}},{"id":"3063b390-d36a-4b94-ace3-78fab2d609d3","block_type":"box","text":"Shares are subject to a front end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":29,"box":{"x":61,"y":757,"width":848,"height":12}},{"id":"838ed9f0-5f8f-4f52-a070-fddf59174bfe","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":29,"box":{"x":60,"y":772,"width":863,"height":12}},{"id":"e0b57d43-0b7d-4549-8f50-a812d21991e0","block_type":"box","text":"monthly basis.","page_number":29,"box":{"x":61,"y":787,"width":105,"height":11}},{"id":"395a5321-10e2-4aa2-8875-fbc80a322a6f","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":29,"box":{"x":61,"y":810,"width":420,"height":12}},{"id":"bf6ddfb7-6ff0-4aa3-8ad2-60fd8683a522","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":29,"box":{"x":62,"y":826,"width":865,"height":12}},{"id":"e896185c-1dae-41e7-a989-4fadc1f83f8b","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":29,"box":{"x":60,"y":841,"width":858,"height":12}},{"id":"d342e21a-7d89-4940-8cca-9e7222e8c4a3","block_type":"box","text":"The charge will apply to the lesser of the original cost of shares being redeemed or the proceeds of your redemption.","page_number":29,"box":{"x":60,"y":856,"width":859,"height":11}},{"id":"965cbc81-2f98-41b8-a8ff-93f64bf85495","block_type":"box","text":"When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales charge is","page_number":29,"box":{"x":60,"y":871,"width":854,"height":11}},{"id":"a1ac11ce-e33e-4479-87dc-c998b76ed3f9","block_type":"box","text":"charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition, you will","page_number":29,"box":{"x":61,"y":885,"width":853,"height":12}},{"id":"2ef215c8-bd79-4679-b784-c03dcf0d912b","block_type":"box","text":"not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of Fund","page_number":29,"box":{"x":61,"y":900,"width":823,"height":12}},{"id":"80aa1f02-b8cf-4161-bbbc-d4c69811988d","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"2349a73e-4517-49eb-8259-1dbd51dd0fd8","block_type":"box","text":"NM1026U-5978932-29/72","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"17fb2844-8def-4819-b61b-3d4e496e2373","block_type":"box","text":"dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of the","page_number":30,"box":{"x":61,"y":46,"width":861,"height":11}},{"id":"308ee919-5783-40cf-bf80-931aaedac85e","block_type":"box","text":"applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":30,"box":{"x":61,"y":61,"width":715,"height":11}},{"id":"37ea477b-f4d5-4c4e-a63d-2a1dc502b9a6","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":30,"box":{"x":62,"y":83,"width":864,"height":11}},{"id":"983ea3f5-b7f2-4af6-8c2e-cea8945cb159","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":30,"box":{"x":61,"y":98,"width":870,"height":11}},{"id":"09a4bd1c-5492-4858-ba58-fe2f1f8d02c9","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":30,"box":{"x":61,"y":113,"width":823,"height":11}},{"id":"b7b967ef-9129-45d3-bd76-9d0c1d170259","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":30,"box":{"x":62,"y":127,"width":847,"height":12}},{"id":"36c83de6-345d-4d6e-92ca-3f232183a624","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":30,"box":{"x":61,"y":142,"width":842,"height":12}},{"id":"ec185805-7203-4329-bb77-34ca91961403","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":30,"box":{"x":62,"y":157,"width":865,"height":12}},{"id":"9e724d41-3b7a-4b3a-a607-28e66ad84e9d","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":30,"box":{"x":61,"y":172,"width":832,"height":11}},{"id":"83f62e09-6cf2-4519-aa3a-e1ff39f1ac2f","block_type":"box","text":"Intermediary for additional information.","page_number":30,"box":{"x":62,"y":187,"width":285,"height":11}},{"id":"3458e69c-5051-40d8-9fe6-695606baf91e","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":30,"box":{"x":62,"y":209,"width":869,"height":12}},{"id":"19cda579-fdf6-47c5-8b53-40f89de33226","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":30,"box":{"x":61,"y":224,"width":810,"height":12}},{"id":"d15d97d2-b313-4666-8c3e-71aa33199a6e","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies”section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":247,"width":856,"height":11}},{"id":"0425817d-d823-47cf-815b-37bb14cbb117","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":262,"width":817,"height":11}},{"id":"4232ec87-7946-4852-a959-814dcc48ef89","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":30,"box":{"x":60,"y":284,"width":870,"height":12}},{"id":"6bf77c67-18d1-4c6b-9b6e-e1799d95bf56","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":30,"box":{"x":60,"y":299,"width":870,"height":12}},{"id":"c399be0d-d3f8-4c70-bc0f-e65c815926cc","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":30,"box":{"x":61,"y":314,"width":867,"height":11}},{"id":"a479f664-dc3d-48fb-a4b3-58f87f0de643","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":30,"box":{"x":60,"y":329,"width":849,"height":11}},{"id":"71996455-4aad-492e-a780-6794d045ba9c","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":30,"box":{"x":60,"y":344,"width":517,"height":11}},{"id":"40ffa4a3-3beb-47ef-865a-775c91105424","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":30,"box":{"x":60,"y":366,"width":870,"height":11}},{"id":"32482e29-5e68-44bd-8f57-ae518c64debf","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":30,"box":{"x":61,"y":381,"width":853,"height":11}},{"id":"3c803064-f244-4572-b34b-23922a6791a9","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":30,"box":{"x":62,"y":396,"width":851,"height":11}},{"id":"f8ed6e38-bb86-4421-985d-0ebe28a6acd2","block_type":"box","text":"annually for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and","page_number":30,"box":{"x":61,"y":410,"width":833,"height":12}},{"id":"3f5562b1-85d7-438c-99cd-424e22c0129a","block_type":"box","text":"service fee during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will","page_number":30,"box":{"x":61,"y":425,"width":851,"height":12}},{"id":"7361748f-8676-4e8c-b496-75f9a29315e7","block_type":"box","text":"pay the full Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in","page_number":30,"box":{"x":62,"y":440,"width":848,"height":12}},{"id":"48b88337-d063-4bb5-b1df-fe0967ab6bf9","block_type":"box","text":"lieu of paying the sales concession. This may depend on the policies, procedures and trading platforms of your","page_number":30,"box":{"x":62,"y":455,"width":814,"height":12}},{"id":"7940fb55-6df9-4cf6-a5f9-7f26bf83d847","block_type":"box","text":"Financial Intermediary; consult your financial adviser.","page_number":30,"box":{"x":62,"y":470,"width":387,"height":11}},{"id":"7aa24acb-9188-423f-a923-68acac00b44f","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":30,"box":{"x":61,"y":493,"width":352,"height":12}},{"id":"c556f2d5-a7df-4fa3-9d50-56f9da31b76b","block_type":"box","text":"The deferred sales charge relating to Investor Shares may be reduced or waived in certain circumstances, such as:","page_number":30,"box":{"x":60,"y":509,"width":847,"height":12}},{"id":"fc06d052-15e5-41f3-8604-6121322f6dd6","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":30,"box":{"x":82,"y":529,"width":824,"height":12}},{"id":"e8d84999-42ee-4aa2-88da-087af2844ac4","block_type":"box","text":"investments in the Fund through such plans;","page_number":30,"box":{"x":82,"y":544,"width":324,"height":11}},{"id":"75a8645a-d590-4a41-90e5-c01f4f504ff5","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":30,"box":{"x":82,"y":564,"width":844,"height":11}},{"id":"c3306607-89ae-4a4c-8cf1-ceb8a10cef3d","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":30,"box":{"x":82,"y":579,"width":375,"height":11}},{"id":"e7cb10fb-32a0-4d05-9727-7408136444c9","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":30,"box":{"x":82,"y":599,"width":826,"height":11}},{"id":"38691458-e228-47a7-96d0-d6f1f04eb630","block_type":"box","text":"shareholder reaching the age of 72;","page_number":30,"box":{"x":81,"y":613,"width":262,"height":12}},{"id":"d44ce2a7-00ef-4534-8fef-dc3d639cdb02","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":30,"box":{"x":82,"y":633,"width":804,"height":12}},{"id":"e74784c7-02ac-45d0-9b5b-92425e37a464","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":30,"box":{"x":82,"y":653,"width":847,"height":12}},{"id":"74d8383a-0daf-4892-a89c-103520bcc757","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":30,"box":{"x":82,"y":668,"width":834,"height":12}},{"id":"d1f7e98c-3bfe-4466-90e2-3567dbcd37d5","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":30,"box":{"x":81,"y":683,"width":297,"height":12}},{"id":"4d5577d2-f72a-48f3-b963-25ac1a73f0d6","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":30,"box":{"x":81,"y":703,"width":847,"height":12}},{"id":"00e7c0a0-5e59-4a73-96b4-8e5b0778f131","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":30,"box":{"x":81,"y":718,"width":360,"height":11}},{"id":"0901ae12-ad42-40ea-96df-82cef1684a02","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":30,"box":{"x":82,"y":738,"width":525,"height":11}},{"id":"2f96c81e-56d6-469a-b01d-7376d89b9a00","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":30,"box":{"x":81,"y":758,"width":833,"height":11}},{"id":"e0be7454-3f69-44bc-98ed-9fc79822bd59","block_type":"box","text":"affiliate;","page_number":30,"box":{"x":81,"y":773,"width":59,"height":10}},{"id":"e361ce3a-d996-4b5e-b4aa-d3e5e6098bec","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":30,"box":{"x":82,"y":793,"width":823,"height":11}},{"id":"933c4696-b41b-4627-b71d-c4a02659ea90","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":30,"box":{"x":82,"y":813,"width":732,"height":11}},{"id":"102a9323-4cc7-40f5-93ce-5d70439aaeb5","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies”section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":835,"width":856,"height":12}},{"id":"38a3e285-0fe0-49fc-b5c6-58ec4e538812","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":850,"width":817,"height":12}},{"id":"891c61a8-394b-491a-8d51-9e9097313e2a","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":30,"box":{"x":62,"y":873,"width":805,"height":11}},{"id":"88268332-4400-4fe8-a1cc-7d094104bea5","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":30,"box":{"x":62,"y":887,"width":857,"height":12}},{"id":"d03cb64b-9530-4fc9-ae9c-d3a8badd6d70","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"466ce618-1fc3-4f8c-9e7e-dcc1cc76ffb5","block_type":"box","text":"NM1026U-5978932-30/72","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1d7b1da3-1930-479f-b93a-717e6934e993","block_type":"box","text":"Institutional Shares","page_number":31,"box":{"x":61,"y":46,"width":161,"height":10}},{"id":"c54fbb5d-e88b-483c-8e06-7359550d3a89","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":31,"box":{"x":62,"y":63,"width":864,"height":11}},{"id":"bf0884e4-fa19-440e-b8da-d4055402bc62","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":31,"box":{"x":60,"y":77,"width":865,"height":12}},{"id":"43195f91-3d78-48df-b051-62c0082a5aa0","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":31,"box":{"x":62,"y":92,"width":845,"height":11}},{"id":"acc5154d-a991-4769-85a9-938a24643d32","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":31,"box":{"x":61,"y":107,"width":557,"height":11}},{"id":"45b17dc4-cd6b-468e-88aa-7030909de362","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":31,"box":{"x":62,"y":129,"width":826,"height":12}},{"id":"f093a045-b4c9-4085-ae24-09470571ae7e","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":31,"box":{"x":61,"y":144,"width":838,"height":12}},{"id":"dced60d8-ab42-4807-985e-89c3a2923d1f","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":31,"box":{"x":61,"y":159,"width":816,"height":11}},{"id":"c9a1027e-b5d6-4db2-88eb-62dd744360df","block_type":"box","text":"classes that have different fees and expenses.","page_number":31,"box":{"x":61,"y":174,"width":345,"height":11}},{"id":"ae29569a-6ddc-4eb4-b404-1a158ea98f31","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":31,"box":{"x":62,"y":196,"width":421,"height":12}},{"id":"00e6e90e-5001-409f-a8e8-65535ead7473","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":31,"box":{"x":82,"y":216,"width":854,"height":12}},{"id":"1c11b0c4-6cc5-40c2-97ae-eb7206866a7c","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":232,"width":849,"height":11}},{"id":"0b2cb71c-aee5-45ed-b37b-41dea69d6b30","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":246,"width":53,"height":11}},{"id":"2acb55cc-b9de-4238-9929-ba71b488be1d","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":31,"box":{"x":81,"y":266,"width":838,"height":12}},{"id":"96ae8368-d9f2-4e72-993e-07a3ec72a85c","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":31,"box":{"x":81,"y":281,"width":829,"height":11}},{"id":"0194f112-06f4-4169-9b72-dbe1537efe3b","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":31,"box":{"x":82,"y":296,"width":604,"height":11}},{"id":"ba244ba0-64f7-48d1-a8b8-f3dc8ec93bd0","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":31,"box":{"x":81,"y":316,"width":840,"height":11}},{"id":"42e2c0ae-1f9e-4b23-a11d-f3a503936408","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":31,"box":{"x":81,"y":331,"width":853,"height":11}},{"id":"75714a34-18ee-4508-9823-65e5688884fd","block_type":"box","text":"initial investment of $1,000;","page_number":31,"box":{"x":82,"y":345,"width":207,"height":11}},{"id":"98a252e2-2a75-4f14-b9c2-55a251b8bd6d","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":31,"box":{"x":81,"y":365,"width":816,"height":12}},{"id":"c940eadd-2bcd-4ff0-bc3d-3e0df2d1d1a2","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":31,"box":{"x":82,"y":380,"width":821,"height":12}},{"id":"3ae88796-bcc8-48e7-a2b7-e01ccd5e096e","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":31,"box":{"x":80,"y":395,"width":835,"height":11}},{"id":"b103b829-8a7c-41b2-9b32-a37878d01b97","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":31,"box":{"x":81,"y":410,"width":835,"height":11}},{"id":"c05bdc5a-a478-42df-8d48-abb3e83a6078","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":425,"width":849,"height":11}},{"id":"ede8ea01-6055-457a-b9ba-29e3da54808f","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":440,"width":53,"height":10}},{"id":"4a31d597-1d11-4134-8ba4-ddf389c4ae26","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":31,"box":{"x":81,"y":459,"width":810,"height":12}},{"id":"f86a8463-c172-433b-9554-2ba452e42d48","block_type":"box","text":"(excluding participant directed employee benefit plans); 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and","page_number":31,"box":{"x":81,"y":638,"width":154,"height":11}},{"id":"9d9aae80-c516-4b61-94f4-3eac2c1de66e","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":31,"box":{"x":81,"y":658,"width":816,"height":12}},{"id":"2d9cdd52-407e-4730-87da-39af8912b8d2","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":31,"box":{"x":82,"y":673,"width":851,"height":11}},{"id":"c6cc9002-8fbd-48d3-b3dc-da71a1d1521b","block_type":"box","text":"the Fund on an omnibus basis.","page_number":31,"box":{"x":80,"y":688,"width":227,"height":9}},{"id":"04400016-8919-4f05-88eb-ebda098a4372","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":31,"box":{"x":60,"y":710,"width":620,"height":12}},{"id":"70bad990-1a28-435f-a430-859a2c5a3ed4","block_type":"box","text":"Class R Shares","page_number":31,"box":{"x":61,"y":733,"width":124,"height":10}},{"id":"45cddb53-1e53-47be-a97b-52edeb3890e9","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. For this purpose, employer","page_number":31,"box":{"x":61,"y":750,"width":810,"height":11}},{"id":"84182069-e56f-48e0-a91b-a1b010570ddb","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. If you buy Class R Shares, you will pay","page_number":31,"box":{"x":61,"y":764,"width":873,"height":12}},{"id":"8ad8b676-ceee-4b81-ac20-b7f54f0e1909","block_type":"box","text":"neither an initial sales charge nor a CDSC. However, Class R Shares are subject to a distribution fee of 0.25% per year","page_number":31,"box":{"x":61,"y":779,"width":874,"height":12}},{"id":"d5fe2424-5b2b-4fa1-a093-663dc2cf7603","block_type":"box","text":"and a service fee of 0.25% per year. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":31,"box":{"x":61,"y":794,"width":863,"height":12}},{"id":"c20c408b-31da-4d05-81a4-26a9c5742987","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":31,"box":{"x":60,"y":809,"width":873,"height":11}},{"id":"2cd5daa5-4bc7-490b-a030-269ccdb38c3e","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":31,"box":{"x":61,"y":831,"width":371,"height":12}},{"id":"2087e99c-9ea5-45bc-b350-993b6840d57b","block_type":"box","text":"The Distributor currently pays the annual Class R Shares distribution fee and annual Class R Shares service fee to","page_number":31,"box":{"x":60,"y":854,"width":843,"height":11}},{"id":"7bbc23d4-0691-499e-a913-e6c1eb11b7c6","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":31,"box":{"x":61,"y":869,"width":759,"height":11}},{"id":"1a2c3b5e-a1c5-4925-80a1-cff148b3ee1d","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"1cb005f6-f2ac-45ba-899e-03b6d3bac548","block_type":"box","text":"NM1026U-5978932-31/72","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cedaf06f-b846-4211-987d-3382eeea6f23","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":32,"box":{"x":61,"y":47,"width":442,"height":13}},{"id":"132c2352-d554-4c1a-af4b-31efd2f8ce58","block_type":"box","text":"Plan Payments","page_number":32,"box":{"x":61,"y":73,"width":122,"height":13}},{"id":"295f4d31-06c3-4957-8283-fa73d6c7efaf","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":32,"box":{"x":60,"y":89,"width":815,"height":12}},{"id":"3b5e8d06-ccaa-474a-88e1-83b3ee072087","block_type":"box","text":"Company Act with respect to the Investor Shares and Class R Shares that allows the Fund to pay distribution fees for","page_number":32,"box":{"x":61,"y":104,"width":861,"height":12}},{"id":"882a9f29-d1e0-4577-a7e7-1debad326ce0","block_type":"box","text":"the sale of its shares and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":32,"box":{"x":60,"y":119,"width":776,"height":12}},{"id":"2989a188-95a5-4b3d-8372-b918fd499abd","block_type":"box","text":"Under the Plan, Investor C Shares and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":32,"box":{"x":62,"y":142,"width":861,"height":11}},{"id":"cf3c35bc-443a-425e-9983-08b3fd4f00b9","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":32,"box":{"x":61,"y":156,"width":851,"height":12}},{"id":"35574ef7-58fa-4f77-b3d3-1159a41608ae","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":32,"box":{"x":61,"y":171,"width":864,"height":12}},{"id":"9081a1c0-00bb-4060-8ca8-d0e0c05dedce","block_type":"box","text":"and related expenses incurred in connection with the sale of Investor C Shares and Class R Shares. The distribution","page_number":32,"box":{"x":61,"y":186,"width":854,"height":11}},{"id":"e630ffca-5588-45da-a188-44cd0846a2cd","block_type":"box","text":"fees may also be used to pay Financial Intermediaries for sales support services and related expenses. All Investor C","page_number":32,"box":{"x":60,"y":201,"width":866,"height":11}},{"id":"dabe4fe6-d96b-4953-87a3-65004dc915e4","block_type":"box","text":"Shares and Class R Shares pay a maximum distribution fee per year that is a percentage of the average daily net","page_number":32,"box":{"x":61,"y":216,"width":832,"height":11}},{"id":"ca6dd4ef-507d-423e-85a4-03bfa1ad51ff","block_type":"box","text":"asset value of the Investor C Shares and Class R Shares of the Fund. Institutional and Investor A Shares do not pay","page_number":32,"box":{"x":61,"y":231,"width":852,"height":11}},{"id":"deec034a-86e5-4cb4-823d-d7fc411362ff","block_type":"box","text":"distribution fees.","page_number":32,"box":{"x":61,"y":245,"width":122,"height":10}},{"id":"bdb0cf2e-23ea-46b9-b576-de7671f51583","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":32,"box":{"x":62,"y":268,"width":873,"height":12}},{"id":"b62ee393-5cec-4a6d-9630-5134cd055c17","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor and/or Class R","page_number":32,"box":{"x":60,"y":283,"width":850,"height":11}},{"id":"5988e1dd-3017-464e-b586-641771dd36f8","block_type":"box","text":"Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net","page_number":32,"box":{"x":61,"y":298,"width":833,"height":11}},{"id":"b06c0688-ff7a-4bbf-8c51-f647c4da56f6","block_type":"box","text":"asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares pay this shareholder servicing fee.","page_number":32,"box":{"x":61,"y":312,"width":868,"height":12}},{"id":"bf43e9a9-b6ef-4ee1-8055-74b0ac8fbfa5","block_type":"box","text":"Institutional Shares do not pay a shareholder servicing fee.","page_number":32,"box":{"x":62,"y":327,"width":433,"height":12}},{"id":"395cc5c5-5e31-4d54-99b3-5838ae8fe39f","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":32,"box":{"x":62,"y":350,"width":859,"height":11}},{"id":"124e083f-fdf9-41a3-ac0e-6a46d0f04013","block_type":"box","text":"the following services to their customers who own Investor Shares and Class R Shares:","page_number":32,"box":{"x":60,"y":365,"width":643,"height":11}},{"id":"3cb25b79-9a10-40cf-96d0-e5ce68122ed2","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":32,"box":{"x":81,"y":385,"width":848,"height":11}},{"id":"2f6b6fe1-d5f1-41ae-afce-37358c5a5534","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":32,"box":{"x":82,"y":399,"width":811,"height":12}},{"id":"6d19424e-bc0c-4d73-9157-c20914efc7f7","block_type":"box","text":"investments;","page_number":32,"box":{"x":82,"y":415,"width":92,"height":10}},{"id":"f3226f8b-7e25-44d1-9b77-0b18a7eeb76d","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":32,"box":{"x":81,"y":435,"width":801,"height":11}},{"id":"cad93c19-6116-45e0-b11b-4bdf3cd916fc","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":32,"box":{"x":81,"y":455,"width":379,"height":11}},{"id":"b363d073-94f0-44ee-b031-fd92b5a6305c","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":32,"box":{"x":60,"y":477,"width":856,"height":11}},{"id":"b32839e4-af08-4294-946c-2c5d9e7c9485","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":32,"box":{"x":61,"y":492,"width":848,"height":11}},{"id":"4ac8c050-b380-4eab-b02a-099e29dae0c2","block_type":"box","text":"sale of the Fund’s shares.","page_number":32,"box":{"x":61,"y":506,"width":191,"height":10}},{"id":"e99a739a-64c9-4397-ab27-c85c5344589c","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":32,"box":{"x":62,"y":529,"width":850,"height":12}},{"id":"edb08f6c-7032-41a5-b350-fc326951f380","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":32,"box":{"x":60,"y":544,"width":836,"height":11}},{"id":"9a40046d-a7c4-4047-a423-069f289d8e5a","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares and Class R Shares may over time cost investors more than","page_number":32,"box":{"x":61,"y":559,"width":855,"height":11}},{"id":"1cfa0c9a-9282-4283-b323-5b30ee39231b","block_type":"box","text":"the front-end sales charge on Investor A Shares. For more information on the Plan, including a complete list of","page_number":32,"box":{"x":60,"y":574,"width":812,"height":11}},{"id":"17ec755a-e5d0-4826-90fe-21a8261662ad","block_type":"box","text":"services provided thereunder, see the SAI.","page_number":32,"box":{"x":61,"y":589,"width":311,"height":11}},{"id":"776634d2-86ef-4413-81e5-d082ea7f52e2","block_type":"box","text":"Other Payments by the Fund","page_number":32,"box":{"x":61,"y":611,"width":233,"height":13}},{"id":"f187d755-a908-40d2-a04a-2eaefb5089e6","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":32,"box":{"x":62,"y":628,"width":874,"height":11}},{"id":"a5b8adae-faca-421d-b0f4-d3726f2c8044","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":32,"box":{"x":60,"y":642,"width":846,"height":12}},{"id":"17d29e98-971d-4990-a533-7916e5a1c60c","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":32,"box":{"x":61,"y":657,"width":874,"height":12}},{"id":"54ad5441-57b2-4754-9087-c927002bcf4c","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":32,"box":{"x":60,"y":672,"width":843,"height":12}},{"id":"28e20a12-9981-409b-b29d-eaceb00fa4a1","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":32,"box":{"x":61,"y":687,"width":862,"height":12}},{"id":"cf74cb66-48d4-40d6-b57f-52dfd2abfa58","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":32,"box":{"x":61,"y":702,"width":815,"height":11}},{"id":"3d52c9e6-207e-492e-9bdb-76429e808157","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":32,"box":{"x":61,"y":717,"width":791,"height":11}},{"id":"2837492d-96ec-4838-a36a-0f5d927eb801","block_type":"box","text":"Other Payments by BlackRock","page_number":32,"box":{"x":61,"y":740,"width":252,"height":12}},{"id":"09b90ad4-f2a3-41ae-9445-5f00b1be4934","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":32,"box":{"x":62,"y":756,"width":851,"height":11}},{"id":"07e93ad6-fb7e-4ad5-bcd2-0e8d19136fc4","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":32,"box":{"x":61,"y":771,"width":843,"height":11}},{"id":"ceb39951-fedd-4a2e-b0d6-9bcc4c1e2fa4","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":32,"box":{"x":60,"y":786,"width":853,"height":11}},{"id":"4f64cba3-85cb-48b2-a3de-1853e2f2e3c1","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":32,"box":{"x":61,"y":800,"width":866,"height":12}},{"id":"a5025cc7-1726-41c1-aa89-06ec6db527a3","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":32,"box":{"x":60,"y":815,"width":839,"height":12}},{"id":"aea2cf0b-f024-42d2-87ae-cf06e9543cc6","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":32,"box":{"x":61,"y":830,"width":860,"height":12}},{"id":"7c2c3c65-56c8-49dd-a61e-99b866b6c93b","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":32,"box":{"x":61,"y":845,"width":841,"height":11}},{"id":"50b0288a-953f-4436-a466-4bdda9c24284","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":32,"box":{"x":61,"y":860,"width":856,"height":11}},{"id":"a1aa943f-8ff8-40e1-b181-7939639816de","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":32,"box":{"x":61,"y":875,"width":813,"height":11}},{"id":"bc811e3c-2217-4704-b465-53be214980e2","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":32,"box":{"x":62,"y":889,"width":415,"height":12}},{"id":"2ce11278-ad41-4619-9f20-f3f6da9f6381","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fb3c38f0-9907-49bf-aecf-015d9dadb916","block_type":"box","text":"NM1026U-5978932-32/72","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"12beffc1-31db-4b43-a83b-aa6a3e265ec5","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":33,"box":{"x":61,"y":46,"width":869,"height":11}},{"id":"f805fdef-31fc-48df-b823-e8ff0459f272","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":33,"box":{"x":60,"y":60,"width":495,"height":11}},{"id":"aea0bec8-d894-44b5-9f13-f5b3b1151b43","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":33,"box":{"x":61,"y":99,"width":434,"height":14}},{"id":"05af92cd-4af4-4dab-b056-1293d118ddec","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":33,"box":{"x":60,"y":126,"width":846,"height":11}},{"id":"739d609c-ae74-4043-a8e6-0381ee94cf06","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":33,"box":{"x":62,"y":140,"width":857,"height":12}},{"id":"dcc8b201-74e8-45be-b409-b4f320264b32","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":33,"box":{"x":60,"y":155,"width":809,"height":12}},{"id":"48dfa12a-6cbd-4f22-8fd6-9d4ab2716f96","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":33,"box":{"x":61,"y":170,"width":847,"height":11}},{"id":"65ce0c0a-b387-49f9-a7fc-7a26903f08a9","block_type":"box","text":"may help you with this decision.","page_number":33,"box":{"x":61,"y":185,"width":232,"height":11}},{"id":"7bd5c619-de30-4757-8c0d-f7880c8b859e","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":33,"box":{"x":60,"y":208,"width":867,"height":11}},{"id":"693d72e4-d1c0-4cf9-bf38-5976c8622a7e","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":33,"box":{"x":61,"y":222,"width":858,"height":12}},{"id":"7e62b1d0-b310-4219-be56-67a37c26242a","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":33,"box":{"x":62,"y":237,"width":845,"height":12}},{"id":"06a1e0ae-7ad6-4a9f-b462-fe6fa2af9c80","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":33,"box":{"x":61,"y":252,"width":860,"height":11}},{"id":"e442302c-a544-4151-b1e6-7040f45ff0d5","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":33,"box":{"x":60,"y":267,"width":868,"height":11}},{"id":"ba64f1f3-b1de-47dc-a2fa-6865dd999267","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":33,"box":{"x":61,"y":282,"width":863,"height":11}},{"id":"bd7be659-fb5d-4271-99cc-7284c4040696","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":33,"box":{"x":61,"y":296,"width":787,"height":12}},{"id":"73e38378-d179-43c7-9fc9-84b231f58d53","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":33,"box":{"x":62,"y":311,"width":857,"height":12}},{"id":"30335629-f69f-4ff4-84b3-6e34408816c1","block_type":"box","text":"restricted from making additional investments.","page_number":33,"box":{"x":61,"y":326,"width":341,"height":12}},{"id":"eb31359f-d791-4c3b-9741-4ad1d7de14a1","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":33,"box":{"x":60,"y":349,"width":861,"height":11}},{"id":"cb62171d-6601-4746-8b26-5911419307ee","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":33,"box":{"x":60,"y":363,"width":856,"height":12}},{"id":"2cdca51c-e33f-4c80-8dc8-13a811891bfc","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":33,"box":{"x":61,"y":378,"width":822,"height":12}},{"id":"606ab9c8-e84b-4a8c-9e46-4569a7788deb","block_type":"box","text":"described below.","page_number":33,"box":{"x":61,"y":393,"width":121,"height":9}},{"id":"d4600c7b-7690-4c39-9b52-96051407a80b","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":33,"box":{"x":62,"y":416,"width":797,"height":11}},{"id":"3f4ff588-b4d3-4328-b2d2-75a7ab19864e","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":33,"box":{"x":61,"y":430,"width":487,"height":12}},{"id":"752c7a40-f2f7-40fd-ab65-94d1ce5f7c9d","block_type":"box","text":"How to Buy Shares","page_number":33,"box":{"x":61,"y":454,"width":156,"height":12}},{"id":"1bb13f78-86aa-40cc-a76b-2f94cd5c7a22","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":476,"width":478,"height":8}},{"id":"9f97183c-fc4e-4b28-a58c-33a902d295b9","block_type":"box","text":"Initial Purchase","page_number":33,"box":{"x":61,"y":493,"width":105,"height":8}},{"id":"8afeb6e6-f46f-427c-bfdf-439ceb815346","block_type":"box","text":"First, select the share class","page_number":33,"box":{"x":214,"y":493,"width":183,"height":9}},{"id":"1016234d-39e7-47e0-af88-29bfc6037b2d","block_type":"box","text":"appropriate for you","page_number":33,"box":{"x":214,"y":506,"width":123,"height":10}},{"id":"a2a13e4a-e5ec-4fd4-a9c6-86cac1e34830","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":33,"box":{"x":461,"y":493,"width":458,"height":10}},{"id":"30c90a93-eb4d-452b-827a-83eaa9d2fa49","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":33,"box":{"x":461,"y":506,"width":435,"height":10}},{"id":"1bc31bde-1e66-4639-a76a-67b01b8df9bc","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":33,"box":{"x":461,"y":520,"width":444,"height":10}},{"id":"bb9f50de-fdf6-4e5e-b63e-9104f63c0536","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":33,"box":{"x":461,"y":533,"width":426,"height":10}},{"id":"e4cd3089-fc64-4cad-bf56-b69051c4f4a1","block_type":"box","text":"Shares, you will receive Investor A Shares). Certain factors, such as","page_number":33,"box":{"x":461,"y":547,"width":449,"height":10}},{"id":"b3dea831-d91f-472f-a762-5e36386b9e65","block_type":"box","text":"the amount of your investment, your time frame for investing, and your","page_number":33,"box":{"x":460,"y":560,"width":466,"height":11}},{"id":"1d48e80e-5641-4c07-a16d-83a6f7c8d0eb","block_type":"box","text":"financial goals, may affect which share class you choose. Your","page_number":33,"box":{"x":460,"y":574,"width":414,"height":10}},{"id":"332b60c1-8639-4f90-9d07-b36988b16189","block_type":"box","text":"Financial Intermediary can help you determine which share class is","page_number":33,"box":{"x":461,"y":588,"width":443,"height":10}},{"id":"96edb058-a9cc-433a-abd2-18b387da08e4","block_type":"box","text":"appropriate for you. Class R Shares are available only to certain","page_number":33,"box":{"x":461,"y":601,"width":422,"height":10}},{"id":"950c5c92-2c85-4b81-8224-178103560a46","block_type":"box","text":"employer-sponsored retirement plans.","page_number":33,"box":{"x":461,"y":615,"width":249,"height":10}},{"id":"8d8f4569-2d0a-4526-a80a-fd25d90d49de","block_type":"box","text":"Next, determine the amount of","page_number":33,"box":{"x":214,"y":632,"width":203,"height":10}},{"id":"649a4107-7e30-48a1-b136-131ad0eb6db2","block_type":"box","text":"your investment","page_number":33,"box":{"x":213,"y":646,"width":105,"height":10}},{"id":"f0584e0f-1b50-46fb-a742-65ec619b4b6b","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":33,"box":{"x":461,"y":632,"width":440,"height":9}},{"id":"9ac801b8-62ce-4203-aecf-75d4ab5346ed","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":33,"box":{"x":461,"y":646,"width":418,"height":10}},{"id":"69bb381f-f3d3-428b-84b8-f6426c729b18","block_type":"box","text":"investment amounts in Investor C Shares. See “Account Information —","page_number":33,"box":{"x":461,"y":660,"width":471,"height":8}},{"id":"5e92ef66-2449-4ccf-aac9-5988ae0c7cc1","block_type":"box","text":"Details About the Share Classes” for information on a lower initial","page_number":33,"box":{"x":461,"y":673,"width":435,"height":8}},{"id":"32f40bec-0808-4916-9095-245336eeef21","block_type":"box","text":"investment requirement for certain Fund investors if their purchase,","page_number":33,"box":{"x":461,"y":687,"width":446,"height":10}},{"id":"200933e5-bfaa-4fcc-835b-187e2562c632","block_type":"box","text":"combined with purchases by other investors received together by the","page_number":33,"box":{"x":461,"y":700,"width":453,"height":11}},{"id":"80dd7282-7ff5-4216-8056-dad15d288bae","block_type":"box","text":"Fund, meets the minimum investment requirement.","page_number":33,"box":{"x":461,"y":714,"width":337,"height":10}},{"id":"3bca7d03-66f9-4e36-9091-910de4cfed81","block_type":"box","text":"Have your Financial Intermediary","page_number":33,"box":{"x":214,"y":732,"width":215,"height":10}},{"id":"bb9d44b2-0e35-4e9b-b4f9-618375d55b58","block_type":"box","text":"submit your purchase order","page_number":33,"box":{"x":214,"y":746,"width":181,"height":10}},{"id":"97a5b8e5-e0d1-4c91-a1fd-5ef9d182c4e0","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":33,"box":{"x":460,"y":732,"width":466,"height":10}},{"id":"238b9053-7c1a-425b-8c7d-01d7e19df98c","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":33,"box":{"x":461,"y":745,"width":463,"height":11}},{"id":"5c1b3b35-e763-4b9a-b0d3-823ef8fe29db","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":33,"box":{"x":461,"y":759,"width":443,"height":10}},{"id":"16ebe2c6-6e13-4930-86ea-13b4e3eff3d2","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":33,"box":{"x":461,"y":772,"width":445,"height":11}},{"id":"c0227d14-106d-425a-8531-df3a58efccec","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":33,"box":{"x":461,"y":786,"width":435,"height":10}},{"id":"ab3ee845-45b8-4881-a971-6474a4dae5e8","block_type":"box","text":"however, may require submission of orders prior to that time. 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The Fund limits purchases by personal","page_number":35,"box":{"x":461,"y":192,"width":473,"height":10}},{"id":"ade08c2e-2ff3-414d-bcf0-cf29838d6c9c","block_type":"box","text":"check to $500,000 per trade. There is a $20 fee for each purchase","page_number":35,"box":{"x":461,"y":205,"width":447,"height":10}},{"id":"54456363-9834-442c-979a-0ddebb3e9a95","block_type":"box","text":"check that is returned due to insufficient funds. The Fund does not","page_number":35,"box":{"x":461,"y":219,"width":442,"height":8}},{"id":"ff35f215-4873-4e51-a4bf-806aea062b32","block_type":"box","text":"accept third-party checks. You may also wire Federal funds to the Fund","page_number":35,"box":{"x":461,"y":232,"width":465,"height":10}},{"id":"0fc12745-85cd-4090-8330-64e5fc693ebb","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":35,"box":{"x":460,"y":246,"width":470,"height":10}},{"id":"465af777-1ede-4509-b59b-222c5946fb11","block_type":"box","text":"to confirm the wiring instructions.","page_number":35,"box":{"x":460,"y":259,"width":221,"height":11}},{"id":"63006670-aecc-44f2-9aa8-f45ea5b17310","block_type":"box","text":"How to Sell Shares","page_number":35,"box":{"x":61,"y":284,"width":156,"height":10}},{"id":"124a4f67-b56c-46ea-a1d7-fa8663b8a674","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":306,"width":478,"height":9}},{"id":"cf443e8e-cfa1-4c9e-a832-4baa74f4bb92","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":323,"width":90,"height":8}},{"id":"07f5a397-ad01-466b-b580-c1a5770c36d3","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":335,"width":98,"height":10}},{"id":"d78c80af-1c70-4bfb-a3f0-0c79dcc9426d","block_type":"box","text":"Shares","page_number":35,"box":{"x":60,"y":346,"width":46,"height":9}},{"id":"88738a5d-e8ec-4a2d-a2f7-58640bdf6c98","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":323,"width":215,"height":10}},{"id":"032039c5-5e12-466e-bdd6-5373545a8007","block_type":"box","text":"submit your sales order","page_number":35,"box":{"x":214,"y":337,"width":155,"height":10}},{"id":"838ba8e2-ec0c-4618-80da-ae3c8a41151f","block_type":"box","text":"You can make redemption requests through your Financial","page_number":35,"box":{"x":460,"y":323,"width":382,"height":10}},{"id":"52f1a1b8-739a-4a3e-be8e-c938734665d2","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":35,"box":{"x":461,"y":337,"width":398,"height":10}},{"id":"2f4c1500-6979-444a-a081-8dfe7a737532","block_type":"box","text":"redeeming Investor A, Investor C, Institutional or Class R Shares. The","page_number":35,"box":{"x":461,"y":350,"width":458,"height":11}},{"id":"ca6b8193-b32f-4c9b-b750-0df72ed50fd3","block_type":"box","text":"price of your shares is based on the next calculation of the Fund’s net","page_number":35,"box":{"x":461,"y":364,"width":463,"height":10}},{"id":"4c0a8326-0ec6-4331-9b0d-026290470044","block_type":"box","text":"asset value after your order is placed. For your redemption request to","page_number":35,"box":{"x":461,"y":377,"width":458,"height":11}},{"id":"a3b07c27-7ab4-44db-83e6-dd4a240ae91d","block_type":"box","text":"be priced at the net asset value on the day of your request, you must","page_number":35,"box":{"x":461,"y":391,"width":457,"height":10}},{"id":"81f8a698-d22c-4c88-a609-a22cf898cd5b","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":35,"box":{"x":461,"y":405,"width":452,"height":10}},{"id":"7febc6bf-7008-48f8-b6a0-0a1da4438046","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":35,"box":{"x":461,"y":418,"width":438,"height":10}},{"id":"c6726fd6-f53e-454e-954e-a342f199a89d","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":35,"box":{"x":461,"y":431,"width":457,"height":11}},{"id":"94932ed0-9d25-4f4e-a434-5431068fa595","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":35,"box":{"x":461,"y":445,"width":470,"height":10}},{"id":"d2370eab-e33d-4d4b-9c0c-54012a4b12cf","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":35,"box":{"x":460,"y":458,"width":447,"height":11}},{"id":"4ac66243-f4e6-472e-8472-7dda4cadbb8f","block_type":"box","text":"next business day.","page_number":35,"box":{"x":461,"y":472,"width":121,"height":10}},{"id":"67aba6f4-263b-46e2-bd7b-9c534cea066d","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":35,"box":{"x":461,"y":488,"width":437,"height":10}},{"id":"71b42aa5-578a-4010-a099-42dbd63ca748","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":35,"box":{"x":461,"y":502,"width":458,"height":10}},{"id":"3df7717c-d83f-43d0-bae5-f4d7decc8e12","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":35,"box":{"x":460,"y":515,"width":465,"height":10}},{"id":"d163843b-4080-4231-b90f-987be430af74","block_type":"box","text":"but in any event, within seven days.","page_number":35,"box":{"x":461,"y":529,"width":233,"height":10}},{"id":"20e62952-b508-4cb6-9690-a6db834c90a9","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":35,"box":{"x":461,"y":545,"width":415,"height":10}},{"id":"755de440-ace8-446a-95db-f64b68b10779","block_type":"box","text":"redemption of shares.","page_number":35,"box":{"x":461,"y":558,"width":144,"height":10}},{"id":"9cc6bc97-5772-43ad-9c3f-66888eb9ec7c","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":35,"box":{"x":460,"y":575,"width":380,"height":10}},{"id":"0a2cd02c-8cd4-47d2-aab4-6155b3e9a8cb","block_type":"box","text":"circumstances.","page_number":35,"box":{"x":461,"y":588,"width":98,"height":8}},{"id":"860915b8-d03c-44a7-97f5-2a28bc01ddbd","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":606,"width":207,"height":10}},{"id":"1016795f-a512-4218-8fe2-5a332246c7b8","block_type":"box","text":"BlackRock","page_number":35,"box":{"x":214,"y":620,"width":67,"height":8}},{"id":"fe4e7898-92fb-469c-a042-17bc383e6780","block_type":"box","text":"Methods of Redeeming","page_number":35,"box":{"x":461,"y":606,"width":156,"height":10}},{"id":"2ff0691f-f333-4459-91d8-e6e5119746a0","block_type":"box","text":"Redeem by Telephone:","page_number":35,"box":{"x":461,"y":622,"width":150,"height":10}},{"id":"5aa7fae1-cf7a-494d-a94e-eb2cd3b74479","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":35,"box":{"x":617,"y":622,"width":302,"height":10}},{"id":"755d1537-fe0d-49b3-9393-d7f69d8c8c52","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":35,"box":{"x":460,"y":636,"width":464,"height":10}},{"id":"53a1e22e-f990-496f-a03b-80d47a61a6eb","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":35,"box":{"x":461,"y":649,"width":441,"height":11}},{"id":"6c20c804-ebf3-4666-8e8e-322baaf22290","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":35,"box":{"x":461,"y":662,"width":433,"height":11}},{"id":"6c9550eb-617c-4e30-9634-d545c05bb432","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":35,"box":{"x":461,"y":676,"width":418,"height":10}},{"id":"ed039952-6d68-4015-b2fb-b9e8b6ce261e","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":35,"box":{"x":461,"y":690,"width":462,"height":10}},{"id":"47f322c1-39b0-4832-b9db-48e1e3dff607","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":35,"box":{"x":461,"y":703,"width":456,"height":11}},{"id":"b190656d-b768-4143-84d0-a872725bb666","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":35,"box":{"x":461,"y":717,"width":472,"height":10}},{"id":"7e1ba9aa-9154-457a-976d-a75037e8870e","block_type":"box","text":"for details.","page_number":35,"box":{"x":460,"y":730,"width":70,"height":9}},{"id":"cdaca770-c31d-4061-9cd2-62641d0cd051","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":35,"box":{"x":460,"y":747,"width":448,"height":10}},{"id":"1c087ba4-affc-454a-a0c1-c9a09b196366","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":35,"box":{"x":461,"y":760,"width":434,"height":11}},{"id":"32dd5d55-86d5-455c-bd2f-5f86a1da68c3","block_type":"box","text":"association, national securities exchange or registered securities","page_number":35,"box":{"x":461,"y":774,"width":430,"height":10}},{"id":"e4776b8b-df6e-464a-b6a5-2ac5c217787c","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":35,"box":{"x":461,"y":787,"width":366,"height":10}},{"id":"fdb62387-259a-4ae6-9d93-8eda1e9e6d56","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":35,"box":{"x":460,"y":804,"width":468,"height":10}},{"id":"14a74d6a-c00a-458e-923a-a60905ec38fb","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":35,"box":{"x":461,"y":817,"width":474,"height":10}},{"id":"4545b5af-af90-4a06-ac71-4a7c3f24899a","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":35,"box":{"x":460,"y":830,"width":450,"height":11}},{"id":"984fea5b-135a-46e9-abe6-77130ae1bd47","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":35,"box":{"x":461,"y":844,"width":450,"height":10}},{"id":"423cb74a-aeb3-42b8-9d54-ff2c4bd400e0","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":35,"box":{"x":460,"y":858,"width":445,"height":10}},{"id":"dbc35a51-7f0e-43c1-bb3f-7c36ac39187a","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":35,"box":{"x":461,"y":871,"width":463,"height":10}},{"id":"cc633518-8503-4257-b974-7645c47ea132","block_type":"box","text":"believes it is advisable to do so.","page_number":35,"box":{"x":461,"y":885,"width":212,"height":8}},{"id":"c3995a1a-6ef2-499f-ba33-254509d0d344","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"b591c6a1-d255-47d9-aa72-80be1ed7c518","block_type":"box","text":"NM1026U-5978932-35/72","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fb74e1f7-9a5f-485a-bbeb-4476b8672b1c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"29a52dc9-9277-4501-9caf-d848052d3efc","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"eae767b9-3233-4ef1-b17b-2eb1868d8698","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"295ee6ef-d0e1-44cc-90f3-5f63d8977930","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"2072c494-1523-4cbf-b9b1-3bf8fc9b9a8a","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"16dab94c-8743-4cca-8d6f-786324ea9c6a","block_type":"box","text":"BlackRock (continued)","page_number":36,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"c88bd054-6fb3-470d-afa9-524a16b3fa50","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":36,"box":{"x":461,"y":70,"width":452,"height":10}},{"id":"e711b02a-ec91-485f-be6d-34b91a567073","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":36,"box":{"x":461,"y":83,"width":427,"height":11}},{"id":"6509aa4d-7891-49c1-a028-59b1206793ac","block_type":"box","text":"redemption methods below.","page_number":36,"box":{"x":461,"y":97,"width":181,"height":10}},{"id":"5587c08c-084f-45df-ac3e-a627bf39628a","block_type":"box","text":"Redeem by VRU:","page_number":36,"box":{"x":461,"y":113,"width":111,"height":10}},{"id":"a6ec8c2c-85f9-470b-86ee-d28ac3c235e3","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":36,"box":{"x":579,"y":113,"width":348,"height":10}},{"id":"42cfd48e-b698-4fb0-b532-e89fbc1af7d9","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":36,"box":{"x":461,"y":126,"width":469,"height":11}},{"id":"78c6fc18-a6c6-423f-ab59-cb3e63dc6160","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":36,"box":{"x":461,"y":140,"width":420,"height":10}},{"id":"b0ebccfa-cf5b-4b86-90d6-1f1f3172a6e1","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":36,"box":{"x":461,"y":153,"width":392,"height":11}},{"id":"a6087a48-5d45-497e-b97c-6b5129b7bc42","block_type":"box","text":"Redeem by Internet:","page_number":36,"box":{"x":461,"y":170,"width":136,"height":10}},{"id":"3cc15b5f-5315-446e-8131-59a4b377fc29","block_type":"box","text":"You may redeem in your account by logging onto","page_number":36,"box":{"x":603,"y":170,"width":317,"height":10}},{"id":"48a23502-1ff1-48a1-bff7-dee44c99dfd4","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":36,"box":{"x":460,"y":183,"width":461,"height":9}},{"id":"48f4c2e3-e7e1-40be-b079-828ef9bf2182","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":36,"box":{"x":461,"y":197,"width":473,"height":10}},{"id":"4f637f4c-2cfd-4320-9843-30810b95b9a5","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":36,"box":{"x":461,"y":210,"width":472,"height":11}},{"id":"69d6c5fa-cc14-48b2-a1db-dabe267c599e","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":36,"box":{"x":461,"y":223,"width":459,"height":11}},{"id":"376afe9a-98d5-403e-b7c3-df4c68ffe909","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":36,"box":{"x":461,"y":237,"width":451,"height":11}},{"id":"8fc5a672-9841-4196-a096-6df92fe01fbd","block_type":"box","text":"certain institutional investors.","page_number":36,"box":{"x":461,"y":251,"width":196,"height":8}},{"id":"6b05a94c-8be3-4b89-977c-32eed3b097f6","block_type":"box","text":"Redeem in Writing:","page_number":36,"box":{"x":461,"y":267,"width":127,"height":10}},{"id":"ae6fd148-6ced-438c-ae33-e96b57c6d40b","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":36,"box":{"x":594,"y":267,"width":338,"height":10}},{"id":"d4ddd251-6361-4e70-bb1c-1f5f60a27e22","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":36,"box":{"x":461,"y":281,"width":468,"height":10}},{"id":"04115348-9c60-41a3-b1c9-3de1bbafb543","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":36,"box":{"x":460,"y":294,"width":446,"height":10}},{"id":"7c86b5ff-bb80-4aec-8447-80c54c466212","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":36,"box":{"x":461,"y":308,"width":466,"height":10}},{"id":"fcedf824-20ec-4e64-8fd5-5de362828c28","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":36,"box":{"x":461,"y":321,"width":460,"height":11}},{"id":"52d0f506-f1ca-4a8f-95d4-8ee3ebaab45a","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":36,"box":{"x":461,"y":335,"width":457,"height":10}},{"id":"24e1c1e7-0616-4e50-a461-51fe7b2c2e8e","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":36,"box":{"x":461,"y":348,"width":461,"height":11}},{"id":"34be8c49-bcb5-434c-95ff-92eb17578a2e","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":36,"box":{"x":461,"y":362,"width":450,"height":10}},{"id":"f96ff200-cfb1-49db-9d1c-aa87feefd1a7","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":36,"box":{"x":461,"y":376,"width":443,"height":10}},{"id":"1874fd7a-2ad6-4506-84b0-1ceebd1c8640","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":36,"box":{"x":461,"y":389,"width":465,"height":10}},{"id":"1e0ac5ee-867c-491e-a200-bd3462192fc7","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":36,"box":{"x":461,"y":402,"width":462,"height":11}},{"id":"99187c43-bd9a-43ee-a9e6-fdfe9aba4c03","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":36,"box":{"x":461,"y":416,"width":404,"height":10}},{"id":"d5e5a9d3-13b2-4c0b-96dd-5b92076a3678","block_type":"box","text":"Payment of Redemption Proceeds","page_number":36,"box":{"x":461,"y":432,"width":228,"height":10}},{"id":"723d7aed-ed7f-44c3-8af1-a08957a441c5","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":36,"box":{"x":461,"y":448,"width":467,"height":10}},{"id":"6499bab6-9d32-4c3d-93aa-c492139df3dd","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":36,"box":{"x":461,"y":462,"width":393,"height":10}},{"id":"9403b053-7659-4d58-8fdf-3ed0671dd700","block_type":"box","text":"Payment by Check:","page_number":36,"box":{"x":461,"y":478,"width":129,"height":10}},{"id":"96773dde-e39c-4ee3-857d-230ce45ac461","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":36,"box":{"x":597,"y":478,"width":329,"height":10}},{"id":"bf009001-4508-44b4-afa9-76843a4f5011","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":36,"box":{"x":460,"y":491,"width":430,"height":11}},{"id":"2a514ee1-9840-4ba0-ad74-7000d8e91619","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":36,"box":{"x":461,"y":505,"width":460,"height":10}},{"id":"0de66d20-d5f9-489f-aad2-f4310d450539","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":36,"box":{"x":461,"y":519,"width":468,"height":10}},{"id":"20716989-2fed-4cc2-8524-1c1ec5af68b7","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":36,"box":{"x":461,"y":531,"width":467,"height":11}},{"id":"b68cfa4e-0520-4c4e-b937-0a52e930beae","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":36,"box":{"x":461,"y":545,"width":467,"height":11}},{"id":"5394fdd0-1a0d-4c7a-ab9e-041217f84083","block_type":"box","text":"charges imposed by your bank for this service.","page_number":36,"box":{"x":461,"y":559,"width":307,"height":10}},{"id":"c77cfd36-e9cf-4a90-9eba-93fdf3d0bc45","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":36,"box":{"x":460,"y":575,"width":438,"height":11}},{"id":"15673ef6-ddae-4977-b066-754e7b18708a","block_type":"box","text":"amounts (","page_number":36,"box":{"x":461,"y":589,"width":65,"height":10}},{"id":"e90bcc7d-6973-4578-a62e-2644cb993235","block_type":"box","text":"e.g","page_number":36,"box":{"x":528,"y":590,"width":21,"height":9}},{"id":"e2eaa4c1-0b43-44aa-9742-4cacb9ec8aa2","block_type":"box","text":"., income dividends or capital gains) which you have","page_number":36,"box":{"x":549,"y":589,"width":341,"height":10}},{"id":"eb9b65f9-87d5-44f7-bbdc-dc709bd23388","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":36,"box":{"x":461,"y":602,"width":403,"height":10}},{"id":"f7622b85-db2d-4abe-940f-92efa58cf129","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":36,"box":{"x":461,"y":616,"width":467,"height":8}},{"id":"3ea9517c-7b41-4294-b2aa-dafb19ddf96a","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":36,"box":{"x":460,"y":629,"width":456,"height":11}},{"id":"9e594d20-d0a8-4c78-969d-0ddb956bed0d","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":36,"box":{"x":460,"y":643,"width":402,"height":10}},{"id":"9c706076-4395-41cd-a31d-ca28a21df494","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":36,"box":{"x":461,"y":656,"width":430,"height":11}},{"id":"c2d1c7c5-db45-41de-9838-34cfc78daf77","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":36,"box":{"x":461,"y":670,"width":465,"height":10}},{"id":"ea704caa-4075-4ad2-811b-c53385c06cd1","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":36,"box":{"x":461,"y":684,"width":473,"height":8}},{"id":"8cba9699-5905-4c13-844b-d45187fe29e2","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":36,"box":{"x":461,"y":697,"width":456,"height":10}},{"id":"988240ee-fc3d-43c0-9639-7cf4737a3cea","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":36,"box":{"x":461,"y":710,"width":461,"height":11}},{"id":"459fd955-7680-4757-bbac-75a1bb465086","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":36,"box":{"x":460,"y":724,"width":469,"height":10}},{"id":"a3d2d786-f936-467b-8475-e159ab7d291e","block_type":"box","text":"as of the date of payment of the distribution.","page_number":36,"box":{"x":461,"y":738,"width":295,"height":10}},{"id":"93f7b6cc-4fee-4563-a309-889bb9c612ee","block_type":"box","text":"Payment by Wire Transfer:","page_number":36,"box":{"x":461,"y":754,"width":177,"height":10}},{"id":"180b6c61-0ad0-4363-91b7-28cf6e1cfa6a","block_type":"box","text":"Payment for redeemed shares for which a","page_number":36,"box":{"x":644,"y":754,"width":275,"height":10}},{"id":"b30e9935-5fe8-4158-9b05-335b09a88bd9","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":36,"box":{"x":461,"y":767,"width":437,"height":10}},{"id":"3b268375-c727-4931-b936-04ca6811f96e","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":36,"box":{"x":461,"y":781,"width":471,"height":10}},{"id":"a3ca4145-c142-4c0e-ab39-9886e428c9b4","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":36,"box":{"x":461,"y":795,"width":417,"height":10}},{"id":"1f31ea96-fd23-483e-be59-54daa40aa3ed","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":36,"box":{"x":461,"y":808,"width":449,"height":10}},{"id":"fff581d6-cbf4-4b7d-9f20-01d1f7c0ea4d","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":36,"box":{"x":461,"y":821,"width":449,"height":11}},{"id":"76dad1dd-be65-42f5-ac48-8c331e4b4e5a","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":36,"box":{"x":461,"y":835,"width":433,"height":10}},{"id":"ab1d927c-2bc4-4625-af36-903412bdc0e9","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":848,"width":449,"height":11}},{"id":"ff3d7feb-1d44-48ec-916e-1fc33377e6e2","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":36,"box":{"x":461,"y":862,"width":437,"height":10}},{"id":"35f7c13d-bddd-4d44-bb63-298898b52024","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":36,"box":{"x":461,"y":875,"width":469,"height":11}},{"id":"0859cbc4-1893-49dc-9797-d3b8e4c683b7","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":36,"box":{"x":459,"y":889,"width":448,"height":10}},{"id":"2c9ac27f-10bc-4532-8d20-5c4cc2fa980f","block_type":"box","text":"Fund.","page_number":36,"box":{"x":461,"y":903,"width":34,"height":8}},{"id":"ab99d9cd-67ea-43ab-b7f7-5c70fbb3637d","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2b9ec55d-3d17-42e7-a35a-458370338f51","block_type":"box","text":"NM1026U-5978932-36/72","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dbf19301-1678-471b-bf59-76c5edaf4e73","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"9499d72c-1269-436f-92cd-13873f1afc43","block_type":"box","text":"Full or Partial","page_number":37,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"3c031ddb-b55f-4d46-8b79-eac0c0ba1a02","block_type":"box","text":"Redemption of","page_number":37,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"fb0511b0-97b4-462f-af4f-408d702c8422","block_type":"box","text":"Shares (continued)","page_number":37,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"c845be3c-998e-4ee0-b96b-8586f319e1ec","block_type":"box","text":"Selling shares held directly with","page_number":37,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"bc4ff693-6f35-4921-ac16-12bdd86e92d6","block_type":"box","text":"BlackRock (continued)","page_number":37,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"16b90971-f6c5-4519-b46e-9a0b3bd2fc75","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":37,"box":{"x":461,"y":70,"width":434,"height":10}},{"id":"ca222761-235c-4b8f-8d72-9cf0ca7e6587","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":37,"box":{"x":461,"y":83,"width":468,"height":11}},{"id":"a4a52f84-a648-4880-b81b-8d203e589ed6","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":37,"box":{"x":461,"y":96,"width":460,"height":11}},{"id":"b9f40b57-9b58-42e1-85fb-2d4eee44ee12","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":37,"box":{"x":461,"y":110,"width":441,"height":11}},{"id":"fdd1aa7c-159f-4639-b796-b3d50e9764df","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":37,"box":{"x":461,"y":124,"width":472,"height":10}},{"id":"a379ddfa-5395-4e81-897a-fe6585e3744a","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":37,"box":{"x":460,"y":138,"width":438,"height":10}},{"id":"94a97273-b613-4710-9788-8aba8701b09b","block_type":"box","text":"imposed by the Fund.","page_number":37,"box":{"x":461,"y":151,"width":140,"height":10}},{"id":"e5a6d3c7-6bfd-4461-aa92-7fdb3b827625","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":37,"box":{"x":460,"y":167,"width":425,"height":10}},{"id":"65a95142-583a-407f-829e-9c980a43d14d","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":37,"box":{"x":461,"y":181,"width":455,"height":10}},{"id":"ca72ceeb-c611-40c2-b6cb-fb19ae706edd","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":37,"box":{"x":461,"y":194,"width":476,"height":11}},{"id":"395a4390-8ecf-4cae-9661-a7cff7610adb","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":37,"box":{"x":461,"y":208,"width":455,"height":10}},{"id":"30e7b198-5a56-49ed-a239-8021203a4ccf","block_type":"box","text":"the back cover of this prospectus.","page_number":37,"box":{"x":460,"y":221,"width":224,"height":10}},{"id":"a1c13fef-8691-40eb-8255-28279a9aaf9a","block_type":"box","text":"Payment by ACH:","page_number":37,"box":{"x":461,"y":237,"width":116,"height":11}},{"id":"81585aa0-408f-4176-9368-647ed4f60081","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":37,"box":{"x":584,"y":238,"width":272,"height":10}},{"id":"d8451d4e-b504-4209-8052-a930cf22e538","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":37,"box":{"x":461,"y":251,"width":469,"height":10}},{"id":"8c8c72b2-d392-4f40-892e-656ffe69fb57","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":37,"box":{"x":461,"y":264,"width":432,"height":11}},{"id":"1fd6a528-216e-4c29-bb60-d868799abbff","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":37,"box":{"x":461,"y":278,"width":441,"height":10}},{"id":"63b6028c-02b9-4e8e-99ba-eac53d3689de","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":37,"box":{"x":461,"y":292,"width":428,"height":10}},{"id":"de66a9cd-d46e-4ee7-a79d-5e25f8af1215","block_type":"box","text":"receiving bank within the next two business days (48-72 hours),","page_number":37,"box":{"x":461,"y":305,"width":420,"height":10}},{"id":"2f5840b3-cc34-4efd-86d5-88d80aac5dac","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":37,"box":{"x":461,"y":319,"width":467,"height":10}},{"id":"32071a03-9ea8-4527-b78c-37f3ebd92667","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":37,"box":{"x":460,"y":332,"width":458,"height":10}},{"id":"b328fee1-c70d-4f68-a1dc-f8816893bc7f","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":37,"box":{"x":461,"y":346,"width":457,"height":10}},{"id":"8428d56f-1ca1-421a-8774-538ee2db97b8","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":37,"box":{"x":461,"y":359,"width":449,"height":11}},{"id":"c1a53edc-0d36-44d1-8e28-22bec29c9ef2","block_type":"box","text":"open for business.","page_number":37,"box":{"x":461,"y":373,"width":121,"height":10}},{"id":"00fdc223-d9a9-4d19-bccc-87b0be454241","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":37,"box":{"x":460,"y":389,"width":467,"height":10}},{"id":"b7a19e13-08e9-4e66-aa2e-2e9afaf3ba1f","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":37,"box":{"x":461,"y":402,"width":465,"height":11}},{"id":"19ad749c-61f7-435a-9f9b-12fc07c92bc5","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":37,"box":{"x":461,"y":416,"width":432,"height":10}},{"id":"1d16276e-b57b-432e-a303-10c9d9504081","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":37,"box":{"x":461,"y":430,"width":415,"height":10}},{"id":"0790bb3c-8e4f-4176-8023-d0be36b2462e","block_type":"box","text":"***","page_number":37,"box":{"x":686,"y":446,"width":25,"height":5}},{"id":"58370233-2785-4456-be4b-737c49899a79","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":37,"box":{"x":461,"y":459,"width":423,"height":10}},{"id":"803e1a60-8686-4718-b9d4-fd3bb008a1de","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":37,"box":{"x":461,"y":473,"width":456,"height":10}},{"id":"bdf6b63b-08af-4cd4-8c56-85169992ab87","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":37,"box":{"x":461,"y":486,"width":352,"height":10}},{"id":"997bafc2-3a78-44dd-883d-42eb788d0b8f","block_type":"box","text":"Redemption","page_number":37,"box":{"x":61,"y":504,"width":80,"height":10}},{"id":"3e98de36-276f-4328-a577-531236de1adb","block_type":"box","text":"Proceeds","page_number":37,"box":{"x":61,"y":516,"width":62,"height":8}},{"id":"d444e8d9-7e7a-47ed-9d89-2f6cbce31cdf","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":37,"box":{"x":461,"y":507,"width":445,"height":10}},{"id":"0ba7eb58-fcde-42da-a363-1a9d0f3ae082","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":37,"box":{"x":461,"y":520,"width":467,"height":11}},{"id":"8999344d-0ad5-4176-92d6-132e6304b435","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":37,"box":{"x":461,"y":534,"width":455,"height":10}},{"id":"cbcf9e03-4fe3-44bb-a657-77054d3ca5e5","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":37,"box":{"x":461,"y":547,"width":450,"height":11}},{"id":"70d1b566-5e44-4fb2-bf09-641e42230a23","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":37,"box":{"x":461,"y":561,"width":452,"height":10}},{"id":"583c7d82-85f9-45ac-8357-7b7ed44076ec","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":37,"box":{"x":461,"y":575,"width":471,"height":10}},{"id":"432e79be-df28-418b-b83c-a44248fd7ae1","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":37,"box":{"x":461,"y":588,"width":471,"height":10}},{"id":"8df607e0-7030-4ded-b4d7-cf4ed6c31f41","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":37,"box":{"x":461,"y":602,"width":453,"height":10}},{"id":"388afda0-73cf-44cb-bd42-e33992c7ac67","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":37,"box":{"x":461,"y":615,"width":405,"height":8}},{"id":"db7b7cac-9963-4167-aecf-2eab822fd48c","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":37,"box":{"x":461,"y":631,"width":408,"height":11}},{"id":"6355de3f-72f5-4746-a8f4-7b58a962d174","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":37,"box":{"x":461,"y":645,"width":457,"height":10}},{"id":"7166b0c1-96fc-4a74-bfbe-cc61565c6030","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":37,"box":{"x":460,"y":658,"width":440,"height":11}},{"id":"34064a2c-29d8-43e2-b422-7fbfc8a833e2","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":37,"box":{"x":460,"y":672,"width":340,"height":10}},{"id":"f065d91e-bb25-4414-b5ca-0ac8b6d1bdfb","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":37,"box":{"x":61,"y":696,"width":415,"height":13}},{"id":"e1a0bacb-def6-4c6b-92bc-be55a29259b6","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":719,"width":478,"height":8}},{"id":"520da617-1850-457e-8aae-534746d465b4","block_type":"box","text":"Exchange Privilege","page_number":37,"box":{"x":61,"y":736,"width":128,"height":10}},{"id":"d0d0c2f9-13cf-4321-b5b7-ce335e2b4c2c","block_type":"box","text":"Selling shares of one BlackRock","page_number":37,"box":{"x":214,"y":736,"width":212,"height":10}},{"id":"83a3fe8e-3551-433b-9fc3-e17458a0f6cf","block_type":"box","text":"Fund to purchase shares of","page_number":37,"box":{"x":214,"y":749,"width":181,"height":10}},{"id":"c453b2ce-83c2-48a6-a7c4-8cce3cd2cf72","block_type":"box","text":"another BlackRock Fund","page_number":37,"box":{"x":214,"y":763,"width":158,"height":8}},{"id":"8d9f4f83-89e1-425e-801a-e169dbb7fb47","block_type":"box","text":"(“exchanging”)","page_number":37,"box":{"x":214,"y":776,"width":95,"height":11}},{"id":"cb360f77-2f26-4ba8-a85b-6b59bfb853c7","block_type":"box","text":"Investor A, Investor C or Institutional Shares of the Fund are generally","page_number":37,"box":{"x":461,"y":736,"width":460,"height":10}},{"id":"a175f41f-ef62-4fdf-8ed3-96d903cc6166","block_type":"box","text":"exchangeable for shares of the same class of another BlackRock Fund,","page_number":37,"box":{"x":461,"y":749,"width":469,"height":11}},{"id":"c6466ee5-245f-4b11-a361-0e09090506ce","block_type":"box","text":"to the extent such shares are offered by your Financial Intermediary.","page_number":37,"box":{"x":460,"y":763,"width":452,"height":10}},{"id":"0ad588fc-40fe-4320-bec8-fd20d89f0a1a","block_type":"box","text":"No exchange privilege is available for Class R Shares.","page_number":37,"box":{"x":461,"y":776,"width":354,"height":11}},{"id":"800354f0-3fe0-43dc-809b-ec80359a1542","block_type":"box","text":"You can exchange $1,000 or more of Investor A or Investor C Shares","page_number":37,"box":{"x":460,"y":792,"width":455,"height":11}},{"id":"2fa5556b-c78d-4af7-a43e-e25480aaddb6","block_type":"box","text":"from one fund into the same class of another fund which offers that","page_number":37,"box":{"x":460,"y":806,"width":450,"height":8}},{"id":"3fd33c02-b955-4daa-886b-3e1a93f206f1","block_type":"box","text":"same class of shares (you can exchange less than $1,000 of","page_number":37,"box":{"x":461,"y":819,"width":407,"height":11}},{"id":"def6755b-64a7-4b1e-b7df-e923f0ab571d","block_type":"box","text":"Investor A or Investor C Shares if you already have an account in the","page_number":37,"box":{"x":461,"y":833,"width":451,"height":10}},{"id":"3a94ecc2-36bd-4b63-9771-526538799778","block_type":"box","text":"fund into which you are exchanging). Investors who currently own","page_number":37,"box":{"x":460,"y":846,"width":427,"height":11}},{"id":"9460d7be-4c96-4713-a833-4f98effeefd9","block_type":"box","text":"Institutional Shares of the Fund may make exchanges into Institutional","page_number":37,"box":{"x":461,"y":860,"width":465,"height":10}},{"id":"9c0e4c37-5044-4ccf-ab51-9da0e8fdb1dd","block_type":"box","text":"Shares of other BlackRock Funds except for investors holding shares","page_number":37,"box":{"x":461,"y":874,"width":454,"height":10}},{"id":"fc7c21da-4f06-4404-a39d-376b01f3e208","block_type":"box","text":"through certain client accounts at Financial Intermediaries that are","page_number":37,"box":{"x":460,"y":887,"width":442,"height":10}},{"id":"151c8e90-65bf-48d6-826a-3b0f4d8fc7cd","block_type":"box","text":"omnibus with the Fund and do not meet applicable minimums.","page_number":37,"box":{"x":461,"y":901,"width":410,"height":10}},{"id":"7bfee1fa-77cb-47de-b1ca-1ce6f70ff238","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"80138963-faec-4de5-ba01-1e55cb5fa316","block_type":"box","text":"NM1026U-5978932-37/72","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1e3c732e-194e-4960-8e1c-d3c27313f995","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"34287994-28c1-441e-a1a9-9b38179ce88e","block_type":"box","text":"Exchange Privilege","page_number":38,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"2c196557-7be4-472b-92cc-799e0de763c8","block_type":"box","text":"(continued)","page_number":38,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"ec9cfdd4-cd17-4c86-8d44-bac21ddb4691","block_type":"box","text":"Selling shares of one BlackRock","page_number":38,"box":{"x":214,"y":67,"width":212,"height":11}},{"id":"03ce26c5-349b-4127-8b91-f63292f019a5","block_type":"box","text":"Fund to purchase shares of","page_number":38,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"cc57c671-3161-4dc7-ba13-6c0c0386ae21","block_type":"box","text":"another BlackRock Fund","page_number":38,"box":{"x":214,"y":94,"width":158,"height":9}},{"id":"104dac8a-c5da-4903-b54d-53b23a3985f6","block_type":"box","text":"(“exchanging”) (continued)","page_number":38,"box":{"x":214,"y":108,"width":173,"height":10}},{"id":"381f27f4-7ccc-451a-a440-f8af1871aca2","block_type":"box","text":"There is no required minimum amount with respect to exchanges of","page_number":38,"box":{"x":460,"y":70,"width":448,"height":10}},{"id":"95abcb8a-f4ab-4c99-b3f5-f84dd52b9d5d","block_type":"box","text":"Institutional Shares.","page_number":38,"box":{"x":461,"y":83,"width":132,"height":9}},{"id":"68600b6d-8e34-458b-8043-0763ca725c41","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":38,"box":{"x":460,"y":99,"width":449,"height":11}},{"id":"0a74d620-9686-495a-8bda-9c45982107ad","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":38,"box":{"x":461,"y":113,"width":437,"height":10}},{"id":"61401337-c7dc-4e84-8867-684bfd7a87b0","block_type":"box","text":"closed to new investors.","page_number":38,"box":{"x":461,"y":127,"width":159,"height":8}},{"id":"5b832915-cd06-4334-88fe-af359200eb87","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":38,"box":{"x":461,"y":143,"width":441,"height":10}},{"id":"8608faad-f7c9-4d36-8de0-b3bf1832e643","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":38,"box":{"x":461,"y":156,"width":453,"height":11}},{"id":"41853c45-d798-4b53-a8a2-65f3c8166f7b","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":38,"box":{"x":460,"y":170,"width":477,"height":10}},{"id":"cb430855-fad4-49c2-8ec8-8fd972dae62f","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":38,"box":{"x":461,"y":183,"width":457,"height":11}},{"id":"7a67e473-81fa-42b6-8a4c-09d484fef954","block_type":"box","text":"and any subsequent exchange.","page_number":38,"box":{"x":461,"y":197,"width":203,"height":10}},{"id":"f978b13f-ef3f-4eb4-a3f1-1f47d2c5d108","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":38,"box":{"x":460,"y":213,"width":435,"height":10}},{"id":"7f96ee13-0f89-41ad-8ef2-d88eb8baceb1","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":38,"box":{"x":461,"y":226,"width":406,"height":11}},{"id":"55aca009-3f63-4b03-87fc-dc65f2d694a3","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":38,"box":{"x":461,"y":240,"width":468,"height":10}},{"id":"2c375374-8485-4210-9e3e-0d93802df571","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":38,"box":{"x":461,"y":254,"width":455,"height":10}},{"id":"f1d10329-3ed9-4d21-8cc2-61388524e42d","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":38,"box":{"x":460,"y":267,"width":423,"height":10}},{"id":"4f0aac63-f451-4425-9e25-8a8ba769b440","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":38,"box":{"x":461,"y":281,"width":398,"height":10}},{"id":"07f6f92b-45c7-4062-824f-e9a45590027a","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":38,"box":{"x":461,"y":294,"width":409,"height":10}},{"id":"e2ef8a91-2c16-41db-9173-f3cb33dea18a","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":38,"box":{"x":461,"y":308,"width":469,"height":10}},{"id":"5e7921dc-4428-4d75-956a-71b605c66234","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":38,"box":{"x":460,"y":321,"width":461,"height":11}},{"id":"70c3e2e8-6ec0-4aaa-be4f-908593038ecc","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":38,"box":{"x":460,"y":335,"width":469,"height":10}},{"id":"93e235d3-3e2c-45ed-bda4-3e9210cf7aa5","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":38,"box":{"x":460,"y":348,"width":368,"height":11}},{"id":"17cd944e-4473-4ebd-92ec-eb5a069aec9e","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":38,"box":{"x":460,"y":364,"width":450,"height":11}},{"id":"41a7d50c-eee6-49b3-bb22-6c793d6b6d32","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":38,"box":{"x":460,"y":378,"width":473,"height":10}},{"id":"b0dec67a-bb08-46cb-b7f2-2fe304810c73","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":38,"box":{"x":461,"y":391,"width":420,"height":11}},{"id":"b9e9f99a-e404-436c-9eeb-5388a4f6994f","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":38,"box":{"x":461,"y":405,"width":439,"height":10}},{"id":"30c46ca4-9d81-4975-a813-00820a2a2f9f","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":38,"box":{"x":461,"y":419,"width":460,"height":10}},{"id":"df2b528d-d853-427a-ba8e-df4bc1f210d6","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":38,"box":{"x":461,"y":432,"width":430,"height":10}},{"id":"73f32a52-633b-4756-88d2-22eec5c3b313","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":38,"box":{"x":461,"y":446,"width":469,"height":10}},{"id":"7470513f-a209-4fb0-90ee-bcd1711b92f6","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":38,"box":{"x":460,"y":459,"width":456,"height":11}},{"id":"bb181d72-6fbe-4b37-98eb-862bd1c1582f","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":38,"box":{"x":461,"y":473,"width":390,"height":10}},{"id":"b5b0d74c-e650-47c9-9356-bf0114d39380","block_type":"box","text":"Transfer Shares to","page_number":38,"box":{"x":60,"y":491,"width":124,"height":8}},{"id":"346a2be7-f474-4cb3-aa87-865842433392","block_type":"box","text":"Another Financial","page_number":38,"box":{"x":60,"y":502,"width":118,"height":9}},{"id":"99f60c29-4a5e-4d91-b57b-2c6a84ce8037","block_type":"box","text":"Intermediary","page_number":38,"box":{"x":61,"y":514,"width":85,"height":10}},{"id":"51bf0d16-e955-4b0a-9dcb-096e3ad607db","block_type":"box","text":"Transfer to a participating","page_number":38,"box":{"x":213,"y":491,"width":171,"height":10}},{"id":"8a0d4ea8-6e8e-41cf-8eba-f725b8546aff","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":504,"width":145,"height":10}},{"id":"657b3dc2-cce8-4f94-bc4f-9b90bd000f33","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":38,"box":{"x":460,"y":491,"width":436,"height":10}},{"id":"eb638dc5-240a-4808-b15c-d9177e2fabcf","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":38,"box":{"x":461,"y":504,"width":455,"height":11}},{"id":"5690823b-0560-49c5-bbfc-e30bf584f6f4","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":38,"box":{"x":461,"y":518,"width":456,"height":10}},{"id":"6320f3a9-e903-47b4-9f6c-baede3f2d749","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":38,"box":{"x":461,"y":531,"width":456,"height":11}},{"id":"a6e59f08-c99b-4751-99e2-a93ac4223fff","block_type":"box","text":"receiving firm.","page_number":38,"box":{"x":461,"y":545,"width":91,"height":10}},{"id":"1878a3f7-4485-4f31-b000-aa76e7db8570","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":561,"width":390,"height":10}},{"id":"52161465-6275-4d19-8c88-1e7f52656672","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":575,"width":443,"height":10}},{"id":"a832e236-0e0a-4ae8-8980-d575d5a05002","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":588,"width":394,"height":10}},{"id":"6bc8c777-b242-4208-9267-ad31722fca9c","block_type":"box","text":"Transfer to a non-participating","page_number":38,"box":{"x":213,"y":606,"width":199,"height":10}},{"id":"985fec12-9efe-403f-893c-2377a995a167","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":620,"width":145,"height":10}},{"id":"3ed037d0-2405-4cf1-bfb5-dc220dbbb2a2","block_type":"box","text":"You must either:","page_number":38,"box":{"x":460,"y":606,"width":107,"height":8}},{"id":"b6bad4cb-0956-4fe1-809a-1034247a0ffa","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":622,"width":3,"height":3}},{"id":"a57c9afa-b34b-4994-97cb-8121b0c6809d","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":38,"box":{"x":470,"y":620,"width":346,"height":10}},{"id":"666bb6e4-b69a-42b0-8549-48ba7feef864","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":636,"width":3,"height":3}},{"id":"cfa73728-ef44-458e-88cc-deb5f0d6f7ea","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":38,"box":{"x":471,"y":633,"width":409,"height":11}},{"id":"72244045-9b69-435d-b276-c77fcfba899a","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":649,"width":390,"height":11}},{"id":"0b7ab2af-892d-4f1a-a46f-15e69cdc8cc8","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":663,"width":443,"height":10}},{"id":"7c041189-00b9-4937-bf5d-d1b9bb5d99e4","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":676,"width":394,"height":11}},{"id":"1e414a8a-46fe-4551-ae98-edd7ace8a231","block_type":"box","text":"Account Services and Privileges","page_number":38,"box":{"x":60,"y":717,"width":292,"height":13}},{"id":"015098ec-afc4-4ecd-84a6-09dc8ecae1c0","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":38,"box":{"x":60,"y":743,"width":865,"height":12}},{"id":"d08abda2-f9e0-4963-bdbc-002c7eafa381","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":38,"box":{"x":61,"y":758,"width":841,"height":11}},{"id":"c2e99fa5-8751-4aac-96b3-9986234a0fb0","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":38,"box":{"x":61,"y":773,"width":816,"height":11}},{"id":"9c38ff20-7bec-49df-ade4-858729c349cf","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":38,"box":{"x":60,"y":788,"width":824,"height":11}},{"id":"21ca2b13-5f50-4b07-9165-b5d97ff8b4ca","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":38,"box":{"x":62,"y":802,"width":759,"height":12}},{"id":"13d7b1ff-5de1-44f6-8bad-a95c7b93cef9","block_type":"box","text":"Automatic","page_number":38,"box":{"x":60,"y":832,"width":70,"height":8}},{"id":"50fecc68-83ef-4e32-9dfe-35567793a93b","block_type":"box","text":"Investment Plan","page_number":38,"box":{"x":61,"y":843,"width":109,"height":9}},{"id":"58872fff-cc88-4cc6-9e5c-0c3355007999","block_type":"box","text":"Allows systematic investments","page_number":38,"box":{"x":213,"y":832,"width":202,"height":10}},{"id":"9320d3d4-6d95-4cc7-9237-92493a41a67a","block_type":"box","text":"on a periodic basis from your","page_number":38,"box":{"x":214,"y":845,"width":192,"height":10}},{"id":"18d26375-a17c-49d1-85db-bb8af589e523","block_type":"box","text":"checking or savings account.","page_number":38,"box":{"x":214,"y":859,"width":189,"height":10}},{"id":"30981c74-9cb0-438b-b7e3-0bc74f4bfdc3","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":38,"box":{"x":461,"y":832,"width":451,"height":10}},{"id":"d6ac4fcd-914b-44fb-bfd2-7fb47ee87d6d","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":38,"box":{"x":461,"y":845,"width":431,"height":11}},{"id":"69ca445d-e784-4c73-b7bc-13abea64bf93","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":38,"box":{"x":461,"y":859,"width":437,"height":10}},{"id":"b6efa7f3-585d-4a6f-b606-fb41213ba16f","block_type":"box","text":"completing the AIP application. 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Please speak with your Financial Intermediary","page_number":39,"box":{"x":461,"y":164,"width":462,"height":10}},{"id":"c62281fb-8cc1-4d20-a117-d501c2c47765","block_type":"box","text":"if your account is held elsewhere.)","page_number":39,"box":{"x":461,"y":177,"width":225,"height":11}},{"id":"b0d67e70-aa1c-44b1-ba03-d88ce1104b09","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":39,"box":{"x":461,"y":194,"width":467,"height":10}},{"id":"0eaf78e4-1f3a-46ec-8dce-b8bfa9d2bb48","block_type":"box","text":"confirm that it is a member of the ACH system. 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Shares","page_number":39,"box":{"x":461,"y":786,"width":454,"height":8}},{"id":"9a9a32ba-9e65-4bc1-824a-2d54d6796dcc","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":39,"box":{"x":460,"y":799,"width":438,"height":11}},{"id":"432cc3fc-7ab4-4dc5-88d3-b9a8d09efd8d","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":39,"box":{"x":460,"y":813,"width":450,"height":10}},{"id":"7138a514-4155-4c6c-84e4-8dcb5d00f029","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":39,"box":{"x":460,"y":826,"width":435,"height":9}},{"id":"8d8c6d0c-1ab1-4a2e-b81e-7a6865b0f24c","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":39,"box":{"x":461,"y":840,"width":466,"height":10}},{"id":"0a339e9a-650c-4b4b-8437-7a4a0c97a8c9","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":39,"box":{"x":461,"y":854,"width":376,"height":10}},{"id":"504154f7-a2ba-4faa-84e9-f2c38c8e608f","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":39,"box":{"x":461,"y":867,"width":371,"height":11}},{"id":"b548c9e9-6753-4203-9dc1-02aee3cfe916","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"699f709b-eee7-4290-a5bf-6a9c23b0cd1e","block_type":"box","text":"NM1026U-5978932-39/72","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7d0108a8-5bc7-4825-8583-2f7082643bef","block_type":"box","text":"Fund’s Rights","page_number":40,"box":{"x":61,"y":47,"width":124,"height":13}},{"id":"12562254-791e-4016-b756-8a483313e8a0","block_type":"box","text":"The Fund may:","page_number":40,"box":{"x":60,"y":73,"width":106,"height":11}},{"id":"b1ad6543-d3de-42f9-8a10-35b6b4e0b674","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":40,"box":{"x":81,"y":93,"width":840,"height":11}},{"id":"b89648cd-9b95-4cb2-9ef8-224766ec10a9","block_type":"box","text":"described in the Investment Company Act;","page_number":40,"box":{"x":81,"y":108,"width":308,"height":11}},{"id":"8ccb3f4c-e22f-4f56-aa00-9c2cbf40c5aa","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":40,"box":{"x":81,"y":127,"width":789,"height":12}},{"id":"8353635f-be3f-4050-ac9f-81b09962bc21","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":40,"box":{"x":81,"y":142,"width":850,"height":12}},{"id":"09587782-4d56-4980-a9d6-5367a9093578","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":40,"box":{"x":82,"y":157,"width":368,"height":12}},{"id":"b29e3cb3-1369-4ecc-9c3c-5351a150f122","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":40,"box":{"x":82,"y":177,"width":781,"height":12}},{"id":"84f04715-c494-42c9-bafd-1b3fb0c6f1c7","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":40,"box":{"x":82,"y":197,"width":798,"height":12}},{"id":"d31ce715-94e9-458f-9b59-0b24ce310498","block_type":"box","text":"specified level.","page_number":40,"box":{"x":81,"y":212,"width":108,"height":11}},{"id":"fadfdf89-2947-466f-95f8-3797deb52cb7","block_type":"box","text":"Note on Low Balance Accounts.","page_number":40,"box":{"x":61,"y":235,"width":239,"height":9}},{"id":"14018986-8f16-446e-bf4d-e7e18a1d2d04","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":40,"box":{"x":307,"y":234,"width":600,"height":12}},{"id":"141b817e-0c9f-4ceb-a6f5-15d4319ab68d","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":40,"box":{"x":61,"y":249,"width":846,"height":12}},{"id":"ce3d1ff0-bdad-45b5-a06e-cebcde13916f","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":40,"box":{"x":61,"y":263,"width":872,"height":13}},{"id":"07f51fbc-7647-48b8-86c5-c2e465259aaf","block_type":"box","text":"reason, including market fluctuation.","page_number":40,"box":{"x":61,"y":279,"width":267,"height":12}},{"id":"b8c84e18-d799-45ca-ad10-cb3fc0c38e37","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":40,"box":{"x":60,"y":302,"width":799,"height":11}},{"id":"24c6bd28-6d8c-4c83-a716-9ecc99df02d9","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":40,"box":{"x":62,"y":316,"width":796,"height":12}},{"id":"98d416fa-c9ef-4665-9ef8-f0020c9cb0d5","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":40,"box":{"x":62,"y":331,"width":800,"height":12}},{"id":"08879508-bff9-4db7-a369-262d72b380fc","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":40,"box":{"x":61,"y":346,"width":859,"height":12}},{"id":"e7745783-5218-430d-a562-276d79fdc8ab","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":40,"box":{"x":61,"y":361,"width":868,"height":11}},{"id":"427c8164-a656-4f44-abe9-be24f9d3c35c","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":40,"box":{"x":61,"y":376,"width":420,"height":11}},{"id":"f741ea70-5e7a-4501-a855-876fdf5010cf","block_type":"box","text":"Participation in Fee-Based Programs","page_number":40,"box":{"x":61,"y":415,"width":331,"height":13}},{"id":"0749555c-68ef-475a-b169-0c43b9c43886","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":40,"box":{"x":62,"y":441,"width":826,"height":11}},{"id":"9e987226-e592-4d4e-9cf9-28be4ae03af0","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":40,"box":{"x":62,"y":456,"width":806,"height":11}},{"id":"e159bd4c-c305-4aae-a66e-757bf2acff1e","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":40,"box":{"x":62,"y":470,"width":833,"height":12}},{"id":"c0ff0736-d650-4cae-8610-7cffdd2ad4bd","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":40,"box":{"x":61,"y":486,"width":865,"height":11}},{"id":"511eacd0-b6b4-4362-9a55-d1f896b62dcc","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":40,"box":{"x":60,"y":500,"width":863,"height":12}},{"id":"81a94fbb-1511-4819-9215-a942f99945c9","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":40,"box":{"x":62,"y":515,"width":865,"height":11}},{"id":"e2c977e2-6658-4832-bc1b-762573453473","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":40,"box":{"x":61,"y":530,"width":842,"height":11}},{"id":"e0832d54-e6ac-41f2-8990-9d240919d9ed","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":40,"box":{"x":61,"y":545,"width":838,"height":11}},{"id":"e3130c7c-e625-499d-ad95-efe5f2a9f575","block_type":"box","text":"procedures applicable to your account.","page_number":40,"box":{"x":62,"y":560,"width":282,"height":11}},{"id":"06c528f9-25ec-41a9-a3ef-fe570626cfb8","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in an","page_number":40,"box":{"x":61,"y":582,"width":835,"height":11}},{"id":"9004abc2-f0f5-407f-abea-e20ea31a8a89","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":40,"box":{"x":61,"y":597,"width":861,"height":11}},{"id":"352e3388-da12-47e2-94bb-526629543a7e","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":40,"box":{"x":61,"y":612,"width":849,"height":11}},{"id":"a0dab257-829f-4564-a7d6-780bb230972e","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":40,"box":{"x":60,"y":626,"width":867,"height":12}},{"id":"e9a66b64-eae5-4946-bfef-b60ea338b623","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":40,"box":{"x":62,"y":641,"width":873,"height":12}},{"id":"ebbf2cda-d857-49e4-a617-742b19b70bce","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":40,"box":{"x":61,"y":656,"width":844,"height":12}},{"id":"b9eda52c-698e-4733-b4a8-507c4a813880","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":40,"box":{"x":61,"y":671,"width":865,"height":11}},{"id":"dfe40503-46a4-4f19-a850-538cea360292","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":40,"box":{"x":61,"y":686,"width":480,"height":11}},{"id":"3f672443-27c9-4669-9b1f-37d7756a037f","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":40,"box":{"x":61,"y":708,"width":854,"height":12}},{"id":"8dfc0ec7-199f-43a9-8114-1099398c0cca","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":40,"box":{"x":61,"y":723,"width":790,"height":12}},{"id":"93a9a5b5-a1a4-49f5-83cd-fe48eb19864c","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":40,"box":{"x":62,"y":738,"width":855,"height":11}},{"id":"1a409f15-e3f1-4a62-b8df-d7750e22744b","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":40,"box":{"x":61,"y":753,"width":831,"height":11}},{"id":"f7dc737b-9efd-453b-be6a-e2520cb36589","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":40,"box":{"x":61,"y":768,"width":828,"height":11}},{"id":"fd333701-3ae5-4537-a6d7-028d226f77a8","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":40,"box":{"x":61,"y":782,"width":437,"height":12}},{"id":"6eeafd19-3406-4a4e-bcef-c07385d2d0f9","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":40,"box":{"x":62,"y":805,"width":859,"height":12}},{"id":"89cb31a2-1568-49d2-8c5c-4b0eb8671622","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":40,"box":{"x":60,"y":820,"width":858,"height":11}},{"id":"190c8fdc-1e8a-408b-919c-86ab1f247b26","block_type":"box","text":"your Financial Intermediary for more information.","page_number":40,"box":{"x":60,"y":835,"width":357,"height":11}},{"id":"24f44f73-d93c-4aeb-9754-73dffe09ca29","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2988e1e6-789a-4635-92fd-9648c4daae53","block_type":"box","text":"NM1026U-5978932-40/72","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c83c3b64-511b-4ab7-9b98-bd8b633abc14","block_type":"box","text":"Short-Term Trading Policy","page_number":41,"box":{"x":61,"y":47,"width":232,"height":13}},{"id":"438eeb8b-db99-41c8-b6a1-8c3021db0b0d","block_type":"box","text":"The Trust’s Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the","page_number":41,"box":{"x":60,"y":73,"width":828,"height":11}},{"id":"d358e635-d42d-4fde-b337-d8c1e866a7cc","block_type":"box","text":"Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or","page_number":41,"box":{"x":62,"y":88,"width":819,"height":11}},{"id":"555cb5c4-1ac3-4faf-a5f9-e6b7249e02e7","block_type":"box","text":"exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not designed","page_number":41,"box":{"x":61,"y":102,"width":865,"height":12}},{"id":"81ce2057-65be-4c05-96fe-12ff8d2d2623","block_type":"box","text":"for market timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The","page_number":41,"box":{"x":60,"y":117,"width":875,"height":12}},{"id":"b974eafc-4cb2-4d8b-8f40-776623041f7e","block_type":"box","text":"exchange privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading.","page_number":41,"box":{"x":61,"y":132,"width":833,"height":12}},{"id":"b6e87417-53e5-4498-b925-465046b240e2","block_type":"box","text":"Excessive purchase and sale or exchange activity may interfere with portfolio management, increase expenses and","page_number":41,"box":{"x":62,"y":147,"width":845,"height":11}},{"id":"5ac72599-5023-4c34-beb5-97f0aea4d719","block_type":"box","text":"taxes and may have an adverse effect on the performance of the Fund and its returns to shareholders. For example,","page_number":41,"box":{"x":60,"y":162,"width":856,"height":11}},{"id":"c9f0b3b3-50a2-4196-bce9-44ac213fc41c","block_type":"box","text":"large flows of cash into and out of the Fund may require the management team to allocate a significant amount of","page_number":41,"box":{"x":62,"y":176,"width":838,"height":12}},{"id":"778b3f2e-793a-4ad2-9946-b1da7a831d3b","block_type":"box","text":"assets to cash or other short-term investments or sell securities, rather than maintaining such assets in securities","page_number":41,"box":{"x":61,"y":192,"width":844,"height":11}},{"id":"ee8a3fc5-37d6-4756-a0b1-fd6316e5f8af","block_type":"box","text":"selected to achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less","page_number":41,"box":{"x":61,"y":206,"width":845,"height":12}},{"id":"4689ab61-ca07-4ffa-b6b3-ed9a22aa68d5","block_type":"box","text":"favorable prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":41,"box":{"x":60,"y":221,"width":811,"height":12}},{"id":"dabcfaf4-60f4-448c-a600-00d2cf92a996","block_type":"box","text":"A fund’s investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay","page_number":41,"box":{"x":60,"y":244,"width":873,"height":11}},{"id":"47d9f34a-0c23-4312-ba35-594b39746865","block_type":"box","text":"between the change in value of the fund’s portfolio securities and the determination of the fund’s net asset value as a","page_number":41,"box":{"x":61,"y":258,"width":872,"height":12}},{"id":"ac4f8273-bd57-412e-80f8-5e07b74dd35a","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":41,"box":{"x":61,"y":273,"width":865,"height":12}},{"id":"9970690b-1802-475f-a64a-6612eb4caff2","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":41,"box":{"x":61,"y":288,"width":817,"height":11}},{"id":"4b67eac2-f0c3-47cd-b52d-166333331499","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":41,"box":{"x":61,"y":303,"width":818,"height":11}},{"id":"b4a65cf2-758f-49db-9ec0-9e9115c9bf37","block_type":"box","text":"therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the","page_number":41,"box":{"x":60,"y":318,"width":865,"height":11}},{"id":"986ed290-2015-4b32-a1a6-27e57fd1d4b5","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":41,"box":{"x":61,"y":332,"width":829,"height":12}},{"id":"b5add92e-9ca9-4ce8-bbf4-cfaa8461cea8","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":41,"box":{"x":62,"y":347,"width":671,"height":12}},{"id":"0fcd6f5d-fe0f-4c47-a679-2345bb9d66fd","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":41,"box":{"x":60,"y":370,"width":869,"height":11}},{"id":"edd3f6b8-17fd-4f5f-ba8b-bb57f6226025","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":41,"box":{"x":60,"y":385,"width":839,"height":11}},{"id":"b49157d7-e187-4fea-a881-8c924a95ba9b","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":41,"box":{"x":61,"y":399,"width":869,"height":12}},{"id":"09472df7-a5e9-48e4-9317-711eeaa0a053","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":41,"box":{"x":61,"y":414,"width":870,"height":12}},{"id":"0f0a35ce-cbb4-439d-b433-9d4c468b6ecb","block_type":"box","text":"Fund or its shareholders.","page_number":41,"box":{"x":62,"y":429,"width":181,"height":9}},{"id":"49ccaf62-5945-440f-be85-b3b1b806ccac","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third party, or","page_number":41,"box":{"x":62,"y":452,"width":796,"height":11}},{"id":"3fab2486-fbaf-4d6b-94d5-5bc92036be95","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":41,"box":{"x":61,"y":467,"width":860,"height":11}},{"id":"def0db6a-c87b-4679-8966-280b2c06747a","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":41,"box":{"x":62,"y":481,"width":871,"height":12}},{"id":"4899aca9-27dd-4f9c-ba2a-820f9ae93b53","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":41,"box":{"x":62,"y":496,"width":858,"height":12}},{"id":"7ae8808a-4bb0-4f2e-876c-818b783d9d36","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":41,"box":{"x":61,"y":511,"width":866,"height":12}},{"id":"711f5127-3fff-4c74-bae3-9120516ed377","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":41,"box":{"x":61,"y":526,"width":829,"height":11}},{"id":"7848c70e-3b5b-44eb-84a7-a141b3949afe","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":41,"box":{"x":62,"y":541,"width":862,"height":11}},{"id":"793bfa8f-f888-4cff-a0d2-1780060298de","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":41,"box":{"x":61,"y":555,"width":849,"height":12}},{"id":"0ae2670a-158a-4885-a890-82e98cf3a322","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":41,"box":{"x":61,"y":571,"width":866,"height":11}},{"id":"affe3ca2-d25f-40af-b2a7-2ffa5a029766","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":41,"box":{"x":60,"y":585,"width":806,"height":12}},{"id":"937661f0-5012-4dea-84e4-32c809821e01","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":41,"box":{"x":61,"y":600,"width":804,"height":12}},{"id":"9dcceb9f-3c73-4494-a2da-2b3d9dc5665d","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":41,"box":{"x":61,"y":615,"width":849,"height":11}},{"id":"aa2dfec0-af70-4677-bbd5-e21101b81bec","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":41,"box":{"x":61,"y":630,"width":875,"height":11}},{"id":"07f14cff-a582-45f8-b6ed-8f1add9fae11","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":41,"box":{"x":62,"y":644,"width":869,"height":12}},{"id":"0ec0a0b1-335a-4b83-9823-ff9c6ae0cbf7","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":41,"box":{"x":61,"y":659,"width":845,"height":12}},{"id":"8ec13cc1-6c95-41c6-8e12-ea7b518c5e0b","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":41,"box":{"x":62,"y":674,"width":868,"height":12}},{"id":"5fad5f80-e1e2-4638-8d9a-fc7294476ae5","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":41,"box":{"x":61,"y":689,"width":861,"height":11}},{"id":"6496fded-9ffc-4e77-8655-4a0ada0c8b66","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":41,"box":{"x":61,"y":704,"width":868,"height":11}},{"id":"f1bc996d-f5d5-41bd-b2f4-b03e6b918556","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":41,"box":{"x":60,"y":719,"width":847,"height":11}},{"id":"d2b376b4-6be1-42e7-90a5-83e5d27cfb2f","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Fund’s","page_number":41,"box":{"x":60,"y":734,"width":806,"height":11}},{"id":"6d33ce57-4cc8-4211-97c0-b2b759ec1f33","block_type":"box","text":"Distributor, suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":41,"box":{"x":62,"y":748,"width":748,"height":12}},{"id":"307ffdf4-43a6-4752-ac77-2fbb1059e63e","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":41,"box":{"x":60,"y":771,"width":824,"height":11}},{"id":"3c0f182c-2632-4fde-83f5-1357aec77f18","block_type":"box","text":"deemed abusive.","page_number":41,"box":{"x":61,"y":786,"width":123,"height":9}},{"id":"0edf03c8-c015-4b80-9744-21be5bf26732","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":41,"box":{"x":60,"y":808,"width":841,"height":12}},{"id":"1ac22034-0abf-4e0d-b687-f0c3e73a382a","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":41,"box":{"x":60,"y":823,"width":572,"height":12}},{"id":"c723c374-4f81-40e7-9d33-e40fd2c2d240","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"96824dae-72bf-4843-9d3c-06d8976c181d","block_type":"box","text":"NM1026U-5978932-41/72","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c47d0082-c0b7-4899-a5d9-8c829cc8e9b6","block_type":"box","text":"Management of the Fund","page_number":42,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"578912e5-80fb-4d3c-93f9-7f84aef4820f","block_type":"box","text":"BlackRock","page_number":42,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"8447d64e-ce17-411b-9c7b-c85e18a5b8a2","block_type":"box","text":"BlackRock manages the Fund’s investments and its business operations subject to the oversight of the Trust’s Board.","page_number":42,"box":{"x":62,"y":182,"width":867,"height":12}},{"id":"07efd05b-2d6f-40ca-8b64-cd15eb325da7","block_type":"box","text":"While BlackRock is ultimately responsible for the management of the Fund, it is able to draw upon the trading,","page_number":42,"box":{"x":60,"y":197,"width":809,"height":12}},{"id":"60317500-64b0-432e-a8b8-fd7716198724","block_type":"box","text":"research and expertise of its asset management affiliates for portfolio decisions and management with respect to","page_number":42,"box":{"x":61,"y":212,"width":841,"height":12}},{"id":"d229a1b2-173b-417e-869c-c9247312de83","block_type":"box","text":"certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":42,"box":{"x":61,"y":227,"width":715,"height":11}},{"id":"53ebfe07-7c46-4e13-aecf-86e3cd0157cd","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":42,"box":{"x":62,"y":249,"width":821,"height":12}},{"id":"63e8ae11-0e19-4592-8d3c-ae07d91278da","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":42,"box":{"x":61,"y":263,"width":845,"height":13}},{"id":"de55d0e5-5f47-4c4a-b9d7-c1526b4e7c7a","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":42,"box":{"x":61,"y":279,"width":357,"height":12}},{"id":"25fa896e-1a13-4d27-a09e-dd718b4a5fb3","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":42,"box":{"x":62,"y":302,"width":800,"height":11}},{"id":"03b4691d-8ae4-4317-8785-a615f76f396c","block_type":"box","text":"Agreement”). Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable","page_number":42,"box":{"x":60,"y":316,"width":829,"height":12}},{"id":"6772aca6-0ca8-4f40-93fc-5791e02ec69d","block_type":"box","text":"monthly.","page_number":42,"box":{"x":61,"y":331,"width":59,"height":12}},{"id":"f213d7c7-62b1-4b3d-aba1-d38a1559268b","block_type":"box","text":"The maximum annual management fee that can be paid to BlackRock (as a percentage of average daily net assets) is","page_number":42,"box":{"x":60,"y":354,"width":866,"height":11}},{"id":"a33e6a1a-030e-473e-9bbd-6142de07836f","block_type":"box","text":"calculated as follows:","page_number":42,"box":{"x":61,"y":369,"width":157,"height":9}},{"id":"081aadc0-8cac-41f2-8651-a8e058625060","block_type":"box","text":"Average Daily Net Assets","page_number":42,"box":{"x":69,"y":407,"width":151,"height":9}},{"id":"54556ccf-bdbc-4723-8d4a-448cae188ccc","block_type":"box","text":"Rate of","page_number":42,"box":{"x":844,"y":397,"width":43,"height":7}},{"id":"790ef6a3-a752-4e2f-a9fb-59c8e825cd4d","block_type":"box","text":"Management Fee","page_number":42,"box":{"x":813,"y":407,"width":104,"height":9}},{"id":"02975e0a-3d66-49f6-b8a3-e3a536e7c39e","block_type":"box","text":"First $1 billion","page_number":42,"box":{"x":70,"y":424,"width":92,"height":9}},{"id":"73188d2b-d8a2-4a4a-8dd0-f0b9f89eef0c","block_type":"box","text":"0.45%","page_number":42,"box":{"x":849,"y":424,"width":42,"height":9}},{"id":"6eb814ad-68f0-4f80-abf7-6958f710150e","block_type":"box","text":"$1 billion – $3 billion","page_number":42,"box":{"x":70,"y":442,"width":138,"height":9}},{"id":"47c3f416-b2bc-4aad-9dfd-9b07ba21401f","block_type":"box","text":"0.42%","page_number":42,"box":{"x":849,"y":442,"width":42,"height":9}},{"id":"bb999ec7-a83f-4fff-b195-1d06ce448b80","block_type":"box","text":"$3 billion – $5 billion","page_number":42,"box":{"x":70,"y":460,"width":138,"height":9}},{"id":"a38f4c74-4715-4f64-94ee-bb5ed3f95186","block_type":"box","text":"0.41%","page_number":42,"box":{"x":849,"y":460,"width":42,"height":9}},{"id":"26869e00-c031-491d-9533-499025725242","block_type":"box","text":"$5 billion – $10 billion","page_number":42,"box":{"x":70,"y":478,"width":147,"height":9}},{"id":"be89fa77-85b2-467d-81a7-ec2e01901849","block_type":"box","text":"0.39%","page_number":42,"box":{"x":849,"y":479,"width":42,"height":8}},{"id":"1793d258-fc28-4dec-97f2-cbe43e242f87","block_type":"box","text":"Greater than $10 billion","page_number":42,"box":{"x":69,"y":496,"width":157,"height":10}},{"id":"b4c81c81-89b0-43bc-802a-1a16f67098f5","block_type":"box","text":"0.38%","page_number":42,"box":{"x":849,"y":497,"width":42,"height":8}},{"id":"304c3591-d4f1-49c1-9975-0e384237f866","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":42,"box":{"x":62,"y":528,"width":840,"height":12}},{"id":"70abe076-cf11-420b-9074-cf63215885ca","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":42,"box":{"x":61,"y":543,"width":824,"height":12}},{"id":"6dabe251-4ffa-4f45-8df8-dbbaf7a905d6","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":42,"box":{"x":62,"y":558,"width":843,"height":12}},{"id":"062227a6-a376-4d2f-97ce-79aca58088cd","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":42,"box":{"x":61,"y":573,"width":851,"height":11}},{"id":"b550740f-b8d3-45d4-ac4c-bd9993da9deb","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":42,"box":{"x":62,"y":588,"width":808,"height":11}},{"id":"16442ad8-8c1d-4070-a450-da3998bf14b2","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":42,"box":{"x":62,"y":603,"width":860,"height":11}},{"id":"948d5ee8-57df-45c8-8660-c493e8a74ddd","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":42,"box":{"x":61,"y":617,"width":851,"height":12}},{"id":"e507fb75-28d5-4337-8de0-bf70446a9e07","block_type":"box","text":"voting securities of the Fund.","page_number":42,"box":{"x":60,"y":632,"width":212,"height":12}},{"id":"8c9ddb66-89af-4b89-afb7-213805417402","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales,","page_number":42,"box":{"x":62,"y":655,"width":851,"height":11}},{"id":"9084eceb-aa43-4047-a89c-9ab87d160dc8","block_type":"box","text":"brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted","page_number":42,"box":{"x":61,"y":670,"width":796,"height":11}},{"id":"8790768b-ed73-4b28-a319-6694137fa629","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":42,"box":{"x":61,"y":684,"width":876,"height":12}},{"id":"b833c386-06d0-42c5-98e1-8d6c1a9613d1","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":42,"box":{"x":61,"y":699,"width":867,"height":12}},{"id":"a3682be8-482f-46ff-a81f-92604dc2064d","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":42,"box":{"x":62,"y":714,"width":858,"height":12}},{"id":"d663ae6b-4ec5-40f9-be38-63e10fffff90","block_type":"box","text":"Fund’s business, if any) of each share class of the Fund offered by this prospectus at the levels shown below and in","page_number":42,"box":{"x":62,"y":729,"width":854,"height":11}},{"id":"874f6c00-6cf7-4262-8bd5-d3818a87e2e6","block_type":"box","text":"the Fund’s fees and expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the","page_number":42,"box":{"x":60,"y":744,"width":870,"height":11}},{"id":"a203bc24-a8c2-4721-9700-b78dec722651","block_type":"box","text":"preceding sentence are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees","page_number":42,"box":{"x":62,"y":759,"width":843,"height":11}},{"id":"01b61d12-154e-43eb-8a41-fd2fd19ef0f3","block_type":"box","text":"and Expenses and certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive","page_number":42,"box":{"x":61,"y":774,"width":835,"height":11}},{"id":"c5759bf2-cb0f-46e0-9358-133a5afafe21","block_type":"box","text":"and/or reimburse fees or expenses if the Fund’s operating expenses exceed a certain limit.","page_number":42,"box":{"x":61,"y":788,"width":673,"height":12}},{"id":"735c1dfb-1b13-4929-8fc4-59d7d3f02fa6","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to","page_number":42,"box":{"x":60,"y":811,"width":863,"height":11}},{"id":"a4caaa6b-9364-45f7-890d-38f344a270b0","block_type":"box","text":"limit Total Annual Fund Operating Expenses to the amounts noted in the table below.","page_number":42,"box":{"x":62,"y":826,"width":618,"height":11}},{"id":"bf97ff54-e5bf-435f-9042-cc6fd249c023","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5560ac8b-b963-403c-bb5a-d695372d3676","block_type":"box","text":"NM1026U-5978932-42/72","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9765f715-bbc1-4879-bec7-a562b3930074","block_type":"box","text":"Contractual Cap(s)","page_number":43,"box":{"x":795,"y":50,"width":113,"height":9}},{"id":"2f63b3bb-13a5-4830-b6e2-9d97ee3fce70","block_type":"box","text":"1","page_number":43,"box":{"x":910,"y":50,"width":3,"height":4}},{"id":"9742d218-a3d4-4f83-b21d-e06475f8898f","block_type":"box","text":"on Total Annual Fund","page_number":43,"box":{"x":791,"y":61,"width":125,"height":7}},{"id":"49d4778b-7f34-420c-92e5-d16c90c7545f","block_type":"box","text":"Operating Expenses","page_number":43,"box":{"x":792,"y":71,"width":120,"height":9}},{"id":"1272c9c1-3751-45a2-b003-fc9087874d30","block_type":"box","text":"2","page_number":43,"box":{"x":912,"y":71,"width":4,"height":3}},{"id":"fa7c4a9c-63da-4818-b8e0-939212d83316","block_type":"box","text":"(excluding Dividend","page_number":43,"box":{"x":795,"y":81,"width":118,"height":9}},{"id":"1febc4b9-4d2b-47d1-b28d-17dab7038c57","block_type":"box","text":"Expense, Interest","page_number":43,"box":{"x":802,"y":92,"width":105,"height":8}},{"id":"2277d7b4-a85e-4ffd-873d-aa0ec28a18d2","block_type":"box","text":"Expense, Acquired","page_number":43,"box":{"x":799,"y":102,"width":110,"height":9}},{"id":"a9392787-3470-4988-a3c6-c04e957acf83","block_type":"box","text":"Fund Fees and","page_number":43,"box":{"x":811,"y":112,"width":86,"height":7}},{"id":"296c763a-a0d5-4972-97d5-9448d2a8e1e1","block_type":"box","text":"Expenses and","page_number":43,"box":{"x":813,"y":122,"width":82,"height":9}},{"id":"67e0345e-3986-41ac-ba18-77f55286c632","block_type":"box","text":"certain other","page_number":43,"box":{"x":815,"y":133,"width":78,"height":7}},{"id":"345ebe5b-9665-4614-bb40-64ab268755d3","block_type":"box","text":"Fund expenses)","page_number":43,"box":{"x":807,"y":143,"width":93,"height":9}},{"id":"0dd5c7bd-5a80-4993-b27a-ee6e52243f8d","block_type":"box","text":"Investor A Shares","page_number":43,"box":{"x":70,"y":160,"width":115,"height":8}},{"id":"d3b3d020-8bdc-4eb4-b88a-4a3b74c644e2","block_type":"box","text":"0.75%","page_number":43,"box":{"x":839,"y":160,"width":41,"height":8}},{"id":"ae1e9cc1-67bd-435a-bd3f-c076f1cd83db","block_type":"box","text":"Investor C Shares","page_number":43,"box":{"x":70,"y":178,"width":116,"height":8}},{"id":"433c811a-fae8-44e4-8ff4-56a33b85fa4a","block_type":"box","text":"1.50%","page_number":43,"box":{"x":839,"y":178,"width":41,"height":8}},{"id":"a18b8840-08b6-4514-8058-73f9b0f762ec","block_type":"box","text":"Institutional Shares","page_number":43,"box":{"x":70,"y":196,"width":127,"height":8}},{"id":"3feae203-7c52-4a72-a99f-f209f958d53d","block_type":"box","text":"0.50%","page_number":43,"box":{"x":839,"y":196,"width":41,"height":8}},{"id":"9bcfc6fe-7e0b-4f5a-8cb8-87901aa3906a","block_type":"box","text":"Class R Shares","page_number":43,"box":{"x":69,"y":214,"width":101,"height":8}},{"id":"d21fb18a-afa3-4f75-be28-fa03df1ba4c3","block_type":"box","text":"1.00%","page_number":43,"box":{"x":839,"y":214,"width":41,"height":8}},{"id":"e078307d-29fe-4795-9eba-e9fd72b9900c","block_type":"box","text":"1","page_number":43,"box":{"x":61,"y":234,"width":3,"height":3}},{"id":"dbc64ab1-aa7e-4c81-aa1a-4282b36f3bb0","block_type":"box","text":"The contractual caps are in effect through June 30, 2028. The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":43,"box":{"x":81,"y":234,"width":851,"height":9}},{"id":"63d3dbbd-d88a-4ed6-9a7a-4749889de700","block_type":"box","text":"notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":43,"box":{"x":81,"y":244,"width":798,"height":9}},{"id":"e6d40a6e-6cd3-4697-a537-c16e76511d2c","block_type":"box","text":"2","page_number":43,"box":{"x":61,"y":257,"width":3,"height":4}},{"id":"0ffa8ae3-be72-4e95-8a35-8101ba5e2f75","block_type":"box","text":"As a percentage of average daily net assets.","page_number":43,"box":{"x":81,"y":257,"width":260,"height":9}},{"id":"4a8a3364-2737-44cc-b601-c5b07a014291","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":43,"box":{"x":60,"y":282,"width":875,"height":11}},{"id":"328d4998-cf49-4df7-b32f-606032cdcbaa","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":43,"box":{"x":61,"y":297,"width":705,"height":11}},{"id":"ee652d68-1bad-45e8-a818-d7317a69a12c","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":43,"box":{"x":60,"y":320,"width":850,"height":11}},{"id":"53886710-47f5-44c5-8d3c-23de0f029f25","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":43,"box":{"x":62,"y":334,"width":556,"height":12}},{"id":"e0604e72-3134-4d86-8574-1b0d5037c032","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":43,"box":{"x":62,"y":357,"width":851,"height":12}},{"id":"8ddfdfc0-c836-4950-bfd0-a12605cb9457","block_type":"box","text":"the annual rate of 0.41% of the Fund’s average daily net assets.","page_number":43,"box":{"x":60,"y":372,"width":473,"height":11}},{"id":"e883c43a-d930-42bd-8f7d-e0e65d17f5f5","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":43,"box":{"x":62,"y":394,"width":864,"height":12}},{"id":"974cc854-574f-4d89-a5db-be0d9cbe08bc","block_type":"box","text":"particular asset class, company, security, industry, or market sector. 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The net asset value","page_number":45,"box":{"x":61,"y":88,"width":868,"height":11}},{"id":"28840e7c-b5f3-44f8-addc-51c1dea9827a","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":45,"box":{"x":61,"y":102,"width":849,"height":12}},{"id":"163421f2-b6e0-4a38-95e1-31f799b8a563","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":45,"box":{"x":60,"y":117,"width":862,"height":12}},{"id":"3d72bd46-9be0-4290-8a10-402e91920046","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":45,"box":{"x":60,"y":132,"width":842,"height":12}},{"id":"40b895e3-4300-410d-ab2d-f476f5854f51","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":45,"box":{"x":61,"y":147,"width":851,"height":11}},{"id":"6d7add83-40cc-43b0-ab56-2566c25c38ef","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":45,"box":{"x":62,"y":162,"width":866,"height":11}},{"id":"f3803bcb-2672-43f8-b540-4c9fbc6d0ab7","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":45,"box":{"x":61,"y":176,"width":825,"height":12}},{"id":"7141ad34-2abc-4422-b606-aeec7ab6ccc8","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":45,"box":{"x":61,"y":191,"width":854,"height":12}},{"id":"5c2e70bc-25ec-418e-ae61-bb05d8dc9fb6","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":45,"box":{"x":62,"y":206,"width":764,"height":12}},{"id":"fd74167b-d64d-4457-ab08-347dd9619395","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":45,"box":{"x":61,"y":229,"width":830,"height":11}},{"id":"e70ea2f5-f7f2-46a3-a663-24b11e4760e2","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C or Class R Shares, and Class R Shares will have a","page_number":45,"box":{"x":62,"y":244,"width":870,"height":11}},{"id":"5ba6b541-2932-4e75-9442-90ace3204fc5","block_type":"box","text":"higher net asset value than Investor C Shares. Also, dividends paid on Investor A, Institutional and Class R Shares will","page_number":45,"box":{"x":61,"y":258,"width":869,"height":12}},{"id":"a757a697-67e1-4c72-bd00-77ddd424f1cd","block_type":"box","text":"generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":45,"box":{"x":60,"y":273,"width":838,"height":12}},{"id":"d1196dea-4d3c-4e90-9482-fac8bc609e8f","block_type":"box","text":"have lower expenses.","page_number":45,"box":{"x":61,"y":288,"width":156,"height":11}},{"id":"678821ea-dd8a-476f-9d64-513ce5a1d713","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":45,"box":{"x":60,"y":311,"width":844,"height":11}},{"id":"885ee3bd-a717-4188-93b6-96f2c0dd5d78","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":45,"box":{"x":60,"y":325,"width":837,"height":12}},{"id":"414ea94a-3875-4410-a414-1f8332630423","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":45,"box":{"x":62,"y":340,"width":464,"height":12}},{"id":"9edcd8c7-0c6f-41be-918f-56c338b714c5","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":45,"box":{"x":62,"y":363,"width":863,"height":11}},{"id":"c014568d-da32-47b3-904f-a4dd730af5ad","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":45,"box":{"x":60,"y":378,"width":858,"height":11}},{"id":"edcded7a-dc62-4894-a99e-37b9be655aea","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":45,"box":{"x":62,"y":392,"width":863,"height":12}},{"id":"cedb052a-b5be-4c80-be32-ac62c05e4fdf","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":45,"box":{"x":61,"y":407,"width":852,"height":12}},{"id":"eb14d1c4-0621-430b-a7a6-ce33f8105d5c","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":45,"box":{"x":61,"y":422,"width":872,"height":12}},{"id":"b7aa5533-a37c-4687-92aa-20bc414b89a8","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":45,"box":{"x":61,"y":437,"width":763,"height":11}},{"id":"b00415be-666e-4701-b465-8c67611b5ef0","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":45,"box":{"x":60,"y":459,"width":857,"height":12}},{"id":"0d10a110-f598-497e-9d98-183e43d937c4","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":45,"box":{"x":61,"y":475,"width":870,"height":11}},{"id":"ecb83fe6-6c96-4eec-b971-618eefae87a3","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":45,"box":{"x":61,"y":489,"width":868,"height":12}},{"id":"73e00e5f-d139-4ad5-a233-1bb87c6835d2","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":45,"box":{"x":61,"y":504,"width":842,"height":12}},{"id":"fdb34f40-5212-47a6-8a86-15c2143f2a08","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":45,"box":{"x":61,"y":519,"width":853,"height":11}},{"id":"aa8ba7f0-c1ad-4317-8054-fbd2fcd18692","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":45,"box":{"x":61,"y":534,"width":844,"height":11}},{"id":"a4bb503f-f601-4a33-a572-1dca12a438d4","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":45,"box":{"x":61,"y":548,"width":822,"height":12}},{"id":"958da8be-18a1-45b3-af6a-843189201203","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":45,"box":{"x":61,"y":563,"width":845,"height":12}},{"id":"354861ce-3227-4153-a2eb-ace09d8feb37","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":45,"box":{"x":61,"y":578,"width":733,"height":12}},{"id":"4c7aec7e-e6b4-4ba7-8595-3b016f30f23a","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":45,"box":{"x":61,"y":601,"width":829,"height":11}},{"id":"753bf84f-b1f7-4a41-8701-336c5090c35b","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":45,"box":{"x":61,"y":615,"width":857,"height":12}},{"id":"3677e1b1-7eb1-48eb-a1ba-8b634317d4f9","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":45,"box":{"x":61,"y":630,"width":841,"height":12}},{"id":"4311ae82-6249-4099-8e98-0d1d15b21fd2","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":45,"box":{"x":61,"y":645,"width":583,"height":12}},{"id":"9ab17615-f651-4e55-8cd5-c71d09b72b75","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":45,"box":{"x":60,"y":668,"width":839,"height":11}},{"id":"9b14619a-ab01-4a7c-8689-cfe0576bc68b","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":45,"box":{"x":60,"y":683,"width":858,"height":11}},{"id":"910b9f54-5757-41b9-83c4-2421dd0d11f8","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":45,"box":{"x":61,"y":697,"width":844,"height":12}},{"id":"f888f97a-c121-4b95-aa08-826cd350779f","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":45,"box":{"x":61,"y":712,"width":845,"height":12}},{"id":"ea4af918-15ed-4bc4-ad25-5e6b3723b08e","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":45,"box":{"x":61,"y":727,"width":841,"height":12}},{"id":"a461798d-a52b-42a9-9bbd-68c06f6f6a17","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":45,"box":{"x":60,"y":742,"width":820,"height":11}},{"id":"df8575ae-eae1-4133-a14e-f43437b774ce","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":45,"box":{"x":61,"y":757,"width":828,"height":11}},{"id":"5e015257-2fd1-40a9-8744-e8eeaa0d860e","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":45,"box":{"x":61,"y":771,"width":836,"height":12}},{"id":"7b8feb75-347d-403e-83da-b8256e52d5d8","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":45,"box":{"x":62,"y":787,"width":862,"height":11}},{"id":"8d60ce7f-25c3-4430-8b1a-3f27e8d1778a","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":45,"box":{"x":62,"y":801,"width":623,"height":12}},{"id":"ac2c8a78-fd04-41f5-ba88-ad9bd6c734f4","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":45,"box":{"x":62,"y":824,"width":817,"height":11}},{"id":"78efda1a-a918-4c0c-8dd4-a2c6fea358a1","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":45,"box":{"x":61,"y":838,"width":871,"height":12}},{"id":"6a6e43f7-e935-4909-a2a3-7fa7aa23bd3e","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":45,"box":{"x":62,"y":853,"width":872,"height":12}},{"id":"e2113c00-d8f2-4ee2-a632-1ba23bdedadb","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":45,"box":{"x":61,"y":868,"width":697,"height":12}},{"id":"cfba9d29-1610-40fb-83c2-4e71f210e85f","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":45,"box":{"x":62,"y":891,"width":825,"height":11}},{"id":"8e664f94-fb9a-4a3c-b9ca-175564680507","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":45,"box":{"x":62,"y":905,"width":871,"height":12}},{"id":"06b34f34-80d0-4c33-977c-7dccb06c7525","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"d684bf92-1129-4f6a-8454-f7f35aed9ba5","block_type":"box","text":"NM1026U-5978932-45/72","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"baa867db-fc96-43b7-8a5e-a14c17089154","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":46,"box":{"x":61,"y":46,"width":847,"height":11}},{"id":"fd3f0b35-778e-4f41-8ec0-efeb48624c0e","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":46,"box":{"x":62,"y":60,"width":829,"height":12}},{"id":"f8d2d6d0-7ad1-493b-990d-e025d0c137cf","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":46,"box":{"x":60,"y":75,"width":760,"height":12}},{"id":"65e291a8-5ec3-40ba-b7c5-af5353b8c1d6","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":46,"box":{"x":60,"y":98,"width":830,"height":11}},{"id":"85fb0595-c0d9-4d41-9b6d-c07ad9a78299","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":46,"box":{"x":61,"y":113,"width":848,"height":11}},{"id":"0e507dec-b07a-4296-933a-dea7c875cfcd","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":46,"box":{"x":61,"y":127,"width":868,"height":12}},{"id":"d3eea000-c5c5-4f6b-bfcb-74adb9c6536d","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":46,"box":{"x":61,"y":142,"width":856,"height":12}},{"id":"f88b9535-d1a3-4561-9907-f9b573fbef08","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":46,"box":{"x":61,"y":181,"width":311,"height":13}},{"id":"d8578826-decc-4191-ab49-52f2014bf77e","block_type":"box","text":"BUYING A DIVIDEND","page_number":46,"box":{"x":423,"y":222,"width":152,"height":9}},{"id":"5ac72b46-9b1a-4801-ad54-5ec8323f6349","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":46,"box":{"x":72,"y":245,"width":831,"height":11}},{"id":"745b55b9-2caf-4963-8bbd-695b6a6df6f5","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":46,"box":{"x":72,"y":260,"width":845,"height":11}},{"id":"21dcf169-cab7-403d-b307-16a387bc9832","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":46,"box":{"x":71,"y":274,"width":855,"height":12}},{"id":"0f06d49c-ab5b-4250-97da-d43c9aa81511","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":46,"box":{"x":70,"y":289,"width":554,"height":12}},{"id":"be9f4050-81ae-46e8-931a-a0cc92e1237b","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":46,"box":{"x":60,"y":330,"width":871,"height":11}},{"id":"3e3c2f85-df0a-4a85-a2ed-b26de427315a","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":46,"box":{"x":61,"y":345,"width":862,"height":11}},{"id":"ca84aab8-ced2-4cf4-9b60-04b384fa31f2","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":46,"box":{"x":61,"y":360,"width":847,"height":11}},{"id":"54c05c40-85bd-4af0-85f6-d3b2bbced2fa","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although this","page_number":46,"box":{"x":61,"y":374,"width":832,"height":12}},{"id":"e421b8a5-73fd-40a5-983c-423a15a8de6d","block_type":"box","text":"cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":46,"box":{"x":61,"y":389,"width":824,"height":12}},{"id":"7b7702af-1466-40f4-996e-c2e99e0b8f9c","block_type":"box","text":"consist of ordinary income. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":46,"box":{"x":61,"y":404,"width":874,"height":12}},{"id":"2c7cb5d3-ef74-4daf-8ef5-3e3aecd8fd9f","block_type":"box","text":"the assets sold.","page_number":46,"box":{"x":60,"y":419,"width":118,"height":9}},{"id":"393ce3cf-129b-4899-a134-297a1cdb01c4","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":46,"box":{"x":60,"y":441,"width":869,"height":12}},{"id":"f7bc65e2-b671-4204-b18f-b3df38f1f0c3","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":46,"box":{"x":61,"y":456,"width":862,"height":12}},{"id":"b3c298e0-4432-471e-bd0e-61cce7a43baa","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":46,"box":{"x":60,"y":471,"width":812,"height":12}},{"id":"e98f26f8-f88d-4ae9-be50-5632dfc3d012","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":46,"box":{"x":61,"y":486,"width":852,"height":11}},{"id":"04b69cd5-3470-430a-854a-c80e1888b255","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":46,"box":{"x":60,"y":501,"width":844,"height":11}},{"id":"6a64c45a-bdc0-47f7-914f-1664357794da","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":46,"box":{"x":61,"y":516,"width":565,"height":11}},{"id":"58bb04ee-fdae-4526-9dba-8cab8a76ed32","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":46,"box":{"x":60,"y":538,"width":803,"height":11}},{"id":"063c443b-df7e-41fb-8a0e-ccef02301b92","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":46,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"931b28ed-9446-4dee-81d4-cd7425f7a274","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":46,"box":{"x":60,"y":568,"width":282,"height":11}},{"id":"745179e1-78c6-41cc-a206-bae93cab2718","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":46,"box":{"x":60,"y":590,"width":861,"height":12}},{"id":"109d2cdd-bb5d-41f8-ab0d-813033aba108","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":46,"box":{"x":62,"y":605,"width":679,"height":12}},{"id":"f1332c05-1ddb-4708-b7fa-606621e85a5b","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":46,"box":{"x":62,"y":628,"width":827,"height":11}},{"id":"5896fd5a-132f-4b44-ba90-d561238fc69c","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":46,"box":{"x":60,"y":643,"width":826,"height":11}},{"id":"7aea63d7-79cc-40c0-b518-0ad82d29eb55","block_type":"box","text":"withholding tax, unless a lower treaty rate applies. 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Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":56,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"3ff80472-5d47-4a99-8304-7182784f1009","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":56,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"27c26f80-0f17-49c5-ab4d-df0d05c62a77","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":56,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"e628007a-f095-4bd0-a152-bf5ff5ce98db","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. 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Davidson.","page_number":56,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"792a02c5-b2bb-401e-a9ea-2c3be246fafa","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":56,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"646ff116-33ae-400a-a1eb-20cb5308cda9","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":56,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"3b4c91eb-320c-4035-8638-a539f7d5a82e","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of","page_number":56,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"ad15c415-eb0d-4c91-80ef-b60c5360d6f1","block_type":"box","text":"Reinstatement).","page_number":56,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"8b673ba6-ef23-450a-88b9-a8fdfea44899","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":56,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"62be3134-c8f7-4abb-83fb-02053b64bbfe","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":56,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"7fd2ad48-e32a-4169-8e61-fadbfcfd5b8b","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":56,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"501ffc90-44c8-4c9e-beb2-f49c580765f5","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":56,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"446db377-f44a-4581-aa62-c60145f27036","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":56,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"7c2cf877-5c93-4ad1-a0e1-f15a060c3fc3","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":56,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"29788db2-d4d9-492d-9857-626324e458a6","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":56,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"0ca156f8-9121-4a33-a24a-46be5a05d59b","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":56,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"68654313-d68c-4ffc-866c-8c08fad4e957","block_type":"box","text":"the Internal Revenue Code.","page_number":56,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"00c2ecce-c62f-4e87-b8ba-40ec28531b24","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":56,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"4e316c27-7d19-41c3-9c83-5ba61a20f9a6","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":56,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"7169e128-f84c-4abb-a4b4-f4d17cc6d021","block_type":"box","text":"or Letters of Intent","page_number":56,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"89140358-3146-4b60-9c96-d4e5f44efebe","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":56,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"80008ba3-bc50-4f22-98d4-ec55c923a3af","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":56,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"dc774b75-fe14-445d-90ce-59a56bf0e403","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":56,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"49423ac5-ffb7-4422-843c-cce08882393d","block_type":"box","text":"Davidson. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":56,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"2de90fc0-64c4-4230-bf56-32083cf1ad59","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":56,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"2912887d-f217-4482-b446-d13f94c860f5","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":56,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"8ce69a5c-7d52-4dcf-8a76-b4253a934082","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":56,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"5b1bc01a-0901-48cb-a746-c39abdb26ab2","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":56,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"6478fb14-d5b3-437a-9aea-d3adf5d78153","block_type":"box","text":"A-2","page_number":56,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"32b3a153-7aa3-4a8a-8483-07b6663164b5","block_type":"box","text":"NM1026U-5978932-56/72","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9df6a9cc-ef5c-4a28-b604-7fda38c01bbf","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":57,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"b5175efd-a2e1-4bc4-a76b-3c326df42507","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":57,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"bdbc0c9f-7d94-4991-82fc-69d315b61492","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":57,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"e1e16092-9e5e-4fb6-bdae-b5b474a75e4b","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":57,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"1c77e606-3253-4b56-86ae-e3e7bf2f7d60","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":57,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"0d248193-7290-4d57-87c7-2a1599dfdcca","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":57,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"42be3082-eb03-4287-b699-52b5f1516b9e","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":57,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"e0482935-d38e-4588-9fdc-a837eb9d4ae8","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":57,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"34d4cff6-69c0-41ca-b587-8f87c101144f","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":57,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"35546c84-226e-491c-ba80-c16415e7244e","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":57,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"963f1c77-c979-4de6-8ec9-93f1828f6a9a","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":57,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"2774a9fe-f1d7-4503-8a29-d015e2c02746","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":57,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"6af1a55c-be4a-455f-8dba-94a4661f9f9d","block_type":"box","text":"Breakpoints","page_number":57,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"36081f4a-0e59-4761-823f-4b225a2e2b6c","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":57,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"773785ec-29cf-4e62-8142-1bc22f136813","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":57,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"85cb0822-2cb2-4aab-9e63-aefe40454acd","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":57,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"91fe34d7-3c01-4c14-941a-e2a686e88073","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":57,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"96494172-0e50-4e84-ac8a-4e4e1cb3caf1","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":57,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"105fff36-1d51-48a1-a4be-cabe8da3ad3b","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":57,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"2a56939f-bf6e-46f7-821a-216a2bafaba6","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":57,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"159e9089-57ea-49ef-b222-f4d5fc4542fb","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":57,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"80474554-7cf7-418e-a212-bc31e45f5b24","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":57,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"e9f81809-ffa3-4c18-a0b2-3848fbf2fbb5","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":57,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"cb369ed2-4617-472c-8f7e-e0fa234d1eae","block_type":"box","text":"sales charge.","page_number":57,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"47b0c0b3-39ed-409a-8895-dcbf7fc00a33","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":57,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"10624e48-a8e9-45d0-9329-abc64eb7527b","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":57,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"7fac3052-39dc-4bee-9ffc-56ca0edfbee7","block_type":"box","text":"shareholder or pricing group level.","page_number":57,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"07637cdc-1b5f-4b9a-b73f-7232ab2239a4","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":57,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"88555592-f741-443c-9001-78defe3f4334","block_type":"box","text":"by NAV).","page_number":57,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"97b96956-9d3f-4829-8cb4-5e9358361429","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":57,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"42a3cd17-a187-44fb-a79a-05ee6b4c1e69","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":57,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"a6229d6a-6d1c-459a-a277-0679d410f269","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":57,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"4dee2793-6531-4328-855e-5a847bd16be8","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":57,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"5e2f28fd-daf2-4cdd-8163-ebd8820ec1d8","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":57,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"b2d57857-2e3e-41d9-96dc-37b59a63b67f","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":57,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"13b70d83-d053-4fd1-8883-d85f4bd930f2","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":57,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"984e7728-ea95-4d2a-9988-82b14abbf115","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":57,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"d4ec6d5d-574d-4f5c-97f2-f03aa3f73d1b","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":57,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"db34ae2d-b4c9-4a03-aebd-496f9176d23a","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":57,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"e1f4eb43-1ef8-4cac-a2ba-9d83e3116b7a","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":57,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"1c7e20d6-1dae-40c3-961c-e30b772d4f86","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":57,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"1e1a6fd2-2ba4-4e57-af2c-5260b1946af5","block_type":"box","text":"established by the employer.","page_number":57,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"9e9ce5d1-0697-4d69-bacc-5cb6a91a5795","block_type":"box","text":"Sales Charge Waivers","page_number":57,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"33b4584d-f7bf-4681-8254-adea9d49b21d","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":57,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"7084dc29-9b45-457b-841a-3fafe2b10f2e","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":57,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"179417d8-4d73-43cc-b256-9fbdf72c6136","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":57,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"a0cb9e1a-b809-4fb9-b624-80e2c8b4b60d","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":57,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"cc6f677a-0e40-4972-9bfa-f871efdae73d","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":57,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"a22dac26-90e4-4436-b70e-4b9eb0de6eff","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":57,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"a54703d3-cb06-4e77-9d6c-53c59c0f59a4","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":57,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"0e663f20-3227-4f04-a748-634832367102","block_type":"box","text":"A-3","page_number":57,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"a23250e2-0072-4bcf-9c90-ec2ee8d6a7b0","block_type":"box","text":"NM1026U-5978932-57/72","page_number":57,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"923a4fbd-a53e-4556-ae23-0d6d8b7e30ec","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":58,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"8e26fd91-03e9-45af-8f6f-adf2f33750f8","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":58,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"72cb9d6e-bdd4-467b-82ce-330f5d55667f","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":58,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"472cf9a4-60c9-4425-804f-25af72c27d3f","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":58,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"29cc96c0-ae04-486a-bcc1-ef06b67ca261","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":58,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"244211ff-3b5e-4964-addf-9237d7865ea9","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":58,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"d3e6c23f-40fc-4aef-9976-4f4e6507fa62","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":58,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"ca1c674e-15d3-45fd-a11a-77fbad6b0326","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":58,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"0718b9eb-1421-45c9-af87-ce75bfc652ea","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":58,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"aa8dd490-9f80-4a6c-8731-f19500781e95","block_type":"box","text":"products.","page_number":58,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"43e510b2-c045-4bd9-b5ee-27f4d79a41ae","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":58,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"cbd855eb-67c9-48dc-9af8-3e0ad17c1aa8","block_type":"box","text":"and was initiated at the discretion of Edward Jones. 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Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":59,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"20c80bea-6542-4049-b1b9-db375156697e","block_type":"box","text":"A-5","page_number":59,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"0307176e-b5b7-4ab6-a4eb-678c2948cd7e","block_type":"box","text":"NM1026U-5978932-59/72","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2e952466-e68d-4241-8741-babea7e97a62","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":60,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"73b386c7-0216-4a80-befc-ede0a45803d4","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":60,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"676eecad-b908-4f77-b7c0-f5f583ec6eee","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":60,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"b7d246c8-23d5-4be3-a0f8-83637272d05b","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":60,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"2f1a35c6-7c5f-4a37-9bbc-1dabd6bba6d2","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":60,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"20d15c72-ffd3-4260-9baa-d5d96729309d","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":60,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"0259a1e2-e186-43d0-a849-5bad34f42678","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":60,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"0cb3fe65-e924-4a91-bdc1-b27d68624992","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":60,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"d9e39262-46a7-4ec8-8011-0a075dc3a767","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":60,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"85dfebcb-3e41-493d-9061-44e5780c53ae","block_type":"box","text":"as designated by Janney.","page_number":60,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"5533da2c-6936-4d5d-8beb-afdb7574da7a","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":60,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"6f36f314-f819-4feb-a3ff-b0c280750fb2","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":60,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"27990827-d06a-473b-95b6-09f727de1922","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., right of reinstatement).","page_number":60,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"75e4c210-1733-4a94-8c0c-dcf4a0ac83db","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":60,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"266084ac-4bd0-4ec8-a3ab-e5bb6e1ddd91","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":60,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"2de62b6f-d8e2-4dd4-b763-a23de27bbbb6","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":60,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"f5b521e7-20a0-4b58-b2a0-bdc04f132b17","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":60,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"7394f217-5ade-4e82-9967-57cf19f565bb","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":60,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"2b48cbec-1eb9-4da3-b1c6-f3fdaa30fcea","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":60,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"0e16e362-0b6e-4eb0-bf0e-bc31e477ccf3","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":60,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"1a189fca-453e-48e6-9497-95990be53cde","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":60,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"8650e44a-8104-4590-9935-c8f3bf58b284","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":60,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"56e4a93d-31a5-4d98-bd1b-58cdcb86d310","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":60,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"f1924080-fbf9-4740-b7a5-9819b34098bf","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":60,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"791e4f47-33e4-430f-a17d-fd1a400d4ab8","block_type":"box","text":"Revenue Code.","page_number":60,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"0cfe40c0-7fd1-4d27-8a1f-1050839f3041","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":60,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"0f5c53fe-58e7-4bd0-8cc0-32bdee6243c8","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":60,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"e87d07eb-cffb-4921-9c08-71f216f2372c","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":60,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"09ad0607-5ba0-4374-9ec8-63fdd1aa10ba","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":60,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"ec1afe5e-22f9-4404-8261-a11cbed3dcd3","block_type":"box","text":"letters of intent","page_number":60,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"f0db7962-2fbf-4fd5-8bb1-70306deedbf3","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":60,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"640b6594-9c8a-4e03-b4ef-27459e5681b0","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":60,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"9fd6dd65-6b17-4b21-b2a8-1947c45c09aa","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":60,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"08795c20-3b95-43f5-891e-dfef530513d8","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":60,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"4a636576-01df-406f-b2ce-5a87fbce1390","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":60,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"021a8763-30b3-4d41-9d60-d029485d20b4","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":60,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"9d098554-c048-4a0c-b6cc-48099b66d923","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":60,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"2e1c114f-f0fc-4f10-8e3e-d98eebe9fb96","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":60,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"6d21ee21-d188-4459-bcde-15517c0881c6","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":60,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"da7beaaf-7f99-4428-882c-b2cc32d95ea4","block_type":"box","text":"A-6","page_number":60,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"bfff6d9e-e0ba-48fa-a12a-661f343c57b0","block_type":"box","text":"NM1026U-5978932-60/72","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"94e11f29-eb7e-4570-abb7-363d3d175525","block_type":"box","text":"Merrill Lynch:","page_number":61,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"b1d4d1b3-01e0-4d3d-99d1-3fa1fc60f55b","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":61,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"2209c4a0-ef24-48da-92bb-ca6002b59e2a","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":61,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"360b30c4-dc0e-488c-aee1-45640520ca52","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":61,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"8ff8ff2d-8946-4508-96b7-5a2ab82bd8cb","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":61,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"0845a4ce-9817-4127-8990-6f0297cc9771","block_type":"box","text":"waivers or discounts not listed below.","page_number":61,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"1825aa37-d81a-43c1-b426-03f5e7a02239","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":61,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"24798e19-1645-48a3-b401-5a671c58e188","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":61,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"1cf14759-bb1e-4665-9dfe-d1424a6ca29d","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":61,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"fc589874-273b-46a1-8d60-c4071e30b8c1","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":61,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"a693a84e-0870-4fc7-b213-c71bec733522","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":61,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"6ef188ee-679d-491b-b5ac-aa0dc156d92f","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":61,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"06788547-a305-4a79-b02b-3c54363277c4","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":61,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"1f99cf59-4984-4a56-b2a1-ed97fe36f455","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":61,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"95cfaad8-3d65-470b-b815-27df50bee2b5","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":61,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"a8ab3ac2-422f-4390-bec6-f8f6482f5ba9","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":61,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"e004aac8-11a9-490e-83c2-176e380ce5d2","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes","page_number":61,"box":{"x":81,"y":315,"width":854,"height":12}},{"id":"2b94938e-07b2-47d2-ae5a-9c87efe12507","block_type":"box","text":"of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh","page_number":61,"box":{"x":81,"y":330,"width":832,"height":11}},{"id":"b48fb60f-4d13-428f-9984-4b7c6118fb82","block_type":"box","text":"plans","page_number":61,"box":{"x":82,"y":345,"width":38,"height":11}},{"id":"34edeb06-6d79-4551-b080-da47bb6e2270","block_type":"box","text":"Shares purchased through a Merrill investment advisory program","page_number":61,"box":{"x":81,"y":365,"width":476,"height":11}},{"id":"3a3e0bcf-e9b5-45ef-b704-a82f0e00a27a","block_type":"box","text":"Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment","page_number":61,"box":{"x":82,"y":385,"width":853,"height":11}},{"id":"865ff6f9-f985-4359-9d89-cd479b0a2def","block_type":"box","text":"advisory program to a Merrill brokerage account","page_number":61,"box":{"x":81,"y":400,"width":352,"height":11}},{"id":"7fe159ed-d9eb-4dfc-97cc-910d276f633c","block_type":"box","text":"Shares purchased through the Merrill Edge Self-Directed platform","page_number":61,"box":{"x":81,"y":419,"width":479,"height":12}},{"id":"41dec52b-55a9-442d-8b23-a9f7b5c5506f","block_type":"box","text":"Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment","page_number":61,"box":{"x":81,"y":439,"width":820,"height":12}},{"id":"e45690ed-fa5c-4211-b619-6163b64cd5ed","block_type":"box","text":"when purchasing shares of the same mutual fund in the same account","page_number":61,"box":{"x":80,"y":454,"width":521,"height":12}},{"id":"a730c752-e0d5-4502-9048-3a17411d490d","block_type":"box","text":"Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the","page_number":61,"box":{"x":81,"y":474,"width":839,"height":12}},{"id":"0e50d5ce-f88b-4a98-9ff4-5b221f5b41c5","block_type":"box","text":"description in the Merrill SLWD Supplement","page_number":61,"box":{"x":81,"y":489,"width":319,"height":11}},{"id":"ad2bba8c-8c89-49ea-9a7d-4ef9ef8df3be","block_type":"box","text":"Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in","page_number":61,"box":{"x":81,"y":509,"width":850,"height":12}},{"id":"582eb987-aa6a-4ad3-b7dc-2a9f410df141","block_type":"box","text":"accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)","page_number":61,"box":{"x":81,"y":524,"width":697,"height":11}},{"id":"7abeacbe-0f2b-4a2a-a8f0-8931366df858","block_type":"box","text":"Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s","page_number":61,"box":{"x":81,"y":544,"width":803,"height":11}},{"id":"6e57648d-3171-42de-b860-1eb13caf3a40","block_type":"box","text":"officers or trustees)","page_number":61,"box":{"x":81,"y":559,"width":145,"height":11}},{"id":"035d051d-3d4f-4d62-8cce-272c809d0a9a","block_type":"box","text":"Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the","page_number":61,"box":{"x":81,"y":579,"width":788,"height":11}},{"id":"d27cbcb9-5f29-4d26-9aa2-28927288ac02","block_type":"box","text":"repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from","page_number":61,"box":{"x":82,"y":594,"width":847,"height":11}},{"id":"421029d3-f8c0-4f28-baac-03c2f01ace51","block_type":"box","text":"the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of","page_number":61,"box":{"x":80,"y":608,"width":827,"height":12}},{"id":"1f4184de-3bf6-4080-879d-68c684fb7684","block_type":"box","text":"Reinstatement). 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