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The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":3,"box":{"x":81,"y":660,"width":851,"height":10}},{"id":"e7fac2f4-7c99-45e9-9115-65c7951fb62b","block_type":"box","text":"interested trustees 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":671,"width":617,"height":9}},{"id":"68027b33-a4aa-4720-bdb4-9f5532313c1d","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":689,"width":74,"height":12}},{"id":"74a19921-dfb8-4f44-affa-86134c9bfd0d","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":705,"width":830,"height":12}},{"id":"d9e1b074-8f9f-40f9-95e7-2c95d73fb358","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":719,"width":832,"height":12}},{"id":"5f2729c9-d6cb-4239-9bef-a8ef6960e52c","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":735,"width":832,"height":11}},{"id":"89cc0ed4-1fc6-4e14-8b4b-06510cf766ad","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":750,"width":859,"height":11}},{"id":"dafb107e-6aac-4126-ac18-76986edc6aed","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":765,"width":436,"height":11}},{"id":"53e99e80-d584-420c-8dd5-6c672f9aa23b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":793,"width":292,"height":8}},{"id":"160565ac-f43d-44cb-a327-531a82131128","block_type":"box","text":"Service Shares $116 $381 $667 $1,481","page_number":3,"box":{"x":69,"y":810,"width":849,"height":11}},{"id":"742d5b99-d4e7-49f1-a30d-f0d8cbef0ad8","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":836,"width":151,"height":10}},{"id":"1d3541fc-fa02-48df-8cc2-cf5e3199c65d","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":852,"width":800,"height":11}},{"id":"cfb9c02d-945c-46cf-a51d-d8e994b3a756","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":867,"width":850,"height":11}},{"id":"62eaae5a-09d6-4ab7-bc05-67594f24fa62","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":882,"width":870,"height":11}},{"id":"f4d5333e-941a-4672-b976-9a01d84dfe8f","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":3,"box":{"x":62,"y":896,"width":839,"height":12}},{"id":"304c592f-775c-41f7-8d13-98c41f3f460e","block_type":"box","text":"57% of the average value of its portfolio.","page_number":3,"box":{"x":61,"y":911,"width":298,"height":12}},{"id":"e5422caa-1244-48d9-8110-61751109799c","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"eeb7cbda-d834-4534-bf04-5f4ad0976191","block_type":"box","text":"NM1026U-5982562-3/40","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"156a3c10-0319-42b0-ae6f-70238ef0fdd9","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":46,"width":394,"height":14}},{"id":"ab4f9690-8c8e-40fd-9c25-451496c39fe1","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings","page_number":4,"box":{"x":62,"y":73,"width":853,"height":11}},{"id":"72a273c5-a345-4f34-9b78-fd337c922aea","block_type":"box","text":"for investment purposes, in equity securities issued by U.S. and non-U.S. technology companies in all market","page_number":4,"box":{"x":60,"y":88,"width":803,"height":11}},{"id":"fdee4131-1d7c-499e-a1e0-7f700d03b187","block_type":"box","text":"capitalization ranges, selected for their rapid and sustainable growth potential from the development, advancement","page_number":4,"box":{"x":61,"y":102,"width":847,"height":12}},{"id":"f36444bd-62d8-48f3-8147-333664f02238","block_type":"box","text":"and use of technology. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":4,"box":{"x":61,"y":117,"width":843,"height":12}},{"id":"3de066d2-b6f1-4452-92c5-d0071297c429","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":4,"box":{"x":62,"y":132,"width":805,"height":11}},{"id":"76036197-181c-4424-abaf-34ddf819d549","block_type":"box","text":"associated with such securities.","page_number":4,"box":{"x":61,"y":147,"width":234,"height":9}},{"id":"8c638b7f-1806-44c7-bd34-85c51046ec5f","block_type":"box","text":"Technology companies may include those companies in the businesses of, among others: software, IT consulting, IT","page_number":4,"box":{"x":60,"y":169,"width":854,"height":12}},{"id":"5940a7bd-6d42-496a-83eb-295f598cbfb7","block_type":"box","text":"services, interactive home entertainment, interactive media and services, networking equipment, telecom services,","page_number":4,"box":{"x":61,"y":184,"width":849,"height":12}},{"id":"8de0f3ac-8be7-4ba3-8999-9de1714152ce","block_type":"box","text":"communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and","page_number":4,"box":{"x":61,"y":199,"width":841,"height":12}},{"id":"47de9bf3-3a05-4b01-97f7-75939b91e01b","block_type":"box","text":"components, semiconductors and semiconductor equipment and consumer finance. The Fund may invest in both","page_number":4,"box":{"x":61,"y":214,"width":827,"height":11}},{"id":"778d33e9-12f8-4048-83d7-686ecb1a5be2","block_type":"box","text":"developed and emerging markets. BlackRock determines, in its discretion, whether a company is a technology","page_number":4,"box":{"x":61,"y":229,"width":810,"height":11}},{"id":"b0bfd52e-c004-48ed-8213-6e696651f75b","block_type":"box","text":"company.","page_number":4,"box":{"x":61,"y":246,"width":67,"height":9}},{"id":"51e2982f-7bb1-4d2b-b262-df50a98dc1bc","block_type":"box","text":"The Fund seeks to invest primarily in common stock but may also invest in preferred stock and convertible securities.","page_number":4,"box":{"x":60,"y":266,"width":864,"height":12}},{"id":"8bff2212-5e0b-42a3-9735-16c2f7d31af7","block_type":"box","text":"The Fund may also invest in Rule 144A securities, which are privately placed securities purchased by qualified","page_number":4,"box":{"x":60,"y":281,"width":809,"height":11}},{"id":"74ae96ca-43a3-494e-b322-fe40bd9da3dd","block_type":"box","text":"institutional buyers. From time to time the Fund may invest in shares of companies through initial public offerings","page_number":4,"box":{"x":62,"y":296,"width":832,"height":11}},{"id":"88c09328-09ca-4c66-9601-3cdf592bbd5e","block_type":"box","text":"(“IPOs”).","page_number":4,"box":{"x":61,"y":311,"width":62,"height":11}},{"id":"0087e993-712b-49ea-bf4a-e825a5929910","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":4,"box":{"x":60,"y":333,"width":866,"height":12}},{"id":"1a927ee4-97de-4bf4-a89a-19fe830242f8","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies, or enter into foreign currency","page_number":4,"box":{"x":62,"y":348,"width":806,"height":12}},{"id":"fc75d693-781d-4c12-9309-e34dadef93f0","block_type":"box","text":"transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or sell a","page_number":4,"box":{"x":60,"y":363,"width":830,"height":11}},{"id":"662a47e7-117e-4c54-a47e-18771bd9202c","block_type":"box","text":"security or an index of securities at a specific price on or before a specific date. A future is an agreement to buy or sell","page_number":4,"box":{"x":61,"y":378,"width":872,"height":11}},{"id":"f7837607-8b96-4d56-a858-c8ab7a09c747","block_type":"box","text":"a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one party","page_number":4,"box":{"x":61,"y":392,"width":851,"height":12}},{"id":"f42fceef-1a40-4c02-ac05-820bd4ddcfe2","block_type":"box","text":"exchanges its right to receive or its obligation to pay one type of currency for another party’s obligation to pay or its","page_number":4,"box":{"x":61,"y":407,"width":847,"height":12}},{"id":"dce575c4-0444-4ab7-91d3-22b9c894519f","block_type":"box","text":"right to receive another type of currency in the future or for a period of time. The Fund typically uses derivatives as a","page_number":4,"box":{"x":61,"y":422,"width":852,"height":12}},{"id":"a1ddfa53-f143-4204-a699-b840a4504dca","block_type":"box","text":"substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to","page_number":4,"box":{"x":61,"y":437,"width":844,"height":11}},{"id":"8bdb718f-e05f-4524-b4cc-e7d12401791b","block_type":"box","text":"other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use","page_number":4,"box":{"x":61,"y":452,"width":831,"height":11}},{"id":"4f1a4d3c-f7e4-464a-a161-decb216a5a16","block_type":"box","text":"would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily","page_number":4,"box":{"x":60,"y":467,"width":829,"height":11}},{"id":"89426e96-f9ba-4d8c-be62-63f13ca7251a","block_type":"box","text":"invests by entering into a series of purchase and sale contracts or by using other investment techniques. The Fund","page_number":4,"box":{"x":62,"y":481,"width":842,"height":12}},{"id":"d9a1c73e-565c-456f-9cc1-ec025a0a14e8","block_type":"box","text":"may also use forward foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the","page_number":4,"box":{"x":61,"y":496,"width":841,"height":12}},{"id":"f67f852c-6178-45e0-9456-528693740e4e","block_type":"box","text":"future).","page_number":4,"box":{"x":60,"y":511,"width":52,"height":11}},{"id":"ebf9284a-4c45-46e2-ae30-687e3aeb05ff","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":550,"width":354,"height":13}},{"id":"feaf7ff8-8d4a-4757-8dba-205627042755","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":576,"width":860,"height":12}},{"id":"f23f7f21-b879-4265-8ec5-deebed7ff175","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":4,"box":{"x":61,"y":591,"width":802,"height":12}},{"id":"c05deaba-ec47-493e-a465-bc31c21d4b97","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":606,"width":842,"height":11}},{"id":"e6e84c2a-c6af-4531-ac10-9cf2d748d06b","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":621,"width":857,"height":11}},{"id":"0e2c80e3-17b3-446e-a0cc-dc7cb8c4e955","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":635,"width":515,"height":12}},{"id":"7a1eeff7-08fb-4982-b8e3-b60e29a160d7","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":656,"width":166,"height":11}},{"id":"aa23fba1-e68f-412a-a2b8-7b7a0f3c82bb","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":655,"width":685,"height":12}},{"id":"9339f92d-cfe1-4e95-86c1-7764a11229f1","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":670,"width":550,"height":12}},{"id":"55b5b04b-c3e5-48c7-9172-f4bda7b92d12","block_type":"box","text":"Technology Securities Risk","page_number":4,"box":{"x":82,"y":690,"width":203,"height":12}},{"id":"4ccbe163-e7e5-4e70-a3f7-66c02b3650d4","block_type":"box","text":"—","page_number":4,"box":{"x":289,"y":696,"width":17,"height":0}},{"id":"e389ff61-1000-4d3f-b2fb-b436df2c5ed8","block_type":"box","text":"Certain technology-related companies may face special risks that their products or","page_number":4,"box":{"x":311,"y":690,"width":606,"height":12}},{"id":"d1282c8a-a465-477f-9c93-b75733670198","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":4,"box":{"x":81,"y":705,"width":842,"height":12}},{"id":"a43453b0-0004-48be-8aea-763a14b9c237","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":4,"box":{"x":80,"y":720,"width":838,"height":11}},{"id":"49e8738a-3387-468f-a769-78fbb2b8317c","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":4,"box":{"x":81,"y":735,"width":779,"height":11}},{"id":"17df04a8-f738-4294-a84a-b2aa4bed10d7","block_type":"box","text":"governmental policies. In addition, certain technology-related companies in which the Fund may invest may not","page_number":4,"box":{"x":81,"y":750,"width":812,"height":11}},{"id":"c09608cf-3037-44c7-9ccf-aa330c53e291","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":4,"box":{"x":81,"y":764,"width":778,"height":12}},{"id":"e01087dd-1ada-4edc-a62a-ee8bd148ded5","block_type":"box","text":"Concentration Risk","page_number":4,"box":{"x":81,"y":784,"width":145,"height":10}},{"id":"67d6634b-94be-4324-8f2f-12cc62f4becc","block_type":"box","text":"—","page_number":4,"box":{"x":231,"y":790,"width":17,"height":1}},{"id":"e802cadb-5b50-4f82-b8f0-da989ddce3ef","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":4,"box":{"x":252,"y":784,"width":654,"height":12}},{"id":"eda51ce7-a555-464e-9c7a-91cf60ef0456","block_type":"box","text":"performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":4,"box":{"x":82,"y":799,"width":824,"height":12}},{"id":"57ae5ee4-0e46-4241-ba97-a4710f0e657e","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":4,"box":{"x":80,"y":814,"width":853,"height":11}},{"id":"31a8b907-04e3-417e-9d38-a22bfad6763a","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":4,"box":{"x":80,"y":829,"width":831,"height":11}},{"id":"191bb249-2329-469c-a0ba-ec48e4f76352","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":4,"box":{"x":81,"y":844,"width":855,"height":11}},{"id":"ecfde26a-71aa-4de7-be25-ede4e312209d","block_type":"box","text":"other industries or the broader market as a whole.","page_number":4,"box":{"x":81,"y":859,"width":368,"height":9}},{"id":"58d66bff-7703-4586-85a1-437fc372be9f","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":879,"width":206,"height":9}},{"id":"15d73e16-3700-4ff8-9d84-4a1eaa2d4f09","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":4,"box":{"x":291,"y":878,"width":593,"height":12}},{"id":"491f29c2-6981-4fb6-8bc3-07c13a21b1ba","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":4,"box":{"x":81,"y":893,"width":853,"height":12}},{"id":"a9643212-a0f2-43e9-8d13-5a04436bbaab","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":4,"box":{"x":81,"y":908,"width":855,"height":12}},{"id":"465c3f02-8043-4370-97d8-9a2e169766cf","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"7d7f1cdd-ccdc-41a2-bef5-bc8e58b3f260","block_type":"box","text":"NM1026U-5982562-4/40","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c2255bbf-37b6-4c92-af70-1f065cbb82d3","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":46,"width":816,"height":11}},{"id":"185fdcd0-dbb0-4b1b-bb33-7f3fdcf07229","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":60,"width":796,"height":12}},{"id":"b3e6236e-b877-472b-b405-2b23862b8053","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":75,"width":812,"height":12}},{"id":"d89b25e2-4c01-49dd-9996-846c9aeef05a","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":90,"width":809,"height":12}},{"id":"e82df007-15a5-4285-b8ee-0e2ff2e4d236","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":110,"width":123,"height":9}},{"id":"74c93b94-044a-4d18-8573-daa8ac0e7b6c","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":110,"width":664,"height":12}},{"id":"27813d90-3d45-4e64-b01b-3ebb401871c4","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":125,"width":469,"height":11}},{"id":"74744f65-7009-4dfc-abbb-f579870ba476","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":145,"width":102,"height":11}},{"id":"f4899e60-98a5-4038-956a-796bc40f3f67","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":145,"width":723,"height":11}},{"id":"63dab935-bff9-4991-86a7-bcf9bfe03fc2","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":160,"width":832,"height":11}},{"id":"3d05756b-bfe8-49d9-9d00-0509fff2bc5e","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":175,"width":280,"height":11}},{"id":"df6cd67f-4c9b-4aa3-a5d3-218d5c873b5e","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":195,"width":87,"height":9}},{"id":"a00e1a4c-7851-4e33-959f-14292c806f66","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":195,"width":728,"height":11}},{"id":"019e1ca1-78e1-4c50-9bc4-bb3422cc45cd","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":209,"width":834,"height":12}},{"id":"7e26b294-f301-4222-a23b-d44a513c5e52","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":224,"width":832,"height":12}},{"id":"81ba38fa-d571-4538-be22-5bacb6fe2f8d","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":239,"width":779,"height":11}},{"id":"1a6fb31c-9d17-4543-a6bf-136c8eccccc0","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":254,"width":253,"height":11}},{"id":"da12a18e-92ed-45e6-a433-63c6dffb4fb6","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":274,"width":131,"height":11}},{"id":"f68d62b5-4031-4f3b-9354-8e624922cf84","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":5,"box":{"x":217,"y":274,"width":697,"height":11}},{"id":"c4740b13-4a98-4d54-bc6c-6d4045ec89d3","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":289,"width":855,"height":11}},{"id":"7926b161-7656-4357-9e72-fa990e3be533","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":304,"width":240,"height":11}},{"id":"4ff8e5e2-14c0-4ed6-9dad-e05209e2c15e","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":324,"width":100,"height":11}},{"id":"f770d0f9-5032-423d-8b99-9cb530ad81c6","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":323,"width":750,"height":12}},{"id":"8f7880ca-236e-4bcf-b372-0525c994a32b","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":339,"width":839,"height":11}},{"id":"e1076ef0-8410-4e7d-af46-26a0a8090ab9","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":353,"width":293,"height":12}},{"id":"8ff92562-2911-4daf-83b2-75047f6eaac1","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":373,"width":120,"height":11}},{"id":"e08f39f3-fd7f-4ba2-abf3-0f152b51f3ae","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":373,"width":727,"height":12}},{"id":"31a6af7b-da88-4b48-9eec-7d416bfc5516","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":388,"width":607,"height":11}},{"id":"908f74c3-9988-4cfc-89d2-cb7ea56275ae","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":408,"width":75,"height":11}},{"id":"7bf5912a-2d49-4513-a2bf-dabe8f2aa184","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":5,"box":{"x":161,"y":408,"width":761,"height":11}},{"id":"c3443c49-55c3-4d16-bdc1-92f2aebc3a2f","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":423,"width":198,"height":11}},{"id":"04be1981-c605-4c85-a408-39b9c86ef2a3","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":443,"width":214,"height":11}},{"id":"427d1037-3be3-4773-84f7-2b628d4c1eea","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":443,"width":590,"height":11}},{"id":"b72a0b0d-6fc1-4bd3-b999-324b6e9cf6ab","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":458,"width":775,"height":11}},{"id":"783761c1-c2e2-4fe3-96c6-1181a800b81c","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":472,"width":589,"height":12}},{"id":"a84c3234-f1cd-4fb0-a476-bed3aa8dc113","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":493,"width":102,"height":9}},{"id":"c6907886-2b10-4b4c-8b46-bb7ff2dda0c9","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":492,"width":747,"height":12}},{"id":"fadd50ff-4198-4b94-9132-2c353bdaef8e","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":507,"width":783,"height":12}},{"id":"999a72ba-bc91-4602-982f-5db2921d5bb0","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":522,"width":273,"height":11}},{"id":"699a69d1-554b-40e8-be8e-2b8b40a36f20","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":542,"width":95,"height":12}},{"id":"14c61a09-e2ac-45d9-ad65-5627a690a1fa","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":542,"width":728,"height":12}},{"id":"e64884b9-c470-447c-9fda-2f3d9c75f8f7","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":557,"width":839,"height":11}},{"id":"d459ed45-c863-4885-9e68-d6273576390f","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":5,"box":{"x":82,"y":572,"width":354,"height":11}},{"id":"7bff0047-1003-461b-88ef-c2fa22f6d713","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":592,"width":59,"height":9}},{"id":"06d9d565-2083-4dc3-85ed-5d1e1a6fed49","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":592,"width":719,"height":11}},{"id":"a3ef57b0-1cf7-4252-aa0e-3594fff5cdf7","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":606,"width":801,"height":12}},{"id":"84042688-8da6-4a7f-8eb2-e4fc17c54fd3","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":621,"width":802,"height":12}},{"id":"776af154-8384-4456-a004-0a636508a805","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":636,"width":830,"height":12}},{"id":"2da9872f-1cdc-4cea-a100-09dda3c65eea","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":651,"width":215,"height":9}},{"id":"9e15a5d7-85b6-4a9e-b368-07c75f851eca","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":671,"width":178,"height":11}},{"id":"716bf07e-7381-4d16-ab96-02cb7b841dcd","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":671,"width":617,"height":11}},{"id":"1387b142-02bc-48a1-a689-564a5ce92f4f","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":686,"width":825,"height":11}},{"id":"507077ce-27f2-4e13-b080-2014ffd8b36b","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":701,"width":822,"height":11}},{"id":"3c1b3b1d-e1de-4b13-8b96-8a8b5509e3a3","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":715,"width":816,"height":12}},{"id":"cb0ca66b-0666-4145-b179-d76ac2a39d79","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":730,"width":240,"height":12}},{"id":"56b71ce0-03c1-4183-8e03-86f424d356a7","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":750,"width":176,"height":12}},{"id":"59fffda7-8bda-4dcb-959f-2afbe74133a8","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":750,"width":668,"height":12}},{"id":"8c02567d-ed95-4f29-836c-2ddbd83cc334","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":765,"width":531,"height":11}},{"id":"4b9d189b-3a64-4721-a553-8cb5ef57b082","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":785,"width":823,"height":12}},{"id":"81e662f5-734d-4e8e-b9f9-7a373f6eabcd","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":800,"width":823,"height":11}},{"id":"c9dab08f-2b2b-453b-b18a-3f6efb9957de","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":815,"width":70,"height":11}},{"id":"7c7d8f11-6d48-45b6-8980-eaa81ceb654a","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":835,"width":644,"height":11}},{"id":"7c78e4d5-21eb-4956-bf24-4d7ede76e82d","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":855,"width":830,"height":11}},{"id":"586340f7-228b-47ae-974a-2410c0ad7693","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":869,"width":808,"height":12}},{"id":"3c287234-f177-43a7-bfb6-f736ac480525","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":884,"width":137,"height":12}},{"id":"7ccc707b-f178-48e1-bbeb-3eb9004c8ecf","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"cd0d7ef5-d423-42b5-bfb5-baf599485cab","block_type":"box","text":"NM1026U-5982562-5/40","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9f5b6974-43ac-4a6b-9f35-c130fed8afd5","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":46,"width":821,"height":11}},{"id":"08aeeb32-4a1c-43a3-b87b-909526eb7687","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":60,"width":809,"height":12}},{"id":"bf333f4a-b474-42b1-86cc-94c70329c259","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":75,"width":784,"height":12}},{"id":"668b26cd-d41d-415c-90b8-117ec3120d27","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":90,"width":352,"height":12}},{"id":"0b33ea00-fbd6-4b4d-b611-3383913f5a79","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":110,"width":823,"height":12}},{"id":"3d25ad2e-2eec-4750-8231-26791088f128","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":125,"width":811,"height":11}},{"id":"206d3236-3af8-4a11-9b40-7338668a2ba5","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":140,"width":148,"height":9}},{"id":"60a954f6-ef44-4d7d-af3f-4662fe8a0861","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":160,"width":834,"height":11}},{"id":"5c19cffd-b4f8-4196-9b62-421b843e6d11","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":175,"width":628,"height":11}},{"id":"9e343ff9-2b16-43fe-a1e5-83a65a348294","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":195,"width":830,"height":11}},{"id":"15c417eb-843a-4893-9ae0-744431a613c2","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":209,"width":831,"height":12}},{"id":"700121ca-9979-4cd6-b721-5fb6870323d8","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":224,"width":813,"height":12}},{"id":"ba174569-5d21-42e2-8ebc-bb12eea79d88","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":239,"width":395,"height":11}},{"id":"034bf96c-0e56-474b-8b54-9bb8efd14fa2","block_type":"box","text":"Geographic Concentration Risk","page_number":6,"box":{"x":81,"y":259,"width":235,"height":11}},{"id":"8fd033de-6a38-4095-8d03-cc17fd02d6bc","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":6,"box":{"x":320,"y":259,"width":581,"height":11}},{"id":"6f1f3533-037f-45f8-b070-45899335e519","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":6,"box":{"x":82,"y":274,"width":848,"height":11}},{"id":"2ee84db0-6cbd-48d6-a98f-f9388dfc598d","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":6,"box":{"x":82,"y":289,"width":841,"height":11}},{"id":"1d49d15e-df1b-4c1d-ad77-58e56dd98832","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":6,"box":{"x":82,"y":303,"width":777,"height":12}},{"id":"4ea2cb73-676c-4f6d-969d-9a504c2290f6","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":6,"box":{"x":81,"y":319,"width":648,"height":11}},{"id":"c2e8eb53-11ee-4525-bcec-213b38dfccc4","block_type":"box","text":"Investment Style Risk","page_number":6,"box":{"x":81,"y":338,"width":166,"height":12}},{"id":"9e35deef-e1ed-4018-896b-e898cc5b3671","block_type":"box","text":"— Under certain market conditions, growth investments have performed better during the","page_number":6,"box":{"x":251,"y":338,"width":660,"height":12}},{"id":"aaa2d386-0f7f-4d50-932e-3ddbd7516f64","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":6,"box":{"x":82,"y":353,"width":842,"height":12}},{"id":"1a58bf43-83fc-4d04-983c-1603b2d782e1","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":6,"box":{"x":80,"y":368,"width":847,"height":11}},{"id":"c5b75b65-000d-43a7-b4e7-af4f46cac1e9","block_type":"box","text":"different investment styles.","page_number":6,"box":{"x":81,"y":383,"width":200,"height":11}},{"id":"6c556ee6-a4c7-4b50-9093-d05925a62ed4","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":403,"width":107,"height":11}},{"id":"72650f40-acd2-4cdc-b36b-a440661bf518","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":403,"width":741,"height":11}},{"id":"50790c73-6c4b-49ab-8e8a-5e734431cada","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":418,"width":853,"height":11}},{"id":"82eab1cc-31cf-4eae-8c1c-ff2245bc499a","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":432,"width":856,"height":12}},{"id":"64e53793-e1ef-4921-af81-1e6aeab5e0a9","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":6,"box":{"x":80,"y":447,"width":796,"height":12}},{"id":"f6c78290-b247-4fc4-b990-bbf9e1704b96","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":6,"box":{"x":81,"y":462,"width":805,"height":11}},{"id":"867bcf35-7d01-4ce4-8886-a852d5f508a1","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":6,"box":{"x":82,"y":477,"width":293,"height":11}},{"id":"647b9a86-a24a-48cb-9c8b-fa66c276b07d","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":497,"width":240,"height":9}},{"id":"d7b02265-a713-497d-a1b4-1ccfec4b5206","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":497,"width":593,"height":9}},{"id":"65948dc1-5593-454d-9550-9b7dd1ec6fcb","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":512,"width":851,"height":11}},{"id":"280bf95b-400a-4d90-9197-190d408108bd","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":526,"width":824,"height":12}},{"id":"c9bbbc1a-8c61-490f-9b7f-11047a7e702b","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":541,"width":851,"height":12}},{"id":"600c42e7-4558-4d61-979e-88a241e91224","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":556,"width":802,"height":12}},{"id":"b8230cc2-bc9b-4a37-942f-ae8b812b018d","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":571,"width":849,"height":12}},{"id":"ac764fac-345e-4cd0-b22b-f8232f3c7799","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":586,"width":843,"height":11}},{"id":"c321af05-0672-42d6-975b-cfd69d0a4f16","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":601,"width":830,"height":11}},{"id":"cf7a2302-19ef-4415-92a9-649e30632e8f","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":615,"width":840,"height":12}},{"id":"f85545e7-b60e-4219-9686-540e7cab46b4","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":6,"box":{"x":81,"y":630,"width":851,"height":12}},{"id":"e272788e-1450-44b5-bb3d-615d963263ca","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":6,"box":{"x":82,"y":645,"width":815,"height":12}},{"id":"718aee48-643d-449f-99c8-0260c0c90ada","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":6,"box":{"x":81,"y":660,"width":826,"height":11}},{"id":"34c9fe68-5e6e-4e78-87e3-1fd078e7b170","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":675,"width":735,"height":11}},{"id":"400f5fcf-7aac-43e6-ba68-c1598f2d18c4","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":695,"width":818,"height":11}},{"id":"705cd1bb-c019-44ec-986b-f0409b9d6e49","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":6,"box":{"x":80,"y":710,"width":819,"height":11}},{"id":"d9783368-f7be-4df2-8988-0c960da8f70f","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":6,"box":{"x":81,"y":724,"width":819,"height":12}},{"id":"94a2d857-fe1c-4794-8c3d-ad33e0eef0df","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":6,"box":{"x":81,"y":739,"width":846,"height":12}},{"id":"93f5084b-d567-467a-b77f-379139197c74","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":754,"width":848,"height":12}},{"id":"387f1565-f3a0-4931-9e61-f0d8f8bf001a","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":769,"width":125,"height":9}},{"id":"6868a685-e1e5-415b-aff1-0f4b799d699b","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":789,"width":182,"height":11}},{"id":"e44ebd91-e196-47e3-9044-c69cdb893aae","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":789,"width":665,"height":11}},{"id":"8c2df51a-e2e6-4c04-a386-5f001ef88f6f","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":804,"width":789,"height":11}},{"id":"1471b0a7-0c94-43d2-95d5-1ceee55bb376","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":824,"width":139,"height":9}},{"id":"b5936edd-4d6c-4a7b-b44d-962039363b5f","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":829,"width":17,"height":1}},{"id":"356b12c3-8f36-437e-989f-a5ebcd7673b9","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":824,"width":681,"height":11}},{"id":"1ada6288-da97-4dc8-ba59-4f0c3cb6ae35","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":838,"width":843,"height":12}},{"id":"e4de3eef-f0ad-4146-bc53-52a9bc8b3fb4","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":6,"box":{"x":81,"y":853,"width":517,"height":12}},{"id":"0426a191-6e23-4348-aa18-ad32a7cb8ee3","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":873,"width":254,"height":12}},{"id":"52c15ced-6cc1-45a9-a826-690ccbb4c389","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":874,"width":578,"height":11}},{"id":"8835c7a7-c518-4004-b633-02dcf8667047","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":888,"width":779,"height":12}},{"id":"c6d1ab40-0d1e-472f-bfc3-03bf7d602323","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":903,"width":848,"height":11}},{"id":"7acfd8c4-f7e7-4433-94e5-6a07486701ea","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":6,"box":{"x":81,"y":918,"width":806,"height":11}},{"id":"1272b725-3be5-431f-bf65-228110c6597c","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"ab5361d1-a42b-4d5c-9164-3cffb367f327","block_type":"box","text":"NM1026U-5982562-6/40","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c4fbe1f4-28e9-4abd-ba9c-9693974bef89","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":46,"width":807,"height":11}},{"id":"d1132533-10d6-45af-adcd-f3d58ba45d9d","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":60,"width":846,"height":12}},{"id":"ed1a30b4-fc9e-40ac-a5b1-f8a3e7f75759","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":75,"width":836,"height":12}},{"id":"9cdfead6-d9d4-454c-b584-0d5cc0226e92","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":90,"width":474,"height":12}},{"id":"25156d8d-6980-4d08-a0b3-388e2517ef33","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":110,"width":189,"height":9}},{"id":"9d65b3ca-efa0-4a5e-9e9a-0452c706f941","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":110,"width":636,"height":12}},{"id":"bff286be-8e38-4c19-b537-0dbcdf79e056","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":125,"width":824,"height":11}},{"id":"1e84391d-bc33-40bd-afa0-6bbc22d137dc","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":140,"width":806,"height":11}},{"id":"de65ddff-d8b1-4217-94df-9e01702c6ebe","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":155,"width":842,"height":11}},{"id":"6d8a1c98-b061-4372-ab89-98666ccce58a","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":169,"width":781,"height":12}},{"id":"8f8bc631-3cf9-4bed-9361-9b36df580cb8","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":184,"width":812,"height":12}},{"id":"64cc7011-155f-485f-b58b-591ed50ccb9d","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":199,"width":129,"height":12}},{"id":"595df1f1-ecdf-4b9c-aab4-bac52b51639f","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":7,"box":{"x":81,"y":219,"width":258,"height":9}},{"id":"c7ae8279-690a-427f-854f-2050d47efb54","block_type":"box","text":"— If the other party to a purchase and sale contract defaults on its obligation","page_number":7,"box":{"x":343,"y":219,"width":570,"height":12}},{"id":"0aca2ed7-99da-4ba9-addf-19d834563a69","block_type":"box","text":"under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the","page_number":7,"box":{"x":82,"y":234,"width":829,"height":11}},{"id":"15d9c4be-1141-4eca-86bd-6d034bd5707e","block_type":"box","text":"agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may","page_number":7,"box":{"x":81,"y":249,"width":850,"height":11}},{"id":"b8460550-c7ed-4d2a-89d6-49e5f504fdca","block_type":"box","text":"lose money.","page_number":7,"box":{"x":82,"y":264,"width":85,"height":11}},{"id":"ed7515af-c757-407e-843c-6799ed757b29","block_type":"box","text":"Restricted Securities Risk","page_number":7,"box":{"x":81,"y":284,"width":198,"height":9}},{"id":"2b0f3065-b15b-4a9c-8732-c8342ac89aaf","block_type":"box","text":"—","page_number":7,"box":{"x":284,"y":289,"width":17,"height":1}},{"id":"c5ec69c4-e014-465d-8720-4976f34ed780","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":7,"box":{"x":306,"y":283,"width":572,"height":12}},{"id":"dd2b6693-9f82-4321-a5ba-e40a981febc3","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity may prevent the Fund from","page_number":7,"box":{"x":82,"y":298,"width":845,"height":12}},{"id":"5693d3ed-8726-4dfa-a18b-0cd58963bd27","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all.. Restricted securities may not be listed on an exchange","page_number":7,"box":{"x":81,"y":313,"width":855,"height":12}},{"id":"ac8034eb-9c89-41cf-918c-ce40eed77753","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":7,"box":{"x":81,"y":328,"width":843,"height":12}},{"id":"612c634f-6543-45c2-8bf9-dfebd77c7b52","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":7,"box":{"x":81,"y":343,"width":847,"height":11}},{"id":"a07c7edd-7ac3-4daf-91c6-a7e7e6665d18","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":7,"box":{"x":80,"y":358,"width":838,"height":11}},{"id":"d4416d5a-d406-4df8-b934-366bcb8970aa","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":7,"box":{"x":81,"y":372,"width":825,"height":12}},{"id":"34523b63-982d-4293-9d90-81a0a62613b9","block_type":"box","text":"regarding the investment’s market or fair value, and the securities values may have significant volatility. Also, the","page_number":7,"box":{"x":82,"y":387,"width":830,"height":12}},{"id":"a518bad1-5c8a-40b2-8846-aa01df96a8c0","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able","page_number":7,"box":{"x":82,"y":402,"width":849,"height":12}},{"id":"9eb70742-8925-45e3-92ab-ac9ac7766372","block_type":"box","text":"to determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which","page_number":7,"box":{"x":80,"y":417,"width":855,"height":11}},{"id":"9988e7f3-9322-40ed-935d-737f42d2b826","block_type":"box","text":"more information is available. Certain restricted securities may involve a high degree of business and financial risk","page_number":7,"box":{"x":82,"y":432,"width":844,"height":11}},{"id":"1e43ce96-14c0-49ea-9c9e-80d0feac9651","block_type":"box","text":"and may result in substantial losses to the Fund. Certain restricted securities may represent limited investment","page_number":7,"box":{"x":81,"y":447,"width":821,"height":11}},{"id":"309ef1b0-ea8b-4b0b-b876-49324ecfce74","block_type":"box","text":"opportunities and each shareholder’s proportionate investment exposure to such limited investment opportunities","page_number":7,"box":{"x":81,"y":462,"width":841,"height":11}},{"id":"961c9895-1905-484a-8490-a203308ad263","block_type":"box","text":"may be reduced proportionately as the Fund’s net assets grow from new or additional investments made in the","page_number":7,"box":{"x":82,"y":476,"width":815,"height":12}},{"id":"714881a9-5b54-47c7-a8ed-a12f33080a1a","block_type":"box","text":"Fund by other shareholders.","page_number":7,"box":{"x":82,"y":491,"width":202,"height":11}},{"id":"6a12dcf3-5f45-4c1a-9392-3b74ea341a3a","block_type":"box","text":"Small Cap Securities Risk","page_number":7,"box":{"x":81,"y":511,"width":196,"height":11}},{"id":"794c56c9-e2ca-4be0-8fa6-a8581ffb9157","block_type":"box","text":"—","page_number":7,"box":{"x":281,"y":516,"width":17,"height":1}},{"id":"d95e1099-acd5-4914-a963-2226dd883940","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":7,"box":{"x":303,"y":511,"width":607,"height":11}},{"id":"af3f1d9f-26aa-4ef4-aa4d-e923df3040f0","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":7,"box":{"x":81,"y":526,"width":852,"height":11}},{"id":"fb55fb74-0d5e-4c78-bc09-021f7a144f49","block_type":"box","text":"than larger capitalized companies.","page_number":7,"box":{"x":80,"y":541,"width":251,"height":11}},{"id":"3e04ac41-e7f5-4a92-8425-22fba54dc8c9","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":580,"width":224,"height":11}},{"id":"a67c933c-cb6b-4a7e-a375-d17e1abbc01c","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":606,"width":855,"height":11}},{"id":"1638bbeb-812c-4e16-9551-91ec5d8e5e5c","block_type":"box","text":"risks of investing in the Fund. Effective December 30, 2017, the Fund changed its name, investment process and","page_number":7,"box":{"x":61,"y":621,"width":835,"height":11}},{"id":"6ccf37ef-4c9d-47cb-b6c1-9c43dadfa46a","block_type":"box","text":"investment strategies. Performance for the periods prior to December 30, 2017, shown below, is based on the","page_number":7,"box":{"x":62,"y":635,"width":815,"height":12}},{"id":"713c52bb-4bee-48ea-941a-5f98678ad0e7","block_type":"box","text":"investment process and investment strategies utilized by the Fund at that time under the name “BlackRock Science &","page_number":7,"box":{"x":62,"y":650,"width":865,"height":12}},{"id":"90aa9156-91ae-43ab-b121-46721b211b80","block_type":"box","text":"Technology Opportunities Portfolio.” The table compares the Fund’s performance to that of the MSCI All Country World","page_number":7,"box":{"x":60,"y":665,"width":872,"height":12}},{"id":"71e42aaf-2d09-4ab4-9bd9-984985c9d9a8","block_type":"box","text":"Index (Net), the MSCI All-Country World Information Technology 10/40 Index (Net) and the MSCI All-Country World","page_number":7,"box":{"x":62,"y":680,"width":830,"height":11}},{"id":"813df732-cdb2-4bb3-8bce-b0490e0d3ee6","block_type":"box","text":"Information Technology Index (Net). The MSCI All-Country World Information Technology 10/40 Index (Net) and the","page_number":7,"box":{"x":62,"y":695,"width":834,"height":11}},{"id":"27a84f94-ba90-4a40-baea-86fbc38a9821","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net) are relevant to the Fund because they have characteristics","page_number":7,"box":{"x":62,"y":710,"width":860,"height":11}},{"id":"c1d220e6-1a5b-4ea1-9775-6925c2656a69","block_type":"box","text":"similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund,","page_number":7,"box":{"x":61,"y":725,"width":852,"height":11}},{"id":"522bfc49-c1d5-462a-84b8-84c60d066c84","block_type":"box","text":"the performance information for the Fund in the chart and table assumes reinvestment of the dividends and","page_number":7,"box":{"x":60,"y":739,"width":795,"height":11}},{"id":"ac7f152a-6e83-4870-8f81-9dd8c59c7926","block_type":"box","text":"distributions. As with all such investments, past performance (before and after taxes) is not an indication of future","page_number":7,"box":{"x":61,"y":754,"width":842,"height":11}},{"id":"4c9eb48d-9f75-45f6-b051-e750d15a1565","block_type":"box","text":"results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain","page_number":7,"box":{"x":61,"y":769,"width":837,"height":11}},{"id":"da6166df-6ec2-4584-9d30-e99ce36b157a","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. 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Such indices use withholding tax rates that are often at a higher rate","page_number":8,"box":{"x":61,"y":595,"width":870,"height":10}},{"id":"f7726226-7bb6-4d9d-a014-8e683f48529b","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":606,"width":862,"height":9}},{"id":"672adbc1-f774-4998-9a03-87562bdadf14","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":8,"box":{"x":60,"y":616,"width":834,"height":9}},{"id":"1e8ed6b0-d23a-45fa-b7db-c4f12afcedff","block_type":"box","text":"performance information for the MSCI All Country World Index, the MSCI All-Country World Information Technology 10/40 Index and the MSCI All","page_number":8,"box":{"x":61,"y":626,"width":850,"height":10}},{"id":"c6efd461-8649-4a0d-8895-912378d63a31","block_type":"box","text":"Country World Information Technology Index, please see the Fund’s Statement of Additional Information.","page_number":8,"box":{"x":61,"y":637,"width":611,"height":9}},{"id":"1dc2715c-da5e-4e53-ae91-a656578d199a","block_type":"box","text":"2","page_number":8,"box":{"x":61,"y":650,"width":3,"height":3}},{"id":"9867d405-becd-4800-8af6-3afefb91d4ae","block_type":"box","text":"The inception date of the MSCI All-Country World Information Technology 10/40 Index (Net) was February 23, 2024.","page_number":8,"box":{"x":68,"y":649,"width":682,"height":10}},{"id":"6ffffe92-96f3-4015-a4ad-8601edc83f4b","block_type":"box","text":"3","page_number":8,"box":{"x":61,"y":663,"width":3,"height":3}},{"id":"91fe50e4-b401-4fda-8ce5-c167fdc5e9b3","block_type":"box","text":"The Fund has added this additional benchmark.","page_number":8,"box":{"x":68,"y":663,"width":279,"height":7}},{"id":"43a0e06c-4c35-4d4a-8086-380e576969ec","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":688,"width":840,"height":11}},{"id":"4d4b2def-086e-416a-ad62-1dac8a443a30","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":702,"width":835,"height":12}},{"id":"c456b47a-d32b-43c2-860e-578b4d4472ea","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":717,"width":851,"height":12}},{"id":"8de563aa-7158-42f5-a63e-49eb272a58e8","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":732,"width":611,"height":12}},{"id":"195df669-20b4-408b-9687-cdb8e5c4cd1d","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":771,"width":187,"height":14}},{"id":"9cac39c9-e8b9-4e90-9f8b-e12bd85be779","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":797,"width":709,"height":12}},{"id":"82543a37-4b3d-452d-88fb-c8dac516ad8f","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":836,"width":173,"height":14}},{"id":"ab524378-ddb1-4ce4-ba60-4e0b0516af0c","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":880,"width":121,"height":10}},{"id":"e41747df-9432-4fe8-843a-dd1a38032430","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":362,"y":868,"width":121,"height":11}},{"id":"5fb5f2fe-0e51-4518-ab34-408301bda2f4","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":363,"y":880,"width":427,"height":8}},{"id":"565ec0bc-8922-46b0-b013-fb816b5f0a95","block_type":"box","text":"Tony Kim 2013 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":898,"width":826,"height":10}},{"id":"28168bc1-0921-4157-b27d-57b4b98136c7","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"b7ebaa45-869d-4cae-a8eb-57e3a970ad46","block_type":"box","text":"NM1026U-5982562-8/40","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cce02ca3-9d1a-4815-b9bd-3cfcb2dfe115","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":62,"width":121,"height":10}},{"id":"e872de4c-8a2d-442e-b88c-300a178034cc","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":362,"y":50,"width":121,"height":11}},{"id":"2e223b76-40a6-48bc-8efd-8c227d584335","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":363,"y":62,"width":427,"height":8}},{"id":"322fc399-87bd-4daf-bf6e-ecc42c0412f2","block_type":"box","text":"Reid Menge 2020 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":80,"width":825,"height":10}},{"id":"7ed2ed60-489c-4020-8f7f-9e710e918bc4","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":121,"width":309,"height":11}},{"id":"c475ae09-cac7-4f0d-b016-1c179fcea571","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":9,"box":{"x":60,"y":147,"width":857,"height":11}},{"id":"4ae61c52-67ff-4560-9c1e-d5fff66ccbd4","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":"e7d30bff-2f13-4d13-99af-bffa562b6bc6","block_type":"box","text":"the Fund by phone at (800) 537-4942, 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":"cb98a1d6-868e-4d24-a03d-ccca6a557b58","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums for","page_number":9,"box":{"x":62,"y":191,"width":852,"height":12}},{"id":"344ebda6-0046-4fb2-9d2d-c71b0678b729","block_type":"box","text":"Service Shares generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":9,"box":{"x":61,"y":206,"width":812,"height":12}},{"id":"f2ae7088-40fc-453f-8698-de50252685fe","block_type":"box","text":"Service Shares","page_number":9,"box":{"x":348,"y":234,"width":89,"height":8}},{"id":"14cf6dc3-4dff-4701-b184-dc62dab78296","block_type":"box","text":"Minimum Initial Investment","page_number":9,"box":{"x":61,"y":252,"width":184,"height":8}},{"id":"67ad2ac7-4f96-430f-bf6f-31d48f9b862e","block_type":"box","text":"$5,000","page_number":9,"box":{"x":348,"y":251,"width":49,"height":10}},{"id":"860eb138-b071-492b-992c-ddf9179edb91","block_type":"box","text":"Minimum Additional Investment","page_number":9,"box":{"x":61,"y":270,"width":214,"height":8}},{"id":"f93d0ec5-6e2b-4fe9-b333-3ed7af7f5617","block_type":"box","text":"There is no minimum amount for additional investments.","page_number":9,"box":{"x":348,"y":270,"width":373,"height":8}},{"id":"9968d9e5-cad2-413f-8d0c-00c1e471240f","block_type":"box","text":"Tax Information","page_number":9,"box":{"x":63,"y":310,"width":138,"height":11}},{"id":"3496e279-d508-48a7-9ad6-e4c44de778b4","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":9,"box":{"x":60,"y":336,"width":838,"height":12}},{"id":"84fe26ab-4379-44af-a708-18aea14b73e6","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":9,"box":{"x":62,"y":351,"width":829,"height":12}},{"id":"4da6b544-6572-4379-8127-7318b43bfdcd","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":9,"box":{"x":61,"y":366,"width":862,"height":11}},{"id":"fb1d68a5-22b3-4c9a-b9f0-db89607eb192","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":9,"box":{"x":62,"y":381,"width":686,"height":11}},{"id":"aed74ee9-ccb4-41fd-842a-1f4a9b06d4fd","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":9,"box":{"x":61,"y":420,"width":578,"height":13}},{"id":"fc4e7e34-0c9c-41ae-8d81-f1c48bdcd767","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, 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information.","page_number":9,"box":{"x":60,"y":513,"width":790,"height":11}},{"id":"5cfcea01-239e-4ac2-bede-981e345bdb48","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"94d061f6-5bf0-4c49-94ef-9aeedb16d463","block_type":"box","text":"NM1026U-5982562-9/40","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"94025bce-40b0-4fbf-9e8f-90fc03d2611e","block_type":"box","text":"Details About the Fund","page_number":10,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"85b2e419-359a-4aeb-8ad6-add05723bd46","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":10,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"44c810a8-5b72-4d57-b9aa-0e5ce26717aa","block_type":"box","text":"shareholder features of the BlackRock Technology Opportunities Fund (the “Fund”), a series of BlackRock 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The Fund may invest in both","page_number":10,"box":{"x":61,"y":741,"width":827,"height":12}},{"id":"d57e06e2-acd9-42b5-8d4c-392b5019e633","block_type":"box","text":"developed and emerging markets. 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The Fund may also use derivatives to enhance returns, in which case their use","page_number":11,"box":{"x":61,"y":105,"width":831,"height":11}},{"id":"d993c52b-5f81-44a9-afc8-131126f9deb6","block_type":"box","text":"would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily","page_number":11,"box":{"x":60,"y":120,"width":829,"height":11}},{"id":"8e3436af-d95e-4837-8e79-6bf3ae3e67f8","block_type":"box","text":"invests by entering into a series of purchase and sale contracts or by using other investment techniques. 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American Depositary Receipts are receipts","page_number":11,"box":{"x":81,"y":318,"width":829,"height":11}},{"id":"282f1218-0db2-4c94-bba9-11b25e9cf2cf","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":11,"box":{"x":80,"y":332,"width":802,"height":12}},{"id":"8ae4c9a5-729d-4167-a5b5-211c2eac6314","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":11,"box":{"x":81,"y":347,"width":833,"height":12}},{"id":"59cf0993-73ab-4e5b-8d99-9561f791d187","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":11,"box":{"x":80,"y":362,"width":791,"height":12}},{"id":"13932190-1d0d-43f3-ba8d-adb4b24e115c","block_type":"box","text":"receipts.","page_number":11,"box":{"x":82,"y":377,"width":61,"height":11}},{"id":"04201875-7a78-46af-bab4-162c85b950df","block_type":"box","text":"Illiquid Investments","page_number":11,"box":{"x":81,"y":397,"width":148,"height":11}},{"id":"d48752e3-73b4-4df4-b369-fdc0cf9c009d","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":11,"box":{"x":233,"y":397,"width":677,"height":11}},{"id":"94df1bba-39f9-4d87-9a7a-acf0891c4ec3","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":11,"box":{"x":82,"y":412,"width":811,"height":11}},{"id":"d752b790-a03b-400b-a07f-96ad4943e3ed","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":11,"box":{"x":82,"y":427,"width":831,"height":11}},{"id":"751c13ec-6883-4ca1-8dcf-69699cb2a78d","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":11,"box":{"x":81,"y":441,"width":811,"height":12}},{"id":"eeb1c83e-6c16-4f65-929c-ba4d0d00b4d8","block_type":"box","text":"Indexed and Inverse Securities","page_number":11,"box":{"x":81,"y":462,"width":232,"height":9}},{"id":"23da5eb8-194b-4572-9fef-0a8038285dd5","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":11,"box":{"x":317,"y":461,"width":598,"height":12}},{"id":"e43c4eb8-9234-4247-9e0c-c934a2c51fc9","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). For example, the Fund may invest in a","page_number":11,"box":{"x":81,"y":476,"width":823,"height":12}},{"id":"f9950f4a-2652-4245-bbd4-7dd61a56f5c4","block_type":"box","text":"security that pays a variable amount of interest or principal based on the current level of a particular stock market.","page_number":11,"box":{"x":81,"y":491,"width":843,"height":11}},{"id":"e6e6dcb5-1d0c-4719-8fd8-ef2b6c89eb4b","block_type":"box","text":"The Fund may also invest in securities whose return is inversely related to changes in an interest rate or index","page_number":11,"box":{"x":81,"y":506,"width":810,"height":11}},{"id":"ca6e8274-8af2-40f4-b4a5-852466179840","block_type":"box","text":"(“inverse securities”). In general, the return on inverse securities will decrease when the underlying index or interest","page_number":11,"box":{"x":81,"y":521,"width":854,"height":11}},{"id":"b5240c12-58fa-4a54-b570-496703c218c1","block_type":"box","text":"rate goes up and increase when that index or interest rate goes down.","page_number":11,"box":{"x":82,"y":536,"width":514,"height":11}},{"id":"99ac5f64-92d4-4c38-928b-fdcaf1b69866","block_type":"box","text":"Investment Companies","page_number":11,"box":{"x":81,"y":556,"width":172,"height":11}},{"id":"1d48c77b-46e6-4ed8-aefc-ca9a9462e041","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":11,"box":{"x":258,"y":556,"width":643,"height":11}},{"id":"72722b5a-3427-4c88-8f2f-cf7be10caaa0","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the","page_number":11,"box":{"x":80,"y":570,"width":848,"height":12}},{"id":"4aa97c60-8f5e-4d92-adbb-4f4dcd1f4dfe","block_type":"box","text":"Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules thereunder. 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The Fund will not be deemed to deviate from its","page_number":11,"box":{"x":80,"y":650,"width":808,"height":11}},{"id":"7ba9b8b5-698f-4d20-83df-a4b6469106f8","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":11,"box":{"x":82,"y":664,"width":485,"height":12}},{"id":"46596621-4603-4cd5-acd7-7b56dfbf5c4d","block_type":"box","text":"Repurchase Agreements","page_number":11,"box":{"x":81,"y":685,"width":185,"height":11}},{"id":"ce5f9715-0d9d-46c9-8c45-cf29a57ad111","block_type":"box","text":"—","page_number":11,"box":{"x":271,"y":690,"width":17,"height":1}},{"id":"2e61c066-f042-4706-8c9c-5768fc171bd2","block_type":"box","text":"The Fund may enter into certain types of repurchase agreements. Under a repurchase","page_number":11,"box":{"x":292,"y":684,"width":632,"height":12}},{"id":"2eacb35f-8f81-4bc2-9b02-1de5b3d24df9","block_type":"box","text":"agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price.","page_number":11,"box":{"x":81,"y":699,"width":704,"height":12}},{"id":"36d8c399-72b4-4a3b-a151-b2116058f51a","block_type":"box","text":"Restricted Securities","page_number":11,"box":{"x":81,"y":719,"width":159,"height":9}},{"id":"c8e301f4-5659-4196-83a4-8d298d903231","block_type":"box","text":"—","page_number":11,"box":{"x":245,"y":725,"width":17,"height":0}},{"id":"afb6a03b-21c5-4d75-94a0-476870db3b6d","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":11,"box":{"x":268,"y":719,"width":602,"height":11}},{"id":"bece2f2f-c14c-4448-880e-0e52520a28c1","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":11,"box":{"x":82,"y":734,"width":820,"height":12}},{"id":"b11b4e9a-901a-4286-b374-842e266cefaa","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":11,"box":{"x":82,"y":749,"width":839,"height":11}},{"id":"ceb3e0d7-ceb8-4109-886a-3b6fb574c16a","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":11,"box":{"x":82,"y":764,"width":837,"height":11}},{"id":"f1e2c9fd-ed66-43ea-b6fe-c9a80e1d2c53","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":11,"box":{"x":80,"y":778,"width":736,"height":12}},{"id":"b73afec5-31bf-4599-8468-2baa4e69536a","block_type":"box","text":"Securities Lending","page_number":11,"box":{"x":81,"y":799,"width":140,"height":11}},{"id":"5f0fea80-c90e-4f8a-a66b-f4fab257eb82","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":11,"box":{"x":225,"y":799,"width":396,"height":11}},{"id":"57971fce-7f5f-4ccd-b57c-d0e777d03574","block_type":"box","text":"1⁄","page_number":11,"box":{"x":622,"y":799,"width":6,"height":5}},{"id":"f8b54314-b02e-4738-b006-3ae7d73a84d2","block_type":"box","text":"1⁄3","page_number":11,"box":{"x":626,"y":799,"width":8,"height":9}},{"id":"041af2a6-7b19-43ae-8fd7-6c7f3eaa23d6","block_type":"box","text":"⁄3","page_number":11,"box":{"x":632,"y":802,"width":6,"height":6}},{"id":"b84dbf7d-638e-4455-8610-6cfabd5a9702","block_type":"box","text":"% of its total assets to financial","page_number":11,"box":{"x":639,"y":798,"width":231,"height":10}},{"id":"59428daa-2894-4b46-b0d1-476a28055965","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":11,"box":{"x":82,"y":813,"width":748,"height":12}},{"id":"f47f7b50-9b8a-4e8d-9fc8-a1ed1483d7c7","block_type":"box","text":"Temporary Defensive Strategies","page_number":11,"box":{"x":82,"y":833,"width":238,"height":12}},{"id":"aef42ebb-781b-400d-a123-e0757fe0739e","block_type":"box","text":"—","page_number":11,"box":{"x":325,"y":839,"width":17,"height":0}},{"id":"3c823465-8a98-47e6-91eb-57c6ba235ea2","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":11,"box":{"x":348,"y":833,"width":577,"height":12}},{"id":"794f667f-498c-4d30-86bb-35921f067b0c","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":11,"box":{"x":81,"y":848,"width":802,"height":12}},{"id":"f417fb9d-423f-4e35-bccb-e160be7c5790","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":11,"box":{"x":82,"y":863,"width":833,"height":11}},{"id":"5d8041aa-bfdc-4e57-b9d4-35db62942433","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":11,"box":{"x":81,"y":878,"width":796,"height":11}},{"id":"0b50ceaa-da35-4c8e-8642-107dee180233","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":11,"box":{"x":81,"y":893,"width":802,"height":11}},{"id":"b38bd818-b08b-40e0-90d6-3b97d6ac2fa2","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"29421d42-d1b3-4e75-9bad-37439e034938","block_type":"box","text":"NM1026U-5982562-11/40","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2b1e3bce-43e0-45f9-ad23-82e1138f5059","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed-income","page_number":12,"box":{"x":82,"y":46,"width":777,"height":11}},{"id":"f8f4bb07-1d03-4102-9849-30cefe32d147","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":12,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"2bfe894a-e186-4f06-b7f4-5b13aed005c4","block_type":"box","text":"Warrants","page_number":12,"box":{"x":83,"y":81,"width":66,"height":9}},{"id":"2232f7d0-f637-4cec-b992-4efc96a2ab94","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":12,"box":{"x":153,"y":80,"width":767,"height":12}},{"id":"3db17049-6551-4fd8-9af1-b19942665a7a","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":12,"box":{"x":80,"y":96,"width":815,"height":11}},{"id":"80898b21-d34f-4c6f-9d29-ec692bc0e8df","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":12,"box":{"x":80,"y":110,"width":810,"height":12}},{"id":"17852b91-fe69-4f14-ac14-38503d22f97e","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":130,"width":545,"height":11}},{"id":"a0cb165f-e406-47a0-8afa-7a96915757af","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":130,"width":295,"height":11}},{"id":"deed18a5-bc86-401d-8b6c-853906de7850","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":12,"box":{"x":81,"y":145,"width":851,"height":11}},{"id":"d80ac934-f5c0-47bb-9575-9497d85a49ee","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":12,"box":{"x":81,"y":160,"width":847,"height":11}},{"id":"9e0c08a7-e38e-4960-b6df-8123c5fec5fc","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":12,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"18244d74-1e1a-45ff-8483-4c04ba90cecd","block_type":"box","text":"the transaction.","page_number":12,"box":{"x":80,"y":190,"width":115,"height":9}},{"id":"d93f3eb0-00fe-4b1d-a8a9-6a5c13f4c84a","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":12,"box":{"x":272,"y":246,"width":453,"height":9}},{"id":"59ee99ef-9538-4220-858d-c79498335544","block_type":"box","text":"The Fund is managed by a team of financial professionals. Tony Kim and Reid Menge are the portfolio managers of","page_number":12,"box":{"x":70,"y":269,"width":846,"height":11}},{"id":"43549f59-9ba1-47d8-ab1d-bc07d5043afd","block_type":"box","text":"the Fund and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":12,"box":{"x":70,"y":283,"width":772,"height":12}},{"id":"98459777-2e81-4962-a9ac-7dac9abc3ca5","block_type":"box","text":"“Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":12,"box":{"x":72,"y":298,"width":775,"height":12}},{"id":"20154af6-8f9d-4508-ac7f-a671824415ef","block_type":"box","text":"management team.","page_number":12,"box":{"x":71,"y":314,"width":141,"height":11}},{"id":"de786dbe-3c53-4532-9bbd-3c78b94dbfb9","block_type":"box","text":"Investment Risks","page_number":12,"box":{"x":62,"y":365,"width":156,"height":11}},{"id":"5a31e3f0-1491-4426-8d14-915bc78e4031","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":12,"box":{"x":60,"y":391,"width":811,"height":12}},{"id":"159af553-e80d-4162-b164-86893a6282e0","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":12,"box":{"x":61,"y":406,"width":871,"height":11}},{"id":"d1f797dc-96c2-45da-9a68-25c35d42267b","block_type":"box","text":"its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its","page_number":12,"box":{"x":62,"y":421,"width":799,"height":11}},{"id":"44086a93-6790-482d-af65-17ed50cc4e75","block_type":"box","text":"investment objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund","page_number":12,"box":{"x":62,"y":436,"width":860,"height":11}},{"id":"346330ac-685e-4b5f-98c1-e9928592743d","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":12,"box":{"x":62,"y":451,"width":856,"height":11}},{"id":"c44cd7ef-5b64-44be-bbe2-71bb51aa5394","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":12,"box":{"x":61,"y":465,"width":853,"height":12}},{"id":"0e1f5650-def1-4d05-863c-2fd90b815555","block_type":"box","text":"risk factor.","page_number":12,"box":{"x":61,"y":480,"width":76,"height":9}},{"id":"67b2fcc5-b015-4c06-9ee2-f1718884e51a","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":12,"box":{"x":61,"y":503,"width":322,"height":13}},{"id":"98b3ad72-de2d-4403-ba53-2656010f9e91","block_type":"box","text":"Concentration Risk","page_number":12,"box":{"x":81,"y":525,"width":145,"height":9}},{"id":"da085456-e983-4237-9ff4-d14453143c66","block_type":"box","text":"—","page_number":12,"box":{"x":231,"y":530,"width":17,"height":1}},{"id":"9892c765-bdc8-481e-b038-03a35bd9d0fe","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":12,"box":{"x":252,"y":525,"width":654,"height":11}},{"id":"a5a16a91-cf62-40cf-a0cf-d09d091e571b","block_type":"box","text":"performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":12,"box":{"x":82,"y":539,"width":824,"height":12}},{"id":"eee9fc3d-90d7-447c-a035-1bcb785a7e82","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":12,"box":{"x":80,"y":554,"width":853,"height":12}},{"id":"1a5f36da-4c1c-4286-bf5d-d834bf7f9a6e","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":12,"box":{"x":80,"y":569,"width":831,"height":12}},{"id":"9f23e9f2-415e-4d1a-ab75-a7e72c0380d6","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":12,"box":{"x":81,"y":584,"width":855,"height":11}},{"id":"e3fd924c-44ae-45ef-95ab-cbeb0268dc15","block_type":"box","text":"other industries or the broader market as a whole.","page_number":12,"box":{"x":81,"y":599,"width":368,"height":9}},{"id":"5d6f9f8c-f449-46f1-9a78-7e5dbe7f59b8","block_type":"box","text":"Convertible Securities Risk","page_number":12,"box":{"x":81,"y":619,"width":206,"height":9}},{"id":"1620fe85-0094-4aed-85ab-d53afb5eb5ba","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":12,"box":{"x":291,"y":619,"width":593,"height":11}},{"id":"0b3950a4-abcf-4f88-ae23-b22183850189","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":12,"box":{"x":81,"y":633,"width":853,"height":12}},{"id":"80d14220-11f4-4e13-989b-a49a90315223","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":12,"box":{"x":81,"y":649,"width":855,"height":11}},{"id":"2074e6a2-c35b-4a3e-bee7-2ed98e51a708","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":12,"box":{"x":80,"y":663,"width":816,"height":12}},{"id":"335e2ca7-a1ec-492f-900a-a7c9eb324f45","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":12,"box":{"x":82,"y":678,"width":796,"height":11}},{"id":"f1ffd750-0d75-469f-b4a0-2ffb3ae64000","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":12,"box":{"x":81,"y":693,"width":812,"height":11}},{"id":"db9adc08-a98b-4463-af79-95ff0b49b939","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":12,"box":{"x":82,"y":708,"width":809,"height":11}},{"id":"3e7d9d5d-2d9b-421a-9988-2fa47f3e3fd6","block_type":"box","text":"Derivatives Risk","page_number":12,"box":{"x":81,"y":728,"width":123,"height":9}},{"id":"00243a75-c3af-4989-8738-7b985f4836e6","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":12,"box":{"x":207,"y":728,"width":664,"height":11}},{"id":"6bdc0ccc-5fc4-4b90-9c45-299f470febe1","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":12,"box":{"x":82,"y":742,"width":469,"height":12}},{"id":"c87af609-2d76-4e64-97db-9880b4fd31d3","block_type":"box","text":"Leverage Risk","page_number":12,"box":{"x":82,"y":765,"width":102,"height":12}},{"id":"7e820a2e-6b12-49d7-9b0c-e82b6cd5b84e","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":12,"box":{"x":188,"y":765,"width":723,"height":12}},{"id":"314270ef-c02f-44b8-adb1-aae709ed4299","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":12,"box":{"x":82,"y":780,"width":832,"height":11}},{"id":"5b0acc93-47cf-4dc5-9d85-d95644920f21","block_type":"box","text":"exceed the amount originally invested.","page_number":12,"box":{"x":81,"y":795,"width":280,"height":11}},{"id":"11b515da-14f3-4a66-be8d-64aa7525776c","block_type":"box","text":"Market Risk","page_number":12,"box":{"x":82,"y":817,"width":87,"height":9}},{"id":"c138b703-2dce-45ac-953b-cd418fdc573b","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":12,"box":{"x":173,"y":817,"width":728,"height":12}},{"id":"4747a104-e80a-47fd-a8da-12a355f6ca04","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":12,"box":{"x":81,"y":832,"width":834,"height":11}},{"id":"4af60a8e-96fe-47e3-a12b-89b3c9f10483","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":12,"box":{"x":82,"y":847,"width":832,"height":11}},{"id":"0666f8aa-d81e-405d-9d38-af54839107a2","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":12,"box":{"x":80,"y":862,"width":779,"height":11}},{"id":"06d22681-437a-4fa2-92bf-de3ef47e976f","block_type":"box","text":"derivatives positions to lose value.","page_number":12,"box":{"x":81,"y":877,"width":253,"height":11}},{"id":"3ee080c3-7d2c-4089-addd-b41c1b24b58c","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"43585e61-64af-4f68-9f30-83fd92c4a28e","block_type":"box","text":"NM1026U-5982562-12/40","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2165bdde-d944-400b-b799-93e861b6610e","block_type":"box","text":"Counterpar ty Risk","page_number":13,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"613e8515-6f6f-4d41-a5ac-a442294bdebe","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":13,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"0337adae-99b2-4df1-a6b6-d304a865b1d3","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":13,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"b0e9266d-aa80-4dcb-80f7-e94965b72925","block_type":"box","text":"exposure to such a counterparty.","page_number":13,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"e1256f8f-ed2c-48fd-832b-5ad974c8e3d5","block_type":"box","text":"Illiquidity Risk —","page_number":13,"box":{"x":82,"y":98,"width":122,"height":11}},{"id":"7fd3ab27-a9db-4ac4-a36b-aa52654313c7","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":13,"box":{"x":208,"y":98,"width":728,"height":11}},{"id":"b86cca60-2be7-4a8d-88e6-8200d5efc97d","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":13,"box":{"x":80,"y":113,"width":839,"height":11}},{"id":"584ac9d1-289a-415f-9b58-08589d495002","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":13,"box":{"x":81,"y":127,"width":293,"height":12}},{"id":"d94cc309-5401-42a4-9e59-87702661c12f","block_type":"box","text":"Operational Risk","page_number":13,"box":{"x":82,"y":150,"width":120,"height":11}},{"id":"ba7ac33d-3d51-4b99-a58f-85a9f800ffdc","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":13,"box":{"x":206,"y":150,"width":727,"height":12}},{"id":"43de7767-5f5a-4e72-8625-cd72cb8d94c2","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":13,"box":{"x":82,"y":165,"width":607,"height":11}},{"id":"282d6977-7b7d-4ebb-ac3f-a3951352ad84","block_type":"box","text":"Legal Risk","page_number":13,"box":{"x":82,"y":188,"width":75,"height":11}},{"id":"36354175-3e83-4ad9-8774-36fce66c9076","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":13,"box":{"x":161,"y":187,"width":761,"height":12}},{"id":"49f7472e-216f-4a24-adec-9ccf95673b97","block_type":"box","text":"enforceability of a contract.","page_number":13,"box":{"x":81,"y":202,"width":198,"height":12}},{"id":"9ee84b92-ba70-4adc-8768-e6e2d5c4801f","block_type":"box","text":"Volatility and Correlation Risk","page_number":13,"box":{"x":83,"y":225,"width":214,"height":11}},{"id":"7ee55666-31d8-448c-a8dd-f30abeedc0cd","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":13,"box":{"x":300,"y":225,"width":590,"height":11}},{"id":"0b7b9b8b-725c-4318-9016-a3f8db78c1d2","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":13,"box":{"x":80,"y":240,"width":855,"height":11}},{"id":"f7ac95c6-6571-46fc-ae52-fafc03686d38","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":13,"box":{"x":80,"y":254,"width":820,"height":12}},{"id":"4f8e8522-5246-417f-9d29-27c8d61dff58","block_type":"box","text":"correlate with the overall securities markets.","page_number":13,"box":{"x":81,"y":270,"width":326,"height":9}},{"id":"0e7c15d8-d196-40c4-8c92-a08ef194bc81","block_type":"box","text":"Valuation Risk","page_number":13,"box":{"x":83,"y":292,"width":102,"height":9}},{"id":"d13180f2-3347-4263-b99c-e2336ecf3a6c","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":13,"box":{"x":189,"y":292,"width":747,"height":11}},{"id":"11bfeaec-b444-4dd1-a722-35b77c5a281f","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":13,"box":{"x":82,"y":307,"width":783,"height":11}},{"id":"3bbd27e7-f8e4-4c72-b477-ba14a3d6504e","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":13,"box":{"x":82,"y":321,"width":837,"height":12}},{"id":"7093d4ef-50a8-4bec-936c-1733cf95a41e","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":13,"box":{"x":81,"y":336,"width":826,"height":12}},{"id":"1c85c21d-a79f-4117-b419-4bfb42e20ed6","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":13,"box":{"x":80,"y":351,"width":405,"height":12}},{"id":"e320467f-c43a-4a6d-84cb-ee6857799501","block_type":"box","text":"Hedging Risk","page_number":13,"box":{"x":82,"y":374,"width":95,"height":11}},{"id":"cddbb922-f462-48db-a109-186cf9d01a0f","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":13,"box":{"x":181,"y":374,"width":752,"height":11}},{"id":"619015ed-db5e-49c7-a8ee-2f88bd06fe0b","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":13,"box":{"x":80,"y":389,"width":820,"height":11}},{"id":"567b8d4d-71d3-494a-96c4-9ac721c7b1c3","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":13,"box":{"x":82,"y":404,"width":823,"height":11}},{"id":"3c6149b6-3e2a-4421-94b0-fa54b27c1f38","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":13,"box":{"x":82,"y":418,"width":813,"height":12}},{"id":"41f6461a-b714-4b89-aec2-8201e474b6da","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":13,"box":{"x":82,"y":433,"width":832,"height":12}},{"id":"73bbb61b-e3a3-4762-b35f-925a54efd372","block_type":"box","text":"noted below.","page_number":13,"box":{"x":82,"y":448,"width":90,"height":9}},{"id":"91ec911a-6d53-48b3-b6ff-75054344ae66","block_type":"box","text":"Tax Risk","page_number":13,"box":{"x":83,"y":471,"width":59,"height":9}},{"id":"6657c2d2-8416-4c17-92d2-1a8cffaf431d","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":13,"box":{"x":145,"y":470,"width":766,"height":12}},{"id":"f6864db3-7f70-4c4b-a89f-b973c0ef08d3","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":13,"box":{"x":82,"y":485,"width":826,"height":12}},{"id":"5d9fa5cf-f306-473e-bc91-8f8391cf2ce1","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":13,"box":{"x":82,"y":500,"width":846,"height":12}},{"id":"54ca0fe3-a33e-4636-a74e-645b5e212ec8","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":13,"box":{"x":81,"y":515,"width":817,"height":11}},{"id":"7ef4a6f1-9780-46c3-9189-0ab8d7bb392e","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":13,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"a3934aea-927f-4737-bab5-347dbfc67588","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":13,"box":{"x":81,"y":545,"width":840,"height":11}},{"id":"704b7205-8aef-4ae8-a87c-c0d274cb532b","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":13,"box":{"x":81,"y":559,"width":750,"height":12}},{"id":"4ab38a1d-c109-40e8-b368-82c30544b143","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":13,"box":{"x":81,"y":574,"width":611,"height":12}},{"id":"da3c5ab9-2d57-4a4b-9673-d008b7cd3f95","block_type":"box","text":"Regulatory Risk","page_number":13,"box":{"x":82,"y":597,"width":115,"height":11}},{"id":"39c8ea0c-b0ec-4aed-a767-32b17706b290","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":13,"box":{"x":201,"y":597,"width":688,"height":11}},{"id":"ed34f37b-b508-424b-9f2e-f048b6af2aac","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":13,"box":{"x":81,"y":612,"width":851,"height":11}},{"id":"3b1badd5-ba22-48ce-9947-07094269a3b2","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":13,"box":{"x":81,"y":627,"width":811,"height":11}},{"id":"4c741d62-d9fb-4352-b668-9fe9a53b70ea","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":13,"box":{"x":82,"y":641,"width":850,"height":12}},{"id":"0f50ff10-895a-4c00-8548-74496743f65a","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":13,"box":{"x":81,"y":656,"width":850,"height":12}},{"id":"f28b68c7-9b04-47cc-84b6-b4b11662a473","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":13,"box":{"x":81,"y":671,"width":838,"height":11}},{"id":"ece8a587-914b-4899-b6c0-6a84b05e83b9","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":13,"box":{"x":81,"y":686,"width":807,"height":11}},{"id":"5d1785c1-fb7a-42ee-a137-213a121a6d90","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":13,"box":{"x":81,"y":701,"width":787,"height":11}},{"id":"4d131fc0-fc2b-4f33-851e-3d27e92b6cec","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":13,"box":{"x":82,"y":715,"width":837,"height":12}},{"id":"4d1188fa-fc09-4f25-8895-a8b1fc9bd33f","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":13,"box":{"x":80,"y":730,"width":804,"height":12}},{"id":"782704ef-3ac8-489b-b31c-b87302299463","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":13,"box":{"x":81,"y":745,"width":781,"height":11}},{"id":"c2148e39-af88-4785-8225-8bcc6bb9816f","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":13,"box":{"x":82,"y":760,"width":773,"height":11}},{"id":"aa27fd51-2558-4dd5-8cff-d452864c0e03","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":13,"box":{"x":82,"y":775,"width":836,"height":11}},{"id":"279f83b0-ee31-44d5-960e-b276eb419f1f","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":13,"box":{"x":82,"y":789,"width":814,"height":12}},{"id":"490f7f31-8569-42f9-8a14-b7bfe9481e86","block_type":"box","text":"investors in the Fund.","page_number":13,"box":{"x":82,"y":805,"width":156,"height":9}},{"id":"5b6a67af-1dea-45e8-a58d-5abf015f0624","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":13,"box":{"x":82,"y":827,"width":823,"height":11}},{"id":"04b9d3eb-caa5-4a86-a77f-8386e50514b8","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":13,"box":{"x":82,"y":842,"width":827,"height":11}},{"id":"6f8a07ab-460d-4440-92bc-2b50f4d58319","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":13,"box":{"x":80,"y":856,"width":849,"height":12}},{"id":"8fd0de2b-5cb7-4c49-8e29-0d671ee0e38e","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":13,"box":{"x":81,"y":871,"width":846,"height":12}},{"id":"ac608400-eaac-41de-84ed-f3af8831987a","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":886,"width":509,"height":12}},{"id":"e6414302-3bdf-4bfd-b751-1a2698dc0ccf","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":13,"box":{"x":82,"y":909,"width":399,"height":11}},{"id":"13005831-fce8-4f69-989b-5dbd59a6cb49","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"1a7a9671-cdba-4866-b980-23ec278b1977","block_type":"box","text":"NM1026U-5982562-13/40","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ee3e2ff3-77c9-4e33-84c8-c0dabac06c7a","block_type":"box","text":"Swaps","page_number":14,"box":{"x":102,"y":46,"width":47,"height":11}},{"id":"0abc33c3-4727-4b09-bb94-b7517d42f8be","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":14,"box":{"x":154,"y":46,"width":775,"height":11}},{"id":"32ef4af8-bb5d-4d42-bc10-0d4028974198","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":14,"box":{"x":101,"y":60,"width":829,"height":12}},{"id":"b21a931b-a8fc-4fa1-98df-4ed7d01bd1e7","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":14,"box":{"x":101,"y":75,"width":807,"height":12}},{"id":"4d2bbedd-307f-4173-9ad9-5939a4b303c1","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":14,"box":{"x":102,"y":90,"width":811,"height":12}},{"id":"0128c78a-2aa1-4937-beb3-7959eb42211e","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":14,"box":{"x":101,"y":105,"width":820,"height":12}},{"id":"03e39399-2115-48d8-99d6-461af8e3d14d","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":14,"box":{"x":102,"y":120,"width":791,"height":11}},{"id":"8866c8f9-ba8a-49ef-a1a4-16cf9aa5f7d6","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":14,"box":{"x":101,"y":135,"width":789,"height":11}},{"id":"7eb38644-05a8-4d75-a432-b2ddb64a2c36","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":14,"box":{"x":101,"y":150,"width":796,"height":11}},{"id":"5cee1236-cc84-42f4-9e7e-fec1874c9e3b","block_type":"box","text":"Credit Default Swaps","page_number":14,"box":{"x":102,"y":169,"width":153,"height":12}},{"id":"becf7373-489c-477a-9143-12f0127adee9","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":14,"box":{"x":260,"y":169,"width":663,"height":12}},{"id":"9eb1f214-b59d-44a6-9ad8-f3042a47a9b3","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":14,"box":{"x":102,"y":184,"width":825,"height":12}},{"id":"f1726f91-d259-4280-996b-986fd84b19a8","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":14,"box":{"x":102,"y":199,"width":816,"height":12}},{"id":"b815e0f7-21fd-4d39-ad28-a55a5af8864e","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":14,"box":{"x":101,"y":214,"width":827,"height":11}},{"id":"37cfb7c7-e774-450c-ba60-040d63df3d24","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":14,"box":{"x":101,"y":229,"width":812,"height":11}},{"id":"48f67756-a310-412a-b26c-7f74ed5db799","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":14,"box":{"x":101,"y":244,"width":822,"height":11}},{"id":"ab9c2f12-9e8c-4dd5-8cb4-417888d85a5b","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":14,"box":{"x":101,"y":258,"width":758,"height":12}},{"id":"6938ab6b-23d6-4501-b3a6-9fb51c3206b7","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":14,"box":{"x":102,"y":278,"width":335,"height":12}},{"id":"d7a3dc12-d3ac-495f-b851-d49604054669","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":14,"box":{"x":442,"y":278,"width":437,"height":12}},{"id":"6043dd3c-9544-464a-81fe-720958a642a7","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":14,"box":{"x":101,"y":293,"width":820,"height":12}},{"id":"fe445a0d-c1bd-4a67-a49a-fb2241973e36","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":14,"box":{"x":101,"y":308,"width":801,"height":12}},{"id":"98285069-b55a-4d31-aee0-b51eab6e5a87","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":14,"box":{"x":101,"y":323,"width":824,"height":11}},{"id":"7971f64c-7517-46d7-89aa-8aedcdf917aa","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":14,"box":{"x":101,"y":338,"width":831,"height":11}},{"id":"20cf4050-0a1f-43f0-9b04-a046b9886115","block_type":"box","text":"Futures —","page_number":14,"box":{"x":102,"y":358,"width":76,"height":9}},{"id":"9db0da3c-b3a4-425e-a41d-e23250c7e018","block_type":"box","text":"Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":14,"box":{"x":184,"y":358,"width":742,"height":11}},{"id":"e243a10b-4d20-4111-847d-5d428a3809f7","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":14,"box":{"x":101,"y":372,"width":786,"height":12}},{"id":"47ef4a1b-1696-43e1-af84-3502f16c7038","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":14,"box":{"x":102,"y":387,"width":769,"height":12}},{"id":"e0dc80b8-b67d-4e8c-83be-7edcc739682e","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":14,"box":{"x":102,"y":402,"width":822,"height":12}},{"id":"f40b721f-ede3-4d9c-879b-7a24f41018c4","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":14,"box":{"x":101,"y":417,"width":832,"height":11}},{"id":"7aefd696-dbb0-44d1-9729-2240220fe62e","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":14,"box":{"x":101,"y":432,"width":806,"height":11}},{"id":"c3755549-3cbd-4065-b349-53a4d45d3a52","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":14,"box":{"x":102,"y":447,"width":793,"height":11}},{"id":"c4dac3e7-f761-4ecd-98fd-893f6e123f35","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":14,"box":{"x":102,"y":461,"width":787,"height":12}},{"id":"7aca575d-f670-42ff-a986-8b3e324ec639","block_type":"box","text":"default in the performance of its obligations.","page_number":14,"box":{"x":101,"y":476,"width":327,"height":12}},{"id":"f2aa658c-f5cc-419a-be82-0712f1fc7b72","block_type":"box","text":"Options","page_number":14,"box":{"x":102,"y":496,"width":55,"height":11}},{"id":"06f930ea-b7ca-4147-ba5b-f912445eb4f1","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":14,"box":{"x":162,"y":496,"width":772,"height":12}},{"id":"936dcd27-d22a-4330-929d-6b758a50d175","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":14,"box":{"x":101,"y":511,"width":812,"height":12}},{"id":"d09d3ebf-06c8-4097-bd9e-5f7c2d9ab5e7","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":14,"box":{"x":101,"y":526,"width":827,"height":11}},{"id":"7a1e963e-3a88-42f8-b462-30142652ee30","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":14,"box":{"x":101,"y":541,"width":781,"height":11}},{"id":"30c4a4d3-d0b5-4b37-b842-521a41596336","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":14,"box":{"x":102,"y":555,"width":785,"height":12}},{"id":"dc6967c5-02ed-4543-b24e-2b47af85aea2","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":14,"box":{"x":101,"y":570,"width":831,"height":12}},{"id":"30fe03c1-c24a-44f1-8f96-8b8928485de1","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":14,"box":{"x":101,"y":585,"width":814,"height":11}},{"id":"24fb5bb9-87ef-494d-96f1-8f0bf6b34bbc","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":14,"box":{"x":101,"y":600,"width":826,"height":12}},{"id":"a9b8caac-6674-46d9-9f57-e27a408d68fd","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":14,"box":{"x":101,"y":615,"width":822,"height":11}},{"id":"7d4759f9-d106-4b32-8d70-dd8bbbbaa288","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":14,"box":{"x":101,"y":630,"width":816,"height":11}},{"id":"ae9f9419-221e-49c0-8091-d0350cefdbda","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":14,"box":{"x":101,"y":645,"width":442,"height":11}},{"id":"5e336010-f201-47ff-a710-443502c923b0","block_type":"box","text":"Emerging Markets Risk","page_number":14,"box":{"x":81,"y":665,"width":178,"height":11}},{"id":"fbb6e48b-f1b1-405a-b4d2-c61bd76fcff7","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":14,"box":{"x":263,"y":664,"width":610,"height":12}},{"id":"60532814-aa0c-426d-b01a-4e80abf8e5cc","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":14,"box":{"x":82,"y":680,"width":848,"height":11}},{"id":"55579e82-43cf-4a34-8d15-5c3bdaa2d4c1","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":14,"box":{"x":81,"y":694,"width":842,"height":12}},{"id":"f8d8d427-6258-4bc6-a1b5-c7562bcc6aa7","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":14,"box":{"x":82,"y":709,"width":838,"height":11}},{"id":"e147bd9c-9030-4427-9a96-4be9811f2b89","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":14,"box":{"x":81,"y":724,"width":825,"height":11}},{"id":"68124291-304e-4a64-8a2c-3c0d2013e451","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":14,"box":{"x":82,"y":739,"width":847,"height":11}},{"id":"7fe2f995-0c38-4fba-a586-2f00913960f8","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":14,"box":{"x":81,"y":753,"width":853,"height":12}},{"id":"0ee57717-1433-41f9-aa13-dbfa7ae230c9","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":14,"box":{"x":81,"y":768,"width":823,"height":12}},{"id":"4895af99-dfae-407c-a5ee-7cdf83eefe24","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":14,"box":{"x":82,"y":783,"width":825,"height":12}},{"id":"036fc897-a599-4a55-a6c6-02660d02fbfa","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":14,"box":{"x":81,"y":798,"width":855,"height":11}},{"id":"b510f583-ebee-492e-9777-b62c7d02a63e","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":14,"box":{"x":82,"y":813,"width":827,"height":11}},{"id":"1e1b013f-06c9-4376-a673-d3166e722bd0","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":14,"box":{"x":82,"y":827,"width":843,"height":12}},{"id":"f4d54e51-ce8f-44ea-b231-35dfe514a777","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":14,"box":{"x":80,"y":842,"width":339,"height":12}},{"id":"7bb27b96-08af-460e-a853-c6859e863cb8","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":14,"box":{"x":82,"y":862,"width":802,"height":12}},{"id":"f6aba679-57d3-479d-a17f-da6213c255a7","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":14,"box":{"x":81,"y":877,"width":774,"height":12}},{"id":"75a8137e-01c9-4fed-9b7e-7154fa214cd6","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":14,"box":{"x":82,"y":892,"width":830,"height":12}},{"id":"49146381-3f0c-4e79-8bc9-2a2571870e4a","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":14,"box":{"x":82,"y":907,"width":769,"height":11}},{"id":"a9d9c855-7432-426f-b8e6-80c27b419ce9","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"05b4c433-f9f7-411b-ac81-8b150e81ceb8","block_type":"box","text":"NM1026U-5982562-14/40","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f7438001-d38e-4346-b917-ea7e3929fde6","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":15,"box":{"x":81,"y":46,"width":849,"height":11}},{"id":"c3506519-d42f-4c42-a667-bbd07eab5233","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":15,"box":{"x":81,"y":61,"width":820,"height":11}},{"id":"6c5bd1d6-6acc-44ff-9a15-47357282da46","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":15,"box":{"x":82,"y":75,"width":779,"height":12}},{"id":"38d0b065-ac70-4683-ab0a-ab0ce36d33c6","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":15,"box":{"x":81,"y":90,"width":798,"height":12}},{"id":"cdfaff35-16e8-4659-84fb-45092acdf4d4","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":15,"box":{"x":82,"y":105,"width":755,"height":12}},{"id":"d08a3515-48de-4520-9dc9-4668f8a5f39f","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":15,"box":{"x":81,"y":120,"width":783,"height":11}},{"id":"69a8fdd8-cc9e-49ef-97c1-8624de63dfc2","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":15,"box":{"x":81,"y":135,"width":839,"height":11}},{"id":"aedefe50-d9cd-4a14-a058-0cff5360af12","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":15,"box":{"x":82,"y":150,"width":827,"height":11}},{"id":"43d7da77-a809-4e5b-a759-aeb7b1a46d76","block_type":"box","text":"interests.","page_number":15,"box":{"x":82,"y":165,"width":67,"height":8}},{"id":"0dadfe5e-0a57-47c9-b106-e5f6cc1754e0","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":15,"box":{"x":82,"y":184,"width":809,"height":12}},{"id":"ea65c762-7545-4029-aba9-a981e64bd736","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":15,"box":{"x":81,"y":199,"width":783,"height":12}},{"id":"5a1d0b85-4db3-4a63-a80e-779b788dcc50","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":15,"box":{"x":82,"y":214,"width":829,"height":11}},{"id":"6ee0e140-0fc9-4ef0-b8cf-138ac01f5320","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":15,"box":{"x":81,"y":229,"width":818,"height":11}},{"id":"1254725d-5f2c-4fb6-8440-658401ea6e3e","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":15,"box":{"x":82,"y":244,"width":833,"height":11}},{"id":"57a108ad-8597-4939-b9e4-0831ce57a093","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":15,"box":{"x":81,"y":259,"width":803,"height":11}},{"id":"57d79d41-6e48-4fd1-b734-b07c6ab2b142","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":15,"box":{"x":82,"y":273,"width":793,"height":12}},{"id":"410f9f12-8670-4a0d-9c76-054e6ef732c6","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":15,"box":{"x":81,"y":288,"width":855,"height":12}},{"id":"9bb8efbf-12c7-40b6-b5be-d11c37875320","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":15,"box":{"x":82,"y":303,"width":485,"height":11}},{"id":"a58ac38d-87fa-4503-801c-84fc63d41cb2","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":15,"box":{"x":81,"y":323,"width":843,"height":11}},{"id":"ee07590b-3839-42e9-a023-2d561f232bc7","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":15,"box":{"x":81,"y":338,"width":790,"height":11}},{"id":"f6868327-3356-48f1-a55f-5824ca220675","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":15,"box":{"x":81,"y":352,"width":823,"height":12}},{"id":"8ed8cf94-9b06-4bab-9ffa-86bfa02a0310","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":15,"box":{"x":82,"y":367,"width":843,"height":12}},{"id":"5d2514c2-6242-4b91-8374-d7f9af106d28","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":15,"box":{"x":82,"y":382,"width":845,"height":12}},{"id":"1bfde3fe-3238-4a80-9eb0-a07ab48c575c","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":15,"box":{"x":81,"y":397,"width":837,"height":12}},{"id":"774ed91b-7bb8-483b-8cd2-0e36ba1c50a7","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":15,"box":{"x":81,"y":412,"width":844,"height":11}},{"id":"5f571c50-4593-47e1-8836-c080572cab8c","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":15,"box":{"x":80,"y":427,"width":474,"height":11}},{"id":"5215e79c-5aca-45d7-ae3f-3b565f8f2651","block_type":"box","text":"Equity Securities Risk","page_number":15,"box":{"x":81,"y":447,"width":166,"height":11}},{"id":"10c99814-e873-481e-b0d8-ec46d674f359","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":15,"box":{"x":251,"y":447,"width":666,"height":11}},{"id":"54f35d76-62d8-4b87-9652-f277cb3d8a8b","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":15,"box":{"x":81,"y":461,"width":850,"height":12}},{"id":"5911efd5-eb23-4c85-8e22-27cf73667ad1","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":15,"box":{"x":82,"y":476,"width":802,"height":12}},{"id":"0acacfe5-f0b3-43c2-a7cb-38e2710bd786","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":15,"box":{"x":81,"y":491,"width":854,"height":11}},{"id":"d5b37015-8774-4076-95d9-92f985e189aa","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":15,"box":{"x":81,"y":506,"width":848,"height":11}},{"id":"adb67c55-e7a8-48b3-b2e2-f9807be68096","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":15,"box":{"x":81,"y":521,"width":824,"height":11}},{"id":"85dec7f9-09e4-4277-bf53-3ec0614d3c49","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":15,"box":{"x":81,"y":535,"width":782,"height":12}},{"id":"472cdec9-7f1b-4245-9248-3419f8eada5e","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":15,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"d85ffece-6ff7-4b13-85c2-548e8f947da1","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":15,"box":{"x":82,"y":565,"width":482,"height":12}},{"id":"0989c972-2dc1-409a-af40-ec96b872804d","block_type":"box","text":"Foreign Securities Risk","page_number":15,"box":{"x":81,"y":585,"width":176,"height":12}},{"id":"d28dd808-70d1-429b-a940-0bfd90034744","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":15,"box":{"x":260,"y":585,"width":677,"height":12}},{"id":"fbd2a381-caf8-423f-b08b-689069470cf1","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":15,"box":{"x":81,"y":600,"width":827,"height":11}},{"id":"7a34bccc-504b-4b10-ba2f-13cff5c0bc85","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":15,"box":{"x":82,"y":615,"width":837,"height":11}},{"id":"18c8efd1-fe10-4801-b35d-037d2283d650","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":15,"box":{"x":80,"y":630,"width":849,"height":11}},{"id":"e1e20df3-6a31-4c4e-b871-74ff72095a1f","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":15,"box":{"x":81,"y":644,"width":841,"height":12}},{"id":"97fabd1a-4e64-48df-937b-b459a41597ba","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":15,"box":{"x":81,"y":659,"width":716,"height":12}},{"id":"0bdf036b-0497-452a-a2bb-d9ac7fd9f30c","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":15,"box":{"x":82,"y":679,"width":468,"height":12}},{"id":"e344ef18-9536-4824-9776-12227d0459b6","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":15,"box":{"x":555,"y":679,"width":358,"height":12}},{"id":"fdf6d737-928e-4bb4-9be1-c5739a99cad2","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":15,"box":{"x":81,"y":694,"width":813,"height":12}},{"id":"f4cca44a-c508-4357-9003-5d5d9623e990","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":15,"box":{"x":82,"y":709,"width":791,"height":11}},{"id":"420a4498-aa26-49bc-b461-587499c49c08","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":15,"box":{"x":81,"y":724,"width":818,"height":11}},{"id":"dee829ec-4e88-41de-9087-74fefbe625e7","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":15,"box":{"x":81,"y":739,"width":833,"height":11}},{"id":"6506bbca-6900-4289-8da4-6762452db1c3","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":15,"box":{"x":81,"y":753,"width":816,"height":12}},{"id":"a7d629cb-3da8-4dc1-89ee-19634617df44","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":15,"box":{"x":82,"y":768,"width":827,"height":12}},{"id":"c15a72a9-434b-48e8-ba30-640358cf6bc5","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":15,"box":{"x":80,"y":783,"width":848,"height":12}},{"id":"438a6e6d-2baa-4078-b07d-e1e1ff964d05","block_type":"box","text":"United States.","page_number":15,"box":{"x":82,"y":798,"width":102,"height":9}},{"id":"67c302d0-04e3-4a07-9426-f90fd68310fa","block_type":"box","text":"Currency Risk","page_number":15,"box":{"x":82,"y":818,"width":100,"height":11}},{"id":"2768b7cc-19d4-421a-b417-6c3fe33bff5a","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":15,"box":{"x":186,"y":818,"width":706,"height":11}},{"id":"051afaa1-8f64-4041-8b99-32d6be118226","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":15,"box":{"x":81,"y":833,"width":823,"height":11}},{"id":"72c46575-1108-47b7-82f6-3f66474e7304","block_type":"box","text":"value of the Fund’s portfolio.","page_number":15,"box":{"x":80,"y":847,"width":211,"height":12}},{"id":"2d1692a3-ed45-4786-ad4c-33809f80c008","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":15,"box":{"x":81,"y":867,"width":823,"height":12}},{"id":"6d11cc4a-64b9-4163-9371-225d0eee2711","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":15,"box":{"x":82,"y":882,"width":834,"height":12}},{"id":"733729f8-1f56-4371-b4ca-ddf6e1bf5225","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":15,"box":{"x":81,"y":897,"width":846,"height":12}},{"id":"a88b9a65-5e07-4986-8379-11c3593a3ea2","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"5582822f-dd2f-40c9-b72f-8fe8687240ac","block_type":"box","text":"NM1026U-5982562-15/40","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"eb6dab8d-4466-4f3c-9fa2-33701b80a05c","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":16,"box":{"x":82,"y":46,"width":826,"height":11}},{"id":"425ba271-f4fa-4d2c-a699-0e320bfd5c0b","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":16,"box":{"x":82,"y":61,"width":486,"height":9}},{"id":"1b8f660d-f3ec-4374-a504-7b1785329fdd","block_type":"box","text":"Foreign Economy Risk","page_number":16,"box":{"x":82,"y":81,"width":160,"height":11}},{"id":"f5f2ec0f-1c86-4705-91de-34da1a6c04f3","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":16,"box":{"x":246,"y":80,"width":685,"height":12}},{"id":"c1773824-9b17-4df8-86c7-6cf9064e1eb7","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":16,"box":{"x":80,"y":95,"width":785,"height":12}},{"id":"eaf32ca4-51b9-49bd-8633-5f7493ebdd1b","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":16,"box":{"x":82,"y":110,"width":845,"height":12}},{"id":"478f82d6-f234-4783-922c-faeb166f8d84","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":16,"box":{"x":81,"y":125,"width":853,"height":11}},{"id":"b9b703fe-76b4-45cd-870b-f9528d7d8463","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":16,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"ae1f28d0-8cbe-450f-830e-25d3ee4560bc","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":16,"box":{"x":82,"y":155,"width":846,"height":11}},{"id":"ec4ecad6-6dad-4df0-b102-13236681f35f","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":16,"box":{"x":81,"y":169,"width":808,"height":12}},{"id":"e6ae285d-ac12-4688-9bd7-cbe201f3cd17","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":16,"box":{"x":82,"y":184,"width":851,"height":12}},{"id":"a356f405-dba0-4683-86b8-b75d02958a5d","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":16,"box":{"x":82,"y":199,"width":832,"height":12}},{"id":"5e9e82ba-2239-4d1c-9f99-8a3ef7776b1d","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":16,"box":{"x":81,"y":214,"width":814,"height":11}},{"id":"b9d61cbe-3b91-403c-b4e8-03828f3829cf","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":16,"box":{"x":82,"y":229,"width":805,"height":11}},{"id":"2277b1a0-4934-4c9b-8b85-2f3ce3a7cb07","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":16,"box":{"x":82,"y":244,"width":827,"height":11}},{"id":"40a8ece6-7402-40f7-9c03-3fd7b916bbea","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":16,"box":{"x":80,"y":258,"width":801,"height":12}},{"id":"a0d50751-d6ff-4bba-9932-4a9ee6fa4451","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":16,"box":{"x":81,"y":273,"width":809,"height":12}},{"id":"e4246ce6-bc78-4c08-943b-9c9eea3ef2ba","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":16,"box":{"x":81,"y":288,"width":849,"height":12}},{"id":"a635882b-f11b-4647-9515-aafd091ea252","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":16,"box":{"x":81,"y":303,"width":848,"height":11}},{"id":"42dcecf9-bea2-4318-8e4c-2bad9120f294","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":16,"box":{"x":81,"y":318,"width":774,"height":11}},{"id":"994a16ca-783b-46e8-8d8a-e091c0c0e7fc","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":16,"box":{"x":81,"y":333,"width":355,"height":11}},{"id":"7b9347e4-57b4-4c48-9e55-da2ce581712c","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":16,"box":{"x":81,"y":352,"width":838,"height":12}},{"id":"0913d095-2489-431e-8b69-3c91e9213c20","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":16,"box":{"x":81,"y":367,"width":815,"height":12}},{"id":"8e8d7afc-1a25-4345-adc7-f8386d989856","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":16,"box":{"x":82,"y":382,"width":827,"height":12}},{"id":"c6d64586-4573-4a86-8866-153f295d1600","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":16,"box":{"x":82,"y":397,"width":832,"height":12}},{"id":"055c641c-02d7-4170-861b-d4009963e0cd","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":16,"box":{"x":81,"y":412,"width":781,"height":11}},{"id":"279ce864-851d-4d7d-be73-6e730e2b3da7","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":16,"box":{"x":82,"y":427,"width":617,"height":11}},{"id":"a083d3d3-d2b8-4019-bf5f-922afcb5fe64","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":16,"box":{"x":82,"y":447,"width":476,"height":11}},{"id":"490fd433-ca65-4c03-94d1-0abce4cd8f27","block_type":"box","text":"— Many foreign governments do not supervise","page_number":16,"box":{"x":563,"y":447,"width":344,"height":11}},{"id":"8de92be3-0db8-40a3-a40b-9266af2737b2","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":16,"box":{"x":81,"y":461,"width":827,"height":12}},{"id":"33a67c3a-5bdc-4458-8aa2-18b3f73128e7","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":16,"box":{"x":80,"y":476,"width":855,"height":12}},{"id":"6a92ff42-cac0-498c-8b92-ecdbf9ba8ac9","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":16,"box":{"x":81,"y":491,"width":831,"height":12}},{"id":"2631b99b-641a-4a27-8a9d-baeb9b322f0d","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":16,"box":{"x":82,"y":506,"width":800,"height":11}},{"id":"ddac68a5-8c24-479f-8bb9-df7735d15996","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":16,"box":{"x":81,"y":521,"width":829,"height":11}},{"id":"1330f097-325f-4eb6-8ee1-5662cfbd3229","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":16,"box":{"x":81,"y":535,"width":856,"height":12}},{"id":"0e4a6aaa-da71-4039-8425-a3a4b501e173","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":16,"box":{"x":81,"y":550,"width":834,"height":12}},{"id":"5da8ee25-f768-4929-b6e5-014acdcedb4b","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":16,"box":{"x":82,"y":565,"width":844,"height":12}},{"id":"e20b867c-7962-4053-a74a-6a8815db4f1e","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":16,"box":{"x":81,"y":580,"width":393,"height":11}},{"id":"9f14fca2-022f-43d0-9e0e-0c0dbdb18e5a","block_type":"box","text":"Settlement Risk","page_number":16,"box":{"x":82,"y":600,"width":117,"height":9}},{"id":"afca6b1f-e16f-4545-aaf6-47d35419c2ed","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":16,"box":{"x":203,"y":600,"width":730,"height":12}},{"id":"de9aee35-5ace-48f0-accb-0f6411cabaa8","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":16,"box":{"x":80,"y":615,"width":856,"height":11}},{"id":"e0d09cda-2df3-443f-9cb4-9c81df66097e","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":16,"box":{"x":81,"y":630,"width":784,"height":11}},{"id":"48640b79-3234-419d-86ba-ce6b8a49fff0","block_type":"box","text":"investments.","page_number":16,"box":{"x":82,"y":645,"width":92,"height":9}},{"id":"a0c239e6-e6fa-40a7-a4c9-decc2161915b","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":16,"box":{"x":81,"y":664,"width":825,"height":12}},{"id":"cd2f9431-d005-4bd5-81db-4388cc21a5f4","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":16,"box":{"x":81,"y":679,"width":839,"height":12}},{"id":"903489fa-32b6-46e3-8d9d-60babdb87397","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":16,"box":{"x":82,"y":694,"width":854,"height":12}},{"id":"f2431874-0bb6-4144-af91-35f55fa5a75f","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":16,"box":{"x":82,"y":709,"width":839,"height":11}},{"id":"3c36f713-a6d2-4d77-b10b-d3b0dce01884","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":16,"box":{"x":81,"y":724,"width":841,"height":11}},{"id":"ac0bc353-94d1-4c95-90db-109f23d13a13","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":16,"box":{"x":80,"y":739,"width":480,"height":11}},{"id":"f40dca71-eee2-4918-aa84-e7212645d098","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":16,"box":{"x":83,"y":759,"width":221,"height":11}},{"id":"0f338d4d-1f33-4470-afcf-8a3306b52e35","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":16,"box":{"x":308,"y":759,"width":589,"height":11}},{"id":"7966d0c7-735d-4030-9e19-9a5a910bf939","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":16,"box":{"x":82,"y":773,"width":838,"height":12}},{"id":"80c8c709-7274-4347-ae9c-08a081288414","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":16,"box":{"x":81,"y":788,"width":834,"height":12}},{"id":"9ca1d3d3-b8ed-444b-8e4a-1211fc72b94b","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":16,"box":{"x":82,"y":803,"width":836,"height":12}},{"id":"357b9a79-3032-4fc3-be46-b9e85208bdf4","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":16,"box":{"x":80,"y":818,"width":854,"height":11}},{"id":"6eafad9e-745a-40ce-b26f-5599229df0c5","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":16,"box":{"x":80,"y":833,"width":831,"height":11}},{"id":"bfa94255-bfbe-47f6-89eb-3b0890eca293","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":16,"box":{"x":82,"y":847,"width":852,"height":12}},{"id":"965d11be-be49-4115-9051-b63efa213f02","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":16,"box":{"x":81,"y":862,"width":848,"height":12}},{"id":"bd72c128-a6e8-4f64-bacc-ce87deeaf689","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":16,"box":{"x":81,"y":877,"width":831,"height":12}},{"id":"700c5613-0d37-4069-a714-3fc36ed02129","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":16,"box":{"x":80,"y":892,"width":830,"height":12}},{"id":"9a4f83dd-b552-45c7-abcd-7cb9ddad9e03","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":16,"box":{"x":82,"y":907,"width":832,"height":11}},{"id":"7bb2c9fd-c4a1-439f-9d0e-ff3e91bec425","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c418bb78-625a-4398-8c2b-70781d635978","block_type":"box","text":"NM1026U-5982562-16/40","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7b0f60a3-5950-4e9f-afe9-449dd64dc95a","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":17,"box":{"x":82,"y":46,"width":836,"height":11}},{"id":"86fa3fee-9af9-4933-a34d-aeee3099b2bf","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":17,"box":{"x":81,"y":61,"width":325,"height":9}},{"id":"2d534860-7d5e-40c2-a97d-6d031acedcac","block_type":"box","text":"Geographic Concentration Risk","page_number":17,"box":{"x":81,"y":81,"width":235,"height":11}},{"id":"13bc93f2-e521-4d16-837f-ad9bb641c15c","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":17,"box":{"x":320,"y":80,"width":581,"height":12}},{"id":"418936da-ce43-43dc-b74d-093c47c9ad5e","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":17,"box":{"x":82,"y":95,"width":848,"height":12}},{"id":"86325e88-1499-4eb9-8ca8-88c94257cf92","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":17,"box":{"x":82,"y":110,"width":841,"height":12}},{"id":"711b5c8d-2207-44a4-a764-8a6f293cbcd1","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":17,"box":{"x":82,"y":125,"width":777,"height":11}},{"id":"beffdace-6453-4d92-862b-0aab63bf7585","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":17,"box":{"x":81,"y":140,"width":648,"height":11}},{"id":"6c110378-0fa5-4846-9d5c-20292b51f9e7","block_type":"box","text":"Investment Style Risk","page_number":17,"box":{"x":81,"y":160,"width":166,"height":11}},{"id":"d0659e1d-cd35-44c3-a97c-4ba51cf64ed8","block_type":"box","text":"—","page_number":17,"box":{"x":252,"y":165,"width":17,"height":1}},{"id":"f1089cc9-4fc9-46b9-977e-a4a8306e0430","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":17,"box":{"x":274,"y":160,"width":637,"height":11}},{"id":"499c4e31-ad44-4b15-991d-8597193abfe8","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":17,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"538136a6-d0e7-4d6a-a2e5-816b6886b3cd","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use","page_number":17,"box":{"x":80,"y":189,"width":847,"height":12}},{"id":"a642f32d-ca96-44a9-8c93-dbba6487ab71","block_type":"box","text":"different investment styles.","page_number":17,"box":{"x":81,"y":204,"width":200,"height":12}},{"id":"6972579c-c2e5-4268-902d-acc5eb8599a6","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":81,"y":224,"width":107,"height":12}},{"id":"46d7ba1f-8f45-4664-a7e0-60e04b2c4ab4","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":17,"box":{"x":192,"y":224,"width":741,"height":12}},{"id":"f33d9b48-d93b-49f6-a378-5d5f124d7bfb","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":17,"box":{"x":81,"y":239,"width":787,"height":12}},{"id":"e6edd355-31f4-4b99-a73e-c1d701fac0ea","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":17,"box":{"x":82,"y":254,"width":831,"height":11}},{"id":"d9995ca5-806f-4578-92da-9d9dc69d0d8e","block_type":"box","text":"the federal securities laws, including the Investment Company Act, and the rules thereunder. Under Rule 18f-4","page_number":17,"box":{"x":80,"y":269,"width":811,"height":11}},{"id":"30588166-ff53-4954-ad93-6911c473bc69","block_type":"box","text":"under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":17,"box":{"x":82,"y":284,"width":853,"height":11}},{"id":"a8a6b7dc-5ed6-4943-b919-cedc5092a397","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":17,"box":{"x":81,"y":298,"width":837,"height":12}},{"id":"0383ec71-445b-442f-8ae0-43343e58cd72","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":17,"box":{"x":82,"y":313,"width":807,"height":12}},{"id":"ddf7f36a-d1aa-47d0-b38e-0bb3ef1da989","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":17,"box":{"x":81,"y":328,"width":840,"height":11}},{"id":"e6f179da-ae82-4408-a54d-c0f593feb9e0","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":17,"box":{"x":80,"y":343,"width":558,"height":11}},{"id":"a5605bbb-10bf-4b2c-bb97-b451bee77631","block_type":"box","text":"Market Risk and Selection Risk","page_number":17,"box":{"x":81,"y":363,"width":240,"height":9}},{"id":"9c129278-f6ae-4e06-a41e-f552088d681a","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":17,"box":{"x":324,"y":363,"width":593,"height":9}},{"id":"0f7cb6e8-0f6c-4144-992f-d292f4f875ff","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":17,"box":{"x":81,"y":378,"width":851,"height":11}},{"id":"a806cf87-d8ac-4ad9-8253-573247ece40a","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":17,"box":{"x":82,"y":392,"width":824,"height":12}},{"id":"3f1d7cce-7a53-48f2-9465-d38f101c268c","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":17,"box":{"x":82,"y":407,"width":851,"height":12}},{"id":"6b58b639-2104-4616-849c-908d204d5bdd","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":17,"box":{"x":82,"y":422,"width":802,"height":11}},{"id":"17fd1f47-39bd-4073-b9fb-ee618e982443","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":17,"box":{"x":81,"y":437,"width":849,"height":11}},{"id":"417f31d7-ef36-4928-b5dd-4ce7ce254992","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":17,"box":{"x":81,"y":452,"width":843,"height":11}},{"id":"05e3fc45-0b6f-467f-84ed-68d82162fd28","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":17,"box":{"x":81,"y":467,"width":830,"height":11}},{"id":"50607b47-6f83-4873-8606-c5e08c620f22","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":17,"box":{"x":82,"y":481,"width":840,"height":12}},{"id":"c17ef686-eefd-4c04-bfb3-0a9e60d20d5f","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":17,"box":{"x":81,"y":496,"width":851,"height":12}},{"id":"3c698b03-26f6-4058-9926-0586b6cd9a41","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":17,"box":{"x":82,"y":511,"width":815,"height":12}},{"id":"c92cbda9-b51b-4b28-a353-9ec643b37d36","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":17,"box":{"x":81,"y":526,"width":826,"height":11}},{"id":"6e7d1675-f677-4aa2-be96-a58e7679eaa5","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":17,"box":{"x":81,"y":541,"width":735,"height":11}},{"id":"be6dfe4a-412d-47d3-99af-cf5a7bee34bd","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":17,"box":{"x":82,"y":561,"width":818,"height":11}},{"id":"204ae9df-b156-4bf7-9e96-df612304055d","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":17,"box":{"x":80,"y":576,"width":819,"height":11}},{"id":"4751df83-9347-4973-81c7-fe2810f6a6c3","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":17,"box":{"x":81,"y":590,"width":819,"height":12}},{"id":"8595927d-aee9-41bc-92ef-94e0735c9a58","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":17,"box":{"x":81,"y":605,"width":846,"height":12}},{"id":"d0c263c4-7ec2-4baf-8f1e-8511de9794f7","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":17,"box":{"x":81,"y":620,"width":848,"height":12}},{"id":"430324a9-4f7a-4677-a6c5-b68b93e68d35","block_type":"box","text":"the Fund invests.","page_number":17,"box":{"x":80,"y":635,"width":125,"height":9}},{"id":"64a2dc13-d186-43e5-9683-4895726402a8","block_type":"box","text":"Mid Cap Securities Risk","page_number":17,"box":{"x":81,"y":655,"width":182,"height":11}},{"id":"0c46bbca-c748-49fa-8dd1-d75cff43504e","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":17,"box":{"x":267,"y":655,"width":665,"height":11}},{"id":"b6618941-d22d-4c02-9589-222d7a2adce2","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":17,"box":{"x":81,"y":670,"width":789,"height":11}},{"id":"7fb073de-a802-4a5f-8c2e-33a5ca551273","block_type":"box","text":"“New Issues” Risk","page_number":17,"box":{"x":83,"y":690,"width":139,"height":9}},{"id":"47b48fef-9bb9-4024-8ba2-7e0aa729351c","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":17,"box":{"x":226,"y":690,"width":673,"height":11}},{"id":"3775187e-d3b6-4214-82e3-e928136aaed8","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":17,"box":{"x":81,"y":704,"width":833,"height":12}},{"id":"1bf3fc16-4e21-44d3-8e97-94a3b6870e73","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":17,"box":{"x":82,"y":719,"width":853,"height":12}},{"id":"b9032970-2ea4-4ad7-8598-bf6075a39fed","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":17,"box":{"x":81,"y":734,"width":778,"height":12}},{"id":"76f7eeea-7dc2-4f26-852b-5e3f24f04795","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":17,"box":{"x":81,"y":749,"width":827,"height":11}},{"id":"97c9bc4b-a4b2-4cd3-8c1d-c9944f1ad59f","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":17,"box":{"x":82,"y":764,"width":838,"height":11}},{"id":"e914fc72-5e5c-406e-82d9-48e4d353af61","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":17,"box":{"x":82,"y":778,"width":776,"height":12}},{"id":"84c1ab22-1bf9-4704-b97b-35dc47019613","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":17,"box":{"x":81,"y":793,"width":830,"height":12}},{"id":"7d2f112a-a2e9-44dd-b02a-c8ac31026bee","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":17,"box":{"x":82,"y":808,"width":834,"height":12}},{"id":"5be349dc-018e-49bf-9b6b-72515da0dc80","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":17,"box":{"x":80,"y":823,"width":844,"height":12}},{"id":"a11212e0-0502-4373-8f35-1affdb7e7d30","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":17,"box":{"x":81,"y":838,"width":840,"height":11}},{"id":"98aca88f-1632-4360-a79b-730128d911e2","block_type":"box","text":"price as it would like.","page_number":17,"box":{"x":82,"y":853,"width":153,"height":11}},{"id":"c8e28b8d-dae5-4a74-8758-68c50228cf98","block_type":"box","text":"Operational and Technology Risks","page_number":17,"box":{"x":82,"y":873,"width":254,"height":11}},{"id":"598ef391-183a-47ec-be86-9e02656feb46","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":17,"box":{"x":340,"y":873,"width":549,"height":11}},{"id":"18b25ce1-6631-4b1e-bd30-ae94266a30ef","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":17,"box":{"x":81,"y":888,"width":790,"height":11}},{"id":"933efd5f-7562-48f9-b580-f13220f807cd","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":17,"box":{"x":81,"y":902,"width":837,"height":12}},{"id":"2dfd3725-5087-42b4-a604-7369d97719e5","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":17,"box":{"x":82,"y":917,"width":845,"height":12}},{"id":"14dc274a-9158-4043-9aa5-cc556093dc66","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"2e14a527-70ad-4e05-adfb-5ff98d29abe2","block_type":"box","text":"NM1026U-5982562-17/40","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4a7b4da8-655e-4c95-9d02-36c0ccba12a9","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":18,"box":{"x":81,"y":46,"width":832,"height":11}},{"id":"5edbd59a-816c-4d78-9fbf-abe7d044a540","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":18,"box":{"x":82,"y":60,"width":763,"height":12}},{"id":"f1d165cf-c261-48c7-a7d3-2d45a5bfa695","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":18,"box":{"x":81,"y":75,"width":825,"height":12}},{"id":"c63e15ff-3435-41ef-b4b5-33ae116834df","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":18,"box":{"x":81,"y":90,"width":842,"height":12}},{"id":"0597178e-b03c-407d-aac0-f2a8ea2a83c0","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":18,"box":{"x":81,"y":105,"width":852,"height":11}},{"id":"2758f9d5-7c94-4567-8920-1885f9527894","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":18,"box":{"x":82,"y":120,"width":827,"height":11}},{"id":"9215b4e8-3a40-4273-9453-409f79d1ecdd","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":18,"box":{"x":81,"y":140,"width":821,"height":11}},{"id":"e1bc94f3-4d07-4b79-8dd0-6c1006b6d84d","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":18,"box":{"x":82,"y":155,"width":814,"height":11}},{"id":"a5285752-c93a-4f4e-9468-1b901edc5ed5","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":18,"box":{"x":81,"y":169,"width":824,"height":12}},{"id":"97a93ac8-d483-4d15-a480-eae93b3a48fc","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":18,"box":{"x":81,"y":184,"width":791,"height":12}},{"id":"b8279388-74a2-4d7a-a266-9879ab6f9145","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":18,"box":{"x":82,"y":199,"width":852,"height":12}},{"id":"3d6c6a19-872b-4473-85f7-da438a92e727","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":18,"box":{"x":81,"y":214,"width":784,"height":11}},{"id":"c301dd39-4ddd-45ce-96cd-51491a0c5d5b","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":18,"box":{"x":81,"y":229,"width":787,"height":11}},{"id":"242fb5a2-ecb6-41c5-ae98-e9d9ec1106d1","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":18,"box":{"x":81,"y":244,"width":840,"height":11}},{"id":"88241831-56c7-4cf6-9125-1a66d92034bd","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":18,"box":{"x":81,"y":258,"width":809,"height":12}},{"id":"2b57a6bc-76dd-481c-9a9b-d5e16f1acf50","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":18,"box":{"x":81,"y":273,"width":829,"height":12}},{"id":"d87e5d30-b839-4424-9582-1d7d43e6b070","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":18,"box":{"x":82,"y":288,"width":798,"height":12}},{"id":"ff983abe-23f1-4795-99a3-95bdce6ab9b0","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":18,"box":{"x":81,"y":303,"width":829,"height":11}},{"id":"f12a5846-90bc-483e-acc2-a120635b916e","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":18,"box":{"x":82,"y":318,"width":846,"height":11}},{"id":"610aee52-1550-446f-823e-52466c585738","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":18,"box":{"x":82,"y":333,"width":846,"height":11}},{"id":"e4971572-aca7-42fd-980e-3f2e2fda71f2","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":18,"box":{"x":81,"y":347,"width":838,"height":12}},{"id":"c34e87a4-0ca5-42cb-8934-9014aff5e286","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":18,"box":{"x":80,"y":362,"width":770,"height":12}},{"id":"f64410e2-1bbd-4d02-ac44-846122b0e756","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":18,"box":{"x":80,"y":377,"width":792,"height":12}},{"id":"b0091c04-971d-4a60-9c7b-bb4018a1c815","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":18,"box":{"x":82,"y":392,"width":845,"height":11}},{"id":"8b1737b9-0db7-4022-b149-c99955522c58","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":18,"box":{"x":80,"y":407,"width":840,"height":11}},{"id":"f0046244-1bbd-46d6-9ea5-810e55916d5b","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":18,"box":{"x":81,"y":422,"width":841,"height":11}},{"id":"40e4ee9d-f614-408e-8e41-b17172f22223","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":18,"box":{"x":80,"y":436,"width":847,"height":12}},{"id":"e4aa2f0e-5160-4dc6-b2a3-8f1933ad35a0","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":18,"box":{"x":82,"y":451,"width":838,"height":12}},{"id":"74740409-78c3-4cc7-873d-4273ad2650e0","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":18,"box":{"x":81,"y":466,"width":847,"height":11}},{"id":"f05ac4f1-76e4-4fab-a3ec-9553b2090fbb","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":18,"box":{"x":81,"y":481,"width":845,"height":11}},{"id":"6f85a728-6b7a-43fb-9985-9490723aeb9b","block_type":"box","text":"and the associated risks to the Fund.","page_number":18,"box":{"x":81,"y":496,"width":273,"height":9}},{"id":"21710933-30d9-41b2-8c10-39e0c7857d28","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":18,"box":{"x":81,"y":516,"width":769,"height":11}},{"id":"51690964-4139-433b-9020-86918344b13b","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":18,"box":{"x":81,"y":530,"width":855,"height":12}},{"id":"e3bb49bf-5743-4a07-839d-577ac0a1642f","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":18,"box":{"x":80,"y":545,"width":848,"height":12}},{"id":"b64ab9d3-4f8e-4f84-ba0e-dcb7f9d29121","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":18,"box":{"x":81,"y":560,"width":777,"height":12}},{"id":"43931080-b282-4482-b6dd-2c2bb0f4685e","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":18,"box":{"x":81,"y":575,"width":824,"height":11}},{"id":"f48a3260-89dd-4bcd-8a01-8d5aa86c86b3","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":18,"box":{"x":81,"y":590,"width":785,"height":11}},{"id":"5d48ad73-b7dd-4c6e-badf-01b1fb83d912","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":18,"box":{"x":82,"y":604,"width":853,"height":12}},{"id":"3aeb07f9-d531-4a4a-8416-a89a6f99189e","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":18,"box":{"x":82,"y":619,"width":855,"height":12}},{"id":"8a00554f-a4c5-4cd6-b890-5a7a2cc88e89","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":18,"box":{"x":82,"y":634,"width":813,"height":12}},{"id":"a8690500-961c-40b9-9781-4c4bcbf249ed","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":18,"box":{"x":81,"y":649,"width":806,"height":11}},{"id":"1ffcb36e-34ca-47a5-9b94-a62db25a3b7e","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":18,"box":{"x":82,"y":664,"width":602,"height":11}},{"id":"876ba25d-d086-4962-b73f-e647f8e2691e","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":18,"box":{"x":82,"y":684,"width":794,"height":11}},{"id":"c23b3039-7ca2-4030-b973-cc6396730aa0","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":18,"box":{"x":81,"y":699,"width":840,"height":11}},{"id":"68a299b9-8c50-4a65-937c-d03ba52dc9cd","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":18,"box":{"x":81,"y":714,"width":801,"height":11}},{"id":"5756d526-15c8-4bb2-ab77-7b6502de53da","block_type":"box","text":"resources to monitor and implement required changes.","page_number":18,"box":{"x":82,"y":729,"width":402,"height":11}},{"id":"f59c522a-f1bf-42d3-b032-0dc0e7d010fb","block_type":"box","text":"Preferred Securities Risk","page_number":18,"box":{"x":81,"y":748,"width":189,"height":9}},{"id":"de920cd9-ba60-4c97-855f-7d43fae5cab8","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":18,"box":{"x":274,"y":748,"width":636,"height":12}},{"id":"179e166d-40cc-454c-87c1-f4b17917442a","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":18,"box":{"x":81,"y":763,"width":824,"height":12}},{"id":"0d13a5a3-e209-4f69-9a2f-5c0a87106a2e","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":18,"box":{"x":82,"y":778,"width":806,"height":11}},{"id":"f4e54773-ea88-4c8f-a80d-7d1691d0c77a","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":18,"box":{"x":81,"y":793,"width":842,"height":11}},{"id":"407e6797-0574-461b-8f50-17ea46c4ab96","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":18,"box":{"x":81,"y":808,"width":781,"height":11}},{"id":"1d0ae25a-5df7-4ffd-97a6-32af99a2aad2","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":18,"box":{"x":81,"y":822,"width":812,"height":12}},{"id":"2e74fd3f-dc4f-4790-9771-d04877639eec","block_type":"box","text":"larger companies.","page_number":18,"box":{"x":82,"y":837,"width":129,"height":12}},{"id":"3421b650-d6eb-40c3-8386-1dcc53d30a3d","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":18,"box":{"x":81,"y":857,"width":258,"height":9}},{"id":"114686c2-0831-4d56-a5b3-6a70fbb5fd88","block_type":"box","text":"— If the other party to a purchase and sale contract defaults on its obligation","page_number":18,"box":{"x":343,"y":857,"width":570,"height":12}},{"id":"a5432d5a-ce48-4442-bbd0-96b2db3bf637","block_type":"box","text":"under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the","page_number":18,"box":{"x":82,"y":872,"width":829,"height":12}},{"id":"8052a403-bd5a-4903-9a3e-aba103f75f02","block_type":"box","text":"agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may","page_number":18,"box":{"x":81,"y":887,"width":850,"height":11}},{"id":"e5d08a77-fa34-4c0c-8cc8-9c5be690d5bd","block_type":"box","text":"lose money.","page_number":18,"box":{"x":82,"y":902,"width":85,"height":11}},{"id":"bd0edf20-ad4a-4800-9fd4-f65f26311f9e","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ca390a54-48e3-4faf-9578-2c717db2e405","block_type":"box","text":"NM1026U-5982562-18/40","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"241d0f2d-3c0c-4fc9-b6b1-426ea47843db","block_type":"box","text":"Restricted Securities Risk","page_number":19,"box":{"x":81,"y":46,"width":198,"height":9}},{"id":"abcd934b-8dde-4b02-945a-9aeb8c9a84db","block_type":"box","text":"—","page_number":19,"box":{"x":284,"y":51,"width":17,"height":1}},{"id":"fa012d40-7184-43e8-b208-9b839368a4c5","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":19,"box":{"x":306,"y":46,"width":572,"height":11}},{"id":"e6bcda31-4154-45f6-9dc4-50261fd8fbe6","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity may prevent the Fund from","page_number":19,"box":{"x":82,"y":60,"width":845,"height":12}},{"id":"05738100-a2e8-4f9e-8b53-923daba3f862","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all.. Restricted securities may not be listed on an exchange","page_number":19,"box":{"x":81,"y":75,"width":855,"height":12}},{"id":"ea68657f-cc47-48a0-ae96-50a51b5d24c8","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":19,"box":{"x":81,"y":90,"width":843,"height":12}},{"id":"f14381e8-f37a-439a-935d-2ca30355d312","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":19,"box":{"x":81,"y":105,"width":847,"height":12}},{"id":"c6581b3c-6820-49dc-a844-6ceaef30994f","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":19,"box":{"x":80,"y":120,"width":838,"height":11}},{"id":"6afa22aa-5d3e-465b-a3b6-f6d193039bf4","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":19,"box":{"x":81,"y":135,"width":825,"height":11}},{"id":"fa478975-5317-4033-8341-0bd5610589c1","block_type":"box","text":"regarding the investment’s market or fair value, and the securities values may have significant volatility. Also, the","page_number":19,"box":{"x":82,"y":149,"width":830,"height":12}},{"id":"78414a01-814d-4863-aae4-2bb8ccfd1d15","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able","page_number":19,"box":{"x":82,"y":164,"width":849,"height":12}},{"id":"d19ba2bf-d589-4098-aa94-18023d25e572","block_type":"box","text":"to determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which","page_number":19,"box":{"x":80,"y":179,"width":855,"height":11}},{"id":"2c8be062-5b18-4b4d-9c35-4cb43d5e0527","block_type":"box","text":"more information is available. Certain restricted securities may involve a high degree of business and financial risk","page_number":19,"box":{"x":82,"y":194,"width":844,"height":11}},{"id":"aa44270f-c337-4972-9826-676604f4a476","block_type":"box","text":"and may result in substantial losses to the Fund. Certain restricted securities may represent limited investment","page_number":19,"box":{"x":81,"y":209,"width":821,"height":11}},{"id":"f7cef713-5811-4a45-8826-32fabff6054f","block_type":"box","text":"opportunities and each shareholder’s proportionate investment exposure to such limited investment opportunities","page_number":19,"box":{"x":81,"y":224,"width":841,"height":11}},{"id":"834e10c1-13e1-465c-aa92-d714895733a6","block_type":"box","text":"may be reduced proportionately as the Fund’s net assets grow from new or additional investments made in the","page_number":19,"box":{"x":82,"y":238,"width":815,"height":12}},{"id":"dad29b43-e567-40a4-b39e-84f460cdf2e8","block_type":"box","text":"Fund by other shareholders.","page_number":19,"box":{"x":82,"y":253,"width":202,"height":12}},{"id":"050fa013-a325-48d0-ae74-f7cb52a1199f","block_type":"box","text":"Small Cap Securities Risk","page_number":19,"box":{"x":81,"y":273,"width":196,"height":11}},{"id":"a318ceb6-ea16-4842-b1b4-5db58166427b","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":19,"box":{"x":280,"y":273,"width":630,"height":12}},{"id":"66d04f68-359b-4422-8f5c-acf4f234d030","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":19,"box":{"x":81,"y":288,"width":844,"height":12}},{"id":"f95fed9d-9e0a-47c1-bf02-a339b5b0d75c","block_type":"box","text":"If a product fails or there are other adverse developments, or if management changes, the Fund’s investment in a","page_number":19,"box":{"x":82,"y":303,"width":835,"height":11}},{"id":"3a21e2c1-53d7-46da-9c4d-456e151ec2a9","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":19,"box":{"x":81,"y":318,"width":787,"height":11}},{"id":"affe915a-fb42-4bff-b9b1-32e75bca253c","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":19,"box":{"x":81,"y":332,"width":854,"height":12}},{"id":"c0945b18-7b9e-40ba-a663-f715a0c51978","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":19,"box":{"x":82,"y":347,"width":501,"height":12}},{"id":"9b61dfd1-07a3-48cd-aa6e-7b6f3ee28fc7","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":19,"box":{"x":81,"y":367,"width":794,"height":12}},{"id":"d5905f28-cefe-4d40-a6ba-7444fe8a162d","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":19,"box":{"x":82,"y":382,"width":830,"height":12}},{"id":"0f244201-9b73-460b-a8d5-3c6ac69f93f4","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":19,"box":{"x":82,"y":397,"width":812,"height":12}},{"id":"913dcaf2-5dec-4145-beda-6963ea4baec8","block_type":"box","text":"securities requires a longer term view.","page_number":19,"box":{"x":81,"y":412,"width":279,"height":11}},{"id":"2d40cc7e-eed8-4d56-a33c-e8b06bcc462a","block_type":"box","text":"Technology Securities Risk","page_number":19,"box":{"x":82,"y":432,"width":203,"height":11}},{"id":"47ea8122-c643-4f18-9f99-ea436bae47c0","block_type":"box","text":"—","page_number":19,"box":{"x":289,"y":437,"width":17,"height":1}},{"id":"c1426f2d-1e75-4171-b88d-0cae8681e31d","block_type":"box","text":"Certain technology-related companies may face special risks that their products or","page_number":19,"box":{"x":311,"y":432,"width":606,"height":11}},{"id":"4d14fe96-ed58-4599-8346-a42e9c910ad9","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":19,"box":{"x":81,"y":447,"width":842,"height":11}},{"id":"47aabda3-ebac-4799-a726-5bae247597af","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":19,"box":{"x":80,"y":461,"width":838,"height":12}},{"id":"cd1c9d85-9ffc-4cdd-9f44-ad49f1dde0cb","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":19,"box":{"x":81,"y":476,"width":779,"height":12}},{"id":"625078be-4257-4d10-aecc-616eb8badeab","block_type":"box","text":"governmental policies. In addition, certain technology-related companies in which the Fund may invest may not","page_number":19,"box":{"x":81,"y":491,"width":812,"height":12}},{"id":"0671b89b-3456-47f1-a566-9c497c56953e","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":19,"box":{"x":81,"y":506,"width":778,"height":11}},{"id":"3d1bf24b-bf22-4388-9c35-5a60c40a6cb0","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":19,"box":{"x":61,"y":529,"width":296,"height":12}},{"id":"4b73d223-1772-4246-bbed-15216882da32","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":19,"box":{"x":60,"y":545,"width":832,"height":12}},{"id":"c07aec2b-5e4c-4bf3-bc56-33e99fc4393a","block_type":"box","text":"strategies, including:","page_number":19,"box":{"x":61,"y":560,"width":151,"height":12}},{"id":"9b62492a-1212-46b3-aa49-f9c83db03910","block_type":"box","text":"Borrowing Risk","page_number":19,"box":{"x":81,"y":580,"width":115,"height":11}},{"id":"131d15b0-3219-4296-94fb-4a1e15d4a6e1","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":19,"box":{"x":200,"y":580,"width":711,"height":12}},{"id":"408765ca-66cd-477c-ab20-1bdc6140b842","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":19,"box":{"x":80,"y":595,"width":813,"height":11}},{"id":"bf9e166a-0421-46b4-b695-30933ed1e227","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":19,"box":{"x":82,"y":610,"width":846,"height":11}},{"id":"e6f1974e-269e-4360-8be7-d485e0d7eb97","block_type":"box","text":"do so to satisfy its obligations.","page_number":19,"box":{"x":81,"y":624,"width":225,"height":12}},{"id":"b6cab584-5e98-478b-b9b1-37b7347566d2","block_type":"box","text":"Depositary Receipts Risk","page_number":19,"box":{"x":81,"y":645,"width":191,"height":11}},{"id":"8f25a58c-d1a1-4c9f-823b-ea303df495b0","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":19,"box":{"x":276,"y":644,"width":639,"height":12}},{"id":"7f7c3748-bc45-4b19-b92b-f1028d271e6f","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":19,"box":{"x":80,"y":660,"width":786,"height":11}},{"id":"9866cab7-8fc6-4d35-b0b5-ffc0a8c073d4","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":19,"box":{"x":82,"y":674,"width":824,"height":12}},{"id":"0a46977f-8d7d-4495-9c58-39e9018e49df","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":19,"box":{"x":80,"y":689,"width":827,"height":11}},{"id":"52a36883-0bdb-490c-9f11-c9d452c27a46","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":19,"box":{"x":82,"y":704,"width":849,"height":11}},{"id":"cd6d6b09-bd9b-4081-a163-7e1106b2a7cb","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":19,"box":{"x":81,"y":719,"width":840,"height":11}},{"id":"900ec632-387c-45cc-928a-d84c13a17132","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":19,"box":{"x":82,"y":733,"width":824,"height":12}},{"id":"7a6e755a-5c78-4f53-bfd4-b68a969aade4","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":19,"box":{"x":82,"y":748,"width":798,"height":12}},{"id":"94d0c042-ad35-42b0-99b7-9e447679cb1f","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":19,"box":{"x":82,"y":763,"width":847,"height":12}},{"id":"1c0add34-3781-4eab-b8f3-1ee7e343c4f8","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":19,"box":{"x":82,"y":778,"width":804,"height":11}},{"id":"ab9a6478-3543-4783-bcea-12d2812eb899","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":19,"box":{"x":81,"y":793,"width":558,"height":11}},{"id":"18bfd2dd-ad57-45f2-9ec3-9d5d02731ff9","block_type":"box","text":"Expense Risk","page_number":19,"box":{"x":81,"y":813,"width":102,"height":11}},{"id":"46f86521-36e0-4ed1-9736-d8a15ea30a38","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":19,"box":{"x":187,"y":813,"width":734,"height":11}},{"id":"103de8d8-8d17-4556-abc1-3fbb657d8099","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":19,"box":{"x":81,"y":828,"width":855,"height":11}},{"id":"406d7a6d-ed46-47bc-9e5c-ba86735318e6","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":19,"box":{"x":82,"y":842,"width":842,"height":12}},{"id":"126f0095-6466-41c0-9c2f-c7783ed2f265","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":19,"box":{"x":82,"y":857,"width":808,"height":12}},{"id":"b724edb9-5ec1-481b-bfa6-dc23c26786cc","block_type":"box","text":"significant.","page_number":19,"box":{"x":81,"y":872,"width":78,"height":12}},{"id":"5d38f95f-e199-4b09-b9d4-7c8168c1f259","block_type":"box","text":"High Portfolio Turnover Risk","page_number":19,"box":{"x":81,"y":892,"width":212,"height":11}},{"id":"c757e5c6-ba56-439d-a02e-163c0191d9d7","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":19,"box":{"x":297,"y":892,"width":629,"height":12}},{"id":"eead14d7-ef36-4216-8f76-505999868caf","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":19,"box":{"x":82,"y":907,"width":812,"height":11}},{"id":"b5003a6d-8f2c-46e5-bcde-7aab03738cd1","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"26ed2891-9680-4589-82bf-927dfed330ed","block_type":"box","text":"NM1026U-5982562-19/40","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"39c1ab10-7468-4380-9b37-9ae813ccde39","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":20,"box":{"x":81,"y":46,"width":817,"height":11}},{"id":"4d8ce864-fedf-4144-92d1-9ee895297039","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":20,"box":{"x":81,"y":60,"width":760,"height":12}},{"id":"6dcd4b7d-914c-483f-87d1-f63d5141d092","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":20,"box":{"x":81,"y":75,"width":852,"height":12}},{"id":"591d5b58-23dd-4f49-a0a6-7fda3ee36b58","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":20,"box":{"x":81,"y":90,"width":589,"height":12}},{"id":"f79f6704-bd3c-4a48-9a1b-b0433b8ae1ed","block_type":"box","text":"Illiquid Investments Risk","page_number":20,"box":{"x":81,"y":110,"width":186,"height":11}},{"id":"df734902-9dc5-44eb-9036-949e256f548e","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":20,"box":{"x":271,"y":110,"width":648,"height":12}},{"id":"c249707b-4bdc-4279-a17d-93b87170998a","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":20,"box":{"x":80,"y":125,"width":841,"height":11}},{"id":"00ebcee1-0452-420a-84b0-2e3e46c6812a","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":20,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"69082cc5-832f-4e8e-80b6-4d2e39e37c3b","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":20,"box":{"x":81,"y":155,"width":811,"height":11}},{"id":"a496e6e9-d88c-40fb-b247-cfe0f2570a9a","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":20,"box":{"x":82,"y":169,"width":825,"height":12}},{"id":"a65076bd-e3bc-48e1-b86a-3f0e2de6e358","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":20,"box":{"x":81,"y":184,"width":837,"height":12}},{"id":"91a78608-1333-4b73-9e97-3b1b50238f84","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":20,"box":{"x":80,"y":199,"width":851,"height":12}},{"id":"00a60dc3-592e-4c25-8deb-56ad7c144362","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":20,"box":{"x":82,"y":214,"width":835,"height":11}},{"id":"e1dc2efe-5241-4911-832c-5d078a1bf585","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":20,"box":{"x":82,"y":229,"width":835,"height":11}},{"id":"a814bbe6-2578-469f-845f-3848fa5f9299","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":20,"box":{"x":81,"y":244,"width":791,"height":11}},{"id":"12f9dd50-6c3a-44ca-af93-998553ed2680","block_type":"box","text":"shareholders are redeeming or selling their sharesor the Fund’s net assets otherwise shrink, the Fund will need to","page_number":20,"box":{"x":81,"y":259,"width":841,"height":11}},{"id":"4eb24aec-a31e-4ddb-b1c4-db3bba0249d9","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":20,"box":{"x":81,"y":273,"width":835,"height":12}},{"id":"75bb767a-e0a9-4d30-82f6-0aedcba1c2d8","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":20,"box":{"x":82,"y":288,"width":839,"height":12}},{"id":"91b2d838-e83c-4d12-bd88-1051dd73e198","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":20,"box":{"x":80,"y":303,"width":834,"height":11}},{"id":"11171e03-6b25-49b0-96b4-a9a90f011584","block_type":"box","text":"and/or credit risk, the Fund will tend to have the greater exposure to the risks associated with illiquid investments.","page_number":20,"box":{"x":81,"y":318,"width":843,"height":11}},{"id":"9173b8a7-515d-459c-ac5c-27705f29163f","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":20,"box":{"x":82,"y":332,"width":835,"height":12}},{"id":"01d6424d-39b2-49d1-b943-afef6f536acb","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":20,"box":{"x":82,"y":347,"width":827,"height":12}},{"id":"62beaa86-fc74-4817-9525-fc40111fea80","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":20,"box":{"x":80,"y":362,"width":831,"height":12}},{"id":"d2f38b64-7098-4ebf-962a-2179a8d87818","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":20,"box":{"x":81,"y":377,"width":304,"height":11}},{"id":"931d5f76-619c-4109-b686-66aa7060c124","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":20,"box":{"x":81,"y":397,"width":271,"height":9}},{"id":"7a032e62-90c9-421d-ad43-dd6879a66052","block_type":"box","text":"—","page_number":20,"box":{"x":356,"y":402,"width":17,"height":1}},{"id":"71cac3e4-19cc-4027-a291-03a37f6e943a","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":20,"box":{"x":379,"y":397,"width":499,"height":11}},{"id":"324b3269-b2e9-4195-9f70-8a6ac92af854","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":20,"box":{"x":82,"y":412,"width":839,"height":11}},{"id":"969703f8-e585-45ce-b6b9-163c43649084","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":20,"box":{"x":80,"y":427,"width":799,"height":11}},{"id":"c464b8af-f638-4924-9bdc-f95ca40e9068","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":20,"box":{"x":82,"y":442,"width":796,"height":11}},{"id":"ccf23c86-4dc1-42c1-ad7f-7990c373630d","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":20,"box":{"x":81,"y":456,"width":855,"height":12}},{"id":"d11b39c9-43db-436a-a273-aa26baf1e4ee","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":20,"box":{"x":82,"y":471,"width":441,"height":12}},{"id":"4dee0991-149a-4eff-bd4f-9a457abe8030","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":20,"box":{"x":81,"y":491,"width":366,"height":11}},{"id":"1329c9b2-2ff0-4129-b5ad-5619b1cf89b8","block_type":"box","text":"— As with other investments, investments in other investment","page_number":20,"box":{"x":450,"y":491,"width":459,"height":11}},{"id":"77a1a236-d0de-4d70-979d-bd8da8d5675c","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":20,"box":{"x":81,"y":506,"width":815,"height":11}},{"id":"62015966-a992-462a-ae8c-ddbaa24faafe","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":20,"box":{"x":82,"y":521,"width":844,"height":11}},{"id":"766345dc-48cb-4544-8a41-ba5818012266","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":20,"box":{"x":81,"y":535,"width":822,"height":12}},{"id":"0c57c08e-7308-46e7-ae93-8a6df4dc5704","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":20,"box":{"x":81,"y":550,"width":829,"height":12}},{"id":"15d6b013-ac9c-472b-ae95-141f02a90076","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":20,"box":{"x":81,"y":565,"width":628,"height":12}},{"id":"561276d4-43b3-4161-bbf8-45519e6d3653","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":20,"box":{"x":81,"y":585,"width":396,"height":12}},{"id":"b0d9854e-92c0-4eae-97c3-abb7d2f45605","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":20,"box":{"x":481,"y":585,"width":440,"height":12}},{"id":"b107fd2d-49b2-4ef4-8c82-174fe637b6cc","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":20,"box":{"x":82,"y":600,"width":801,"height":12}},{"id":"0deaebaa-5b87-4ded-b3b9-589e28cb58d3","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":20,"box":{"x":81,"y":615,"width":825,"height":11}},{"id":"38595a89-21be-42e0-b86e-78ba8315679f","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":20,"box":{"x":82,"y":630,"width":816,"height":11}},{"id":"a9e9b65f-1533-4986-bc4e-3cd6ecc48e8f","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":20,"box":{"x":82,"y":644,"width":818,"height":12}},{"id":"91b9035a-5b44-4568-993a-8dd121bbbdca","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":20,"box":{"x":80,"y":659,"width":835,"height":12}},{"id":"d63de678-e545-4951-9124-ed06045d33d7","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":20,"box":{"x":80,"y":674,"width":807,"height":12}},{"id":"6c5b6c11-215d-4283-8644-004f9f61f498","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":20,"box":{"x":82,"y":689,"width":841,"height":11}},{"id":"40b4b2d7-e818-46fa-a59e-27f1c9d86f3e","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":20,"box":{"x":80,"y":704,"width":855,"height":11}},{"id":"f4bc9bee-2d59-47d8-a180-7e1fb2eda256","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":20,"box":{"x":81,"y":719,"width":751,"height":10}},{"id":"b31f7fa5-dc5e-46db-8c37-849dee865503","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":20,"box":{"x":81,"y":734,"width":785,"height":11}},{"id":"db1372d2-0b23-4d33-ac70-e6bfa6630950","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":20,"box":{"x":81,"y":748,"width":841,"height":12}},{"id":"8b6918f3-795d-4700-b05a-7a81aea14325","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":20,"box":{"x":80,"y":763,"width":824,"height":12}},{"id":"f0f712b2-231c-4f4f-9c65-8effef7d3f9e","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":20,"box":{"x":81,"y":778,"width":822,"height":11}},{"id":"aa328da3-0b61-4dc1-8f01-4adff539b8b0","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":20,"box":{"x":81,"y":793,"width":801,"height":11}},{"id":"d2dc80c9-6444-4f2f-ac44-c2fe075aa581","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":20,"box":{"x":80,"y":808,"width":765,"height":11}},{"id":"252f146f-19f5-4208-972b-0091399db6b3","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":20,"box":{"x":82,"y":822,"width":852,"height":12}},{"id":"866cb299-cd16-4fe0-9fb5-fbce3a53dfcb","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":20,"box":{"x":82,"y":837,"width":847,"height":12}},{"id":"800bbb9b-81c1-4ec2-922d-3338ffff4f2d","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":20,"box":{"x":80,"y":852,"width":847,"height":12}},{"id":"3cce315f-7fa1-4274-ac19-dc51f9f26a88","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":20,"box":{"x":81,"y":867,"width":845,"height":11}},{"id":"04ffde44-6b06-49d5-afdc-6596f5a7ea61","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":20,"box":{"x":82,"y":882,"width":835,"height":11}},{"id":"dd8d79a6-a5c8-4a8b-87bf-14a60195de8c","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":20,"box":{"x":82,"y":896,"width":839,"height":12}},{"id":"341b9e12-0936-4389-a729-cb00e4f8154e","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":20,"box":{"x":82,"y":912,"width":461,"height":11}},{"id":"c43b42b8-0f85-432d-a569-c3cfc0412c19","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7ea2fd3f-f455-428b-8770-6979233eb2f7","block_type":"box","text":"NM1026U-5982562-20/40","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e580ee86-4738-4e83-bb27-85271ea758ea","block_type":"box","text":"Ownership Limitations Risk","page_number":21,"box":{"x":82,"y":46,"width":205,"height":11}},{"id":"fd3aface-3125-48d6-b4cc-73beec365300","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":21,"box":{"x":291,"y":46,"width":610,"height":11}},{"id":"da23e958-2da3-47f9-9024-1546014a567c","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":21,"box":{"x":80,"y":60,"width":849,"height":12}},{"id":"685d8283-b997-46fd-a9b7-fdbc646d7c2b","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":21,"box":{"x":81,"y":75,"width":798,"height":12}},{"id":"d474773f-81ad-44a0-a0d4-cbf1a08a0a0e","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":21,"box":{"x":82,"y":90,"width":833,"height":12}},{"id":"c8c13fd4-aedc-4a90-a629-944cec6d28e0","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":21,"box":{"x":82,"y":105,"width":851,"height":12}},{"id":"436d54cc-cdb3-49ba-b182-162986c4edb1","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":21,"box":{"x":81,"y":120,"width":813,"height":11}},{"id":"db45ca2f-e408-4e61-a4a2-af22845b3251","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":21,"box":{"x":82,"y":135,"width":331,"height":11}},{"id":"58db89cb-4cc0-4a1d-8e4c-23d340a8a77a","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":21,"box":{"x":82,"y":155,"width":826,"height":11}},{"id":"4d319279-c4d7-45a1-8e13-8d87532fa86f","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":21,"box":{"x":81,"y":170,"width":848,"height":11}},{"id":"1cdf69ac-827a-4a76-ab82-7fc4f9fb1064","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":21,"box":{"x":81,"y":184,"width":799,"height":12}},{"id":"2e4a631a-7e01-4200-82c5-83d6a311debc","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":21,"box":{"x":81,"y":199,"width":828,"height":12}},{"id":"d8a9c5c8-7f3f-4fe6-8ec1-85a3647d4db1","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":21,"box":{"x":81,"y":214,"width":828,"height":11}},{"id":"2062d792-cab2-4608-909a-d2526b686e78","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":21,"box":{"x":80,"y":229,"width":837,"height":11}},{"id":"574085e2-c779-4aab-a5c6-4848e108097c","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":21,"box":{"x":80,"y":244,"width":837,"height":11}},{"id":"44758bbb-c4e0-4ce1-ac0a-92a2188321d9","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":21,"box":{"x":82,"y":259,"width":800,"height":11}},{"id":"d40decc8-d9a3-4ca7-ae02-2ed00e3c506e","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":21,"box":{"x":81,"y":273,"width":678,"height":12}},{"id":"e9946678-f68d-435b-a39b-53bc234e6794","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":21,"box":{"x":81,"y":293,"width":842,"height":12}},{"id":"77636303-68f6-4608-843d-ec46d7715b2b","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":21,"box":{"x":81,"y":308,"width":833,"height":12}},{"id":"240bf667-03e0-429f-afb6-8199f45486b5","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":21,"box":{"x":82,"y":323,"width":582,"height":11}},{"id":"947f50be-e42d-457b-a09c-f4c18f4437f1","block_type":"box","text":"Reliance on Advisor Risk","page_number":21,"box":{"x":81,"y":343,"width":188,"height":9}},{"id":"66f333cb-32cb-4aae-932e-4f0c88c969b2","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":21,"box":{"x":273,"y":343,"width":614,"height":11}},{"id":"7a948ed6-10f7-4441-98b3-74287b951f44","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":21,"box":{"x":80,"y":358,"width":830,"height":11}},{"id":"2781c37a-0f0e-418d-8be9-729af27b753f","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":21,"box":{"x":80,"y":372,"width":856,"height":12}},{"id":"f109ded9-ea73-4574-9880-9320cdcaa5bc","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":21,"box":{"x":80,"y":387,"width":841,"height":12}},{"id":"894ebdea-844e-49db-812b-5c867eb89c4f","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":21,"box":{"x":81,"y":402,"width":649,"height":12}},{"id":"5cc40cd7-1142-40cd-b8ce-c98d0215ef70","block_type":"box","text":"Repurchase Agreements Risk","page_number":21,"box":{"x":81,"y":422,"width":224,"height":11}},{"id":"04634baa-45d5-4586-9e68-e38042ac53d2","block_type":"box","text":"— If the other party to a repurchase agreement defaults on its obligation under the","page_number":21,"box":{"x":309,"y":422,"width":611,"height":12}},{"id":"6f901564-655c-4f0d-807c-e1ceb2d4ee15","block_type":"box","text":"agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.","page_number":21,"box":{"x":81,"y":437,"width":842,"height":11}},{"id":"145b9808-c595-40ba-a74c-442a5d121470","block_type":"box","text":"If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money.","page_number":21,"box":{"x":82,"y":452,"width":852,"height":11}},{"id":"1b67c2f3-3eca-40f3-86fc-946f293e59b4","block_type":"box","text":"Securities Lending Risk","page_number":21,"box":{"x":81,"y":472,"width":178,"height":11}},{"id":"c36c1333-0297-4803-9a5b-8c76d7e5a7b2","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":21,"box":{"x":263,"y":472,"width":661,"height":11}},{"id":"b893ba56-11de-438d-bf5e-8e1c3f96dbf7","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":21,"box":{"x":82,"y":487,"width":852,"height":11}},{"id":"5e6b48a2-3722-4631-ac46-41293db5c3a0","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":21,"box":{"x":81,"y":501,"width":811,"height":12}},{"id":"7092dee9-1814-42a7-8e89-40995d188135","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":21,"box":{"x":81,"y":516,"width":829,"height":12}},{"id":"f4651f88-7a93-456a-9c12-382bfddd8508","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":21,"box":{"x":81,"y":531,"width":292,"height":11}},{"id":"726e170a-b61e-4ace-b9ad-20bd3ad32b35","block_type":"box","text":"Valuation Risk","page_number":21,"box":{"x":83,"y":551,"width":107,"height":9}},{"id":"6aedba94-f15a-496b-ada7-3d875a7c72f4","block_type":"box","text":"—","page_number":21,"box":{"x":194,"y":556,"width":17,"height":1}},{"id":"9ba9817b-3af4-40da-8ecd-3e1ef302bcb6","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":21,"box":{"x":215,"y":551,"width":700,"height":11}},{"id":"0edac271-3876-4340-ab73-4584ff27e34f","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":21,"box":{"x":81,"y":566,"width":835,"height":11}},{"id":"0e8cf99d-1a2b-47c3-8551-800b294c9c9c","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":21,"box":{"x":81,"y":581,"width":848,"height":11}},{"id":"56ea4bbd-31d2-4b65-b0a2-4ec08d5e2464","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":21,"box":{"x":82,"y":595,"width":845,"height":12}},{"id":"d6f3b7e8-1e96-47a2-857e-a4fa2a4bd936","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":21,"box":{"x":82,"y":610,"width":840,"height":12}},{"id":"36691ab4-0e2d-4081-836c-65e84add704d","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":21,"box":{"x":80,"y":625,"width":783,"height":12}},{"id":"591870e3-2fdf-4bf3-993e-7cc1faff1f18","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":21,"box":{"x":81,"y":640,"width":810,"height":12}},{"id":"21eb0954-56c2-4686-9fe6-7c9117586ae2","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":21,"box":{"x":81,"y":655,"width":847,"height":11}},{"id":"923150d2-248c-4fee-872a-cef8d2d8edb0","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":21,"box":{"x":82,"y":670,"width":848,"height":11}},{"id":"54974436-4efc-4c60-95ca-9e34e3cff4bf","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":21,"box":{"x":80,"y":685,"width":819,"height":11}},{"id":"3517ae83-42a7-4abb-bb3a-e4d945aedde0","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":21,"box":{"x":81,"y":699,"width":837,"height":12}},{"id":"fb26bc2d-3a99-4017-9f1b-60a687bf33bd","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":21,"box":{"x":80,"y":714,"width":672,"height":12}},{"id":"4f13c4ac-8526-4dd6-b3c8-6cf596c1c208","block_type":"box","text":"Warrants Risk","page_number":21,"box":{"x":83,"y":734,"width":105,"height":9}},{"id":"715c4e96-25ad-47d7-9e62-c9a8b94da892","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":21,"box":{"x":192,"y":734,"width":698,"height":12}},{"id":"5325adc0-cdb3-4501-89cb-16473b5d17d3","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":21,"box":{"x":81,"y":749,"width":830,"height":11}},{"id":"e652b74d-3a23-4868-ab91-960b4bd26c16","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":21,"box":{"x":81,"y":764,"width":821,"height":11}},{"id":"11ec6347-c9a8-4796-8e8a-880777347557","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":21,"box":{"x":82,"y":778,"width":822,"height":12}},{"id":"1106f92c-ee0e-498a-9e9c-dffa1f08df20","block_type":"box","text":"move with the price of the underlying stock.","page_number":21,"box":{"x":82,"y":793,"width":317,"height":12}},{"id":"37858196-340b-4768-b9a9-ad8957ce6097","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":21,"box":{"x":83,"y":813,"width":584,"height":12}},{"id":"fa75b168-8f40-47e8-bb52-a5310b8b9ade","block_type":"box","text":"— When-issued and delayed","page_number":21,"box":{"x":671,"y":814,"width":208,"height":11}},{"id":"8065ddd5-ab0b-4abf-b986-560e745c6653","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":21,"box":{"x":81,"y":828,"width":843,"height":12}},{"id":"98864467-fd49-440c-ab9e-2496fe51445c","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":21,"box":{"x":82,"y":843,"width":830,"height":11}},{"id":"9c2d86cf-3338-4129-86d9-62e51d39ee00","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":21,"box":{"x":82,"y":858,"width":849,"height":11}},{"id":"df6078e4-c89e-4293-aae2-1132d82c9d9e","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":80,"y":873,"width":425,"height":11}},{"id":"c70f13b8-6b48-4adf-94c3-8fac9ae24ea1","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"6766437c-ba4c-49b8-ab36-a99e38692269","block_type":"box","text":"NM1026U-5982562-21/40","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"72947ced-b6bd-4f5c-8eaa-ee2427b947c8","block_type":"box","text":"Account Information","page_number":22,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"5f846504-0e03-4317-9c09-02fc1dc50297","block_type":"box","text":"Details About the Share Class","page_number":22,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"e57f47ac-e8f5-42f7-a435-eeac07afb49c","block_type":"box","text":"The Fund currently offers multiple share classes (Service Shares in this prospectus), each with its own sales charge","page_number":22,"box":{"x":60,"y":182,"width":856,"height":12}},{"id":"29b7f6e6-aca2-4a71-836b-3df36968e53a","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":22,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"cfcf76d6-35a5-4a5d-888d-5f31c41cbc5d","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":22,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"bfe60a85-5b4d-4016-a4f1-9014dda795f9","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Either your financial professional or","page_number":22,"box":{"x":61,"y":227,"width":850,"height":11}},{"id":"be276414-b4fb-4267-b3dc-35d392ae1ac6","block_type":"box","text":"your selected securities dealer, broker, investment adviser, service provider or industry professional (including","page_number":22,"box":{"x":60,"y":242,"width":810,"height":11}},{"id":"84a227cc-2060-4a3c-a812-0d91225c4df1","block_type":"box","text":"BlackRock and its affiliates) (each a “Financial Intermediary”) can help you determine which share class is best suited","page_number":22,"box":{"x":62,"y":256,"width":870,"height":12}},{"id":"66641e60-76da-490e-881e-2188db89f8e9","block_type":"box","text":"to your personal financial goals.","page_number":22,"box":{"x":60,"y":271,"width":233,"height":12}},{"id":"47c259a8-8e67-494f-a58a-da8e3cc5a89c","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":22,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"29ad20b9-eec8-4a52-9dc4-ff1dee8326fd","block_type":"box","text":"The table below summarizes key features of the Service Share class of the Fund.","page_number":22,"box":{"x":60,"y":316,"width":596,"height":12}},{"id":"fb2dc060-55b3-41f5-bf3a-cf4913a24587","block_type":"box","text":"Service Shares at a Glance","page_number":22,"box":{"x":386,"y":339,"width":224,"height":10}},{"id":"a38b117e-11af-4534-8540-705e7409f24d","block_type":"box","text":"Availability","page_number":22,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"22f00631-8d74-4a4c-8be2-2af26f8f801f","block_type":"box","text":"Limited to certain investors, including: Financial Intermediaries (such as banks and","page_number":22,"box":{"x":349,"y":378,"width":548,"height":10}},{"id":"80faa3fa-a97e-4348-a24e-563098907d35","block_type":"box","text":"brokerage firms) acting on behalf of their customers, certain persons who were","page_number":22,"box":{"x":348,"y":391,"width":523,"height":11}},{"id":"4451780f-792c-4aa3-9905-3f08db237ea6","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with","page_number":22,"box":{"x":348,"y":405,"width":582,"height":10}},{"id":"8da3b7be-5853-4d70-ba1a-e7fbae7f7ac0","block_type":"box","text":"The PNC","page_number":22,"box":{"x":348,"y":419,"width":55,"height":8}},{"id":"fb45b1cc-dcaf-4daf-a767-34f0f11a9fb8","block_type":"box","text":"®","page_number":22,"box":{"x":404,"y":418,"width":5,"height":5}},{"id":"08b14925-a3c1-4c05-837e-dd5ee0a8cbcd","block_type":"box","text":"Fund in 1996 and investors that participate in the Capital Directions","page_number":22,"box":{"x":415,"y":419,"width":451,"height":10}},{"id":"7811ca3f-4248-4ee8-99ba-1c70fd272b8e","block_type":"box","text":"SM","page_number":22,"box":{"x":867,"y":418,"width":10,"height":5}},{"id":"62241d67-5fb2-4156-8808-6fe683e84cb7","block_type":"box","text":"asset","page_number":22,"box":{"x":883,"y":419,"width":36,"height":8}},{"id":"8c8254f6-5282-4ccd-960e-071fcf91ff43","block_type":"box","text":"allocation program. Service Shares will normally be held by Financial Intermediaries or in","page_number":22,"box":{"x":348,"y":432,"width":586,"height":10}},{"id":"be07b7ff-b1a0-4adb-aa2f-124d9ec5b677","block_type":"box","text":"the name of nominees of Financial Intermediaries on behalf of their customers. Service","page_number":22,"box":{"x":348,"y":446,"width":578,"height":8}},{"id":"d6e69547-8f68-463c-8ae0-f84dd877865e","block_type":"box","text":"Shares are normally purchased through a customer’s account at a Financial","page_number":22,"box":{"x":348,"y":459,"width":500,"height":10}},{"id":"9cf2e151-1173-4981-8ff8-5d8bd04e29ae","block_type":"box","text":"Intermediary through procedures established by such Financial Intermediary. In these","page_number":22,"box":{"x":349,"y":473,"width":564,"height":10}},{"id":"ba4aad9a-2cf1-48c1-9868-29980aafefb6","block_type":"box","text":"cases, confirmation of share purchases and redemptions will be sent to the Financial","page_number":22,"box":{"x":348,"y":486,"width":564,"height":10}},{"id":"bd3718dc-7ebb-4834-a694-699e373940a6","block_type":"box","text":"Intermediaries. A customer’s ownership of shares will be recorded by the Financial","page_number":22,"box":{"x":349,"y":500,"width":544,"height":10}},{"id":"7e520dbd-b0ff-49d6-a210-a46dac567c6f","block_type":"box","text":"Intermediary and reflected in the account statements provided by such Financial","page_number":22,"box":{"x":349,"y":513,"width":529,"height":11}},{"id":"1145323e-8d7a-4419-9aea-ed68cc8ed648","block_type":"box","text":"Intermediaries to their customers. Investors wishing to purchase Service Shares should","page_number":22,"box":{"x":349,"y":527,"width":579,"height":10}},{"id":"98a01e1d-0274-45e3-a57d-e14d81e4f1f6","block_type":"box","text":"contact their Financial Intermediaries.","page_number":22,"box":{"x":348,"y":541,"width":248,"height":8}},{"id":"46f93e6f-227f-4a67-803e-120290529240","block_type":"box","text":"Minimum Investment","page_number":22,"box":{"x":61,"y":558,"width":142,"height":9}},{"id":"cf9b1445-f36f-426a-9921-0ba6ae16eb12","block_type":"box","text":"$5,000. However, institutions may set a higher minimum for their customers.","page_number":22,"box":{"x":348,"y":558,"width":510,"height":11}},{"id":"458b991c-7f4d-41e2-a0f6-a4b5e54a4a99","block_type":"box","text":"Initial Sales Charge?","page_number":22,"box":{"x":61,"y":577,"width":140,"height":10}},{"id":"2a817ff8-0a6a-4e8a-a9b6-b738db9c2d58","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":22,"box":{"x":349,"y":576,"width":391,"height":11}},{"id":"6f8fc119-2692-4287-98b6-d624c85f850f","block_type":"box","text":"Deferred Sales Charge?","page_number":22,"box":{"x":61,"y":595,"width":159,"height":10}},{"id":"28ae84bb-7f98-4f2d-a387-07cc00f0244c","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":595,"width":20,"height":8}},{"id":"97472306-433b-483f-8afc-f01a1fc694e5","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":22,"box":{"x":61,"y":613,"width":261,"height":10}},{"id":"516b2916-409a-4d00-bc15-1c85a28e5d71","block_type":"box","text":"No Distribution Fee. 0.25% Annual Service Fee.","page_number":22,"box":{"x":349,"y":613,"width":311,"height":8}},{"id":"74243885-0539-4669-851d-e1b95f8ad144","block_type":"box","text":"Redemption Fees?","page_number":22,"box":{"x":61,"y":631,"width":125,"height":10}},{"id":"ad47e7dc-6746-46a0-99bc-f6fa97114227","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":631,"width":20,"height":8}},{"id":"9d54029a-ccb2-4d52-a099-54a5694ec74e","block_type":"box","text":"Advantage","page_number":22,"box":{"x":60,"y":649,"width":72,"height":10}},{"id":"0774a97a-f4d8-4b48-a4d1-b560fcd36bd7","block_type":"box","text":"No up-front sales charge so you start off owning more shares.","page_number":22,"box":{"x":349,"y":649,"width":409,"height":10}},{"id":"69106650-fce6-488d-9fdf-2e1e6e887758","block_type":"box","text":"Disadvantage","page_number":22,"box":{"x":61,"y":667,"width":91,"height":10}},{"id":"097eff29-bb37-4afb-9a4c-428b1169daa8","block_type":"box","text":"Limited availability.","page_number":22,"box":{"x":349,"y":667,"width":122,"height":10}},{"id":"daeb79f4-907b-4ac4-987d-4474f788baf0","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":22,"box":{"x":61,"y":707,"width":442,"height":14}},{"id":"b3920a7a-d2a2-4454-aa42-951c22e17c61","block_type":"box","text":"Plan Payments","page_number":22,"box":{"x":61,"y":734,"width":122,"height":12}},{"id":"c1162003-adfc-4629-a960-3616c084b8ea","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":22,"box":{"x":60,"y":750,"width":815,"height":11}},{"id":"15436e31-d30f-4464-8e4c-31fbe0624bf1","block_type":"box","text":"Company Act that allows the Fund to pay distribution fees for the sale of its shares and/or shareholder servicing fees","page_number":22,"box":{"x":61,"y":765,"width":864,"height":12}},{"id":"bf848532-0526-47ac-87cc-c031a330cd7a","block_type":"box","text":"for certain services provided to its shareholders. Service Shares do not pay distribution fees.","page_number":22,"box":{"x":60,"y":780,"width":686,"height":11}},{"id":"7c895f50-b46c-4a02-8e61-595866f4d3d8","block_type":"box","text":"Under the Plan, the Fund pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":22,"box":{"x":62,"y":802,"width":837,"height":12}},{"id":"cdaf2a77-3171-48bc-9e02-6eb5c1936309","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Service Shares of the","page_number":22,"box":{"x":60,"y":817,"width":834,"height":12}},{"id":"53f2eb68-5705-4298-afd8-14bbcd3c4a9e","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":22,"box":{"x":62,"y":832,"width":837,"height":12}},{"id":"e0117034-32fb-45a0-b148-23eddd7aa405","block_type":"box","text":"Service Shares of the Fund. All Service Shares pay this shareholder servicing fee.","page_number":22,"box":{"x":61,"y":847,"width":601,"height":11}},{"id":"22071f89-e473-4e9d-8660-77045fb3bb67","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"be4e35c4-c709-4644-9f9f-4deafdbb95e2","block_type":"box","text":"NM1026U-5982562-22/40","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"71fd94eb-6896-4e64-bafc-43ca8c532a31","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":23,"box":{"x":62,"y":46,"width":859,"height":11}},{"id":"6745b827-724b-414a-a9d6-8740212806ce","block_type":"box","text":"the following services to their customers who own Service Shares:","page_number":23,"box":{"x":60,"y":60,"width":488,"height":12}},{"id":"3e02882c-84a0-4a6d-b890-cc1c93a84f56","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":23,"box":{"x":81,"y":81,"width":848,"height":11}},{"id":"e5845e66-2611-4b65-bfcb-9a9cd5fcdf46","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":23,"box":{"x":82,"y":95,"width":811,"height":12}},{"id":"ea183d19-ae79-4988-a4f4-c7cd13ac58f3","block_type":"box","text":"investments;","page_number":23,"box":{"x":82,"y":110,"width":92,"height":11}},{"id":"9e253c3c-448a-4dce-83c5-935654765960","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":23,"box":{"x":81,"y":130,"width":801,"height":12}},{"id":"38584a43-443f-4ea1-96d2-58f3ce66fa88","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":23,"box":{"x":81,"y":150,"width":379,"height":12}},{"id":"283f4ccc-aa6e-4dac-96c6-6a4cda572713","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":23,"box":{"x":60,"y":173,"width":856,"height":11}},{"id":"9a96ec35-91a5-4d5c-a961-7c3423dc0a6e","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":23,"box":{"x":61,"y":187,"width":848,"height":12}},{"id":"9a5f2a0f-7323-477d-9ecd-62b7c0260941","block_type":"box","text":"sale of the Fund’s shares.","page_number":23,"box":{"x":61,"y":202,"width":191,"height":9}},{"id":"dd58e751-a390-4ae8-aa89-73f2ce43a2df","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":23,"box":{"x":62,"y":225,"width":850,"height":11}},{"id":"565b0dda-f1c1-4981-bce5-044d14709d39","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For","page_number":23,"box":{"x":60,"y":240,"width":847,"height":11}},{"id":"749d8c9a-be0c-44cb-be58-cd6a46866884","block_type":"box","text":"more information on the Plan, including a complete list of services provided thereunder, see the SAI.","page_number":23,"box":{"x":61,"y":254,"width":738,"height":12}},{"id":"f5145a93-ff9f-49f7-8503-f03b17f05f2f","block_type":"box","text":"Other Payments by the Fund","page_number":23,"box":{"x":61,"y":278,"width":233,"height":12}},{"id":"e8ac7c04-0a0e-4942-9d0d-b3d166179dfe","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":23,"box":{"x":62,"y":294,"width":874,"height":11}},{"id":"a3147a93-7b52-4511-8e63-e2fc3bae0496","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":23,"box":{"x":60,"y":309,"width":846,"height":11}},{"id":"b4b5058a-95f9-4fd7-b0bb-657efaf23207","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":23,"box":{"x":61,"y":323,"width":874,"height":12}},{"id":"c8f5c58a-ada7-4193-8132-31d4171ca80f","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":23,"box":{"x":60,"y":338,"width":843,"height":12}},{"id":"ef8bc411-8987-46cd-8dfc-374dc05d1202","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":23,"box":{"x":61,"y":353,"width":862,"height":12}},{"id":"6c83f918-ed27-466d-a35c-aae93982fda2","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":23,"box":{"x":61,"y":368,"width":815,"height":11}},{"id":"f5766ddc-a408-446d-9047-5ead27f1e4ba","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":23,"box":{"x":61,"y":383,"width":791,"height":11}},{"id":"3dffa1bc-e5da-452e-9e08-7a23835968d8","block_type":"box","text":"Other Payments by BlackRock","page_number":23,"box":{"x":61,"y":406,"width":252,"height":12}},{"id":"ad2b66b6-45e3-42a9-9413-ee3840be1aba","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":23,"box":{"x":62,"y":422,"width":851,"height":11}},{"id":"f5742078-6928-4a8b-917f-fde381d5d64c","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":23,"box":{"x":61,"y":437,"width":843,"height":11}},{"id":"e3ccf40c-fca1-4b0f-b382-34232d3c5e23","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":23,"box":{"x":60,"y":452,"width":853,"height":11}},{"id":"b139074a-f485-4101-bbf6-412d5f819940","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":23,"box":{"x":61,"y":467,"width":866,"height":11}},{"id":"f540f67d-2e66-4f75-94d5-7213ce872116","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":23,"box":{"x":60,"y":481,"width":839,"height":12}},{"id":"94076353-8d80-458f-9a02-09e63e3c3bfa","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":23,"box":{"x":61,"y":496,"width":860,"height":12}},{"id":"93838b22-4feb-4b19-89ae-4b17c1db8827","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":23,"box":{"x":61,"y":511,"width":841,"height":11}},{"id":"4067bba1-7551-40ef-abaf-c2c60c249e2c","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":23,"box":{"x":61,"y":526,"width":856,"height":11}},{"id":"55116909-eb40-4b52-8424-14292e7c7bc2","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":23,"box":{"x":61,"y":541,"width":813,"height":11}},{"id":"d14c4e74-346d-41c6-b868-1316e38d7532","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":23,"box":{"x":62,"y":555,"width":415,"height":12}},{"id":"fd714ede-bcc8-4840-b4e6-defc4ef69908","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":23,"box":{"x":61,"y":578,"width":869,"height":11}},{"id":"aaf0d6ca-bf46-4bda-bf06-0fbc608d2e46","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":23,"box":{"x":60,"y":593,"width":495,"height":11}},{"id":"021f5863-93e1-4363-9894-5cf0fca4fa4d","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":23,"box":{"x":61,"y":632,"width":434,"height":13}},{"id":"d94416e5-d2e1-4b01-ae68-63cbaf6ba5ef","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":23,"box":{"x":60,"y":658,"width":846,"height":12}},{"id":"e9518933-b21f-4a09-ad1c-af61b14853ba","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":23,"box":{"x":62,"y":673,"width":857,"height":11}},{"id":"405cfcbb-ac5c-4abc-aaa3-158dd2d14f0d","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":23,"box":{"x":60,"y":688,"width":809,"height":11}},{"id":"1d10ca24-2971-4b2a-ae5c-e564b8b1f912","block_type":"box","text":"(800) 537-4942. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":23,"box":{"x":61,"y":702,"width":847,"height":12}},{"id":"17c4184c-b71a-4748-b17e-3647b1d2f805","block_type":"box","text":"may help you with this decision.","page_number":23,"box":{"x":61,"y":718,"width":232,"height":11}},{"id":"accae2a3-edfd-4764-a0c1-e33198e9a177","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":23,"box":{"x":60,"y":740,"width":867,"height":11}},{"id":"f5a0209b-0750-42ce-acdc-ad93d8a9b230","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":23,"box":{"x":61,"y":755,"width":858,"height":11}},{"id":"975fa266-cfcb-49f3-8358-60de7251271c","block_type":"box","text":"investments (including by way of exchange from another mutual fund sponsored and advised by BlackRock or its","page_number":23,"box":{"x":62,"y":769,"width":822,"height":12}},{"id":"8d1b8205-81b0-4b23-bad5-657b84ee0fae","block_type":"box","text":"affiliates (a “BlackRock Fund”)) into existing accounts, the Fund generally requires that (i) a shareholder that is a","page_number":23,"box":{"x":61,"y":784,"width":829,"height":12}},{"id":"3e9ec9a3-288c-4f05-8d46-6b25e22ff1be","block_type":"box","text":"natural person be a U.S. citizen or resident alien, in each case residing within the United States or a U.S. territory","page_number":23,"box":{"x":61,"y":799,"width":837,"height":12}},{"id":"e6209965-fd30-4d2d-b965-ee46acfe11d2","block_type":"box","text":"(including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification number, and (ii) a Financial","page_number":23,"box":{"x":61,"y":814,"width":803,"height":12}},{"id":"99502ef6-9340-41d6-89bf-949f462da927","block_type":"box","text":"Intermediary or a shareholder that is an entity be domiciled in the United States and have a valid U.S. taxpayer","page_number":23,"box":{"x":62,"y":829,"width":815,"height":11}},{"id":"7976c370-3fe0-4ceb-8464-6b962a4b8a91","block_type":"box","text":"identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer identification number or IRS","page_number":23,"box":{"x":62,"y":844,"width":839,"height":11}},{"id":"6571046e-638b-4725-bf12-68800316db60","block_type":"box","text":"Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be restricted from making","page_number":23,"box":{"x":62,"y":858,"width":819,"height":12}},{"id":"5c2f312a-bb1e-4982-ac46-18df580b66dd","block_type":"box","text":"additional investments.","page_number":23,"box":{"x":61,"y":874,"width":169,"height":8}},{"id":"e3b3d763-cc8c-4550-9083-fc088333e0c5","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"14c176cf-36c4-45c4-9b1a-008d9b319ecf","block_type":"box","text":"NM1026U-5982562-23/40","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2f1dc7d8-4003-40c0-9db0-153b4f490102","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":24,"box":{"x":60,"y":46,"width":861,"height":11}},{"id":"dcadd497-58f5-442a-a787-7d6931dc865c","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":24,"box":{"x":60,"y":60,"width":856,"height":12}},{"id":"4bb3c211-f13f-4f78-9a1e-c127e6cdf524","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":24,"box":{"x":61,"y":75,"width":822,"height":12}},{"id":"b9dc7a2a-9878-42cf-9de1-ac893898c7f4","block_type":"box","text":"described below.","page_number":24,"box":{"x":61,"y":90,"width":121,"height":9}},{"id":"3baced9f-cc7f-4a94-8846-bec366876941","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":24,"box":{"x":62,"y":113,"width":797,"height":11}},{"id":"884973e2-10b7-40e8-ac1d-45191f8ff4c4","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":24,"box":{"x":61,"y":127,"width":487,"height":12}},{"id":"048befae-3efd-43cb-a2fc-ce00a9d2209f","block_type":"box","text":"Persons who were shareholders of an investment portfolio of the Compass Capital Group of Funds in 1996 at the time","page_number":24,"box":{"x":61,"y":150,"width":872,"height":11}},{"id":"9aa7e4dd-698c-47be-afc6-3b7d3c051847","block_type":"box","text":"the portfolio combined with The PNC","page_number":24,"box":{"x":60,"y":165,"width":268,"height":11}},{"id":"31185e2c-ad14-4e77-a640-a25a8144cc23","block_type":"box","text":"®","page_number":24,"box":{"x":329,"y":165,"width":6,"height":5}},{"id":"9323ad0d-c22b-4ba5-942c-17094b80a2f0","block_type":"box","text":"Fund may purchase and redeem Service Shares of the same fund and for the","page_number":24,"box":{"x":342,"y":165,"width":567,"height":11}},{"id":"658be6a5-4ab2-4e00-8c8f-910adef53557","block_type":"box","text":"same account in which they held shares on that date through the procedures described in this section.","page_number":24,"box":{"x":61,"y":180,"width":755,"height":11}},{"id":"ef07d0f7-2a20-47ef-9937-4864f1c80b19","block_type":"box","text":"How to Buy Shares","page_number":24,"box":{"x":61,"y":203,"width":156,"height":12}},{"id":"b3b8b585-f698-4fb8-aa99-d2c048b2c517","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":225,"width":478,"height":9}},{"id":"d9c96cc4-333e-4288-adf7-5a95d2ecbbf5","block_type":"box","text":"Initial Purchase","page_number":24,"box":{"x":61,"y":242,"width":105,"height":8}},{"id":"3ef789a0-a274-4026-a112-aa40a8dd11f9","block_type":"box","text":"Determine the amount of your","page_number":24,"box":{"x":214,"y":242,"width":197,"height":10}},{"id":"9b76e13c-05db-48e1-9571-39a420559a7a","block_type":"box","text":"investment","page_number":24,"box":{"x":214,"y":256,"width":72,"height":8}},{"id":"519d31bd-efc7-4c02-bf0a-13ff0b91473b","block_type":"box","text":"Refer to the minimum initial investment in the “Service Shares at a","page_number":24,"box":{"x":461,"y":242,"width":444,"height":8}},{"id":"eb45c52b-024e-4e7b-9c0b-f2b272c1fa93","block_type":"box","text":"Glance” table in this prospectus (be sure to read this prospectus","page_number":24,"box":{"x":461,"y":256,"width":430,"height":10}},{"id":"4224f7eb-18c7-480c-b4bc-c1ac1e4f04cb","block_type":"box","text":"carefully).","page_number":24,"box":{"x":461,"y":269,"width":62,"height":10}},{"id":"17339d39-27ae-4861-8527-9801d934e840","block_type":"box","text":"Have your Financial Intermediary","page_number":24,"box":{"x":214,"y":287,"width":215,"height":10}},{"id":"82651a70-6df9-412f-9a2e-24cc9070f4d5","block_type":"box","text":"submit your purchase order","page_number":24,"box":{"x":214,"y":301,"width":181,"height":10}},{"id":"848c45ac-6727-440b-960f-19a7b157cf2e","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":24,"box":{"x":460,"y":287,"width":466,"height":10}},{"id":"00d3e26f-7b3a-4401-a510-3f0e47c2c421","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":24,"box":{"x":461,"y":300,"width":463,"height":11}},{"id":"92054974-fa0d-4940-85fe-431784fa5361","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":24,"box":{"x":461,"y":314,"width":443,"height":10}},{"id":"054886e6-44d6-4020-bf41-cdc71eb996c0","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":24,"box":{"x":461,"y":328,"width":445,"height":10}},{"id":"66537c03-d77b-4cdb-8e29-03a6394a822b","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":24,"box":{"x":461,"y":341,"width":435,"height":10}},{"id":"01373d0b-e83e-4da3-97a6-707a2b18cb61","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":24,"box":{"x":461,"y":355,"width":469,"height":10}},{"id":"a2e23c83-cb62-4b72-9c20-9da55b099e9d","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":24,"box":{"x":461,"y":368,"width":429,"height":10}},{"id":"877f22f1-37c5-4657-b377-dfb302ddf6ae","block_type":"box","text":"determined on the next business day. A broker-dealer or financial","page_number":24,"box":{"x":461,"y":382,"width":428,"height":10}},{"id":"d6f25b4c-339f-4cd3-a28b-8c043bdd1424","block_type":"box","text":"institution maintaining the account in which you hold shares may","page_number":24,"box":{"x":461,"y":396,"width":427,"height":10}},{"id":"4d50db0c-3e4e-4da9-8ba4-4e87b8aa6838","block_type":"box","text":"charge a separate account, service or transaction fee on the purchase","page_number":24,"box":{"x":461,"y":409,"width":466,"height":10}},{"id":"1831e6ba-ba9a-4751-8f69-740f7911d73c","block_type":"box","text":"or sale of Fund shares that would be in addition to the fees and","page_number":24,"box":{"x":461,"y":422,"width":420,"height":9}},{"id":"457bbf5c-a3df-45d4-9c29-cc00224f857a","block_type":"box","text":"expenses shown in the Fund’s “Fees and Expenses” table.","page_number":24,"box":{"x":461,"y":436,"width":387,"height":10}},{"id":"23dd2070-3938-44ab-b70f-1fddf4609869","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":24,"box":{"x":460,"y":452,"width":473,"height":10}},{"id":"7b1c9d54-3887-4235-94d4-96816fadbe01","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":24,"box":{"x":461,"y":466,"width":453,"height":10}},{"id":"1cf8b810-5c1d-49d8-890d-e4e34683d41f","block_type":"box","text":"processing fee to confirm a purchase.","page_number":24,"box":{"x":461,"y":479,"width":249,"height":10}},{"id":"e8528e76-afd5-47fe-8a9a-23624f73d360","block_type":"box","text":"Add to Your","page_number":24,"box":{"x":60,"y":497,"width":78,"height":8}},{"id":"a1d6996f-1f2e-4958-a1c5-36ae47998c7d","block_type":"box","text":"Investment","page_number":24,"box":{"x":61,"y":509,"width":75,"height":8}},{"id":"120cae87-bdfc-4a9d-aa4d-ba67d73b9286","block_type":"box","text":"Purchase additional shares There is no minimum amount for additional investments.","page_number":24,"box":{"x":214,"y":497,"width":619,"height":8}},{"id":"f2df4548-9308-4e0e-82d5-9ac9b84d4962","block_type":"box","text":"Have your Financial Intermediary","page_number":24,"box":{"x":214,"y":527,"width":215,"height":10}},{"id":"63148294-93c1-45e9-ba45-7b734e3d1ed2","block_type":"box","text":"submit your purchase order for","page_number":24,"box":{"x":214,"y":540,"width":203,"height":11}},{"id":"f1511852-5026-40e4-94a2-ebffb520f3b1","block_type":"box","text":"additional shares","page_number":24,"box":{"x":214,"y":554,"width":113,"height":8}},{"id":"643e8396-fd50-407c-8b31-14a055e784ff","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":24,"box":{"x":460,"y":527,"width":405,"height":10}},{"id":"787eefed-f86e-46d5-84a1-cdb321283f86","block_type":"box","text":"Intermediary.","page_number":24,"box":{"x":461,"y":541,"width":85,"height":10}},{"id":"3ea5c1c6-1cae-4396-8d63-d8774272aa2f","block_type":"box","text":"Or contact BlackRock (for","page_number":24,"box":{"x":214,"y":572,"width":167,"height":10}},{"id":"ca8b76b2-2d7b-4528-b856-760c39ff5649","block_type":"box","text":"accounts held directly with","page_number":24,"box":{"x":214,"y":586,"width":173,"height":10}},{"id":"4f59f37e-6083-4b05-9f46-ea8c4b3f7e01","block_type":"box","text":"BlackRock)","page_number":24,"box":{"x":214,"y":599,"width":71,"height":10}},{"id":"4218088f-4c58-4d86-ad70-c65087b0aca4","block_type":"box","text":"Purchase by Telephone:","page_number":24,"box":{"x":461,"y":572,"width":158,"height":10}},{"id":"932e08d8-54bf-4efc-9690-3202f96196d1","block_type":"box","text":"Call (800) 537-4942 and speak with one of","page_number":24,"box":{"x":625,"y":572,"width":288,"height":10}},{"id":"faa9ac2f-ac9d-4dcf-ad85-c68e81239cba","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":24,"box":{"x":461,"y":586,"width":440,"height":10}},{"id":"8740b43a-f588-4305-84d7-d0cf11d9b3f1","block_type":"box","text":"request for any reason.","page_number":24,"box":{"x":461,"y":599,"width":152,"height":10}},{"id":"7dd19a88-6eb2-4d76-ad4a-49eabba12e52","block_type":"box","text":"Purchase by Internet:","page_number":24,"box":{"x":461,"y":615,"width":144,"height":10}},{"id":"3b2d7726-6d9c-4d0d-8211-8b438ebd813c","block_type":"box","text":"You may purchase your shares, and view activity","page_number":24,"box":{"x":611,"y":615,"width":318,"height":10}},{"id":"2ba0d0e7-511a-4b5f-ba8e-2e1c7877f954","block_type":"box","text":"in your account, by logging onto the BlackRock website at","page_number":24,"box":{"x":461,"y":629,"width":379,"height":10}},{"id":"3b15f4ec-dd78-49cd-993b-183e164d6592","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":24,"box":{"x":460,"y":642,"width":416,"height":11}},{"id":"8c4881e4-bc78-4d3c-8d3e-7f33279b1cd6","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":24,"box":{"x":460,"y":656,"width":450,"height":10}},{"id":"c77d26b7-009b-479c-8dda-2f9482d39364","block_type":"box","text":"day after the purchase is made. Certain institutional clients’ purchase","page_number":24,"box":{"x":461,"y":669,"width":463,"height":11}},{"id":"285db91c-980a-452d-a7be-b1db86c9c167","block_type":"box","text":"orders placed by wire prior to the close of business on the NYSE will be","page_number":24,"box":{"x":461,"y":683,"width":471,"height":10}},{"id":"00800636-b1ec-4f58-af82-3986abcfb328","block_type":"box","text":"priced at the net asset value determined that day. Contact your","page_number":24,"box":{"x":461,"y":696,"width":417,"height":11}},{"id":"79486d0c-e568-4770-b50d-96d2da658c2d","block_type":"box","text":"Financial Intermediary or BlackRock for further information. Limits on","page_number":24,"box":{"x":461,"y":710,"width":456,"height":10}},{"id":"0e4f7c1d-3047-4d85-965b-36c60663d894","block_type":"box","text":"amounts that may be purchased via Internet may vary. For additional","page_number":24,"box":{"x":461,"y":724,"width":452,"height":10}},{"id":"9b81b30d-94cc-4733-877d-8746f1df109e","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":24,"box":{"x":461,"y":737,"width":307,"height":10}},{"id":"12ae5183-1f77-4817-8fb1-21024387e96a","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":24,"box":{"x":461,"y":753,"width":430,"height":8}},{"id":"de9703e2-1942-4f4a-8e58-82a04b7938ae","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":24,"box":{"x":460,"y":767,"width":417,"height":10}},{"id":"167e8c1f-f833-4de4-a061-23fc69e5b2b6","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":24,"box":{"x":461,"y":780,"width":448,"height":11}},{"id":"c54b150e-6b14-43ff-b7ef-6957c4c406d0","block_type":"box","text":"before attempting to transact online.","page_number":24,"box":{"x":461,"y":794,"width":240,"height":10}},{"id":"436ada97-7d4b-44e4-bedf-e3f563e45abb","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":24,"box":{"x":460,"y":810,"width":464,"height":10}},{"id":"fb03d9de-afb3-4136-80fd-fee9d84a41aa","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":24,"box":{"x":461,"y":824,"width":419,"height":10}},{"id":"349280d1-ba84-49d6-9950-dd515c3d9f92","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":24,"box":{"x":460,"y":837,"width":431,"height":10}},{"id":"d3f41070-f419-4725-b98c-d135a3959de2","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":24,"box":{"x":460,"y":850,"width":453,"height":11}},{"id":"cb50e9cd-67ea-429b-b71c-856196f5a983","block_type":"box","text":"the Fund or any of its affiliates, incurred through fraudulent activity.","page_number":24,"box":{"x":460,"y":864,"width":444,"height":10}},{"id":"0cb1716b-a117-43b1-9e9e-f1b46ba7edcf","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a41f63e1-a155-4e70-bee3-e4cb67c80b09","block_type":"box","text":"NM1026U-5982562-24/40","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"31f5ad86-254e-4922-8461-c99f090b7b80","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"76b80662-6856-41c3-8b17-6f7598891a8c","block_type":"box","text":"Add to Your","page_number":25,"box":{"x":60,"y":67,"width":78,"height":8}},{"id":"37b0f756-2de8-4957-816e-56bfebb958df","block_type":"box","text":"Investment","page_number":25,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"25e2790f-ae2e-440a-aab6-25fc2a278d43","block_type":"box","text":"(continued)","page_number":25,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"aeb512c5-543c-4d8e-b2f5-f6e4bf7e0ec6","block_type":"box","text":"Acquire additional shares by","page_number":25,"box":{"x":213,"y":67,"width":187,"height":10}},{"id":"50f5db93-c2a9-4563-a945-5b06ad92a9ac","block_type":"box","text":"reinvesting dividends and capital","page_number":25,"box":{"x":214,"y":81,"width":214,"height":10}},{"id":"3981a189-2cd5-4b36-9a78-422f120aff7f","block_type":"box","text":"gains","page_number":25,"box":{"x":213,"y":94,"width":35,"height":11}},{"id":"a71fe3f3-6b37-4efb-86a9-f67f3e0d217d","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":25,"box":{"x":460,"y":67,"width":405,"height":11}},{"id":"0324b84c-de18-4229-9e83-9cc96b1e1093","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":25,"box":{"x":461,"y":81,"width":429,"height":10}},{"id":"83069e69-25aa-4505-be26-cd48e1decf65","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":25,"box":{"x":461,"y":94,"width":445,"height":11}},{"id":"717cd4a3-75ff-4663-8a80-a57aeadd116a","block_type":"box","text":"please call (800) 537-4942 or contact your Financial Intermediary (if","page_number":25,"box":{"x":461,"y":108,"width":454,"height":10}},{"id":"860d7235-47ed-4458-9554-7b00e0d83a7e","block_type":"box","text":"your account is not held directly with BlackRock).","page_number":25,"box":{"x":460,"y":122,"width":322,"height":10}},{"id":"9e2b40bf-a365-43d5-9e32-37726fb56266","block_type":"box","text":"How to Pay for","page_number":25,"box":{"x":61,"y":139,"width":99,"height":11}},{"id":"50c25c3e-61a0-443c-bc81-51d9c27ec878","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":151,"width":46,"height":8}},{"id":"13280d76-8360-40b4-83c1-f07fffaf9541","block_type":"box","text":"Making payment for purchases Payment for Service Shares must normally be made in Federal funds","page_number":25,"box":{"x":214,"y":139,"width":700,"height":11}},{"id":"9f89070b-fc44-41ab-9535-61fe5fd24eae","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":25,"box":{"x":461,"y":153,"width":433,"height":10}},{"id":"04deb0ef-30cd-47e1-bb80-15a51f5c8fa3","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":25,"box":{"x":461,"y":167,"width":446,"height":10}},{"id":"0dea6cea-552b-4d7b-a310-f87c530a141a","block_type":"box","text":"time) on the first business day following BlackRock’s receipt of the","page_number":25,"box":{"x":460,"y":180,"width":441,"height":10}},{"id":"a3a3d823-d890-41cc-908d-561542133cc4","block_type":"box","text":"order.","page_number":25,"box":{"x":461,"y":194,"width":36,"height":8}},{"id":"106479d7-8ec0-48ac-91e4-ff71d12e1d30","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":25,"box":{"x":461,"y":210,"width":459,"height":10}},{"id":"1e50c2ba-7129-46fd-86c1-720e6a80be8b","block_type":"box","text":"of securities that are permissible investments for the Fund. If payment","page_number":25,"box":{"x":461,"y":223,"width":466,"height":10}},{"id":"3c41e569-931f-4059-8672-7b1ea78aae73","block_type":"box","text":"is not received by this time, the order will be canceled and you and your","page_number":25,"box":{"x":461,"y":237,"width":474,"height":10}},{"id":"87821f66-e930-4663-a607-3dbc81912443","block_type":"box","text":"Financial Intermediary will be responsible for any loss to the Fund.","page_number":25,"box":{"x":461,"y":250,"width":437,"height":11}},{"id":"5509ef4c-7954-4fcc-9f79-2b6cf49f381f","block_type":"box","text":"How to Sell Shares","page_number":25,"box":{"x":61,"y":275,"width":156,"height":10}},{"id":"d451d495-e463-408e-8586-fff9aeb43858","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":297,"width":478,"height":9}},{"id":"94db6e08-3988-44e9-97cb-49d51d4fd847","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":314,"width":90,"height":8}},{"id":"7679baee-9c9d-44d1-9e2b-c8f5b65668a0","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":326,"width":98,"height":10}},{"id":"8dfc133f-4cf1-4ef9-8dd4-27006c3bfc25","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":337,"width":46,"height":9}},{"id":"210f53c1-7a5e-4648-bfbe-9ca62b2ea09b","block_type":"box","text":"Have your Financial Intermediary","page_number":25,"box":{"x":214,"y":314,"width":215,"height":10}},{"id":"4e3671e7-3446-48b0-8f87-3ad6fa6e50c4","block_type":"box","text":"submit your sales order","page_number":25,"box":{"x":214,"y":328,"width":155,"height":10}},{"id":"e4a80f38-1127-4217-ab39-0906ef285e23","block_type":"box","text":"You can make redemption requests through your Financial Intermediary","page_number":25,"box":{"x":460,"y":314,"width":472,"height":10}},{"id":"2bb711ad-e838-42d2-860e-5de84bb6738e","block_type":"box","text":"in accordance with the procedures applicable to your accounts. These","page_number":25,"box":{"x":461,"y":328,"width":461,"height":10}},{"id":"94168b88-fd6d-4f8b-9557-776c8bb4bfb8","block_type":"box","text":"procedures may vary according to the type of account and the Financial","page_number":25,"box":{"x":461,"y":341,"width":470,"height":11}},{"id":"80e9001f-ddae-4cf6-84ed-dc8bad3ca636","block_type":"box","text":"Intermediary involved and customers should consult their Financial","page_number":25,"box":{"x":461,"y":355,"width":440,"height":10}},{"id":"f4e7880e-d0c6-4480-bb58-a93ed6cf107e","block_type":"box","text":"Intermediary in this regard.","page_number":25,"box":{"x":461,"y":368,"width":178,"height":11}},{"id":"b0f563f9-a57d-402a-a2f8-54c9c034ea57","block_type":"box","text":"Financial Intermediaries are responsible for transmitting redemption","page_number":25,"box":{"x":461,"y":384,"width":448,"height":11}},{"id":"8f71d423-56a1-4de6-83e1-b33236a30370","block_type":"box","text":"orders and crediting their customers’ accounts with redemption","page_number":25,"box":{"x":461,"y":398,"width":418,"height":10}},{"id":"326137fe-77db-4668-96f8-12d7dea5d3fb","block_type":"box","text":"proceeds on a timely basis. Information relating to such redemption","page_number":25,"box":{"x":461,"y":411,"width":447,"height":11}},{"id":"62de6513-bff7-4f78-9a79-e9ba7adc21d8","block_type":"box","text":"services and charges to process a redemption of shares, if any, should","page_number":25,"box":{"x":461,"y":425,"width":470,"height":10}},{"id":"49d81f2f-1afe-4a63-8b3a-0deba77bb28e","block_type":"box","text":"be obtained by customers from their Financial Intermediaries.","page_number":25,"box":{"x":461,"y":438,"width":405,"height":11}},{"id":"8aefffa2-57e3-4aea-9e3e-c4486258df21","block_type":"box","text":"Financial Intermediaries may place redemption orders by telephoning","page_number":25,"box":{"x":461,"y":455,"width":455,"height":10}},{"id":"683500a6-ca5c-4d40-bb2d-710cbe283733","block_type":"box","text":"(800) 537-4942. The price of your shares is based on the next","page_number":25,"box":{"x":461,"y":468,"width":415,"height":10}},{"id":"d43d58a3-f737-4c12-9cc7-1f51f09988a2","block_type":"box","text":"calculation of the Fund’s net asset value after your order is placed. For","page_number":25,"box":{"x":461,"y":482,"width":468,"height":10}},{"id":"55828adb-a932-424a-8f91-8f4e25259640","block_type":"box","text":"your redemption request to be priced at the net asset value on the day","page_number":25,"box":{"x":460,"y":495,"width":469,"height":10}},{"id":"681d6d9c-c2b4-4be0-bf5f-3154aad23690","block_type":"box","text":"of your request, you must submit your request to your Financial","page_number":25,"box":{"x":461,"y":509,"width":416,"height":10}},{"id":"dec7ff02-23d7-425c-ab9b-0d4ad9564459","block_type":"box","text":"Intermediary prior to that day’s close of business on the NYSE","page_number":25,"box":{"x":461,"y":522,"width":413,"height":11}},{"id":"050d594c-3876-4bde-ba7c-7a6ba6c60ea4","block_type":"box","text":"(generally 4:00 p.m. Eastern time). Certain Financial Intermediaries,","page_number":25,"box":{"x":461,"y":536,"width":449,"height":10}},{"id":"a92236a7-efda-4ff0-97e2-0e844864c1a5","block_type":"box","text":"however, may require submission of orders prior to that time. Any","page_number":25,"box":{"x":461,"y":549,"width":432,"height":11}},{"id":"47e33993-5178-4d83-aedd-ecce1a0e16fc","block_type":"box","text":"redemption request placed after that time will be priced at the net","page_number":25,"box":{"x":461,"y":563,"width":436,"height":10}},{"id":"7b6ee940-d437-4d15-a50d-0bccf8e76b1a","block_type":"box","text":"asset value at the close of business on the next business day.","page_number":25,"box":{"x":461,"y":576,"width":412,"height":11}},{"id":"2bbe32a6-b1ce-4f73-b8cf-1f6613b83800","block_type":"box","text":"Shareholders who hold more than one class should indicate which","page_number":25,"box":{"x":461,"y":593,"width":437,"height":8}},{"id":"6751225b-21c4-4a3d-9e9f-8f74f36629e2","block_type":"box","text":"class of shares they are redeeming.","page_number":25,"box":{"x":461,"y":606,"width":236,"height":10}},{"id":"5bfe3aac-388f-47e2-9a90-0dc8027f04a2","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":25,"box":{"x":461,"y":622,"width":437,"height":11}},{"id":"d415d90a-b731-43ca-993d-1323b918300c","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":25,"box":{"x":461,"y":636,"width":421,"height":10}},{"id":"ce5fa938-56d7-4e79-bee4-0796bc7a447c","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":25,"box":{"x":460,"y":649,"width":465,"height":11}},{"id":"4676cd46-02f3-44c5-b9e4-701d8ec569a5","block_type":"box","text":"but in any event, within seven days.","page_number":25,"box":{"x":461,"y":663,"width":233,"height":10}},{"id":"64f32fc4-15b3-43d1-bdc2-51819c968f70","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":25,"box":{"x":461,"y":679,"width":415,"height":10}},{"id":"8d0bfa46-4659-4f82-a77a-f9dc8f3a63d8","block_type":"box","text":"redemption of shares.","page_number":25,"box":{"x":461,"y":692,"width":144,"height":11}},{"id":"3d9c0360-0630-46fb-84a6-bb4621e42ff0","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":25,"box":{"x":460,"y":709,"width":380,"height":10}},{"id":"2ab31bb4-8c2d-4a8f-8e4e-a412072a6dd2","block_type":"box","text":"circumstances.","page_number":25,"box":{"x":461,"y":722,"width":98,"height":8}},{"id":"f46b39f4-d844-4979-a1c1-ba3f7b9950ae","block_type":"box","text":"Selling shares held directly with","page_number":25,"box":{"x":214,"y":740,"width":207,"height":11}},{"id":"57c8c4ee-9cce-4357-9466-2f981d6bc750","block_type":"box","text":"BlackRock","page_number":25,"box":{"x":214,"y":754,"width":67,"height":8}},{"id":"893fea54-2e74-4490-86cb-56431e3c7025","block_type":"box","text":"Methods of Redeeming:","page_number":25,"box":{"x":461,"y":740,"width":159,"height":10}},{"id":"03233b5d-3e5f-4ff2-bd37-0a89739080cd","block_type":"box","text":"Redeem by Telephone:","page_number":25,"box":{"x":461,"y":756,"width":150,"height":10}},{"id":"5b8ef2d1-f499-488e-8f83-20d3b8c7fe29","block_type":"box","text":"Institutions may place redemption orders by","page_number":25,"box":{"x":618,"y":756,"width":290,"height":11}},{"id":"e50b2e71-76d2-42ad-9992-977f1365c2bc","block_type":"box","text":"telephoning (800) 537-4942. The Fund, its administrators and the","page_number":25,"box":{"x":460,"y":770,"width":438,"height":10}},{"id":"bd62ea53-41fe-410f-9d95-5a17e847e40e","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that","page_number":25,"box":{"x":461,"y":783,"width":404,"height":11}},{"id":"f3a5722c-65c7-48f1-a0e7-3fe7dbd753a7","block_type":"box","text":"instructions communicated by telephone are genuine. The Fund and its","page_number":25,"box":{"x":461,"y":797,"width":468,"height":10}},{"id":"1840527b-a731-4208-90f9-1a0eaf92040a","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense","page_number":25,"box":{"x":461,"y":810,"width":473,"height":11}},{"id":"9757d239-3be2-4d43-8f6f-de559740b999","block_type":"box","text":"for acting upon telephone instructions that are reasonably believed to","page_number":25,"box":{"x":460,"y":824,"width":461,"height":10}},{"id":"bdd0153d-0f24-4415-855f-53d7c52d57b7","block_type":"box","text":"be genuine in accordance with such procedures. The Fund may refuse a","page_number":25,"box":{"x":461,"y":837,"width":474,"height":11}},{"id":"0300a67c-072b-4393-b823-309038040040","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so.","page_number":25,"box":{"x":460,"y":851,"width":443,"height":10}},{"id":"ea240aeb-df6a-4467-ac9d-4e3baed2a14b","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":25,"box":{"x":461,"y":865,"width":452,"height":10}},{"id":"848672c6-60c5-49c9-972b-3077044a893d","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":25,"box":{"x":461,"y":878,"width":427,"height":10}},{"id":"71fac751-bba2-40ca-8c37-83a7557d5266","block_type":"box","text":"redemption methods below.","page_number":25,"box":{"x":461,"y":892,"width":181,"height":10}},{"id":"775b4154-9637-49fa-a545-f5c53cc1e735","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"e9b3be0c-12f5-4a76-8da5-e3ab091bc88d","block_type":"box","text":"NM1026U-5982562-25/40","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"37733dbb-25b9-4bd3-92c8-333137306ed8","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6198d2f5-77d3-43fa-81c0-7654236a80b4","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"f82ab624-d9ed-4f6e-b8e8-d1d604924a63","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"ff7654a2-cb49-4623-8afe-86b8ada2177b","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"7a3d2d71-8fd6-4f2d-a4f2-caadb3921a94","block_type":"box","text":"Selling shares held directly with","page_number":26,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"020c76c8-a932-458f-9604-1afac6722b15","block_type":"box","text":"BlackRock (continued)","page_number":26,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"9b4ce4fa-dd63-4f63-b843-b23c0e22720b","block_type":"box","text":"Redeem by Internet:","page_number":26,"box":{"x":461,"y":70,"width":136,"height":10}},{"id":"6554eb8f-174c-429a-987d-fb6de0f4efb3","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":26,"box":{"x":603,"y":70,"width":321,"height":10}},{"id":"596dd4f0-c4e8-448d-bba4-4248669e6280","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":26,"box":{"x":460,"y":83,"width":461,"height":9}},{"id":"6a57d3ea-ed76-4395-909d-d1cb8a223775","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":26,"box":{"x":461,"y":97,"width":419,"height":10}},{"id":"eb703f2a-e28c-490a-9750-a51d8c788466","block_type":"box","text":"Redeem in Writing:","page_number":26,"box":{"x":461,"y":113,"width":127,"height":10}},{"id":"d160f94a-5b95-4937-9828-051f5cbdf623","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":26,"box":{"x":595,"y":113,"width":324,"height":10}},{"id":"71963ca2-b15e-499c-9c32-10810169cc11","block_type":"box","text":"to BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":26,"box":{"x":460,"y":127,"width":477,"height":10}},{"id":"99a06d7d-7978-4093-9c73-71fc5a053eb3","block_type":"box","text":"4429. Under certain circumstances, a medallion signature guarantee","page_number":26,"box":{"x":461,"y":140,"width":457,"height":10}},{"id":"1c3f4a04-3623-48e4-a3f7-962b86a23799","block_type":"box","text":"will be required.","page_number":26,"box":{"x":460,"y":154,"width":104,"height":10}},{"id":"5bc1ee6b-bec9-4db5-ac61-927e30c5ed93","block_type":"box","text":"Payment of Redemption Proceeds","page_number":26,"box":{"x":461,"y":170,"width":228,"height":10}},{"id":"a2994aef-3e32-4db8-91a8-d67d93504edb","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":26,"box":{"x":461,"y":186,"width":467,"height":10}},{"id":"4c5764e9-5bbe-48f6-80e0-b85260e2f327","block_type":"box","text":"banking information on file, by wire transfer.","page_number":26,"box":{"x":461,"y":199,"width":289,"height":11}},{"id":"410bc598-3882-4521-a26a-9eded44ba90b","block_type":"box","text":"Payment by Check:","page_number":26,"box":{"x":461,"y":216,"width":129,"height":10}},{"id":"abab05f0-d1b9-4446-af8a-839da118c1a2","block_type":"box","text":"BlackRock will normally mail redemption proceeds within one business","page_number":26,"box":{"x":461,"y":229,"width":466,"height":10}},{"id":"a2f89929-13a5-4a5d-b7a8-6bcd1263bb0a","block_type":"box","text":"day following receipt of a properly completed request, but in any event","page_number":26,"box":{"x":461,"y":242,"width":463,"height":11}},{"id":"9dca54dc-3f2b-487d-b593-4caed5a5376d","block_type":"box","text":"within seven days. Shares can be redeemed by telephone and the","page_number":26,"box":{"x":460,"y":256,"width":436,"height":10}},{"id":"9b378701-c354-44b6-9b25-fd284ce2e309","block_type":"box","text":"proceeds sent by check to the shareholder at the address on record.","page_number":26,"box":{"x":461,"y":270,"width":453,"height":10}},{"id":"843b7d1c-bc2b-4b52-a715-ea33e5e7b6e2","block_type":"box","text":"Shareholders will pay $15 for redemption proceeds sent by check via","page_number":26,"box":{"x":461,"y":283,"width":456,"height":10}},{"id":"64130312-63c0-4fd5-980f-0a5d8c9ddbe3","block_type":"box","text":"overnight mail. You are responsible for any additional charges imposed","page_number":26,"box":{"x":461,"y":297,"width":467,"height":10}},{"id":"acc5ecf2-f646-40b4-9a2b-da7ae2ca7a30","block_type":"box","text":"by your bank for this service.","page_number":26,"box":{"x":461,"y":310,"width":189,"height":10}},{"id":"2c828766-c11e-46ea-8769-63d171afb982","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":26,"box":{"x":460,"y":327,"width":438,"height":10}},{"id":"e3a4b797-14e6-4451-9902-72c8e2b992bd","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":26,"box":{"x":461,"y":340,"width":429,"height":10}},{"id":"f63630ee-9d99-4cd1-a0d5-d54dd9b4a4dc","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":26,"box":{"x":461,"y":354,"width":403,"height":10}},{"id":"6fe4aca8-0d8d-42fc-a012-1ded46891c55","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":26,"box":{"x":461,"y":367,"width":467,"height":8}},{"id":"24ff8e34-b3e8-4a11-97df-d457e802913b","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":26,"box":{"x":460,"y":381,"width":456,"height":10}},{"id":"198b3b16-b3a5-429f-8b38-f8edfa82f00a","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":26,"box":{"x":460,"y":394,"width":402,"height":10}},{"id":"5e00933c-6a2a-4dd9-805b-533886afd4f8","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":26,"box":{"x":461,"y":408,"width":430,"height":10}},{"id":"53dcebd5-2369-4001-b82a-aabf4813b9fa","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":26,"box":{"x":461,"y":421,"width":465,"height":10}},{"id":"2aef8719-538d-4c3e-b2bf-0875cfd8723d","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":26,"box":{"x":461,"y":435,"width":473,"height":8}},{"id":"1d21c790-849e-4c1e-9cf9-ffd11dfda7a8","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":26,"box":{"x":461,"y":448,"width":456,"height":10}},{"id":"417a674d-3ae7-4540-b779-04ff207754ea","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":26,"box":{"x":461,"y":462,"width":461,"height":10}},{"id":"7ac6986f-5e22-4b7f-8af3-358b96f0fa13","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":26,"box":{"x":460,"y":475,"width":469,"height":11}},{"id":"955a96bf-9ae4-473d-a802-b3f2376f73fc","block_type":"box","text":"as of the date of payment of the distribution.","page_number":26,"box":{"x":461,"y":489,"width":295,"height":10}},{"id":"e03b5700-2bca-4a7c-b7b9-9d84bdbcb419","block_type":"box","text":"Payment by Wire Transfer:","page_number":26,"box":{"x":461,"y":505,"width":177,"height":10}},{"id":"a116c6bc-5a58-4369-8fe3-f2d6bca1f1f9","block_type":"box","text":"Payment for redeemed shares for which a","page_number":26,"box":{"x":644,"y":505,"width":275,"height":10}},{"id":"e9d09ce9-be8f-42bd-a279-0bff3ae46d35","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":26,"box":{"x":461,"y":518,"width":437,"height":11}},{"id":"b1b497bf-0305-4dce-a0c0-c0132c0cd186","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":26,"box":{"x":461,"y":532,"width":471,"height":10}},{"id":"7ff9b600-3d76-4f42-926b-e69fd2b69f6e","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":26,"box":{"x":461,"y":546,"width":417,"height":10}},{"id":"52784d42-b7dc-4bd2-9c51-6759d8d8d2de","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":26,"box":{"x":461,"y":559,"width":449,"height":10}},{"id":"9538e259-8fa3-4859-92e6-790d885b333f","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":26,"box":{"x":461,"y":573,"width":449,"height":10}},{"id":"e047c708-502c-4bcf-a6c7-b43b8d0f4f66","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":26,"box":{"x":461,"y":586,"width":433,"height":10}},{"id":"d986c68c-9fa0-4113-9ce0-9216e425aa20","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":26,"box":{"x":461,"y":600,"width":449,"height":10}},{"id":"1be26670-d506-4911-a3da-49f9b7d84197","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":26,"box":{"x":461,"y":613,"width":437,"height":11}},{"id":"a0328b20-3395-49f9-8976-d0bac3a97083","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":26,"box":{"x":461,"y":627,"width":469,"height":10}},{"id":"b5ef6006-317d-4cf9-bcb0-32bd320d36c1","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":26,"box":{"x":459,"y":640,"width":448,"height":11}},{"id":"c5a1cc38-bdf2-4c24-8e56-3937e4b30a7f","block_type":"box","text":"Fund.","page_number":26,"box":{"x":461,"y":654,"width":34,"height":8}},{"id":"fc96d8ce-3c1f-473b-b822-ffd351daeb11","block_type":"box","text":"Shares can be redeemed by Federal wire transfer to a single previously","page_number":26,"box":{"x":461,"y":670,"width":469,"height":10}},{"id":"fc7358c6-473b-48f9-a097-4e175d6e2ef0","block_type":"box","text":"designated bank account. No charge for wiring redemption payments","page_number":26,"box":{"x":461,"y":683,"width":453,"height":11}},{"id":"c8de7866-6f4c-47c2-83e1-5f52654985ae","block_type":"box","text":"with respect to Service Shares is imposed by the Fund, although","page_number":26,"box":{"x":460,"y":697,"width":427,"height":10}},{"id":"ea6f94be-0c82-42e1-af04-40cd85dd84cd","block_type":"box","text":"Financial Intermediaries may charge their customers for redemption","page_number":26,"box":{"x":461,"y":710,"width":446,"height":11}},{"id":"74e339a2-8f61-43e7-b120-f4ef39a53648","block_type":"box","text":"services. Information relating to such redemption services and","page_number":26,"box":{"x":461,"y":724,"width":414,"height":10}},{"id":"c4d0b1bd-4c3a-4982-bb52-ffb09f4c257b","block_type":"box","text":"charges, if any, should be obtained by customers from their Financial","page_number":26,"box":{"x":461,"y":738,"width":454,"height":10}},{"id":"b1f6d769-26e0-4e07-bb15-9c421391ccbc","block_type":"box","text":"Intermediaries. You are responsible for any additional charges imposed","page_number":26,"box":{"x":461,"y":751,"width":470,"height":10}},{"id":"92846e2c-7c3c-441c-90a9-6356ceb5ef44","block_type":"box","text":"by your bank for wire transfers.","page_number":26,"box":{"x":461,"y":765,"width":203,"height":10}},{"id":"ff20d353-f9c1-4d29-9bf0-cc2fb8daf318","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":26,"box":{"x":460,"y":781,"width":425,"height":10}},{"id":"6d10c53f-8043-40e6-8173-a4456909636e","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":26,"box":{"x":461,"y":794,"width":455,"height":11}},{"id":"1e305912-cb55-432c-9e9f-314c1e22aad4","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":26,"box":{"x":461,"y":808,"width":476,"height":10}},{"id":"84b6670f-1f1a-46ef-8aaa-a52b6559d831","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":26,"box":{"x":461,"y":822,"width":455,"height":10}},{"id":"8eabf162-f0ba-4998-b66e-58cdbe1eea0c","block_type":"box","text":"the back cover of this prospectus.","page_number":26,"box":{"x":460,"y":835,"width":224,"height":10}},{"id":"d55e91dd-1220-45d4-ada7-5f9a4699abe8","block_type":"box","text":"***","page_number":26,"box":{"x":686,"y":851,"width":25,"height":5}},{"id":"31948cf8-5a73-4f8e-8e9c-3b0ef5afebc1","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":26,"box":{"x":461,"y":865,"width":423,"height":10}},{"id":"3b12e8e1-4c18-4125-ad27-09a6dca146f5","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":26,"box":{"x":461,"y":878,"width":456,"height":10}},{"id":"1b8c27bd-9af4-4c99-9d97-861b961ab3ab","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":26,"box":{"x":461,"y":892,"width":352,"height":10}},{"id":"ce5caac2-2908-41db-b756-6e29e066ee58","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3fb647b6-ff62-4d60-8e8c-b541208b29fc","block_type":"box","text":"NM1026U-5982562-26/40","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c57f1dc6-5a84-423f-8062-df2d959abca6","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6bd55e1d-34ab-493e-a13d-44912ef32b77","block_type":"box","text":"Redemption","page_number":27,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"920d3b09-7b12-414d-9b2a-67a42c018ac8","block_type":"box","text":"Proceeds","page_number":27,"box":{"x":61,"y":79,"width":62,"height":8}},{"id":"d5e8f779-5b85-40dc-99a6-5a036c952bfb","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":27,"box":{"x":461,"y":67,"width":445,"height":10}},{"id":"15ec27b1-3ca9-44c9-99c8-0d304ec14dfa","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":27,"box":{"x":461,"y":81,"width":467,"height":10}},{"id":"7a82c69b-e9cc-4073-ba9b-154469f114fa","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":27,"box":{"x":461,"y":94,"width":455,"height":11}},{"id":"b37cac28-97db-4bf7-a967-716fa604433c","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":27,"box":{"x":461,"y":108,"width":450,"height":10}},{"id":"d0179474-66f7-4744-9a41-1e058e2c004a","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":27,"box":{"x":461,"y":121,"width":452,"height":11}},{"id":"bb9a6984-59a7-45a7-a1ee-488d56f55452","block_type":"box","text":"limit cash redemptions and may determine to pay redemption","page_number":27,"box":{"x":461,"y":135,"width":406,"height":10}},{"id":"e8bc168f-0593-4d6b-b1fa-3ffd2ce6ecee","block_type":"box","text":"proceeds by (i) borrowing under a line of credit it has entered into with","page_number":27,"box":{"x":461,"y":148,"width":463,"height":11}},{"id":"2d4a841c-0b6b-4455-9a07-ec9e41889d67","block_type":"box","text":"a group of lenders and/or (ii) transferring portfolio securities in-kind to","page_number":27,"box":{"x":461,"y":162,"width":464,"height":10}},{"id":"2dceb9e3-8117-4f35-951e-c99d9a0749c9","block_type":"box","text":"you. The SAI includes more information about the Fund’s line of credit.","page_number":27,"box":{"x":460,"y":175,"width":466,"height":11}},{"id":"b3ff7927-a03e-4a5e-8829-ac3eeec13377","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":27,"box":{"x":461,"y":192,"width":408,"height":10}},{"id":"d1c624d6-f14d-447e-b9da-a02f3851f4a2","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":27,"box":{"x":461,"y":205,"width":457,"height":10}},{"id":"bc4adcd9-526f-4804-b8e5-ace75bc5e599","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":27,"box":{"x":460,"y":219,"width":440,"height":10}},{"id":"1ba66f7a-84c7-4686-8f8b-32df6603eac3","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":27,"box":{"x":460,"y":232,"width":340,"height":10}},{"id":"f8192b4c-fe44-490f-b8da-73402c49cdec","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":27,"box":{"x":61,"y":257,"width":415,"height":12}},{"id":"f290f4fb-f4aa-4f77-97c9-fc7cb169dc43","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":279,"width":478,"height":9}},{"id":"8d1af801-81ff-40ac-9509-246e0fa54099","block_type":"box","text":"Exchange Privilege","page_number":27,"box":{"x":61,"y":296,"width":128,"height":10}},{"id":"37992b37-d72d-482a-8df7-406243a1cd0c","block_type":"box","text":"Selling shares of one BlackRock","page_number":27,"box":{"x":214,"y":296,"width":212,"height":10}},{"id":"dbacc0e4-a6ea-4df7-b701-d42bdb085b01","block_type":"box","text":"Fund to purchase shares of","page_number":27,"box":{"x":214,"y":310,"width":181,"height":10}},{"id":"779608b6-0bf4-4575-8d4d-da18d36c1cd8","block_type":"box","text":"another BlackRock Fund","page_number":27,"box":{"x":214,"y":323,"width":158,"height":8}},{"id":"3069c117-e26b-42a4-821c-e5bf74da6035","block_type":"box","text":"(“exchanging”)","page_number":27,"box":{"x":214,"y":337,"width":95,"height":10}},{"id":"1bffcdf6-d2d3-4f57-bc75-4bed060b0146","block_type":"box","text":"Service Shares of the Fund are generally exchangeable for shares of","page_number":27,"box":{"x":461,"y":296,"width":453,"height":10}},{"id":"c436f087-493a-4008-9e62-249ef4b7e78d","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":27,"box":{"x":460,"y":310,"width":461,"height":9}},{"id":"956dacc4-3149-4044-adf2-f850dead4f0f","block_type":"box","text":"are offered by your Financial Intermediary.","page_number":27,"box":{"x":461,"y":323,"width":277,"height":10}},{"id":"a89345a6-0f07-4b67-9890-68d58bb3fc19","block_type":"box","text":"You can exchange Service Shares from one fund into the same class of","page_number":27,"box":{"x":460,"y":339,"width":474,"height":11}},{"id":"1f96c329-72c1-442a-8e5e-bb8a53816aff","block_type":"box","text":"another fund which offers that class of shares. Refer to the minimum","page_number":27,"box":{"x":461,"y":353,"width":457,"height":8}},{"id":"6e1e5ce2-a632-4578-b022-f8cfd8f10dfc","block_type":"box","text":"initial investment in the “Service Shares at a Glance” table in this","page_number":27,"box":{"x":461,"y":366,"width":436,"height":9}},{"id":"c58a10ca-8670-4a6c-92e3-3b710d44ae75","block_type":"box","text":"prospectus.","page_number":27,"box":{"x":461,"y":380,"width":76,"height":10}},{"id":"6c334190-3ee4-46f2-845e-4f283affd988","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":27,"box":{"x":460,"y":396,"width":449,"height":10}},{"id":"a02b9f2d-c49b-422f-aae8-0a8ac596fc1d","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":27,"box":{"x":461,"y":409,"width":437,"height":11}},{"id":"80ca0855-194c-48f7-b6f5-7105c774dd25","block_type":"box","text":"closed to new investors.","page_number":27,"box":{"x":461,"y":423,"width":159,"height":8}},{"id":"98b75bd9-e3a0-47ae-ab01-c6ddc1ae99ab","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":27,"box":{"x":460,"y":439,"width":435,"height":11}},{"id":"a439a12c-3d8c-4c85-a2e9-d028c80eefda","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":27,"box":{"x":461,"y":453,"width":406,"height":10}},{"id":"25b8fc7e-e249-4df7-bd2e-0cb12c80165f","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":27,"box":{"x":461,"y":466,"width":468,"height":10}},{"id":"edbbbcfa-6d09-40df-bb24-774d6f4ab70b","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":27,"box":{"x":461,"y":480,"width":455,"height":10}},{"id":"232c0c84-e2cc-4099-9b4b-f6ebcb7b03b9","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":27,"box":{"x":460,"y":493,"width":423,"height":11}},{"id":"aea41c44-09a7-4bf9-9b44-a65941a783cc","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":27,"box":{"x":461,"y":507,"width":398,"height":10}},{"id":"6b7816ee-5718-45ff-a345-6877de800cf3","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":27,"box":{"x":461,"y":520,"width":409,"height":11}},{"id":"d2485c44-3587-439d-8df1-9132f0e5686b","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":27,"box":{"x":461,"y":534,"width":469,"height":10}},{"id":"adcf5d6e-2802-4b05-b36d-50cc0e439bda","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":27,"box":{"x":460,"y":548,"width":461,"height":10}},{"id":"d5300753-dd17-43da-8f88-609eb4756331","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":27,"box":{"x":460,"y":561,"width":469,"height":10}},{"id":"d0dd3047-b0c8-4afe-8f94-e0a20ca6244a","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":27,"box":{"x":460,"y":574,"width":368,"height":11}},{"id":"862f776f-1c60-4e2b-b074-ff7d07795266","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":27,"box":{"x":460,"y":591,"width":450,"height":10}},{"id":"18b3515f-adfe-4e3b-ac84-7eaa81114c9a","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":27,"box":{"x":460,"y":604,"width":473,"height":11}},{"id":"deeb569c-f14c-4674-89da-90a0ee91fb92","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":27,"box":{"x":461,"y":618,"width":420,"height":10}},{"id":"9b77643d-cde6-4024-beb9-104465d42a17","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":27,"box":{"x":461,"y":631,"width":439,"height":11}},{"id":"cf75cb92-dc7b-4be0-85f2-6838023f9c93","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":27,"box":{"x":461,"y":645,"width":460,"height":10}},{"id":"b83a92f6-a767-42ce-86ec-a67b7c28bc69","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":27,"box":{"x":461,"y":658,"width":430,"height":11}},{"id":"d6610ca0-9fea-40d6-bfb6-4580d18ae2eb","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":27,"box":{"x":461,"y":672,"width":473,"height":10}},{"id":"3a02e18c-317f-4d2c-8b32-c5ad5c883ec3","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":27,"box":{"x":460,"y":686,"width":456,"height":10}},{"id":"1425d96c-a091-4d60-891d-e2797994a6ba","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":27,"box":{"x":461,"y":699,"width":390,"height":10}},{"id":"ab894972-9a25-4a3b-8952-c08add4fc4a7","block_type":"box","text":"Transfer Shares to","page_number":27,"box":{"x":60,"y":717,"width":124,"height":8}},{"id":"81a55b0c-0bb0-4258-883f-24b2c1d9cfef","block_type":"box","text":"Another Financial","page_number":27,"box":{"x":60,"y":729,"width":118,"height":8}},{"id":"1f7d81d2-0186-426a-b128-9c8a578c238d","block_type":"box","text":"Intermediary","page_number":27,"box":{"x":61,"y":740,"width":85,"height":10}},{"id":"068940e8-93ba-4bc1-b707-151603e64ce0","block_type":"box","text":"Transfer to a participating","page_number":27,"box":{"x":213,"y":717,"width":171,"height":10}},{"id":"02116691-7d11-48a4-8783-1e8ef06eeb12","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":731,"width":145,"height":10}},{"id":"21b6f0a6-b93b-4a94-b631-07120fc50923","block_type":"box","text":"You may transfer your Service Shares of the Fund only to another","page_number":27,"box":{"x":460,"y":717,"width":431,"height":10}},{"id":"2598e901-ff72-4064-a8c4-c38479ee2bcb","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":27,"box":{"x":461,"y":731,"width":441,"height":10}},{"id":"123c9072-4abb-4bfa-8087-907d278b2e3d","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":27,"box":{"x":461,"y":744,"width":456,"height":10}},{"id":"fd41369f-e4d9-43ca-859b-3a501d7dae74","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":27,"box":{"x":460,"y":758,"width":407,"height":10}},{"id":"af096642-dc04-4d82-89e4-ed3cf35bc88e","block_type":"box","text":"coordinated by the receiving firm.","page_number":27,"box":{"x":461,"y":771,"width":218,"height":10}},{"id":"12c2f83d-daee-4e1d-bb53-c6ad19431fd5","block_type":"box","text":"Transfer to a non-participating","page_number":27,"box":{"x":213,"y":789,"width":199,"height":11}},{"id":"2d71838b-e9c2-4137-9639-9864d9e67ffc","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":803,"width":145,"height":10}},{"id":"ddce1b4c-3913-458a-99cc-b101dc8db752","block_type":"box","text":"You must either:","page_number":27,"box":{"x":460,"y":789,"width":107,"height":8}},{"id":"9477c9b6-ccc3-4327-9e5a-443da11e227b","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":805,"width":3,"height":3}},{"id":"96935216-fa7b-41b3-9de6-30843ebcfe70","block_type":"box","text":"Transfer your Service Shares to an account with the Fund; or","page_number":27,"box":{"x":470,"y":803,"width":401,"height":10}},{"id":"baac81f6-81fb-4893-adfd-583a5c2e5b11","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":819,"width":3,"height":3}},{"id":"006d38e6-f13a-4198-a833-f8bd615dfa83","block_type":"box","text":"Sell your Service Shares.","page_number":27,"box":{"x":471,"y":816,"width":164,"height":10}},{"id":"45600e5f-8614-451b-b0f2-40ed98bf2918","block_type":"box","text":"Fund’s Rights","page_number":27,"box":{"x":61,"y":857,"width":124,"height":13}},{"id":"2cdd6fd2-3ea7-4e1c-841f-cf2832b8065a","block_type":"box","text":"The Fund may:","page_number":27,"box":{"x":60,"y":883,"width":106,"height":11}},{"id":"f209ac80-71d0-4fa9-bd39-392d2b0e8e24","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":27,"box":{"x":81,"y":903,"width":840,"height":11}},{"id":"7520dde1-ddaf-4b28-9849-a97b42d8bcd6","block_type":"box","text":"described in the Investment Company Act;","page_number":27,"box":{"x":81,"y":918,"width":308,"height":11}},{"id":"b20cd58d-c329-4bd2-bf41-6d0912620bc5","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"44696a06-7ef4-48ec-ac5d-aad1bf2b007c","block_type":"box","text":"NM1026U-5982562-27/40","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8e19afa1-a22d-429d-899c-4fddb6c4e534","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":28,"box":{"x":81,"y":46,"width":789,"height":11}},{"id":"4b138fab-8331-4a3a-be56-0c3f2dba19dd","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":28,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"633541c2-0b7b-4234-a2ec-058e26bfca70","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":28,"box":{"x":82,"y":75,"width":368,"height":12}},{"id":"206e6ade-021f-4f54-83a3-c645e3cf89ff","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":28,"box":{"x":82,"y":95,"width":781,"height":12}},{"id":"0485f334-0da0-4391-807d-de0d711af5a0","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":28,"box":{"x":82,"y":115,"width":798,"height":12}},{"id":"2cf1b1a5-930b-4150-9261-d892e05db71f","block_type":"box","text":"specified level.","page_number":28,"box":{"x":81,"y":130,"width":108,"height":11}},{"id":"dba87330-7223-49cd-abe0-7963b79cb6e0","block_type":"box","text":"Note on Low Balance Accounts.","page_number":28,"box":{"x":61,"y":153,"width":239,"height":9}},{"id":"af4b9634-d925-492b-87e8-4658de8a0d08","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":28,"box":{"x":307,"y":153,"width":600,"height":11}},{"id":"a3119c60-3453-49b9-ae29-d6aae04193b4","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":28,"box":{"x":61,"y":167,"width":846,"height":12}},{"id":"014a2ede-ff49-4218-b2cf-0f7f37f99d31","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":28,"box":{"x":61,"y":182,"width":872,"height":12}},{"id":"85529010-80b2-4440-838a-6eb59199a9d2","block_type":"box","text":"reason, including market fluctuation.","page_number":28,"box":{"x":61,"y":197,"width":267,"height":12}},{"id":"549c7355-63e2-41b4-a2ae-8a65469174c6","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":28,"box":{"x":60,"y":220,"width":799,"height":11}},{"id":"5478f634-3a0c-4b0a-80e1-f3e81fb6698a","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":28,"box":{"x":62,"y":234,"width":796,"height":12}},{"id":"c6dc9062-138c-4d73-bf41-81deecdbd8f2","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":28,"box":{"x":62,"y":249,"width":800,"height":12}},{"id":"e21b686e-ebf3-4eed-8b99-1f3d3bf0a914","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":28,"box":{"x":61,"y":264,"width":859,"height":12}},{"id":"9d635bb7-1df8-4e74-8987-35b5c0597544","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":28,"box":{"x":61,"y":279,"width":868,"height":12}},{"id":"25240e04-910e-4bc9-a98a-c5ef9f1d5961","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":28,"box":{"x":61,"y":294,"width":420,"height":11}},{"id":"7e301fb9-989c-41a6-bf37-312e5095c316","block_type":"box","text":"Short-Term Trading Policy","page_number":28,"box":{"x":61,"y":333,"width":232,"height":13}},{"id":"535409ae-a4c9-4483-8fd9-2d8694ea6539","block_type":"box","text":"The Board has determined that the interests of long-term shareholders and the Fund’s ability to manage its","page_number":28,"box":{"x":60,"y":359,"width":790,"height":11}},{"id":"78dab1a6-424a-47e8-8cfe-50b795e4442d","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":28,"box":{"x":62,"y":374,"width":853,"height":11}},{"id":"931d1c58-bc58-4442-840e-3edfa1c4a8a1","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":28,"box":{"x":60,"y":389,"width":863,"height":11}},{"id":"4d2022a9-5d19-4d27-8049-f85c57cdc108","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege is not","page_number":28,"box":{"x":61,"y":403,"width":828,"height":12}},{"id":"aaf5297b-840b-4126-9505-3bfa47873978","block_type":"box","text":"intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may interfere with","page_number":28,"box":{"x":62,"y":418,"width":826,"height":12}},{"id":"e18cf635-a1cd-4a74-9ed1-a2704fd27e9c","block_type":"box","text":"portfolio management, increase expenses and taxes and may have an adverse effect on the performance of the Fund","page_number":28,"box":{"x":62,"y":433,"width":864,"height":12}},{"id":"973547e0-8ed9-45a0-a03b-856b95773253","block_type":"box","text":"and its returns to shareholders. For example, large flows of cash into and out of the Fund may require the","page_number":28,"box":{"x":61,"y":448,"width":776,"height":11}},{"id":"d07efac8-fc31-4edf-a13f-49a368862ca9","block_type":"box","text":"management team to allocate a significant amount of assets to cash or other short-term investments or sell","page_number":28,"box":{"x":61,"y":463,"width":796,"height":11}},{"id":"95e47e3b-f8ea-4b69-9868-de58be3817f8","block_type":"box","text":"securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment objective.","page_number":28,"box":{"x":61,"y":478,"width":831,"height":11}},{"id":"a57ed692-4960-4efb-8603-1d946ec50c22","block_type":"box","text":"Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such as","page_number":28,"box":{"x":62,"y":492,"width":811,"height":12}},{"id":"d927d2e8-ed34-43da-9c11-127ffbbc7f2a","block_type":"box","text":"brokerage commissions, can reduce the Fund’s performance.","page_number":28,"box":{"x":61,"y":507,"width":451,"height":12}},{"id":"98388d21-e679-45eb-b5df-242a26c9d5d8","block_type":"box","text":"A fund’s investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay","page_number":28,"box":{"x":60,"y":530,"width":873,"height":11}},{"id":"ad89d313-0714-4b25-8e89-80b64a928859","block_type":"box","text":"between the change in value of the fund’s portfolio securities and the determination of the fund’s net asset value as a","page_number":28,"box":{"x":61,"y":545,"width":872,"height":11}},{"id":"742548ec-1be7-4fa5-ab70-d7704fd08561","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":28,"box":{"x":61,"y":559,"width":865,"height":12}},{"id":"dde3a31e-3d3d-4d5a-bfc0-957db918ee6d","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":28,"box":{"x":61,"y":574,"width":817,"height":11}},{"id":"8b2b9ff0-4cc4-43a1-8829-2d5aec4277d3","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":28,"box":{"x":61,"y":589,"width":818,"height":12}},{"id":"31b36607-5013-4433-b648-5c99a841f100","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":28,"box":{"x":60,"y":604,"width":865,"height":11}},{"id":"57546ecb-8f68-43b7-aba2-fbec12402afd","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":28,"box":{"x":61,"y":619,"width":829,"height":11}},{"id":"03e02111-f808-4fd0-a935-553e5fb85211","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":28,"box":{"x":62,"y":633,"width":671,"height":12}},{"id":"01cfcb60-a9eb-4bb9-8512-f8795648c15f","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":28,"box":{"x":60,"y":656,"width":869,"height":12}},{"id":"1bb483a9-32bb-4eed-8781-952e2c491642","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":28,"box":{"x":60,"y":671,"width":839,"height":11}},{"id":"25517f17-d1c0-485f-b47d-43650833b396","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":28,"box":{"x":61,"y":686,"width":869,"height":11}},{"id":"31bf460d-6332-4249-b6f5-b395622a192b","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":28,"box":{"x":61,"y":701,"width":870,"height":11}},{"id":"595035a5-d6f4-4ce5-8d37-32c2c277da23","block_type":"box","text":"Fund or its shareholders.","page_number":28,"box":{"x":62,"y":716,"width":181,"height":9}},{"id":"468ec328-12ce-4e1f-94d5-638dff5f28c2","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":28,"box":{"x":62,"y":738,"width":796,"height":11}},{"id":"3c2dbefa-c054-4520-a91b-4050716f3afb","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":28,"box":{"x":61,"y":753,"width":860,"height":11}},{"id":"e4a8f209-6e99-4316-8e8b-81b072674a11","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":28,"box":{"x":62,"y":768,"width":871,"height":11}},{"id":"d7964b47-e1aa-43b9-b327-4f0157106431","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":28,"box":{"x":62,"y":782,"width":858,"height":12}},{"id":"1c985559-a007-4168-911e-60aa9a330e8f","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":28,"box":{"x":61,"y":797,"width":866,"height":12}},{"id":"11e5ee85-639b-495b-af3b-a41f93f44ba2","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":28,"box":{"x":61,"y":812,"width":829,"height":12}},{"id":"8c7e9e74-eb13-4ad5-be92-6478307897b0","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":28,"box":{"x":62,"y":827,"width":862,"height":11}},{"id":"b8c44d8a-be7d-472b-932f-17df8f2ec5bf","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":28,"box":{"x":61,"y":842,"width":849,"height":11}},{"id":"441f4951-add6-437c-96e4-69f53f775e80","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":28,"box":{"x":61,"y":857,"width":866,"height":11}},{"id":"0cbaba5b-07d1-4786-b472-792f9f44b5ca","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":28,"box":{"x":60,"y":872,"width":806,"height":11}},{"id":"bdd3a057-8ecc-4ade-bd02-7df4ddd06f2d","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":28,"box":{"x":61,"y":886,"width":804,"height":12}},{"id":"a47cc10e-7ec4-41c4-bedc-aac4ecc1b586","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":28,"box":{"x":61,"y":901,"width":849,"height":12}},{"id":"787ac97a-b66a-4d33-a5e2-cf88a9bb147e","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":28,"box":{"x":61,"y":916,"width":875,"height":11}},{"id":"3f83d9ea-2dc2-4c75-8545-8fa573998c74","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"eae231de-9e85-4be7-95e3-2c6437ab9795","block_type":"box","text":"NM1026U-5982562-28/40","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"94302d6a-3790-45bf-9788-4a81d87e9fdb","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":29,"box":{"x":62,"y":46,"width":869,"height":11}},{"id":"0ab8e197-4c90-473e-a770-934791d7d614","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":29,"box":{"x":61,"y":60,"width":845,"height":12}},{"id":"26eb8e6a-4781-43f1-9a7f-fb3b203bd41e","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":29,"box":{"x":62,"y":76,"width":868,"height":11}},{"id":"2639d5b2-40e3-4a32-8f45-15d7538ee5c0","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":29,"box":{"x":61,"y":90,"width":861,"height":12}},{"id":"200a63f5-0766-4f10-a325-eb296665d80b","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":29,"box":{"x":61,"y":105,"width":868,"height":11}},{"id":"3cb7c789-4cca-4190-b47b-e33c97ac473b","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":29,"box":{"x":60,"y":120,"width":847,"height":11}},{"id":"2ce194c1-ae24-443b-a3d9-d232ae399549","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":29,"box":{"x":60,"y":135,"width":837,"height":11}},{"id":"faff0395-42e1-4820-80c5-b119b5aa912e","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":29,"box":{"x":61,"y":150,"width":663,"height":11}},{"id":"ed991f27-d866-4790-ac35-108cccf98ffe","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":29,"box":{"x":60,"y":172,"width":824,"height":12}},{"id":"74daeb3c-b2bd-4526-8689-060aa8d7abe1","block_type":"box","text":"deemed abusive.","page_number":29,"box":{"x":61,"y":187,"width":123,"height":9}},{"id":"5c7db09e-2555-4cd6-8dca-ee7f74f9f378","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":29,"box":{"x":60,"y":209,"width":841,"height":12}},{"id":"eefa71d8-a366-4cfa-a67d-da7ba5f56db2","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":29,"box":{"x":60,"y":224,"width":572,"height":12}},{"id":"2c64c245-b4fb-4362-87e1-44d500f73f06","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"aefc7f7c-5efc-4df8-a7c8-1991f7cc3695","block_type":"box","text":"NM1026U-5982562-29/40","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3ddd3ff7-15d1-4b8a-8e3a-57ccf002bbea","block_type":"box","text":"Management of the Fund","page_number":30,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"f2c1de22-4502-4f7c-b785-cc4257677781","block_type":"box","text":"BlackRock","page_number":30,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"3cca7188-d68e-4b03-9398-94ffe349e883","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":30,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"55c8383e-e183-433f-902b-b90fa16bf525","block_type":"box","text":"the oversight of the Trust’s Board. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":30,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"f49f2856-b57a-4e8b-a989-81c06734d102","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":30,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"49222fa3-f8b3-4a93-bfa9-6915e3dfee55","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":30,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"92e3468c-1575-4b91-a85f-7832dab2f090","block_type":"box","text":"BlackRock, Inc.","page_number":30,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"71dd1806-f38c-4a16-a0af-368020c3d8e4","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":30,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"1532036d-13af-47f2-b720-efacffe78d2d","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":30,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"388c7d44-36b9-4def-97e2-7b902e704c2b","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":30,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"79239405-9ae7-4c6f-b38b-030c5426088e","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":30,"box":{"x":62,"y":317,"width":800,"height":11}},{"id":"f6f52c71-1f69-4a53-a3bd-c58c86bbbb98","block_type":"box","text":"Agreement”). Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable","page_number":30,"box":{"x":60,"y":331,"width":829,"height":12}},{"id":"f278f06f-3b0a-401c-a699-47e4df92a191","block_type":"box","text":"monthly. The maximum annual management fee that can be paid to BlackRock (as a percentage of average daily net","page_number":30,"box":{"x":61,"y":346,"width":854,"height":12}},{"id":"e016e165-c815-4af0-a5dd-f0c19ae8f50f","block_type":"box","text":"assets) is calculated as follows:","page_number":30,"box":{"x":61,"y":361,"width":234,"height":11}},{"id":"950d1e71-012a-4bbf-97a3-59061dbf593d","block_type":"box","text":"Average Daily Net Assets","page_number":30,"box":{"x":69,"y":400,"width":151,"height":9}},{"id":"0bd710a7-ea0d-4c7c-b4dc-a2312821cf21","block_type":"box","text":"Rate of","page_number":30,"box":{"x":844,"y":389,"width":43,"height":7}},{"id":"42038b85-df5f-4369-8580-8bff185a350b","block_type":"box","text":"Management Fee","page_number":30,"box":{"x":813,"y":400,"width":104,"height":9}},{"id":"4aca8dc9-27f2-49a5-b2d1-140f5e861828","block_type":"box","text":"First $1 billion","page_number":30,"box":{"x":70,"y":416,"width":92,"height":10}},{"id":"27da5642-affc-4939-91d5-917d5600db9d","block_type":"box","text":"0.82%","page_number":30,"box":{"x":849,"y":417,"width":42,"height":8}},{"id":"8dde1e7c-8b1a-4c1b-a654-c977ea9c9277","block_type":"box","text":"$1 billion – $3 billion","page_number":30,"box":{"x":70,"y":434,"width":138,"height":10}},{"id":"edaed6fa-8c62-48c7-bff6-bb81802a56f7","block_type":"box","text":"0.77%","page_number":30,"box":{"x":849,"y":435,"width":42,"height":8}},{"id":"c55ebab4-f747-4a1a-864d-7d259d96fa04","block_type":"box","text":"$3 billion – $5 billion","page_number":30,"box":{"x":70,"y":452,"width":138,"height":10}},{"id":"d3ef47cc-649c-4581-b3f1-b0ff30fb1d70","block_type":"box","text":"0.74%","page_number":30,"box":{"x":849,"y":453,"width":42,"height":8}},{"id":"ddee2ae1-71ee-4c0a-a1d4-67c47a08d17a","block_type":"box","text":"$5 billion – $10 billion","page_number":30,"box":{"x":70,"y":470,"width":147,"height":10}},{"id":"5c13ffdf-1c6a-40ca-bff1-eff6bf6edb35","block_type":"box","text":"0.71%","page_number":30,"box":{"x":849,"y":471,"width":42,"height":8}},{"id":"e4a15796-367b-4eb4-ba36-b6fef2403eff","block_type":"box","text":"Greater than $10 billion","page_number":30,"box":{"x":69,"y":488,"width":157,"height":10}},{"id":"43898803-fc4d-44ed-bbf4-48505ef33cdd","block_type":"box","text":"0.70%","page_number":30,"box":{"x":849,"y":489,"width":42,"height":8}},{"id":"fcd68eda-c612-4d76-86c2-3825f464ee2f","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":30,"box":{"x":62,"y":521,"width":840,"height":11}},{"id":"266ec28e-4a00-41fe-b354-3a247470deac","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":30,"box":{"x":61,"y":535,"width":861,"height":12}},{"id":"5ca19c52-d531-4620-8e86-897402cceabc","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition,","page_number":30,"box":{"x":61,"y":550,"width":856,"height":12}},{"id":"e26bfa29-f531-4c04-ab49-935be33c7c29","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays to","page_number":30,"box":{"x":62,"y":565,"width":844,"height":12}},{"id":"db67bbc8-fd96-43c6-8081-f8034e296ff9","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":30,"box":{"x":62,"y":580,"width":808,"height":12}},{"id":"0e90a397-d69e-4329-a195-4300d527f360","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":30,"box":{"x":62,"y":595,"width":860,"height":11}},{"id":"0838d182-4d73-4104-a622-2b40f048e576","block_type":"box","text":"90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding","page_number":30,"box":{"x":61,"y":610,"width":851,"height":11}},{"id":"44e85a32-483b-4b4d-846b-318f76451f35","block_type":"box","text":"voting securities of the Fund.","page_number":30,"box":{"x":60,"y":624,"width":212,"height":12}},{"id":"565ebed4-d3be-4d09-8ab7-edc8878d022f","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales,","page_number":30,"box":{"x":62,"y":647,"width":851,"height":12}},{"id":"db7c7353-5c1e-47ae-ab36-32db4b09beb7","block_type":"box","text":"brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted","page_number":30,"box":{"x":61,"y":662,"width":796,"height":11}},{"id":"ff898c9c-5fea-4e33-81ba-10bab2b65667","block_type":"box","text":"accounting principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result","page_number":30,"box":{"x":61,"y":677,"width":876,"height":11}},{"id":"50239d87-9943-475f-b204-6ce0635156b7","block_type":"box","text":"of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":30,"box":{"x":61,"y":691,"width":867,"height":12}},{"id":"94db2d1b-24b1-40e8-aa30-fd9c57049d04","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":30,"box":{"x":62,"y":706,"width":858,"height":12}},{"id":"b25e2283-5745-49fa-a238-4357f055ebc1","block_type":"box","text":"Fund’s business, if any) of Service Shares of the Fund at the level shown below and in the Fund’s fees and expenses","page_number":30,"box":{"x":62,"y":721,"width":860,"height":12}},{"id":"0e62f48b-4e76-488f-9adf-59d4d817a467","block_type":"box","text":"table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence are","page_number":30,"box":{"x":60,"y":736,"width":821,"height":12}},{"id":"8866f2c6-5567-455d-ab59-cb297e051c1b","block_type":"box","text":"referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain","page_number":30,"box":{"x":61,"y":751,"width":863,"height":11}},{"id":"67bc0766-539a-465e-a132-951bac4054dc","block_type":"box","text":"other Fund expenses.” To achieve this expense cap, BlackRock has agreed to waive and/or reimburse fees or","page_number":30,"box":{"x":61,"y":766,"width":807,"height":11}},{"id":"50996625-fff4-434e-a3e0-d7acb9e1bc09","block_type":"box","text":"expenses if these operating expenses exceed a certain limit.","page_number":30,"box":{"x":61,"y":780,"width":446,"height":12}},{"id":"c96f71e9-5f14-4d71-801f-e5b0efe9a00a","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":30,"box":{"x":60,"y":803,"width":863,"height":12}},{"id":"b6291e69-f03f-4618-9b73-02b9388b7529","block_type":"box","text":"limit Total Annual Fund Operating Expenses as a percentage of average daily net assets to the amount noted in the","page_number":30,"box":{"x":62,"y":818,"width":844,"height":11}},{"id":"ad3df5a2-4061-4555-91de-4d66e138f255","block_type":"box","text":"table below.","page_number":30,"box":{"x":60,"y":833,"width":87,"height":9}},{"id":"e657b401-9e02-4bf9-8396-4c926a003260","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"02508ce8-5471-4750-b254-abf09e571ebf","block_type":"box","text":"NM1026U-5982562-30/40","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b717e3f1-5a4e-4dc9-b7b5-3163686f4e73","block_type":"box","text":"Contractual Cap(s)","page_number":31,"box":{"x":561,"y":50,"width":114,"height":9}},{"id":"8f3b2e00-e6d1-4cd5-a924-42246ee7d510","block_type":"box","text":"1","page_number":31,"box":{"x":676,"y":50,"width":4,"height":4}},{"id":"b4a33ece-0706-4179-9bcc-7b903c989e35","block_type":"box","text":"on Total Annual Fund","page_number":31,"box":{"x":558,"y":61,"width":125,"height":7}},{"id":"fa7aede8-d3de-4311-b67b-919ff6a7d1f3","block_type":"box","text":"Operating Expenses","page_number":31,"box":{"x":559,"y":71,"width":119,"height":9}},{"id":"751ae904-5201-4a07-b8f8-6e8fc34aa449","block_type":"box","text":"2","page_number":31,"box":{"x":679,"y":71,"width":3,"height":3}},{"id":"4fb56559-c94d-4c5d-ad5d-eef99373fc45","block_type":"box","text":"(excluding Dividend","page_number":31,"box":{"x":562,"y":81,"width":117,"height":9}},{"id":"02cb9e72-4067-4670-bfe5-bb12ecfd6269","block_type":"box","text":"Expense, Interest","page_number":31,"box":{"x":568,"y":92,"width":105,"height":8}},{"id":"9a3b2d14-3a9b-49fe-9f34-69f0c1b449e7","block_type":"box","text":"Expense, Acquired","page_number":31,"box":{"x":565,"y":102,"width":111,"height":9}},{"id":"b0ecf9c7-0139-4f45-884a-4147219a17be","block_type":"box","text":"Fund Fees and","page_number":31,"box":{"x":578,"y":112,"width":85,"height":7}},{"id":"ca205c20-8d1f-4f02-8d0d-32d49a81a70f","block_type":"box","text":"Expenses and","page_number":31,"box":{"x":580,"y":122,"width":81,"height":9}},{"id":"3c6297c8-6a9a-45de-91ba-2e8d539c9c23","block_type":"box","text":"certain other","page_number":31,"box":{"x":582,"y":133,"width":78,"height":7}},{"id":"4cba5fc9-1327-4a4b-9896-2f3623a5c242","block_type":"box","text":"Fund expenses)","page_number":31,"box":{"x":574,"y":143,"width":93,"height":9}},{"id":"627b47eb-57f6-4446-8a41-9133964764b6","block_type":"box","text":"Total Annual Fund","page_number":31,"box":{"x":772,"y":61,"width":106,"height":7}},{"id":"31b5b2f8-d413-4f6b-871f-cab6366d9460","block_type":"box","text":"Operating Expenses","page_number":31,"box":{"x":764,"y":71,"width":119,"height":9}},{"id":"2b930ef6-3a01-4065-b01b-2c3a773b1389","block_type":"box","text":"2","page_number":31,"box":{"x":884,"y":71,"width":3,"height":3}},{"id":"83841664-c980-497f-8d48-92b0f39943ce","block_type":"box","text":"after giving effect to all","page_number":31,"box":{"x":755,"y":81,"width":141,"height":9}},{"id":"79279228-7de8-425a-a1ae-d11d383e7ab3","block_type":"box","text":"applicable expense limitation","page_number":31,"box":{"x":738,"y":91,"width":175,"height":9}},{"id":"7211ed12-649b-4d31-8779-ce6911120a89","block_type":"box","text":"provisions (excluding Dividend","page_number":31,"box":{"x":735,"y":102,"width":181,"height":9}},{"id":"44625e68-3896-4a18-8bf4-0cf1bcb87382","block_type":"box","text":"Expense, Interest Expense,","page_number":31,"box":{"x":744,"y":112,"width":163,"height":9}},{"id":"c7b19244-4b0e-46f7-8d9c-c730c696c7ba","block_type":"box","text":"Acquired Fund Fees","page_number":31,"box":{"x":766,"y":122,"width":118,"height":9}},{"id":"5225c412-3210-4bb1-aefb-5ccdd7fd231f","block_type":"box","text":"and Expenses and certain","page_number":31,"box":{"x":748,"y":133,"width":155,"height":9}},{"id":"34f048f0-e7c7-4632-ac4d-73437da1eabe","block_type":"box","text":"other Fund expenses)","page_number":31,"box":{"x":760,"y":143,"width":130,"height":9}},{"id":"a5891500-7b6e-4827-aa9c-bd1b768352aa","block_type":"box","text":"Service Shares 1.14% 1.17%","page_number":31,"box":{"x":69,"y":160,"width":782,"height":8}},{"id":"37b2c1c8-8907-4817-a683-6d605e4fd2e4","block_type":"box","text":"1","page_number":31,"box":{"x":61,"y":180,"width":3,"height":3}},{"id":"3696288c-cd02-4be7-aba8-b9d03d9ada59","block_type":"box","text":"The contractual cap is in effect through June 30, 2028. The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":31,"box":{"x":81,"y":180,"width":836,"height":9}},{"id":"7bf57402-9e0f-48c1-b04e-2f0934890777","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":31,"box":{"x":81,"y":190,"width":798,"height":9}},{"id":"f8329151-6f71-402d-b2d7-dd7889f221c2","block_type":"box","text":"2","page_number":31,"box":{"x":61,"y":203,"width":3,"height":4}},{"id":"4941aa29-d0eb-4da7-8766-18feeef2d735","block_type":"box","text":"As a percentage of average daily net assets.","page_number":31,"box":{"x":81,"y":203,"width":260,"height":9}},{"id":"5c88fa42-9a6a-4a38-9efb-2847f5c53578","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":31,"box":{"x":60,"y":228,"width":875,"height":11}},{"id":"a2ee3638-e55b-4a46-8d1f-d5062824b31a","block_type":"box","text":"cap on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":31,"box":{"x":61,"y":243,"width":696,"height":11}},{"id":"1bdb78b5-fcb1-4014-82a3-40cc50f6f7b1","block_type":"box","text":"A discussion of the basis of the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":31,"box":{"x":60,"y":265,"width":845,"height":12}},{"id":"d37a833c-d0cf-40d8-a790-496091f96d39","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":31,"box":{"x":62,"y":280,"width":556,"height":12}},{"id":"db92d870-ba68-48d5-829e-d6165d0621b4","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":31,"box":{"x":62,"y":303,"width":851,"height":11}},{"id":"de2fd003-8f3c-419a-8a32-32fc6949a418","block_type":"box","text":"the annual rate of 0.75% of the Fund’s average daily net assets.","page_number":31,"box":{"x":60,"y":318,"width":473,"height":11}},{"id":"47881a19-226b-43a0-b91b-9988fbcfa11e","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":31,"box":{"x":62,"y":340,"width":864,"height":12}},{"id":"866c0c9c-db04-40ae-8373-a561d19079de","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":31,"box":{"x":62,"y":355,"width":863,"height":11}},{"id":"c2c9a945-1602-417e-a62d-a3dbc8b79fc3","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":31,"box":{"x":60,"y":370,"width":861,"height":11}},{"id":"c948c360-9852-4262-ac88-c34834226481","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":31,"box":{"x":61,"y":385,"width":864,"height":11}},{"id":"9fd99b4f-d324-4f7e-a697-cc0be438d6ec","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":31,"box":{"x":61,"y":400,"width":872,"height":11}},{"id":"2ca613ba-0b1f-4bed-84f9-61725a1d1fa4","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":31,"box":{"x":61,"y":414,"width":841,"height":12}},{"id":"73100856-c896-4d4f-a804-1a28fb0a4855","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":31,"box":{"x":61,"y":429,"width":472,"height":12}},{"id":"58016795-1fcb-4619-b83a-8691f87f92fc","block_type":"box","text":"Portfolio Manager Information","page_number":31,"box":{"x":61,"y":468,"width":272,"height":14}},{"id":"ca0bfea6-9141-4e34-9da6-4eb011714108","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":32,"box":{"x":62,"y":693,"width":870,"height":12}},{"id":"0ee85dd7-e0df-486e-9a2d-f8688038e6e7","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":32,"box":{"x":60,"y":708,"width":545,"height":12}},{"id":"290cc664-3fdb-4c1a-8cce-5552c5432f6d","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":32,"box":{"x":60,"y":731,"width":837,"height":11}},{"id":"d8289707-78f5-4049-906f-8a47bef80e1d","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":32,"box":{"x":61,"y":746,"width":865,"height":11}},{"id":"b72a3977-3c10-4e9a-96f8-d47d89681df5","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":32,"box":{"x":62,"y":760,"width":819,"height":12}},{"id":"f49d4fc6-ffcc-4f7b-8b72-3701d406e040","block_type":"box","text":"Valuation of Fund Investments","page_number":32,"box":{"x":63,"y":799,"width":271,"height":11}},{"id":"841fdfb8-221e-42f8-9fba-d9530ede81c1","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":32,"box":{"x":60,"y":826,"width":849,"height":11}},{"id":"40e0ad60-88f7-480d-a449-f3f0463082b2","block_type":"box","text":"asset value, minus any applicable redemption fee. 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The net asset value of each class of shares","page_number":32,"box":{"x":61,"y":855,"width":821,"height":12}},{"id":"600fa691-608d-4422-86c4-276033aa4dcb","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":32,"box":{"x":61,"y":870,"width":866,"height":12}},{"id":"5686a53e-6c98-4526-aec4-403f659ccaf7","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":32,"box":{"x":60,"y":885,"width":831,"height":11}},{"id":"ac5bce38-03e3-4ea6-900a-0005f62b2a56","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":32,"box":{"x":61,"y":900,"width":843,"height":11}},{"id":"9fa127c1-cbaf-4adc-8f89-7d07a0723320","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":32,"box":{"x":60,"y":915,"width":876,"height":11}},{"id":"783fda42-64f3-4866-a1cb-d7ad65516530","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"29eb1d07-aeed-4267-8f1f-3775e1144e09","block_type":"box","text":"NM1026U-5982562-32/40","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c0cc9489-f1f5-4315-9fcb-8489616be2e1","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":33,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"af16c099-80b7-4ca9-8e1d-0425e67f8005","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":33,"box":{"x":61,"y":60,"width":825,"height":12}},{"id":"74fb7dab-d8f0-484f-8861-63e8e00ccef2","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":33,"box":{"x":61,"y":75,"width":430,"height":12}},{"id":"f1c64b4b-7543-4d87-96e9-feaca8110a4e","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":33,"box":{"x":60,"y":98,"width":844,"height":11}},{"id":"c8a83f83-a731-49b4-8c67-0c9bc521167e","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":33,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"3b3fc305-9519-4d25-b439-342541df7961","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":33,"box":{"x":62,"y":128,"width":464,"height":11}},{"id":"4553a75d-b7d9-4c58-9975-090701e6f661","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":33,"box":{"x":62,"y":150,"width":863,"height":11}},{"id":"cfb4d816-c162-4c52-9996-126765ed483e","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":33,"box":{"x":60,"y":165,"width":858,"height":11}},{"id":"5c780f7e-b2fd-4f23-ba0b-4c17198da4c0","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":33,"box":{"x":62,"y":180,"width":863,"height":11}},{"id":"ea2c233b-e05a-4c29-8424-773c4f83c4b0","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":33,"box":{"x":61,"y":195,"width":852,"height":11}},{"id":"ecaeb197-171b-47f2-a0ad-e579a0f3d900","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":33,"box":{"x":61,"y":209,"width":872,"height":12}},{"id":"90aa066b-6d42-4366-9565-503f6ac393a7","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":33,"box":{"x":61,"y":224,"width":763,"height":12}},{"id":"b6460e47-bcf0-4644-ae51-d7a4ed2ce47e","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":33,"box":{"x":60,"y":247,"width":857,"height":11}},{"id":"5b765998-548b-45af-b89c-202656e65988","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":33,"box":{"x":61,"y":262,"width":870,"height":11}},{"id":"6a8825c7-40fe-497c-9db8-fcf45e66b84d","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":33,"box":{"x":61,"y":277,"width":868,"height":11}},{"id":"29a07567-009a-4f39-a5f0-fa2150ce3a23","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":33,"box":{"x":61,"y":291,"width":842,"height":12}},{"id":"e1c80a3c-f46d-420d-86f5-4f0642aaf32a","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":33,"box":{"x":61,"y":306,"width":853,"height":11}},{"id":"6c732714-4c74-4245-bcb6-5d22fd36c21e","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":33,"box":{"x":61,"y":321,"width":844,"height":11}},{"id":"1bbc2bc7-2ec4-46f6-b0b2-017d227756de","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":33,"box":{"x":61,"y":336,"width":822,"height":11}},{"id":"810ddde7-9822-478e-b3c6-76f27f31f1e3","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":33,"box":{"x":61,"y":351,"width":845,"height":11}},{"id":"816f35e5-bfac-4642-875e-eab6d1cf55df","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":33,"box":{"x":61,"y":365,"width":733,"height":12}},{"id":"54e3500c-fab0-4174-bb52-941893f1429f","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":33,"box":{"x":61,"y":388,"width":829,"height":11}},{"id":"8a5eb410-4939-40f2-bbde-849d8da635d1","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":33,"box":{"x":61,"y":403,"width":857,"height":11}},{"id":"3133a5e9-57f3-4af6-8b74-657634d080b5","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":33,"box":{"x":61,"y":418,"width":841,"height":11}},{"id":"91054213-4ed8-438e-b07b-c13ab9bc9d15","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":33,"box":{"x":61,"y":432,"width":583,"height":12}},{"id":"39f14c76-a29d-4408-9399-ef0b70c65283","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":33,"box":{"x":60,"y":455,"width":839,"height":11}},{"id":"1b981c37-214c-4ce0-b3bd-90f8ab5697f7","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":33,"box":{"x":60,"y":470,"width":858,"height":11}},{"id":"b9755b1d-ed26-4209-b986-aaff0ebe3adb","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":33,"box":{"x":61,"y":485,"width":844,"height":11}},{"id":"19e8e870-d621-4eb6-a8d4-f587d5c38c84","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":33,"box":{"x":61,"y":499,"width":845,"height":12}},{"id":"9ae9d4d4-e085-4946-a6a2-6f2e6242bb8e","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":33,"box":{"x":61,"y":514,"width":841,"height":12}},{"id":"c4637926-1a6f-46b5-a04a-526bb2a61036","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":33,"box":{"x":60,"y":529,"width":820,"height":12}},{"id":"8c398e52-838c-4f0a-ba7b-d9947ebdc25e","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":33,"box":{"x":61,"y":544,"width":828,"height":11}},{"id":"d218b10c-6b78-42af-b821-3954c3dfd3f1","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":33,"box":{"x":61,"y":559,"width":836,"height":11}},{"id":"0017bd43-b55d-4a18-8b75-19632e30b58d","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":33,"box":{"x":62,"y":574,"width":862,"height":11}},{"id":"4d753c06-d0e1-476b-bf05-87b079b251b4","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":33,"box":{"x":62,"y":588,"width":623,"height":12}},{"id":"e35c6ef2-57b0-42cb-9a62-a5462e80087b","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":33,"box":{"x":62,"y":611,"width":817,"height":11}},{"id":"e3e696a1-fb07-4e80-a71e-4c76e339afbc","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":33,"box":{"x":61,"y":626,"width":871,"height":11}},{"id":"d39b8594-2f12-490b-a5b4-4deb69a288b6","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":33,"box":{"x":62,"y":641,"width":872,"height":11}},{"id":"1ba882ed-439c-4ee6-ad0b-79add5aa3559","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":33,"box":{"x":61,"y":655,"width":697,"height":12}},{"id":"cedc8c5a-5fbb-4ef7-afca-a85e3f60ce79","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":33,"box":{"x":62,"y":678,"width":825,"height":12}},{"id":"96bbb619-a6fc-4bb0-acfa-24d4324e1fc0","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":33,"box":{"x":62,"y":693,"width":871,"height":11}},{"id":"ad44bdce-f28b-45f5-918f-d985871889b4","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":33,"box":{"x":61,"y":708,"width":847,"height":11}},{"id":"5b6ab2c6-dae9-48eb-84e9-46e763e025a9","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":33,"box":{"x":62,"y":722,"width":829,"height":12}},{"id":"c345e61a-7912-46a5-a342-3c226a9d3c0a","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":33,"box":{"x":60,"y":737,"width":760,"height":12}},{"id":"36ee9d29-4a4f-4883-8906-1b83957689b9","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":33,"box":{"x":60,"y":760,"width":830,"height":11}},{"id":"dcb684c3-26c8-4bb5-a4a7-a760df629e0c","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":33,"box":{"x":61,"y":775,"width":848,"height":11}},{"id":"4d42631e-d1a8-441b-91d2-88892fa9f05b","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":33,"box":{"x":61,"y":789,"width":868,"height":12}},{"id":"3a54f73d-36a6-4d68-8399-60581b73b0d1","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":33,"box":{"x":61,"y":804,"width":856,"height":12}},{"id":"a61c2a1d-e052-4851-aee2-4a827f90114e","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"18f2e39b-ac8b-4509-a21f-1e489669e6f3","block_type":"box","text":"NM1026U-5982562-33/40","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ed0e4d04-2bdc-491c-84f6-554f344896c3","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":34,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"2d5ea40e-7e52-44c5-a48f-e845b2d3cf84","block_type":"box","text":"BUYING A DIVIDEND","page_number":34,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"cb46862b-1bb2-4fb9-a305-b54df12c42d9","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":34,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"f24b1b4a-c33a-4d1f-afae-e8ac847bc891","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":34,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"3c507ea2-d8bb-4710-825b-ed2b488fba24","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":34,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"3efe0044-fbe6-4cc3-8c3b-f9750454d2f8","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":34,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"430d75ff-2233-4e1f-bb11-3c78e4144597","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":34,"box":{"x":60,"y":195,"width":871,"height":12}},{"id":"0e04d0ef-8c02-4b4b-a9a1-0d1a703e5ff9","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":34,"box":{"x":61,"y":210,"width":862,"height":11}},{"id":"bc4c4f8c-c327-4296-9b67-5971d9a9664a","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you would like to","page_number":34,"box":{"x":61,"y":225,"width":863,"height":11}},{"id":"7d2937ce-f6a6-4895-aff1-67b3d3c3f3b4","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund. Although this cannot be predicted with any","page_number":34,"box":{"x":61,"y":240,"width":862,"height":11}},{"id":"be4c68a0-4a38-4461-a5bd-6ec4be66de73","block_type":"box","text":"certainty, the Fund anticipates that a significant amount of its dividends, if any, will consist of capital gains. Capital","page_number":34,"box":{"x":61,"y":254,"width":844,"height":12}},{"id":"b8189156-7cee-4680-a603-036e0b35f2d7","block_type":"box","text":"gains may be taxable to you at different rates depending on how long the Fund held the assets sold.","page_number":34,"box":{"x":60,"y":269,"width":737,"height":12}},{"id":"2e9c5db2-c3a1-40e7-8c74-e8b16c4924c9","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":34,"box":{"x":60,"y":292,"width":869,"height":11}},{"id":"217f2f29-403f-474b-8298-f02b50b99787","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":34,"box":{"x":61,"y":307,"width":862,"height":11}},{"id":"55fba8fa-ba1f-471b-86f3-838f9227c02d","block_type":"box","text":"gain on the transaction generally will be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":34,"box":{"x":60,"y":321,"width":876,"height":12}},{"id":"c4a1b600-4d9a-42c4-b0c0-0ddefb15c4d3","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":34,"box":{"x":61,"y":336,"width":852,"height":12}},{"id":"9ee796d7-6610-420e-ba6d-fef479ab7de3","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":34,"box":{"x":60,"y":351,"width":844,"height":12}},{"id":"9bf76f3c-ec4d-41d1-9bc4-c44094c95606","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":34,"box":{"x":61,"y":366,"width":565,"height":11}},{"id":"923b6b0e-b740-4e3b-bf07-c2de6c688496","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":34,"box":{"x":60,"y":389,"width":803,"height":11}},{"id":"e042c8cd-b647-47c9-a8fc-85d7a1043479","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":34,"box":{"x":61,"y":403,"width":873,"height":12}},{"id":"bb5faf28-5679-4531-8432-70d8130396d6","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":34,"box":{"x":60,"y":418,"width":282,"height":12}},{"id":"80343fa7-4273-4940-a73e-194326f2ecf2","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":34,"box":{"x":60,"y":441,"width":861,"height":11}},{"id":"ffb6f33f-441b-440f-85b0-116ab65fdd3c","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":34,"box":{"x":62,"y":456,"width":679,"height":11}},{"id":"87bb4079-2617-4d9d-9974-25b8dcb696bc","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":34,"box":{"x":62,"y":478,"width":827,"height":12}},{"id":"86d3f79a-0972-418a-863a-da00950fc468","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":34,"box":{"x":60,"y":493,"width":826,"height":12}},{"id":"a44fb537-c9bb-4aa1-a7c3-49cde1eee530","block_type":"box","text":"withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as capital gain","page_number":34,"box":{"x":60,"y":508,"width":863,"height":11}},{"id":"295f13fa-0087-4b2e-ba9d-505d1729e383","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder may be","page_number":34,"box":{"x":61,"y":523,"width":837,"height":11}},{"id":"57ac440b-1faf-4e54-a795-2664ebe8dbf5","block_type":"box","text":"eligible for an exemption from U.S. withholding tax.","page_number":34,"box":{"x":61,"y":537,"width":372,"height":12}},{"id":"f6d6a4a3-ebba-40db-a234-aae358e7062d","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":34,"box":{"x":61,"y":560,"width":868,"height":12}},{"id":"6b36349c-7c56-4c3b-bcf7-06bf0061d122","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":34,"box":{"x":60,"y":575,"width":808,"height":11}},{"id":"a306d35b-abc1-4cf2-8ecf-e0e8e6cf04cc","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":34,"box":{"x":60,"y":590,"width":874,"height":11}},{"id":"2af40537-b80c-4f29-a4c7-60a6650ad6b3","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":34,"box":{"x":62,"y":604,"width":789,"height":12}},{"id":"3d779ee9-f772-4b37-9fd5-c2c6018483cc","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":34,"box":{"x":62,"y":619,"width":858,"height":12}},{"id":"994f77fd-1b35-4c0e-9272-c56fe76aa31a","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":34,"box":{"x":61,"y":634,"width":865,"height":12}},{"id":"1e63ed67-d97a-40a8-b6d7-6ed17b6fa0ab","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":34,"box":{"x":61,"y":649,"width":802,"height":12}},{"id":"0a4f8b78-74e3-44af-94ee-353b02f59342","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":34,"box":{"x":62,"y":664,"width":639,"height":11}},{"id":"e9378331-7715-4b60-84da-a4f18359f2e0","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":34,"box":{"x":60,"y":686,"width":855,"height":12}},{"id":"26605aa6-f236-4f07-bf23-1b4b2bd0c12b","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":34,"box":{"x":61,"y":701,"width":832,"height":12}},{"id":"8158bfed-1caf-4e47-9438-80b8da9304d9","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":34,"box":{"x":62,"y":716,"width":383,"height":11}},{"id":"26d8dab4-7174-4854-8846-b85c8eba03de","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d593a45f-12e8-4c08-aedb-543005b3518c","block_type":"box","text":"NM1026U-5982562-34/40","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1c27fd45-d742-410b-bbd3-e6aa8d5d0d4b","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":35,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"4eefeafa-5511-464d-be3b-a7ac8cd91655","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":35,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"b91db6ab-b7fe-4c8c-b907-1c40a5d8687d","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":35,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"cb322889-939d-4648-864d-0a7fe31bea44","block_type":"box","text":"reinvestment of all dividends and distributions. 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