{"annotation_id":"f9485ea7-9056-48ef-abb6-4c2687dec20a","file_hash":"3fda667acffa80aaa6873aa8fcaae37b1dcfa10dc7f9ac2407c81de9aef92cba","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"a1792c5e-9a13-4f8c-bcbc-16d8484839c8","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"9953711e-d6c2-45eb-8163-bb28b41de464","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"f8b20078-e299-413b-8929-aa8b26173966","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"c35ce356-7eb9-4bad-b1cb-8d2f2e7e17d6","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"86303abe-5442-43ff-b7ff-2379827acf32","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"51ee6787-5240-439e-b276-4169adbe72f0","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"101aa24c-9c73-4270-b566-d1b2fc465493","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"ae88e9aa-eea1-41ef-aed3-8a0475b8cc46","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":1,"box":{"x":84,"y":321,"width":510,"height":12}},{"id":"c3731351-d0f3-444a-9f33-ddd295736978","block_type":"box","text":"Class K: BIRKX","page_number":1,"box":{"x":83,"y":339,"width":91,"height":7}},{"id":"5ed7dadb-44d7-447e-8f2c-75e54f33d8ad","block_type":"box","text":"This Prospectus contains information you should know before investing, including information about risks.","page_number":1,"box":{"x":63,"y":834,"width":741,"height":11}},{"id":"785e0ea4-7194-4710-a654-197297143389","block_type":"box","text":"Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":850,"width":438,"height":10}},{"id":"d554b663-b85b-4480-834f-eaf83405cd98","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":870,"width":749,"height":11}},{"id":"072e8ee2-3d7b-46dc-be50-052d51439a7c","block_type":"box","text":"the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"d987d0b6-e2e7-4537-a2e1-6eb2b7ddca96","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"6c9b1c46-0c1f-4321-9cf1-ddbe6f9c022c","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"6f5a059b-8705-43e7-acdd-e8c38a83e7a7","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"0a787384-5907-4553-8a2f-dfb35aadd840","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"4bb9e8dc-ae4a-49a6-9481-1ac4bbd4229a","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"ba92b890-ef63-415b-a117-802a1e4908c0","block_type":"box","text":"NM1026U-5984568-1/44","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"88b1faef-39b9-401b-a6e3-e6dfdc633d51","block_type":"box","text":"Table of Contents","page_number":2,"box":{"x":371,"y":82,"width":255,"height":18}},{"id":"f0b69389-364b-4f56-a059-421fa6d5029c","block_type":"box","text":"Fund Overview","page_number":2,"box":{"x":190,"y":136,"width":155,"height":13}},{"id":"281a0fa0-9cf9-4344-b9a2-1a680311ea15","block_type":"box","text":"Key facts and details about the Fund, including investment objective,","page_number":2,"box":{"x":361,"y":140,"width":503,"height":11}},{"id":"14d15211-363e-4fa5-848b-a9b4e553dbcc","block_type":"box","text":"principal investment strategies, principal risk factors, fee and expense","page_number":2,"box":{"x":360,"y":155,"width":517,"height":11}},{"id":"2aca32c4-0ba5-4e52-b914-de0df3f480dc","block_type":"box","text":"information and historical per formance information","page_number":2,"box":{"x":361,"y":169,"width":374,"height":12}},{"id":"366b2f97-20ad-49fb-b5e7-88e55507c76d","block_type":"box","text":"Investment Objective .............................................................................. 3","page_number":2,"box":{"x":361,"y":185,"width":577,"height":11}},{"id":"3d26a7b3-81c9-45b7-8857-07b8f45b912a","block_type":"box","text":"Fees and Expenses of the Fund ............................................................... 3","page_number":2,"box":{"x":361,"y":200,"width":577,"height":12}},{"id":"4806aa29-9d42-42e3-97e6-57f6e0bfd9e9","block_type":"box","text":"Principal Investment Strategies of the Fund .............................................. 4","page_number":2,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"d5369e1c-bfe5-4674-890b-f8f43bd2cf54","block_type":"box","text":"Principal Risks of Investing in the Fund .................................................... 5","page_number":2,"box":{"x":360,"y":231,"width":578,"height":12}},{"id":"bb087186-508a-4f05-86e8-7e1beb4fd4df","block_type":"box","text":"Per formance Information ........................................................................ 8","page_number":2,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"802530a6-adc6-4fe9-a17d-e03ad56b6773","block_type":"box","text":"Investment Manager ............................................................................... 9","page_number":2,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"f8767ac2-1b84-4182-bdac-2104cc8e0898","block_type":"box","text":"Por tfolio Managers ................................................................................. 9","page_number":2,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"4fe8af87-1c72-4c25-9caf-e028b9a4835a","block_type":"box","text":"Purchase and Sale of Fund Shares .......................................................... 9","page_number":2,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"9927b7bb-6850-469c-bf74-a8dd5c977029","block_type":"box","text":"Tax Information....................................................................................... 9","page_number":2,"box":{"x":361,"y":309,"width":577,"height":9}},{"id":"4b7c3e0e-6eb4-4a1d-8adf-580781e20bac","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries ................ 10","page_number":2,"box":{"x":360,"y":324,"width":578,"height":12}},{"id":"cab0b90c-f6c5-421a-8657-d3b022952e24","block_type":"box","text":"Details About the Fund","page_number":2,"box":{"x":102,"y":348,"width":242,"height":12}},{"id":"6e0f7b48-1828-4925-b6d3-0da0f2de3c88","block_type":"box","text":"Information about how the Fund invests, including investment objective,","page_number":2,"box":{"x":361,"y":351,"width":524,"height":12}},{"id":"2c09f574-2368-4128-af66-53443a77de74","block_type":"box","text":"investment process, principal strategies and risk factors","page_number":2,"box":{"x":361,"y":366,"width":412,"height":12}},{"id":"569fc226-33a5-482f-89bf-adf46a55f4ee","block_type":"box","text":"How the Fund Invests.............................................................................. 11","page_number":2,"box":{"x":361,"y":382,"width":576,"height":9}},{"id":"82dd8e0b-d995-44c3-8879-f5c9c558a601","block_type":"box","text":"Investment Risks.................................................................................... 13","page_number":2,"box":{"x":361,"y":397,"width":577,"height":9}},{"id":"6586ec75-63fb-4a18-b04a-7647599f8398","block_type":"box","text":"Account Information","page_number":2,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"510c06c0-5e3d-4505-a2ae-6abd72ac3d12","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":2,"box":{"x":361,"y":424,"width":468,"height":12}},{"id":"e722856b-eb73-46f1-92c1-8da0671cced1","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":2,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"d285e68b-b955-45b8-8021-bf5e4ccc3892","block_type":"box","text":"Details About the Share Class ................................................................. 22","page_number":2,"box":{"x":361,"y":454,"width":577,"height":10}},{"id":"51a4d70c-802f-4939-8056-54efeb0ef114","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 23","page_number":2,"box":{"x":361,"y":470,"width":577,"height":11}},{"id":"abb75db0-3919-4beb-9c79-aae49251772f","block_type":"box","text":"Fund’s Rights ......................................................................................... 28","page_number":2,"box":{"x":361,"y":485,"width":577,"height":12}},{"id":"c2dc3278-f3da-43d0-b1c6-7312a588238c","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 28","page_number":2,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"d7ca4229-2d01-47c4-b723-0a2c6be70265","block_type":"box","text":"Management of the Fund","page_number":2,"box":{"x":80,"y":524,"width":264,"height":16}},{"id":"03ee6753-c338-44f2-82ac-1b751f5f8f42","block_type":"box","text":"Information about BlackRock and the Por tfolio Managers","page_number":2,"box":{"x":361,"y":528,"width":415,"height":11}},{"id":"73ae40cb-5804-40fc-a143-442773eebff5","block_type":"box","text":"BlackRock .............................................................................................. 30","page_number":2,"box":{"x":361,"y":543,"width":577,"height":9}},{"id":"a47e51f8-10b5-4eba-8667-0eaa4b4ddf6f","block_type":"box","text":"Por tfolio Manager Information ................................................................. 31","page_number":2,"box":{"x":360,"y":559,"width":577,"height":11}},{"id":"3bd4fdf1-bf7e-48f0-bc03-9df2328ed0c3","block_type":"box","text":"Conflicts of Interest ................................................................................ 32","page_number":2,"box":{"x":361,"y":574,"width":577,"height":9}},{"id":"9d6c2aa5-2343-41d8-88a6-2f5ccf281ffc","block_type":"box","text":"Valuation of Fund Investments ................................................................. 33","page_number":2,"box":{"x":362,"y":590,"width":576,"height":9}},{"id":"950c8662-62ac-4d73-8023-fbab40822110","block_type":"box","text":"Dividends, Distributions and Taxes........................................................... 34","page_number":2,"box":{"x":361,"y":605,"width":576,"height":11}},{"id":"129a4627-fa8f-4240-af61-797ab2a996c8","block_type":"box","text":"Financial Highlights","page_number":2,"box":{"x":136,"y":629,"width":207,"height":16}},{"id":"f52fc6aa-6be7-4bee-b267-753d56edba1f","block_type":"box","text":"Financial Per formance of the Fund ........................................................... 36","page_number":2,"box":{"x":361,"y":632,"width":577,"height":9}},{"id":"5c988275-3203-424c-8d53-8fc84880f565","block_type":"box","text":"General Information","page_number":2,"box":{"x":136,"y":665,"width":207,"height":13}},{"id":"c7ff727c-7083-4c34-b878-9828f197702f","block_type":"box","text":"Shareholder Documents.......................................................................... 37","page_number":2,"box":{"x":361,"y":668,"width":577,"height":10}},{"id":"0900abc0-5396-43fa-bff2-cb65557bc21a","block_type":"box","text":"Cer tain Fund Policies .............................................................................. 37","page_number":2,"box":{"x":361,"y":684,"width":577,"height":9}},{"id":"2e76db86-66db-4516-b81c-7132e82d839f","block_type":"box","text":"Statement of Additional Information ......................................................... 38","page_number":2,"box":{"x":361,"y":699,"width":577,"height":9}},{"id":"ef94b92c-5ebe-469a-a7bf-b4ca54967dd2","block_type":"box","text":"Glossary","page_number":2,"box":{"x":253,"y":723,"width":92,"height":16}},{"id":"dca6e4c0-4a1d-47d9-8446-72d40543e243","block_type":"box","text":"Glossary of Investment Terms ................................................................. 39","page_number":2,"box":{"x":361,"y":726,"width":577,"height":12}},{"id":"f6c3cfc0-770b-47cb-bdc8-6e2a6a053994","block_type":"box","text":"For More Information","page_number":2,"box":{"x":122,"y":759,"width":221,"height":13}},{"id":"83eaa318-d31e-4531-8ff4-a140c2b80683","block_type":"box","text":"Fund and Service Providers ............................................... Inside Back Cover","page_number":2,"box":{"x":361,"y":763,"width":578,"height":9}},{"id":"e2731486-8f40-4a5b-8a06-328ff0779bbb","block_type":"box","text":"Additional Information....................................................... Back Cover","page_number":2,"box":{"x":359,"y":778,"width":580,"height":9}},{"id":"cbdc0d92-ebe4-43df-8ede-93f4736dbc0a","block_type":"box","text":"NM1026U-5984568-2/44","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5504e782-be2f-4501-8306-d21f51a6f90c","block_type":"box","text":"Fund Overview","page_number":3,"box":{"x":64,"y":82,"width":315,"height":27}},{"id":"35bd2b17-4e82-43e0-944f-a17373e00e4f","block_type":"box","text":"Key Facts About BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":3,"box":{"x":62,"y":156,"width":722,"height":14}},{"id":"a3563ecd-7cb0-4fd0-a87b-b123c30d774a","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":62,"y":187,"width":191,"height":14}},{"id":"6906f380-f02c-453b-a6bd-4f1a73a6df41","block_type":"box","text":"The investment objective of BlackRock Sustainable Aware Advantage Large Cap Core Fund (the “Fund”), a series of","page_number":3,"box":{"x":60,"y":213,"width":847,"height":12}},{"id":"aa4b2baa-f1ee-4c5f-af7d-0ecf399beb96","block_type":"box","text":"BlackRock Funds","page_number":3,"box":{"x":62,"y":228,"width":122,"height":9}},{"id":"b8116eaa-a50b-4473-a90f-24e3a075554e","block_type":"box","text":"SM","page_number":3,"box":{"x":186,"y":228,"width":11,"height":5}},{"id":"6def83e7-5641-4613-ba30-2d4948882fe1","block_type":"box","text":"(the “Trust”), is to seek to provide total return while seeking to maintain certain environmental,","page_number":3,"box":{"x":203,"y":228,"width":699,"height":12}},{"id":"ef799306-81b5-4c63-bf7f-85d9b819d1de","block_type":"box","text":"social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark.","page_number":3,"box":{"x":61,"y":243,"width":782,"height":11}},{"id":"b6b14358-0107-4db4-b23d-bab1444138a8","block_type":"box","text":"Fees and Expenses of the Fund","page_number":3,"box":{"x":61,"y":282,"width":283,"height":13}},{"id":"a293ebd6-0c5d-4375-813f-e69de5efd504","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":3,"box":{"x":60,"y":308,"width":839,"height":11}},{"id":"3309ec48-7577-4349-b68d-b4716c43811e","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":3,"box":{"x":60,"y":323,"width":724,"height":11}},{"id":"74ba5f3f-7df8-4ce8-9809-a05ba33f6c50","block_type":"box","text":"You may pay other","page_number":3,"box":{"x":790,"y":323,"width":138,"height":11}},{"id":"7cb4f62d-c257-4082-9da1-a89b0ff5b3f4","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or selected securities dealer,","page_number":3,"box":{"x":60,"y":338,"width":841,"height":11}},{"id":"7683b846-1115-47a7-804c-4e4cf9e224d3","block_type":"box","text":"broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":3,"box":{"x":61,"y":353,"width":780,"height":11}},{"id":"405a88cb-c930-4b7c-931a-5a61f459c09a","block_type":"box","text":"(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and","page_number":3,"box":{"x":61,"y":367,"width":813,"height":12}},{"id":"96ae6927-5918-4a21-9fce-1d1e49e9edbb","block_type":"box","text":"example below.","page_number":3,"box":{"x":61,"y":382,"width":114,"height":11}},{"id":"1e1fe7ae-1fe5-4a75-936e-cae5b599e936","block_type":"box","text":"Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":419,"width":222,"height":10}},{"id":"14a30e13-c799-48b3-9350-530ef6aafc42","block_type":"box","text":"(expenses that you pay each year as a","page_number":3,"box":{"x":69,"y":430,"width":261,"height":10}},{"id":"0cef2a43-6d5d-47d0-ad07-6f03cc6898f8","block_type":"box","text":"percentage of the value of your investment)","page_number":3,"box":{"x":70,"y":442,"width":294,"height":10}},{"id":"ad818066-783f-41c4-90e8-321797e015bc","block_type":"box","text":"Class K","page_number":3,"box":{"x":873,"y":430,"width":51,"height":8}},{"id":"b9956a61-a2ce-40c1-8b72-2c9f715dedb1","block_type":"box","text":"Shares","page_number":3,"box":{"x":875,"y":442,"width":46,"height":8}},{"id":"ca1e8612-6717-4f01-b789-14270a0163b4","block_type":"box","text":"Management Fee","page_number":3,"box":{"x":70,"y":460,"width":112,"height":10}},{"id":"3a7d806e-de55-4b7d-baf3-64a08437d4d2","block_type":"box","text":"1","page_number":3,"box":{"x":183,"y":460,"width":4,"height":4}},{"id":"832ec31b-94db-44b1-8927-096e109b97ad","block_type":"box","text":"0.40%","page_number":3,"box":{"x":885,"y":460,"width":41,"height":8}},{"id":"6e38bb78-43f5-4538-ab3b-1b5edb373678","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":3,"box":{"x":70,"y":478,"width":266,"height":10}},{"id":"2fa04f77-80b8-4340-a728-f0ec3badc783","block_type":"box","text":"None","page_number":3,"box":{"x":883,"y":478,"width":32,"height":8}},{"id":"ac29031f-f9bd-4bf2-a3ca-c2171be7d845","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":496,"width":103,"height":10}},{"id":"2d52a29e-40e6-4713-84d8-008f0530d4d7","block_type":"box","text":"0.12%","page_number":3,"box":{"x":885,"y":496,"width":41,"height":8}},{"id":"2a1764c8-91b0-4e2e-8128-563b66366c61","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":514,"width":252,"height":10}},{"id":"3a78c58b-e047-4860-a256-11eed2ce6286","block_type":"box","text":"0.52%","page_number":3,"box":{"x":885,"y":514,"width":41,"height":8}},{"id":"f84c9e7c-f21b-4cf4-9698-ad460b58151d","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":532,"width":304,"height":10}},{"id":"913d808c-5d4f-4a49-b25f-6ba581a06a5e","block_type":"box","text":"1,2","page_number":3,"box":{"x":375,"y":532,"width":11,"height":5}},{"id":"87ac740f-5a3b-4be8-946d-04588fc1adab","block_type":"box","text":"(0.09)%","page_number":3,"box":{"x":881,"y":532,"width":50,"height":10}},{"id":"be4fc0de-1428-4c6d-9724-a5fc922f0703","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":69,"y":550,"width":598,"height":10}},{"id":"c0408a68-4656-4785-897e-30d37a9f6e32","block_type":"box","text":"1,2","page_number":3,"box":{"x":668,"y":550,"width":10,"height":5}},{"id":"2f545af2-e7da-44a8-9023-f67d4f92c1a9","block_type":"box","text":"0.43%","page_number":3,"box":{"x":885,"y":550,"width":41,"height":8}},{"id":"6cb57f82-5d35-4173-9434-aeeec35810ae","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":570,"width":3,"height":3}},{"id":"9a53194c-9668-4e5d-854d-6a9c35b40d2e","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":570,"width":837,"height":9}},{"id":"208ca689-dafd-44ed-a9f8-1a615448add5","block_type":"box","text":"waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":3,"box":{"x":80,"y":580,"width":854,"height":9}},{"id":"82472fa0-2004-42bf-92a0-28a322445dc9","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":3,"box":{"x":81,"y":590,"width":810,"height":9}},{"id":"812eeb87-463f-4595-9299-578faa3798c7","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":3,"box":{"x":81,"y":600,"width":832,"height":10}},{"id":"33f0168a-e6f7-4ec6-a7f7-741eb02528ad","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":3,"box":{"x":81,"y":611,"width":847,"height":9}},{"id":"066731f9-adb1-4d58-8de0-19a333628737","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":3,"box":{"x":81,"y":621,"width":834,"height":9}},{"id":"a995bc22-8ce1-4be3-934c-51b2b5739323","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":631,"width":330,"height":10}},{"id":"4274f538-ff43-45e6-bc3d-ba4a37eca3ce","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":644,"width":3,"height":4}},{"id":"486aa64d-d8f2-4e93-881f-c5241f434b00","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":644,"width":837,"height":10}},{"id":"583d1cfb-6061-4c6d-8223-eb4ed16e71ca","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":80,"y":655,"width":771,"height":9}},{"id":"486b3d7c-787b-4a8c-a048-52f9f3052c3f","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.43%","page_number":3,"box":{"x":81,"y":665,"width":844,"height":9}},{"id":"3e9257d1-26dd-4f11-b612-521ff93d5712","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":3,"box":{"x":81,"y":675,"width":851,"height":10}},{"id":"43ade4dd-8869-47b1-acf0-25245789f464","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":686,"width":617,"height":9}},{"id":"4ad56e4d-e155-4af6-ae12-9909b6b243e3","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":704,"width":74,"height":12}},{"id":"1aa2d7fc-66cf-4d3c-9e9e-0b5a6ea1fb60","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":720,"width":830,"height":11}},{"id":"efae87b6-ae0a-4dc5-8e66-5739eb197593","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":734,"width":832,"height":12}},{"id":"2737d08f-0898-4918-812f-f8e62157f990","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":749,"width":832,"height":12}},{"id":"59588744-16fb-4f05-920a-052468280540","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":765,"width":859,"height":11}},{"id":"7b00d193-32ed-4536-8375-e5673844607a","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":779,"width":436,"height":12}},{"id":"3b1c0b38-50dd-42e6-a857-0b3be4e50eda","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":808,"width":292,"height":8}},{"id":"518cb6a2-5d60-4b1f-8ae9-b3fbd9d6241f","block_type":"box","text":"Class K Shares $44 $158 $282 $644","page_number":3,"box":{"x":69,"y":825,"width":843,"height":10}},{"id":"55ce164b-a00c-4947-9502-0612a3f757d6","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":851,"width":151,"height":10}},{"id":"2f6dc19d-b753-4b4e-8d79-89c2da4e189f","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":867,"width":800,"height":11}},{"id":"dbbb5e9b-9c2e-4ee8-bad4-c0cca22096b1","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":882,"width":850,"height":11}},{"id":"3f669992-bee6-4c99-838a-e812534bdef4","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":896,"width":870,"height":12}},{"id":"1fc4c976-9717-4241-af6b-4187f687f1d9","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"27791a91-5fa2-4fa5-ae85-4f3b5c3178a4","block_type":"box","text":"NM1026U-5984568-3/44","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"33420e63-1d27-4024-8185-a607558cfcc8","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":46,"width":839,"height":11}},{"id":"1f1905dd-efb0-4a80-95c7-f5040dd2d27c","block_type":"box","text":"115% of the average value of its portfolio.","page_number":4,"box":{"x":62,"y":60,"width":307,"height":12}},{"id":"ef1d5d2d-bbff-417a-80ac-285640bf95dd","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":99,"width":394,"height":14}},{"id":"57df546f-2a37-4616-9d9d-132c57f32c9f","block_type":"box","text":"The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a portfolio level","page_number":4,"box":{"x":60,"y":126,"width":855,"height":11}},{"id":"0a55dbdc-3634-4fad-b1aa-6443ebf1ce2b","block_type":"box","text":"that is at least 10% better than that of the Russell 1000 Index (the “Benchmark”) and (ii) an aggregate carbon","page_number":4,"box":{"x":60,"y":140,"width":812,"height":12}},{"id":"a8c704b2-1351-4c87-8e14-5576da96b0d2","block_type":"box","text":"emissions assessment at a portfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes","page_number":4,"box":{"x":61,"y":155,"width":848,"height":11}},{"id":"abfb0145-5071-4ea5-a30f-7815095f3d45","block_type":"box","text":"such assessments by utilizing Fund management’s proprietary framework as well as certain third-party data. These","page_number":4,"box":{"x":61,"y":170,"width":847,"height":12}},{"id":"e05436c9-cdca-47c2-888f-b3458dd79a77","block_type":"box","text":"assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift","page_number":4,"box":{"x":61,"y":185,"width":873,"height":11}},{"id":"7c23f129-8dd2-4ed0-b526-9054f486905d","block_type":"box","text":"targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary","page_number":4,"box":{"x":60,"y":200,"width":870,"height":11}},{"id":"fac365a5-c816-4667-b8e6-7c6e6fe7186c","block_type":"box","text":"screens based on certain ESG criteria, which are described below.","page_number":4,"box":{"x":61,"y":215,"width":485,"height":10}},{"id":"498d46da-7d40-42f0-ac16-5d1113feaf9c","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":4,"box":{"x":62,"y":237,"width":798,"height":12}},{"id":"f7514e62-8834-4eb8-9792-eb0911766d68","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to","page_number":4,"box":{"x":61,"y":252,"width":864,"height":11}},{"id":"8101d696-5863-40d1-99db-8ea45fa932be","block_type":"box","text":"such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80%","page_number":4,"box":{"x":61,"y":267,"width":868,"height":11}},{"id":"f0687acc-dc58-430b-a748-ce0d3e995fc1","block_type":"box","text":"policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within","page_number":4,"box":{"x":62,"y":282,"width":865,"height":11}},{"id":"44c7f527-213d-48b2-bf54-d3dd1284d091","block_type":"box","text":"the range of companies included in the Benchmark. The companies included in the Benchmark have market","page_number":4,"box":{"x":60,"y":296,"width":792,"height":12}},{"id":"e7fea92a-4d57-4bc2-bda5-488c2150fa23","block_type":"box","text":"capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.","page_number":4,"box":{"x":61,"y":311,"width":725,"height":12}},{"id":"1666825d-ff36-4f84-95f3-dc9ee979115a","block_type":"box","text":"Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase","page_number":4,"box":{"x":62,"y":334,"width":849,"height":11}},{"id":"01dd114d-5a60-4092-a705-4c62388eb344","block_type":"box","text":"convertible securities. From time to time the Fund may invest in shares of companies through “new issues” or initial","page_number":4,"box":{"x":61,"y":349,"width":854,"height":11}},{"id":"b83ae32d-f5f3-4095-bfc8-7342e5440c01","block_type":"box","text":"public offerings (“IPOs”).","page_number":4,"box":{"x":62,"y":363,"width":179,"height":12}},{"id":"c49f5c09-188f-4ece-a3e6-887fc3002942","block_type":"box","text":"To determine the Fund’s investable universe, Fund management first seeks to screen out certain issuers based on","page_number":4,"box":{"x":60,"y":386,"width":844,"height":12}},{"id":"2aeb26d6-10ac-46f3-8ea2-c6d55d970fac","block_type":"box","text":"ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally","page_number":4,"box":{"x":62,"y":401,"width":849,"height":11}},{"id":"ad71a478-2689-43c5-95b7-4a386c77880a","block_type":"box","text":"includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons;","page_number":4,"box":{"x":62,"y":416,"width":826,"height":11}},{"id":"be68994c-e0a8-4d2d-9424-387fbb46dc8e","block_type":"box","text":"(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that","page_number":4,"box":{"x":61,"y":430,"width":833,"height":12}},{"id":"ebde8582-bd98-42ab-a1d1-30a20a3f8c48","block_type":"box","text":"derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more","page_number":4,"box":{"x":61,"y":445,"width":873,"height":12}},{"id":"862b19d0-6618-4d06-b52e-cb298e31a7b1","block_type":"box","text":"than five percent of revenue from thermal coal generation, unless such issuers either (a) have made certain","page_number":4,"box":{"x":60,"y":460,"width":794,"height":12}},{"id":"40c6f036-28cb-429e-9e7d-a38a71a6d5c8","block_type":"box","text":"commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources;","page_number":4,"box":{"x":61,"y":475,"width":856,"height":11}},{"id":"e3996205-2280-4f3f-b3ab-41d4739a8261","block_type":"box","text":"(v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more","page_number":4,"box":{"x":61,"y":490,"width":848,"height":11}},{"id":"c392f72b-610d-4cce-b5b7-85f1d50f7168","block_type":"box","text":"than five percent of revenue from oil sands extraction. The Fund relies on one or more third-party ratings agencies to","page_number":4,"box":{"x":60,"y":505,"width":858,"height":11}},{"id":"e4a2fe04-bc87-4c03-955d-e63eb3f99cd1","block_type":"box","text":"identify issuers for purposes of the above screening criteria. Third-party rating agencies may base the above screening","page_number":4,"box":{"x":62,"y":519,"width":869,"height":12}},{"id":"d158b6e2-4a3f-40e1-9ea4-a94dbc7fd00b","block_type":"box","text":"criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.","page_number":4,"box":{"x":61,"y":534,"width":874,"height":12}},{"id":"f1ef7e25-5d48-4ab0-8c59-e2d5849b2ab6","block_type":"box","text":"The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that","page_number":4,"box":{"x":60,"y":557,"width":866,"height":11}},{"id":"ef476eb0-8753-48a9-b1a9-f33d32056b28","block_type":"box","text":"may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-party ratings or","page_number":4,"box":{"x":61,"y":572,"width":875,"height":11}},{"id":"6a05a29a-5382-4a2a-ae25-20813afc3117","block_type":"box","text":"data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third","page_number":4,"box":{"x":61,"y":587,"width":857,"height":11}},{"id":"810c8a13-05f8-4531-9c3f-4fd05a27cce0","block_type":"box","text":"parties. This screening criteria is subject to change over time at BlackRock’s discretion.","page_number":4,"box":{"x":62,"y":602,"width":644,"height":11}},{"id":"39b364a6-aabf-4f83-bf34-a67e781f245f","block_type":"box","text":"In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in","page_number":4,"box":{"x":62,"y":624,"width":856,"height":11}},{"id":"4a4ae2bb-c1ea-4226-a22e-d8719a7707d0","block_type":"box","text":"other investment companies) to issuers with exposures that are inconsistent with the ESG criteria used by Fund","page_number":4,"box":{"x":61,"y":639,"width":820,"height":11}},{"id":"d96b55d6-dc2c-4737-a0e0-a3b51b42ff61","block_type":"box","text":"management.","page_number":4,"box":{"x":61,"y":654,"width":99,"height":11}},{"id":"eb213577-690a-4ad3-89ee-56e9e43f5d20","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in equity securities in a disciplined manner, by using","page_number":4,"box":{"x":60,"y":676,"width":851,"height":12}},{"id":"5a2d2678-2ad3-40b1-840b-098042819f9e","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":4,"box":{"x":62,"y":691,"width":826,"height":11}},{"id":"602e161e-b9f3-4f49-94cb-88e3540d27c2","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":4,"box":{"x":62,"y":706,"width":874,"height":11}},{"id":"0208bd20-49e7-4704-a2ab-2aab953506d2","block_type":"box","text":"equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative","page_number":4,"box":{"x":61,"y":721,"width":854,"height":11}},{"id":"447be801-212f-4ddf-b316-8dbc73155c09","block_type":"box","text":"implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and","page_number":4,"box":{"x":62,"y":735,"width":818,"height":12}},{"id":"fe141d34-9ab1-4718-afdc-4c0ec2764cc1","block_type":"box","text":"transaction costs, as determined by BlackRock’s proprietary research.","page_number":4,"box":{"x":60,"y":750,"width":518,"height":12}},{"id":"353c2cae-c416-4a9a-925a-470bbf4ac572","block_type":"box","text":"BlackRock then constructs and rebalances the portfolio’s weightings by incorporating its investment insights into the","page_number":4,"box":{"x":62,"y":773,"width":857,"height":11}},{"id":"54572cbf-3b13-40a7-bf04-a454e2039b9e","block_type":"box","text":"model-based optimization process. Certain of the investment insights relate to ESG characteristics in BlackRock","page_number":4,"box":{"x":61,"y":788,"width":829,"height":11}},{"id":"ffb2b23e-6eb5-49d5-ac63-594606876a73","block_type":"box","text":"defined categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation","page_number":4,"box":{"x":61,"y":802,"width":815,"height":12}},{"id":"9e3817d1-01c7-4d15-bb7b-c94b3a271785","block_type":"box","text":"characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not","page_number":4,"box":{"x":61,"y":817,"width":868,"height":11}},{"id":"8d28e05f-be7f-4134-a5a6-093700068362","block_type":"box","text":"limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG","page_number":4,"box":{"x":62,"y":832,"width":867,"height":11}},{"id":"e770d0ad-23d1-4b4f-b8a3-ad95572e5e4b","block_type":"box","text":"assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health","page_number":4,"box":{"x":61,"y":847,"width":858,"height":11}},{"id":"63899ae5-b6eb-44a6-86f0-8c4b0171b1e2","block_type":"box","text":"analytics and an issuer’s innovation-oriented research and development. The ESG characteristics utilized in the","page_number":4,"box":{"x":61,"y":862,"width":816,"height":11}},{"id":"7f93c422-3f79-4536-9294-0bc3d2802aff","block_type":"box","text":"portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers","page_number":4,"box":{"x":62,"y":876,"width":874,"height":12}},{"id":"fb95dbca-0098-4d04-85ee-4b58473570ec","block_type":"box","text":"that are eligible for investment.","page_number":4,"box":{"x":60,"y":891,"width":229,"height":12}},{"id":"ef00ba67-01bd-4377-b497-8fced49f4c5c","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"68066a7a-14cb-44af-a7af-6f4c6786eab0","block_type":"box","text":"NM1026U-5984568-4/44","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cdc75837-bbdb-4011-bc0b-06ed4e904d28","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":5,"box":{"x":60,"y":46,"width":876,"height":11}},{"id":"32174e0a-7ded-421f-8517-98228c68c241","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":5,"box":{"x":61,"y":60,"width":859,"height":12}},{"id":"eaad74b9-2305-48a0-a5ee-0ba22409c139","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":5,"box":{"x":60,"y":75,"width":839,"height":12}},{"id":"3aec48aa-dac1-4e1d-afeb-b8e4f685d16b","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":5,"box":{"x":62,"y":90,"width":808,"height":12}},{"id":"736b9567-3a9a-4146-8cd4-be8cbc15afd3","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":5,"box":{"x":61,"y":105,"width":872,"height":11}},{"id":"00f48fee-8240-4a8a-9814-c28fb349ff03","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the","page_number":5,"box":{"x":62,"y":120,"width":825,"height":11}},{"id":"5cd622d9-3b33-4e94-9078-13c0adbb0cbf","block_type":"box","text":"Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the","page_number":5,"box":{"x":62,"y":135,"width":859,"height":11}},{"id":"6ebe2855-5f56-4a98-a6e1-0e7c175bca51","block_type":"box","text":"value of the Fund’s assets.","page_number":5,"box":{"x":60,"y":149,"width":199,"height":10}},{"id":"13a81611-b9c7-4809-aea1-97e13d16366d","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":188,"width":354,"height":14}},{"id":"15a83e10-b8c7-42f7-a89d-49955e4bf212","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":5,"box":{"x":62,"y":214,"width":860,"height":12}},{"id":"8551c57c-2140-4577-a7f0-08ce140d9d8f","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":5,"box":{"x":61,"y":229,"width":802,"height":12}},{"id":"97473778-5c31-4841-b36b-d03688f82b85","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":5,"box":{"x":62,"y":244,"width":866,"height":12}},{"id":"4ffa9984-cebd-49a5-8b36-7012dc902fb7","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":5,"box":{"x":62,"y":259,"width":869,"height":12}},{"id":"80b50328-f7bb-499b-acf3-2083601a7ece","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":5,"box":{"x":60,"y":274,"width":835,"height":11}},{"id":"c5b611fc-6051-4313-8786-5165566bf1d0","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":289,"width":793,"height":11}},{"id":"076822e8-1f80-4660-b3fb-23b5f8af6649","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":309,"width":166,"height":11}},{"id":"9318018b-74f3-4449-80ab-28ef8832cff8","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":309,"width":685,"height":11}},{"id":"49a49368-ccab-4363-9003-c1fa605de6d6","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":323,"width":550,"height":12}},{"id":"fd6d5292-830d-4495-a2cf-55fbdc0cac67","block_type":"box","text":"ESG Investing Risk","page_number":5,"box":{"x":81,"y":344,"width":144,"height":11}},{"id":"f86c305e-80e3-4ce4-8396-c55085519384","block_type":"box","text":"—","page_number":5,"box":{"x":229,"y":349,"width":17,"height":1}},{"id":"3817d189-8b6a-45bd-91a5-0532f7962669","block_type":"box","text":"The Fund intends to screen out particular issuers pursuant to certain criteria established by","page_number":5,"box":{"x":251,"y":344,"width":675,"height":11}},{"id":"81700aa9-3948-47fa-86a6-bdf855dff98b","block_type":"box","text":"BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to certain","page_number":5,"box":{"x":82,"y":358,"width":845,"height":12}},{"id":"5ca34028-e53b-4ff1-8102-cecf5cedebac","block_type":"box","text":"investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to certain","page_number":5,"box":{"x":82,"y":373,"width":833,"height":12}},{"id":"ea118fcc-c06c-419b-9eec-41b2c019a91f","block_type":"box","text":"issuers and the Fund may forego certain investment opportunities. The Fund’s results may be lower than other","page_number":5,"box":{"x":82,"y":388,"width":814,"height":11}},{"id":"3bb73939-92d4-4145-b72b-b9e056cb6405","block_type":"box","text":"funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out","page_number":5,"box":{"x":81,"y":403,"width":849,"height":11}},{"id":"c8921393-421e-4ff2-8ed4-31df93753b82","block_type":"box","text":"issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage","page_number":5,"box":{"x":82,"y":418,"width":847,"height":11}},{"id":"88530714-15e8-4e06-b043-6bf036b927d5","block_type":"box","text":"ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG","page_number":5,"box":{"x":82,"y":433,"width":824,"height":11}},{"id":"1e2264d5-78ec-4f40-90e0-fedfb14421dc","block_type":"box","text":"related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result,","page_number":5,"box":{"x":82,"y":447,"width":854,"height":12}},{"id":"2668e553-33a4-4938-aec1-141f957a7281","block_type":"box","text":"the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. In evaluating a","page_number":5,"box":{"x":80,"y":462,"width":832,"height":12}},{"id":"4e8bdfb3-ff21-4e2c-9a51-ab36973caa4d","block_type":"box","text":"security or issuer based on ESG criteria, BlackRock is dependent upon certain information and data from third party","page_number":5,"box":{"x":81,"y":477,"width":853,"height":11}},{"id":"3784bd5a-46c7-43fc-a6c9-6afefe148f99","block_type":"box","text":"providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that","page_number":5,"box":{"x":82,"y":492,"width":814,"height":11}},{"id":"95328787-c791-4ff4-ac9d-232e4f0d02d0","block_type":"box","text":"BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the","page_number":5,"box":{"x":82,"y":507,"width":793,"height":11}},{"id":"c0d30a05-1e27-4c6d-8c68-ad104563520c","block_type":"box","text":"relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant","page_number":5,"box":{"x":82,"y":521,"width":852,"height":12}},{"id":"1dd40af8-493f-4eba-92d2-89326a27c238","block_type":"box","text":"ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or","page_number":5,"box":{"x":82,"y":536,"width":818,"height":12}},{"id":"fbcea7e6-6f37-4888-a2de-a0cbc5cba311","block_type":"box","text":"implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG","page_number":5,"box":{"x":82,"y":551,"width":783,"height":11}},{"id":"f80c5279-8e44-4e6d-8cdc-7228c4bdb759","block_type":"box","text":"assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited","page_number":5,"box":{"x":81,"y":566,"width":840,"height":11}},{"id":"ce816ba4-fe28-4a56-997d-999c03f6ac1b","block_type":"box","text":"availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria","page_number":5,"box":{"x":81,"y":581,"width":850,"height":11}},{"id":"55a1818a-2708-432a-9a99-ca734726a5c6","block_type":"box","text":"is subjective and may change over time.","page_number":5,"box":{"x":82,"y":596,"width":292,"height":11}},{"id":"b36cecd8-bf45-40b9-8d53-976eb2e89c1d","block_type":"box","text":"The Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors","page_number":5,"box":{"x":81,"y":618,"width":829,"height":12}},{"id":"8541ceff-eb5f-4350-b299-0fcef4933b0e","block_type":"box","text":"when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no","page_number":5,"box":{"x":80,"y":633,"width":838,"height":11}},{"id":"bb59a25e-8ddb-4a0d-8534-6de19442aa6f","block_type":"box","text":"guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.","page_number":5,"box":{"x":81,"y":648,"width":758,"height":11}},{"id":"a3eacb0c-b6ba-49d5-82b1-486577f7cf85","block_type":"box","text":"Model Risk","page_number":5,"box":{"x":81,"y":668,"width":85,"height":9}},{"id":"4951b3bc-d40b-4bb6-bafd-161582fd15cb","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":5,"box":{"x":170,"y":668,"width":722,"height":11}},{"id":"227ec193-21a4-489b-b9e5-9ab6f7d336e5","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":5,"box":{"x":81,"y":682,"width":840,"height":12}},{"id":"7f76cedd-2187-4d28-a807-6ca9a00fa89e","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":5,"box":{"x":80,"y":697,"width":807,"height":12}},{"id":"1d6b203e-522e-4f8b-9f76-d499fefb324b","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":5,"box":{"x":82,"y":712,"width":842,"height":12}},{"id":"7f9cbe8b-8ec9-42ef-badd-17e80fc42fbd","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”) and other technological issues). There is no","page_number":5,"box":{"x":82,"y":727,"width":836,"height":12}},{"id":"018f9837-6bd7-46f6-9226-e6e0e6b9b8be","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":5,"box":{"x":81,"y":742,"width":777,"height":11}},{"id":"a0bd3880-e628-478d-863f-7ad90f46c94a","block_type":"box","text":"The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may","page_number":5,"box":{"x":81,"y":762,"width":837,"height":11}},{"id":"d7f5f4b8-0b0b-4307-b1ea-6f5f5379b99a","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":5,"box":{"x":82,"y":777,"width":819,"height":11}},{"id":"ca65bd96-ab65-4f26-8962-c76469cba07b","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":5,"box":{"x":80,"y":791,"width":843,"height":12}},{"id":"3ba10cc7-6358-4cf3-8646-d6a74c6ccf0f","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":5,"box":{"x":81,"y":806,"width":834,"height":12}},{"id":"f9f7d7c7-02b0-4bcc-9117-8db667d80051","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":821,"width":176,"height":11}},{"id":"08929bce-2ab2-44e8-81af-0aef5f6acccd","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":841,"width":206,"height":9}},{"id":"f6416f42-9c80-483d-80c1-c13d1cda55cb","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":841,"width":593,"height":12}},{"id":"c210cd04-4f8b-424e-a815-b05cc3f26263","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":5,"box":{"x":81,"y":856,"width":853,"height":11}},{"id":"a7b2ed61-938f-48c8-9d13-fdcafa9bd7d4","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":5,"box":{"x":81,"y":871,"width":855,"height":11}},{"id":"55e0c563-0958-4173-9218-eaf2cc58eef3","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":885,"width":816,"height":12}},{"id":"93c61f71-55c1-48e2-8f3f-5687b5330874","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":900,"width":796,"height":12}},{"id":"283a6b1d-d501-49a7-8ef8-9a926d2a91e2","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"d1b9244f-6069-4284-958e-773ac7d135fa","block_type":"box","text":"NM1026U-5984568-5/44","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8fb0c208-18d9-4adc-9562-5d80019b2134","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":6,"box":{"x":81,"y":46,"width":812,"height":11}},{"id":"ff00c887-aa7e-43b2-aaa4-499930e91107","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":6,"box":{"x":82,"y":60,"width":809,"height":12}},{"id":"44390b70-6f25-48e9-bd1b-74bf227e03bd","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":81,"width":123,"height":9}},{"id":"9745fa3b-4ca3-41c2-9034-774917447081","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":6,"box":{"x":207,"y":80,"width":664,"height":12}},{"id":"dcfb5cfd-34dc-464e-8d84-ebb2f1839c87","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":95,"width":469,"height":12}},{"id":"805e885c-0d47-4409-95da-b47d3b77ce58","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":116,"width":102,"height":11}},{"id":"a7b5938f-f2b1-4eb6-8aef-130e29792c68","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":6,"box":{"x":188,"y":115,"width":723,"height":12}},{"id":"b929f1e0-707a-4ef4-afcb-6f3c20f7a450","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":6,"box":{"x":82,"y":130,"width":832,"height":12}},{"id":"f41d4f9f-5169-415c-a07e-96c6fcf3c26b","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":145,"width":280,"height":11}},{"id":"a469843d-c8c4-4b18-bb5a-949234cb744d","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":165,"width":87,"height":9}},{"id":"8876c09d-f91e-45a9-978b-cb2cc49b5971","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":6,"box":{"x":173,"y":165,"width":728,"height":11}},{"id":"bd7d22f8-c967-4be6-8d05-b235905570d1","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":6,"box":{"x":81,"y":180,"width":834,"height":11}},{"id":"436eca96-1210-4d52-9e7d-53a3be25cffd","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":6,"box":{"x":82,"y":195,"width":832,"height":11}},{"id":"3d1a6d08-fe02-49d8-8e62-b6acedd394f7","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":6,"box":{"x":80,"y":209,"width":779,"height":12}},{"id":"817f9104-29cf-4d9a-8a6e-40aeded8c8fa","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":224,"width":253,"height":11}},{"id":"086fa46d-e194-4a73-8095-2bcebc394009","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":244,"width":131,"height":12}},{"id":"7a6ca87f-618f-442c-a50b-d1e1a19a1246","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":244,"width":697,"height":12}},{"id":"1df2256f-9a4b-4578-aed6-8ecf74c36fa1","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":259,"width":855,"height":12}},{"id":"90f7f0ab-f5ff-4822-994e-16c03a79330a","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":274,"width":240,"height":11}},{"id":"cd7472ac-7b4b-4328-8e4c-9be92e0fbb4d","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":294,"width":100,"height":11}},{"id":"9f706805-0ae1-4570-915c-e6fcc7f424cf","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":294,"width":750,"height":11}},{"id":"8e437409-c941-4603-9fe0-59243583899a","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":309,"width":839,"height":11}},{"id":"58a6ce84-a78e-48e2-8d2a-b67efe9f2a40","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":323,"width":293,"height":12}},{"id":"c4532981-2e8b-46f7-9f42-a702ae50e253","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":344,"width":120,"height":11}},{"id":"54bc83a4-7518-42ec-8555-813f3ed17c31","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":343,"width":727,"height":12}},{"id":"6417e00d-1827-479c-99fa-6a1a974d6b44","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":358,"width":607,"height":12}},{"id":"984281df-44c6-45ab-91f2-da4227683d73","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":379,"width":75,"height":11}},{"id":"9b6e3709-7248-4391-8ff5-83f60d36c50a","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":378,"width":761,"height":12}},{"id":"d397d33a-d5c3-4f93-8fe6-68f4eac780a2","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":393,"width":198,"height":11}},{"id":"fb5fc032-898e-4285-b1db-48d2e07b47a0","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":413,"width":214,"height":11}},{"id":"b27dc8c3-23d8-4773-ba6d-8e0a17562d80","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":413,"width":590,"height":11}},{"id":"d759fa30-4902-40d5-a1fd-e87cae07c9e1","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":428,"width":775,"height":11}},{"id":"780ed896-7cd7-4a88-9129-f248ba0cc24e","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":443,"width":589,"height":11}},{"id":"db4e8bf3-6892-4596-88c9-41301f104ade","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":463,"width":102,"height":9}},{"id":"a7161efe-bad0-461b-8cc3-387e4260b5d3","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":463,"width":747,"height":11}},{"id":"75ba9d2b-29c3-4508-806d-a2c7eed45c20","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":477,"width":783,"height":12}},{"id":"ec7e61f6-41a0-421e-9502-d22e7b6b4d0d","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":492,"width":273,"height":12}},{"id":"9d9bb4a9-0ffe-4f6d-9f74-60d41c839c22","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":513,"width":95,"height":11}},{"id":"e6194ccf-20c3-4808-a6ed-b744fc3e9838","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":512,"width":728,"height":12}},{"id":"d05832d6-bf68-447a-8449-f07afdfa7e3c","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":527,"width":839,"height":12}},{"id":"2c81a065-c5b5-4c1a-8669-5c7c4719d873","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":542,"width":354,"height":11}},{"id":"bedb8952-7136-4564-8c90-a9cfc584ce88","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":562,"width":59,"height":9}},{"id":"ed882a58-8fff-4c4e-9ae9-8ad4d96d32bb","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":562,"width":719,"height":12}},{"id":"e7cd4235-20bc-42ca-8a9b-57061fe426cb","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":577,"width":801,"height":11}},{"id":"af036a7d-3f08-41e5-b47f-b868250fb2da","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":592,"width":802,"height":11}},{"id":"4034a1bc-469f-4bbf-815a-dca22a137f86","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":606,"width":830,"height":12}},{"id":"7d6bf5e0-28b3-4464-a829-f4390ec770bd","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":621,"width":215,"height":9}},{"id":"56231b54-5f96-4356-be32-7ec9b01d5898","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":6,"box":{"x":82,"y":641,"width":399,"height":12}},{"id":"fb336976-f2b2-4f01-a0f8-2ab5e2abc1be","block_type":"box","text":"Futures","page_number":6,"box":{"x":102,"y":661,"width":54,"height":9}},{"id":"e15c2640-9225-454c-9044-230ba5a1aec7","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":6,"box":{"x":161,"y":661,"width":765,"height":12}},{"id":"6ed45d23-35b5-416d-a7fa-4c42555aabb4","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":6,"box":{"x":101,"y":676,"width":786,"height":11}},{"id":"5a17a13d-f91a-4ca3-8934-517de540e25c","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":6,"box":{"x":102,"y":691,"width":769,"height":11}},{"id":"98de203f-3e40-46d2-a42c-1374e4dc352e","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":6,"box":{"x":102,"y":706,"width":822,"height":11}},{"id":"9edd7c67-c447-48c8-b6d4-8b7c9ad81578","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":6,"box":{"x":101,"y":720,"width":832,"height":12}},{"id":"2a781f0a-e860-4bad-9363-0f05d42f1c3e","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":6,"box":{"x":101,"y":735,"width":806,"height":12}},{"id":"4769f71d-3f5a-4d67-bb5f-4aa9de0a4b14","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":6,"box":{"x":102,"y":750,"width":793,"height":12}},{"id":"9b877894-e33c-419c-bf6c-79c2931551ac","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":6,"box":{"x":102,"y":765,"width":787,"height":12}},{"id":"eb6deda7-0bcb-4230-934e-996ca21f4120","block_type":"box","text":"default in the performance of its obligations.","page_number":6,"box":{"x":101,"y":780,"width":327,"height":11}},{"id":"744c365a-030f-4a97-a380-0c917ee89663","block_type":"box","text":"Options","page_number":6,"box":{"x":102,"y":800,"width":55,"height":11}},{"id":"49d1ad44-02fa-4cb2-939d-efbbaddc0ec9","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":6,"box":{"x":162,"y":800,"width":772,"height":11}},{"id":"9011de00-a57b-419e-be91-79f86cab23b4","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":6,"box":{"x":101,"y":815,"width":812,"height":11}},{"id":"7efda2ba-8e90-4b3f-b801-ae22641bacc6","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":6,"box":{"x":101,"y":829,"width":827,"height":12}},{"id":"778b2fad-3680-407c-afed-7229539bb328","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":6,"box":{"x":101,"y":844,"width":781,"height":12}},{"id":"c69bdef2-5793-45e2-9bf6-88cdbb8e3c31","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":6,"box":{"x":102,"y":859,"width":785,"height":12}},{"id":"f9ddd3a1-5601-4abb-8f8c-a16451b8f4d8","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":6,"box":{"x":101,"y":874,"width":831,"height":11}},{"id":"1f973ba4-6624-4912-93f9-cd43a6451298","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":6,"box":{"x":101,"y":889,"width":814,"height":11}},{"id":"e359a4ee-3cd6-43f8-a5f1-02c3595d4297","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":6,"box":{"x":101,"y":904,"width":826,"height":11}},{"id":"9d63986e-4283-4c3b-85b6-00e014334085","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":6,"box":{"x":101,"y":919,"width":822,"height":11}},{"id":"4dba331c-5098-4301-9872-2ca13f7c00e0","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"0d7bebca-dfbc-46ad-ac22-0aec293fa015","block_type":"box","text":"NM1026U-5984568-6/44","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"65916590-0600-4419-97ad-6bf820ab0ee7","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":7,"box":{"x":101,"y":46,"width":816,"height":11}},{"id":"2f963799-61d3-4a46-b391-738b5945d167","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":7,"box":{"x":101,"y":61,"width":442,"height":11}},{"id":"baf4dab8-b47d-4338-9991-0e0a6e24f5dc","block_type":"box","text":"High Portfolio Turnover Risk","page_number":7,"box":{"x":81,"y":81,"width":212,"height":11}},{"id":"d3bfb644-3089-42f0-9f50-3459fe273dc1","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":7,"box":{"x":297,"y":80,"width":629,"height":12}},{"id":"f4c5667a-6fb8-4b5a-938e-7d08f63ad9d2","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":7,"box":{"x":82,"y":95,"width":812,"height":12}},{"id":"5205547e-3b94-47ca-bb48-548a406d7c96","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":7,"box":{"x":81,"y":110,"width":817,"height":11}},{"id":"a36a7417-e1bd-425b-a358-4dd085de32a9","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":7,"box":{"x":81,"y":125,"width":760,"height":11}},{"id":"2bc73a62-b960-447b-84b7-f2b4401d65bc","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":7,"box":{"x":81,"y":140,"width":852,"height":11}},{"id":"3dcbca0e-538d-4652-978d-6c277a418ca4","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":7,"box":{"x":81,"y":155,"width":589,"height":11}},{"id":"49b4ff60-c121-4c9c-b165-2a9408174fab","block_type":"box","text":"Investment Style Risk","page_number":7,"box":{"x":81,"y":175,"width":166,"height":11}},{"id":"3db59c46-0048-4ce4-b8d4-6c06c5041275","block_type":"box","text":"—","page_number":7,"box":{"x":252,"y":180,"width":17,"height":1}},{"id":"27d55a88-6fb0-402d-93ea-7b04637ca71c","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":7,"box":{"x":274,"y":175,"width":637,"height":11}},{"id":"bed54bfc-07a0-401f-b52a-bec395b08383","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":7,"box":{"x":82,"y":189,"width":804,"height":12}},{"id":"4f5ba659-a3be-4a5b-9af2-cb0a8002b109","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":7,"box":{"x":82,"y":204,"width":823,"height":12}},{"id":"0d2bcd8b-3b5b-4e2b-91c3-259a22b72c8d","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":7,"box":{"x":81,"y":219,"width":842,"height":11}},{"id":"e891bc00-5ee2-403d-986f-cf6cae6e5488","block_type":"box","text":"styles.","page_number":7,"box":{"x":81,"y":234,"width":46,"height":11}},{"id":"e5d00398-6138-4447-8b38-9cf40ade7ff5","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":7,"box":{"x":81,"y":254,"width":276,"height":11}},{"id":"22e8b1e1-96df-43a4-b8ba-441e5a76ac9f","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":7,"box":{"x":361,"y":254,"width":573,"height":11}},{"id":"090f9161-011b-4ae3-a72e-39a33394c915","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":7,"box":{"x":81,"y":269,"width":848,"height":11}},{"id":"aed04981-f9ce-4a26-8009-30d972bf4cba","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":7,"box":{"x":81,"y":284,"width":839,"height":11}},{"id":"25ae6699-6ec7-420e-8905-292921c19e91","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":7,"box":{"x":82,"y":298,"width":851,"height":12}},{"id":"cb5b9674-1d88-4f44-890a-5ec339f33a47","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":318,"width":107,"height":12}},{"id":"1331ddc6-7455-4d6a-ba89-5bf9cfab47d6","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":318,"width":741,"height":12}},{"id":"375f7dc9-7e16-46de-a1c2-e60edc3f49da","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":7,"box":{"x":81,"y":333,"width":853,"height":12}},{"id":"537ec848-6d1f-48e4-a5c3-64eb9185d7de","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":7,"box":{"x":81,"y":348,"width":856,"height":12}},{"id":"f0e0bca3-a263-451a-9a15-0b446235c328","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":7,"box":{"x":80,"y":363,"width":775,"height":11}},{"id":"17dac2b6-a165-4672-af05-6e25427fc500","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":7,"box":{"x":80,"y":378,"width":814,"height":11}},{"id":"41298380-fc0d-4b6f-bd34-bff446decb58","block_type":"box","text":"leverage.","page_number":7,"box":{"x":82,"y":393,"width":63,"height":11}},{"id":"b3f27828-aa0e-4b1a-850e-1c7b8a12603f","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":413,"width":240,"height":9}},{"id":"0399fa11-53fa-4e40-acc9-76ca3dca973e","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":413,"width":593,"height":9}},{"id":"8538ef3e-eee3-4d22-a042-df63c0ba164b","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":7,"box":{"x":81,"y":427,"width":851,"height":12}},{"id":"ccccf120-73ba-4b61-9ebf-05e38b2a406a","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":7,"box":{"x":82,"y":442,"width":824,"height":11}},{"id":"d3ac0b5b-73fa-4ed2-ab59-69d0029be5d2","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":7,"box":{"x":82,"y":457,"width":851,"height":11}},{"id":"cd2a3178-2737-476d-bee6-ee727609dd40","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":7,"box":{"x":82,"y":472,"width":802,"height":11}},{"id":"20ff65c4-2cdb-4f28-b718-2efce6871eea","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":7,"box":{"x":81,"y":487,"width":849,"height":11}},{"id":"04b21018-0c14-44b1-a0ba-215aed3c47cd","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":7,"box":{"x":81,"y":502,"width":843,"height":11}},{"id":"9f2cb85d-9e26-4dbf-bcbe-b0ecf6ede264","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":7,"box":{"x":81,"y":516,"width":830,"height":12}},{"id":"302c7e17-79d2-419e-8cdf-44f1ced1d228","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":7,"box":{"x":82,"y":531,"width":840,"height":12}},{"id":"0e566efe-be2e-4a96-b34b-694ff2b001b4","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":7,"box":{"x":81,"y":546,"width":789,"height":11}},{"id":"65cc434b-bbc4-488a-a3e1-be3870c6b0fa","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":7,"box":{"x":81,"y":561,"width":823,"height":11}},{"id":"55d85836-ca99-4952-ba9c-fdb496e378ec","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":7,"box":{"x":81,"y":575,"width":784,"height":12}},{"id":"84b11934-7891-478d-99c8-f771004b8faa","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":590,"width":844,"height":12}},{"id":"66c8e4a3-f40b-44ce-82ec-10737545d76b","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":7,"box":{"x":81,"y":605,"width":855,"height":12}},{"id":"cf24878e-6734-4a5e-88c7-f96c5ca3caf6","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":7,"box":{"x":81,"y":620,"width":376,"height":11}},{"id":"209c8fdf-a9cf-464b-a82a-6fdc0d71613b","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":640,"width":818,"height":12}},{"id":"468039d8-8519-4215-bbde-3a59fd198d37","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":7,"box":{"x":80,"y":655,"width":819,"height":11}},{"id":"5f5584bf-816f-431b-9b94-8f38d7d3cdcf","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":670,"width":819,"height":11}},{"id":"30a86a3b-c52c-4e28-9489-206eb2d6f104","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":684,"width":846,"height":12}},{"id":"9455c4cb-be28-487f-b3ba-7a9b4c35e701","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":699,"width":848,"height":12}},{"id":"f7808924-8f58-4c56-806d-bc6fb801574e","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":714,"width":125,"height":9}},{"id":"743b6baf-a16a-4491-81e1-a6009e0843a7","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":734,"width":139,"height":9}},{"id":"45b338ea-c69d-4cae-b476-e7601a54688d","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":739,"width":17,"height":1}},{"id":"b8701215-72a1-4e4d-9db1-65b90a18a314","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":734,"width":681,"height":12}},{"id":"4bc255d4-7f12-49f0-9937-114c00f297c2","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":749,"width":843,"height":11}},{"id":"8753b820-2a7f-4e1b-a4fe-96f825a41867","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":7,"box":{"x":81,"y":764,"width":517,"height":11}},{"id":"19662241-714c-4cdb-9593-ddc4a7afcb04","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":784,"width":254,"height":11}},{"id":"499a0b27-3709-4fa6-aaca-45c577abccfd","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":784,"width":578,"height":11}},{"id":"09144a6b-cdbf-4afd-a9ea-f56575c52e92","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":798,"width":779,"height":12}},{"id":"96d3c4d7-2947-4317-9598-396e23f669a6","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":7,"box":{"x":81,"y":813,"width":811,"height":12}},{"id":"580bcae0-8681-4175-a7d4-e05ce6a009ee","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":7,"box":{"x":82,"y":828,"width":806,"height":11}},{"id":"bf098421-795e-4cef-86b6-a3a31a27edf1","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":7,"box":{"x":82,"y":843,"width":853,"height":12}},{"id":"32e35eb9-b51d-42c5-9609-863c700cf3f8","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":7,"box":{"x":82,"y":858,"width":841,"height":11}},{"id":"eecd06a8-3467-4ece-b31a-1ae62adeccf4","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":7,"box":{"x":81,"y":873,"width":808,"height":11}},{"id":"75f57fa5-c2eb-401b-835c-a2048fa06bf0","block_type":"box","text":"issuers to lose value.","page_number":7,"box":{"x":82,"y":888,"width":155,"height":9}},{"id":"104f9461-0e3f-4a8c-a46c-0d6552383b63","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"096c44a2-3c04-42a0-b76f-4b1bc3ccc7fe","block_type":"box","text":"NM1026U-5984568-7/44","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ecfbbe15-909c-4d84-8488-17550282cbf7","block_type":"box","text":"Preferred Securities Risk","page_number":8,"box":{"x":81,"y":46,"width":189,"height":9}},{"id":"ddb950eb-454d-4345-9a00-12a47a0b350d","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":8,"box":{"x":274,"y":46,"width":636,"height":11}},{"id":"785aab7a-d800-40de-a080-aa2d05b428a1","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":8,"box":{"x":81,"y":60,"width":824,"height":12}},{"id":"7cded2c2-2a86-4cd4-a32f-58b1a07bbe6f","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":8,"box":{"x":82,"y":75,"width":806,"height":12}},{"id":"6432b6d4-b9cb-4b98-945d-d9e926e6df80","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":8,"box":{"x":81,"y":90,"width":842,"height":12}},{"id":"949cea0f-4386-4561-aa9d-7e9de261124c","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":8,"box":{"x":81,"y":105,"width":781,"height":12}},{"id":"7a641473-fa07-4fb3-bcf9-8fa57d0f9bff","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":8,"box":{"x":81,"y":120,"width":812,"height":11}},{"id":"ad7b55bd-586c-4da9-b6ef-43d142927d1d","block_type":"box","text":"larger companies.","page_number":8,"box":{"x":82,"y":135,"width":129,"height":11}},{"id":"0f38ae36-2ff5-4b0c-912e-9946ffc67092","block_type":"box","text":"Risk of Investing in the United States","page_number":8,"box":{"x":81,"y":155,"width":283,"height":11}},{"id":"70cc88e3-5d8a-4d01-89ba-9aea154e5492","block_type":"box","text":"—","page_number":8,"box":{"x":369,"y":160,"width":17,"height":1}},{"id":"87a13f26-8474-4172-8c09-719e01015603","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":8,"box":{"x":391,"y":155,"width":518,"height":11}},{"id":"72523a22-0d8c-4522-8612-60799020c22e","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":8,"box":{"x":80,"y":169,"width":847,"height":12}},{"id":"104c8f33-fb85-4d93-a18e-20409df20e2b","block_type":"box","text":"exposure.","page_number":8,"box":{"x":81,"y":187,"width":70,"height":8}},{"id":"ba6051e5-ec1d-4d29-b958-86d2cc08fba7","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":223,"width":224,"height":11}},{"id":"c5293823-868f-46e1-9e57-002ec75349fd","block_type":"box","text":"Effective December 1, 2021, the Fund changed its name, investment process and investment strategies. Performance","page_number":8,"box":{"x":62,"y":249,"width":872,"height":12}},{"id":"a09d5a86-a6f1-4a7f-8517-2cec12f457d6","block_type":"box","text":"for the periods prior to December 1, 2021 shown below is based on the investment process and investment strategies","page_number":8,"box":{"x":60,"y":264,"width":875,"height":12}},{"id":"855ab059-bd3a-449a-9416-d6d39fe7c2ce","block_type":"box","text":"utilized by the Fund under the name “BlackRock Advantage ESG U.S. Equity Fund.” The information shows you how the","page_number":8,"box":{"x":61,"y":279,"width":870,"height":12}},{"id":"1d884865-3903-44d0-a5d1-e52251ebbfba","block_type":"box","text":"performance of the Fund has varied for the periods since inception and provides some indication of the risks of","page_number":8,"box":{"x":62,"y":294,"width":818,"height":11}},{"id":"ef50dc35-5bbc-43de-a8ec-85894f405207","block_type":"box","text":"investing in the Fund. Class K Shares commenced operations on March 28, 2016. As a result, the returns in the chart","page_number":8,"box":{"x":62,"y":309,"width":871,"height":11}},{"id":"e2d60270-3735-4210-bab1-5e8fc0dc5875","block_type":"box","text":"and the table shown below for Class K Shares prior to March 28, 2016 are those of the Fund’s Institutional Shares,","page_number":8,"box":{"x":61,"y":323,"width":852,"height":12}},{"id":"7e0814df-d75a-4986-b862-5302ae3fe402","block_type":"box","text":"which are not offered in this prospectus. The performance of Class K Shares would be substantially similar to","page_number":8,"box":{"x":60,"y":338,"width":809,"height":12}},{"id":"961a8c20-c479-44a2-8bc6-0bf8ae19ad27","block_type":"box","text":"Institutional Shares because Class K Shares and Institutional Shares are invested in the same portfolio of securities","page_number":8,"box":{"x":62,"y":353,"width":858,"height":11}},{"id":"e430a117-4b67-4278-8099-2f542990e417","block_type":"box","text":"and performance would differ only to the extent that Class K Shares and Institutional Shares have different expenses.","page_number":8,"box":{"x":61,"y":368,"width":869,"height":11}},{"id":"1021d858-fb19-4293-901e-6a352eb819d3","block_type":"box","text":"The actual returns of Class K Shares would have been higher than those of Institutional Shares because Class K","page_number":8,"box":{"x":60,"y":383,"width":831,"height":11}},{"id":"2c4f3e5b-c394-4700-89cd-6099f290ebce","block_type":"box","text":"Shares have lower expenses than Institutional Shares. The table compares the Fund’s performance to that of the","page_number":8,"box":{"x":61,"y":398,"width":834,"height":11}},{"id":"5db5b431-333d-4911-8e7d-8cf7655775d4","block_type":"box","text":"Russell 1000 Index. To the extent that dividends and distributions have been paid by the Fund, the performance","page_number":8,"box":{"x":62,"y":412,"width":823,"height":12}},{"id":"cb11ab31-b69d-4e09-9bfd-886d7cbfde42","block_type":"box","text":"information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all","page_number":8,"box":{"x":62,"y":427,"width":846,"height":9}},{"id":"f145f15c-87dd-4d15-ae31-56e6fe0e5ff3","block_type":"box","text":"such investments, past performance (before and after taxes) is not an indication of future results. The table includes","page_number":8,"box":{"x":61,"y":442,"width":861,"height":11}},{"id":"706c9335-9cc9-4663-9c51-aa9f9bef1a48","block_type":"box","text":"all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these","page_number":8,"box":{"x":61,"y":457,"width":849,"height":11}},{"id":"27cb1b35-7041-4c99-96bc-edff827de97b","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its","page_number":8,"box":{"x":62,"y":472,"width":832,"height":11}},{"id":"cdc1fcab-3def-4a99-9220-937c68c9c889","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":8,"box":{"x":61,"y":487,"width":757,"height":11}},{"id":"47a41d70-0dec-4ace-96a0-0d1bfc204fb1","block_type":"box","text":"(800) 882-0052.","page_number":8,"box":{"x":61,"y":501,"width":122,"height":12}},{"id":"7d1d0cb4-321d-4681-b87d-84a65323c4d3","block_type":"box","text":"Class K Shares","page_number":8,"box":{"x":437,"y":524,"width":124,"height":10}},{"id":"017925ac-bbb0-4588-bf65-4c33aa1737c2","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":541,"width":212,"height":10}},{"id":"5f1f2862-5ba5-44ac-8333-f51795e195ec","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":8,"box":{"x":239,"y":557,"width":520,"height":12}},{"id":"afe70595-fd24-4030-8cea-bfa927e162da","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":573,"width":103,"height":12}},{"id":"7214dd20-e87f-45cb-8656-77520be26577","block_type":"box","text":"14.37%","page_number":8,"box":{"x":292,"y":645,"width":44,"height":8}},{"id":"d8818a92-de87-4827-9466-803c8d480ac6","block_type":"box","text":"21.53%","page_number":8,"box":{"x":339,"y":629,"width":45,"height":8}},{"id":"06d66a79-90e0-4b4f-b4fa-f7f737b11338","block_type":"box","text":"-5.47%","page_number":8,"box":{"x":389,"y":704,"width":41,"height":8}},{"id":"d95b3757-acab-47c3-a7f0-33706ddf014c","block_type":"box","text":"31.33%","page_number":8,"box":{"x":436,"y":608,"width":45,"height":7}},{"id":"a0960ca0-fb4e-4799-8316-2fb4cb7077ee","block_type":"box","text":"22.45%","page_number":8,"box":{"x":484,"y":627,"width":45,"height":8}},{"id":"e9542c52-a917-4eaf-93c8-b171a0176389","block_type":"box","text":"28.61%","page_number":8,"box":{"x":532,"y":614,"width":45,"height":7}},{"id":"edaa1d5a-39b7-41dd-a402-8bec649962af","block_type":"box","text":"-19.68%","page_number":8,"box":{"x":578,"y":736,"width":49,"height":7}},{"id":"efc67fe1-426d-408b-8fe0-8c562a2f183d","block_type":"box","text":"25.66%","page_number":8,"box":{"x":629,"y":620,"width":44,"height":7}},{"id":"f401a8c5-60d0-42da-b0d9-13c7f262e4cd","block_type":"box","text":"23.95%","page_number":8,"box":{"x":677,"y":624,"width":44,"height":7}},{"id":"96f276cf-8ede-4796-8ca4-d2a0dccfe4bf","block_type":"box","text":"18.98%","page_number":8,"box":{"x":725,"y":635,"width":45,"height":7}},{"id":"7e30e34f-9c57-450e-93a8-c499db9a90a1","block_type":"box","text":"-30%","page_number":8,"box":{"x":237,"y":751,"width":28,"height":8}},{"id":"943895b4-815e-4c64-b9c0-516528482dfb","block_type":"box","text":"-20%","page_number":8,"box":{"x":237,"y":729,"width":28,"height":7}},{"id":"5c08eb58-a329-4e78-ae69-9b74e589a5c6","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":707,"width":28,"height":7}},{"id":"dba79204-1e2b-40d4-b68d-6e2fe6027616","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":685,"width":17,"height":7}},{"id":"ae7d6f23-f26c-44e3-81b7-6a0733e06283","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":662,"width":24,"height":8}},{"id":"5afd4afe-9741-4838-a6f2-f0f582586ea2","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":640,"width":25,"height":8}},{"id":"2fb5a4bd-8193-4702-a5d9-93a768cde67e","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":618,"width":25,"height":7}},{"id":"d4b12362-311f-463f-9c95-1121cc1192c0","block_type":"box","text":"40%","page_number":8,"box":{"x":240,"y":596,"width":25,"height":7}},{"id":"f9bfefc3-3c68-4efe-b670-1cda1fa175a9","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":761,"width":465,"height":7}},{"id":"ec3dff53-722f-4a5a-b541-df509c9bff08","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 23.89% (quarter ended","page_number":8,"box":{"x":62,"y":782,"width":806,"height":11}},{"id":"7fb8524d-1e94-47f3-b01d-0ea1cf14e1d4","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -20.35% (quarter ended March 31, 2020). The year-to-date","page_number":8,"box":{"x":61,"y":797,"width":845,"height":11}},{"id":"07f30ac6-7dbe-4cb4-a69f-7aa2c2ceb1c3","block_type":"box","text":"return as of June 30, 2026 was 12.10%.","page_number":8,"box":{"x":61,"y":811,"width":299,"height":11}},{"id":"321dfba2-4c37-4b8c-8aac-9d728c00641d","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":840,"width":223,"height":10}},{"id":"3c4d6fae-e45d-4833-998b-df4de1808850","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":852,"width":854,"height":10}},{"id":"e0ed617c-9b91-44df-b94c-d07faf464e4b","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund — Class K Shares","page_number":8,"box":{"x":70,"y":870,"width":536,"height":10}},{"id":"9458c422-8142-4bfa-b0a9-6b31b8ea32dd","block_type":"box","text":"Return Before Taxes 18.98% 13.87% 15.00%","page_number":8,"box":{"x":85,"y":883,"width":840,"height":8}},{"id":"9cfcc847-d8fd-4f41-84ee-6443a4ef7906","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"8fe838a4-1090-4751-b6fb-fa5d10c3af9f","block_type":"box","text":"NM1026U-5984568-8/44","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f3efd44a-d658-4134-aaac-ca6870b7f94f","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":51,"width":223,"height":10}},{"id":"48e01ac1-2181-44ef-a1e5-6a79ce4aa8a7","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":62,"width":854,"height":10}},{"id":"4baaf52f-a59b-4c46-8c61-67a2d8ccdbf5","block_type":"box","text":"Return After Taxes on Distributions 16.94% 11.88% 13.22%","page_number":9,"box":{"x":85,"y":80,"width":840,"height":8}},{"id":"3b5b089e-ae76-4ed3-9eaa-37bfb58bd493","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":93,"width":228,"height":8}},{"id":"088d8014-171e-47a4-bf7f-2cb349700312","block_type":"box","text":"and Sale of Fund Shares 12.25% 10.53% 11.91%","page_number":9,"box":{"x":85,"y":105,"width":840,"height":8}},{"id":"cb4f9c6f-fca5-4b56-a6c7-84246b887870","block_type":"box","text":"Russell 1000 Index","page_number":9,"box":{"x":70,"y":123,"width":128,"height":8}},{"id":"cd1e452b-1b73-41e5-9483-e8b4ad419751","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":9,"box":{"x":69,"y":136,"width":856,"height":10}},{"id":"6418f8c3-cc90-4826-ab7f-8a3df4eaf09f","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":9,"box":{"x":60,"y":168,"width":840,"height":12}},{"id":"c39bc6be-8087-41db-89a6-5648131b8f70","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":9,"box":{"x":61,"y":183,"width":835,"height":11}},{"id":"cddfb4f2-a29e-4911-9b15-e49f5e6a19dc","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":9,"box":{"x":61,"y":198,"width":851,"height":11}},{"id":"63893128-4a01-4e13-810e-5f97d206fa19","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":9,"box":{"x":60,"y":213,"width":611,"height":11}},{"id":"91ca1c8a-5235-4d89-a693-0fd8bb39d3d5","block_type":"box","text":"Investment Manager","page_number":9,"box":{"x":62,"y":252,"width":187,"height":13}},{"id":"e188d121-bd21-4bc2-8415-5bb19240c8cd","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":9,"box":{"x":60,"y":278,"width":709,"height":11}},{"id":"a77ed980-3fea-49f7-b1c2-a70fa777be03","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":317,"width":173,"height":13}},{"id":"03ecb15b-d048-4432-b381-915e00f6b8bc","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":361,"width":121,"height":10}},{"id":"10570742-d46e-45e0-a93f-eebaf27c6c27","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":340,"y":349,"width":121,"height":10}},{"id":"bdffa9bd-542a-4cfe-ac22-ddc106b2efd7","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":341,"y":361,"width":425,"height":8}},{"id":"bf7b3bf7-cf39-4bdc-a2ad-d1c54296caf5","block_type":"box","text":"Travis Cooke, CFA 2015 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":378,"width":803,"height":11}},{"id":"827aacf8-78f7-4ddf-abdb-cbd39274391c","block_type":"box","text":"Raffaele Savi 2020 Senior Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":397,"width":825,"height":10}},{"id":"cf15801f-7bf8-451e-9d67-4f034c3577cf","block_type":"box","text":"Richard Mathieson 2020 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":415,"width":802,"height":10}},{"id":"6d7f4c45-427e-465a-89ef-13119532192b","block_type":"box","text":"Anna Hawley, CFA 2020 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":433,"width":803,"height":10}},{"id":"01432732-9cdb-4812-9e22-9728607aaf27","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":473,"width":309,"height":11}},{"id":"98171611-7272-43ce-819e-7ec835ec8103","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":9,"box":{"x":61,"y":499,"width":859,"height":12}},{"id":"0fa444b7-464f-4ca5-b4a9-320ef44dc704","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":9,"box":{"x":61,"y":514,"width":844,"height":12}},{"id":"b29bee2e-ce21-42cd-843a-51bf0be94426","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":9,"box":{"x":62,"y":529,"width":791,"height":11}},{"id":"4877074f-d63a-432f-b14d-622d68d6f323","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":9,"box":{"x":62,"y":544,"width":874,"height":11}},{"id":"8b1ba306-f5c7-4dba-8fa9-7fcb8e3feb3d","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":9,"box":{"x":62,"y":559,"width":871,"height":11}},{"id":"9eb3ffaf-d3f8-42dc-a073-16f531c8a9f5","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":9,"box":{"x":61,"y":574,"width":870,"height":11}},{"id":"77f92b18-6dd5-4fea-8df1-31037ebc3b93","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":9,"box":{"x":62,"y":588,"width":863,"height":12}},{"id":"e6004dd9-b3f2-4639-893e-efdeace293e5","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":9,"box":{"x":60,"y":603,"width":832,"height":12}},{"id":"7312f411-6671-435b-9675-abfaabe7e381","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":9,"box":{"x":61,"y":618,"width":815,"height":12}},{"id":"a954d845-a806-495e-a834-5fa72530e9fa","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":9,"box":{"x":61,"y":633,"width":816,"height":11}},{"id":"9ea6bd17-1074-4ad0-a927-783baad407b2","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":9,"box":{"x":62,"y":648,"width":867,"height":11}},{"id":"b88d86ba-0ee0-4657-9051-946eed6084f5","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":9,"box":{"x":62,"y":662,"width":868,"height":12}},{"id":"1cec7275-fc7c-433d-a01d-d3d273e6f8ba","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":9,"box":{"x":61,"y":678,"width":874,"height":11}},{"id":"db0688b1-c029-4e4f-afcd-c1adb32971df","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":9,"box":{"x":61,"y":692,"width":859,"height":12}},{"id":"f601578c-7082-4994-b018-7912d9fd8040","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":9,"box":{"x":60,"y":707,"width":857,"height":12}},{"id":"585a2862-bcb3-4592-a84a-c4a4c5896927","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":9,"box":{"x":60,"y":730,"width":874,"height":11}},{"id":"0ef6d343-594f-42dc-81da-b80c59903221","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":9,"box":{"x":61,"y":744,"width":868,"height":12}},{"id":"6a8b8e81-6e70-43c9-8405-2f36ddfe8313","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":9,"box":{"x":61,"y":759,"width":857,"height":12}},{"id":"811803bb-add5-4d41-b0e7-1756f1f5dde3","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":9,"box":{"x":61,"y":774,"width":842,"height":12}},{"id":"4da182a4-52e8-4581-b3a9-774f1ae8c57c","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":9,"box":{"x":61,"y":789,"width":586,"height":11}},{"id":"666bf4a2-631e-482e-ba1b-5e6b7d5e3c88","block_type":"box","text":"Tax Information","page_number":9,"box":{"x":63,"y":828,"width":138,"height":11}},{"id":"b400a57f-95eb-4cb8-ae0a-74dd59c5dfdd","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":9,"box":{"x":62,"y":854,"width":865,"height":11}},{"id":"7a9755ba-bee9-49b1-be70-8a422de1e770","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":9,"box":{"x":62,"y":869,"width":842,"height":11}},{"id":"eb53319d-88fb-48b6-8cba-f6557b3fef25","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":9,"box":{"x":62,"y":884,"width":850,"height":11}},{"id":"0b8316d0-fb63-4155-9d43-e9c897c3db5f","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":9,"box":{"x":60,"y":898,"width":833,"height":12}},{"id":"c0488e22-121b-4108-a6b4-0799185b4897","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":9,"box":{"x":60,"y":913,"width":865,"height":12}},{"id":"4b4834a0-7690-4f2d-ad64-6bf708316289","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"aa1eff67-a8e6-4cbd-bd67-5f91369f2ecd","block_type":"box","text":"NM1026U-5984568-9/44","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"127dbeb9-5ca1-47bb-b1e9-d18e4cf8a920","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":10,"box":{"x":61,"y":46,"width":851,"height":11}},{"id":"0885c259-a1e2-4b15-bb1b-c4c870356d01","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":10,"box":{"x":62,"y":61,"width":451,"height":11}},{"id":"9c8b4c52-688d-4e1b-802a-adfa52f0e48f","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":10,"box":{"x":61,"y":99,"width":578,"height":14}},{"id":"b9cd0cad-c812-4299-a929-369914ce7878","block_type":"box","text":"If you purchase shares of the Fund through a financial professional or selected securities dealer, broker, investment","page_number":10,"box":{"x":62,"y":126,"width":851,"height":11}},{"id":"645e836a-42b8-4820-82a7-f1079823d723","block_type":"box","text":"adviser, service provider or industry professional (including BlackRock and its affiliates) (each a “Financial","page_number":10,"box":{"x":61,"y":140,"width":779,"height":12}},{"id":"bc4de948-95a6-48bb-80fa-115f492160c8","block_type":"box","text":"Intermediary”), the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the Financial","page_number":10,"box":{"x":62,"y":155,"width":869,"height":12}},{"id":"102200d2-bb8a-46a0-8365-74e9d428f01d","block_type":"box","text":"Intermediary for the sale of Fund shares and related services.","page_number":10,"box":{"x":62,"y":170,"width":454,"height":11}},{"id":"11129a25-c416-4957-8b8e-6ae806d20ab7","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":10,"box":{"x":60,"y":193,"width":867,"height":11}},{"id":"42d9ac27-5a7e-4597-a221-b42a1aca7ce8","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":10,"box":{"x":62,"y":207,"width":455,"height":12}},{"id":"fdd8285a-d0d7-4ada-882a-63a4ecbdacdb","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":10,"box":{"x":61,"y":230,"width":849,"height":12}},{"id":"350c5c63-66b2-485b-a951-e194666b95e1","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":10,"box":{"x":62,"y":245,"width":857,"height":11}},{"id":"b61a46c6-5e9f-4708-96d1-5be17fbd8668","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":10,"box":{"x":60,"y":260,"width":869,"height":11}},{"id":"151e8db4-c3f9-403b-9204-9bc80f0f18a9","block_type":"box","text":"assets invested in Class K Shares.","page_number":10,"box":{"x":61,"y":275,"width":256,"height":9}},{"id":"f9ef177e-59b7-4bc7-9b1c-8ac33712fc9c","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":10,"box":{"x":60,"y":297,"width":790,"height":11}},{"id":"274f7915-f8f1-4d9a-a4e6-54e160356d34","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1310895c-8a5b-4ffb-ac4c-6aa07cb35b77","block_type":"box","text":"NM1026U-5984568-10/44","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2d5d5ef1-3f8f-4c46-b615-3995dead1074","block_type":"box","text":"Details About the Fund","page_number":11,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"0cde415f-ef21-4bef-a003-d7af86864feb","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":11,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"17707fca-22a1-4a59-ba50-529b9a449944","block_type":"box","text":"shareholder features of the BlackRock Sustainable Aware Advantage Large Cap Core Fund (the “Fund”), a series of","page_number":11,"box":{"x":61,"y":161,"width":846,"height":12}},{"id":"3cc0145b-98c6-47b3-be70-0c230545425e","block_type":"box","text":"BlackRock Funds","page_number":11,"box":{"x":62,"y":176,"width":122,"height":9}},{"id":"632c5a20-577f-4c75-a362-ba1d480c9bd2","block_type":"box","text":"SM","page_number":11,"box":{"x":186,"y":176,"width":11,"height":5}},{"id":"ee2c9445-6774-4899-adef-5608ad4fe716","block_type":"box","text":"(the “Trust”), and your rights as a shareholder.","page_number":11,"box":{"x":203,"y":176,"width":341,"height":11}},{"id":"063a63c1-0427-4d37-bdd7-fcc86ca87cba","block_type":"box","text":"How the Fund Invests","page_number":11,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"2a076d9b-d663-4405-8048-301b2358f6a4","block_type":"box","text":"Investment Objective","page_number":11,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"0c9d3e00-61c3-4d2d-b506-96c39f1bee2b","block_type":"box","text":"The investment objective of the Fund is to seek to provide total return while seeking to maintain environmental, social","page_number":11,"box":{"x":60,"y":258,"width":866,"height":11}},{"id":"fe61b78b-e708-404e-9262-41cc58abd60d","block_type":"box","text":"and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark.","page_number":11,"box":{"x":61,"y":273,"width":734,"height":11}},{"id":"a6990490-bc5d-4bcc-9028-93c04bc52f41","block_type":"box","text":"This investment objective is a non-fundamental policy of the Fund and may not be changed without 30 days’ prior","page_number":11,"box":{"x":60,"y":295,"width":831,"height":12}},{"id":"b1625635-ce7d-43b6-84eb-9a5f3abc9871","block_type":"box","text":"notice to shareholders.","page_number":11,"box":{"x":61,"y":310,"width":168,"height":9}},{"id":"4503b1bb-aa33-47f4-940d-e44fa05ae103","block_type":"box","text":"Investment Process","page_number":11,"box":{"x":61,"y":333,"width":163,"height":10}},{"id":"5b4ac39d-6f33-48fb-bdf0-c58eaff8405b","block_type":"box","text":"To determine the Fund’s investable universe, Fund management first seeks to screen out certain issuers based on","page_number":11,"box":{"x":60,"y":349,"width":844,"height":12}},{"id":"be8fac6c-2044-45d7-a419-05a852d26ce8","block_type":"box","text":"ESG criteria determined by BlackRock Advisors, LLC (“BlackRock”) subject to the considerations noted below. Such","page_number":11,"box":{"x":62,"y":364,"width":843,"height":11}},{"id":"f94f0a4f-36b4-4d19-a8b3-5f39386e8c53","block_type":"box","text":"screening criteria principally includes:","page_number":11,"box":{"x":61,"y":379,"width":273,"height":11}},{"id":"b9197fc8-a129-4790-bab6-05c68eb6d89b","block_type":"box","text":"(i) issuers that derive more than zero percent of revenue from the production of controversial weapons;","page_number":11,"box":{"x":81,"y":401,"width":756,"height":12}},{"id":"e95344e5-039f-4529-94ff-2a59cbdba08f","block_type":"box","text":"(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms;","page_number":11,"box":{"x":81,"y":424,"width":712,"height":11}},{"id":"73d8a9be-0fbb-4d0a-bdd8-f602a856aec1","block_type":"box","text":"(iii) issuers that derive more than zero percent of revenue from the production of tobacco-related products;","page_number":11,"box":{"x":81,"y":447,"width":782,"height":11}},{"id":"e61a6d5d-1f4b-4a24-8b51-a34a08c13d4c","block_type":"box","text":"(iv) issuers that derive more than five percent of revenue from thermal coal generation, unless such issuers either","page_number":11,"box":{"x":81,"y":469,"width":839,"height":12}},{"id":"3aa1d237-3e82-4ab8-a721-96f4d8595f98","block_type":"box","text":"(a) have made certain commitments to reduce climate impact or (b) derive at least fifty percent of revenue from","page_number":11,"box":{"x":81,"y":484,"width":819,"height":11}},{"id":"189769c0-6047-42d5-b903-1056353caf25","block_type":"box","text":"alternative energy sources;","page_number":11,"box":{"x":81,"y":499,"width":197,"height":11}},{"id":"7502b5fb-f390-4240-bf7d-1f50c49448aa","block_type":"box","text":"(v) issuers that derive more than five percent of revenue from thermal coal mining; and","page_number":11,"box":{"x":81,"y":521,"width":637,"height":12}},{"id":"fda63621-510d-4123-8cf8-aa3326f7b315","block_type":"box","text":"(vi) issuers that derive more than five percent of revenue from oil sands extraction.","page_number":11,"box":{"x":81,"y":544,"width":607,"height":11}},{"id":"2d43e60d-1bc0-4a2c-8f6e-ddc81919706a","block_type":"box","text":"The Fund relies on one or more third-party ratings agencies to identify issuers for purposes of the above screening","page_number":11,"box":{"x":60,"y":566,"width":842,"height":12}},{"id":"7184bb94-cbe5-4068-b883-9ca00280afdf","block_type":"box","text":"criteria. Third-party rating agencies may base the above screening criteria on an estimate when revenue for a covered","page_number":11,"box":{"x":61,"y":581,"width":861,"height":12}},{"id":"c37f1c35-0e26-4539-83e2-7606fc98556e","block_type":"box","text":"business activity is not disclosed by the issuer or publicly available.","page_number":11,"box":{"x":61,"y":596,"width":495,"height":12}},{"id":"a2b1c314-bb5d-4cfb-8e87-dbfb02f4a326","block_type":"box","text":"The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that","page_number":11,"box":{"x":60,"y":619,"width":866,"height":11}},{"id":"79c196bc-53ab-44f0-b091-0d2d58d72523","block_type":"box","text":"may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-party ratings or","page_number":11,"box":{"x":61,"y":634,"width":875,"height":11}},{"id":"000d31ff-891b-4cb9-9681-dc3cede20050","block_type":"box","text":"data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third","page_number":11,"box":{"x":61,"y":649,"width":857,"height":11}},{"id":"1835e05c-21d4-4378-a0b5-fe07126933cf","block_type":"box","text":"parties. This screening criteria is subject to change over time at BlackRock’s discretion. In addition, the Fund may gain","page_number":11,"box":{"x":62,"y":663,"width":871,"height":12}},{"id":"68afb0ca-13a6-4904-864c-fa122043d505","block_type":"box","text":"indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to","page_number":11,"box":{"x":62,"y":678,"width":868,"height":12}},{"id":"59f6d9b0-7ed2-4fc0-8885-8af688f95371","block_type":"box","text":"issuers with exposures that are inconsistent with the ESG criteria used by Fund management.","page_number":11,"box":{"x":62,"y":693,"width":686,"height":11}},{"id":"50276e48-d25e-4d4e-924b-7a9ea67059c3","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in equity securities in a disciplined manner, by using","page_number":11,"box":{"x":60,"y":716,"width":851,"height":11}},{"id":"1bb8bd7d-1cd2-48cf-a06e-74abf5466f21","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":11,"box":{"x":62,"y":730,"width":826,"height":12}},{"id":"4267ede4-df24-4dfe-ae4e-5c739c1db05c","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular","page_number":11,"box":{"x":62,"y":745,"width":874,"height":12}},{"id":"99c58a44-4991-43d6-ba90-c37b054d53bd","block_type":"box","text":"equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative","page_number":11,"box":{"x":61,"y":760,"width":854,"height":11}},{"id":"dae33bdc-301f-4ed4-a221-c3c68cc84280","block_type":"box","text":"implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and","page_number":11,"box":{"x":62,"y":775,"width":818,"height":11}},{"id":"0adc4640-482a-4dfa-9d0b-39c9a98e1c87","block_type":"box","text":"transaction costs, as determined by BlackRock’s proprietary research.","page_number":11,"box":{"x":60,"y":790,"width":518,"height":11}},{"id":"03b66e44-c51a-4bab-ae54-e4003a6b39c3","block_type":"box","text":"BlackRock then constructs and rebalances the portfolio’s weightings by incorporating its investment insights into the","page_number":11,"box":{"x":62,"y":812,"width":857,"height":12}},{"id":"9bddd8bc-d056-4bc3-b5b2-d1335059466d","block_type":"box","text":"model-based optimization process. Certain of the investment insights relate to ESG characteristics in BlackRock","page_number":11,"box":{"x":61,"y":827,"width":829,"height":11}},{"id":"efea44bb-3875-4481-b1ac-d9a3d31bd564","block_type":"box","text":"defined categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation","page_number":11,"box":{"x":61,"y":842,"width":815,"height":11}},{"id":"1d7aa6a2-60a8-4bc6-81ec-24e6f86ce007","block_type":"box","text":"characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not","page_number":11,"box":{"x":61,"y":856,"width":868,"height":12}},{"id":"d30c071a-1dd0-492c-a783-da99c81ccc2a","block_type":"box","text":"limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG","page_number":11,"box":{"x":62,"y":871,"width":867,"height":12}},{"id":"9f52a304-92ce-4668-b9fa-1d291ebd4718","block_type":"box","text":"assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health","page_number":11,"box":{"x":61,"y":886,"width":858,"height":12}},{"id":"ff6c04bf-0023-4e3b-9a5d-f65e182f1731","block_type":"box","text":"analytics and an issuer’s innovation-oriented research and development. With respect to economic transition,","page_number":11,"box":{"x":61,"y":901,"width":803,"height":11}},{"id":"cab7fd26-cf10-4c84-8edc-70c09c0a497b","block_type":"box","text":"BlackRock researches and develops investment insights that target carbon transition readiness and climate","page_number":11,"box":{"x":62,"y":916,"width":791,"height":11}},{"id":"ee33671d-ba41-46d7-875e-22d184ef6856","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"1c76e226-17b9-4aac-96f3-d30ee50c60d9","block_type":"box","text":"NM1026U-5984568-11/44","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"98fb1954-00ee-4680-bc17-525e33d2b167","block_type":"box","text":"opportunities. The ESG characteristics utilized in the portfolio construction process may change over time and one or","page_number":12,"box":{"x":61,"y":46,"width":862,"height":11}},{"id":"d3d0789f-c0c5-431d-8e83-b5b79cb90142","block_type":"box","text":"more characteristics may not be relevant to all issuers that are eligible for investment.","page_number":12,"box":{"x":61,"y":60,"width":634,"height":12}},{"id":"e661986f-fc46-4f9b-acd3-13f852ec0399","block_type":"box","text":"BlackRock’s ESG research does not attempt to capture all possible ESG characteristics, rather those that in","page_number":12,"box":{"x":62,"y":83,"width":793,"height":11}},{"id":"4c2a7264-8813-4e16-ae59-b2ce3fb2194d","block_type":"box","text":"BlackRock’s opinion, can be measured and have an associated investment thesis. Fund management may consider","page_number":12,"box":{"x":62,"y":98,"width":849,"height":11}},{"id":"f3a74500-10f5-4e5a-b7d7-1196a5412b36","block_type":"box","text":"both positive and negative ESG characteristics of an issuer when developing such investment theses. BlackRock","page_number":12,"box":{"x":61,"y":113,"width":827,"height":11}},{"id":"25978d65-a622-487b-b1c0-10da612c0efe","block_type":"box","text":"determines which ESG characteristics to include in the model and what changes are made in the model over time.","page_number":12,"box":{"x":61,"y":128,"width":838,"height":11}},{"id":"ad17fffd-72b3-4495-9f2f-24fa6cdce66d","block_type":"box","text":"ESG-related characteristics are not the sole considerations in the portfolio construction process and BlackRock’s","page_number":12,"box":{"x":62,"y":150,"width":830,"height":11}},{"id":"efb26d5e-03c6-4df0-9a52-6f510bb37a33","block_type":"box","text":"evaluation of ESG characteristics may change over time.","page_number":12,"box":{"x":61,"y":165,"width":412,"height":11}},{"id":"9b5e9121-87d8-4097-9b62-e2ca524779f7","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":12,"box":{"x":60,"y":187,"width":862,"height":12}},{"id":"c97103a4-563a-453a-a6a8-90afab0ea2c9","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":12,"box":{"x":60,"y":202,"width":873,"height":12}},{"id":"bbe3f948-6aab-4042-a0e6-4192c54c7ffd","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":12,"box":{"x":62,"y":217,"width":871,"height":12}},{"id":"b1c89eae-38c1-429b-9034-83d3ce7d2a88","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":12,"box":{"x":61,"y":232,"width":331,"height":11}},{"id":"756fd468-42a5-4c5a-b1f3-584ce54ba05f","block_type":"box","text":"The Fund has no stated minimum holding period for investments and may buy or sell securities whenever Fund","page_number":12,"box":{"x":60,"y":254,"width":812,"height":12}},{"id":"38acc687-90a4-4d9e-af42-73cfeca75ca9","block_type":"box","text":"management sees an appropriate opportunity. The Fund may engage in active and frequent trading of its investments.","page_number":12,"box":{"x":61,"y":269,"width":866,"height":12}},{"id":"8e303ec3-1b3d-492b-846b-4ccb7459dea6","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":61,"y":292,"width":260,"height":13}},{"id":"8a18df78-b1af-483e-b349-b6c06e8e70d3","block_type":"box","text":"The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a portfolio level","page_number":12,"box":{"x":60,"y":309,"width":855,"height":11}},{"id":"00b41937-2319-43f0-88f7-d085c401d139","block_type":"box","text":"that is at least 10% better than that of the Russell 1000 Index (the “Benchmark”) and (ii) an aggregate carbon","page_number":12,"box":{"x":60,"y":323,"width":812,"height":12}},{"id":"15835b4d-7860-4c76-93a5-909f42fa8646","block_type":"box","text":"emissions assessment at a portfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes","page_number":12,"box":{"x":61,"y":338,"width":848,"height":12}},{"id":"22569171-0ced-49f7-acbf-077c62ed81f6","block_type":"box","text":"such assessments by utilizing Fund management’s proprietary framework as well as certain third-party data. These","page_number":12,"box":{"x":61,"y":353,"width":847,"height":12}},{"id":"92dd9be6-72a9-41e7-8ce0-c821e6e87c21","block_type":"box","text":"assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift","page_number":12,"box":{"x":61,"y":368,"width":873,"height":11}},{"id":"28a7262c-ae3f-4d44-aa7b-87630e82e99f","block_type":"box","text":"targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary","page_number":12,"box":{"x":60,"y":383,"width":870,"height":11}},{"id":"b88c8041-97db-4dde-9e52-6fc2a0116d4b","block_type":"box","text":"screens based on certain ESG criteria, which are described above.","page_number":12,"box":{"x":61,"y":398,"width":488,"height":10}},{"id":"cb476fee-6a70-45a6-8a43-4b85fa74d0b0","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":12,"box":{"x":62,"y":420,"width":798,"height":12}},{"id":"666e95f2-28dd-4563-8881-9df8dec67c34","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to","page_number":12,"box":{"x":61,"y":435,"width":864,"height":12}},{"id":"c2af916e-821e-41d4-b32f-c9938eb2f988","block_type":"box","text":"such securities or to one or more market risk factors associated with such securities. This policy is a non-fundamental","page_number":12,"box":{"x":61,"y":450,"width":869,"height":11}},{"id":"f227838d-141f-42fa-bd96-ac62b7f43fc2","block_type":"box","text":"policy of the Fund and may not be changed without 60 days’ notice to shareholders. For purposes of the Fund’s 80%","page_number":12,"box":{"x":62,"y":465,"width":855,"height":11}},{"id":"9d845da2-ae41-469f-9088-36dbea2380f9","block_type":"box","text":"policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within","page_number":12,"box":{"x":62,"y":479,"width":865,"height":12}},{"id":"1f2bfe86-5111-4080-9675-b55a2121ec85","block_type":"box","text":"the range of companies included in the Benchmark. The companies included in the Benchmark have market","page_number":12,"box":{"x":60,"y":494,"width":792,"height":12}},{"id":"c5957e14-6ad7-4a55-a0c3-54152d867b5f","block_type":"box","text":"capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.","page_number":12,"box":{"x":61,"y":508,"width":725,"height":13}},{"id":"326e1107-75dc-46e1-bbb4-7e2775adc963","block_type":"box","text":"Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase","page_number":12,"box":{"x":62,"y":532,"width":849,"height":11}},{"id":"3674baab-c12b-436e-8ba6-bd58299adab8","block_type":"box","text":"convertible securities. From time to time the Fund may invest in shares of companies through “new issues” or initial","page_number":12,"box":{"x":61,"y":546,"width":854,"height":12}},{"id":"7d6a651a-1c72-4da4-a596-a97254b11bd6","block_type":"box","text":"public offerings (“IPOs”).","page_number":12,"box":{"x":62,"y":561,"width":179,"height":12}},{"id":"0f6b84ad-2d70-4be1-a665-ef68932d5aee","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":12,"box":{"x":60,"y":584,"width":876,"height":11}},{"id":"065ba9f1-675e-4822-8293-fa020c40a2fc","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":12,"box":{"x":61,"y":599,"width":859,"height":11}},{"id":"8603a735-62c3-4ee8-a672-5d13576f1e13","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":12,"box":{"x":60,"y":613,"width":839,"height":12}},{"id":"e33aac25-f020-4569-8911-0acd2cb7ed9d","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":12,"box":{"x":62,"y":628,"width":808,"height":12}},{"id":"7d629c70-e4c7-484f-a886-28553b09b4de","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":12,"box":{"x":61,"y":643,"width":872,"height":12}},{"id":"3828d2d7-df78-47c7-96f4-eb585867aff0","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the","page_number":12,"box":{"x":62,"y":658,"width":825,"height":12}},{"id":"98318286-4f2e-4a18-be24-abeace6cd02b","block_type":"box","text":"Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the","page_number":12,"box":{"x":62,"y":673,"width":859,"height":11}},{"id":"bcedb95f-a1ac-4d35-b242-3ef83d5e9562","block_type":"box","text":"value of the Fund’s assets.","page_number":12,"box":{"x":60,"y":688,"width":199,"height":9}},{"id":"75f3b44a-f9e9-4872-bccf-3511489983a7","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":711,"width":327,"height":12}},{"id":"c7bd0cda-1af9-47f2-b14c-b18297e541b7","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":12,"box":{"x":62,"y":727,"width":870,"height":12}},{"id":"b3b9f49e-0c68-470a-8fac-41433708fb5f","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":742,"width":173,"height":11}},{"id":"facf00d6-c9b7-4108-b82c-49a9605b40a1","block_type":"box","text":"Borrowing","page_number":12,"box":{"x":81,"y":762,"width":78,"height":11}},{"id":"3f127643-0517-4107-870c-e428c1daaaa1","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act of 1940, as","page_number":12,"box":{"x":162,"y":762,"width":717,"height":11}},{"id":"04110825-fcb2-49d9-ac7d-ed447946f127","block_type":"box","text":"amended (the “Investment Company Act”), the rules and regulations thereunder and any applicable exemptive relief.","page_number":12,"box":{"x":81,"y":777,"width":855,"height":11}},{"id":"7b6977e6-fb52-4aca-8d1f-fee63601b6b9","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":797,"width":148,"height":11}},{"id":"df6f958d-410c-4723-b112-73f5fb9d0738","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":797,"width":677,"height":11}},{"id":"288e643c-b0ca-49b2-8027-2c2c150f733b","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":12,"box":{"x":82,"y":811,"width":811,"height":12}},{"id":"0e9b45ae-6b90-4b55-a327-3b4007d7b776","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":826,"width":831,"height":12}},{"id":"c425c50f-0170-4d38-b217-5f58bf08a51d","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":841,"width":811,"height":12}},{"id":"fce5f730-ca2a-4672-986e-cf394f27f7fb","block_type":"box","text":"Indexed and Inverse Securities","page_number":12,"box":{"x":81,"y":861,"width":232,"height":9}},{"id":"0d9b34b0-add6-41b8-ad4b-c8c707715878","block_type":"box","text":"— The Fund may invest in securities that provide a return based on fluctuations in a","page_number":12,"box":{"x":317,"y":861,"width":619,"height":11}},{"id":"d4494fae-569e-470e-b6ce-5cfbb87d2be9","block_type":"box","text":"stock or other financial index. For example, the Fund may invest in a security that increases in value with the price","page_number":12,"box":{"x":81,"y":876,"width":838,"height":11}},{"id":"68afb6dc-b2e8-4f1a-be88-d835cc4613a5","block_type":"box","text":"of a particular securities index. In some cases, the return of the security may be inversely related to the price of the","page_number":12,"box":{"x":81,"y":891,"width":852,"height":11}},{"id":"ff8ab4b0-d6c1-44c5-b78b-5dd5a787e41f","block_type":"box","text":"index. This means that the value of the security will rise as the price of the index falls and vice versa. Although","page_number":12,"box":{"x":82,"y":905,"width":811,"height":12}},{"id":"df29a49c-9365-4952-b851-0c7d5d5beec5","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c0899578-b71f-4c8e-bfed-a03988e4a8c8","block_type":"box","text":"NM1026U-5984568-12/44","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"786ab6a7-5eea-4285-ab7d-cbb9df557e21","block_type":"box","text":"these types of securities can make it easier for the Fund to access certain markets or hedge risks of other assets","page_number":13,"box":{"x":80,"y":46,"width":840,"height":11}},{"id":"6663c857-cd34-420f-a1e4-a9805f527056","block_type":"box","text":"held by the Fund, these securities are subject to the risks related to the underlying index or other assets.","page_number":13,"box":{"x":82,"y":61,"width":771,"height":11}},{"id":"053f88be-a317-44a2-917d-e818f29796eb","block_type":"box","text":"Investment Companies","page_number":13,"box":{"x":81,"y":81,"width":172,"height":11}},{"id":"e2814de5-807d-432c-bb40-95f15c4bf674","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":13,"box":{"x":258,"y":81,"width":643,"height":11}},{"id":"2193a11f-f8c7-4583-93ca-7059ecdbf2bd","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":13,"box":{"x":80,"y":95,"width":837,"height":12}},{"id":"2d3c8878-89e4-4fc0-9a57-60a831d481af","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":13,"box":{"x":82,"y":110,"width":777,"height":12}},{"id":"b488bbb8-11f5-4e6b-bfea-585d2d8fe9cb","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":13,"box":{"x":81,"y":125,"width":525,"height":11}},{"id":"f342b976-f619-4331-a9af-a670ff8aa803","block_type":"box","text":"Money Market Securities","page_number":13,"box":{"x":81,"y":145,"width":190,"height":11}},{"id":"d7fdb7df-f518-4272-bdd8-94794b6f681a","block_type":"box","text":"— As part of its normal operations, the Fund may hold high quality money market","page_number":13,"box":{"x":276,"y":145,"width":599,"height":11}},{"id":"12430d51-d062-4bb1-92c0-f741113ff4b6","block_type":"box","text":"securities pending investments or when it expects to need cash to pay redeeming shareholders. The Fund also may","page_number":13,"box":{"x":81,"y":160,"width":849,"height":11}},{"id":"95247654-f727-4346-ab4f-88372556aac1","block_type":"box","text":"invest in these securities in order to achieve its investment goal. Money market securities are short term securities","page_number":13,"box":{"x":82,"y":175,"width":848,"height":11}},{"id":"d82aae00-dc63-47e6-8307-f30238483743","block_type":"box","text":"consisting primarily of short term U.S. Government securities, U.S. Government agency securities, securities issued","page_number":13,"box":{"x":81,"y":189,"width":852,"height":12}},{"id":"c19dc69d-3ac7-4505-9203-d9c6f62242bd","block_type":"box","text":"by U.S. Government sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial","page_number":13,"box":{"x":81,"y":204,"width":831,"height":12}},{"id":"ca6d35aa-8ec7-4260-911c-7abd72e00298","block_type":"box","text":"paper, including asset backed commercial paper, corporate notes and repurchase agreements.","page_number":13,"box":{"x":82,"y":219,"width":695,"height":12}},{"id":"3ebc9a64-0763-4da4-9932-ca31f8a2fe1d","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":13,"box":{"x":81,"y":239,"width":442,"height":11}},{"id":"b9597ee6-1b47-4b2a-ab98-cf51fd2d4087","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":13,"box":{"x":527,"y":239,"width":406,"height":11}},{"id":"2bc10a0d-1107-4515-a5df-497ff82f8a4a","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":13,"box":{"x":81,"y":254,"width":813,"height":11}},{"id":"93bf9c85-3adc-4b1f-a31e-0129e20f719e","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":13,"box":{"x":81,"y":269,"width":779,"height":11}},{"id":"4710e1d0-889f-4102-917f-eee1a9e4bcee","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":13,"box":{"x":81,"y":284,"width":832,"height":11}},{"id":"a80aeb6d-f5b2-4867-9dcf-e2bbc05073c9","block_type":"box","text":"paid during the period.","page_number":13,"box":{"x":82,"y":299,"width":162,"height":11}},{"id":"fbb2ce57-c2c8-4c3e-9cf5-e5547f560a71","block_type":"box","text":"Restricted Securities","page_number":13,"box":{"x":81,"y":318,"width":159,"height":10}},{"id":"536bc6c8-0725-4b20-8e89-bc40299b723a","block_type":"box","text":"—","page_number":13,"box":{"x":245,"y":324,"width":17,"height":0}},{"id":"012df47d-f4b2-4b95-a06d-a2591123c6d8","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":13,"box":{"x":268,"y":318,"width":602,"height":12}},{"id":"1f7277ba-fc05-48bc-907a-07737ac91394","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":13,"box":{"x":82,"y":333,"width":820,"height":12}},{"id":"32e63d19-b16c-4b3f-9814-28f189e540b3","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":13,"box":{"x":82,"y":348,"width":839,"height":11}},{"id":"e3112231-ad37-4560-b4a9-fb1160c56d08","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":13,"box":{"x":82,"y":363,"width":837,"height":11}},{"id":"ca251cfa-d367-4064-996a-77aa0b1dc38d","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":13,"box":{"x":80,"y":378,"width":736,"height":11}},{"id":"ad549f2d-4986-4ba2-85ec-fcd4e3ece386","block_type":"box","text":"Securities Lending","page_number":13,"box":{"x":81,"y":398,"width":140,"height":11}},{"id":"2862aea9-84e5-4a56-9e20-e7303f634fdc","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":13,"box":{"x":225,"y":398,"width":396,"height":11}},{"id":"8a95e9f1-7470-4276-952b-72a516f15c43","block_type":"box","text":"1⁄","page_number":13,"box":{"x":622,"y":398,"width":6,"height":5}},{"id":"bd9a8c91-3c2f-44e0-a8a2-ab55bf4a3761","block_type":"box","text":"1⁄3","page_number":13,"box":{"x":626,"y":398,"width":8,"height":9}},{"id":"e7ad8ca8-7b47-4080-b17c-f26a4aa221e0","block_type":"box","text":"⁄3","page_number":13,"box":{"x":632,"y":401,"width":6,"height":6}},{"id":"a631e6a4-3a2d-45b6-9561-215a33007506","block_type":"box","text":"% of its total assets to financial","page_number":13,"box":{"x":639,"y":398,"width":231,"height":9}},{"id":"3818d5e4-05fb-4419-ae35-823b469deb70","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":13,"box":{"x":82,"y":413,"width":748,"height":11}},{"id":"180d28af-5ba2-4ce0-8167-5aab1c51b29f","block_type":"box","text":"Temporary Defensive Strategies","page_number":13,"box":{"x":82,"y":432,"width":238,"height":12}},{"id":"29b4f317-4b08-48bc-991f-9757dc15a8cd","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":13,"box":{"x":325,"y":432,"width":600,"height":12}},{"id":"93ed26ac-e823-4824-bc3b-301110b5cc5d","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":13,"box":{"x":81,"y":447,"width":802,"height":12}},{"id":"415fbcdb-cb87-45a7-83d5-af507cdb9775","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":13,"box":{"x":82,"y":462,"width":833,"height":11}},{"id":"8d89c1ad-437f-4114-a3f7-b31feee477d5","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":13,"box":{"x":81,"y":477,"width":796,"height":11}},{"id":"8167fb95-b6f2-4e48-9f66-3f98d5b19c72","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":13,"box":{"x":81,"y":492,"width":802,"height":11}},{"id":"d6592e9d-80f7-4585-9c42-136f9126c6c8","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":13,"box":{"x":82,"y":506,"width":778,"height":12}},{"id":"d7e19580-957b-402a-b08d-7ecc5b99ae93","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":521,"width":781,"height":12}},{"id":"7aeb5760-4005-4eb8-a95f-e9141f803279","block_type":"box","text":"Warrants","page_number":13,"box":{"x":83,"y":542,"width":66,"height":9}},{"id":"d0cdd7af-d2c5-41b3-a417-b47d604df65a","block_type":"box","text":"— The Fund may purchase warrants, which are privileges issued by corporations enabling the owners to","page_number":13,"box":{"x":153,"y":542,"width":763,"height":11}},{"id":"63ec0c5d-a578-4a9c-b84d-8edcf86d25a9","block_type":"box","text":"subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified","page_number":13,"box":{"x":81,"y":556,"width":831,"height":12}},{"id":"d431c3f6-1afc-4dd9-a5ba-60d1eac8ed19","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration.","page_number":13,"box":{"x":82,"y":571,"width":581,"height":12}},{"id":"f5c3804e-bc2a-4301-b21c-d316fd8385a6","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":13,"box":{"x":83,"y":591,"width":545,"height":11}},{"id":"6fe63876-c6bd-48b4-b428-d5638edaab43","block_type":"box","text":"— The purchase or sale of securities on","page_number":13,"box":{"x":632,"y":591,"width":295,"height":11}},{"id":"8384cd79-f91c-4114-85d7-a9326302f234","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":13,"box":{"x":81,"y":606,"width":851,"height":11}},{"id":"d51740d9-0d71-4329-b077-4000ae1188cd","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":13,"box":{"x":81,"y":621,"width":847,"height":11}},{"id":"fa4b1229-630c-4468-93b3-bb539e084e8e","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":13,"box":{"x":82,"y":635,"width":842,"height":12}},{"id":"3b1850e1-53f9-4bcb-b193-188e6ea49691","block_type":"box","text":"the transaction.","page_number":13,"box":{"x":80,"y":651,"width":115,"height":8}},{"id":"421a192f-3018-4766-adf9-1c5aab85e50a","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":13,"box":{"x":272,"y":707,"width":453,"height":9}},{"id":"a9d5134d-593e-40cd-9437-20cccdaa4ce2","block_type":"box","text":"The Fund is managed by a team of financial professionals. Travis Cooke, CFA, Raffaele Savi, Richard Mathieson and","page_number":13,"box":{"x":70,"y":730,"width":853,"height":11}},{"id":"3ace4803-b547-4211-8b8c-b93a756a4a26","block_type":"box","text":"Anna Hawley, CFA, are the Fund’s portfolio managers and are jointly and primarily responsible for the day-to-day","page_number":13,"box":{"x":70,"y":744,"width":819,"height":12}},{"id":"80f72bce-4e31-4c9f-b8bb-694b4d9d498d","block_type":"box","text":"management of the Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional","page_number":13,"box":{"x":71,"y":759,"width":825,"height":12}},{"id":"6c9d60f6-d6cb-4c52-8b5c-8f921167d5b6","block_type":"box","text":"information about the portfolio management team.","page_number":13,"box":{"x":72,"y":774,"width":370,"height":12}},{"id":"58ebad7c-aad7-4b76-b70c-5f99779b44c3","block_type":"box","text":"Investment Risks","page_number":13,"box":{"x":62,"y":826,"width":156,"height":11}},{"id":"a9f74466-0a1c-4173-928b-a45ed31ef631","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":13,"box":{"x":60,"y":852,"width":811,"height":12}},{"id":"f5a57ea4-2ded-42cd-9713-35bfb0525297","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":13,"box":{"x":61,"y":867,"width":871,"height":11}},{"id":"ef5cff81-cab1-4a09-9b5b-54c16be03a5b","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":13,"box":{"x":62,"y":882,"width":799,"height":11}},{"id":"299055ea-abf7-4c99-975e-a5c563144754","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":13,"box":{"x":62,"y":896,"width":860,"height":12}},{"id":"aa3aea49-36d6-4c21-85a8-68d65514bde0","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"5520bfe3-5bc0-4bd0-8889-379d391f308f","block_type":"box","text":"NM1026U-5984568-13/44","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6f7567d0-c3fe-48f8-bf7b-bc0c3f415c8e","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":14,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"eeb38926-eb68-4f2f-af82-aa7c58398706","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":14,"box":{"x":61,"y":60,"width":853,"height":12}},{"id":"e5450149-e208-485e-9e1d-2a11959db40b","block_type":"box","text":"risk factor.","page_number":14,"box":{"x":61,"y":75,"width":76,"height":10}},{"id":"9d9dd367-bc63-4d30-a641-5b7b94a6ece6","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":14,"box":{"x":61,"y":98,"width":322,"height":13}},{"id":"4e2ce115-5574-4196-9a8b-5a156bc2422b","block_type":"box","text":"Convertible Securities Risk","page_number":14,"box":{"x":81,"y":120,"width":206,"height":9}},{"id":"6c7bc759-accb-4d4e-a84f-cd1db3dadac7","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":14,"box":{"x":291,"y":120,"width":593,"height":11}},{"id":"cf47c8da-345f-4e6d-860a-b6c93ae0f444","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":14,"box":{"x":81,"y":135,"width":853,"height":11}},{"id":"b1cb53c3-8534-41eb-8bf1-ebc402533b7d","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":14,"box":{"x":81,"y":150,"width":855,"height":11}},{"id":"0bbed637-bb30-42e9-b31a-d8532c2880b2","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":14,"box":{"x":80,"y":164,"width":816,"height":12}},{"id":"15220260-5c84-4135-b3b6-e17d77b9f7e3","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":14,"box":{"x":82,"y":179,"width":796,"height":11}},{"id":"ea9f4868-c087-4342-a3c9-60d2b725a967","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":14,"box":{"x":81,"y":194,"width":812,"height":11}},{"id":"2f655ede-b1ed-4ff6-abde-b74daebf10dd","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":14,"box":{"x":82,"y":209,"width":809,"height":11}},{"id":"64c1c195-1a70-4310-b49f-d2b9fa902237","block_type":"box","text":"Derivatives Risk","page_number":14,"box":{"x":81,"y":229,"width":123,"height":9}},{"id":"8b653672-c821-44d9-9fd1-32291c6dd5f5","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":14,"box":{"x":207,"y":229,"width":664,"height":11}},{"id":"71b923d2-0a25-4102-8476-38409be6b89a","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":14,"box":{"x":82,"y":244,"width":469,"height":11}},{"id":"e9ef4dcd-4871-444b-ac19-0bf33f8fd9d6","block_type":"box","text":"Leverage Risk","page_number":14,"box":{"x":82,"y":266,"width":102,"height":12}},{"id":"88d611d9-a3bc-4855-8939-f88543710ad9","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":14,"box":{"x":188,"y":266,"width":723,"height":12}},{"id":"9ed7f4d1-1aef-4c37-a636-52e04b66e5b9","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":14,"box":{"x":82,"y":281,"width":832,"height":11}},{"id":"cdb87cfe-85a6-4cba-9027-a9c8ad1908ad","block_type":"box","text":"exceed the amount originally invested.","page_number":14,"box":{"x":81,"y":296,"width":280,"height":11}},{"id":"34d24647-92ca-4e27-acc5-a42507429859","block_type":"box","text":"Market Risk","page_number":14,"box":{"x":82,"y":319,"width":87,"height":9}},{"id":"df026dd5-7b0d-4cb3-965e-33863aa9afdb","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":14,"box":{"x":173,"y":318,"width":728,"height":12}},{"id":"c0fda605-ca55-4edf-85b4-3fc24dd65a55","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":14,"box":{"x":81,"y":333,"width":834,"height":11}},{"id":"dea5d489-c1e7-4d82-8f6a-df28841c6c69","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":14,"box":{"x":82,"y":348,"width":832,"height":11}},{"id":"96bfedcd-6a87-49af-a61b-17f87a4968e6","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":14,"box":{"x":80,"y":363,"width":779,"height":11}},{"id":"ec239f7d-eefa-4ee8-95d3-6dd294cde80c","block_type":"box","text":"derivatives positions to lose value.","page_number":14,"box":{"x":81,"y":378,"width":253,"height":11}},{"id":"0c1e2e41-ceb0-419f-9a54-ecdf18473179","block_type":"box","text":"Counterpar ty Risk","page_number":14,"box":{"x":82,"y":400,"width":131,"height":12}},{"id":"a266f77c-437a-4c12-a99c-62c958d12cd5","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":14,"box":{"x":217,"y":400,"width":697,"height":12}},{"id":"77e7d988-6644-4cc6-8fd7-97855960a64a","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":14,"box":{"x":80,"y":415,"width":855,"height":12}},{"id":"57f9dc32-760b-43a5-bf2e-c55304f1cd21","block_type":"box","text":"exposure to such a counterparty.","page_number":14,"box":{"x":81,"y":430,"width":240,"height":11}},{"id":"6585f488-8af5-4af2-a10d-080595e6964a","block_type":"box","text":"Illiquidity Risk —","page_number":14,"box":{"x":82,"y":453,"width":122,"height":11}},{"id":"90ba6b7e-5322-4078-96d5-8879796d14e3","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":14,"box":{"x":208,"y":452,"width":728,"height":12}},{"id":"99863551-f108-4a9e-9a1b-6d7b423dd9cc","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":14,"box":{"x":80,"y":467,"width":839,"height":11}},{"id":"9349c4cf-dcec-409d-ab10-8fb0241fc808","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":14,"box":{"x":81,"y":482,"width":293,"height":11}},{"id":"e44210d9-7a79-4873-87b8-866fbb364244","block_type":"box","text":"Operational Risk","page_number":14,"box":{"x":82,"y":505,"width":120,"height":11}},{"id":"feef0195-c18d-4400-b606-03eaa561cfa7","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":14,"box":{"x":206,"y":505,"width":727,"height":11}},{"id":"c3ba8644-8d17-4ef9-977c-c7889dfcba65","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":14,"box":{"x":82,"y":519,"width":607,"height":12}},{"id":"414b9bdf-a7f7-4f72-9520-c26291c04cf0","block_type":"box","text":"Legal Risk","page_number":14,"box":{"x":82,"y":542,"width":75,"height":12}},{"id":"a6aa4c44-5a58-4f7d-bc3c-3b1442979625","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":14,"box":{"x":161,"y":542,"width":761,"height":12}},{"id":"34743f76-ed83-457a-aba3-3e7b750e60e2","block_type":"box","text":"enforceability of a contract.","page_number":14,"box":{"x":81,"y":557,"width":198,"height":11}},{"id":"ddf004d4-38de-4a9d-8b10-f55a6dd7b488","block_type":"box","text":"Volatility and Correlation Risk","page_number":14,"box":{"x":83,"y":579,"width":214,"height":12}},{"id":"d0c41b10-25bc-4953-8355-1451aaff8adf","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":14,"box":{"x":300,"y":579,"width":590,"height":12}},{"id":"2a3d86f8-0d8c-4b7c-bb8a-6369a88c5445","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":14,"box":{"x":80,"y":594,"width":855,"height":12}},{"id":"79312cea-2051-4ea3-abab-fdf0de26576a","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":14,"box":{"x":80,"y":609,"width":820,"height":11}},{"id":"0165a811-baaa-40e0-8431-744554f75eed","block_type":"box","text":"correlate with the overall securities markets.","page_number":14,"box":{"x":81,"y":624,"width":326,"height":9}},{"id":"3885e909-7b41-40af-9d34-a57a50eb3355","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":83,"y":647,"width":102,"height":9}},{"id":"a626cd35-69d3-4b8f-86a9-26e8e50012b5","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":14,"box":{"x":189,"y":646,"width":747,"height":12}},{"id":"eb3a3309-9747-45c1-8351-e0a086db05dd","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":14,"box":{"x":82,"y":661,"width":783,"height":12}},{"id":"04ab35a5-5f10-4f22-b768-5769c95021cc","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":14,"box":{"x":82,"y":676,"width":837,"height":12}},{"id":"6ece5436-46aa-4524-ab75-2fa1892c6b60","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":14,"box":{"x":81,"y":691,"width":826,"height":11}},{"id":"eeb7c13e-7a3a-4857-aab0-8193265f3e56","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":14,"box":{"x":80,"y":706,"width":405,"height":11}},{"id":"84140294-7f59-4603-84a0-6fa0f1d8774b","block_type":"box","text":"Hedging Risk","page_number":14,"box":{"x":82,"y":729,"width":95,"height":11}},{"id":"90d31711-b66a-4fcb-a721-591e8fec0fe6","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":14,"box":{"x":181,"y":729,"width":752,"height":11}},{"id":"634b7218-869d-4f88-b5b6-64ba0e5a6ba1","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":14,"box":{"x":80,"y":743,"width":820,"height":12}},{"id":"a316bafa-4258-416d-9918-056ed265a7f4","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":14,"box":{"x":82,"y":758,"width":823,"height":11}},{"id":"2a9506ed-48b9-44ab-a531-4e3c2075b791","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":14,"box":{"x":82,"y":773,"width":813,"height":11}},{"id":"5ed8e0f3-9b90-4422-aba5-c39def499145","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":14,"box":{"x":82,"y":788,"width":832,"height":11}},{"id":"ace66b7a-8a6c-430a-a7aa-353466565fae","block_type":"box","text":"noted below.","page_number":14,"box":{"x":82,"y":803,"width":90,"height":9}},{"id":"84d41fc9-22ea-4252-9b92-775cdc37dc7c","block_type":"box","text":"Tax Risk","page_number":14,"box":{"x":83,"y":825,"width":59,"height":9}},{"id":"51f23d01-b8b7-43d1-a19c-e0831337ad79","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":14,"box":{"x":145,"y":825,"width":766,"height":11}},{"id":"a1f6d34d-9fa3-4271-9d36-be0c7b641f39","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":14,"box":{"x":82,"y":840,"width":826,"height":11}},{"id":"164bf620-a371-49ba-a744-30fbd849c889","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":14,"box":{"x":82,"y":855,"width":846,"height":11}},{"id":"57664526-d385-4ec5-b9e0-02d080bc2361","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":14,"box":{"x":81,"y":869,"width":817,"height":12}},{"id":"30ec9416-6f5a-4eb5-8e07-54210d06c586","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":14,"box":{"x":82,"y":884,"width":835,"height":12}},{"id":"f1ae4e44-defe-4217-a578-42893c6cb275","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":14,"box":{"x":81,"y":899,"width":840,"height":11}},{"id":"ac770ac2-f00f-4eac-9b69-bedb786872a8","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"07c39262-c877-4594-a245-0b645ee4587f","block_type":"box","text":"NM1026U-5984568-14/44","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"699c3f85-cd63-4ede-bd6c-deed1a354712","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":15,"box":{"x":81,"y":46,"width":750,"height":11}},{"id":"65f31e4a-179c-403c-84cd-2f6edcb81c64","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":15,"box":{"x":81,"y":61,"width":611,"height":11}},{"id":"bb20353c-60ed-452f-b402-40be67132e50","block_type":"box","text":"Regulatory Risk","page_number":15,"box":{"x":82,"y":83,"width":115,"height":12}},{"id":"95b42915-dbc7-4c3e-81f1-2da682159112","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":15,"box":{"x":201,"y":83,"width":688,"height":12}},{"id":"d68f9f95-7e23-4eb4-a73d-dbb6a67d0e71","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":15,"box":{"x":81,"y":98,"width":851,"height":11}},{"id":"c6cd89f4-01c9-4db4-a941-02441049d9f7","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":15,"box":{"x":81,"y":113,"width":811,"height":11}},{"id":"959540a7-a813-4a3f-8472-9819f63a4812","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":15,"box":{"x":82,"y":128,"width":850,"height":11}},{"id":"8e7217b3-f586-47cd-ad96-731d4949f579","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":15,"box":{"x":81,"y":142,"width":850,"height":12}},{"id":"ba841151-a7a5-46a7-8e10-01c46f017de6","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":15,"box":{"x":81,"y":157,"width":838,"height":12}},{"id":"ba89627c-3d80-4d13-a435-eb2779030fd1","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":15,"box":{"x":81,"y":172,"width":807,"height":12}},{"id":"ab550b92-c747-4153-b528-7981fed9d7c3","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":15,"box":{"x":81,"y":187,"width":787,"height":11}},{"id":"c58e9e1f-c7d6-4658-a30f-c7c96ed9b55c","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":15,"box":{"x":82,"y":202,"width":837,"height":11}},{"id":"de620177-8105-41a0-9131-d7ae4fb4aa18","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":15,"box":{"x":80,"y":216,"width":804,"height":12}},{"id":"21510c40-95ac-4343-b911-1f0fcfafb3f3","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":15,"box":{"x":81,"y":231,"width":781,"height":12}},{"id":"17c38c31-d4d1-4876-9afc-494b83cf7d20","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":15,"box":{"x":82,"y":246,"width":773,"height":12}},{"id":"719fa802-1b1e-4c47-a629-708b2e867a56","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":15,"box":{"x":82,"y":261,"width":836,"height":11}},{"id":"779ed7a2-5096-4f25-8714-9a2683e9fc5d","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":15,"box":{"x":82,"y":276,"width":814,"height":11}},{"id":"511e80e9-e0df-4742-a927-918adc4c1193","block_type":"box","text":"investors in the Fund.","page_number":15,"box":{"x":82,"y":291,"width":156,"height":9}},{"id":"a7747549-f641-4ef5-8594-0dd3817cc69d","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":15,"box":{"x":82,"y":313,"width":823,"height":12}},{"id":"6d20f8c5-10f3-4f24-bcbb-602c625f6ee2","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":15,"box":{"x":82,"y":328,"width":827,"height":12}},{"id":"9313822c-72b5-4499-95cd-b573e91d6741","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":15,"box":{"x":80,"y":343,"width":849,"height":11}},{"id":"82e82a84-059d-4c35-a009-fbe1102e874c","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":15,"box":{"x":81,"y":358,"width":846,"height":11}},{"id":"a8eaa6b8-8bdc-47e8-bd1d-b8c291220767","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":15,"box":{"x":81,"y":372,"width":509,"height":12}},{"id":"7ad1040b-cc18-4d0b-a740-02032ccbd8d6","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":15,"box":{"x":82,"y":395,"width":399,"height":11}},{"id":"32875687-e1fa-4cc8-a4ad-23c3bf06f66e","block_type":"box","text":"Swaps","page_number":15,"box":{"x":102,"y":415,"width":47,"height":11}},{"id":"688aa029-5890-4f3a-9ed1-99d01f96c314","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":15,"box":{"x":154,"y":415,"width":775,"height":12}},{"id":"8639fa90-9451-478e-99dc-79e030c80824","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":15,"box":{"x":101,"y":430,"width":829,"height":11}},{"id":"69cfadbb-5132-45af-b6bb-3dbb4405704e","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":15,"box":{"x":101,"y":445,"width":807,"height":11}},{"id":"04c9c3e3-083a-4df4-b92a-6551263a91ab","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":15,"box":{"x":102,"y":459,"width":811,"height":12}},{"id":"bcd4f9f8-85e3-4700-a445-72402b6d9f94","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":15,"box":{"x":101,"y":474,"width":820,"height":12}},{"id":"d90ee717-e586-47dc-b5d6-169088d5add2","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":15,"box":{"x":102,"y":489,"width":791,"height":12}},{"id":"e906bcdf-2204-4ffd-b370-6e29acc67e86","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":15,"box":{"x":101,"y":504,"width":789,"height":12}},{"id":"66a416f7-2ea0-4e72-ad5c-0980f5b010c2","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":15,"box":{"x":101,"y":519,"width":796,"height":11}},{"id":"7fe53838-bb3e-4f8e-9cf6-5b577dae13dd","block_type":"box","text":"Credit Default Swaps","page_number":15,"box":{"x":102,"y":539,"width":153,"height":11}},{"id":"31e77c66-6f12-43a1-b943-164504f6ef6e","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":15,"box":{"x":260,"y":539,"width":663,"height":11}},{"id":"4f4db05b-7d8d-4d1c-93c2-b2811bbf9354","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":15,"box":{"x":102,"y":554,"width":825,"height":11}},{"id":"997f70f8-d70d-4dc9-a10e-bec0e09fe90f","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":15,"box":{"x":102,"y":568,"width":816,"height":12}},{"id":"d751523b-fec5-4d34-a295-e7e31bc57bce","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":15,"box":{"x":101,"y":583,"width":827,"height":12}},{"id":"c0f956cc-86a9-423a-8173-01d3e28ae4ba","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":15,"box":{"x":101,"y":598,"width":812,"height":12}},{"id":"26eedb9e-8b0d-4569-8ea9-0cc52d7471ce","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":15,"box":{"x":101,"y":613,"width":822,"height":11}},{"id":"112cea6f-0ce2-400e-a1ae-25cba2946453","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":15,"box":{"x":101,"y":628,"width":758,"height":11}},{"id":"6f6d6354-206b-4e16-8a6b-80c49ca19d0e","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":15,"box":{"x":102,"y":648,"width":335,"height":11}},{"id":"47746ad9-0c75-4f08-ad6b-862e544c61bf","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":15,"box":{"x":442,"y":648,"width":437,"height":11}},{"id":"1018a37e-21b6-40bc-b031-d3300e2a54f0","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":15,"box":{"x":101,"y":662,"width":820,"height":12}},{"id":"6f621eb9-1036-40ba-9a0d-0a58702a25d9","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":15,"box":{"x":101,"y":677,"width":801,"height":12}},{"id":"b3b358ea-e7e9-4f1f-882f-89ca861fc356","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":15,"box":{"x":101,"y":692,"width":824,"height":12}},{"id":"86962eee-7c26-45a0-aa50-c11cd213684b","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":15,"box":{"x":101,"y":707,"width":831,"height":12}},{"id":"838715b8-7981-4b67-b11e-3744e2f1f188","block_type":"box","text":"Futures","page_number":15,"box":{"x":102,"y":727,"width":54,"height":9}},{"id":"08b020da-0652-4e88-965e-edeead1cfb13","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":15,"box":{"x":161,"y":727,"width":765,"height":12}},{"id":"66b95a78-4840-4c34-b65f-ccc4c7e44f4c","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":15,"box":{"x":101,"y":742,"width":786,"height":11}},{"id":"a4a7b3a8-fff2-47ee-9823-074df11c79ea","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":15,"box":{"x":102,"y":757,"width":769,"height":11}},{"id":"25450ad7-1b76-4e63-9fd0-170b6c3da0f3","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":15,"box":{"x":102,"y":771,"width":822,"height":12}},{"id":"bc283de5-5fb3-442c-93cb-66bcd52e4e08","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":15,"box":{"x":101,"y":786,"width":832,"height":12}},{"id":"1f505913-eea7-452a-a036-3d9a8f198021","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":15,"box":{"x":101,"y":801,"width":806,"height":12}},{"id":"4c13d64d-1d4a-4b54-b854-038af8d3449c","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":15,"box":{"x":102,"y":816,"width":793,"height":11}},{"id":"87e91800-5336-4d4b-81c2-d6b58f76f732","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":15,"box":{"x":102,"y":831,"width":787,"height":11}},{"id":"3675540b-6583-4cd6-a679-eacc0969fc38","block_type":"box","text":"default in the performance of its obligations.","page_number":15,"box":{"x":101,"y":846,"width":327,"height":11}},{"id":"25c4a56f-8068-4374-a777-3d3528fe82d4","block_type":"box","text":"Options","page_number":15,"box":{"x":102,"y":866,"width":55,"height":11}},{"id":"5c946ea8-28b1-48b7-9cc2-c68bb8872446","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":15,"box":{"x":162,"y":866,"width":772,"height":11}},{"id":"2431d856-9c4f-4415-bc6b-103140c597c4","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":15,"box":{"x":101,"y":880,"width":812,"height":12}},{"id":"5b07f2dc-8610-4347-8896-036807937c28","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":15,"box":{"x":101,"y":895,"width":827,"height":12}},{"id":"cf7ae870-e5cb-4b52-bfbf-c135b5eb039e","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":15,"box":{"x":101,"y":910,"width":781,"height":11}},{"id":"2af0b1c9-bf13-4a80-b951-a1d5df89b686","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"90ecaefa-4b1e-4498-ad49-04ca11aa125b","block_type":"box","text":"NM1026U-5984568-15/44","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cce002c8-4041-4219-9093-d4f6699d926f","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":16,"box":{"x":102,"y":46,"width":785,"height":11}},{"id":"aa03ffaf-a857-42b5-a3e0-d211f30c1170","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":16,"box":{"x":101,"y":60,"width":831,"height":12}},{"id":"32305532-bc01-46ab-b9ec-dd0c295c0c63","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":16,"box":{"x":101,"y":75,"width":814,"height":12}},{"id":"ac3154a9-94b4-4b9a-b90f-37cda423db00","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":16,"box":{"x":101,"y":90,"width":826,"height":12}},{"id":"281b731e-5fad-4c6f-a284-f3945b406971","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":16,"box":{"x":101,"y":105,"width":822,"height":11}},{"id":"5ab20376-b344-4c26-a530-5d8a3abd0c6c","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":16,"box":{"x":101,"y":120,"width":816,"height":11}},{"id":"2f55ae0a-ce6e-493d-84e7-8c2fac65d863","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":16,"box":{"x":101,"y":135,"width":442,"height":11}},{"id":"3f5c1c39-5839-452c-8419-33b5b4ccbec4","block_type":"box","text":"ESG Investing Risk","page_number":16,"box":{"x":81,"y":155,"width":144,"height":11}},{"id":"a71a37de-e8ee-46cb-ba24-f6977b1f8307","block_type":"box","text":"—","page_number":16,"box":{"x":229,"y":160,"width":17,"height":1}},{"id":"ddcd735e-e5e0-4556-aa90-3e806a69edba","block_type":"box","text":"The Fund intends to screen out particular issuers pursuant to certain criteria established by","page_number":16,"box":{"x":251,"y":155,"width":675,"height":11}},{"id":"f803315a-c7d7-4ea1-9c6f-e163eec82593","block_type":"box","text":"BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to certain","page_number":16,"box":{"x":82,"y":170,"width":845,"height":11}},{"id":"840768fc-85b2-4b12-8b2c-724e0a4f9840","block_type":"box","text":"investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to certain","page_number":16,"box":{"x":82,"y":184,"width":833,"height":12}},{"id":"e327d8ef-eecc-4132-b4fd-739aec1b28e3","block_type":"box","text":"issuers and the Fund may forego certain investment opportunities. The Fund’s results may be lower than other","page_number":16,"box":{"x":82,"y":199,"width":814,"height":12}},{"id":"ef97cf2b-a420-4b58-9a49-01f5e95f8ce6","block_type":"box","text":"funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out","page_number":16,"box":{"x":81,"y":214,"width":849,"height":11}},{"id":"4f9711a5-8cb0-4e78-9e37-e0b348b910d6","block_type":"box","text":"issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage","page_number":16,"box":{"x":82,"y":229,"width":847,"height":11}},{"id":"5b12f652-b068-4ad6-8d16-ffebe5f47152","block_type":"box","text":"ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG","page_number":16,"box":{"x":82,"y":244,"width":824,"height":11}},{"id":"462fa0fb-b961-48e3-983a-3d46a41ceaa4","block_type":"box","text":"related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result,","page_number":16,"box":{"x":82,"y":258,"width":854,"height":12}},{"id":"673d8e5d-bcd6-4a38-adc5-8e1749b83b8a","block_type":"box","text":"the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. In evaluating a","page_number":16,"box":{"x":80,"y":273,"width":832,"height":12}},{"id":"69f6fadf-c82c-409f-9beb-142587e1d275","block_type":"box","text":"security or issuer based on ESG criteria, BlackRock is dependent upon certain information and data from third party","page_number":16,"box":{"x":81,"y":288,"width":853,"height":11}},{"id":"9c1dd2d4-b9b2-4f10-9350-f09c973b1c2b","block_type":"box","text":"providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that","page_number":16,"box":{"x":82,"y":303,"width":814,"height":11}},{"id":"c7bcf052-b4b9-41ff-bfd3-793edf0288a3","block_type":"box","text":"BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the","page_number":16,"box":{"x":82,"y":318,"width":793,"height":11}},{"id":"8a893156-133e-48ae-a6e1-2b3130f85ef6","block_type":"box","text":"relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant","page_number":16,"box":{"x":82,"y":333,"width":852,"height":11}},{"id":"01043a4e-0f96-449b-8e9d-4c1244c1e0fc","block_type":"box","text":"ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or","page_number":16,"box":{"x":82,"y":347,"width":818,"height":12}},{"id":"254528b6-26d9-4880-99e2-5de290235aa7","block_type":"box","text":"implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG","page_number":16,"box":{"x":82,"y":362,"width":783,"height":12}},{"id":"20d647e9-a53e-4e05-81a2-227c34e1b583","block_type":"box","text":"assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited","page_number":16,"box":{"x":81,"y":377,"width":840,"height":11}},{"id":"a7221f46-babe-45e4-903a-2b309c5ac665","block_type":"box","text":"availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria","page_number":16,"box":{"x":81,"y":392,"width":850,"height":11}},{"id":"d480de14-00a5-4aad-b794-2dcfa93d430b","block_type":"box","text":"is subjective and may change over time.","page_number":16,"box":{"x":82,"y":407,"width":292,"height":11}},{"id":"3003e71c-c68f-4b27-be66-628ea1f5afad","block_type":"box","text":"The Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors","page_number":16,"box":{"x":81,"y":429,"width":829,"height":12}},{"id":"4531b1e8-d962-4b62-a16a-b28ffdb452e7","block_type":"box","text":"when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no","page_number":16,"box":{"x":80,"y":444,"width":838,"height":12}},{"id":"483d92f0-7d72-4897-8023-33ca06423c53","block_type":"box","text":"guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.","page_number":16,"box":{"x":81,"y":459,"width":758,"height":11}},{"id":"137e398b-fc80-45fb-9c68-49e5faaef21c","block_type":"box","text":"Equity Securities Risk","page_number":16,"box":{"x":81,"y":479,"width":166,"height":11}},{"id":"3326230c-1b04-4489-98a2-4184674b6f7a","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":16,"box":{"x":251,"y":479,"width":666,"height":11}},{"id":"65f50c5b-3fa1-461d-a670-0c1dbc7fac61","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":16,"box":{"x":81,"y":494,"width":850,"height":11}},{"id":"a41666d6-ac99-4241-a0c8-dd403cb0b8e0","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":16,"box":{"x":82,"y":508,"width":802,"height":12}},{"id":"b9c5f07e-3cce-488b-bb91-64886d2c17b5","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":16,"box":{"x":81,"y":523,"width":854,"height":12}},{"id":"7ea3b54b-0846-4184-a8a4-51b1a92fe1b5","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":16,"box":{"x":81,"y":538,"width":848,"height":12}},{"id":"17f2c39e-5b49-4a59-80e6-ed524d6214f6","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":16,"box":{"x":81,"y":553,"width":824,"height":11}},{"id":"97887449-ef94-4720-8a62-ea1213f0bd3e","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":16,"box":{"x":81,"y":568,"width":782,"height":11}},{"id":"b6dd1f96-b4a5-4b39-aa42-a2d237325c4d","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":16,"box":{"x":82,"y":583,"width":849,"height":11}},{"id":"dc0cf3de-8d46-4a15-bd95-44e97d4b611b","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":16,"box":{"x":82,"y":598,"width":482,"height":11}},{"id":"04de28d6-f0fb-415c-89aa-b5eadc9c97b8","block_type":"box","text":"High Portfolio Turnover Risk","page_number":16,"box":{"x":81,"y":617,"width":212,"height":12}},{"id":"ff7b3d2e-4648-4a00-8aa7-75796efe23eb","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":16,"box":{"x":297,"y":617,"width":629,"height":12}},{"id":"f70d2afe-6a63-482d-830f-de45b8f47734","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":16,"box":{"x":82,"y":632,"width":812,"height":12}},{"id":"46772f7b-fe3e-4dbd-b3a9-3ca2b742d2c5","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":16,"box":{"x":81,"y":647,"width":817,"height":11}},{"id":"92106312-77b3-4330-85b8-513887ff93df","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":16,"box":{"x":81,"y":662,"width":760,"height":11}},{"id":"1a9200cd-4e59-420c-9615-48825c4cc269","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":16,"box":{"x":81,"y":677,"width":852,"height":11}},{"id":"69ac6f02-c6c6-4bfe-97ef-657cb6edc398","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":16,"box":{"x":81,"y":691,"width":589,"height":12}},{"id":"7ccdd738-af5f-44de-ac65-7ae97c90fdfb","block_type":"box","text":"Investment Style Risk","page_number":16,"box":{"x":81,"y":712,"width":166,"height":11}},{"id":"d144de43-d9c8-4013-875d-9907efbcd209","block_type":"box","text":"—","page_number":16,"box":{"x":252,"y":717,"width":17,"height":1}},{"id":"1fc6da65-150e-46b5-8554-ddbfc8550ed4","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":16,"box":{"x":274,"y":711,"width":637,"height":12}},{"id":"7cbab190-0113-4eff-8fca-8bc760e9f636","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":16,"box":{"x":82,"y":726,"width":804,"height":12}},{"id":"454dbab5-2460-4340-963b-a4a10b5fa286","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":16,"box":{"x":82,"y":741,"width":823,"height":12}},{"id":"93eb10c3-35e0-4723-af7a-a90b2676802e","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment","page_number":16,"box":{"x":81,"y":756,"width":842,"height":11}},{"id":"3b79582d-eaa4-4287-b27b-b6209740b6e6","block_type":"box","text":"styles.","page_number":16,"box":{"x":81,"y":771,"width":46,"height":11}},{"id":"5d05b01a-ec5d-46cd-a578-2b9faac22dc4","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":16,"box":{"x":81,"y":791,"width":276,"height":11}},{"id":"8a554520-ef96-4928-afbe-e167c8546d29","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":16,"box":{"x":361,"y":791,"width":573,"height":11}},{"id":"d06578f3-66b9-401b-a1ed-45cbb883f242","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":16,"box":{"x":81,"y":806,"width":848,"height":11}},{"id":"65415e2e-07a2-4c58-b5d3-2bbe80709006","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":16,"box":{"x":81,"y":821,"width":839,"height":11}},{"id":"5219e6d5-82f8-4f97-885d-9e01e5cc9c95","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":16,"box":{"x":82,"y":835,"width":851,"height":12}},{"id":"ec321739-cca0-47a2-b10a-934b04540cd4","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":81,"y":855,"width":107,"height":12}},{"id":"3c62b73c-92a1-4f2a-a973-eb44471617e3","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":16,"box":{"x":192,"y":855,"width":741,"height":12}},{"id":"ddcc29ae-3abd-48e7-a81a-d2e62fd1ffa5","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":16,"box":{"x":81,"y":870,"width":787,"height":12}},{"id":"e72312d4-211d-4755-acc3-02355fbd01d0","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":16,"box":{"x":82,"y":885,"width":831,"height":11}},{"id":"75077762-e715-42fd-a538-b6dc54e81579","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":16,"box":{"x":80,"y":900,"width":853,"height":11}},{"id":"978010c4-0b8a-4fe8-8fa5-ff8e4929f4b8","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":16,"box":{"x":80,"y":915,"width":808,"height":11}},{"id":"c4687709-8bc3-4ba1-a201-252726f41af9","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fd1570ba-bc12-4dd4-aac9-fbc90c7960e8","block_type":"box","text":"NM1026U-5984568-16/44","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4d9ffbde-1b35-4814-95f5-cab66cdf67d3","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":46,"width":837,"height":11}},{"id":"43234353-e9e1-49eb-b595-000096e2348c","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":60,"width":807,"height":12}},{"id":"9f296462-3718-4374-82a0-cfeefa1c7349","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":75,"width":840,"height":12}},{"id":"507e7532-13fa-47fa-8c25-cc9a6bc02592","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":90,"width":558,"height":12}},{"id":"38a0fb6a-9fa3-4b24-819c-a10278989f8f","block_type":"box","text":"Market Risk and Selection Risk","page_number":17,"box":{"x":81,"y":110,"width":240,"height":9}},{"id":"2efb7b63-a302-4b60-b037-f6745b4375d7","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":110,"width":593,"height":9}},{"id":"c7b62b49-33ba-4948-86dd-e9d22a8618b1","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":125,"width":851,"height":11}},{"id":"9388f2d6-1100-4a4c-afe6-75afec9bf589","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":140,"width":824,"height":11}},{"id":"2f910f78-d8fd-49e2-9a6c-26a6cd0520c0","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":155,"width":851,"height":11}},{"id":"49a25d62-b4f0-4aaf-bf01-a7ae14f7dbdf","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":169,"width":802,"height":12}},{"id":"bc1a2137-076d-4d99-8bd9-9acfb90529ca","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":184,"width":849,"height":12}},{"id":"4a82b46f-b240-44ba-bc7a-70758445b7f4","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":199,"width":843,"height":12}},{"id":"4e1947fc-69a8-4115-9489-0cb155fe8bc9","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":214,"width":830,"height":11}},{"id":"9e9ddcf9-f167-4ee8-9ba9-86ba7d283857","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":229,"width":840,"height":11}},{"id":"5c8b75c1-824b-477b-b11a-c9d37263893b","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":17,"box":{"x":81,"y":244,"width":789,"height":11}},{"id":"e8bbe76a-6d1f-47bb-8ed4-3290b3762bb6","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":17,"box":{"x":81,"y":258,"width":823,"height":12}},{"id":"3d740008-8224-42ba-9dd7-6056e67aa2a4","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":17,"box":{"x":81,"y":273,"width":784,"height":12}},{"id":"e3003e1b-ab23-4e9f-9655-173f66426859","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":17,"box":{"x":81,"y":288,"width":844,"height":11}},{"id":"ca0e074f-e669-4a03-9413-2ae783fdb3d9","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":17,"box":{"x":81,"y":303,"width":855,"height":11}},{"id":"967aec35-186f-4645-8828-dfc14746c089","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":17,"box":{"x":81,"y":318,"width":373,"height":11}},{"id":"4cce6e2c-1aa8-4ad0-8772-f61cd76244a4","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":338,"width":818,"height":11}},{"id":"11b432db-f3e6-4a4b-9220-c3a3e4fdcafe","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":353,"width":819,"height":11}},{"id":"2b2b6f02-c15e-4610-b15c-06abc09aafba","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":367,"width":819,"height":12}},{"id":"fc0b5fad-7bba-4c8d-a943-c1f0c5e256b2","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":382,"width":846,"height":12}},{"id":"8eee1233-37af-4bb5-abe8-84e4b868cb88","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":397,"width":848,"height":12}},{"id":"a24647af-74ef-4c12-a614-6be68c775bcc","block_type":"box","text":"the Fund invests.","page_number":17,"box":{"x":80,"y":412,"width":125,"height":9}},{"id":"003dd59c-892d-4484-80be-cc269ebc779f","block_type":"box","text":"Model Risk","page_number":17,"box":{"x":81,"y":432,"width":85,"height":9}},{"id":"973affb9-680f-4b64-b34c-ae0b9f75c39f","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":17,"box":{"x":170,"y":432,"width":722,"height":11}},{"id":"a7d203a5-4e29-4f8a-a5fb-141b7cefd4ce","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":17,"box":{"x":81,"y":447,"width":840,"height":11}},{"id":"291baf98-8dce-4868-a6cd-11f63d852427","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes","page_number":17,"box":{"x":80,"y":461,"width":854,"height":12}},{"id":"d1bf67e3-6429-4b5c-a9d7-3efc8052ab57","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":17,"box":{"x":81,"y":476,"width":845,"height":12}},{"id":"430dff47-06d2-479c-b3d6-bd48e926e187","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":17,"box":{"x":81,"y":491,"width":852,"height":12}},{"id":"06650f6d-7a5e-4930-bbe6-a0f2a0392fec","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”) and other technological failures or various other events or","page_number":17,"box":{"x":82,"y":506,"width":835,"height":11}},{"id":"cecc6a75-588e-4694-8297-02c94f6e4324","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":17,"box":{"x":81,"y":521,"width":779,"height":11}},{"id":"8ce2ab39-8bfc-424a-9c9a-d069332003aa","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":17,"box":{"x":82,"y":535,"width":838,"height":12}},{"id":"69d89c46-ad10-4719-8343-1976a3952960","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":17,"box":{"x":82,"y":550,"width":338,"height":10}},{"id":"038ad98c-1a08-461a-9a74-a6ea8749df57","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":17,"box":{"x":81,"y":570,"width":789,"height":12}},{"id":"19362df5-53a9-4509-82a6-27ce7a472161","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":17,"box":{"x":82,"y":585,"width":800,"height":12}},{"id":"6523dd88-06c7-48dd-a3b0-4676fdf17e45","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":17,"box":{"x":82,"y":600,"width":824,"height":12}},{"id":"370cf53c-46bf-4410-912f-4194345605a9","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":17,"box":{"x":81,"y":615,"width":814,"height":11}},{"id":"c3aab49e-aec2-4aa9-bbb9-40572b23a469","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":17,"box":{"x":82,"y":630,"width":774,"height":11}},{"id":"37474e60-cb65-4869-a1a5-5fb0f5338981","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":17,"box":{"x":82,"y":644,"width":808,"height":12}},{"id":"bcc18091-3368-4c38-b60e-a10a3d13909d","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":17,"box":{"x":82,"y":659,"width":840,"height":12}},{"id":"9851e9a6-04d5-4f23-b6ee-bda360accf51","block_type":"box","text":"by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such","page_number":17,"box":{"x":81,"y":674,"width":834,"height":12}},{"id":"259d5e75-cf21-4198-bdbb-96c767933f7c","block_type":"box","text":"data.","page_number":17,"box":{"x":81,"y":689,"width":36,"height":9}},{"id":"77798e09-a7b2-4590-9b7f-ef325e73a7fa","block_type":"box","text":"“New Issues” Risk","page_number":17,"box":{"x":83,"y":709,"width":139,"height":9}},{"id":"7481e64a-c881-4afa-9322-e9474548d03a","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":17,"box":{"x":226,"y":709,"width":673,"height":11}},{"id":"18812ea0-ac33-474a-8b41-65112f838189","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":724,"width":833,"height":11}},{"id":"71d33ddc-15e4-4eb1-9aab-a6dc3fa260ce","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":739,"width":853,"height":11}},{"id":"83a2d5c5-a5de-4ab4-832c-8d4e3ea5e68a","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":753,"width":778,"height":12}},{"id":"15559d64-b559-44ef-8871-1030109c0b22","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":768,"width":827,"height":12}},{"id":"e4f09024-f78e-4348-8875-ebf4493120a4","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":783,"width":838,"height":12}},{"id":"083e465f-00e3-4ecd-8e54-a6bcb7c33356","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":798,"width":776,"height":11}},{"id":"0cc1d15f-96e4-4bf6-b347-82816fdb1fb0","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":813,"width":830,"height":11}},{"id":"48775f38-79d4-46ab-ac64-72e5b18194e6","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":827,"width":834,"height":12}},{"id":"934ce0c4-808a-4d69-9fa8-bbde0dcfcead","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":842,"width":844,"height":12}},{"id":"d3eaeb77-8473-446e-aef6-4811dc79f9f7","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":857,"width":840,"height":12}},{"id":"a28d2ef3-f47e-4bf6-9100-0cc9e7f434f1","block_type":"box","text":"price as it would like.","page_number":17,"box":{"x":82,"y":872,"width":153,"height":11}},{"id":"a3e45692-2f29-4954-b65e-5a7a20d53ebd","block_type":"box","text":"Operational and Technology Risks","page_number":17,"box":{"x":82,"y":892,"width":254,"height":11}},{"id":"625f41db-52f1-48ef-9d51-6c235a05acce","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":17,"box":{"x":340,"y":892,"width":549,"height":11}},{"id":"6530e2a2-995e-4bdf-a511-63a4c84a697d","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":907,"width":790,"height":11}},{"id":"6055db5d-8b52-48f7-adc4-548f2ed5c436","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d4073800-d2f6-4aa3-b63a-7330b84c9125","block_type":"box","text":"NM1026U-5984568-17/44","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e3b51e28-7f6b-438f-896f-9a31aabe0802","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":18,"box":{"x":81,"y":46,"width":833,"height":11}},{"id":"7155f7b7-1362-4c4b-a466-8c8a86c8acfd","block_type":"box","text":"the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the","page_number":18,"box":{"x":80,"y":61,"width":826,"height":11}},{"id":"41a60ed4-b12e-452b-b114-1ce753c622ea","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":18,"box":{"x":82,"y":76,"width":754,"height":11}},{"id":"2c5b3e0b-3c04-493d-a92b-6ee1cb2e285f","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":18,"box":{"x":81,"y":90,"width":845,"height":12}},{"id":"2263648e-5a54-44a6-a492-3a940b6b42a0","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":18,"box":{"x":82,"y":105,"width":805,"height":12}},{"id":"f9d4f873-eaab-4a30-a781-9517acdea106","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":18,"box":{"x":81,"y":120,"width":815,"height":11}},{"id":"1abde07c-c26f-4bed-b891-97ae8379453f","block_type":"box","text":"consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may","page_number":18,"box":{"x":81,"y":135,"width":850,"height":11}},{"id":"4c742ff2-2e57-4aa8-8107-c9db14e4af05","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":18,"box":{"x":82,"y":150,"width":558,"height":11}},{"id":"c352535e-a08a-4f14-a9b8-257fbe1bdadf","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":169,"width":821,"height":12}},{"id":"14c9a191-796d-4617-b767-127af8100413","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":184,"width":814,"height":12}},{"id":"b9f750a7-9971-4a40-a01a-b2dfffab78b8","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":199,"width":824,"height":12}},{"id":"78db8a4d-9500-4ef7-bebd-e2e281188c42","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":18,"box":{"x":81,"y":214,"width":791,"height":11}},{"id":"92fc80d6-0f94-4202-823c-01db3f08d82c","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":229,"width":852,"height":11}},{"id":"907f673f-3206-4c68-bc62-dc2673007e92","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":244,"width":784,"height":11}},{"id":"caef3e33-db35-48e7-a39e-2212e668950d","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":258,"width":787,"height":12}},{"id":"15802156-812e-47f8-8407-746537d365d3","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":273,"width":840,"height":12}},{"id":"31dbfb0a-2ecc-4d67-a343-787610df653a","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":288,"width":809,"height":12}},{"id":"031fa760-da65-404f-a6f6-3d5d7631ed1f","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":18,"box":{"x":81,"y":303,"width":829,"height":11}},{"id":"fe76daae-b23f-47ce-b1e8-6b8d39ed39d2","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":318,"width":798,"height":11}},{"id":"7bec0d56-cc48-41fe-9287-64ec8fa839c8","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":332,"width":829,"height":12}},{"id":"06f49cb2-fbab-4ea2-8c91-7474ea289f6b","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":18,"box":{"x":82,"y":347,"width":846,"height":12}},{"id":"b15ee078-b69c-4f97-9e4a-b4269f9dbd56","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":362,"width":846,"height":12}},{"id":"e1f23adf-9955-4a6b-8dff-b4f80197ad57","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":377,"width":838,"height":11}},{"id":"371f43a3-288e-46b7-ba92-1baca85ba6fc","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":392,"width":770,"height":11}},{"id":"4b17fd1d-d527-4273-a01a-3073fcd90bb9","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":407,"width":792,"height":11}},{"id":"447734d4-0681-4cf6-9301-7284825a5588","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":422,"width":845,"height":11}},{"id":"77d4a4b3-d990-4276-955d-8c6247ac1a1a","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":436,"width":840,"height":12}},{"id":"3b845975-7564-4bb8-8686-5c0078242423","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":451,"width":841,"height":12}},{"id":"b6f3668d-797f-42da-8364-e3cc1d568cd9","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":466,"width":847,"height":11}},{"id":"9ca4367a-1dfb-4dbd-aabf-b7c87aa61e9d","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":481,"width":838,"height":11}},{"id":"b5ef0228-5de8-4590-8509-ceb1827e1f4c","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":496,"width":847,"height":11}},{"id":"fe172775-b4c3-4064-871a-33cfb4c35dda","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":510,"width":845,"height":12}},{"id":"457eaa8c-2837-4cf2-8fcc-48051903d331","block_type":"box","text":"and the associated risks to the Fund.","page_number":18,"box":{"x":81,"y":525,"width":273,"height":9}},{"id":"973f9fb1-d68f-4e99-a5ad-fe609cd26a84","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":545,"width":769,"height":12}},{"id":"750b229f-823e-4d65-b3f9-d1826adc250c","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":560,"width":855,"height":12}},{"id":"631e056d-e459-4502-a491-82ae40891e84","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":575,"width":848,"height":11}},{"id":"6337b325-0975-4808-aa88-a1c267748c1a","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":590,"width":777,"height":11}},{"id":"63f09499-792e-4471-a3ca-4548a9717a7a","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":605,"width":824,"height":11}},{"id":"cb5476e4-b68d-4232-af64-e115f529fa32","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":619,"width":785,"height":12}},{"id":"25d6d3f6-ab26-4173-ba00-cabe2f1a4c1a","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":634,"width":853,"height":12}},{"id":"92c4ad9d-ef52-4a55-aa16-cf31501a3765","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":649,"width":855,"height":12}},{"id":"bc7d7a45-098f-47fe-b074-1f7e6dcdea1e","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":664,"width":813,"height":11}},{"id":"f0d0d97b-7a7f-4011-948d-2ec123bf1c42","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":679,"width":806,"height":11}},{"id":"e85293df-e3cf-4e70-abbe-7e393a54d729","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":18,"box":{"x":82,"y":693,"width":602,"height":12}},{"id":"965b6dab-694e-4096-9a39-bbf3ea0ff8b0","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":714,"width":794,"height":11}},{"id":"769a9c45-a55f-4592-8012-9a1b04038273","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":729,"width":840,"height":11}},{"id":"98668d28-174b-4894-bc1b-7a6b5c3ed7f0","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":743,"width":801,"height":12}},{"id":"7ed0a07e-2037-4dcc-b729-e0374b07450a","block_type":"box","text":"resources to monitor and implement required changes.","page_number":18,"box":{"x":82,"y":758,"width":402,"height":11}},{"id":"8e01f7e8-ad91-4d32-971f-e935a9bbf0e2","block_type":"box","text":"Preferred Securities Risk","page_number":18,"box":{"x":81,"y":778,"width":189,"height":9}},{"id":"0ee92f86-bd90-4b0d-bc7b-058b2e39abfc","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":18,"box":{"x":274,"y":778,"width":636,"height":11}},{"id":"c037c20f-9cad-49af-bf26-d4ffe704d20b","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":793,"width":824,"height":11}},{"id":"40b5b711-e5a8-4942-8548-b576c9e996e2","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":808,"width":806,"height":11}},{"id":"6f6355a9-d63f-4d87-92cf-1c3c9d22af37","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":822,"width":842,"height":12}},{"id":"61442335-aaf8-43b5-ade6-c26ac473c149","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":837,"width":781,"height":12}},{"id":"6ff9333c-2e90-44ea-8b64-3492089075a4","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":852,"width":812,"height":11}},{"id":"d8313874-2571-4e24-a1e5-2627cd1c5759","block_type":"box","text":"larger companies.","page_number":18,"box":{"x":82,"y":867,"width":129,"height":11}},{"id":"44527e12-082f-4ec1-bb24-15e1cec24030","block_type":"box","text":"Risk of Investing in the United States","page_number":18,"box":{"x":81,"y":887,"width":283,"height":11}},{"id":"ea3bf633-3da5-4e98-a84a-862b62705fa9","block_type":"box","text":"—","page_number":18,"box":{"x":369,"y":892,"width":17,"height":1}},{"id":"29fddf74-2857-4ae6-b53a-90b10be783c0","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":18,"box":{"x":390,"y":887,"width":519,"height":11}},{"id":"e6dd867d-b674-4b47-bbe8-143cff360bfe","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":18,"box":{"x":82,"y":902,"width":790,"height":11}},{"id":"1747a90c-e9f1-48e4-9700-e30adeb016ed","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":18,"box":{"x":81,"y":917,"width":835,"height":11}},{"id":"76cc515c-1000-48d9-86ac-1ffd976b3d87","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"84f0d1b8-c374-456d-b5b6-dd4b023a9006","block_type":"box","text":"NM1026U-5984568-18/44","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"295932d5-a38f-4024-baf3-783511329946","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":19,"box":{"x":82,"y":46,"width":784,"height":11}},{"id":"bf596fec-d586-4d67-8d83-41c9eeac7ff9","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":19,"box":{"x":82,"y":60,"width":849,"height":12}},{"id":"6d3ada3e-e487-491a-808d-9ac62615c187","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":19,"box":{"x":81,"y":75,"width":832,"height":12}},{"id":"24016544-934a-4ae8-82b8-ae2106972ef8","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":19,"box":{"x":81,"y":90,"width":851,"height":12}},{"id":"07246823-30d4-4188-ab67-319a029cf5d5","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":19,"box":{"x":82,"y":105,"width":471,"height":12}},{"id":"d103af7d-3e7d-4f20-b279-fe2d5dc32b16","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":19,"box":{"x":81,"y":125,"width":847,"height":11}},{"id":"eb5ef2b3-3277-4a3c-b872-6e25b45ab6d2","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":19,"box":{"x":81,"y":140,"width":810,"height":11}},{"id":"9b0c1928-f885-49fa-8e38-09b92cc1486b","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":19,"box":{"x":82,"y":155,"width":832,"height":11}},{"id":"c831ae58-3eb4-463c-922f-23f895dda944","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":19,"box":{"x":80,"y":170,"width":826,"height":11}},{"id":"a8791bae-dd32-4329-9efa-d1e595c82f1b","block_type":"box","text":"Fund invests.","page_number":19,"box":{"x":82,"y":184,"width":95,"height":9}},{"id":"161f0326-1fc0-4ca3-aa63-cd12602547ee","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":19,"box":{"x":61,"y":207,"width":296,"height":13}},{"id":"391076e7-c6cd-4b09-8b96-57e7350ec720","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":224,"width":832,"height":11}},{"id":"126e7ea5-b33e-4f37-b80c-547830bdd5c5","block_type":"box","text":"strategies, including:","page_number":19,"box":{"x":61,"y":239,"width":151,"height":11}},{"id":"cd53ceed-62dd-4623-be19-405a1cbcde04","block_type":"box","text":"Borrowing Risk","page_number":19,"box":{"x":81,"y":258,"width":115,"height":12}},{"id":"b2fbc66d-2623-4fe9-baec-f0f2522f95d9","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":258,"width":711,"height":12}},{"id":"9f6ad5ee-b4a6-44f2-ab48-ab7b7ba00bbc","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":273,"width":813,"height":12}},{"id":"657dca2c-cb96-4ea5-a5e3-086df2984019","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":288,"width":846,"height":12}},{"id":"98766430-e0f8-488a-a207-62c6951259b0","block_type":"box","text":"do so to satisfy its obligations.","page_number":19,"box":{"x":81,"y":303,"width":225,"height":11}},{"id":"d30e24f4-e2fd-4f79-8eb3-3a42e9e46151","block_type":"box","text":"Expense Risk","page_number":19,"box":{"x":81,"y":323,"width":102,"height":11}},{"id":"90a8b89f-32c8-4ea4-b0f4-058b8f8bef7f","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":323,"width":734,"height":11}},{"id":"881ba255-9488-4b74-8929-56358a38dadc","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":338,"width":855,"height":11}},{"id":"5b7ee0db-3889-43c2-b02c-0f798a90a2d2","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":352,"width":842,"height":12}},{"id":"0d7764a1-2bf9-417b-acf5-780fb0af00de","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":367,"width":808,"height":12}},{"id":"a82ed07a-e50a-4fb8-9c42-aafcf7ddb577","block_type":"box","text":"significant.","page_number":19,"box":{"x":81,"y":382,"width":78,"height":12}},{"id":"78448f92-4a39-4ed1-a752-632ed95d4e02","block_type":"box","text":"Illiquid Investments Risk","page_number":19,"box":{"x":81,"y":402,"width":186,"height":11}},{"id":"d07996c5-6517-486b-947d-797ebc89b0a4","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":19,"box":{"x":271,"y":402,"width":648,"height":12}},{"id":"cfc65b41-d231-4bb6-8408-83ae97baac94","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":19,"box":{"x":80,"y":417,"width":841,"height":11}},{"id":"9866edcb-07d5-4f4f-b4fd-43d60415c5f1","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":19,"box":{"x":82,"y":432,"width":831,"height":11}},{"id":"e3f8aa38-a87d-454f-bd19-b44ad4699f36","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":19,"box":{"x":81,"y":447,"width":811,"height":11}},{"id":"f023f231-6367-471e-af72-ce4c74e210cc","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":19,"box":{"x":82,"y":461,"width":825,"height":12}},{"id":"2f82a893-569e-4ac9-ab8b-b35610eaca19","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":19,"box":{"x":81,"y":476,"width":837,"height":12}},{"id":"b4aee2d2-78c7-4037-9085-0863106d43f8","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":19,"box":{"x":80,"y":491,"width":851,"height":12}},{"id":"7af425ff-c545-4bde-99df-543ed713f26c","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":19,"box":{"x":82,"y":506,"width":835,"height":11}},{"id":"41e0a842-d4e0-46f3-a7c2-73bd5bf8e8db","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":19,"box":{"x":82,"y":521,"width":835,"height":11}},{"id":"e7c6c0cd-7fea-40c5-8d64-e4e5dafd7448","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":19,"box":{"x":81,"y":535,"width":791,"height":12}},{"id":"26d4b2db-e322-4618-bf47-ef2d25a5b288","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":19,"box":{"x":81,"y":551,"width":846,"height":11}},{"id":"3fc5d7d1-ca7e-4ce4-90c9-6a073b9cb619","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":19,"box":{"x":81,"y":565,"width":835,"height":12}},{"id":"11c926d0-72f0-4d3d-9269-09f21a8e814f","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":19,"box":{"x":82,"y":580,"width":839,"height":12}},{"id":"d8cdccd5-500c-4859-9380-081684c3eba1","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":19,"box":{"x":80,"y":595,"width":834,"height":11}},{"id":"80a3d02a-a131-46b2-9912-3e2e248977bb","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":19,"box":{"x":81,"y":610,"width":815,"height":11}},{"id":"dbd98ed5-566e-447d-a06a-83d8813b56e5","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":19,"box":{"x":82,"y":624,"width":835,"height":12}},{"id":"45bcf8d8-b747-4cf5-9b60-85d6ded237cf","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":19,"box":{"x":82,"y":639,"width":827,"height":12}},{"id":"c9434efb-46b2-42af-b6d3-d188386d72ef","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":19,"box":{"x":80,"y":654,"width":831,"height":12}},{"id":"515a65ea-b0c8-4a97-aa30-14973ed9497b","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":19,"box":{"x":81,"y":669,"width":304,"height":11}},{"id":"9a7510e3-9cac-491d-b484-32a09c2ea439","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":19,"box":{"x":81,"y":689,"width":271,"height":9}},{"id":"cb709eca-67b1-41c8-8b7e-edefef6c652f","block_type":"box","text":"—","page_number":19,"box":{"x":356,"y":694,"width":17,"height":1}},{"id":"fdeb1af8-e5df-4e60-b69f-7fa955aaa88b","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":19,"box":{"x":379,"y":689,"width":499,"height":11}},{"id":"ca01190a-d746-4464-bfda-ac22e8c7a025","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":19,"box":{"x":82,"y":704,"width":839,"height":11}},{"id":"bcac9dbb-ebc5-4401-842b-07cb6466b6b1","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":19,"box":{"x":80,"y":719,"width":799,"height":11}},{"id":"200d813c-0779-49b7-adbb-5638bd031852","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":19,"box":{"x":82,"y":734,"width":796,"height":11}},{"id":"6520ae5c-4ae5-48da-99f1-566a6aeb3013","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":19,"box":{"x":81,"y":748,"width":855,"height":12}},{"id":"d45ecae1-68b6-4110-b990-9fb4e7509ab0","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":19,"box":{"x":82,"y":763,"width":441,"height":12}},{"id":"6fd4e02c-e491-43ea-b1e4-cbe0b6c68058","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":19,"box":{"x":81,"y":783,"width":366,"height":11}},{"id":"6b475fd9-5100-45df-858c-c313c9804222","block_type":"box","text":"— As with other investments, investments in other investment","page_number":19,"box":{"x":450,"y":783,"width":459,"height":11}},{"id":"c205ea03-6b1c-4c6e-a0f9-1d9a2ccc8d33","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":19,"box":{"x":81,"y":798,"width":815,"height":11}},{"id":"c0254852-ddf3-4e82-b816-90ca4791d071","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":19,"box":{"x":82,"y":813,"width":844,"height":11}},{"id":"bb1cfb20-4ce4-4bca-9097-40aad96a6498","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":19,"box":{"x":81,"y":827,"width":822,"height":12}},{"id":"925c5de6-60b3-4135-8294-27a1401f44f1","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":19,"box":{"x":81,"y":842,"width":829,"height":12}},{"id":"0fc505e6-3f7f-401b-a19e-fae17fb18e59","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":19,"box":{"x":81,"y":857,"width":628,"height":12}},{"id":"98ae03ad-647f-466d-8d8e-a35b3f7721ec","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":19,"box":{"x":81,"y":877,"width":396,"height":12}},{"id":"831bdf1e-5c2b-48f0-8a2e-4fda184aebab","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":19,"box":{"x":481,"y":877,"width":440,"height":12}},{"id":"e42e3080-dcb3-4fc1-928f-09c7498eca52","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":19,"box":{"x":82,"y":892,"width":801,"height":12}},{"id":"c63653b9-f8b8-414c-9491-97d7ac177fa8","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":19,"box":{"x":81,"y":907,"width":825,"height":11}},{"id":"b5dc087f-1794-4be0-b077-cf7cb0ba1720","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"71f579d7-ce06-4891-bdaa-7c3c2d93e352","block_type":"box","text":"NM1026U-5984568-19/44","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4da35fba-54f2-42f8-ac7e-26582019b6eb","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":46,"width":816,"height":11}},{"id":"92cf9474-df4c-4e14-987b-452ef905288c","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":60,"width":818,"height":12}},{"id":"1aa551d1-5ba4-4f5e-a1df-90a7f2618a94","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":75,"width":835,"height":12}},{"id":"00c78e08-78f1-4e29-84c8-df8c510cd44c","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":90,"width":807,"height":12}},{"id":"c23dd8e2-4a77-41eb-b35f-c61e89fb8984","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":105,"width":841,"height":12}},{"id":"8386b761-9dfb-4bc3-8302-77fae82330f2","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":120,"width":855,"height":11}},{"id":"54f6b827-ce38-49ee-a103-7bca571c24cf","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":135,"width":751,"height":10}},{"id":"08ee401d-92fa-4498-b030-bdf9adafbabe","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":20,"box":{"x":81,"y":150,"width":785,"height":11}},{"id":"b8f84222-6c6a-4562-8c5d-30c493578a82","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":164,"width":841,"height":12}},{"id":"c8b6e065-8f97-4c54-be69-5b4aafaff254","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":179,"width":824,"height":12}},{"id":"addfcc15-8606-4555-bbbb-8173d652131f","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":194,"width":822,"height":11}},{"id":"cd410ae8-d636-4d46-b523-fcbceb180419","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":209,"width":801,"height":11}},{"id":"d7afad1c-70b9-4512-99d6-f086e3bf008b","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":224,"width":765,"height":11}},{"id":"3f5c2277-98cc-47e6-867f-2d14966fa80c","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":238,"width":852,"height":12}},{"id":"fc6c3e97-f044-4808-943e-63a7c7438140","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":253,"width":847,"height":12}},{"id":"736810f0-576e-4213-a95c-db6c0c939caf","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":268,"width":847,"height":12}},{"id":"42ea178e-baea-4b75-af26-9ab465b72000","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":283,"width":845,"height":11}},{"id":"88fc01ad-c3da-4b1d-a7fc-9f20b48cd941","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":298,"width":835,"height":11}},{"id":"2f702c98-13af-495e-b025-d6094ca271c1","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":312,"width":839,"height":12}},{"id":"e8b87588-f5bc-4daa-ac67-9cf72a69bbc8","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":20,"box":{"x":82,"y":328,"width":461,"height":11}},{"id":"aab242bc-9800-40cb-879a-cd4af6eac8e5","block_type":"box","text":"Mid Cap Securities Risk","page_number":20,"box":{"x":81,"y":347,"width":182,"height":12}},{"id":"593a8d70-e611-4a8d-ba19-79bc066531b1","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":20,"box":{"x":267,"y":347,"width":665,"height":12}},{"id":"668634ef-6b69-4126-8a0d-969451dbe9d6","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":20,"box":{"x":81,"y":362,"width":789,"height":12}},{"id":"328db5b4-ea33-457c-a29b-03ae443e1af5","block_type":"box","text":"Money Market Securities Risk","page_number":20,"box":{"x":81,"y":382,"width":229,"height":11}},{"id":"83cc486e-7bfb-4b42-8cdc-23e35638f13f","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":20,"box":{"x":314,"y":382,"width":570,"height":11}},{"id":"a014a877-2e81-4d03-9b4a-53710bfe107e","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":20,"box":{"x":81,"y":397,"width":819,"height":11}},{"id":"fd881640-bca1-43c4-8071-a90b2e781eee","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":20,"box":{"x":82,"y":412,"width":657,"height":11}},{"id":"03bbab3b-1613-4424-afdd-9b1c20cc505a","block_type":"box","text":"Ownership Limitations Risk","page_number":20,"box":{"x":82,"y":432,"width":205,"height":11}},{"id":"147c1831-4cb7-4b0a-903f-201defbce387","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":20,"box":{"x":291,"y":432,"width":610,"height":11}},{"id":"a017d129-dad1-47fb-8acd-cd63123eb073","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":20,"box":{"x":80,"y":447,"width":849,"height":11}},{"id":"545ddf57-3a3a-47c3-9c4b-a34d80f325cd","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":20,"box":{"x":81,"y":461,"width":798,"height":12}},{"id":"2eebf132-7010-486a-8b0c-0314ef692401","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":20,"box":{"x":82,"y":476,"width":833,"height":12}},{"id":"21cbf9b1-f892-421f-825e-e387811df246","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":20,"box":{"x":82,"y":491,"width":851,"height":12}},{"id":"b2ba0b5d-cf32-42a3-a6d8-7b0bfd5c619e","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":20,"box":{"x":81,"y":506,"width":813,"height":11}},{"id":"64caecc3-20a3-46cf-b4c3-75631904e74c","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":20,"box":{"x":82,"y":521,"width":331,"height":11}},{"id":"bf56bc05-4c35-4f1d-83c2-7f277165426b","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":20,"box":{"x":82,"y":541,"width":826,"height":11}},{"id":"c7b1fa13-132b-4476-9faf-94bbc1a8c6f7","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":20,"box":{"x":81,"y":556,"width":848,"height":11}},{"id":"2ccdceb4-9e1e-4e02-9df2-c86bcc42c367","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":20,"box":{"x":81,"y":570,"width":799,"height":12}},{"id":"7b5a3cb0-8cc0-4b7e-8d37-e8af6cfdfcaa","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":20,"box":{"x":81,"y":585,"width":828,"height":12}},{"id":"95875eaa-39a2-46a1-ae4a-a1e6a6d8bd8c","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":20,"box":{"x":81,"y":600,"width":828,"height":12}},{"id":"68895491-4990-47bf-afa8-0d5f5464e1dd","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":20,"box":{"x":80,"y":615,"width":837,"height":11}},{"id":"52d115c9-f0c9-48f5-8892-043070e4d530","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":20,"box":{"x":80,"y":630,"width":837,"height":11}},{"id":"a48bed35-533f-4b31-972c-a3fc15d29373","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":20,"box":{"x":82,"y":645,"width":800,"height":11}},{"id":"dde0f3e9-3cc9-4466-a5fa-8def17bd5aa5","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":20,"box":{"x":81,"y":659,"width":678,"height":12}},{"id":"92a76378-2b2a-4b98-9804-c77b0600ed7f","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":20,"box":{"x":81,"y":679,"width":842,"height":12}},{"id":"21f71a60-0b67-4ebd-babc-79e53d956d65","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":20,"box":{"x":81,"y":694,"width":833,"height":12}},{"id":"864b8c8f-33d8-4d6e-a2c0-57762db6eb24","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":20,"box":{"x":82,"y":709,"width":582,"height":11}},{"id":"947ecd90-f537-4b8f-a71a-8fb62dbbba3b","block_type":"box","text":"Reliance on Advisor Risk","page_number":20,"box":{"x":81,"y":729,"width":188,"height":9}},{"id":"ca2c28d9-e096-45c9-a96f-ccfbffba1c6e","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":20,"box":{"x":273,"y":729,"width":614,"height":11}},{"id":"0fe04ab2-491d-4c7c-a705-96a2e23600c8","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":20,"box":{"x":80,"y":744,"width":830,"height":11}},{"id":"25e7f38a-db60-4c47-8cd4-8b5e7348940f","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":20,"box":{"x":80,"y":759,"width":856,"height":11}},{"id":"2a01d212-af45-4439-a618-bf2356e7f1c0","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":20,"box":{"x":80,"y":773,"width":841,"height":12}},{"id":"7ffd0441-6dd1-4772-86ca-919560a0a607","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":20,"box":{"x":81,"y":788,"width":649,"height":12}},{"id":"b25162ed-4ba1-4835-97af-6f7939d4a739","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":20,"box":{"x":81,"y":808,"width":481,"height":12}},{"id":"06466ca3-3e29-4eb0-9bf1-bd9c6e74b2fd","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":20,"box":{"x":565,"y":808,"width":370,"height":12}},{"id":"fcb3a54e-7045-4d9e-a7a5-a69efbb9674c","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":20,"box":{"x":82,"y":823,"width":827,"height":12}},{"id":"59427283-19a0-42fc-ae00-32e0d9272dba","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":20,"box":{"x":81,"y":838,"width":816,"height":11}},{"id":"b6ee6baa-b8ff-490d-91ba-a2025a2d528a","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":20,"box":{"x":81,"y":853,"width":647,"height":11}},{"id":"6fed163b-e1cb-4ca5-83c1-8533547b2cfb","block_type":"box","text":"Restricted Securities Risk","page_number":20,"box":{"x":81,"y":873,"width":198,"height":9}},{"id":"0bf73b13-69bd-4d79-94b3-b1a1fc2212a7","block_type":"box","text":"—","page_number":20,"box":{"x":284,"y":878,"width":17,"height":1}},{"id":"9ddf43ad-5da4-4a37-a77b-3702c9948636","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":20,"box":{"x":306,"y":873,"width":572,"height":11}},{"id":"22e67fb7-dda7-42af-8fcc-9c28795ea2f7","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":20,"box":{"x":82,"y":887,"width":843,"height":12}},{"id":"478c00d5-53a8-4a2c-8cb1-7905e093dbcf","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":20,"box":{"x":81,"y":902,"width":813,"height":12}},{"id":"21f88492-21e8-4939-bff2-43ce2151c04a","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":20,"box":{"x":81,"y":917,"width":851,"height":12}},{"id":"8c09d069-9b4c-46e8-9d5b-e9fe047e5f57","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"77bbd929-da8d-4f31-ad8f-b3d5e6a21517","block_type":"box","text":"NM1026U-5984568-20/44","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"89f56399-fd09-4ee9-a510-f038aa6c09ff","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":21,"box":{"x":81,"y":46,"width":774,"height":11}},{"id":"0bd04cdb-2b60-4c1c-9e89-1e9b2c3564c6","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":21,"box":{"x":82,"y":60,"width":839,"height":12}},{"id":"9cfa24e5-d421-45ca-b6a6-745ee2860362","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":21,"box":{"x":81,"y":75,"width":828,"height":12}},{"id":"6dd7c8ff-5fb3-4d26-89e7-a5534224d644","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":21,"box":{"x":81,"y":90,"width":830,"height":12}},{"id":"1be8b8ff-1646-4d40-9487-df8b489ff1cd","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":21,"box":{"x":80,"y":105,"width":787,"height":12}},{"id":"3c850740-7d1e-4b2a-9e3a-49b9488172a0","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":21,"box":{"x":80,"y":120,"width":838,"height":11}},{"id":"f183fb1c-2b3f-44af-b7fe-99668bf7fd79","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":21,"box":{"x":81,"y":135,"width":843,"height":11}},{"id":"08337f9b-828d-4657-aa5f-c1049e4025b2","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":21,"box":{"x":81,"y":149,"width":827,"height":12}},{"id":"0a565b6c-63a1-4796-9271-8434060beb84","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":21,"box":{"x":82,"y":165,"width":812,"height":10}},{"id":"447fd584-a110-4722-a52f-f7c90769cf06","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":21,"box":{"x":82,"y":179,"width":795,"height":12}},{"id":"b53e2932-111f-441e-a2ff-f3408e5da920","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":21,"box":{"x":81,"y":194,"width":468,"height":11}},{"id":"1cfa61b1-72a1-4361-ae78-6544f8b3fdbd","block_type":"box","text":"Securities Lending Risk","page_number":21,"box":{"x":81,"y":214,"width":178,"height":11}},{"id":"95f10155-544a-4bbb-9717-6f3b53d383a6","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":214,"width":661,"height":11}},{"id":"ff8a707b-e654-4543-8a21-d5796b2f2731","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":229,"width":852,"height":11}},{"id":"86bafeef-f89b-4c6d-be17-0a6fa476a418","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":244,"width":811,"height":11}},{"id":"be1268f4-5a04-4507-87d9-fef938b78924","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":258,"width":829,"height":12}},{"id":"3674a20b-ae1e-428c-99ec-eb2c26664438","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":21,"box":{"x":81,"y":273,"width":292,"height":11}},{"id":"45802c09-153a-4703-a277-fe28d437f2fc","block_type":"box","text":"Valuation Risk","page_number":21,"box":{"x":83,"y":293,"width":107,"height":9}},{"id":"8240b86b-4dd9-4df3-ab5f-2a187a8f9002","block_type":"box","text":"—","page_number":21,"box":{"x":194,"y":299,"width":17,"height":0}},{"id":"b783810d-002b-48dc-a93f-0468cc38347c","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":293,"width":700,"height":12}},{"id":"aba9d1e4-1e97-4677-804c-fd92b63c2f50","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":308,"width":835,"height":11}},{"id":"3ae54162-a1b2-49b7-9177-350d357a965e","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":323,"width":848,"height":11}},{"id":"a5bc5d61-3b4f-4233-ab78-4dcf16ac07da","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":338,"width":845,"height":11}},{"id":"33f31e28-f13d-405d-9b74-c7f0dee4b451","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":352,"width":840,"height":12}},{"id":"e540d7c7-c5ba-450e-8ebe-5bbc06312a7a","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":367,"width":783,"height":12}},{"id":"f55e869e-f5cc-47c4-a697-78ed721cd889","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":382,"width":810,"height":12}},{"id":"e8dbfb0d-3cfe-4539-a19a-1ec54bfb1e93","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":397,"width":847,"height":11}},{"id":"74709c49-2a06-4593-b5a5-19ffb6491677","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":412,"width":848,"height":11}},{"id":"170e61e3-5cfa-4135-9e64-349364654b62","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":427,"width":819,"height":11}},{"id":"a257c06a-f766-4a7f-9332-33513c4bbd1f","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":441,"width":837,"height":12}},{"id":"0031bebf-0964-4c5a-8547-7ed0ad0f4ca7","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":456,"width":672,"height":12}},{"id":"792fcdc4-1d92-4e82-a607-890bdd534ac5","block_type":"box","text":"Warrants Risk","page_number":21,"box":{"x":83,"y":476,"width":105,"height":9}},{"id":"10c5668e-23c2-4e48-b35e-49638f71a115","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":476,"width":698,"height":12}},{"id":"4bdf0f79-b3ed-4c0a-b0e9-9482131ab668","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":491,"width":830,"height":12}},{"id":"1b035780-460c-46f2-a20d-8ac26b496e34","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":506,"width":821,"height":11}},{"id":"a52bb641-5268-4584-8337-e25b6b348ead","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":521,"width":822,"height":11}},{"id":"9415387b-ac80-4dcc-9f5e-dbdc453c9313","block_type":"box","text":"move with the price of the underlying stock.","page_number":21,"box":{"x":82,"y":535,"width":317,"height":12}},{"id":"9042685f-a23e-4ba9-bee7-dc1d2353c15a","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":21,"box":{"x":83,"y":556,"width":584,"height":11}},{"id":"07ba610c-81d2-40e2-8fde-6c9189f31ebb","block_type":"box","text":"— When-issued and delayed","page_number":21,"box":{"x":671,"y":556,"width":208,"height":11}},{"id":"ddcb4639-61bb-4d6f-a1e3-3aaedb1d259e","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":570,"width":843,"height":12}},{"id":"84436388-7af0-4f21-bb8b-3bff907b3a98","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":585,"width":830,"height":12}},{"id":"baff55e7-64f1-4abf-800f-8b1a94c7259f","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":600,"width":849,"height":12}},{"id":"c8b8e9bd-f7a2-4a3b-a227-611d39061968","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":21,"box":{"x":80,"y":615,"width":425,"height":11}},{"id":"3cd0db7e-0fa3-4ade-92ea-cddac458f6aa","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"d0c478f8-10db-4d7b-ad27-76394a41a0e4","block_type":"box","text":"NM1026U-5984568-21/44","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"96e1a950-06de-4ad1-bc41-69f80a17f7df","block_type":"box","text":"Account Information","page_number":22,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"0ff7ad2b-3b1c-4c53-8a4a-e0d0a155b300","block_type":"box","text":"Details About the Share Class","page_number":22,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"cd71bc3e-ce9d-495c-846d-40e5930ff490","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":22,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"bc1bf3af-9caa-4243-bbde-c11329280838","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":"92fc56e9-0372-488e-b470-6151faf44ad3","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":"41bb4875-827d-428f-acbd-f75c5aca5434","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":22,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"8e462c11-6a02-435d-85a5-14f2f8d37274","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":22,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"61e95382-3981-406d-83db-b863f35d393e","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can","page_number":22,"box":{"x":61,"y":256,"width":864,"height":12}},{"id":"3f113dc5-0edc-4e88-8989-032a81e15920","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":22,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"fb5bbb65-6e55-4525-9781-107b98a918df","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":"857104c8-43f1-4630-95b2-d0c9a3a80322","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":22,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"f345e30c-773d-438f-a9f1-ff1c7f363764","block_type":"box","text":"Class K Shares at a Glance","page_number":22,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"56073a46-54ce-40df-9269-96aa46ff8c9b","block_type":"box","text":"Availability","page_number":22,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"df1cb550-60c9-42db-89bc-d710623dbf39","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":22,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"5fef2e24-1bca-4549-8e7e-74f46987bfb7","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":22,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"8cb92c1f-633f-43ab-a528-6e7cfbd1941c","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":22,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"99ae24e3-013b-42eb-8dee-d1152b52c779","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":22,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"5feab182-7051-4826-b478-5fc29372e1be","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":22,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"ee80dd42-6daf-4ca1-bb06-75329118bfb7","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":22,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"bf53a2a8-6bde-4d60-94f6-3e4ea308c0f1","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":22,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"4786f703-7f33-41ed-8ed2-e204355bf3f8","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":22,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"cd6c424a-8256-4437-aa80-7c165d589eb8","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":22,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"3147fad3-b837-4c6b-a425-d93d4fd9a104","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":22,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"32434697-7259-4bcb-be71-588a14997e37","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":22,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"e8cd2849-73b6-4916-b996-0e184ff86622","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":22,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"57d38d70-94cf-4bad-bc4a-a6b6797305b3","block_type":"box","text":"to sell such shares; (v) fee-based advisory platforms of a Financial Intermediary that","page_number":22,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"d0946fa7-1598-4fad-9ed4-6724058ffb47","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":22,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"541161c4-dcac-4fd7-a97b-1558c03b8b2c","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":22,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"b6d9243f-7931-4142-a607-74953a70cbbd","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":22,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"24098e03-7eb6-40a1-a01a-52c07ab82b7d","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":22,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"8065fdd2-8580-4198-bd1f-9284640153b2","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":22,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"f5b7f887-87d3-4160-bb12-3cf1a197081e","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":22,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"a5c70f77-5d53-4b94-93a7-5e290e0cd93d","block_type":"box","text":"same account since August 15, 2016.","page_number":22,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"d32b8510-7093-4432-8b67-7a7e12a8e063","block_type":"box","text":"Minimum Investment","page_number":22,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"df58d4f4-b178-4287-9ff0-ccf59afee366","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":22,"box":{"x":348,"y":669,"width":421,"height":9}},{"id":"7b73247a-79af-4b07-adfe-314433669f4b","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":22,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"2c18cc68-e950-4d85-b70c-cc6b85bacbcc","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":22,"box":{"x":349,"y":699,"width":535,"height":10}},{"id":"c8b7e096-f849-41fe-b0cb-a1e3eb48aa52","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":22,"box":{"x":348,"y":715,"width":439,"height":10}},{"id":"7cf97a84-d470-48c6-9ba5-1654f76955fa","block_type":"box","text":"Initial Sales Charge?","page_number":22,"box":{"x":61,"y":733,"width":140,"height":10}},{"id":"a6466bd8-fea6-4f1f-8be5-9dcfcc0fedf2","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":22,"box":{"x":349,"y":733,"width":391,"height":10}},{"id":"affa7fa8-76c6-46cb-bdb9-1b7c20d32e70","block_type":"box","text":"Deferred Sales Charge?","page_number":22,"box":{"x":61,"y":751,"width":159,"height":10}},{"id":"339be3fb-c15c-4765-ae0a-bcea7d70e2c2","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":751,"width":20,"height":8}},{"id":"ff52f95a-e21a-432a-8978-67308c1a35d1","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":22,"box":{"x":61,"y":769,"width":261,"height":10}},{"id":"607eb484-082a-447f-8cfb-fd83098516d4","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":769,"width":20,"height":8}},{"id":"f6ad7c94-61f4-4ec0-b9ee-6ae8e78d7498","block_type":"box","text":"Redemption Fees?","page_number":22,"box":{"x":61,"y":787,"width":125,"height":10}},{"id":"df97ec76-7a3d-4437-a464-5c134848c431","block_type":"box","text":"No.","page_number":22,"box":{"x":349,"y":787,"width":20,"height":8}},{"id":"4c980a90-b0f9-4967-8a91-c3713512a51b","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":22,"box":{"x":60,"y":819,"width":620,"height":12}},{"id":"41a7401e-438e-47ea-84ed-fa87c61ca446","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":22,"box":{"x":60,"y":842,"width":874,"height":11}},{"id":"1d554b2e-99e9-473e-88ed-b05af4b27e37","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":22,"box":{"x":62,"y":856,"width":778,"height":12}},{"id":"ab708cc3-15c5-482f-ab19-d781f903dbbc","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":22,"box":{"x":61,"y":871,"width":817,"height":12}},{"id":"35654a4e-a46c-411c-8f64-a97f731e46b5","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":22,"box":{"x":61,"y":886,"width":807,"height":12}},{"id":"4eb7d975-1c5a-4e88-a405-f1f6165534e7","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":22,"box":{"x":62,"y":901,"width":410,"height":11}},{"id":"2ee1eb0e-5b56-43ed-bf38-7b2c485f453b","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"42d11183-84d7-4d09-aa48-ba39fe586f2a","block_type":"box","text":"NM1026U-5984568-22/44","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9d9d8b67-e7c5-47b7-84c7-bdfe074091d3","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":23,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"95e63c8d-1997-4723-88be-9351994df050","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":23,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"fb329acc-ccbb-41af-9ad3-1e97568dd50d","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":23,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"6acbfab2-225a-41b3-8681-6f58eac6d20f","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":23,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"71b98832-6f9b-43e6-9d9c-e88b4a6c7029","block_type":"box","text":"by that type of account.","page_number":23,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"155d3230-7e9c-417f-9c95-77ca1d8411b0","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":23,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"e837e434-af51-425f-a044-366dbf54a080","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":23,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"3f278ae2-a9d4-417d-b2ac-37fa25932359","block_type":"box","text":"Right of Accumulation","page_number":23,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"796858f1-880e-42eb-882a-73170081ec7d","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":23,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"340299b1-96d7-41c1-b442-23ca16819505","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":23,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"32487eff-58a0-46e4-8aec-a8677a947663","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":23,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"fe0aaa06-44e0-4813-8405-2d5a9c23cdcf","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":23,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"21b0f8b4-d9d1-45de-9ee2-e431b9fcdaa0","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":23,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"40e30fa6-bdde-4f0c-adcb-51033b3283f5","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":23,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"975cdbf3-28d1-4daf-870e-9e7dca6df1c9","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":23,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"d188106f-628c-46b7-933c-b02f88531e9f","block_type":"box","text":"investor’s spouse and children.","page_number":23,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"2ca6e1d4-74e3-4d32-9559-519a03aadb29","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":23,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"72f44fe7-c566-4846-8ae1-82a9d711b731","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":23,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"0fd8df49-6841-4fc1-a3c8-bc435e30d7cd","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":23,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"4d073a0e-4d4e-4b74-bec6-25934d80a2b7","block_type":"box","text":"any previously purchased shares.","page_number":23,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"6443ecbb-d2fe-4cf8-bf2d-04f8e264aaf2","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":23,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"f054a614-df80-45e5-aad3-24e3f21651dc","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":23,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"ba8d6a13-9b1e-4a9a-85de-52b2b3ae990e","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":23,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"3b4fe31d-627b-47f9-855e-11b0ecfc8c4c","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":23,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"e9d35be2-79c6-4e25-bf1a-127e39c60489","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":23,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"894aa0b0-17ba-4a4d-884b-88f71fe6ae3d","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":23,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"9f9e0737-5797-4083-b5fc-2619350434ee","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":23,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"c9fdd286-ff79-4088-af2c-65e4ecc8c719","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":23,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"a9b4bad4-7827-4807-a2b2-a4cd56e03c6b","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":23,"box":{"x":62,"y":552,"width":845,"height":12}},{"id":"c03038e4-9db4-405c-9a6e-838d8d6ff521","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":23,"box":{"x":61,"y":567,"width":860,"height":12}},{"id":"fbeed0f9-bf1b-4cb9-af68-a2bb2c350d5e","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":23,"box":{"x":60,"y":582,"width":868,"height":11}},{"id":"68411e92-7189-4d01-8183-44d3b7af3cb8","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":23,"box":{"x":61,"y":597,"width":863,"height":11}},{"id":"6101cc9c-18bc-49ca-990e-60feec48751f","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":23,"box":{"x":61,"y":612,"width":787,"height":11}},{"id":"96dcc638-150e-43bf-ba4f-384bfe7f6507","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":23,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"8a35b8ad-e734-4c5e-90b2-58834dd37507","block_type":"box","text":"restricted from making additional investments.","page_number":23,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"ba7c621c-398b-4ae8-8133-7577cd81a380","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":23,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"1e4375bd-804e-4f73-9ac1-bad84da568a7","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":23,"box":{"x":60,"y":679,"width":856,"height":11}},{"id":"cb365dbc-a992-4b92-9de6-ebfda484aa23","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":23,"box":{"x":61,"y":693,"width":822,"height":12}},{"id":"f77245d3-d4c8-46f7-aa7c-f0d2ac30208d","block_type":"box","text":"described below.","page_number":23,"box":{"x":61,"y":709,"width":121,"height":8}},{"id":"4b175b96-23b8-493a-9740-2d5f1bbcea6a","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":23,"box":{"x":62,"y":731,"width":797,"height":11}},{"id":"e9e65e51-3066-4b10-9c88-17978bc726e9","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":23,"box":{"x":61,"y":746,"width":487,"height":11}},{"id":"962f4193-efc3-4cd7-84ec-a4a0e7461368","block_type":"box","text":"How to Buy Shares","page_number":23,"box":{"x":61,"y":769,"width":156,"height":12}},{"id":"910e6091-9671-4ca7-b315-98e038f8c8bd","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":23,"box":{"x":213,"y":791,"width":478,"height":9}},{"id":"92109731-144e-4e35-913b-a374ee7bc3f3","block_type":"box","text":"Initial Purchase","page_number":23,"box":{"x":61,"y":808,"width":105,"height":8}},{"id":"e035c16b-6f08-4d4e-84b4-ede19b0d05f1","block_type":"box","text":"Determine the amount of","page_number":23,"box":{"x":214,"y":808,"width":166,"height":8}},{"id":"c3d7e120-4837-42f2-92c9-14921cabbaa3","block_type":"box","text":"your investment","page_number":23,"box":{"x":213,"y":822,"width":105,"height":10}},{"id":"425eb34e-a948-42ed-8e4e-75c9f8b47d36","block_type":"box","text":"There is no minimum initial investment for any Employer-Sponsored","page_number":23,"box":{"x":460,"y":808,"width":444,"height":10}},{"id":"5641a54d-f0da-4c09-9a50-c799fd9ba0e0","block_type":"box","text":"Retirement Plans or any other investors other than Institutional","page_number":23,"box":{"x":461,"y":822,"width":415,"height":10}},{"id":"d124913a-0e03-4a2c-83e2-67f666ff9f34","block_type":"box","text":"Investors.","page_number":23,"box":{"x":461,"y":835,"width":63,"height":8}},{"id":"ed1289b0-c931-4eb5-acd0-52fdf6b58822","block_type":"box","text":"For Institutional Investors, there is a $5 million minimum initial","page_number":23,"box":{"x":461,"y":850,"width":414,"height":11}},{"id":"2fa80630-07ee-4769-8f6b-d548d0ebbecd","block_type":"box","text":"investment for all accounts.","page_number":23,"box":{"x":461,"y":864,"width":181,"height":9}},{"id":"79352af6-e883-4b2a-86f2-3790201affee","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"46fdabfc-de0e-44a6-8914-2a72c0ccc439","block_type":"box","text":"NM1026U-5984568-23/44","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d6a0c157-feaf-402a-9ccc-796cca404785","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":24,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"eba5743d-74c5-4f66-a116-2264ab55031e","block_type":"box","text":"Initial Purchase","page_number":24,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"9edb5570-68be-4100-9b04-3beb63179e79","block_type":"box","text":"(continued)","page_number":24,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"cf1ffd6e-4e40-4be3-b184-8303c0ec7f69","block_type":"box","text":"Have your Financial","page_number":24,"box":{"x":214,"y":67,"width":125,"height":10}},{"id":"5e9a6f0c-292d-4efc-bf0b-6b4a87284a08","block_type":"box","text":"Intermediary submit","page_number":24,"box":{"x":214,"y":81,"width":132,"height":10}},{"id":"dd8bcdce-74dc-4487-8087-c523d0f0678c","block_type":"box","text":"your purchase order","page_number":24,"box":{"x":213,"y":94,"width":132,"height":11}},{"id":"9c318286-4fe6-4180-b8d3-c471b787fd30","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":24,"box":{"x":460,"y":67,"width":466,"height":10}},{"id":"c4233e16-cf67-40c3-b577-e8498652acf9","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":24,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"fad7069a-c16d-4328-83fb-f5ebab9e60dc","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":24,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"5ece9b90-ef7c-4912-a2a7-43ff42dd040d","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":24,"box":{"x":461,"y":108,"width":445,"height":10}},{"id":"ec09513b-31fd-4631-80d4-8ce2b0163592","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":24,"box":{"x":461,"y":121,"width":435,"height":11}},{"id":"2aae3be5-a033-4143-8aab-fc190a6b0b01","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":24,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"f30f4039-2d4a-4a25-8e6c-2420ff312c4d","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":24,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"d34034ba-0922-4079-a76c-c6792cb3d635","block_type":"box","text":"determined on the next business day.","page_number":24,"box":{"x":461,"y":162,"width":247,"height":10}},{"id":"ff37de48-69e3-4e6e-acbc-0192e84176ca","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":24,"box":{"x":460,"y":178,"width":468,"height":10}},{"id":"d174eb11-c00b-4afd-9d35-d17fd2ecd488","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":24,"box":{"x":460,"y":192,"width":470,"height":10}},{"id":"0a824bbf-bacc-4293-b609-d1aa0b43f3dd","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":24,"box":{"x":460,"y":205,"width":471,"height":10}},{"id":"cae30664-4778-4915-bfcf-16ecafb854d8","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":24,"box":{"x":460,"y":219,"width":434,"height":10}},{"id":"92badbdf-6583-44c1-90a3-258591be790c","block_type":"box","text":"table.","page_number":24,"box":{"x":460,"y":232,"width":36,"height":8}},{"id":"aceeb16d-44f9-4311-86f3-bcc9ff016336","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":249,"width":473,"height":10}},{"id":"4620a20d-e1b2-458d-bab6-5a2159b603ec","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":24,"box":{"x":461,"y":262,"width":453,"height":10}},{"id":"0eafa24e-f9b6-46e3-a982-7165f3751641","block_type":"box","text":"processing fee to confirm a purchase.","page_number":24,"box":{"x":461,"y":275,"width":249,"height":11}},{"id":"557ce954-f24f-4b9c-a1d2-275417aef1eb","block_type":"box","text":"Or contact BlackRock","page_number":24,"box":{"x":214,"y":294,"width":140,"height":8}},{"id":"4dc92039-81ef-4505-9ac0-783ece19b581","block_type":"box","text":"(for accounts held","page_number":24,"box":{"x":214,"y":307,"width":117,"height":10}},{"id":"633f5f5e-8eec-444e-97c4-c2eee5322ea5","block_type":"box","text":"directly with BlackRock)","page_number":24,"box":{"x":214,"y":321,"width":154,"height":10}},{"id":"f4512f29-e1e4-4202-8707-1cdec03c67e6","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":294,"width":450,"height":10}},{"id":"6315c446-d29d-4e2f-9801-9d2907adfbb7","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":24,"box":{"x":461,"y":307,"width":432,"height":10}},{"id":"831df461-0826-441f-93ba-132bf2a9616b","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":24,"box":{"x":461,"y":321,"width":370,"height":10}},{"id":"5efee823-f07c-4425-a134-c80808f5ea6e","block_type":"box","text":"Add to Your","page_number":24,"box":{"x":60,"y":339,"width":78,"height":8}},{"id":"53af2325-f180-4c96-b292-93479d178e32","block_type":"box","text":"Investment","page_number":24,"box":{"x":61,"y":350,"width":75,"height":8}},{"id":"dd0171b0-cf9b-4eb1-a99c-0677e9868680","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":24,"box":{"x":214,"y":339,"width":685,"height":10}},{"id":"5ff188fe-1811-4059-b9ca-cac106ec2f65","block_type":"box","text":"Have your Financial","page_number":24,"box":{"x":214,"y":368,"width":125,"height":10}},{"id":"d9d8a690-e32a-44e7-8358-e543bdc4a83c","block_type":"box","text":"Intermediary submit","page_number":24,"box":{"x":214,"y":382,"width":132,"height":10}},{"id":"8122ef01-e244-47b6-a990-413b4f995abd","block_type":"box","text":"your purchase order for","page_number":24,"box":{"x":213,"y":395,"width":154,"height":11}},{"id":"81bac289-7781-4c96-ac16-0bb67532e031","block_type":"box","text":"additional shares","page_number":24,"box":{"x":214,"y":409,"width":113,"height":8}},{"id":"4f5d03ea-c6f2-469f-af72-b99cf180b551","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":24,"box":{"x":460,"y":368,"width":409,"height":10}},{"id":"c6b10c66-d56e-4a35-bef1-32d96a1e28e2","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":24,"box":{"x":461,"y":382,"width":353,"height":10}},{"id":"9c374bef-46a1-4f8d-b512-7dfb165cbdfc","block_type":"box","text":"Or contact BlackRock","page_number":24,"box":{"x":214,"y":427,"width":140,"height":8}},{"id":"7521b151-02d9-448d-af68-76e5ed0dc993","block_type":"box","text":"(for accounts held","page_number":24,"box":{"x":214,"y":440,"width":117,"height":11}},{"id":"6a96ad0b-d4a3-4e2b-812b-9146823fadfb","block_type":"box","text":"directly with BlackRock)","page_number":24,"box":{"x":214,"y":454,"width":154,"height":10}},{"id":"f3a8ab83-7341-4191-936a-470000268d02","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":24,"box":{"x":461,"y":427,"width":450,"height":10}},{"id":"6daea438-eead-4cde-9f8a-e4aa7ec32b2c","block_type":"box","text":"Retirement Plan:","page_number":24,"box":{"x":461,"y":441,"width":108,"height":8}},{"id":"3cdd8fd6-3845-494f-9755-5bb3fed44009","block_type":"box","text":"Purchase by Telephone","page_number":24,"box":{"x":461,"y":457,"width":154,"height":10}},{"id":"910dd33a-d1cb-41e2-84ed-536e8fd7c12b","block_type":"box","text":":","page_number":24,"box":{"x":617,"y":459,"width":4,"height":6}},{"id":"291e3214-7707-4a87-a0db-4937bf2aa40e","block_type":"box","text":"Call the Fund at (800) 537-4942 and speak","page_number":24,"box":{"x":625,"y":457,"width":290,"height":10}},{"id":"5227510b-0ae5-40cc-8351-35b075246297","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":24,"box":{"x":460,"y":470,"width":449,"height":10}},{"id":"0d38d701-3339-437a-b25c-a9b66a8105c0","block_type":"box","text":"telephone request for any reason.","page_number":24,"box":{"x":460,"y":484,"width":223,"height":10}},{"id":"01e58341-edb8-41ed-9e43-eb749094f29c","block_type":"box","text":"Purchase by Internet","page_number":24,"box":{"x":461,"y":500,"width":140,"height":10}},{"id":"f2e8c1a6-a7d5-4309-bc4d-1dae4101e7d1","block_type":"box","text":":","page_number":24,"box":{"x":603,"y":502,"width":4,"height":6}},{"id":"1e52f6a8-302f-488f-a5fd-98f2537d6df2","block_type":"box","text":"You may purchase your shares and view activity","page_number":24,"box":{"x":611,"y":500,"width":314,"height":10}},{"id":"f33cf1ae-ebc0-4c8a-9777-661286cad683","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":24,"box":{"x":461,"y":513,"width":374,"height":11}},{"id":"bc4dcd94-5deb-4633-9f0d-4af3f69357f1","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":24,"box":{"x":460,"y":527,"width":416,"height":10}},{"id":"d46e8bdf-e2a5-44a4-9209-4d635af1ba1c","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":24,"box":{"x":460,"y":540,"width":450,"height":11}},{"id":"6915d647-103b-424c-842a-d47bac8a5a2a","block_type":"box","text":"day after the purchase is made.","page_number":24,"box":{"x":461,"y":554,"width":209,"height":10}},{"id":"42dfcc68-024b-4f19-99ee-107626c0b242","block_type":"box","text":"Certain institutional clients’ purchase orders placed by wire prior to the","page_number":24,"box":{"x":461,"y":570,"width":470,"height":10}},{"id":"eccdc9b1-9033-42f3-9fb9-32ca0cb8cabb","block_type":"box","text":"close of business on the NYSE will be priced at the net asset value","page_number":24,"box":{"x":461,"y":583,"width":443,"height":11}},{"id":"5d3236b7-874d-4887-88ae-477c033e46ec","block_type":"box","text":"determined that day. Contact your Financial Intermediary or BlackRock","page_number":24,"box":{"x":461,"y":597,"width":464,"height":10}},{"id":"28cdfd30-c7d1-474e-ac8f-6ec3c52007dc","block_type":"box","text":"for further information. Limits on amounts that may be purchased via","page_number":24,"box":{"x":460,"y":611,"width":458,"height":10}},{"id":"8c5f8680-7ba5-4441-8524-24dfa2271de7","block_type":"box","text":"Internet may vary. For additional information call BlackRock at","page_number":24,"box":{"x":461,"y":624,"width":409,"height":10}},{"id":"bc56ea41-bd91-47ec-a537-955866a2da84","block_type":"box","text":"(800) 537-4942.","page_number":24,"box":{"x":461,"y":638,"width":110,"height":10}},{"id":"bf5bc443-fd61-40ba-890f-08c855da68a4","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":24,"box":{"x":461,"y":654,"width":430,"height":8}},{"id":"7099afe9-23ab-46a7-ac63-b137d4376115","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":24,"box":{"x":460,"y":667,"width":417,"height":11}},{"id":"bd138f63-333e-48ab-ad9e-c6e8192f5c7e","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":24,"box":{"x":461,"y":681,"width":448,"height":10}},{"id":"6ad303a5-95d1-4f14-ad3f-26fffb1b93e6","block_type":"box","text":"before attempting to transact online.","page_number":24,"box":{"x":461,"y":694,"width":240,"height":11}},{"id":"fb83d10a-ffb0-49a8-af86-4794f2ccb59a","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":24,"box":{"x":460,"y":710,"width":464,"height":11}},{"id":"08059fbf-9083-435a-be15-88eeaf35ba0b","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":24,"box":{"x":461,"y":724,"width":419,"height":10}},{"id":"7fffb97c-fd4b-4043-9686-10e58b694e37","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":24,"box":{"x":460,"y":738,"width":431,"height":10}},{"id":"7b4c2143-8922-4213-adff-3e18c6973817","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":24,"box":{"x":460,"y":751,"width":453,"height":11}},{"id":"2b807d39-0e97-4cdf-9e10-023768786498","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":24,"box":{"x":460,"y":765,"width":440,"height":10}},{"id":"6a6b4e50-4c17-4ab0-8347-bd2003c1144f","block_type":"box","text":"Acquire additional shares by","page_number":24,"box":{"x":213,"y":783,"width":187,"height":10}},{"id":"ea7fead4-34e2-4748-b232-557ef688f957","block_type":"box","text":"reinvesting dividends and","page_number":24,"box":{"x":214,"y":796,"width":166,"height":11}},{"id":"971b190e-269c-4e0a-9833-333e43030835","block_type":"box","text":"capital gains","page_number":24,"box":{"x":214,"y":810,"width":82,"height":10}},{"id":"0d08cd9b-9108-45ba-9aca-9c9d353d3b58","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":24,"box":{"x":460,"y":783,"width":405,"height":10}},{"id":"f71c7c11-b868-44d9-80e7-7f530cecad30","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":24,"box":{"x":461,"y":796,"width":429,"height":10}},{"id":"b912e788-2190-4049-90e0-74e7cb14eea1","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":24,"box":{"x":461,"y":810,"width":445,"height":10}},{"id":"00ae1965-fab6-4836-93e5-8a101ee2f967","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":24,"box":{"x":461,"y":823,"width":447,"height":10}},{"id":"32d78727-a950-4487-81f8-d0943efa42df","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":24,"box":{"x":461,"y":837,"width":468,"height":10}},{"id":"62792a49-a95c-4edd-87bd-91ed929c8923","block_type":"box","text":"contact your Financial Intermediary.","page_number":24,"box":{"x":461,"y":851,"width":233,"height":10}},{"id":"479721d7-e798-4b16-8dcf-914c4d979aae","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"85909b24-40eb-4b2a-92ac-d57d2787b6f6","block_type":"box","text":"NM1026U-5984568-24/44","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"26fe0813-6aaa-4477-9ad2-ae5b13bd8a7a","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":"e46692db-bf80-4207-87ae-fb2361ad8d0d","block_type":"box","text":"How to Pay for","page_number":25,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"f041041d-52c5-41f5-b21c-c1ae82d26d25","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"31274440-92f0-4f3f-bfc0-8ded01f4026a","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":25,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"7280a868-1695-496b-819c-5d947ec3b841","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":25,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"2edb0e40-d7ff-4d1c-abb9-ea0c06fa6937","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":25,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"0d2494dc-2286-4c22-9da6-a8f3971a492b","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":25,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"a46c9f10-418c-4371-94b9-0dfc11365405","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":25,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"a356fe22-55d6-4593-b2a9-8124b784c838","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":25,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"78dcd499-312c-4439-a52f-3502c62a4b03","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":25,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"c175b7f4-d688-49ac-a23c-13be31fdd025","block_type":"box","text":"the Fund.","page_number":25,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"f64e1639-f88f-4f46-bb62-e6da922be78c","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":25,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"1208d626-22ee-4f89-857f-345276a630d6","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":25,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"fedc0327-fe66-4a02-8764-857555c47113","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":25,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"9887f0c5-43e0-4ca6-9d45-d225531402e8","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":25,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"30fbc211-3c41-4696-8dca-02da1b24fdf0","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":25,"box":{"x":460,"y":232,"width":424,"height":11}},{"id":"f1b3b646-6484-455e-b99c-d7000ebaac33","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":246,"width":459,"height":10}},{"id":"8a1ddfd5-397c-4b4f-97b6-5e104415a2bc","block_type":"box","text":"of securities that are permissible investments for the respective fund. If","page_number":25,"box":{"x":461,"y":259,"width":476,"height":10}},{"id":"9ff7dcd7-a64a-4405-b81e-cd01ab0e1edb","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":25,"box":{"x":461,"y":273,"width":472,"height":10}},{"id":"ebaedf84-632a-4609-8ad9-df7799c0590b","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":25,"box":{"x":461,"y":286,"width":458,"height":11}},{"id":"c6e523a6-68a9-41d0-8a06-728e67c486de","block_type":"box","text":"Fund.","page_number":25,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"b72dd608-bd76-4044-8382-921e9c8fbcc4","block_type":"box","text":"How to Sell Shares","page_number":25,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"f3b93cca-3e76-42d3-a9a9-7cda10bd6733","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":25,"box":{"x":213,"y":347,"width":478,"height":9}},{"id":"e237ec60-189f-49f4-8afc-adb0efd31bc5","block_type":"box","text":"Full or Partial","page_number":25,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"400b13c5-73ca-4b3c-8028-b2e489915196","block_type":"box","text":"Redemption of","page_number":25,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"9ac8bb8e-bae9-4e4f-88c5-7cd01a8c240a","block_type":"box","text":"Shares","page_number":25,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"c73bae39-bbb1-4fde-8210-773c8c105415","block_type":"box","text":"Have your Financial","page_number":25,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"918426ac-bb1e-4b08-a8ae-89df723db5f8","block_type":"box","text":"Intermediary submit","page_number":25,"box":{"x":214,"y":377,"width":132,"height":10}},{"id":"7fabe59f-3201-4d01-9af6-3fd5d33da4ed","block_type":"box","text":"your sales order","page_number":25,"box":{"x":213,"y":391,"width":107,"height":10}},{"id":"8e1b524b-22f9-4ce5-89ec-24a1f6cdca69","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":25,"box":{"x":461,"y":364,"width":450,"height":10}},{"id":"9e4624b0-726a-4668-b495-cc6e4d6360fd","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":25,"box":{"x":461,"y":377,"width":418,"height":11}},{"id":"5564ae77-3da7-4b89-b224-5b37281d4a99","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":25,"box":{"x":461,"y":391,"width":436,"height":10}},{"id":"3d1f682e-d6ca-45f8-96ec-7f7010059bcb","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":25,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"87a72971-2148-4934-8d47-265f9a499f44","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":25,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"4c7d29ab-c19f-44c2-8060-af942f7fd795","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":25,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"cab4f0c8-16ef-4c51-90b5-f48fe2bb2181","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":25,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"f24d3b85-9283-4af3-a966-88c42722a240","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":25,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"e5404d14-c636-4f3b-8da3-1ef207b434c5","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":25,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"922fde35-9235-4049-915f-a5b9cb7b9821","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":25,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"ccf2432d-96ee-4ccf-b313-b35e8d3b1c61","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":25,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"03f1f1fb-fa02-41cf-ba44-e8430b349707","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":25,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"8842024d-4df3-419f-af10-43e967f3a8a3","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":25,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"af9b1278-b491-4eba-99fb-3b5ce04b773e","block_type":"box","text":"Financial Intermediary.","page_number":25,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"9657e000-82da-405e-acae-d425bea073a2","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":25,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"98194e40-2bef-431b-8577-526974a32029","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":25,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"a21c7f12-1704-4803-9bba-13358b3ef54d","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":25,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"b5f2a24c-b7c6-4314-871f-9dae3e94c5a7","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":25,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"9148b1dd-3e7d-459c-9dc2-eef5c7e9fcf2","block_type":"box","text":"that day’s close of business on the NYSE (generally, 4:00 p.m. Eastern","page_number":25,"box":{"x":460,"y":612,"width":470,"height":11}},{"id":"c4dafa67-cdf1-42b8-87f9-6820523e05bc","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":25,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"e2a10ed2-d154-4819-8845-3b45d7615151","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":25,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"0d6e092d-59aa-44da-bde2-2dc7d0e3237a","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":25,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"2b82937d-c9fa-4706-8e0d-a77ceb9f81b0","block_type":"box","text":"business on the next business day.","page_number":25,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"9dfdf1e7-a257-4230-b42b-a3926411849f","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":25,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"297cdd04-cfc4-49b1-b244-361341672df4","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":25,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"57bb530f-e2f8-4d09-a2d2-9843d592c31c","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":25,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"12028217-617a-4d23-a523-df6d1b93b25b","block_type":"box","text":"but in any event, within seven days.","page_number":25,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"f512ca2b-d73f-45c6-8a86-58241462f473","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":25,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"ae32d355-5116-4d85-8727-491b0f34db25","block_type":"box","text":"redemption of shares.","page_number":25,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"e9279754-bf55-4aa6-9913-92b68e851deb","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":25,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"7c09a1b5-9be1-49aa-b69c-c25e1af5284b","block_type":"box","text":"circumstances.","page_number":25,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"df557c72-43f8-417e-b1e7-c3963880e496","block_type":"box","text":"Selling shares held","page_number":25,"box":{"x":214,"y":801,"width":125,"height":10}},{"id":"089c5f36-b11c-438e-95f9-1b40461bf6a4","block_type":"box","text":"directly with BlackRock","page_number":25,"box":{"x":214,"y":814,"width":150,"height":11}},{"id":"3ba96dd9-5a8c-48ed-a087-2b5eaae20aae","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":25,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"b65109e7-72c8-4fc9-abc6-912c29f9f8ee","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":25,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"bebd5850-8705-435a-82a4-ebea0dae0942","block_type":"box","text":"Redeem by Telephone","page_number":25,"box":{"x":461,"y":831,"width":146,"height":10}},{"id":"4f13af31-32b4-482a-b055-96de87942b0b","block_type":"box","text":": You may sell shares held at BlackRock by","page_number":25,"box":{"x":609,"y":831,"width":282,"height":10}},{"id":"4cb0fa99-8abd-4263-babc-b5dc139a785d","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":25,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"12b52c59-0217-41ab-95be-ba37d4b77338","block_type":"box","text":"The Fund, its administrator and the Distributor will employ reasonable","page_number":25,"box":{"x":460,"y":860,"width":460,"height":10}},{"id":"6f31d7bf-1b31-433d-8951-77151efbcbc3","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":25,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"f44fe409-c53d-4695-98ec-16c64491961d","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":25,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"114795a8-9260-45ef-9b91-2ebfd9d33248","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":25,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"2c660087-6955-41eb-a80f-8cf27e6640ff","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"de5bbf36-af26-4a99-a4e9-003bb231b9fd","block_type":"box","text":"NM1026U-5984568-25/44","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"03cc5c49-c793-40cf-8bc4-ddc19cc8b0de","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":"f718fed6-ffae-446a-8c29-9cb18b0023e6","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"de2c70de-4965-41e6-bb91-13f16b0bcb57","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"8ad994e5-808b-4988-9ad4-a292a5f0a5f2","block_type":"box","text":"Shares (continued)","page_number":26,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"3a11b41e-b10d-4cc7-b35a-76965d37a4b7","block_type":"box","text":"Selling shares held","page_number":26,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"728a3590-a3c1-4b27-8678-6bc28c0ae5c8","block_type":"box","text":"directly with BlackRock","page_number":26,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"0dcd2d15-8b46-4c69-8ee2-78c6f51323f2","block_type":"box","text":"(continued)","page_number":26,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"f0b0cb10-1833-4879-8fe0-e773978e0d26","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":26,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"0e60a524-144d-4738-8f81-082dfd9778d7","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":26,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"332b3664-1a8c-4ba8-90e4-206cd67f323d","block_type":"box","text":"believes it is advisable to do so.","page_number":26,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"07b09830-99cd-445f-84df-c456c6739197","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":26,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"375aa955-0266-44ab-a6a4-5096dec5c0cd","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":26,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"a616fcd4-7045-4062-9864-a28d285701bb","block_type":"box","text":"redemption methods below.","page_number":26,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"5681c6c8-ce78-4823-b24c-f54ee600edb5","block_type":"box","text":"Redeem by Internet:","page_number":26,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"8c0c9887-6f1c-4295-80ad-7ce4bc9ccbb0","block_type":"box","text":"You may redeem in your account by logging onto","page_number":26,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"dda0ce6d-dd83-4df2-bfdf-779a81f6118e","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":26,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"def0ee64-fca7-41ab-ac2e-ea4380632dbe","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":26,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"fd85cb7d-0e33-4d0f-a230-b8f7083bdea9","block_type":"box","text":"Redeem in Writing:","page_number":26,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"ef825938-992e-4296-86cf-3f2690c39d8b","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":26,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"036f7d39-9eb6-419d-a146-f8752f14cc16","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":26,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"d2f2733a-fc27-407a-9365-c818ffde303d","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":26,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"af14f4fe-e4d0-4215-b81b-abb90c4a3cc5","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":26,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"f74c0c0b-911c-4da6-b63e-c3de449ebfdc","block_type":"box","text":"medallion signature guarantee will be required.","page_number":26,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"c4f9ca16-4cbe-45d4-9303-9f42b66a0732","block_type":"box","text":"Payment of Redemption Proceeds","page_number":26,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"6a489ad7-57b3-48ba-adb5-2df61c8f7fbd","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":26,"box":{"x":461,"y":283,"width":467,"height":10}},{"id":"fecfdade-dcb9-4b27-98a9-81458cc32688","block_type":"box","text":"banking information on file, by wire transfer.","page_number":26,"box":{"x":461,"y":297,"width":289,"height":10}},{"id":"43b6d64e-982f-4b47-9673-66c1f7d70842","block_type":"box","text":"Payment by Check:","page_number":26,"box":{"x":461,"y":313,"width":129,"height":10}},{"id":"fd687755-2ac9-4ca8-8938-7e0d947da652","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":26,"box":{"x":597,"y":313,"width":329,"height":10}},{"id":"f9e3a074-ba0b-4afd-a977-fa1127cbdc9a","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":26,"box":{"x":460,"y":326,"width":430,"height":11}},{"id":"46405813-447e-4290-ba4f-020ac497de6a","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":26,"box":{"x":461,"y":340,"width":460,"height":10}},{"id":"3348bbef-2bfa-4ea6-ba9d-c1a8cb405d4c","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":26,"box":{"x":461,"y":354,"width":468,"height":10}},{"id":"cd2e7371-75b5-485e-9ef1-f73406f6ef50","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":26,"box":{"x":461,"y":366,"width":467,"height":11}},{"id":"7f647018-924f-47c0-b1d0-85878e597756","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":26,"box":{"x":461,"y":380,"width":467,"height":11}},{"id":"5af40902-fcab-4fef-8499-01a9c6fd81d0","block_type":"box","text":"charges imposed by your bank for this service.","page_number":26,"box":{"x":461,"y":394,"width":307,"height":10}},{"id":"921617c5-64e8-4618-b44c-d17f87c98870","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":26,"box":{"x":460,"y":410,"width":438,"height":11}},{"id":"2065afa3-9240-482a-8d3f-15b7c73bdd0b","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":26,"box":{"x":461,"y":424,"width":429,"height":10}},{"id":"105292ab-a5d5-4bdd-b7b3-a6ef14a07c9a","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":26,"box":{"x":461,"y":437,"width":403,"height":10}},{"id":"5579e313-4e10-4e1a-b29d-26c92454b37b","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":26,"box":{"x":461,"y":451,"width":467,"height":8}},{"id":"694fb126-5386-45bc-8e02-2a5926c3aaa7","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":26,"box":{"x":460,"y":464,"width":456,"height":11}},{"id":"0d7b211f-050e-4d29-bbbd-ddb2d23f326d","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":26,"box":{"x":460,"y":478,"width":402,"height":10}},{"id":"022b2896-62eb-49c2-8db3-fb6211dad9c6","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":26,"box":{"x":461,"y":491,"width":430,"height":11}},{"id":"72d7f7cb-9c6d-464b-88ee-7591ff59e9fe","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":505,"width":465,"height":10}},{"id":"db6e21a8-69b5-46c6-9b70-a9282805f0a5","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":26,"box":{"x":461,"y":519,"width":473,"height":8}},{"id":"ed63830e-aea7-48c4-abbb-547902d17503","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":26,"box":{"x":461,"y":532,"width":456,"height":10}},{"id":"fa65a01b-7667-4e3a-af51-174e6affd09e","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":26,"box":{"x":461,"y":545,"width":461,"height":11}},{"id":"284f627b-c274-451e-9c88-2ed9939986ab","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":26,"box":{"x":460,"y":559,"width":469,"height":10}},{"id":"76f8f10e-c329-4067-b887-0a0c7e3b5459","block_type":"box","text":"as of the date of payment of the distribution.","page_number":26,"box":{"x":461,"y":573,"width":295,"height":10}},{"id":"222428b0-a167-4f91-85ad-4a57727141d2","block_type":"box","text":"Payment by Wire Transfer:","page_number":26,"box":{"x":461,"y":589,"width":177,"height":10}},{"id":"f16bbc53-1d73-483c-be0e-acdbea1e3522","block_type":"box","text":"Payment for redeemed shares for which a","page_number":26,"box":{"x":644,"y":589,"width":275,"height":10}},{"id":"a46c9742-241f-491e-9963-7c26b141dd63","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":26,"box":{"x":461,"y":602,"width":437,"height":10}},{"id":"dc76146a-a5a5-433b-880c-b7c0b8ff2e67","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":26,"box":{"x":461,"y":616,"width":471,"height":10}},{"id":"b00ef643-4314-423f-a744-8957041b18e5","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":26,"box":{"x":461,"y":629,"width":417,"height":11}},{"id":"950bbc9f-a25e-4de2-8b0b-00d4f31bfa74","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":26,"box":{"x":461,"y":643,"width":449,"height":10}},{"id":"e707b51c-8fee-4cd5-a2d2-aff9e2ecf85b","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":656,"width":449,"height":11}},{"id":"013164ee-9c51-4e91-b2a1-d33c35d74609","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":26,"box":{"x":461,"y":670,"width":433,"height":10}},{"id":"c2844594-870c-4034-95dd-06f68b178ba1","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":26,"box":{"x":461,"y":683,"width":449,"height":11}},{"id":"3963a961-6548-4f03-9268-8833416425c1","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":26,"box":{"x":461,"y":697,"width":437,"height":10}},{"id":"409f0e6c-0200-4a91-a8c4-3fb19047c22e","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":26,"box":{"x":461,"y":710,"width":469,"height":11}},{"id":"7c34af99-8f17-4820-8750-90b89b255e0c","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":26,"box":{"x":459,"y":724,"width":448,"height":10}},{"id":"b70160db-bbcd-45a2-a13f-f2c24dc4028d","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":26,"box":{"x":461,"y":738,"width":439,"height":10}},{"id":"65e628ce-5496-4a62-8d14-ef439327ff12","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":26,"box":{"x":461,"y":751,"width":455,"height":11}},{"id":"8a59ddd4-b5b1-4355-9b92-cce250d3b87b","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":26,"box":{"x":461,"y":765,"width":462,"height":10}},{"id":"272ecb20-c11d-4a9d-9252-506ea6c7f760","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":26,"box":{"x":461,"y":778,"width":448,"height":11}},{"id":"cce55675-bad5-4dee-8198-aaad8a22cf56","block_type":"box","text":"wire transfers.","page_number":26,"box":{"x":460,"y":792,"width":94,"height":8}},{"id":"fa4e9b48-2621-41ca-bfef-0fa3ebdc338a","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":26,"box":{"x":460,"y":808,"width":425,"height":10}},{"id":"edcf869a-a0df-4102-a039-e63292dbfb32","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":821,"width":455,"height":11}},{"id":"6e27db87-5fe6-433a-a271-ea8ccb82a257","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":26,"box":{"x":461,"y":835,"width":476,"height":10}},{"id":"6b9a6c5f-86e0-44a5-b95a-7135d89efd7f","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":849,"width":455,"height":10}},{"id":"a5bdf97e-59bf-4888-9973-76bc407e04f4","block_type":"box","text":"the back cover of this prospectus.","page_number":26,"box":{"x":460,"y":862,"width":224,"height":10}},{"id":"6abbf743-c7b7-43d0-b6e6-0f2f8eef50e2","block_type":"box","text":"***","page_number":26,"box":{"x":686,"y":878,"width":25,"height":5}},{"id":"f6fdbecd-be50-4f58-a1e0-64c945ac005f","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"33c234ca-2fac-4d4d-92c0-fa2cfb2d392a","block_type":"box","text":"NM1026U-5984568-26/44","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7f0a88b7-d061-48ab-a35d-5db1727ee607","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":"ddbc422f-1762-419a-98fc-a9a42ac19d81","block_type":"box","text":"Full or Partial","page_number":27,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"0572e07d-4775-4f74-bc56-9721c6025327","block_type":"box","text":"Redemption of","page_number":27,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"dbef62af-9433-4d26-8215-f98904e288b8","block_type":"box","text":"Shares (continued)","page_number":27,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"169d73b4-0346-4fd5-89a1-62d46a3d7dc9","block_type":"box","text":"Selling shares held","page_number":27,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"4ec4d578-e771-492e-881f-a82cbc688efd","block_type":"box","text":"directly with BlackRock","page_number":27,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"305d92b9-c2ca-45fb-9b21-fe9d367e3824","block_type":"box","text":"(continued)","page_number":27,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"ecec7e2e-78a9-4e8a-9047-ba497af461b1","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":27,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"148f6c3a-9259-48d7-9feb-a5cc005c9c7c","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":27,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"2a4604e3-49f1-413a-b04b-d6da1e837067","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":27,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"ea6a513e-5888-4bf7-8acc-99e0d3b567f4","block_type":"box","text":"Redemption","page_number":27,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"6721e6a6-fa40-4c29-9bce-99b23a2576f5","block_type":"box","text":"Proceeds","page_number":27,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"14051a41-9501-4621-93f6-80758e00bb42","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":27,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"96fbb7d6-e830-4046-807e-0e5c74550788","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":27,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"8bbca3f1-2b0f-41a8-a0fe-edb99d99f57c","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":27,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"2f4a2497-3365-4769-bf88-8cc53b9bb954","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":27,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"b2f3cbb5-5355-4ae2-a62e-e5df3d2bf0d1","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":27,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"60f6b42e-7672-4d71-9b87-940f40452e5d","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":27,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"abcbcd27-db4b-421e-ad87-e96f547189de","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":27,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"54f07787-a314-450d-985f-65e2b81a2351","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":27,"box":{"x":461,"y":212,"width":453,"height":11}},{"id":"8c938744-b655-4667-97ca-8a3c93cd861f","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":27,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"395d8d04-1abe-44b2-8ab1-e27d5b679856","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":27,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"d8d429d2-f71b-4536-a919-c546bd55fa26","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":27,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"fdd60d8a-2f9a-43e0-9dee-a3bd4e9321f8","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":27,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"3d043317-a773-4b57-a6d6-9105fdf0723e","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":27,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"2c86a6ad-629e-4908-851e-785b35d63565","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":27,"box":{"x":61,"y":321,"width":415,"height":12}},{"id":"32acbfd7-3c78-4a03-821f-a5397e9b64fc","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":343,"width":478,"height":9}},{"id":"e44e6e8d-c3e3-4b6f-a83a-22c3d605f6c0","block_type":"box","text":"Exchange Privilege","page_number":27,"box":{"x":61,"y":360,"width":128,"height":10}},{"id":"11123565-6e97-437a-a228-816d0678bd42","block_type":"box","text":"Selling shares of one BlackRock","page_number":27,"box":{"x":214,"y":360,"width":212,"height":10}},{"id":"14f34f24-7ea1-4ae5-9d43-cd643d98110d","block_type":"box","text":"Fund to purchase shares of","page_number":27,"box":{"x":214,"y":373,"width":181,"height":10}},{"id":"f8096702-7a20-4f01-a6fa-e5117de452f1","block_type":"box","text":"another BlackRock Fund","page_number":27,"box":{"x":214,"y":387,"width":158,"height":8}},{"id":"974fc51c-e9c3-4f5d-85ef-e3e8a16de704","block_type":"box","text":"(“exchanging”)","page_number":27,"box":{"x":214,"y":401,"width":95,"height":10}},{"id":"bab6540c-ca6a-43d3-a9b3-ab557c7ee4f7","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":27,"box":{"x":461,"y":360,"width":454,"height":10}},{"id":"94a4a0ce-b3cb-4560-b850-ffec41d1eb71","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":27,"box":{"x":460,"y":373,"width":461,"height":10}},{"id":"31e0c21f-2c61-4b78-b037-cdaf664d41cd","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":27,"box":{"x":461,"y":387,"width":465,"height":10}},{"id":"37119ed4-52e4-453a-928f-79621c839e44","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":27,"box":{"x":461,"y":400,"width":463,"height":11}},{"id":"3e4dd5b9-5ffe-4fcd-b491-ee7451bdf69b","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":27,"box":{"x":461,"y":414,"width":457,"height":10}},{"id":"69c18ecd-f645-4f5b-a09c-6fa28eb1da3a","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":27,"box":{"x":461,"y":428,"width":447,"height":8}},{"id":"9a69570b-8e07-4187-80a4-508942530e35","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":27,"box":{"x":460,"y":441,"width":429,"height":10}},{"id":"2bc77d86-310e-4691-9bcb-d2fac061c3cc","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":27,"box":{"x":461,"y":455,"width":423,"height":10}},{"id":"963ccf15-0824-462c-9646-d87609da76d7","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":27,"box":{"x":461,"y":468,"width":446,"height":11}},{"id":"f7e43d3c-1761-4868-9d50-64da792b5f3a","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":27,"box":{"x":461,"y":482,"width":430,"height":10}},{"id":"3c4d61b1-4e2c-47a8-b91b-edf63738bf7e","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":27,"box":{"x":461,"y":495,"width":383,"height":10}},{"id":"bf7bffea-765d-4227-aaab-896fd93c51ec","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":27,"box":{"x":460,"y":512,"width":435,"height":10}},{"id":"3326ef04-28de-4617-89c8-009d7f1031f8","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":27,"box":{"x":461,"y":525,"width":406,"height":10}},{"id":"bfc0ec44-36db-4f6d-a8e3-1d33cc70cd5c","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":538,"width":468,"height":11}},{"id":"f58b8f5d-aa9a-4023-a05f-0f6d907309cb","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":27,"box":{"x":461,"y":552,"width":455,"height":10}},{"id":"9c1b9d6a-7d1b-4eff-a978-621b11ccd4cb","block_type":"box","text":"your account online at www.blackrock.com or (iii) send a written request","page_number":27,"box":{"x":460,"y":566,"width":475,"height":10}},{"id":"b7bcf6ab-8387-4566-8c9b-bc0dda15954d","block_type":"box","text":"to the Fund at the address on the back cover of this prospectus. Please","page_number":27,"box":{"x":460,"y":579,"width":475,"height":10}},{"id":"61346763-2014-426b-96d0-ca189e9ba5fd","block_type":"box","text":"note, if you indicated on your new account application that you did not","page_number":27,"box":{"x":461,"y":592,"width":462,"height":11}},{"id":"1e1dcc4a-99ae-4941-a09d-89195967f05f","block_type":"box","text":"want the Telephone Exchange Privilege, you will not be able to place","page_number":27,"box":{"x":460,"y":606,"width":448,"height":10}},{"id":"75361802-70be-4b86-a7ec-2b1906e7ba4f","block_type":"box","text":"exchanges via the telephone until you update this option either in","page_number":27,"box":{"x":461,"y":620,"width":431,"height":10}},{"id":"ccfdfaa7-3e44-49c1-b480-d13fc133489d","block_type":"box","text":"writing or by calling (800) 537-4942. The Fund has the right to reject","page_number":27,"box":{"x":460,"y":633,"width":454,"height":11}},{"id":"7ef620dd-4016-456b-8691-2a924fb8500a","block_type":"box","text":"any telephone request for any reason.","page_number":27,"box":{"x":461,"y":647,"width":249,"height":10}},{"id":"c59e7a3d-255f-414e-a134-894ff71f629d","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":27,"box":{"x":460,"y":663,"width":450,"height":10}},{"id":"e4062a82-d500-4383-a8a5-65068fc544a4","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":27,"box":{"x":460,"y":676,"width":473,"height":11}},{"id":"bbc99795-27ea-4f56-aa6c-4d7e46965952","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":27,"box":{"x":461,"y":690,"width":420,"height":10}},{"id":"fb995dad-afe1-4b89-aaef-ac24b5e8f943","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":27,"box":{"x":461,"y":703,"width":439,"height":11}},{"id":"e077e9b1-ecf3-4db2-8430-582a7d80c815","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":27,"box":{"x":461,"y":717,"width":460,"height":10}},{"id":"24b60e67-f3a6-4e19-a9a0-dea4ca11aba4","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":27,"box":{"x":461,"y":730,"width":430,"height":11}},{"id":"c49fe25d-a4ce-464d-8df1-cbd8ca38a2b5","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":27,"box":{"x":461,"y":744,"width":469,"height":10}},{"id":"03d1d905-55f2-4fb0-a2ef-537e623db698","block_type":"box","text":"gain or loss may be realized.","page_number":27,"box":{"x":460,"y":758,"width":188,"height":10}},{"id":"a6e169cf-d92a-4996-80e2-42daa991f5fc","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":27,"box":{"x":461,"y":774,"width":457,"height":10}},{"id":"200f4979-076e-419c-bd68-22dced6c1cb2","block_type":"box","text":"making an exchange request.","page_number":27,"box":{"x":461,"y":787,"width":192,"height":11}},{"id":"15b5a2f1-1487-426a-8436-3e920b29a1f1","block_type":"box","text":"Transfer Shares to","page_number":27,"box":{"x":60,"y":805,"width":124,"height":9}},{"id":"0ce311e5-b6a1-46f5-b117-3cc4a923c9ec","block_type":"box","text":"Another Financial","page_number":27,"box":{"x":60,"y":817,"width":118,"height":8}},{"id":"881dd640-b1aa-49d7-84f1-70a6a6d75fda","block_type":"box","text":"Intermediary","page_number":27,"box":{"x":61,"y":829,"width":85,"height":10}},{"id":"f07d521b-9964-4269-8d14-f00c8826dea6","block_type":"box","text":"Transfer to a participating","page_number":27,"box":{"x":213,"y":805,"width":171,"height":11}},{"id":"425b7a75-c9bc-4aa6-8dab-f9e7c6c2f1a9","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":819,"width":145,"height":10}},{"id":"b0e4dd91-0eeb-4ce7-a6b2-8b4615260921","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":27,"box":{"x":460,"y":805,"width":432,"height":11}},{"id":"5398fc8f-4271-4365-8f6c-8724d9c303ff","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":27,"box":{"x":461,"y":819,"width":441,"height":10}},{"id":"e1c620fd-cbfc-49a1-a92b-51b666ea135e","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":27,"box":{"x":461,"y":832,"width":456,"height":11}},{"id":"870ccf97-ae7f-4551-8dfa-c46e235f2d9b","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":27,"box":{"x":460,"y":846,"width":407,"height":10}},{"id":"b638e9aa-a014-4240-a37f-527e5db6a7da","block_type":"box","text":"coordinated by the receiving firm. Please contact your Financial","page_number":27,"box":{"x":461,"y":859,"width":415,"height":11}},{"id":"d04777e8-2129-4acc-bbb1-b5309f2c4b2e","block_type":"box","text":"Intermediary to accomplish the transfer of your Class K Shares.","page_number":27,"box":{"x":461,"y":873,"width":420,"height":10}},{"id":"69b67d44-224b-4837-af02-185f227bedb0","block_type":"box","text":"Transfer to a non-participating","page_number":27,"box":{"x":213,"y":891,"width":199,"height":10}},{"id":"5f775adc-f183-44d3-8f49-00fffc96cbac","block_type":"box","text":"Financial Intermediary","page_number":27,"box":{"x":214,"y":905,"width":145,"height":10}},{"id":"95b3f947-5df8-49d4-b3bb-2fdf255d5e03","block_type":"box","text":"You must either:","page_number":27,"box":{"x":460,"y":891,"width":107,"height":8}},{"id":"b9e184f8-bccc-4468-832c-398667bc761d","block_type":"box","text":"•","page_number":27,"box":{"x":464,"y":907,"width":3,"height":3}},{"id":"7eedf6ad-4274-468d-a3ff-176012726407","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":27,"box":{"x":470,"y":904,"width":402,"height":11}},{"id":"0dbd8e29-7185-43ce-a951-5858045a2d54","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"6d16495a-b632-4451-b1d4-3e5f25525625","block_type":"box","text":"NM1026U-5984568-27/44","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"afc0626e-9216-4671-943b-556c3dd56e5a","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":28,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"ea975024-d931-46b9-8697-cfdf3e713a43","block_type":"box","text":"Transfer Shares to","page_number":28,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"1daf6f1e-edd2-465c-89f5-702522599a8a","block_type":"box","text":"Another Financial","page_number":28,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"fe51d231-ed69-4874-8730-01d31de854fe","block_type":"box","text":"Intermediary","page_number":28,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"135ba1a6-61a4-4733-a4e2-4551d41072a6","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"25d52dc5-da82-4d67-91ac-d69a95dd0e0a","block_type":"box","text":"Transfer to a non-participating","page_number":28,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"9f6f06c5-5a45-445c-9ad2-e68be03a8914","block_type":"box","text":"Financial Intermediary","page_number":28,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"fb76ce8e-e9e2-4549-a218-673fcb834561","block_type":"box","text":"(continued)","page_number":28,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"518204c3-7ab0-4e9d-b7bd-e7143bb418f4","block_type":"box","text":"•","page_number":28,"box":{"x":464,"y":70,"width":3,"height":3}},{"id":"2dfe2b9b-f0b3-4a74-89a3-7129e689494e","block_type":"box","text":"Sell your Class K Shares.","page_number":28,"box":{"x":471,"y":67,"width":166,"height":10}},{"id":"7c4eee74-abfe-4e8c-a5ca-388be0e033de","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":28,"box":{"x":461,"y":83,"width":475,"height":11}},{"id":"9192599d-fc39-4bd3-b3a7-93a1b7350b18","block_type":"box","text":"your Class K Shares.","page_number":28,"box":{"x":460,"y":97,"width":137,"height":10}},{"id":"7e6725f9-25f0-499a-8ec8-b280b247efdb","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":28,"box":{"x":60,"y":132,"width":815,"height":13}},{"id":"4594acbb-05b2-40ee-bbd4-8a5238a22c6d","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":28,"box":{"x":60,"y":149,"width":467,"height":13}},{"id":"efe3f793-8f4f-4223-9301-a6a0d8772f7d","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":28,"box":{"x":62,"y":171,"width":872,"height":11}},{"id":"e003a650-0dab-4386-ac12-445261bb52bf","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":28,"box":{"x":61,"y":185,"width":814,"height":12}},{"id":"ba47e93c-ff6b-47c4-a4c3-4893818720b6","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":28,"box":{"x":62,"y":200,"width":826,"height":12}},{"id":"430d002c-f469-4e88-a7ab-754e122def7b","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":28,"box":{"x":62,"y":215,"width":836,"height":12}},{"id":"60483fe2-d581-4601-9bc7-615545245c48","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":28,"box":{"x":60,"y":230,"width":861,"height":12}},{"id":"9a5bf914-81ee-434c-81f3-a829df762a1f","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":28,"box":{"x":61,"y":245,"width":875,"height":11}},{"id":"934aef23-2e92-4da0-b9b1-8b38e0f9e404","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":28,"box":{"x":61,"y":260,"width":853,"height":11}},{"id":"c5db58b4-8dc7-4331-888b-0ad6e510baf2","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":28,"box":{"x":61,"y":274,"width":862,"height":12}},{"id":"dc6f1148-9eaf-44a5-91f3-2df3de2a9455","block_type":"box","text":"they are so accepted.","page_number":28,"box":{"x":60,"y":290,"width":158,"height":11}},{"id":"20e4f4c4-f04e-45d4-81f9-df36d135fc48","block_type":"box","text":"Fund’s Rights","page_number":28,"box":{"x":61,"y":328,"width":124,"height":14}},{"id":"4787b616-0428-44e0-a0ad-5f524a7536d6","block_type":"box","text":"The Fund may:","page_number":28,"box":{"x":60,"y":355,"width":106,"height":11}},{"id":"d1d477df-47c6-43fb-9e26-88dd583a7a67","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":28,"box":{"x":81,"y":374,"width":840,"height":12}},{"id":"80f50515-8a6c-4215-8904-d7935a9fe343","block_type":"box","text":"described in the Investment Company Act;","page_number":28,"box":{"x":81,"y":389,"width":308,"height":12}},{"id":"42d5e33e-a62f-4efe-8cef-00614f3a9c48","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":409,"width":789,"height":12}},{"id":"13890a6a-e20c-431d-bd7b-2a7bfc6231ca","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":424,"width":850,"height":12}},{"id":"e2abc287-a090-4698-bef3-d58a0e95094c","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":28,"box":{"x":82,"y":439,"width":368,"height":11}},{"id":"f4537c7d-7d91-4889-95df-cf748ae09313","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":459,"width":781,"height":11}},{"id":"431d97ab-f13f-4f1e-a5d5-111f183c4c4f","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":479,"width":798,"height":11}},{"id":"3942948c-ed9c-4018-a21f-13876ce641fd","block_type":"box","text":"specified level.","page_number":28,"box":{"x":81,"y":494,"width":108,"height":11}},{"id":"48e238d0-bd3d-4c09-9c86-b5b53622904c","block_type":"box","text":"Note on Low Balance Accounts.","page_number":28,"box":{"x":61,"y":516,"width":239,"height":9}},{"id":"9cdc876e-4166-4b65-a3f2-f34dffe3a64f","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":28,"box":{"x":307,"y":516,"width":600,"height":12}},{"id":"f556abdf-ed57-451b-a551-1bc7985eac9a","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":530,"width":846,"height":12}},{"id":"0400e31b-4f36-4155-aa42-4da0236632af","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":545,"width":872,"height":12}},{"id":"fc8a8670-76d1-4dfe-91fe-7d3e1d40bb3b","block_type":"box","text":"reason, including market fluctuation.","page_number":28,"box":{"x":61,"y":561,"width":267,"height":11}},{"id":"8c9466e7-58bf-4f5e-8136-75c3e04feb36","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":583,"width":799,"height":12}},{"id":"cc83484e-69e7-4991-ae5f-5a1bf70fb634","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":598,"width":796,"height":11}},{"id":"38d0b6df-c81b-4cf8-9853-39d98dafc4f9","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":612,"width":800,"height":12}},{"id":"e5fc9a19-9894-4260-9b98-e5355614f08a","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":628,"width":859,"height":11}},{"id":"b213c38a-c723-4b9b-bf50-b779eb721d11","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":642,"width":868,"height":12}},{"id":"7208625e-af4d-4d61-a7a1-d20ca52fab68","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":28,"box":{"x":61,"y":657,"width":420,"height":12}},{"id":"4596281c-a69a-4098-b93f-06d4dcfaab84","block_type":"box","text":"Short-Term Trading Policy","page_number":28,"box":{"x":61,"y":696,"width":232,"height":14}},{"id":"a76d9daa-d936-4117-8d5b-f3defce5a8ef","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":722,"width":790,"height":12}},{"id":"6c21dcd7-7b5f-4571-a3f2-f8de996b2895","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":737,"width":853,"height":12}},{"id":"934fdf13-86e4-4f51-93f5-92b3bf164acb","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":752,"width":863,"height":12}},{"id":"9e1e8070-05e9-420a-b1ce-42c71bb56b98","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":767,"width":828,"height":11}},{"id":"d752ea7f-5267-4db0-85a6-1a373d62af22","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":782,"width":826,"height":11}},{"id":"bdd4a4a9-42df-4e7f-a1be-b27540e8c045","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":797,"width":864,"height":11}},{"id":"99b50b55-fe2a-4a42-bfaa-39ae82500f5e","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":811,"width":776,"height":12}},{"id":"eceabb21-fa9f-4442-8f5b-4ffed64a9156","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":826,"width":796,"height":12}},{"id":"52d28479-e6cf-4df7-b0c2-7c8a8c9d58d0","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":841,"width":831,"height":12}},{"id":"75a39561-4c6b-4475-b00a-59a6aa33d3f9","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":856,"width":811,"height":11}},{"id":"8b5a17eb-8b71-4f65-8ff7-ddeb034a97d8","block_type":"box","text":"brokerage commissions, can reduce the Fund’s performance.","page_number":28,"box":{"x":61,"y":871,"width":451,"height":11}},{"id":"9a0140d7-8a82-4b86-a127-f9c6c2c1fec8","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":893,"width":873,"height":12}},{"id":"c39d2029-3866-4e0c-87d4-17f99768081c","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":908,"width":872,"height":12}},{"id":"9e4ebd71-6a5c-4cb4-9994-62c136f38d1f","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0ba023b8-faaa-4b31-bcdd-824596d36c45","block_type":"box","text":"NM1026U-5984568-28/44","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"76540fd2-f047-45cd-99ae-d019ff55e772","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":29,"box":{"x":61,"y":46,"width":865,"height":11}},{"id":"09166e27-caf8-4953-bed0-fa8da11c3713","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":29,"box":{"x":61,"y":60,"width":817,"height":12}},{"id":"0f5618b0-dbee-4a3a-bf37-47fcb65347c0","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (“junk bonds”) that are thinly traded and","page_number":29,"box":{"x":61,"y":75,"width":834,"height":12}},{"id":"13fc2e05-edf4-45cd-a54a-e2bda12c4974","block_type":"box","text":"therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the","page_number":29,"box":{"x":60,"y":90,"width":865,"height":12}},{"id":"88a3f185-251c-4e52-9e6a-2a9c6587dd8c","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":29,"box":{"x":61,"y":105,"width":829,"height":12}},{"id":"4062f716-4dc2-4938-a654-e1607f1658f9","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":29,"box":{"x":62,"y":120,"width":671,"height":11}},{"id":"ee637ad4-2ddf-4d63-96b7-ad5900b35e1f","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":29,"box":{"x":60,"y":142,"width":869,"height":12}},{"id":"c53b6f48-d084-4212-a069-abfe97e34929","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":29,"box":{"x":60,"y":157,"width":839,"height":12}},{"id":"92e035fa-21be-4f23-9142-eb2b43b3b96a","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":29,"box":{"x":61,"y":172,"width":869,"height":12}},{"id":"519732c9-d95c-43c6-86c4-b8ff33545a92","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":29,"box":{"x":61,"y":187,"width":870,"height":11}},{"id":"a9c25b12-f820-4430-bcb6-770c26a5bf0b","block_type":"box","text":"Fund or its shareholders.","page_number":29,"box":{"x":62,"y":202,"width":181,"height":9}},{"id":"3b94ed88-ca44-4313-ae31-1737e708754c","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third-party, or","page_number":29,"box":{"x":62,"y":224,"width":795,"height":12}},{"id":"adaf6c3f-cd2e-4085-a27d-ccb3936d5c9c","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":29,"box":{"x":61,"y":239,"width":860,"height":12}},{"id":"90b378ab-218f-418d-88f2-9d78f6121c08","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":29,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"86fa98ae-2e30-423b-8e2a-0e7477cf5a8f","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":29,"box":{"x":62,"y":269,"width":858,"height":11}},{"id":"8448219d-093c-479e-9242-a6345dec4d29","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":29,"box":{"x":61,"y":283,"width":866,"height":12}},{"id":"d853e3be-f1ec-4bf6-89ff-f5243fb31860","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":29,"box":{"x":61,"y":298,"width":829,"height":12}},{"id":"acc7d083-55d1-42ff-be0b-5e4947668c40","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":29,"box":{"x":62,"y":313,"width":862,"height":12}},{"id":"fb7bf4cb-6868-4548-9f26-0e41aa43de3d","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":29,"box":{"x":61,"y":328,"width":849,"height":11}},{"id":"e72e0638-7184-48e9-aa37-137ec4520c5f","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":29,"box":{"x":61,"y":343,"width":866,"height":11}},{"id":"f945d50f-dbc9-481e-b24d-bc97ab23971d","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":29,"box":{"x":60,"y":358,"width":806,"height":11}},{"id":"0f0c4aa3-fddc-4f7d-aef3-45e20ba0f552","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":29,"box":{"x":61,"y":372,"width":804,"height":12}},{"id":"a5ae38b5-547b-4501-b52c-3b2e0cac99a9","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":29,"box":{"x":61,"y":387,"width":849,"height":12}},{"id":"d028e1ae-6e7d-4d6f-80ab-6878fb7a8bca","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":29,"box":{"x":61,"y":402,"width":875,"height":12}},{"id":"07016dc1-9540-4917-a826-46eb681780a8","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":417,"width":869,"height":11}},{"id":"376499f4-275d-4ba3-80b2-dbdb07038679","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":432,"width":845,"height":11}},{"id":"a485324e-8692-4d1f-8c9c-5c654cec71cc","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":447,"width":868,"height":11}},{"id":"b470725a-372d-4224-a445-a4cfbb1fba0a","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":462,"width":861,"height":11}},{"id":"75e2e694-dba4-4865-a40f-54f382caae68","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":476,"width":868,"height":12}},{"id":"133bbf00-6298-4ca3-9bd3-e72034e5a88d","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":491,"width":847,"height":12}},{"id":"039df9a5-768b-4e8c-869d-862c32a36725","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":506,"width":837,"height":11}},{"id":"e450fb0a-c1ea-4f50-928e-fc9b9b31064e","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":29,"box":{"x":61,"y":521,"width":663,"height":11}},{"id":"bbcb4489-f69b-4070-9da2-080413aa1f3a","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":544,"width":824,"height":11}},{"id":"a52de51e-cc74-4f18-ba22-184ea466857b","block_type":"box","text":"deemed abusive.","page_number":29,"box":{"x":61,"y":558,"width":123,"height":9}},{"id":"42d6941c-ac51-49ec-85d7-dd3523ea8c64","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":581,"width":841,"height":11}},{"id":"bfaab0d7-3713-4ade-b44e-6729d001bb36","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":29,"box":{"x":60,"y":596,"width":572,"height":11}},{"id":"6dace062-eb6b-4acf-a1bf-5fdf63fc5c86","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ee47efd7-29fc-4597-908d-4c696985fa18","block_type":"box","text":"NM1026U-5984568-29/44","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"65bf00e7-228b-45b7-894b-34aae9e40839","block_type":"box","text":"Management of the Fund","page_number":30,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"2fa27274-e574-4c03-a17f-8454a5c43cd7","block_type":"box","text":"BlackRock","page_number":30,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"d1cce0e9-1740-4f91-a414-d837c187cc7f","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":"4fb005ae-36f6-4d68-822b-5f618fb7c7ac","block_type":"box","text":"the oversight of the Board of the Trust. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":30,"box":{"x":60,"y":197,"width":875,"height":12}},{"id":"4e23f392-90ab-4366-9344-533725c9f6cf","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":"4f371c2b-dd6b-4980-996b-6b00a3a7f621","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":"d142a2ad-eb83-4baf-8f1f-7404b74455b4","block_type":"box","text":"BlackRock, Inc.","page_number":30,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"83a7a1f0-4afb-4d6c-9c7c-d3c3813f88db","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":"2e024319-e8d9-4aae-b712-d314c67b4527","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":"eba3cecf-3613-4530-b03a-61e371716d9c","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":"e35b70ce-07a0-4933-a5ab-f5859419cd88","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to a management agreement (the “Management Agreement”).","page_number":30,"box":{"x":62,"y":317,"width":839,"height":11}},{"id":"41bd5e26-18dd-440f-9022-c22155c59abb","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable monthly. The","page_number":30,"box":{"x":61,"y":331,"width":824,"height":12}},{"id":"ed7d8dbf-c986-4dbb-9198-6c5fe3835652","block_type":"box","text":"maximum annual management fees that can be paid to BlackRock (as a percentage of average daily net assets) are","page_number":30,"box":{"x":61,"y":346,"width":853,"height":12}},{"id":"314ac87d-f1af-4670-9558-168f74cd9a0d","block_type":"box","text":"calculated as follows:","page_number":30,"box":{"x":61,"y":361,"width":157,"height":9}},{"id":"3aa71913-15b2-44bf-83c0-d057cf688ba0","block_type":"box","text":"Average Daily Net Assets Management Fee Rate","page_number":30,"box":{"x":210,"y":389,"width":545,"height":9}},{"id":"b478ce91-3bf7-4d6f-919f-3e9734a9777a","block_type":"box","text":"First $1 billion 0.40%","page_number":30,"box":{"x":211,"y":406,"width":502,"height":9}},{"id":"c0f4f108-afb9-45c9-9bf6-f5d4254b0f4f","block_type":"box","text":"$1 billion – $3 billion 0.38%","page_number":30,"box":{"x":211,"y":424,"width":502,"height":9}},{"id":"02254419-8873-4fdb-b91c-9678f06266f3","block_type":"box","text":"$3 billion – $5 billion 0.36%","page_number":30,"box":{"x":211,"y":442,"width":502,"height":9}},{"id":"d70f2cff-82bd-4ccc-aa4b-46b275eb5953","block_type":"box","text":"$5 billion – $10 billion 0.35%","page_number":30,"box":{"x":211,"y":460,"width":502,"height":9}},{"id":"3393f764-2852-4100-9797-7022e9fb075e","block_type":"box","text":"In excess of $10 billion 0.34%","page_number":30,"box":{"x":211,"y":478,"width":502,"height":9}},{"id":"3423cdba-fc24-434c-8139-22cc7a4fd965","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":510,"width":840,"height":12}},{"id":"d261eaad-2e8d-40c5-a60f-ffbdf7ad58bd","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":30,"box":{"x":61,"y":525,"width":824,"height":12}},{"id":"333578e8-1888-403f-99b8-5fdc6814af4d","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":30,"box":{"x":62,"y":540,"width":843,"height":12}},{"id":"6160f12e-b1e4-43f0-8a66-fd591d78bbee","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":30,"box":{"x":61,"y":555,"width":851,"height":11}},{"id":"72b6811e-d7f2-4cb1-9a59-fbd9e1c5479c","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":570,"width":808,"height":11}},{"id":"a99340ed-cc9b-4169-adc5-9db0d20cba5d","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":584,"width":860,"height":12}},{"id":"165c5b74-3552-4e74-8145-377aad6a1268","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":599,"width":851,"height":12}},{"id":"f9d233c3-8a50-402d-8808-10eb59da1089","block_type":"box","text":"voting securities of the Fund.","page_number":30,"box":{"x":60,"y":614,"width":212,"height":12}},{"id":"9927f2c0-6a87-449d-9ad9-41f4494a062a","block_type":"box","text":"BlackRock has agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage","page_number":30,"box":{"x":62,"y":637,"width":833,"height":11}},{"id":"5c5e9b28-dc3d-459d-9a4f-23e5b6ece561","block_type":"box","text":"commissions, and other expenditures which are capitalized in accordance with generally accepted accounting","page_number":30,"box":{"x":61,"y":652,"width":803,"height":11}},{"id":"3ec77501-8474-40e1-96b9-7fdb20dcfc8b","block_type":"box","text":"principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of","page_number":30,"box":{"x":62,"y":666,"width":810,"height":12}},{"id":"fd7b6273-641c-484a-88f3-aca785286662","block_type":"box","text":"investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":30,"box":{"x":62,"y":681,"width":847,"height":12}},{"id":"260771c2-04fc-4beb-8ce7-e66e41d51aeb","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":696,"width":858,"height":12}},{"id":"d2a11d9f-20f3-4fbb-b43b-25fceb7b8e32","block_type":"box","text":"Fund’s business, if any) of Class K Shares of the Fund at the level shown below and in the Fund’s fees and expenses","page_number":30,"box":{"x":62,"y":711,"width":862,"height":11}},{"id":"0feaaea0-ab21-464c-9058-6c4ef91ccfd3","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":726,"width":821,"height":11}},{"id":"c65dd961-c7dc-4128-a8ec-362a380b850c","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":740,"width":863,"height":12}},{"id":"41ac1a77-ce02-4441-89f9-3c56eaa1a6c5","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":755,"width":807,"height":12}},{"id":"457f5ece-19ee-4974-8874-d629c2c17c3f","block_type":"box","text":"expenses if the Fund’s operating expenses exceed a certain limit.","page_number":30,"box":{"x":61,"y":770,"width":482,"height":12}},{"id":"ea7b6a64-e31e-41b1-94d4-67fc5d6be08f","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b40001ba-6af4-4b53-aad9-9ce0f8b40473","block_type":"box","text":"NM1026U-5984568-30/44","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"816da7be-46ac-42e8-8781-8da09ef30536","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":31,"box":{"x":60,"y":46,"width":863,"height":11}},{"id":"d6dc26ad-fc08-44ff-844c-845ee92fb649","block_type":"box","text":"limit Total Annual Fund Operating Expenses to the amount noted in the table below.","page_number":31,"box":{"x":62,"y":61,"width":609,"height":11}},{"id":"0337078e-cc95-4b9a-9775-71f67ac27645","block_type":"box","text":"Contractual Caps","page_number":31,"box":{"x":800,"y":89,"width":104,"height":9}},{"id":"0d580cd1-4faf-4a58-9337-e4316f6a0472","block_type":"box","text":"1","page_number":31,"box":{"x":905,"y":89,"width":3,"height":3}},{"id":"1f4edcca-3334-445a-88c5-c6e8d5d490a1","block_type":"box","text":"on Total Annual Fund","page_number":31,"box":{"x":791,"y":99,"width":125,"height":7}},{"id":"a61dd4f4-6c30-4ebe-bd3c-84cc787049d0","block_type":"box","text":"Operating Expenses","page_number":31,"box":{"x":792,"y":109,"width":120,"height":9}},{"id":"87304b51-aa91-4328-84d2-4fc75f05a95e","block_type":"box","text":"2","page_number":31,"box":{"x":912,"y":109,"width":4,"height":4}},{"id":"13b04d50-af9c-4246-a65b-611a5a873260","block_type":"box","text":"(excluding Dividend","page_number":31,"box":{"x":795,"y":120,"width":118,"height":9}},{"id":"e91ccc57-ad11-49c4-9a6e-569eb017e420","block_type":"box","text":"Expense, Interest","page_number":31,"box":{"x":802,"y":130,"width":105,"height":9}},{"id":"e0d98e76-dbb0-4205-a338-bcff211f12c5","block_type":"box","text":"Expense, Acquired","page_number":31,"box":{"x":799,"y":140,"width":110,"height":9}},{"id":"0668913a-5bd8-478f-b93d-c48c1f989392","block_type":"box","text":"Fund Fees and","page_number":31,"box":{"x":811,"y":151,"width":86,"height":7}},{"id":"e7dbf173-e1b0-4994-a764-9b6a1ded6b97","block_type":"box","text":"Expenses and","page_number":31,"box":{"x":813,"y":161,"width":82,"height":9}},{"id":"5e1e9dea-06f7-44be-a470-b2a21ac2339f","block_type":"box","text":"certain other","page_number":31,"box":{"x":815,"y":171,"width":78,"height":8}},{"id":"1b82df33-b69f-41ad-b191-ee1cf439fd47","block_type":"box","text":"Fund expenses)","page_number":31,"box":{"x":807,"y":182,"width":93,"height":9}},{"id":"26ce9711-8e19-4c25-bc2a-8d84792fae05","block_type":"box","text":"Class K Shares","page_number":31,"box":{"x":69,"y":199,"width":101,"height":8}},{"id":"66beec41-761f-4859-88a9-0549b4a22434","block_type":"box","text":"0.43%","page_number":31,"box":{"x":839,"y":199,"width":41,"height":8}},{"id":"b5365a77-68e9-4eb9-a76a-327fed363c91","block_type":"box","text":"1","page_number":31,"box":{"x":61,"y":218,"width":3,"height":4}},{"id":"9cc3c5ec-5d0c-4ac0-9762-1a39ec8bac43","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":218,"width":836,"height":10}},{"id":"1c05320b-3e81-42a9-8915-06e738c8771c","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":229,"width":798,"height":9}},{"id":"e0951c36-e7d3-4d2d-951c-c90dccf5ef0c","block_type":"box","text":"2","page_number":31,"box":{"x":61,"y":242,"width":3,"height":3}},{"id":"2b5c5db2-0de6-42f5-84ad-0a98906e4bcf","block_type":"box","text":"As a percentage of average daily net assets.","page_number":31,"box":{"x":81,"y":241,"width":260,"height":10}},{"id":"033ccc0e-8df4-4091-a074-6e5be9f977ac","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":267,"width":875,"height":11}},{"id":"3a70a5b5-5641-47c3-bdb9-8c7124f8930f","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":282,"width":696,"height":11}},{"id":"d1b26861-21f1-49a7-b29c-65eab1075f9f","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":31,"box":{"x":60,"y":304,"width":850,"height":12}},{"id":"729fd3e1-6bec-40f7-b798-2294d0ecfb68","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":319,"width":556,"height":11}},{"id":"236dbe6c-7553-4a30-9011-730ec421a9f1","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":341,"width":851,"height":12}},{"id":"b9daec3d-edf0-4148-bc92-7b5be1177166","block_type":"box","text":"the annual rate of 0.40% of the Fund’s average daily net assets.","page_number":31,"box":{"x":60,"y":356,"width":473,"height":12}},{"id":"cb66fc6a-3255-4cda-b2f2-fff933487a32","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":379,"width":864,"height":11}},{"id":"a6a65517-f3a8-4261-8868-e1ba698d4a85","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":394,"width":863,"height":11}},{"id":"68bb3e2b-ed37-43c6-bd3f-8ac65fb5c5c4","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":409,"width":861,"height":11}},{"id":"d10ae40f-f85b-4a05-9dc1-e5b576a323dc","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":424,"width":864,"height":11}},{"id":"aab39fa7-61a8-4f84-ab72-abb69bc854dd","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":438,"width":872,"height":12}},{"id":"7453a855-e83b-4eda-8f8b-323fa0207129","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":453,"width":841,"height":11}},{"id":"cb29e472-2b2b-41f1-8dbe-89a741b601fe","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":31,"box":{"x":61,"y":468,"width":472,"height":11}},{"id":"9df8dceb-9e15-4ff8-94db-9675bd3bf436","block_type":"box","text":"Portfolio Manager Information","page_number":31,"box":{"x":61,"y":507,"width":272,"height":13}},{"id":"4d3b1fe4-776f-4f2f-b1e2-f15ba00b63a0","block_type":"box","text":"Information regarding the portfolio manager of the Fund is set forth below. Further information regarding the portfolio","page_number":31,"box":{"x":62,"y":533,"width":860,"height":12}},{"id":"15a592c2-1c63-4007-81f6-3bf35c7ffc6b","block_type":"box","text":"manager, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":31,"box":{"x":61,"y":548,"width":828,"height":11}},{"id":"33cbb868-4029-4796-8f9a-1b2f45dde12b","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":31,"box":{"x":62,"y":563,"width":281,"height":10}},{"id":"7a8642df-04a8-4295-a4a5-4e7c0e336df9","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":31,"box":{"x":61,"y":590,"width":797,"height":10}},{"id":"aaaf6e00-76f6-415d-b4b9-41551a802aae","block_type":"box","text":"Travis Cooke, CFA Jointly and primarily responsible for","page_number":31,"box":{"x":60,"y":608,"width":425,"height":10}},{"id":"079ca9f7-96b8-49bb-b0b6-0d15201ce6f0","block_type":"box","text":"the day-to-day management of the","page_number":31,"box":{"x":252,"y":621,"width":223,"height":11}},{"id":"9935a864-4be1-43ba-ae5a-1f371a8d5fa7","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":31,"box":{"x":253,"y":635,"width":245,"height":10}},{"id":"f4541ead-f494-4c2c-a04e-1e8638efb205","block_type":"box","text":"Fund’s overall investment strategy","page_number":31,"box":{"x":253,"y":649,"width":225,"height":10}},{"id":"7e2b8dc7-1f2e-4141-bceb-ba4e3c3aa7db","block_type":"box","text":"and overseeing the management of","page_number":31,"box":{"x":253,"y":662,"width":233,"height":11}},{"id":"1d7d5594-2850-405e-9bf3-e10cdefb0bb2","block_type":"box","text":"the Fund.","page_number":31,"box":{"x":252,"y":676,"width":60,"height":8}},{"id":"97c47ce6-0000-462a-9f9f-0d724fa5241c","block_type":"box","text":"2015 Managing Director of BlackRock, Inc. since","page_number":31,"box":{"x":545,"y":608,"width":352,"height":10}},{"id":"d05f7c45-daf2-4e3d-8299-8a890491c43d","block_type":"box","text":"2012.","page_number":31,"box":{"x":615,"y":622,"width":39,"height":8}},{"id":"656fa527-cb4b-4e6a-b3fc-e31ad541e6e3","block_type":"box","text":"Raffaele Savi Jointly and primarily responsible for","page_number":31,"box":{"x":61,"y":694,"width":424,"height":10}},{"id":"0bcbd0cb-e5e8-4e50-9b14-6eceeab8c963","block_type":"box","text":"the day-to-day management of the","page_number":31,"box":{"x":252,"y":707,"width":223,"height":11}},{"id":"5b4aa01e-c63e-4844-ad14-fac909976293","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":31,"box":{"x":253,"y":721,"width":245,"height":10}},{"id":"f0fd24fa-9e16-4212-a50e-3a6d31684f13","block_type":"box","text":"Fund’s overall investment strategy","page_number":31,"box":{"x":253,"y":735,"width":225,"height":10}},{"id":"79e420fe-8843-4e2c-9f7f-175bd4ab51be","block_type":"box","text":"and overseeing the management of","page_number":31,"box":{"x":253,"y":748,"width":233,"height":10}},{"id":"6fcd93d3-3cad-4803-8a6f-16d9cb3226da","block_type":"box","text":"the Fund.","page_number":31,"box":{"x":252,"y":762,"width":60,"height":8}},{"id":"40fd19c0-a6c9-4648-9aee-22fba78c9cb8","block_type":"box","text":"2020 Senior Managing Director of BlackRock, Inc.","page_number":31,"box":{"x":545,"y":694,"width":358,"height":10}},{"id":"c295bf50-56af-4cc8-87ae-ab718a4e8f15","block_type":"box","text":"since 2023; Managing Director of BlackRock,","page_number":31,"box":{"x":615,"y":707,"width":298,"height":11}},{"id":"7cd7ccc9-4e2a-473b-aba7-0bd774392b43","block_type":"box","text":"Inc. from 2009 to 2022.","page_number":31,"box":{"x":616,"y":721,"width":159,"height":8}},{"id":"74bc54a4-7478-45a0-bde7-b8b3715917b6","block_type":"box","text":"Richard Mathieson Jointly and primarily responsible for","page_number":31,"box":{"x":61,"y":779,"width":424,"height":11}},{"id":"2c37d3b2-5903-457d-9028-a6f193b156fe","block_type":"box","text":"the day-to-day management of the","page_number":31,"box":{"x":252,"y":793,"width":223,"height":10}},{"id":"784b8ead-f0e4-4f74-bc3e-5bce61a4e466","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":31,"box":{"x":253,"y":806,"width":245,"height":11}},{"id":"5c33a313-83a1-4d02-a0cf-6fa7505f3ff1","block_type":"box","text":"Fund’s overall investment strategy","page_number":31,"box":{"x":253,"y":820,"width":225,"height":10}},{"id":"2fa0096e-5af7-447f-90a9-49c839dd57a1","block_type":"box","text":"and overseeing the management of","page_number":31,"box":{"x":253,"y":834,"width":233,"height":10}},{"id":"def45281-dfc3-4d0b-aaff-89b4db839053","block_type":"box","text":"the Fund.","page_number":31,"box":{"x":252,"y":847,"width":60,"height":8}},{"id":"375c340c-86e5-4a82-9085-63c2e5b72c72","block_type":"box","text":"2020 Managing Director of BlackRock, Inc. since","page_number":31,"box":{"x":545,"y":779,"width":352,"height":11}},{"id":"0db64aad-5e7f-405a-b3b6-b88c9638720e","block_type":"box","text":"2011.","page_number":31,"box":{"x":615,"y":793,"width":39,"height":8}},{"id":"bafe59bd-2365-4ca5-abbc-d4c498484ca6","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"4ef5f5e8-2e05-47ad-a3b4-282c4c70a811","block_type":"box","text":"NM1026U-5984568-31/44","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cd160690-4bba-42eb-bace-e10194729567","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":32,"box":{"x":61,"y":50,"width":797,"height":9}},{"id":"d783d36d-3563-41e0-aa6f-6bd93ca3a8ca","block_type":"box","text":"Anna Hawley, CFA Jointly and primarily responsible for","page_number":32,"box":{"x":60,"y":67,"width":425,"height":10}},{"id":"6bdc311e-b5df-44d0-a984-a7083a3a5574","block_type":"box","text":"the day-to-day management of the","page_number":32,"box":{"x":252,"y":81,"width":223,"height":10}},{"id":"85b8dbff-8d61-4c78-aa1f-448dbcd8fba4","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":32,"box":{"x":253,"y":94,"width":245,"height":11}},{"id":"fd368a69-598e-4dd9-b3f5-daad405e6c90","block_type":"box","text":"Fund’s overall investment strategy","page_number":32,"box":{"x":253,"y":108,"width":225,"height":10}},{"id":"3327c6fa-4067-42d6-b975-248612032a35","block_type":"box","text":"and overseeing the management of","page_number":32,"box":{"x":253,"y":121,"width":233,"height":11}},{"id":"e57579d7-8a4f-4d05-981f-21b75c890b11","block_type":"box","text":"the Fund.","page_number":32,"box":{"x":252,"y":135,"width":60,"height":8}},{"id":"ebb1f606-cb6d-4f02-93eb-1f426421c89e","block_type":"box","text":"2020 Managing Director of BlackRock, Inc. since","page_number":32,"box":{"x":545,"y":67,"width":352,"height":11}},{"id":"09dd4eac-47fc-4df5-ac59-6a9e82b18c6e","block_type":"box","text":"2023; Director of BlackRock, Inc. from 2009","page_number":32,"box":{"x":615,"y":81,"width":295,"height":9}},{"id":"1822583c-4b9b-4634-9bd3-4c4fe3987286","block_type":"box","text":"to 2022.","page_number":32,"box":{"x":615,"y":94,"width":57,"height":9}},{"id":"63ab8739-79f9-4a4b-93e2-e16c3915ae1e","block_type":"box","text":"Conflicts of Interest","page_number":32,"box":{"x":61,"y":175,"width":181,"height":11}},{"id":"641806c0-5c40-49d8-b908-9e7fb5824a58","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":32,"box":{"x":60,"y":202,"width":871,"height":11}},{"id":"3aec7e24-72e9-4cef-8e39-80f813bddf81","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":32,"box":{"x":62,"y":216,"width":801,"height":12}},{"id":"c89246ea-2dfe-467c-9939-bd189a4ceb06","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":32,"box":{"x":61,"y":231,"width":723,"height":12}},{"id":"aa98e131-9845-4d48-bac1-1dc4e0dc93a9","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":32,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"1b4c656d-2297-4302-9f86-37f6c6a6608f","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":32,"box":{"x":61,"y":269,"width":845,"height":11}},{"id":"04762f71-931e-4b45-8f39-e633f40480ce","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":32,"box":{"x":61,"y":283,"width":865,"height":12}},{"id":"8ac49f27-50a3-491a-ac27-7325a41772c2","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":32,"box":{"x":62,"y":298,"width":839,"height":12}},{"id":"01cb272b-6a6f-4420-913a-e6af4c1cb6cc","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":32,"box":{"x":60,"y":313,"width":850,"height":12}},{"id":"a67b1fe8-6f88-4c0c-917c-8d476a65016d","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":32,"box":{"x":62,"y":328,"width":813,"height":11}},{"id":"25c51e9d-44f2-427e-97d1-42fbef1867ef","block_type":"box","text":"indirectly invest.","page_number":32,"box":{"x":62,"y":343,"width":116,"height":11}},{"id":"f1d1e94b-ab07-4b80-8bd5-55f4c521c29c","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":32,"box":{"x":62,"y":365,"width":801,"height":12}},{"id":"52bf1f48-cd90-4780-b9d7-6fbbcfa5551d","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":32,"box":{"x":62,"y":380,"width":865,"height":12}},{"id":"048db916-28bb-46f2-abed-b03670c8d410","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":32,"box":{"x":61,"y":395,"width":829,"height":11}},{"id":"2a9b680b-b33a-4de0-8f3b-b9f15d964cd7","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":32,"box":{"x":61,"y":410,"width":856,"height":11}},{"id":"7ac455d5-5d1b-4c57-829c-2ca9e04fa3ad","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":32,"box":{"x":61,"y":425,"width":814,"height":11}},{"id":"5a2cd075-c3c8-4622-a376-e6f815d81c66","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":32,"box":{"x":61,"y":439,"width":860,"height":12}},{"id":"6bd33fa4-1dba-466c-b7d6-cfdfec29f098","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":32,"box":{"x":62,"y":454,"width":862,"height":12}},{"id":"a16da221-fb58-4b6c-9924-46f8b2739a4a","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":32,"box":{"x":60,"y":469,"width":565,"height":12}},{"id":"2687c41a-a3fc-435f-8764-e23fb840aca9","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":32,"box":{"x":60,"y":492,"width":855,"height":11}},{"id":"04b5b3bb-d18c-47a7-93d6-a75b16a8295b","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":32,"box":{"x":61,"y":506,"width":807,"height":12}},{"id":"cf002d2e-9b9d-4a16-95c4-a454c1364a73","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":32,"box":{"x":61,"y":521,"width":862,"height":12}},{"id":"88d89b21-ddc1-4669-8612-8c67bdc5e451","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":32,"box":{"x":61,"y":536,"width":866,"height":12}},{"id":"64c1cfd6-b4c2-4864-abce-76384e822a53","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":32,"box":{"x":62,"y":551,"width":444,"height":12}},{"id":"8b51f9b0-c68e-4b25-811b-ce2ea975353f","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":32,"box":{"x":60,"y":574,"width":862,"height":11}},{"id":"9ceaa797-151d-4509-ab57-c61142e5c593","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":32,"box":{"x":60,"y":588,"width":567,"height":12}},{"id":"6c159094-8cea-4204-9102-9f9fa22360a0","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":32,"box":{"x":62,"y":611,"width":851,"height":11}},{"id":"dfadde84-67c0-44a9-a734-3f25fb969f6c","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":32,"box":{"x":60,"y":626,"width":864,"height":11}},{"id":"16a05240-0b63-4cd0-b5cc-84092bc2f54b","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":32,"box":{"x":60,"y":641,"width":865,"height":11}},{"id":"231593ad-8bc1-48fa-9306-f5dfb90da777","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":32,"box":{"x":60,"y":655,"width":834,"height":12}},{"id":"c3f0f21f-3010-43e5-b1db-cc8b08ad6abc","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":32,"box":{"x":61,"y":670,"width":815,"height":12}},{"id":"57c4c362-2366-44af-9ef3-356e3ae100ad","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":32,"box":{"x":62,"y":693,"width":802,"height":11}},{"id":"f6c72bb3-28ea-4bb4-8944-d67f11bf2f36","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":32,"box":{"x":61,"y":708,"width":840,"height":11}},{"id":"0b11f3e6-2f8c-403a-ade9-c168875033cd","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":32,"box":{"x":61,"y":722,"width":648,"height":12}},{"id":"32eb7464-cbe0-4883-9842-e184d050c271","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":32,"box":{"x":62,"y":745,"width":854,"height":12}},{"id":"679dafce-6bfe-44ba-aa52-0302c096e9f3","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":32,"box":{"x":60,"y":760,"width":814,"height":11}},{"id":"f889b940-36b7-4a15-be29-9d770f558a9e","block_type":"box","text":"expense ratio of the Fund may be impacted by purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":32,"box":{"x":61,"y":775,"width":853,"height":11}},{"id":"0938c317-1040-40e7-99e9-07aba39f9b13","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BlackRock or an Affiliate or their","page_number":32,"box":{"x":60,"y":797,"width":858,"height":12}},{"id":"4e9f318e-54eb-4b7a-b327-95b91367bb83","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":32,"box":{"x":62,"y":812,"width":367,"height":12}},{"id":"5e558b9d-e82f-4d00-b351-17623fbfb6ff","block_type":"box","text":"Under a securities lending program approved by the Board, the Trust on behalf of the Fund has retained BlackRock","page_number":32,"box":{"x":62,"y":835,"width":841,"height":11}},{"id":"e6c2b883-f16a-456c-810d-017b1acb9e3e","block_type":"box","text":"Investment Management, LLC, an Affiliate of BlackRock, to serve as its securities lending agent to the extent that it","page_number":32,"box":{"x":62,"y":849,"width":851,"height":12}},{"id":"43d83d9a-26c0-48cd-9e1b-2649dd724fc6","block_type":"box","text":"participates in the securities lending program. For these services, the securities lending agent will receive a fee from","page_number":32,"box":{"x":62,"y":864,"width":858,"height":12}},{"id":"4eed7aaa-b918-4b6f-8610-6bb19271132d","block_type":"box","text":"the participating Fund based on the returns earned on the Fund’s lending activities, including the investment of the","page_number":32,"box":{"x":60,"y":879,"width":847,"height":12}},{"id":"216980bb-80d4-48ea-9358-0bfd4ef7d394","block_type":"box","text":"cash received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to","page_number":32,"box":{"x":61,"y":894,"width":856,"height":11}},{"id":"6f191cf3-a6a2-4a2a-905f-b6b61e574d70","block_type":"box","text":"which the Fund may lend its portfolio securities under the securities lending program.","page_number":32,"box":{"x":60,"y":909,"width":627,"height":11}},{"id":"6f90703c-2a0a-4fff-a372-ce5b3be0aaf5","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ddc09593-ed3b-4ec9-8b14-2e53b31a319d","block_type":"box","text":"NM1026U-5984568-32/44","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7d339f3c-e7ef-4a57-84c3-55e2f747f21e","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":33,"box":{"x":62,"y":46,"width":864,"height":11}},{"id":"436b5fcd-77ac-4a32-9db3-aba8282c38f2","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":33,"box":{"x":61,"y":60,"width":868,"height":12}},{"id":"cd5a32e8-af35-4445-816f-813b707b4350","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":33,"box":{"x":62,"y":75,"width":870,"height":12}},{"id":"c4484fd9-e741-4ce4-87c5-cdc06bcec0b0","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":33,"box":{"x":60,"y":90,"width":545,"height":12}},{"id":"2fedf7f4-0b16-4d47-a97c-bc1e4f721075","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":33,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"c292e3d5-40b8-4dea-b663-7df1082d8f3f","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":33,"box":{"x":61,"y":127,"width":865,"height":12}},{"id":"231530de-6884-4d25-9327-76450bbd8ba6","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":33,"box":{"x":62,"y":142,"width":819,"height":12}},{"id":"c7eb8bfc-0b15-4f90-8b54-56055f545400","block_type":"box","text":"Valuation of Fund Investments","page_number":33,"box":{"x":63,"y":181,"width":271,"height":11}},{"id":"3a1e6c90-64f2-4b04-9e6b-6cfc58d5a808","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":33,"box":{"x":60,"y":207,"width":849,"height":12}},{"id":"597c94f8-969d-4493-a742-46fab9e94843","block_type":"box","text":"asset value, minus any applicable redemption fee. The net asset value used in determining your share price is the next","page_number":33,"box":{"x":61,"y":222,"width":876,"height":12}},{"id":"5a6ee845-dd77-4f34-b125-c0c4e259dd19","block_type":"box","text":"one calculated after your purchase or redemption order is received. The net asset value of each class of shares","page_number":33,"box":{"x":61,"y":237,"width":821,"height":12}},{"id":"3eac955b-3ecf-4565-9078-aacd4d4b6bf7","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the NYSE","page_number":33,"box":{"x":61,"y":252,"width":875,"height":11}},{"id":"67025260-0c86-4883-abb5-9f73d4992849","block_type":"box","text":"(normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading, based on prices at the time of","page_number":33,"box":{"x":61,"y":267,"width":832,"height":11}},{"id":"5d92d9a2-5032-48bc-bec3-ec4d60c18459","block_type":"box","text":"closing, provided that any Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated","page_number":33,"box":{"x":61,"y":282,"width":871,"height":11}},{"id":"31eb90bb-1df3-427d-a2cc-2a6464863e7f","block_type":"box","text":"into U.S. dollars at the prevailing market rates on the date of valuation as quoted by one or more data service","page_number":33,"box":{"x":62,"y":296,"width":807,"height":12}},{"id":"0447d8ff-2876-4129-81fe-26e6d5b5a705","block_type":"box","text":"providers. The net asset value of shares is calculated by dividing the value of the net assets of each class of shares","page_number":33,"box":{"x":62,"y":311,"width":854,"height":12}},{"id":"07d25a50-bc5d-4b97-be8a-b650f1a129d5","block_type":"box","text":"(i.e., the value of its total assets less total liabilities) by the total number of outstanding shares of the class, generally","page_number":33,"box":{"x":61,"y":326,"width":870,"height":12}},{"id":"790baa0f-0682-4be1-a04b-981c6752ffee","block_type":"box","text":"rounded to the nearest cent.","page_number":33,"box":{"x":61,"y":341,"width":209,"height":9}},{"id":"ce52fbfc-7a5e-4af4-a74c-11669480a1f6","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":363,"width":844,"height":12}},{"id":"65867464-2b5f-4e82-92a9-97f079cec0a4","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":378,"width":837,"height":12}},{"id":"59b961a8-47b9-4ce6-914b-392cf765b8ad","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":33,"box":{"x":62,"y":393,"width":464,"height":11}},{"id":"477a23f0-9d28-4775-8b18-1b62ea243c24","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":416,"width":863,"height":11}},{"id":"cbeb9bb8-d234-4fd8-9d41-ef119e55b87b","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":430,"width":858,"height":12}},{"id":"ab43ee69-5bd8-4d4c-8395-3a1031d5dc01","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":445,"width":863,"height":12}},{"id":"c3a2f4eb-ae19-44b9-9fcf-bf5b97509d27","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":460,"width":852,"height":12}},{"id":"db93b18b-7b7e-46c9-8da3-0caa1dd9da7b","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":475,"width":872,"height":11}},{"id":"84b2f6a5-5b50-49c6-9d92-04721793d98c","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":490,"width":763,"height":11}},{"id":"24b84a3b-7509-4241-a31e-a23870cdba11","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":512,"width":857,"height":12}},{"id":"2b5e7953-7a40-45c9-ba26-b0fff7988371","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":527,"width":870,"height":12}},{"id":"fd95e075-edcf-4099-828d-96cad29e1269","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":542,"width":868,"height":12}},{"id":"c6099299-ff19-435a-95ad-eeb344f9fd09","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":557,"width":842,"height":11}},{"id":"1ad33476-e60d-4440-9e5e-2a9fd6ee2d4e","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":572,"width":853,"height":11}},{"id":"08358a1a-93af-4da3-a719-c5cb6138ef49","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":586,"width":844,"height":12}},{"id":"12487d2e-3738-4ee2-b624-93a8a6a29f48","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":601,"width":822,"height":12}},{"id":"fe741423-ab53-469d-9162-ba99defc740d","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":616,"width":845,"height":12}},{"id":"6cd269ad-6036-4ccb-b753-21fcdb69cba7","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":631,"width":733,"height":11}},{"id":"e1f31610-bf54-4111-87a9-2045d2d97452","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":653,"width":829,"height":12}},{"id":"4951da4b-e5ce-4b07-a04d-d7acc5b59503","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":668,"width":857,"height":12}},{"id":"5b6685cf-34d5-4382-acb8-535d9ca64c7a","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":683,"width":841,"height":12}},{"id":"e0db4c58-65f1-4001-bbce-86251f1921f4","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":698,"width":583,"height":12}},{"id":"a0f66f16-4dd8-427a-896c-f3df2f13acdc","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":720,"width":839,"height":12}},{"id":"65caf953-4e6c-429b-b572-8607d27e4485","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":736,"width":858,"height":11}},{"id":"030f478f-7684-406b-bf30-59ee0b98bb81","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":750,"width":844,"height":12}},{"id":"9d9da1ab-ad3d-4205-8628-5b3772929af9","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":765,"width":845,"height":12}},{"id":"433fc7fc-03b5-401b-9391-e8b8451da50e","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":780,"width":841,"height":11}},{"id":"6dd7169c-45fd-4439-bc25-f1ea64cd98dd","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":795,"width":820,"height":11}},{"id":"d33d02b6-7957-48b2-b3f1-9f918ff69ba3","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":809,"width":828,"height":12}},{"id":"b7e3aa93-8e2d-4cda-95bd-9ad3076f4f02","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":824,"width":836,"height":12}},{"id":"b647ce65-5e22-4eb6-823f-19be01389857","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":839,"width":862,"height":12}},{"id":"df9e65d2-4b59-4b06-9d47-32b70bd9d336","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":854,"width":623,"height":12}},{"id":"932631a3-453a-4e87-a5e7-3425af268217","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":876,"width":817,"height":12}},{"id":"95995c95-5fc0-4c67-b56f-64e82e565307","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":891,"width":871,"height":12}},{"id":"5e5452f3-598c-4174-a46e-83bddf5a0039","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"4d63020a-cb3d-4fd9-9e35-5176396e4e52","block_type":"box","text":"NM1026U-5984568-33/44","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2af6d525-70ba-41c9-a7ee-131e03ed2fc6","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":34,"box":{"x":62,"y":46,"width":872,"height":11}},{"id":"0d62d016-6aee-4461-baff-63e6b3958210","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":34,"box":{"x":61,"y":60,"width":697,"height":12}},{"id":"75b032f1-4866-476f-959a-20ea3b519c7b","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":34,"box":{"x":62,"y":83,"width":825,"height":12}},{"id":"51c38dfc-b458-4502-bf7f-f2c4d9b8b996","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":34,"box":{"x":62,"y":98,"width":871,"height":11}},{"id":"d1d0fa8b-f5ec-4896-8611-0bd272c64f67","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":34,"box":{"x":61,"y":113,"width":847,"height":11}},{"id":"1bf1905b-3c73-4019-8566-f7af40087576","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":34,"box":{"x":62,"y":127,"width":829,"height":12}},{"id":"b76c0c0b-5731-4268-a4a3-b75f92b22cd5","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":34,"box":{"x":60,"y":142,"width":760,"height":12}},{"id":"d5c6fdc7-1a8e-4651-b078-8b94ae32f9e3","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":34,"box":{"x":60,"y":165,"width":830,"height":11}},{"id":"5bc73e4f-177a-4874-9e32-4806c52f0cef","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":34,"box":{"x":61,"y":180,"width":848,"height":11}},{"id":"7d2c2541-4f63-4336-a90a-e1a122106a10","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":34,"box":{"x":61,"y":195,"width":868,"height":11}},{"id":"76f8de58-be4f-407e-9cc9-44ddd4586edf","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":34,"box":{"x":61,"y":209,"width":856,"height":12}},{"id":"d50d1092-e154-4a7b-a8f1-9976885bb43f","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":34,"box":{"x":61,"y":248,"width":311,"height":14}},{"id":"37b610e1-9102-43dc-b8b2-d493fba1eb19","block_type":"box","text":"BUYING A DIVIDEND","page_number":34,"box":{"x":423,"y":289,"width":152,"height":10}},{"id":"e4835863-a8dd-4b65-ae49-a49832220b93","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":312,"width":831,"height":11}},{"id":"b2f78d55-f181-47e7-9332-a7c721889fb3","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":327,"width":845,"height":11}},{"id":"c3a16519-cda9-40f9-881d-f234036c5d7b","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":341,"width":855,"height":12}},{"id":"79283481-5285-4af3-aba9-2969d3636de7","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":34,"box":{"x":70,"y":356,"width":554,"height":12}},{"id":"336a56e9-b182-4096-b200-9f9318b4ee38","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":397,"width":871,"height":11}},{"id":"33025c24-fdc6-44eb-a736-5b48551dd70c","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":412,"width":862,"height":11}},{"id":"845065e9-c0f7-48fa-8f11-6aa2a30bb160","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":427,"width":863,"height":11}},{"id":"f1c5106a-c723-4f21-979a-7a650d2237b7","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":34,"box":{"x":61,"y":442,"width":543,"height":11}},{"id":"e5cb7c0d-c4cd-441b-90e0-030abf6087dd","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":34,"box":{"x":60,"y":464,"width":856,"height":12}},{"id":"937825ed-57c5-44ba-b527-f0b8b9242adf","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":34,"box":{"x":60,"y":479,"width":692,"height":11}},{"id":"1858dbe4-2078-4a5f-b3e6-eefe7847b966","block_type":"box","text":"Investments Through a Qualified Plan","page_number":34,"box":{"x":62,"y":501,"width":272,"height":12}},{"id":"54d6bd7c-4211-4f62-9ea9-13e4e452d5e2","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":34,"box":{"x":61,"y":524,"width":864,"height":11}},{"id":"e6276c8b-d1ba-4328-a1f0-9f631e495d0b","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":34,"box":{"x":62,"y":539,"width":851,"height":11}},{"id":"ce149987-bbe9-4aa0-843f-67c013731570","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":34,"box":{"x":60,"y":554,"width":875,"height":11}},{"id":"b81d42ba-aaaf-4e98-9a3f-1173cf7c1dcb","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":34,"box":{"x":61,"y":568,"width":841,"height":12}},{"id":"3ae5437c-122c-447a-b6b2-d30a7928d494","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":34,"box":{"x":60,"y":583,"width":455,"height":12}},{"id":"dcf2c03a-e96e-4dc5-a9d2-0b5d5637aa28","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":34,"box":{"x":62,"y":606,"width":344,"height":11}},{"id":"76bdadba-ba7b-4d07-a2ef-8a8d4beaf0cb","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":34,"box":{"x":62,"y":628,"width":831,"height":12}},{"id":"f3543e9b-83fa-4515-9e6f-c84ea2b168f5","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":34,"box":{"x":61,"y":643,"width":847,"height":12}},{"id":"fbd96667-1886-4d93-bf6c-86b91ee58a6b","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":34,"box":{"x":60,"y":658,"width":851,"height":12}},{"id":"1063621a-a058-4a4a-aa7e-c4b7b0bdfc6f","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":34,"box":{"x":61,"y":673,"width":859,"height":11}},{"id":"c47d1898-237f-46d2-a975-286a991d123e","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":34,"box":{"x":61,"y":688,"width":863,"height":11}},{"id":"3c97dc8c-1102-43c7-9001-7b93f5e777b0","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":34,"box":{"x":60,"y":702,"width":875,"height":12}},{"id":"461085dd-f1ed-44a6-afbd-9eed6011d82b","block_type":"box","text":"inflation.","page_number":34,"box":{"x":62,"y":717,"width":61,"height":10}},{"id":"9d8e7005-6f41-4a7b-8592-784f3e0c63dd","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":740,"width":803,"height":11}},{"id":"4a801f8a-2f5b-4902-a392-82f45965ec76","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":754,"width":873,"height":12}},{"id":"ac576e8f-a0d6-4703-bcfa-bbae0ef8039e","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":34,"box":{"x":60,"y":769,"width":282,"height":12}},{"id":"c629b752-6b0c-41d5-a3ef-a9f683719c50","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":792,"width":861,"height":12}},{"id":"5cc51322-9de1-468c-90a6-f870cc857c5e","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":807,"width":679,"height":11}},{"id":"f52f1f98-0e79-4145-96f5-c640a2154e1e","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":34,"box":{"x":62,"y":829,"width":326,"height":12}},{"id":"b3950db3-5160-46f8-9cc3-2412a7ddc27f","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":34,"box":{"x":62,"y":852,"width":864,"height":12}},{"id":"c1e96a70-4e8a-4b67-888f-b91451333ed7","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":34,"box":{"x":62,"y":867,"width":856,"height":11}},{"id":"42029860-5739-4a76-90b9-bc45cd7133f0","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":34,"box":{"x":62,"y":882,"width":857,"height":11}},{"id":"a29b1874-278a-448b-a63e-9ad61da3988c","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":34,"box":{"x":61,"y":896,"width":862,"height":12}},{"id":"f791b9d0-025a-4c02-b5a7-9adc7d66a622","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":34,"box":{"x":61,"y":911,"width":770,"height":12}},{"id":"87edfe75-d1cd-4389-af1f-abea82ed3711","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d97d5d1e-bda7-43cd-9f53-f08dc11d6dfd","block_type":"box","text":"NM1026U-5984568-34/44","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c2c7b46e-2404-440a-a9ab-eaceae92d4bb","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":35,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"757ab72d-b9ab-4fe2-97d2-6ab7748c332c","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":35,"box":{"x":60,"y":60,"width":808,"height":12}},{"id":"9ce82d91-3d70-48b7-ad1d-0b22281ac6eb","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":35,"box":{"x":60,"y":75,"width":874,"height":12}},{"id":"9e8f7416-5d22-43b7-82a5-8a7b3ae435a1","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":35,"box":{"x":62,"y":90,"width":789,"height":12}},{"id":"77a01108-2a13-49b9-89b1-13f23b78048e","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":35,"box":{"x":62,"y":105,"width":858,"height":12}},{"id":"293c6889-1f2d-4847-82e6-5f71e973d5ce","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":35,"box":{"x":61,"y":120,"width":865,"height":11}},{"id":"0146b878-0e6d-4101-be9c-2f2eec67405b","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":35,"box":{"x":61,"y":135,"width":802,"height":11}},{"id":"2e2fefc6-2dcc-48db-9c51-3fcc496d6b47","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":35,"box":{"x":62,"y":149,"width":639,"height":12}},{"id":"5ab9163e-6282-455a-9493-c669a6f48e87","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":35,"box":{"x":60,"y":172,"width":855,"height":11}},{"id":"fe02b840-5b31-47e6-87d1-d26332b300b5","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":35,"box":{"x":61,"y":187,"width":832,"height":11}},{"id":"81a73334-ebf9-4eae-afed-c57255749728","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":35,"box":{"x":62,"y":202,"width":383,"height":11}},{"id":"4b636a5a-9732-479c-9030-629b063c855b","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"5afc5549-8150-4ad5-a7d3-27b5b778b825","block_type":"box","text":"NM1026U-5984568-35/44","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"587c8622-49d6-4045-ab2e-ea0246fe0235","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":36,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"ddc9f569-de38-41d4-8adf-a1d0df518e39","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":36,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"eedf37f1-f07c-48b6-8b4a-7a8856b0e1ba","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":36,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"c0b019a8-af84-4c19-8a70-e73e3a5045ab","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP, whose","page_number":36,"box":{"x":61,"y":120,"width":840,"height":11}},{"id":"b9b6e1f3-f8e5-4ca1-9c4e-588e378a75db","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":36,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"2ec2112e-a286-4384-8b7a-72962e3651d8","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which are","page_number":36,"box":{"x":60,"y":149,"width":813,"height":12}},{"id":"81e52794-b31a-4bf1-95de-adab60a2e22a","block_type":"box","text":"available upon request and at www.blackrock.com.","page_number":36,"box":{"x":61,"y":165,"width":370,"height":10}},{"id":"135eb632-fcdd-47c6-baf8-33ee62d727e9","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":36,"box":{"x":508,"y":185,"width":378,"height":9}},{"id":"fc8dc506-b6d9-49bc-b3a7-d47799d5daeb","block_type":"box","text":"Class K","page_number":36,"box":{"x":674,"y":201,"width":45,"height":7}},{"id":"a5d42771-5ca6-4b75-bdbd-3d1005c6f335","block_type":"box","text":"Year Ended","page_number":36,"box":{"x":470,"y":228,"width":66,"height":7}},{"id":"f97f698c-c119-4608-835e-c5fe3547fc5e","block_type":"box","text":"05/31/26","page_number":36,"box":{"x":471,"y":238,"width":64,"height":9}},{"id":"6a7bc7c4-0769-401d-be03-fd3af174429a","block_type":"box","text":"Year Ended","page_number":36,"box":{"x":567,"y":228,"width":66,"height":7}},{"id":"a4f6ffe2-99ee-4f3e-9d2e-c877c4325a00","block_type":"box","text":"05/31/25","page_number":36,"box":{"x":568,"y":238,"width":64,"height":9}},{"id":"e651a24a-5706-41e5-b830-773e343108d6","block_type":"box","text":"Year Ended","page_number":36,"box":{"x":664,"y":228,"width":65,"height":7}},{"id":"c4e6edcb-3d06-47d7-912d-10ae2be72dd9","block_type":"box","text":"05/31/24","page_number":36,"box":{"x":665,"y":238,"width":64,"height":9}},{"id":"0be15fc9-792e-4fb7-a8e6-34ac1e2b9be2","block_type":"box","text":"Year Ended","page_number":36,"box":{"x":760,"y":228,"width":66,"height":7}},{"id":"ba6be2fd-563b-4f6b-9afe-47ac3732e189","block_type":"box","text":"05/31/23","page_number":36,"box":{"x":762,"y":238,"width":63,"height":9}},{"id":"3b59f080-b162-4eb8-ada1-3d9ace31810d","block_type":"box","text":"Year Ended","page_number":36,"box":{"x":857,"y":228,"width":66,"height":7}},{"id":"8e703253-7dd2-42a0-8c72-3c1b27f44d1c","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":36,"box":{"x":69,"y":238,"width":296,"height":9}},{"id":"6c55ca78-0079-449a-a5b7-150b04321155","block_type":"box","text":"05/31/22","page_number":36,"box":{"x":859,"y":238,"width":63,"height":9}},{"id":"20e1700f-5f80-4de7-b8cd-986fc2b2f0ef","block_type":"box","text":"Net asset value, beginning of year","page_number":36,"box":{"x":69,"y":255,"width":205,"height":9}},{"id":"e2524acf-d86b-43b6-834a-ac935427d12a","block_type":"box","text":"$ 21.40 $ 22.52 $ 17.61 $ 17.58 $ 19.28","page_number":36,"box":{"x":474,"y":254,"width":442,"height":9}},{"id":"b698005b-9c7f-4344-8c07-5605abd34c97","block_type":"box","text":"Net investment income","page_number":36,"box":{"x":85,"y":272,"width":134,"height":7}},{"id":"2489502b-53f2-4111-a71e-8ffd29a80a73","block_type":"box","text":"(a)","page_number":36,"box":{"x":220,"y":272,"width":7,"height":4}},{"id":"cc685ff4-749d-45bf-9abc-cf708f88b227","block_type":"box","text":"0.18 0.19 0.20 0.22 0.17","page_number":36,"box":{"x":506,"y":272,"width":410,"height":7}},{"id":"9b62b1ce-3ea7-4563-9cec-e5af33fe2499","block_type":"box","text":"Net realized and unrealized gain (loss) 6.53 2.36 4.92 0.02 (0.61)","page_number":36,"box":{"x":85,"y":283,"width":835,"height":10}},{"id":"94d13469-3d19-4b25-bc3f-4c34dbea42ca","block_type":"box","text":"Net increase (decrease) from investment operations 6.71 2.55 5.12 0.24 (0.44)","page_number":36,"box":{"x":70,"y":295,"width":850,"height":9}},{"id":"71c89325-436b-45c2-9201-7875e08e1da6","block_type":"box","text":"Distributions","page_number":36,"box":{"x":69,"y":312,"width":76,"height":7}},{"id":"9fcdf119-6b62-4e76-b82a-b01d268729ef","block_type":"box","text":"(b)","page_number":36,"box":{"x":145,"y":312,"width":8,"height":4}},{"id":"47cdeb5d-24cf-43a9-a607-7a70a421d7fe","block_type":"box","text":"From net investment income (0.19) (0.21) (0.21) (0.21) (0.12)","page_number":36,"box":{"x":85,"y":323,"width":835,"height":9}},{"id":"17edf4a2-db6b-4255-a6e8-3fe80fcda15c","block_type":"box","text":"From net realized gain (1.36) (3.46) — — (1.14)","page_number":36,"box":{"x":85,"y":335,"width":835,"height":9}},{"id":"90c94485-d6cf-423b-b52b-7d8ace37c850","block_type":"box","text":"Total distributions (1.55) (3.67) (0.21) (0.21) (1.26)","page_number":36,"box":{"x":69,"y":352,"width":851,"height":9}},{"id":"d4e6c68a-225c-4ded-8ce3-7ad6ac6671e1","block_type":"box","text":"Net asset value, end of year","page_number":36,"box":{"x":69,"y":369,"width":168,"height":9}},{"id":"5ea10c39-e73c-4360-aa41-b20cdf86c97a","block_type":"box","text":"$ 26.56 $ 21.40 $ 22.52 $ 17.61 $ 17.58","page_number":36,"box":{"x":474,"y":368,"width":442,"height":9}},{"id":"02d59412-4aad-44bb-a7df-655c01a7ed0b","block_type":"box","text":"Total Return","page_number":36,"box":{"x":69,"y":385,"width":73,"height":8}},{"id":"97e5b751-8479-4cda-acb4-efd5f50aba1e","block_type":"box","text":"(c)","page_number":36,"box":{"x":143,"y":385,"width":8,"height":5}},{"id":"e19fb48e-c366-4ef8-ab11-2b6c7cd0f7d6","block_type":"box","text":"Based on net asset value 32.67% 11.90% 29.30% 1.43% (2.80)%","page_number":36,"box":{"x":70,"y":402,"width":860,"height":9}},{"id":"f0916a24-cb54-4869-900d-e53f54c58f95","block_type":"box","text":"Ratios to Average Net Assets","page_number":36,"box":{"x":70,"y":419,"width":176,"height":9}},{"id":"1b56b2ac-cb47-4f36-b749-d8546df1474a","block_type":"box","text":"(d)","page_number":36,"box":{"x":247,"y":419,"width":8,"height":4}},{"id":"66d97ae5-8d77-4ce9-83b7-2184245401e1","block_type":"box","text":"Total expenses 0.52% 0.51% 0.50% 0.51% 0.55%","page_number":36,"box":{"x":69,"y":436,"width":857,"height":8}},{"id":"daf3104f-58d8-4d64-902f-8774a9322a30","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.43% 0.43% 0.43% 0.43% 0.43%","page_number":36,"box":{"x":69,"y":452,"width":857,"height":9}},{"id":"75b565d0-465f-4641-a953-9ab196013828","block_type":"box","text":"Net investment income 0.78% 0.89% 1.02% 1.30% 0.89%","page_number":36,"box":{"x":70,"y":469,"width":856,"height":7}},{"id":"26f0ef5f-9545-40bc-8ce7-d60ed199b4ad","block_type":"box","text":"Supplemental Data","page_number":36,"box":{"x":69,"y":486,"width":114,"height":9}},{"id":"66bd37fd-5751-4ba3-9780-6786b527f9a4","block_type":"box","text":"Net assets, end of year (000) $493,370 $319,307 $196,996 $490,527 $76,992","page_number":36,"box":{"x":70,"y":502,"width":846,"height":10}},{"id":"cb9bdf38-5de0-469b-b217-9ef5fd031e24","block_type":"box","text":"Portfolio turnover rate 115% 129% 108% 120% 99%","page_number":36,"box":{"x":69,"y":519,"width":857,"height":8}},{"id":"c5bcbc89-4b21-4a31-bb28-fc8989fe8435","block_type":"box","text":"(a)","page_number":36,"box":{"x":61,"y":539,"width":7,"height":5}},{"id":"3435c577-fd0c-4922-a8f5-94a429561960","block_type":"box","text":"Based on average shares outstanding.","page_number":36,"box":{"x":81,"y":539,"width":225,"height":10}},{"id":"939cb628-426b-4ebd-8bce-c0f3488c9c44","block_type":"box","text":"(b)","page_number":36,"box":{"x":61,"y":552,"width":7,"height":5}},{"id":"59dca0c1-3fa0-44c5-91ba-6d2f6505c424","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":36,"box":{"x":82,"y":552,"width":582,"height":9}},{"id":"102b4477-c8f0-46e5-8e52-5b6d7890ff41","block_type":"box","text":"(c)","page_number":36,"box":{"x":61,"y":565,"width":6,"height":5}},{"id":"3eb984a7-8e17-45f6-a216-47cd565179ee","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":36,"box":{"x":81,"y":565,"width":361,"height":9}},{"id":"b805d365-079a-45a7-b8c1-a9c372970e48","block_type":"box","text":"(d)","page_number":36,"box":{"x":61,"y":578,"width":7,"height":5}},{"id":"26de0fd5-fc26-4d93-a382-55a6ecb0ec04","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":36,"box":{"x":82,"y":578,"width":550,"height":9}},{"id":"5916ded5-d3f3-45f5-baa0-fb7d3003f1d8","block_type":"box","text":"Financial Highlights","page_number":36,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"aee38e6c-b172-45cb-8013-418741cc649b","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"851a88f8-6dc6-4467-a731-ea521d985a08","block_type":"box","text":"NM1026U-5984568-36/44","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a1e62f66-54ee-4f23-b8e7-e930818c3818","block_type":"box","text":"General Information","page_number":37,"box":{"x":63,"y":82,"width":431,"height":27}},{"id":"83fa483d-86c6-4f65-bb68-e21e1ccbe046","block_type":"box","text":"Shareholder Documents","page_number":37,"box":{"x":61,"y":156,"width":216,"height":11}},{"id":"f92eb34a-9246-4ca7-82d1-1928ef671fde","block_type":"box","text":"Electronic Access to Annual and Semi-Annual Reports, Annual and Semi-Annual Financial Statements and","page_number":37,"box":{"x":61,"y":183,"width":875,"height":12}},{"id":"c8e1f47e-3516-41d8-b6a9-d84846e3f195","block_type":"box","text":"Additional Information and Prospectuses","page_number":37,"box":{"x":60,"y":200,"width":336,"height":12}},{"id":"0e23abab-917c-4b8e-8e1b-b7c2c75d38bc","block_type":"box","text":"Electronic copies of most financial reports and prospectuses are available on BlackRock’s website. Shareholders can","page_number":37,"box":{"x":62,"y":216,"width":862,"height":11}},{"id":"8e2f65b0-2539-4eb0-b046-80f4053645df","block_type":"box","text":"sign up for e-mail notifications of annual and semi-annual reports, Annual and Semi-Annual Financial Statements and","page_number":37,"box":{"x":61,"y":231,"width":858,"height":11}},{"id":"66dfd550-6bd1-4aa9-bb60-1accdd922a7d","block_type":"box","text":"Additional Information and prospectuses by enrolling in the Fund’s electronic delivery program. To enroll:","page_number":37,"box":{"x":60,"y":245,"width":767,"height":12}},{"id":"1c88a199-5d19-49c1-8449-c2bf145b7a9a","block_type":"box","text":"Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:","page_number":37,"box":{"x":60,"y":268,"width":619,"height":11}},{"id":"8d4f9b1c-4a72-4f4e-8dde-72682c197715","block_type":"box","text":"Please contact your Financial","page_number":37,"box":{"x":686,"y":268,"width":211,"height":11}},{"id":"b35520b3-061c-483e-8c83-95f91753ea0b","block_type":"box","text":"Intermediary. Please note that not all investment advisers, banks or brokerages may offer this service.","page_number":37,"box":{"x":62,"y":283,"width":754,"height":11}},{"id":"194d1dc8-a476-4cea-bd29-6772b3e86973","block_type":"box","text":"Shareholders Who Hold Accounts Directly With BlackRock:","page_number":37,"box":{"x":60,"y":306,"width":445,"height":11}},{"id":"06695196-4eaf-4d51-9662-4886eebac56e","block_type":"box","text":"Access the BlackRock website at http://www.blackrock.com/edelivery; and","page_number":37,"box":{"x":81,"y":326,"width":552,"height":11}},{"id":"5bd488a5-2ef8-48ba-ba34-69db32aaa2fb","block_type":"box","text":"Log into your account.","page_number":37,"box":{"x":82,"y":346,"width":159,"height":11}},{"id":"4fee9774-f735-4db7-8968-e99a9aee8f09","block_type":"box","text":"Delivery of Shareholder Documents","page_number":37,"box":{"x":61,"y":368,"width":289,"height":13}},{"id":"75bf542f-5edc-449e-8170-379d61d4aaa0","block_type":"box","text":"The Fund delivers only one copy of shareholder documents, including prospectuses, shareholder reports and proxy","page_number":37,"box":{"x":60,"y":385,"width":843,"height":11}},{"id":"db7bb9e5-46b7-41a6-a3b4-c396bab994e4","block_type":"box","text":"statements, to shareholders with multiple accounts at the same address. This practice is known as “householding”","page_number":37,"box":{"x":61,"y":400,"width":849,"height":11}},{"id":"dc6e4e6c-ee25-4c17-84bb-bf011a837bdc","block_type":"box","text":"and is intended to eliminate duplicate mailings and reduce expenses. Mailings of your shareholder documents may be","page_number":37,"box":{"x":61,"y":414,"width":868,"height":12}},{"id":"34c80f1e-3658-4456-82af-40396073f42c","block_type":"box","text":"householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be","page_number":37,"box":{"x":61,"y":429,"width":844,"height":12}},{"id":"81b5bf7d-870b-4ba4-bf35-dd9d574ddbd3","block_type":"box","text":"combined with those for other members of your household, please contact the Fund at (800) 537-4942.","page_number":37,"box":{"x":61,"y":444,"width":764,"height":11}},{"id":"7522d141-a716-4beb-8b7d-8a84cfb8cf6e","block_type":"box","text":"Certain Fund Policies","page_number":37,"box":{"x":61,"y":483,"width":194,"height":11}},{"id":"a1c4ff81-1beb-4a9b-92f1-63ebc4078d20","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":37,"box":{"x":60,"y":510,"width":309,"height":12}},{"id":"a8240ee9-008a-492c-a104-90a8f26f9e29","block_type":"box","text":"The Fund is subject to the USA PATRIOT Act (the “Patriot Act”). The Patriot Act is intended to prevent the use of the","page_number":37,"box":{"x":60,"y":526,"width":844,"height":11}},{"id":"16721ba2-051f-45b3-b6ae-54096598a090","block_type":"box","text":"U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements","page_number":37,"box":{"x":62,"y":541,"width":861,"height":11}},{"id":"e293f7e9-a65c-42bf-abcd-86f7977747ad","block_type":"box","text":"under the Patriot Act, the Fund is required to obtain sufficient information from shareholders to enable it to form a","page_number":37,"box":{"x":61,"y":555,"width":840,"height":12}},{"id":"d23112fa-3e90-494f-9c35-a64aba5c4d28","block_type":"box","text":"reasonable belief that it knows the true identity of its shareholders. This information will be used to verify the identity","page_number":37,"box":{"x":61,"y":570,"width":861,"height":12}},{"id":"1f36c9fc-7700-4410-8895-057fe6e40e31","block_type":"box","text":"of investors or, in some cases, the status of Financial Intermediaries . Such information may be verified using third","page_number":37,"box":{"x":61,"y":585,"width":849,"height":12}},{"id":"4a3310e4-9154-4ff2-bffd-3890ecb8927e","block_type":"box","text":"party sources. This information will be used only for compliance with the Patriot Act or other applicable laws,","page_number":37,"box":{"x":62,"y":600,"width":795,"height":11}},{"id":"c018e0f4-9e17-41a8-b9ae-e1da47a30561","block_type":"box","text":"regulations and rules in connection with money laundering, terrorism or economic sanctions.","page_number":37,"box":{"x":61,"y":615,"width":679,"height":11}},{"id":"572d9492-b9ac-4fe5-8fef-102353131f37","block_type":"box","text":"The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to","page_number":37,"box":{"x":60,"y":637,"width":858,"height":12}},{"id":"45da5aa6-cc3a-4797-a908-79e7c5c407ad","block_type":"box","text":"allow the Fund to verify their identity. The Fund also reserves the right to redeem any amounts in the Fund from","page_number":37,"box":{"x":61,"y":652,"width":815,"height":12}},{"id":"72968727-ae88-4138-b26c-c86d464edbe9","block_type":"box","text":"persons whose identity it is unable to verify on a timely basis. It is the Fund’s policy to cooperate fully with appropriate","page_number":37,"box":{"x":62,"y":667,"width":869,"height":11}},{"id":"18d281a4-3a5c-4943-b46c-2f8870d424a0","block_type":"box","text":"regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit","page_number":37,"box":{"x":61,"y":682,"width":805,"height":11}},{"id":"e231fb5b-2e67-48e7-a60e-2cd3195b8c56","block_type":"box","text":"activities.","page_number":37,"box":{"x":61,"y":697,"width":68,"height":9}},{"id":"6ffa9990-70c3-4011-9874-4b1bdbb854ba","block_type":"box","text":"BlackRock Privacy Principles","page_number":37,"box":{"x":61,"y":720,"width":241,"height":12}},{"id":"6e361501-9882-4297-829d-31e3bdc8695c","block_type":"box","text":"BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients","page_number":37,"box":{"x":62,"y":736,"width":821,"height":12}},{"id":"44a66507-9fb4-4f58-b823-db5c960264e8","block_type":"box","text":"(collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided","page_number":37,"box":{"x":61,"y":751,"width":868,"height":11}},{"id":"2c8f3d75-8aa3-4d0f-a3cd-653097c0132f","block_type":"box","text":"to help you understand what personal information BlackRock collects, how we protect that information and why in","page_number":37,"box":{"x":60,"y":766,"width":834,"height":11}},{"id":"815013ae-88f0-48ce-a199-9a5aed6e26c5","block_type":"box","text":"certain cases we share such information with select parties.","page_number":37,"box":{"x":61,"y":780,"width":445,"height":12}},{"id":"3bfa4ca8-ebae-4a28-8e32-5681527cf4ce","block_type":"box","text":"If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with","page_number":37,"box":{"x":62,"y":803,"width":823,"height":12}},{"id":"075a00c8-958f-450b-b03a-835b6fd12e84","block_type":"box","text":"additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those","page_number":37,"box":{"x":61,"y":818,"width":832,"height":11}},{"id":"0d4f1bbb-43a5-49de-9c30-1a99559ce7c0","block_type":"box","text":"specific laws, rules or regulations.","page_number":37,"box":{"x":61,"y":833,"width":250,"height":11}},{"id":"564744f7-7529-4f1f-b7d1-92f4d6f4b60a","block_type":"box","text":"BlackRock obtains or verifies personal non-public information from and about you from different sources, including the","page_number":37,"box":{"x":62,"y":855,"width":867,"height":12}},{"id":"b6aa2bb7-6f83-4b40-b585-0895bf9c1b16","block_type":"box","text":"following: (i) information we receive from you or, if applicable, your Financial Intermediary, on applications, forms or","page_number":37,"box":{"x":60,"y":870,"width":847,"height":12}},{"id":"d919d2a0-3448-41ca-8fd3-4fae9ba80517","block_type":"box","text":"other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive","page_number":37,"box":{"x":61,"y":885,"width":858,"height":11}},{"id":"392ef230-a362-4905-b847-50b54e8cfeb9","block_type":"box","text":"from a consumer reporting agency; and (iv) from visits to our website.","page_number":37,"box":{"x":60,"y":900,"width":511,"height":11}},{"id":"8299a8f8-e6e0-4bc2-87d7-17df2d567c3d","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"3e11e859-ab34-4eb0-9e85-5542911f6a9d","block_type":"box","text":"NM1026U-5984568-37/44","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"56500510-6d35-4bb1-ac96-d3f133ddb62b","block_type":"box","text":"BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients,","page_number":38,"box":{"x":62,"y":46,"width":872,"height":11}},{"id":"1c41501c-8001-4119-8d93-fddee273cb74","block_type":"box","text":"except as permitted by law, or as is necessary to respond to regulatory requests or to service Client accounts. These","page_number":38,"box":{"x":61,"y":61,"width":863,"height":11}},{"id":"855f48fb-24f2-440b-9a7f-190346149255","block_type":"box","text":"non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only","page_number":38,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"55a19a65-7058-480b-9739-2b7541f6477b","block_type":"box","text":"for its intended purpose.","page_number":38,"box":{"x":60,"y":90,"width":180,"height":11}},{"id":"d24cecda-b3d5-40bd-94bc-f3350deccf5a","block_type":"box","text":"We may share information with our affiliates to service your account or to provide you with information about other","page_number":38,"box":{"x":60,"y":113,"width":842,"height":11}},{"id":"99112f52-6101-4354-b5a3-cb805508050d","block_type":"box","text":"BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public","page_number":38,"box":{"x":62,"y":127,"width":846,"height":12}},{"id":"707d6426-e98e-484a-8fc6-02cdf956bc08","block_type":"box","text":"personal information about its Clients to those BlackRock employees with a legitimate business need for the","page_number":38,"box":{"x":62,"y":142,"width":798,"height":12}},{"id":"fb249cd0-1a96-41b5-9a5b-a95b63a19de1","block_type":"box","text":"information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non","page_number":38,"box":{"x":62,"y":157,"width":867,"height":12}},{"id":"5f487497-9f39-4bc5-b071-4e30ffb0568e","block_type":"box","text":"public personal information of its Clients, including procedures relating to the proper storage and disposal of such","page_number":38,"box":{"x":62,"y":172,"width":836,"height":12}},{"id":"d11c3da7-3167-4a1d-809f-7585946f3357","block_type":"box","text":"information.","page_number":38,"box":{"x":62,"y":187,"width":85,"height":9}},{"id":"c07ae1b3-2499-4612-b88a-1a60d6b360e1","block_type":"box","text":"Statement of Additional Information","page_number":38,"box":{"x":61,"y":226,"width":324,"height":11}},{"id":"b287a28e-8fed-4421-b84a-2513abe94a9e","block_type":"box","text":"If you would like further information about the Fund, including how it invests, please see the SAI.","page_number":38,"box":{"x":62,"y":252,"width":708,"height":11}},{"id":"db581311-3e65-4e5a-a5c7-2e95f4dfa6a7","block_type":"box","text":"For a discussion of the Fund’s policies and procedures regarding the selective disclosure of its portfolio holdings,","page_number":38,"box":{"x":62,"y":274,"width":833,"height":12}},{"id":"00ed50af-e8eb-4d5c-a354-b20e9487e324","block_type":"box","text":"please see the SAI. The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally","page_number":38,"box":{"x":62,"y":289,"width":867,"height":12}},{"id":"716346d4-6c43-44c5-9972-2db2e9db7d7a","block_type":"box","text":"within 5 business days after the end of the month to which the information applies.","page_number":38,"box":{"x":60,"y":304,"width":612,"height":12}},{"id":"727fbcb4-42e5-42e2-9894-cdfabfe074f8","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"cfc2ec8d-accc-43d7-9f05-6373dfe77134","block_type":"box","text":"NM1026U-5984568-38/44","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c6260058-109b-4094-8878-4feea4ac4101","block_type":"box","text":"Glossary","page_number":39,"box":{"x":63,"y":82,"width":192,"height":34}},{"id":"f9965109-679c-4705-942f-4019fe159114","block_type":"box","text":"This glossary contains an explanation of some of the common terms used in this prospectus. For additional","page_number":39,"box":{"x":60,"y":146,"width":792,"height":12}},{"id":"549cb6d4-1599-4da5-9676-f91d7b3208f0","block_type":"box","text":"information about the Fund, please see the SAI.","page_number":39,"box":{"x":62,"y":161,"width":350,"height":11}},{"id":"373ccd0b-965e-4508-aeb1-dc272cf2fdc2","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":39,"box":{"x":60,"y":184,"width":259,"height":11}},{"id":"db1dc9c3-1497-413d-a662-d630466580b2","block_type":"box","text":"— the Fund’s pro rata share of the fees and expenses incurred indirectly by the","page_number":39,"box":{"x":323,"y":184,"width":585,"height":11}},{"id":"a9356bfd-03f7-4a94-b26d-f36a244a0ba1","block_type":"box","text":"Fund as a result of investing in other investment companies.","page_number":39,"box":{"x":62,"y":198,"width":442,"height":12}},{"id":"b15f7b3c-70a7-4cfa-913f-b121c9d9a0bb","block_type":"box","text":"Annual Fund Operating Expenses","page_number":39,"box":{"x":60,"y":221,"width":249,"height":11}},{"id":"9cd1e8ac-da42-4fdc-83fc-3a91c10b04ec","block_type":"box","text":"— expenses that cover the costs of operating the Fund.","page_number":39,"box":{"x":313,"y":221,"width":409,"height":12}},{"id":"ab963109-f94d-4de2-a8e9-bfa71329a717","block_type":"box","text":"Dividend Expense","page_number":39,"box":{"x":61,"y":244,"width":132,"height":11}},{"id":"a8ac753e-3160-4dcc-9677-302393ca874d","block_type":"box","text":"— if the Fund sells a security short, the Fund will generally have to borrow the shares for delivery to","page_number":39,"box":{"x":198,"y":244,"width":735,"height":11}},{"id":"7039b6f1-e005-48e1-84e1-9eeb1fe77de1","block_type":"box","text":"the broker that sold the shares. If a cash dividend is paid on securities that are sold short, the Fund will be required to","page_number":39,"box":{"x":60,"y":258,"width":875,"height":12}},{"id":"84afe262-4a10-4867-82ad-927531dab5cb","block_type":"box","text":"reimburse the lender of the shares for the amount of that dividend.","page_number":39,"box":{"x":61,"y":273,"width":491,"height":9}},{"id":"0d516aa2-de1b-4766-923e-79d6fe17e9bd","block_type":"box","text":"Interest Expense","page_number":39,"box":{"x":61,"y":296,"width":128,"height":11}},{"id":"51b3b7a6-b3e9-4e84-a3d3-618505a99841","block_type":"box","text":"— the cost of borrowing money to buy additional securities.","page_number":39,"box":{"x":193,"y":296,"width":437,"height":11}},{"id":"05ad50bc-b6c7-471e-ac43-8e992847a4e8","block_type":"box","text":"Management Fee","page_number":39,"box":{"x":61,"y":319,"width":131,"height":11}},{"id":"573ffc2f-ea8d-446d-92c2-a08e96a39d9b","block_type":"box","text":"— a fee paid to BlackRock for managing the Fund.","page_number":39,"box":{"x":196,"y":318,"width":369,"height":12}},{"id":"cacd54bc-abda-40e1-85f1-dcf5493aa652","block_type":"box","text":"Other Expenses","page_number":39,"box":{"x":62,"y":341,"width":117,"height":11}},{"id":"00aa34f6-9782-4ce2-b1e4-e215436d8ab2","block_type":"box","text":"— include accounting, administration, transfer agency, custody, professional and registration fees.","page_number":39,"box":{"x":184,"y":341,"width":722,"height":11}},{"id":"94d98515-7409-4e8d-a979-f1c2ae26c3a8","block_type":"box","text":"Russell 1000 Index","page_number":39,"box":{"x":61,"y":364,"width":147,"height":9}},{"id":"3ad5983a-21f8-46f6-9225-622eb3cfb42b","block_type":"box","text":"— measures the performance of the large-cap segment of the U.S. equity universe. The Russell","page_number":39,"box":{"x":212,"y":363,"width":704,"height":12}},{"id":"175fc5d5-19c8-4aef-a332-5f05cad1762e","block_type":"box","text":"1000 Index is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on","page_number":39,"box":{"x":62,"y":378,"width":873,"height":12}},{"id":"8655a423-1271-42d2-bbd7-bd59d9e30fd7","block_type":"box","text":"a combination of their market cap and current index membership.","page_number":39,"box":{"x":61,"y":393,"width":480,"height":11}},{"id":"7ea2045a-479f-471e-a1d3-52db9b7e72b5","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"82591144-ca0f-4cf6-9999-45f83c60038c","block_type":"box","text":"NM1026U-5984568-39/44","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5f846392-73ab-427e-8d88-23f704ae0997","block_type":"box","text":"[This page intentionally left blank]","page_number":40,"box":{"x":376,"y":479,"width":246,"height":11}},{"id":"07651e9c-dc9a-419b-8898-a27645b261ab","block_type":"box","text":"NM1026U-5984568-40/44","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"65a89408-f359-4c30-93c5-9cddb3bc2222","block_type":"box","text":"[This page intentionally left blank]","page_number":41,"box":{"x":376,"y":479,"width":246,"height":11}},{"id":"97f9b7ff-2897-4ca1-9c70-d5b9eae92ad5","block_type":"box","text":"NM1026U-5984568-41/44","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5b4ed46e-d1ac-46ca-9478-3e25904ff7a6","block_type":"box","text":"[This page intentionally left blank]","page_number":42,"box":{"x":376,"y":479,"width":246,"height":11}},{"id":"abe2372e-8bbd-46c7-8b12-e3d9f5f2cc73","block_type":"box","text":"NM1026U-5984568-42/44","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"82b0a764-c52c-4af2-8f20-169fd3279abe","block_type":"box","text":"For More Information","page_number":43,"box":{"x":64,"y":82,"width":455,"height":27}},{"id":"78f37dde-f0a5-4da5-a2da-b1d6497267c0","block_type":"box","text":"Fund and Service Providers","page_number":43,"box":{"x":61,"y":156,"width":246,"height":11}},{"id":"a1c62a9d-9a42-4be1-b7e5-158dcd15422a","block_type":"box","text":"FUND","page_number":43,"box":{"x":102,"y":188,"width":39,"height":9}},{"id":"bd805e0b-49cc-4888-bb24-eeeb7a878e30","block_type":"box","text":"BlackRock Funds","page_number":43,"box":{"x":102,"y":212,"width":118,"height":9}},{"id":"78ca00ad-6420-4e7b-b976-d77f28c62b8b","block_type":"box","text":"SM","page_number":43,"box":{"x":221,"y":212,"width":11,"height":4}},{"id":"320b3ffe-463b-4377-ad71-5976d5d6ec35","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap","page_number":43,"box":{"x":119,"y":227,"width":375,"height":11}},{"id":"675b54b9-868c-4e6d-8551-bb9846f1192a","block_type":"box","text":"Core Fund","page_number":43,"box":{"x":101,"y":242,"width":73,"height":9}},{"id":"3e5224f8-77f3-4c95-8ef8-b220b5696ef9","block_type":"box","text":"100 Bellevue Parkway","page_number":43,"box":{"x":102,"y":258,"width":161,"height":11}},{"id":"f15c0d52-96e4-4aef-90c3-4b800ef5a16d","block_type":"box","text":"Wilmington, Delaware 19809","page_number":43,"box":{"x":101,"y":273,"width":213,"height":12}},{"id":"c72a0c10-809c-478e-9daa-01b222d06f52","block_type":"box","text":"Written Correspondence:","page_number":43,"box":{"x":103,"y":293,"width":180,"height":11}},{"id":"00201065-941e-4e0d-8628-e655b3d8e477","block_type":"box","text":"P.O. Box 534429","page_number":43,"box":{"x":102,"y":308,"width":124,"height":9}},{"id":"7bb9808e-e7e2-4f40-b635-6f183f678984","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":43,"box":{"x":102,"y":324,"width":277,"height":11}},{"id":"f3a61be2-7fcb-4389-a7aa-cc5421bc8dff","block_type":"box","text":"Overnight Mail:","page_number":43,"box":{"x":102,"y":343,"width":109,"height":11}},{"id":"f76ec519-ca3d-478b-93fb-fc1ba5f8f3d8","block_type":"box","text":"Attention: 534429","page_number":43,"box":{"x":101,"y":358,"width":135,"height":9}},{"id":"a7508142-a056-41af-915c-d00ce3be9b6f","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":43,"box":{"x":102,"y":374,"width":221,"height":10}},{"id":"b9a29627-2b4a-487f-a0e6-b3b6e43d3f44","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":43,"box":{"x":102,"y":389,"width":233,"height":12}},{"id":"b6223fa5-56e0-493c-8824-269df1c7b43e","block_type":"box","text":"(800) 537-4942","page_number":43,"box":{"x":101,"y":409,"width":118,"height":11}},{"id":"dadde67b-72cd-4237-aba9-ddc6a2660f35","block_type":"box","text":"MANAGER AND ADMINISTRATOR","page_number":43,"box":{"x":102,"y":432,"width":241,"height":9}},{"id":"430a289b-a4a8-42fa-b474-bb5769dcdad8","block_type":"box","text":"BlackRock Advisors, LLC","page_number":43,"box":{"x":102,"y":447,"width":171,"height":11}},{"id":"e3be4e3c-ee70-4e23-b5f7-f8030bd6e623","block_type":"box","text":"100 Bellevue Parkway","page_number":43,"box":{"x":102,"y":463,"width":154,"height":11}},{"id":"8d3c534d-9b7b-4260-a990-d55f01c979b0","block_type":"box","text":"Wilmington, Delaware 19809","page_number":43,"box":{"x":101,"y":478,"width":205,"height":12}},{"id":"a1eaa0f3-d29d-4cfb-969c-123578fb2cde","block_type":"box","text":"TRANSFER AGENT","page_number":43,"box":{"x":101,"y":501,"width":134,"height":10}},{"id":"b0368685-9988-4f01-bb6d-e6dd63e98336","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc.","page_number":43,"box":{"x":102,"y":517,"width":295,"height":11}},{"id":"1e711f4e-c726-42b9-8303-7b5e28319487","block_type":"box","text":"118 Flanders Road","page_number":43,"box":{"x":102,"y":532,"width":133,"height":10}},{"id":"cf982abb-f84e-47de-afbf-903258fb67de","block_type":"box","text":"Westborough, Massachusetts 01581","page_number":43,"box":{"x":101,"y":548,"width":263,"height":11}},{"id":"c303c331-1eb6-41d9-9fbc-f89ddc4c4391","block_type":"box","text":"INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM","page_number":43,"box":{"x":525,"y":188,"width":410,"height":9}},{"id":"e940ddb8-8861-4aac-b1fc-702466675210","block_type":"box","text":"Deloitte & Touche LLP","page_number":43,"box":{"x":525,"y":204,"width":153,"height":9}},{"id":"65c02ab1-134c-4c21-b122-e7755b67f031","block_type":"box","text":"115 Federal Street","page_number":43,"box":{"x":525,"y":219,"width":132,"height":9}},{"id":"579fdc98-e993-4b66-87eb-67e94f98dfc4","block_type":"box","text":"Boston, Massachusetts 02110","page_number":43,"box":{"x":525,"y":235,"width":220,"height":10}},{"id":"e46ecf2a-70ba-47d6-9f92-128eb50fd300","block_type":"box","text":"ACCOUNTING SERVICES PROVIDER","page_number":43,"box":{"x":524,"y":258,"width":260,"height":9}},{"id":"aee6014b-affb-4676-adc8-de36a5a61981","block_type":"box","text":"State Street Bank and Trust Company","page_number":43,"box":{"x":525,"y":273,"width":266,"height":12}},{"id":"0c1d1b55-a9fd-409b-bfb3-57d5f3401449","block_type":"box","text":"One Congress Street, Suite 1","page_number":43,"box":{"x":525,"y":289,"width":206,"height":11}},{"id":"b4320486-a0e7-472f-99b5-b678e763755f","block_type":"box","text":"Boston, Massachusetts 02114-2016","page_number":43,"box":{"x":525,"y":304,"width":262,"height":11}},{"id":"0dfae41b-ce9a-40f4-aae3-a5cfc4fefb39","block_type":"box","text":"DISTRIBUTOR","page_number":43,"box":{"x":525,"y":327,"width":100,"height":10}},{"id":"6a2742b3-48a6-4d16-a12d-c1f26c0a5501","block_type":"box","text":"BlackRock Investments, LLC","page_number":43,"box":{"x":525,"y":343,"width":198,"height":11}},{"id":"50b65926-6e6e-4d4d-b79d-57d98c2e18fa","block_type":"box","text":"50 Hudson Yards","page_number":43,"box":{"x":525,"y":358,"width":120,"height":9}},{"id":"b62b18cc-bfc9-4d66-97ed-03f0a7c94679","block_type":"box","text":"New York, New York 10001","page_number":43,"box":{"x":525,"y":374,"width":190,"height":10}},{"id":"bbc7ef11-9791-4dfd-90ea-2a32d04156af","block_type":"box","text":"CUSTODIAN","page_number":43,"box":{"x":524,"y":397,"width":86,"height":9}},{"id":"6a9cf95e-5dc8-4a5f-a06d-842d0f75133b","block_type":"box","text":"State Street Bank and Trust Company","page_number":43,"box":{"x":525,"y":413,"width":266,"height":11}},{"id":"1b678357-cb25-42d2-84d1-fbc094d6007f","block_type":"box","text":"One Congress Street, Suite 1","page_number":43,"box":{"x":525,"y":428,"width":206,"height":11}},{"id":"f92f772a-5802-4a3b-955c-570bec4ffcb1","block_type":"box","text":"Boston, Massachusetts 02114-2016","page_number":43,"box":{"x":525,"y":443,"width":262,"height":11}},{"id":"a4bdff24-272c-4e83-a75d-9a296e7bc0ee","block_type":"box","text":"COUNSEL","page_number":43,"box":{"x":524,"y":467,"width":70,"height":9}},{"id":"f7ef2bf2-5760-4554-968d-18de04aa9c5f","block_type":"box","text":"Ropes & Gray LLP","page_number":43,"box":{"x":525,"y":482,"width":125,"height":11}},{"id":"ba1b42ab-57c0-4735-acd1-3d58f6a30c1e","block_type":"box","text":"1211 Avenue of the Americas","page_number":43,"box":{"x":525,"y":497,"width":208,"height":10}},{"id":"4c5d8288-d225-4b89-b3be-fd7507700808","block_type":"box","text":"New York, New York 10036","page_number":43,"box":{"x":525,"y":513,"width":190,"height":11}},{"id":"0b1f2bbb-d242-49f0-a037-cc61f9714bea","block_type":"box","text":"NM1026U-5984568-43/44","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00302144-31a8-420e-9953-571b92245ca9","block_type":"box","text":"Additional Information","page_number":44,"box":{"x":90,"y":87,"width":197,"height":10}},{"id":"20851fbd-7265-4fe1-98f6-f5785a1d0206","block_type":"box","text":"For more information:","page_number":44,"box":{"x":92,"y":140,"width":155,"height":9}},{"id":"b526e47b-28be-4eb3-9951-093442bb3df6","block_type":"box","text":"This prospectus contains important information you should","page_number":44,"box":{"x":91,"y":156,"width":390,"height":11}},{"id":"7580bba6-5ea8-4d26-bd85-db7330cd2000","block_type":"box","text":"know before investing, including information about risks.","page_number":44,"box":{"x":91,"y":171,"width":372,"height":11}},{"id":"a4bf48d8-61c3-48d2-986e-bd5a442da5f3","block_type":"box","text":"Please read it before you invest and keep it for future","page_number":44,"box":{"x":92,"y":187,"width":350,"height":11}},{"id":"3fe34776-05bc-4bbd-bb40-f48c53ff5536","block_type":"box","text":"reference. More information about the Fund is available at","page_number":44,"box":{"x":91,"y":202,"width":387,"height":9}},{"id":"fab1e3e3-503b-4e69-9810-0b93a0904773","block_type":"box","text":"no charge upon request. This information includes:","page_number":44,"box":{"x":91,"y":218,"width":338,"height":11}},{"id":"6829441e-e7ce-4bfc-bdd1-f690899a0bee","block_type":"box","text":"Annual/Semi-Annual Reports and Form N-CSR","page_number":44,"box":{"x":90,"y":241,"width":335,"height":11}},{"id":"6b44c8b8-f363-46c7-88b7-1e1a48c70695","block_type":"box","text":"The Fund’s annual and semi-annual reports and Form N","page_number":44,"box":{"x":91,"y":257,"width":381,"height":10}},{"id":"f6c90ceb-37df-4c22-ade3-61a2130e159a","block_type":"box","text":"CSR contain additional information about the Fund’s","page_number":44,"box":{"x":91,"y":272,"width":349,"height":8}},{"id":"6c960bac-63ca-4f03-bdbf-aee99bb5163f","block_type":"box","text":"investments. The annual report describes the Fund’s","page_number":44,"box":{"x":91,"y":288,"width":350,"height":10}},{"id":"c28fef6c-3e05-465a-b4ed-267b62ca6410","block_type":"box","text":"performance, lists portfolio holdings, and discusses recent","page_number":44,"box":{"x":91,"y":303,"width":388,"height":11}},{"id":"4524a8c0-1f2e-4f49-853b-a824b65276ce","block_type":"box","text":"market conditions, economic trends and Fund investment","page_number":44,"box":{"x":91,"y":318,"width":381,"height":10}},{"id":"2263c751-0af5-456c-afbc-f1a5d8a920f0","block_type":"box","text":"strategies that significantly affected the Fund’s","page_number":44,"box":{"x":91,"y":334,"width":309,"height":11}},{"id":"0005167e-92d0-4cbc-b71f-0571587db0ba","block_type":"box","text":"performance for the last fiscal year. In Form N-CSR, you","page_number":44,"box":{"x":91,"y":349,"width":373,"height":11}},{"id":"885eb93c-8541-4ce9-a7f3-fc116b4c5c48","block_type":"box","text":"will find the Fund’s financial statements.","page_number":44,"box":{"x":91,"y":365,"width":264,"height":8}},{"id":"893c948f-ba20-41fe-b5ae-37a7e46f34f1","block_type":"box","text":"Statement of Additional Information","page_number":44,"box":{"x":91,"y":388,"width":255,"height":8}},{"id":"dbb9f3de-33de-478e-8a50-0bb204a153d7","block_type":"box","text":"A Statement of Additional Information (“SAI”), dated","page_number":44,"box":{"x":90,"y":403,"width":347,"height":11}},{"id":"8268e35e-f1d6-42ab-bcec-2c424ef2e4b0","block_type":"box","text":"September 28, 2026, has been filed with the Securities","page_number":44,"box":{"x":91,"y":419,"width":365,"height":11}},{"id":"5faa4dff-3af3-4ec8-8d7d-e81295282a0f","block_type":"box","text":"and Exchange Commission (the “SEC”). The SAI, which","page_number":44,"box":{"x":91,"y":434,"width":373,"height":11}},{"id":"a4f40c8c-2afa-43a3-8303-e5fb8ee8147c","block_type":"box","text":"includes additional information about the Fund, may be","page_number":44,"box":{"x":91,"y":450,"width":367,"height":11}},{"id":"dc5503e4-75e5-4b96-87f6-37df9aede81a","block_type":"box","text":"obtained free of charge, along with the Fund’s annual and","page_number":44,"box":{"x":91,"y":465,"width":385,"height":11}},{"id":"0e3be29c-350a-4550-b0f6-f77cb110a905","block_type":"box","text":"semi-annual reports and other information such as Fund","page_number":44,"box":{"x":91,"y":481,"width":376,"height":10}},{"id":"0a9a4116-0e23-43e8-b16a-24e8d94b86aa","block_type":"box","text":"financial statements, by calling (800) 537-4942. The SAI,","page_number":44,"box":{"x":91,"y":496,"width":378,"height":11}},{"id":"864d4799-ba9e-455c-9091-11df19475440","block_type":"box","text":"as amended and/or supplemented from time to time, is","page_number":44,"box":{"x":91,"y":512,"width":364,"height":10}},{"id":"6c677847-970d-4798-87e7-ab47c9a37106","block_type":"box","text":"incorporated by reference into this prospectus.","page_number":44,"box":{"x":91,"y":527,"width":308,"height":11}},{"id":"9ff81590-a1b2-41fe-b433-2d0e8ad11989","block_type":"box","text":"BlackRock Investor Services","page_number":44,"box":{"x":92,"y":550,"width":205,"height":9}},{"id":"7e7b0389-0486-4df5-a661-47b437719b6b","block_type":"box","text":"Representatives are available to discuss account balance","page_number":44,"box":{"x":92,"y":566,"width":382,"height":11}},{"id":"fbfb1435-b431-4d81-86bd-25ad4a1caccc","block_type":"box","text":"information, mutual fund prospectuses, literature,","page_number":44,"box":{"x":91,"y":581,"width":326,"height":11}},{"id":"05c6b73e-568d-47cd-94b1-f29f17ad5520","block_type":"box","text":"programs and services available. Hours: 8:00 a.m. to","page_number":44,"box":{"x":91,"y":597,"width":353,"height":11}},{"id":"ff2f2703-b140-4a8f-af06-27a582671145","block_type":"box","text":"6:00 p.m. (Eastern time), on any business day. Call:","page_number":44,"box":{"x":91,"y":612,"width":342,"height":11}},{"id":"1318b21e-b6bf-4ee8-a1b4-226da0609341","block_type":"box","text":"(800) 537-4942.","page_number":44,"box":{"x":91,"y":628,"width":106,"height":11}},{"id":"eed3e26a-9ead-4d44-9311-9137d3e33250","block_type":"box","text":"Purchases and Redemptions","page_number":44,"box":{"x":92,"y":651,"width":205,"height":11}},{"id":"96ad1205-a3ef-4bd2-b65f-7c68b0a4d5f2","block_type":"box","text":"Call your Financial Intermediary or BlackRock","page_number":44,"box":{"x":91,"y":666,"width":306,"height":11}},{"id":"326fa8bd-6740-4799-a7f4-95c27ff1d112","block_type":"box","text":"Investor Services at (800) 537-4942.","page_number":44,"box":{"x":92,"y":682,"width":242,"height":11}},{"id":"38d6f62a-176d-48b2-a1a6-1a4bede0a447","block_type":"box","text":"World Wide Web","page_number":44,"box":{"x":91,"y":705,"width":118,"height":9}},{"id":"411978e0-4182-483a-aac9-0feb4965a826","block_type":"box","text":"General Fund information and specific Fund performance,","page_number":44,"box":{"x":91,"y":721,"width":386,"height":10}},{"id":"354876a9-175a-47f1-a723-abed1391a4b5","block_type":"box","text":"including the SAI, annual/semi-annual reports and other","page_number":44,"box":{"x":91,"y":736,"width":374,"height":11}},{"id":"d5935383-47f8-4740-8144-bcba035db61b","block_type":"box","text":"information such as Fund financial statements, can be","page_number":44,"box":{"x":91,"y":751,"width":361,"height":11}},{"id":"252cd1bc-a19d-4efb-a750-a21253d80591","block_type":"box","text":"accessed free of charge at www.blackrock.com/","page_number":44,"box":{"x":91,"y":767,"width":320,"height":11}},{"id":"f5bf0c8b-f76d-416a-bd2a-96c110b45c48","block_type":"box","text":"prospectus. Mutual fund prospectuses and literature can","page_number":44,"box":{"x":91,"y":782,"width":375,"height":11}},{"id":"0d24a880-e181-4c7a-8808-72192db3bee6","block_type":"box","text":"also be requested via this website.","page_number":44,"box":{"x":91,"y":798,"width":228,"height":11}},{"id":"277287ad-bf54-484f-8593-d6ea55e26900","block_type":"box","text":"Written Correspondence","page_number":44,"box":{"x":514,"y":140,"width":176,"height":11}},{"id":"df9a45c1-5cc9-4c6d-bfac-05703ed866ed","block_type":"box","text":"BlackRock Funds","page_number":44,"box":{"x":515,"y":156,"width":116,"height":8}},{"id":"e7dc9ea9-e62e-4995-b75d-8c353121c7cf","block_type":"box","text":"SM","page_number":44,"box":{"x":632,"y":156,"width":10,"height":4}},{"id":"7e8095e6-23d7-4f47-ab47-327370c97327","block_type":"box","text":"P.","page_number":44,"box":{"x":515,"y":171,"width":8,"height":9}},{"id":"b43606ef-512e-472f-a9f1-ced1516e385b","block_type":"box","text":"P.O. Box 534429","page_number":44,"box":{"x":521,"y":171,"width":101,"height":9}},{"id":"16d9c836-e0fb-4665-a22b-afd113782687","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":44,"box":{"x":515,"y":187,"width":248,"height":11}},{"id":"e6d4677d-5721-4c73-b88b-70f6fa8ef29d","block_type":"box","text":"Overnight Mail","page_number":44,"box":{"x":514,"y":210,"width":104,"height":11}},{"id":"df732f7d-47d8-4efe-bf29-23c43810e804","block_type":"box","text":"BlackRock Funds","page_number":44,"box":{"x":515,"y":226,"width":116,"height":8}},{"id":"4036347e-6ba9-4754-89e7-e8741d250916","block_type":"box","text":"SM","page_number":44,"box":{"x":632,"y":226,"width":10,"height":4}},{"id":"8ffd2f45-faee-4e9b-b8c5-71dc43c4f28f","block_type":"box","text":"Attention: 534429","page_number":44,"box":{"x":514,"y":241,"width":118,"height":9}},{"id":"5550fb52-642d-4a70-8d25-ae281eda71a7","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":44,"box":{"x":515,"y":256,"width":196,"height":11}},{"id":"799b3db3-5926-4ece-94bf-ae068126eead","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":44,"box":{"x":515,"y":272,"width":210,"height":11}},{"id":"2a6e7dd3-c6e3-49c0-8749-5d5b849533ba","block_type":"box","text":"Internal Wholesalers/Broker Dealer Support","page_number":44,"box":{"x":515,"y":295,"width":312,"height":11}},{"id":"1c0fae12-f148-48b9-a28f-1a0d41a5b4d5","block_type":"box","text":"Available on any business day to support investment","page_number":44,"box":{"x":514,"y":311,"width":350,"height":10}},{"id":"0fcc0c0d-b1bb-47b6-b91e-3a6775222c53","block_type":"box","text":"professionals. Call: (800) 882-0052.","page_number":44,"box":{"x":515,"y":326,"width":236,"height":11}},{"id":"079ebe05-fb25-4224-87a0-60986ddb7d1a","block_type":"box","text":"Portfolio Characteristics and Holdings","page_number":44,"box":{"x":515,"y":349,"width":274,"height":11}},{"id":"0d5090c8-76ad-4741-9cfd-ecd88d1d4951","block_type":"box","text":"A description of the Fund’s policies and procedures","page_number":44,"box":{"x":514,"y":365,"width":343,"height":10}},{"id":"147c8eb7-e7e9-4d90-8aaf-1ef961799607","block_type":"box","text":"related to disclosure of portfolio characteristics and","page_number":44,"box":{"x":515,"y":380,"width":341,"height":11}},{"id":"84a8a1c7-d9a5-4cb6-9d91-48e3e9c55f9f","block_type":"box","text":"holdings is available in the SAI.","page_number":44,"box":{"x":515,"y":396,"width":207,"height":11}},{"id":"e57e6818-9340-42d1-b318-d41dac13c10e","block_type":"box","text":"For information about portfolio holdings and","page_number":44,"box":{"x":515,"y":419,"width":290,"height":11}},{"id":"a102ac8f-3448-4f2f-bf92-85da1347077e","block_type":"box","text":"characteristics, BlackRock fund shareholders and","page_number":44,"box":{"x":514,"y":434,"width":330,"height":10}},{"id":"88ed5c76-559b-4fb7-b001-831893c50700","block_type":"box","text":"prospective investors may call (800) 882-0052.","page_number":44,"box":{"x":515,"y":450,"width":309,"height":11}},{"id":"695a7630-0de0-4f20-a249-b3f48e903e87","block_type":"box","text":"Securities and Exchange Commission","page_number":44,"box":{"x":514,"y":473,"width":273,"height":11}},{"id":"fc2fc903-3487-4e6a-8c1b-8cabe66aaca0","block_type":"box","text":"You may also view and copy public information about the","page_number":44,"box":{"x":514,"y":488,"width":379,"height":11}},{"id":"ccdfd03f-1fbc-4038-8667-2e8e89daeb81","block_type":"box","text":"Fund, including the SAI, by visiting the EDGAR database","page_number":44,"box":{"x":515,"y":504,"width":379,"height":11}},{"id":"469016fd-ffe6-46ea-b5aa-18de723dd583","block_type":"box","text":"on the SEC’s website (http://www.sec.gov). Copies of this","page_number":44,"box":{"x":514,"y":519,"width":383,"height":11}},{"id":"43f7e3c5-77e5-43b2-af99-d66ddc0ff773","block_type":"box","text":"information can be obtained, for a duplicating fee, by","page_number":44,"box":{"x":515,"y":535,"width":350,"height":11}},{"id":"c5977b28-2bcd-4c54-a023-e1d5015147f8","block_type":"box","text":"electronic request at the following e-mail address:","page_number":44,"box":{"x":514,"y":550,"width":330,"height":11}},{"id":"0d32bad5-cd39-49ce-af4c-579d8256bbcd","block_type":"box","text":"publicinfo@sec.gov.","page_number":44,"box":{"x":515,"y":566,"width":130,"height":11}},{"id":"42c1a0f0-0510-4c98-a649-774e20e01e0f","block_type":"box","text":"You should rely only on the information contained in","page_number":44,"box":{"x":514,"y":589,"width":378,"height":11}},{"id":"5be9e5b9-bf72-41f2-b0ca-22b027d4ceb7","block_type":"box","text":"this prospectus. No one is authorized to provide you","page_number":44,"box":{"x":514,"y":605,"width":377,"height":10}},{"id":"0b947ae1-e13a-4fdc-9e32-58903b55989b","block_type":"box","text":"with information that is different from information","page_number":44,"box":{"x":514,"y":620,"width":355,"height":9}},{"id":"fa251d88-a1e2-4f52-849f-bf13a56d6f25","block_type":"box","text":"contained in this prospectus.","page_number":44,"box":{"x":514,"y":636,"width":209,"height":10}},{"id":"4d12f2cc-79b0-4f2e-bf3e-bfde5eca928f","block_type":"box","text":"The SEC has not approved or disapproved these","page_number":44,"box":{"x":514,"y":659,"width":326,"height":10}},{"id":"f2b5712f-882b-4eac-afcc-e32f08b8614f","block_type":"box","text":"securities or passed upon the adequacy of this","page_number":44,"box":{"x":514,"y":674,"width":313,"height":11}},{"id":"2a750aad-f355-4550-a898-066080000d13","block_type":"box","text":"prospectus. Any representation to the contrary is a","page_number":44,"box":{"x":515,"y":690,"width":336,"height":10}},{"id":"85ed0ef0-c065-4d47-b537-5139542fe649","block_type":"box","text":"criminal offense.","page_number":44,"box":{"x":514,"y":705,"width":108,"height":9}},{"id":"62b116de-5c2a-4105-9844-a0400786d6ae","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 811-05742","page_number":44,"box":{"x":515,"y":728,"width":334,"height":9}},{"id":"83b542e7-c134-4326-8f97-55d6440c4019","block_type":"box","text":"PRO-SALCC-K-0926","page_number":44,"box":{"x":783,"y":919,"width":123,"height":7}},{"id":"00c9351f-a80e-4c1a-9b10-93451f87c220","block_type":"box","text":"NM1026U-5984568-44/44","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":44}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"be04dd31-260d-4477-ae08-a6cbbcaeaeb4"},"user_id":1000002,"date_created":"2026-10-03T12:01:11.321000Z","date_modified":"2026-10-03T12:01:11.321000Z","private":false}