{"annotation_id":"fbdcd8df-4c98-4b21-b1b7-a18c326fded6","file_hash":"04854718b9adeea7408bd6904d1164a05ea2690e031e80fd4fa86dc701a3bf6b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"9871fe74-90cd-40e3-95ae-a1762d60106c","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"08c9fae3-8c67-4bd5-bd25-d559a99e6e87","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"d695aa86-cf20-4ffc-8651-763a7f172ae9","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"47d6dad6-259e-49cb-a97a-e31f0b686efb","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"ffe17d43-1a05-4eec-a2f7-e73d3e187eba","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"8be3cc25-caf8-4d65-bb6f-f65f58b5a22f","block_type":"box","text":"Investor and Institutional Shares","page_number":1,"box":{"x":241,"y":297,"width":268,"height":9}},{"id":"af3d8c02-8cd3-47e9-84fa-90dde186f38f","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"d90b08a2-f2ad-4fea-bfbc-97079b486fc8","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":"537830c1-23e5-4f26-b19a-2475a8af2b00","block_type":"box","text":"Investor A: BIRAX","page_number":1,"box":{"x":84,"y":339,"width":108,"height":7}},{"id":"5738b484-f8c1-42f8-baea-7c659975cbcc","block_type":"box","text":"•","page_number":1,"box":{"x":195,"y":341,"width":3,"height":3}},{"id":"5997a926-c9fe-4b0f-8f04-34b045cba82e","block_type":"box","text":"Investor C: BIRCX","page_number":1,"box":{"x":203,"y":339,"width":109,"height":7}},{"id":"31b89f61-e669-4794-ad41-872ed7d554f8","block_type":"box","text":"•","page_number":1,"box":{"x":316,"y":341,"width":3,"height":3}},{"id":"5f5d4ce0-4918-4a94-a2b4-68f148b7c593","block_type":"box","text":"Institutional: BIRIX","page_number":1,"box":{"x":324,"y":339,"width":117,"height":7}},{"id":"fb31afbd-46e2-421b-b086-02a28d9188a4","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":"2aaa9a46-cb0b-4333-be13-ee16a7f1815f","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":"78d91a2a-fa9a-4cc9-a5e5-4775063be91d","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":"c3a84c35-67a8-45ca-b0a1-4916352fcd32","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":"aa79b13e-87ec-433d-bd14-4f21dc90d3a4","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"ca6f51c0-b19d-4b92-a6c5-1613b8bbcda6","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"4f1a7bd7-f9a3-497b-8c40-049c2988311c","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"d28419d1-5e73-4ea4-953b-6368b407cb39","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"63a1b7da-8760-405d-bfcd-1ded5cb58f20","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"1421dfdd-3599-4b97-b117-3fe8795c9d8e","block_type":"box","text":"NM1026U-5984563-1/68","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ed3a4c1e-0561-4499-b3a6-fc1ad21941f6","block_type":"box","text":"Table of Contents","page_number":2,"box":{"x":371,"y":82,"width":255,"height":18}},{"id":"db9e26ea-4710-4072-8682-8bb8c5371af9","block_type":"box","text":"Fund Overview","page_number":2,"box":{"x":190,"y":136,"width":155,"height":13}},{"id":"8ae65494-c007-4f36-9676-34b02a4e2375","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":"9abcb319-c71c-433d-b294-31e370aeafa5","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":"c872f414-74b4-4de4-842b-c91dbde236f3","block_type":"box","text":"information and historical per formance information","page_number":2,"box":{"x":361,"y":169,"width":374,"height":12}},{"id":"d1fcee5b-f066-4203-ae35-558f8d7fd8ce","block_type":"box","text":"Investment Objective .............................................................................. 3","page_number":2,"box":{"x":361,"y":185,"width":577,"height":11}},{"id":"f40b2009-525e-49eb-a7fd-cef6714190ce","block_type":"box","text":"Fees and Expenses of the Fund ............................................................... 3","page_number":2,"box":{"x":361,"y":200,"width":577,"height":12}},{"id":"57efa941-ec65-4646-b886-3cf4a04642f1","block_type":"box","text":"Principal Investment Strategies of the Fund .............................................. 4","page_number":2,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"8f24643e-847e-4d75-9971-af9db396270b","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":"db8661e9-850b-4789-a1f4-169e3fae210d","block_type":"box","text":"Per formance Information ........................................................................ 8","page_number":2,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"19f5774a-f2a5-4602-b995-6c0639a47636","block_type":"box","text":"Investment Manager ............................................................................... 10","page_number":2,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"b9fa766b-5b79-4023-8c82-aba97bae659a","block_type":"box","text":"Por tfolio Managers ................................................................................. 10","page_number":2,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"87de029e-844f-44c6-a389-6f68e97a911e","block_type":"box","text":"Purchase and Sale of Fund Shares .......................................................... 10","page_number":2,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"2d03c3b8-3231-4cdb-80f6-7716ecba50ed","block_type":"box","text":"Tax Information....................................................................................... 11","page_number":2,"box":{"x":361,"y":309,"width":576,"height":9}},{"id":"875f16c9-4c9a-48ce-bfd9-f3fd58b9d5e9","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries ................ 11","page_number":2,"box":{"x":360,"y":324,"width":577,"height":12}},{"id":"efa792de-f658-416f-bfd6-9e945d9f25b4","block_type":"box","text":"Details About the Fund","page_number":2,"box":{"x":102,"y":348,"width":242,"height":12}},{"id":"964c92b0-09a1-40a7-a6c6-d1a2ed71e53b","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":"d1979e5f-3c67-426b-9b8d-421fa7696375","block_type":"box","text":"investment process, principal strategies and risk factors","page_number":2,"box":{"x":361,"y":366,"width":412,"height":12}},{"id":"8104f46f-4965-4b4c-871d-6a272243f8a4","block_type":"box","text":"How the Fund Invests.............................................................................. 12","page_number":2,"box":{"x":361,"y":382,"width":577,"height":9}},{"id":"f0f0d09e-d4da-4cf7-bf56-9ffa1cc754ed","block_type":"box","text":"Investment Risks.................................................................................... 14","page_number":2,"box":{"x":361,"y":397,"width":576,"height":9}},{"id":"c3f464c3-f765-437d-b141-0966bc3b9993","block_type":"box","text":"Account Information","page_number":2,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"c8951bbe-ee64-4d0e-9c7c-da3b9d763d0d","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":"0df95fa4-0579-4ffd-96c6-1a69cf292106","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":2,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"0d1e6b63-bcb2-495c-9159-c84349892d3e","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs ...................... 23","page_number":2,"box":{"x":361,"y":454,"width":577,"height":10}},{"id":"8edfa3e7-e894-4bc5-bb85-f86a5ff457d4","block_type":"box","text":"Details About the Share Classes ............................................................. 26","page_number":2,"box":{"x":361,"y":470,"width":577,"height":9}},{"id":"0579a320-bc74-4b50-ad32-eaa7abbba63f","block_type":"box","text":"Distribution and Shareholder Servicing Payments...................................... 31","page_number":2,"box":{"x":361,"y":485,"width":576,"height":12}},{"id":"bc80fb02-a549-4558-8504-94acf5b82df8","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 32","page_number":2,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"1c71598a-dabf-469e-b6be-1f5acec1a4cb","block_type":"box","text":"Account Services and Privileges .............................................................. 38","page_number":2,"box":{"x":359,"y":516,"width":579,"height":12}},{"id":"3a505624-a0c4-4e55-a303-181aa962bf25","block_type":"box","text":"Fund’s Rights ......................................................................................... 39","page_number":2,"box":{"x":361,"y":532,"width":577,"height":11}},{"id":"369808f8-77b6-4215-975b-e9414883dcda","block_type":"box","text":"Par ticipation in Fee-Based Programs ........................................................ 39","page_number":2,"box":{"x":360,"y":547,"width":578,"height":12}},{"id":"5a09ad0c-78c4-455d-9f6c-7dd79e17df22","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 40","page_number":2,"box":{"x":361,"y":563,"width":577,"height":11}},{"id":"37158cc1-9154-4c83-8579-d3cfb58a531a","block_type":"box","text":"Management of the Fund","page_number":2,"box":{"x":80,"y":586,"width":264,"height":16}},{"id":"56146120-866b-4804-85d7-4e938706904a","block_type":"box","text":"Information about BlackRock and the Por tfolio Managers","page_number":2,"box":{"x":361,"y":590,"width":415,"height":11}},{"id":"1348a732-aa67-46ec-816d-6bbcd94ec9dd","block_type":"box","text":"BlackRock .............................................................................................. 42","page_number":2,"box":{"x":361,"y":605,"width":577,"height":9}},{"id":"a6dc18fe-e379-48d2-951f-9c4d0c39a4ce","block_type":"box","text":"Por tfolio Manager Information ................................................................. 43","page_number":2,"box":{"x":360,"y":621,"width":578,"height":11}},{"id":"c870fbb9-0c3a-4565-8d83-2009de9d6e73","block_type":"box","text":"Conflicts of Interest ................................................................................ 44","page_number":2,"box":{"x":361,"y":636,"width":576,"height":9}},{"id":"1289650d-d6f9-4859-ad5e-c18bca7df2cb","block_type":"box","text":"Valuation of Fund Investments ................................................................. 45","page_number":2,"box":{"x":362,"y":652,"width":576,"height":9}},{"id":"ffd24436-12a0-43f8-8d3f-42bd82ff81ce","block_type":"box","text":"Dividends, Distributions and Taxes........................................................... 46","page_number":2,"box":{"x":361,"y":667,"width":577,"height":11}},{"id":"c43c4be3-9414-4204-9df7-c80367bdcf93","block_type":"box","text":"Financial Highlights","page_number":2,"box":{"x":136,"y":691,"width":207,"height":15}},{"id":"f0fcf418-f719-4e96-90d1-6b55d989c664","block_type":"box","text":"Financial Per formance of the Fund ........................................................... 48","page_number":2,"box":{"x":361,"y":694,"width":577,"height":9}},{"id":"b444c5eb-8075-4c34-bf84-bb937e398298","block_type":"box","text":"General Information","page_number":2,"box":{"x":136,"y":727,"width":207,"height":12}},{"id":"dd4f00ff-d537-4e1a-afad-fedff28a034c","block_type":"box","text":"Shareholder Documents.......................................................................... 51","page_number":2,"box":{"x":361,"y":730,"width":576,"height":9}},{"id":"78b02c41-7faa-4f63-a965-4a21fd4123e1","block_type":"box","text":"Cer tain Fund Policies .............................................................................. 51","page_number":2,"box":{"x":361,"y":746,"width":576,"height":9}},{"id":"e205930b-169b-4ae5-a085-daaf209d294a","block_type":"box","text":"Statement of Additional Information ......................................................... 52","page_number":2,"box":{"x":361,"y":761,"width":577,"height":9}},{"id":"8ba13808-7025-402b-8b55-a87a6963eb49","block_type":"box","text":"Glossary","page_number":2,"box":{"x":253,"y":785,"width":92,"height":15}},{"id":"9f976e7c-1526-4f38-b8d9-36030f828cf5","block_type":"box","text":"Glossary of Investment Terms ................................................................. 53","page_number":2,"box":{"x":361,"y":788,"width":577,"height":12}},{"id":"e516ae90-17f0-4036-a0f7-954b2d569c06","block_type":"box","text":"Intermediary-Defined","page_number":2,"box":{"x":126,"y":821,"width":218,"height":16}},{"id":"82eed2c2-9d79-4165-b44c-4c56bc580bd6","block_type":"box","text":"Sales Charge Waiver","page_number":2,"box":{"x":125,"y":841,"width":220,"height":16}},{"id":"d9c01510-655a-4a79-b7c6-32360a53219d","block_type":"box","text":"Policies","page_number":2,"box":{"x":261,"y":862,"width":82,"height":13}},{"id":"f63ab8c0-3374-4d29-8c00-3d8d492a45b8","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies................................... A-1","page_number":2,"box":{"x":361,"y":824,"width":576,"height":12}},{"id":"a5fa44a0-84ae-495a-a522-d51cc09a3cd7","block_type":"box","text":"For More Information","page_number":2,"box":{"x":122,"y":889,"width":221,"height":13}},{"id":"f5df5e2f-1070-4f20-a845-1c2c30926072","block_type":"box","text":"Fund and Service Providers ............................................... Inside Back Cover","page_number":2,"box":{"x":361,"y":893,"width":578,"height":9}},{"id":"8042d9e2-35e0-4861-af3b-04ff891c7890","block_type":"box","text":"Additional Information....................................................... Back Cover","page_number":2,"box":{"x":359,"y":908,"width":580,"height":9}},{"id":"42c49631-09da-4c4f-b49e-fc49fd83125f","block_type":"box","text":"NM1026U-5984563-2/68","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"68bf4cdd-f8ed-418b-ad15-2a8b63aec0ba","block_type":"box","text":"Fund Overview","page_number":3,"box":{"x":64,"y":82,"width":315,"height":27}},{"id":"1bccd140-98ca-4bc8-a0ad-4e6b8c231fd1","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":"4e5e102a-449e-4b85-9fa6-db5e58ca8576","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":62,"y":187,"width":191,"height":14}},{"id":"20d5a20d-b9fe-43d1-ae30-7f06336b3b35","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":"c2d935a3-9a5f-440f-bbc1-1b4f8a2ee0c1","block_type":"box","text":"BlackRock Funds","page_number":3,"box":{"x":62,"y":228,"width":122,"height":9}},{"id":"fccd3bec-8b9a-4edb-84bd-a708e4ae9651","block_type":"box","text":"SM","page_number":3,"box":{"x":186,"y":228,"width":11,"height":5}},{"id":"7557791f-f1a5-4572-afc2-8a94fa1e96fa","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":"ad01db01-212e-4890-9ecf-97dc24f89432","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":"66fe3c01-a95b-4472-89ed-e529f5674fd7","block_type":"box","text":"Fees and Expenses of the Fund","page_number":3,"box":{"x":61,"y":282,"width":283,"height":13}},{"id":"dc69ca49-af45-48ef-9256-8f31212e5e97","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in","page_number":3,"box":{"x":60,"y":308,"width":864,"height":11}},{"id":"eade71ed-8a06-4853-99ec-4b027bb0db8a","block_type":"box","text":"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":636,"height":11}},{"id":"af37837c-2d76-45f6-9acb-fa7993af7578","block_type":"box","text":"You may pay other fees, such","page_number":3,"box":{"x":703,"y":323,"width":219,"height":11}},{"id":"4c9bdf20-ed24-4010-b92b-d932623d0486","block_type":"box","text":"as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker,","page_number":3,"box":{"x":61,"y":338,"width":851,"height":11}},{"id":"6bbcf35c-2acd-4711-b295-e1af098f8b86","block_type":"box","text":"investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and","page_number":3,"box":{"x":61,"y":353,"width":871,"height":11}},{"id":"8b20a4e4-50c0-4b7a-88b3-54bdb9633556","block_type":"box","text":"its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.","page_number":3,"box":{"x":61,"y":367,"width":786,"height":12}},{"id":"504b2e13-757d-485e-a378-50759cfd4b6d","block_type":"box","text":"You may","page_number":3,"box":{"x":853,"y":368,"width":61,"height":11}},{"id":"dd0ab1a3-e936-4e79-aa30-759fd4e1be66","block_type":"box","text":"qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the","page_number":3,"box":{"x":61,"y":381,"width":872,"height":13}},{"id":"2f359697-c57a-49a0-9c3a-b4805090a26a","block_type":"box","text":"fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available","page_number":3,"box":{"x":60,"y":397,"width":842,"height":11}},{"id":"6038a0f3-5e86-4ed8-b3ae-fa493d24c883","block_type":"box","text":"from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales","page_number":3,"box":{"x":60,"y":412,"width":847,"height":11}},{"id":"bedc4a1f-47d7-464f-9dcb-64890fdca8fb","block_type":"box","text":"Charge Waiver Policies” sections on pages 26 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of","page_number":3,"box":{"x":61,"y":427,"width":868,"height":11}},{"id":"4e10038f-c8d7-4b5f-947a-41ef78018276","block_type":"box","text":"Shares” section on page II-97 of Part II of the Fund’s Statement of Additional Information.","page_number":3,"box":{"x":61,"y":441,"width":660,"height":12}},{"id":"e263ceac-580c-4af8-a740-61c34cd5d352","block_type":"box","text":"Shareholder Fees","page_number":3,"box":{"x":69,"y":478,"width":116,"height":8}},{"id":"e8614ec9-3eff-4020-b026-7e68406eece0","block_type":"box","text":"(fees paid directly from your investment)","page_number":3,"box":{"x":69,"y":489,"width":275,"height":11}},{"id":"7f8e594a-b3e6-46c2-83d0-582fa530061f","block_type":"box","text":"Investor A","page_number":3,"box":{"x":668,"y":478,"width":68,"height":8}},{"id":"71063a4e-31f2-4218-bc4a-f08fb278f05f","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":489,"width":46,"height":9}},{"id":"e8b683fb-6fbd-453b-a3bd-3c040eceaa76","block_type":"box","text":"Investor C","page_number":3,"box":{"x":766,"y":478,"width":67,"height":8}},{"id":"dfc7539c-b780-46a9-8de4-89c5d5e2260e","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":489,"width":46,"height":9}},{"id":"a6201d52-a3fe-4f79-af06-0d7e96b1fb2b","block_type":"box","text":"Institutional","page_number":3,"box":{"x":856,"y":478,"width":80,"height":8}},{"id":"ccfa7eef-cc98-498f-b4aa-4b95b62828ea","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":489,"width":46,"height":9}},{"id":"51f771d3-3d71-4571-bce9-fe36333d4ad4","block_type":"box","text":"Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering","page_number":3,"box":{"x":70,"y":507,"width":546,"height":11}},{"id":"3db7655c-3602-4897-93cf-b3c11b27a7bd","block_type":"box","text":"price)","page_number":3,"box":{"x":70,"y":521,"width":34,"height":10}},{"id":"225b11f1-c959-4056-9276-e6db14106ec8","block_type":"box","text":"5.25% None None","page_number":3,"box":{"x":689,"y":521,"width":225,"height":8}},{"id":"9a9faee9-9b1f-412b-8bc0-a3d435a2fbd2","block_type":"box","text":"Maximum Deferred Sales Charge (Load) (as a percentage of offering price or","page_number":3,"box":{"x":70,"y":539,"width":506,"height":10}},{"id":"5a02459e-7921-430c-aef8-cc516493632c","block_type":"box","text":"redemption proceeds, whichever is lower) None","page_number":3,"box":{"x":70,"y":553,"width":649,"height":10}},{"id":"a79611dd-04a4-4e5e-beea-af96d70bd525","block_type":"box","text":"1","page_number":3,"box":{"x":721,"y":553,"width":3,"height":4}},{"id":"08652557-ab62-48ab-9907-ab6d28717230","block_type":"box","text":"1.00%","page_number":3,"box":{"x":787,"y":553,"width":41,"height":8}},{"id":"091cadad-b2f6-4817-8388-5cc4d62df972","block_type":"box","text":"2","page_number":3,"box":{"x":828,"y":553,"width":4,"height":4}},{"id":"68a33988-9278-4eea-a402-68cd12c68bc9","block_type":"box","text":"None","page_number":3,"box":{"x":882,"y":553,"width":32,"height":8}},{"id":"7d9517fe-bdff-4d7c-a3e2-ee7c23129c39","block_type":"box","text":"Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":578,"width":222,"height":11}},{"id":"5835d6e8-3e61-4a87-b0b2-46b9af07e1e5","block_type":"box","text":"(expenses that you pay each year as a","page_number":3,"box":{"x":69,"y":590,"width":261,"height":10}},{"id":"5e250513-bc00-4f34-83f4-64fb2b35a7d7","block_type":"box","text":"percentage of the value of your investment)","page_number":3,"box":{"x":70,"y":602,"width":294,"height":10}},{"id":"ed726197-3493-4679-999a-ee003324a661","block_type":"box","text":"Investor A","page_number":3,"box":{"x":668,"y":590,"width":68,"height":8}},{"id":"b156cde1-1955-4f9a-8c16-0c4c7d381d02","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":602,"width":46,"height":8}},{"id":"58a33de2-c83f-4164-811e-5d529cd17747","block_type":"box","text":"Investor C","page_number":3,"box":{"x":766,"y":590,"width":67,"height":8}},{"id":"39a58c7d-3b11-4cf8-ac8d-5f0951dc8944","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":602,"width":46,"height":8}},{"id":"cb98b476-82d6-483c-bc9a-1309534c6625","block_type":"box","text":"Institutional","page_number":3,"box":{"x":856,"y":590,"width":80,"height":8}},{"id":"a41777f9-a24a-417e-9235-116f1b40f9ab","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":602,"width":46,"height":8}},{"id":"96471986-3f56-4509-90da-7447c1a4d868","block_type":"box","text":"Management Fee","page_number":3,"box":{"x":70,"y":620,"width":112,"height":10}},{"id":"b3d14b5e-08c7-4836-8ca3-35a5d663fef2","block_type":"box","text":"3","page_number":3,"box":{"x":183,"y":620,"width":4,"height":4}},{"id":"c153d868-7f83-43ec-90e9-302f0c341473","block_type":"box","text":"0.40% 0.40% 0.40%","page_number":3,"box":{"x":689,"y":620,"width":236,"height":8}},{"id":"45eb53c1-2b60-4f0f-a0c1-f1854cfa4332","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None","page_number":3,"box":{"x":70,"y":638,"width":844,"height":10}},{"id":"63e98fa6-58b9-4072-98d1-94ea8eb33995","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":656,"width":103,"height":10}},{"id":"581744a1-3710-4759-a6c5-1e0c36844dc1","block_type":"box","text":"4","page_number":3,"box":{"x":173,"y":656,"width":4,"height":4}},{"id":"864de60f-1360-4cfa-8a52-c28f0a6d1433","block_type":"box","text":"0.23% 0.22% 0.24%","page_number":3,"box":{"x":689,"y":656,"width":236,"height":8}},{"id":"67a1bdd9-60dd-465f-b727-adc19fd6f6d7","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":674,"width":252,"height":10}},{"id":"e9e36954-a58b-49ef-8311-48b8cce7ac0d","block_type":"box","text":"4","page_number":3,"box":{"x":322,"y":674,"width":4,"height":4}},{"id":"ef4b7642-7b29-491b-b273-a93399b25acf","block_type":"box","text":"0.88% 1.62% 0.64%","page_number":3,"box":{"x":689,"y":674,"width":236,"height":8}},{"id":"542bae6e-26a1-41fa-a35c-204b0ba922d9","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":692,"width":304,"height":10}},{"id":"0afad553-a30b-4172-8468-7a9e5af04223","block_type":"box","text":"3,5","page_number":3,"box":{"x":375,"y":692,"width":11,"height":5}},{"id":"c71aba74-ce17-4010-b665-20d9ae19205e","block_type":"box","text":"(0.15)% (0.14)% (0.16)%","page_number":3,"box":{"x":685,"y":692,"width":245,"height":10}},{"id":"5ba39507-1810-4d49-8da1-dcd0e799f555","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":69,"y":710,"width":481,"height":10}},{"id":"34d5a60e-79fc-4836-bc8e-7dc454c9fba4","block_type":"box","text":"Reimbursements","page_number":3,"box":{"x":70,"y":724,"width":110,"height":8}},{"id":"32671864-dce8-4586-9bfa-6c2ddd66f511","block_type":"box","text":"3,5","page_number":3,"box":{"x":181,"y":723,"width":11,"height":5}},{"id":"70e88f51-508e-40dd-afb5-4c52adbe8fa8","block_type":"box","text":"0.73% 1.48% 0.48%","page_number":3,"box":{"x":689,"y":723,"width":236,"height":9}},{"id":"d9ed1c0a-979f-4f7c-8a55-9905a954959e","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":743,"width":3,"height":4}},{"id":"db3854a6-0e43-42f4-816b-432c0e20398f","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":743,"width":835,"height":9}},{"id":"3c9a6eb2-1591-44c1-9065-ea1dcf52f0d1","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":753,"width":718,"height":10}},{"id":"55d095c7-fad8-42af-b8a2-527b1732bf7a","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":766,"width":3,"height":4}},{"id":"c2020fac-45e3-433c-9cea-c7ccd9a9b058","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":766,"width":318,"height":9}},{"id":"13f7dd1a-944a-4593-8e3e-7f083acf822a","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":779,"width":3,"height":4}},{"id":"765494fa-71c3-42e8-91d3-8186cc082379","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":779,"width":837,"height":9}},{"id":"e698e0da-2cd9-4148-b82a-82c3685b3e02","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":789,"width":854,"height":10}},{"id":"a8166358-e225-490d-a974-de933540adbe","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":800,"width":810,"height":9}},{"id":"cca16714-07ea-49a9-b7c5-96bd88127a2c","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":810,"width":832,"height":9}},{"id":"c17e300c-3c7f-40b2-9e4d-efe084f2a2b5","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":820,"width":847,"height":10}},{"id":"ea6bda14-b01e-45a3-87dd-a14caeed8751","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":831,"width":834,"height":9}},{"id":"42788eac-e557-47f5-a83f-15dcdfcb1b2f","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":841,"width":330,"height":9}},{"id":"a72718cc-9f53-41d3-b94c-790611812dc6","block_type":"box","text":"4","page_number":3,"box":{"x":60,"y":854,"width":4,"height":4}},{"id":"362c7dfa-3faa-4f70-b1ba-aed52b8b2813","block_type":"box","text":"For certain share classes, the Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average","page_number":3,"box":{"x":81,"y":854,"width":841,"height":9}},{"id":"3062953f-ae2d-4ac9-a814-413ec8e7bd94","block_type":"box","text":"net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and","page_number":3,"box":{"x":81,"y":864,"width":854,"height":9}},{"id":"35bd38c0-908e-47fd-b6bf-c1b0760898a3","block_type":"box","text":"Expenses.","page_number":3,"box":{"x":82,"y":875,"width":58,"height":8}},{"id":"ed3ac42a-e29c-439b-b770-6b21eb35d529","block_type":"box","text":"5","page_number":3,"box":{"x":61,"y":888,"width":3,"height":3}},{"id":"5e7562e8-b55c-4667-b639-f640e9a0fd87","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":887,"width":837,"height":10}},{"id":"2b08044a-5648-483f-8059-37897cec3864","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":898,"width":771,"height":9}},{"id":"71cfd378-e379-4045-9809-438474526e32","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.73%","page_number":3,"box":{"x":81,"y":908,"width":844,"height":9}},{"id":"8ed49058-a21b-4b7f-821a-9a0a0397d5d4","block_type":"box","text":"(for Investor A Shares), 1.48% (for Investor C Shares) and 0.48% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":3,"box":{"x":81,"y":918,"width":833,"height":10}},{"id":"dcd2e355-78e4-44d1-b239-aa84965250a6","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"3a89e1f1-4c27-413c-ad06-4ab2d9703ef4","block_type":"box","text":"NM1026U-5984563-3/68","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3343b12b-e57d-456a-8923-f0f8c59b341d","block_type":"box","text":"The contractual agreement 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":4,"box":{"x":81,"y":46,"width":827,"height":9}},{"id":"b88f5d26-ee05-4698-b42f-692749c08e33","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":56,"width":330,"height":10}},{"id":"5f6d5ef4-b898-4f04-a5cc-d5cfe295e5e1","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":75,"width":74,"height":12}},{"id":"f4fefe2f-987c-43ca-a17b-5e4c832b3f23","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":4,"box":{"x":60,"y":91,"width":830,"height":11}},{"id":"9849c3ff-fa52-4a14-8afa-5fb315aea1c7","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":4,"box":{"x":61,"y":105,"width":832,"height":12}},{"id":"d39caa04-c008-4991-8544-45a10e8ccc16","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":4,"box":{"x":61,"y":120,"width":832,"height":12}},{"id":"1de2b3bd-9108-4d0c-aad0-2986847ab565","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":4,"box":{"x":61,"y":135,"width":859,"height":12}},{"id":"cefd69ff-589f-4a99-aa2b-f5146ffb8cee","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":150,"width":436,"height":11}},{"id":"9cf37962-4155-4449-9108-c71a3a1fd912","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":179,"width":292,"height":8}},{"id":"40c8580f-795c-4faf-82c5-3581ed9db3db","block_type":"box","text":"Investor A Shares $596 $777 $973 $1,539","page_number":4,"box":{"x":70,"y":196,"width":848,"height":10}},{"id":"46487f60-4d7d-4642-be4e-ce7fe7afe2a1","block_type":"box","text":"Investor C Shares $251 $497 $868 $1,712","page_number":4,"box":{"x":70,"y":214,"width":848,"height":10}},{"id":"1eee90e9-f27d-46cd-9b01-0795cc9cac47","block_type":"box","text":"Institutional Shares $ 49 $189 $341 $ 783","page_number":4,"box":{"x":70,"y":232,"width":848,"height":10}},{"id":"76057a5f-5c26-4e10-a712-651d6d9290e4","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":265,"width":532,"height":11}},{"id":"24249715-c8f9-4403-920a-363192dc28b2","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":294,"width":292,"height":8}},{"id":"1f79efc3-7d84-4769-9f0f-5ef31baf37b8","block_type":"box","text":"Investor C Shares $151 $497 $868 $1,712","page_number":4,"box":{"x":70,"y":311,"width":848,"height":10}},{"id":"2245a9db-6c1b-4d21-93c2-5082608d1c6c","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":336,"width":151,"height":10}},{"id":"3721ec61-3142-4ce8-bc0d-1f0e69dcf6a0","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":353,"width":800,"height":11}},{"id":"51f3e895-126a-45e7-8e1f-0ae65dfa60c9","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":367,"width":850,"height":12}},{"id":"af881299-5d5e-423d-8439-8b55cc0e2256","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":382,"width":870,"height":12}},{"id":"fe6a9f24-f9d6-4f23-91cc-1f745e27078e","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":397,"width":839,"height":11}},{"id":"6333ae29-7d6e-4b82-8b45-9ed604c34af8","block_type":"box","text":"115% of the average value of its portfolio.","page_number":4,"box":{"x":62,"y":412,"width":307,"height":11}},{"id":"365a7ab2-e1d6-4ce9-959b-2584d0b660c5","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":451,"width":394,"height":13}},{"id":"6b58b806-12d7-44b0-926c-17f5653f8d33","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":477,"width":855,"height":11}},{"id":"3e23f8d3-f4d7-4c53-88c2-d5c7c3619cd8","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":492,"width":812,"height":11}},{"id":"719db6b3-50f2-4366-858e-33c8f667b94f","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":506,"width":848,"height":12}},{"id":"f2853faf-5711-491f-8c9f-5e7d6d580b31","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":521,"width":847,"height":12}},{"id":"a25407ae-9e8f-427f-bbcd-8c1d01b7cf36","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":536,"width":873,"height":12}},{"id":"ef3ea9db-ab7c-45b5-b9bb-996c0ff0e514","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":551,"width":870,"height":12}},{"id":"e7c0f6ba-6f70-4112-b6e8-cb29e6021c97","block_type":"box","text":"screens based on certain ESG criteria, which are described below.","page_number":4,"box":{"x":61,"y":566,"width":485,"height":11}},{"id":"3b54a7f4-5ccb-40d6-a41a-2bc688232d1e","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":588,"width":798,"height":12}},{"id":"10fab550-a45c-497e-bf30-77e47b7cc6d1","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":603,"width":864,"height":12}},{"id":"595c43b6-a911-4a47-b90c-933a595dfc26","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":618,"width":868,"height":11}},{"id":"6efd6cab-a276-4009-82ef-fc3cd96e1dbf","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":633,"width":865,"height":11}},{"id":"9c0ab095-fb1b-432e-9dc6-83b21639bb73","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":648,"width":792,"height":11}},{"id":"deaeec30-5039-441b-a39a-37b5f1a19f6e","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":662,"width":725,"height":12}},{"id":"cd86114e-9dab-442e-b550-e6ba71f91cd8","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":685,"width":849,"height":11}},{"id":"004ba805-2a96-4534-950f-b2a3fe54798e","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":700,"width":854,"height":11}},{"id":"7a914777-430f-4c2d-ac90-0c1db94c3887","block_type":"box","text":"public offerings (“IPOs”).","page_number":4,"box":{"x":62,"y":715,"width":179,"height":11}},{"id":"c9d96b98-f896-45ff-85b8-935a3bd86f7d","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":737,"width":844,"height":12}},{"id":"3f77f5d1-cd85-441c-8fbb-c72926776e9e","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":752,"width":849,"height":12}},{"id":"92ab63d4-5de8-41d6-99e7-7ed971962c4a","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":767,"width":826,"height":11}},{"id":"70f9a395-4bcf-48b6-ae5e-dd958fa1bec9","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":782,"width":833,"height":11}},{"id":"1843f427-8b20-4861-9bb7-84e231e2e9b7","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":797,"width":873,"height":11}},{"id":"6244e5c9-8d5b-4924-bc79-d97dadc0b276","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":811,"width":794,"height":12}},{"id":"6144d304-5234-4f40-8c45-366ed80c1dfe","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":826,"width":856,"height":12}},{"id":"983790d7-5ec6-44b0-8fca-a595cca18957","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":841,"width":848,"height":12}},{"id":"324e0ae3-02e6-4fae-b274-39930b894dc0","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":856,"width":858,"height":11}},{"id":"bd10aa9a-8fa7-4838-8010-666840907b93","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":871,"width":869,"height":11}},{"id":"bc1e4e7a-39b0-4e1f-91d4-3bdea01168eb","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":885,"width":874,"height":12}},{"id":"b6bf15d8-e628-4693-b136-6afa1af42765","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"8429134d-f965-4a28-a850-d7ee9aa02155","block_type":"box","text":"NM1026U-5984563-4/68","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"63b5abfd-6068-4d10-a204-34b14a8c0ba2","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":5,"box":{"x":60,"y":46,"width":866,"height":11}},{"id":"154df8a1-8bdf-4e45-a979-0669810df64d","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":5,"box":{"x":61,"y":61,"width":875,"height":11}},{"id":"95e74d49-612a-4654-b84a-ecd9b13647a1","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":5,"box":{"x":61,"y":76,"width":857,"height":11}},{"id":"be7a945b-bf77-43ed-934e-8d1c06dc5199","block_type":"box","text":"parties. This screening criteria is subject to change over time at BlackRock’s discretion.","page_number":5,"box":{"x":62,"y":90,"width":644,"height":12}},{"id":"f6e0a362-7f2a-4b97-af1b-953ce77244d7","block_type":"box","text":"In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in","page_number":5,"box":{"x":62,"y":113,"width":856,"height":11}},{"id":"d1e628c4-c336-4516-b83f-7a36830a0677","block_type":"box","text":"other investment companies) to issuers with exposures that are inconsistent with the ESG criteria used by Fund","page_number":5,"box":{"x":61,"y":128,"width":820,"height":11}},{"id":"d9ae5cb6-9c3f-42f5-9d62-d099d224af4c","block_type":"box","text":"management.","page_number":5,"box":{"x":61,"y":143,"width":99,"height":11}},{"id":"77c02e0f-8885-40f5-9932-1eb649d6a291","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":5,"box":{"x":60,"y":165,"width":851,"height":11}},{"id":"6ca11f04-0a88-437a-94ae-c092649e6aeb","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":5,"box":{"x":62,"y":180,"width":826,"height":11}},{"id":"4f5924c3-faf3-4452-b922-64d7399366b3","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":5,"box":{"x":62,"y":195,"width":874,"height":11}},{"id":"1d37cab6-3499-4e86-9f12-f386658dc42b","block_type":"box","text":"equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative","page_number":5,"box":{"x":61,"y":210,"width":854,"height":11}},{"id":"eadfa26b-3ce1-4216-94c5-563a427af4b2","block_type":"box","text":"implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and","page_number":5,"box":{"x":62,"y":224,"width":818,"height":11}},{"id":"914d38f7-5757-4cf1-a23a-ae8f8174aa2f","block_type":"box","text":"transaction costs, as determined by BlackRock’s proprietary research.","page_number":5,"box":{"x":60,"y":239,"width":518,"height":11}},{"id":"b89798e0-97af-4705-b8f6-2ab597dd6d76","block_type":"box","text":"BlackRock then constructs and rebalances the portfolio’s weightings by incorporating its investment insights into the","page_number":5,"box":{"x":62,"y":262,"width":857,"height":11}},{"id":"b65e245f-83c2-41c7-a773-7c588b40cd07","block_type":"box","text":"model-based optimization process. Certain of the investment insights relate to ESG characteristics in BlackRock","page_number":5,"box":{"x":61,"y":276,"width":829,"height":12}},{"id":"a93c724b-2d71-4094-889f-a685086eb3b5","block_type":"box","text":"defined categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation","page_number":5,"box":{"x":61,"y":291,"width":815,"height":12}},{"id":"ad75373b-b3f0-4a50-accc-49320478d338","block_type":"box","text":"characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not","page_number":5,"box":{"x":61,"y":306,"width":868,"height":11}},{"id":"6bde4ef1-2b47-4e0e-89e7-fe5f7c4afc1e","block_type":"box","text":"limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG","page_number":5,"box":{"x":62,"y":321,"width":867,"height":11}},{"id":"4eb2ef33-f902-4e4d-b76f-a33a0cf07e49","block_type":"box","text":"assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health","page_number":5,"box":{"x":61,"y":336,"width":858,"height":11}},{"id":"80a7af16-0745-4bbb-95be-da95267c47ca","block_type":"box","text":"analytics and an issuer’s innovation-oriented research and development. The ESG characteristics utilized in the","page_number":5,"box":{"x":61,"y":351,"width":816,"height":11}},{"id":"7d879e87-c91b-4d71-9830-ad5e3b5fef54","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":5,"box":{"x":62,"y":365,"width":874,"height":12}},{"id":"8e6131f3-c77d-4f06-9529-a7a5b28d4b23","block_type":"box","text":"that are eligible for investment.","page_number":5,"box":{"x":60,"y":380,"width":229,"height":12}},{"id":"aa635dd2-bfd0-48c6-8581-4235842302b9","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":403,"width":876,"height":11}},{"id":"c129d154-a1ce-4308-8547-5ceb726693dd","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":418,"width":859,"height":11}},{"id":"5077bb35-c70f-4bc6-9658-f9a3596227c4","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":432,"width":839,"height":12}},{"id":"13481158-c217-4e16-9a3b-a66a31bda8a6","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":447,"width":808,"height":12}},{"id":"921fa522-b8fd-4a44-a21b-afd6bd5da202","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":462,"width":872,"height":11}},{"id":"4b1ddcbc-6fe3-46e8-b4af-b8852bfef824","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":477,"width":825,"height":11}},{"id":"2934fc30-1b91-4bbc-8ed3-f91be5312746","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":492,"width":859,"height":11}},{"id":"b8785f0b-059a-4c61-8572-60467527c858","block_type":"box","text":"value of the Fund’s assets.","page_number":5,"box":{"x":60,"y":506,"width":199,"height":10}},{"id":"a103285a-e34a-4f57-8592-447965471e07","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":545,"width":354,"height":14}},{"id":"7d7eb290-fcd8-4648-bb2c-7950e6657745","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":572,"width":860,"height":11}},{"id":"5800a8e8-4769-4c05-a7e2-6ecba8173314","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":586,"width":802,"height":12}},{"id":"b588f914-eecd-4052-b7e4-3eabceaa93d3","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":601,"width":866,"height":12}},{"id":"c05872dc-d266-4678-8147-e76764add529","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":616,"width":869,"height":12}},{"id":"f515daf6-f454-431c-b48c-8efc96ae699f","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":631,"width":835,"height":11}},{"id":"7451e91c-dbc8-475d-a68f-d9b3dae9154a","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":646,"width":793,"height":11}},{"id":"e75bc7f2-4364-42a9-b2a0-1ac93ff0863c","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":666,"width":166,"height":11}},{"id":"3b849261-f7bc-4e93-868b-513fe7eb16cf","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":666,"width":685,"height":11}},{"id":"197c0f2f-d465-412b-9c21-48ef2cb52b8f","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":681,"width":550,"height":11}},{"id":"5ec917be-7246-424f-aeb8-4320fcebc5d8","block_type":"box","text":"ESG Investing Risk","page_number":5,"box":{"x":81,"y":701,"width":144,"height":11}},{"id":"8c8f0b9d-db82-4fbe-9ade-c1de27b6a5e7","block_type":"box","text":"—","page_number":5,"box":{"x":229,"y":706,"width":17,"height":1}},{"id":"9b7ed8a1-1caf-4e65-a79b-c7d5b8f8441a","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":701,"width":675,"height":11}},{"id":"cddc775d-c857-45b6-8d5d-6487a07ce82d","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":715,"width":845,"height":12}},{"id":"0a6923b0-a122-45b2-9bbc-bf38ac2f899f","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":730,"width":833,"height":12}},{"id":"e7256723-5f86-401a-9b51-0a0e981a53a0","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":745,"width":814,"height":12}},{"id":"f9e7b981-896a-4154-8611-6b1c07531c2e","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":760,"width":849,"height":11}},{"id":"3e8ee25c-4acc-4300-aded-8b45d137d45b","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":775,"width":847,"height":11}},{"id":"c983145a-3119-4d7c-acdb-7a736199e78a","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":790,"width":824,"height":11}},{"id":"99af4435-de00-4529-9c7c-0207d916da71","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":804,"width":854,"height":12}},{"id":"4970f875-2686-4ec7-908a-9f5e06eb8f17","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":819,"width":832,"height":12}},{"id":"41dad6e0-ca47-48d5-aeb6-22397f4940a3","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":834,"width":853,"height":11}},{"id":"acc0f253-48d5-4ade-939e-d8c63048cda3","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":849,"width":814,"height":11}},{"id":"515c8a12-d0b5-428a-81c4-beac9050bc17","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":864,"width":793,"height":11}},{"id":"c0a67054-16c4-4e79-a8b3-97d7e5f53f24","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":879,"width":852,"height":11}},{"id":"fdcd612c-439d-42b2-b477-7d1f5857efb9","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":893,"width":818,"height":12}},{"id":"2aaaa6b8-b543-4fec-bc2f-304516a3180c","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":908,"width":783,"height":12}},{"id":"41c46e06-cf97-42fe-96ef-8bad6aa40791","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"2577c783-6e2f-4225-956d-bde1470c18b9","block_type":"box","text":"NM1026U-5984563-5/68","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8fa60401-ccb8-4887-bb5a-3c40fce92019","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":6,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"42c0fc99-61c4-44ba-a134-d58066af93c1","block_type":"box","text":"availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria","page_number":6,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"0e3c8751-5379-4476-8ee6-7a8e6a10d975","block_type":"box","text":"is subjective and may change over time.","page_number":6,"box":{"x":82,"y":76,"width":292,"height":11}},{"id":"40796e2f-9caa-44cc-b7d2-4cd61fea7986","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":6,"box":{"x":81,"y":98,"width":829,"height":11}},{"id":"10933854-20f5-4e9a-bed6-325ea7b6876c","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":6,"box":{"x":80,"y":113,"width":838,"height":11}},{"id":"ed4b0cd8-91ff-4ac0-a062-e6cd60caf917","block_type":"box","text":"guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.","page_number":6,"box":{"x":81,"y":128,"width":758,"height":11}},{"id":"2185fa2c-be53-49ee-a7e2-b114514a6369","block_type":"box","text":"Model Risk","page_number":6,"box":{"x":81,"y":148,"width":85,"height":9}},{"id":"d6ee6f05-a5c9-4797-8949-118af04614b5","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":6,"box":{"x":170,"y":148,"width":722,"height":11}},{"id":"8b6b8f3d-7731-4996-ad63-194e1ff33464","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":6,"box":{"x":81,"y":162,"width":840,"height":12}},{"id":"f5100e26-a319-4203-b3be-8b40d053d31b","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":6,"box":{"x":80,"y":177,"width":807,"height":12}},{"id":"d737da58-7af2-41ff-95f6-1b1e31329fd4","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":6,"box":{"x":82,"y":192,"width":842,"height":12}},{"id":"4f401b78-d158-44d5-b9af-5efa11b154f5","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”) and other technological issues). There is no","page_number":6,"box":{"x":82,"y":207,"width":836,"height":11}},{"id":"9f79f53c-a1cc-4be5-abea-f46c55f9e490","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":6,"box":{"x":81,"y":222,"width":777,"height":11}},{"id":"e953a617-4047-4ff5-b9dc-ec5f56c1e8ed","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":6,"box":{"x":81,"y":242,"width":837,"height":11}},{"id":"92c989a4-9627-4df4-bb34-a716a73ee154","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":6,"box":{"x":82,"y":256,"width":819,"height":12}},{"id":"02e562cb-1c56-4a46-9431-448eb77bc2d5","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":6,"box":{"x":80,"y":271,"width":843,"height":12}},{"id":"86bdfc38-3b2b-46d2-980e-6962564d66b7","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":6,"box":{"x":81,"y":286,"width":834,"height":12}},{"id":"4456c71b-029b-471c-95cc-1c7e7d6d3ba9","block_type":"box","text":"its investment objective.","page_number":6,"box":{"x":82,"y":301,"width":176,"height":11}},{"id":"d5604a65-387f-4a28-8290-8c13d32667d6","block_type":"box","text":"Convertible Securities Risk","page_number":6,"box":{"x":81,"y":321,"width":206,"height":9}},{"id":"6ebe5de8-2e08-495b-90af-ddc769c09c89","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":6,"box":{"x":291,"y":321,"width":593,"height":11}},{"id":"cab6666b-3e57-4e34-8ff5-0a398c84fb21","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":6,"box":{"x":81,"y":336,"width":853,"height":11}},{"id":"1f433980-0507-4144-afed-e08a1e196d12","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":6,"box":{"x":81,"y":351,"width":855,"height":11}},{"id":"d099da42-b2d4-49b2-82c9-d042da9eed02","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":6,"box":{"x":80,"y":365,"width":816,"height":12}},{"id":"4030b33d-a4eb-42f9-ba24-34b93ca26dbf","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":6,"box":{"x":82,"y":380,"width":796,"height":12}},{"id":"c949a5bd-acd1-47f7-b6ca-582433fb6d58","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":395,"width":812,"height":11}},{"id":"40a5b0ec-e85a-40b8-a4ac-8021f1ca0e32","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":410,"width":809,"height":11}},{"id":"dcdfe826-d198-4405-bea4-69e91430eefd","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":430,"width":123,"height":9}},{"id":"d2c902de-b55a-4275-859d-4385b8a6fef5","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":430,"width":664,"height":11}},{"id":"ea35fb52-657b-43fb-b292-67af33317ee9","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":445,"width":469,"height":11}},{"id":"69a3e184-b966-4ec6-ba9f-4e1aa618cc40","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":465,"width":102,"height":11}},{"id":"26d56590-ee6a-4990-9fed-6c2bcdde1368","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":465,"width":723,"height":11}},{"id":"c8d34162-7057-47b5-a386-7dd982fe36c6","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":479,"width":832,"height":12}},{"id":"9dc84b52-e5a3-476d-8fc4-47793a779c2b","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":495,"width":280,"height":11}},{"id":"4634b34d-6f20-465c-ba6f-b40a5bd2da46","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":515,"width":87,"height":8}},{"id":"7d433e65-ceb3-44a1-860f-72a1bb8e78c2","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":514,"width":728,"height":12}},{"id":"8cd569f8-cbef-444e-8356-89bfbd32b2d1","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":529,"width":834,"height":11}},{"id":"48f43504-2fdd-49d8-8b2b-b0320888400c","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":544,"width":832,"height":11}},{"id":"e190a5b2-a854-4adf-94f2-82ce07639193","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":559,"width":779,"height":11}},{"id":"27e187b8-ed89-4f8a-bf00-a3f6dc746b65","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":574,"width":253,"height":11}},{"id":"6b976f03-1073-4b71-bc2a-a48a53f63dd4","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":594,"width":131,"height":11}},{"id":"1d51124f-ad17-42a9-bc04-d9f21d7db0cb","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":594,"width":697,"height":11}},{"id":"4eb552df-67e5-4b9d-a360-179a70058be4","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":608,"width":855,"height":12}},{"id":"9311dfc2-9079-44da-9a67-23e1b146486e","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":623,"width":240,"height":12}},{"id":"4907241d-34be-403d-84ca-a8618e345a57","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":643,"width":100,"height":12}},{"id":"3bb664b1-525f-4d59-a49f-8fed341282b1","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":643,"width":750,"height":12}},{"id":"082fad05-a3cb-4298-9f5a-70a4edc83ef3","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":658,"width":839,"height":11}},{"id":"0872c7de-83a3-4675-bee2-0e2fe4b21741","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":673,"width":293,"height":11}},{"id":"48502444-2e3b-4056-a7ec-45b547658340","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":693,"width":120,"height":11}},{"id":"8c96aec5-1746-43aa-9c34-5bce11950bc3","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":693,"width":727,"height":11}},{"id":"773298e5-d8e6-4c81-a552-4bb23546fc02","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":708,"width":607,"height":11}},{"id":"1bd1f442-3e88-4390-af81-e44c17e7b0ee","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":728,"width":75,"height":11}},{"id":"6da006a5-54b3-4af7-9469-c46cabcceffe","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":728,"width":761,"height":11}},{"id":"9bdc606f-e844-4754-9ed5-f6ba22b91510","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":742,"width":198,"height":12}},{"id":"139cd335-48e3-47c5-af33-58a7f9a8db28","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":763,"width":214,"height":11}},{"id":"f32703f7-fc3e-4564-aea7-d2c35d3bd33e","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":762,"width":590,"height":12}},{"id":"4164403a-b666-4dd8-9419-00ebaccef30d","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":777,"width":775,"height":12}},{"id":"8e6e3050-7de2-4f20-b0dd-f62407d50804","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":792,"width":589,"height":11}},{"id":"9eac592a-3a88-41d3-af8a-bef87e4c24ae","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":812,"width":102,"height":9}},{"id":"f7f155cb-f54e-4293-993f-b8382dfff7e0","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":812,"width":747,"height":11}},{"id":"2cf9cfe6-97df-401c-8f33-40ee04418fae","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":827,"width":783,"height":11}},{"id":"9155fe32-91c8-4a0b-bcd4-b06802cc2dc6","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":842,"width":273,"height":11}},{"id":"3e84d1ce-8218-4fb0-90a4-182c414179d8","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":862,"width":95,"height":11}},{"id":"f189db95-1755-496e-89ae-dc06bfdc7bee","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":862,"width":728,"height":11}},{"id":"650e7d69-6862-4a63-b4fb-c7cf1ecfac70","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":876,"width":839,"height":12}},{"id":"c2add7d0-7a34-4934-8ddf-33afffab405e","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":892,"width":354,"height":11}},{"id":"9a4dac66-4331-48b2-9383-b428087b774e","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"0452c2a8-8b37-4887-b013-6e0d2d2c0408","block_type":"box","text":"NM1026U-5984563-6/68","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"295f0e9f-0dd8-412f-a6af-c1df0cd7d8af","block_type":"box","text":"Tax Risk","page_number":7,"box":{"x":83,"y":46,"width":59,"height":9}},{"id":"95f66909-2424-4dcc-a7ca-61357911b62b","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":7,"box":{"x":145,"y":46,"width":719,"height":11}},{"id":"9cb298cc-df81-4d13-b074-69d1d6277fe2","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":7,"box":{"x":81,"y":60,"width":801,"height":12}},{"id":"20f2bb12-2a16-4ba0-855f-8f3fb26de4af","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":7,"box":{"x":82,"y":75,"width":802,"height":12}},{"id":"aeee9172-0318-46fb-b39d-8fd0119600f6","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":7,"box":{"x":82,"y":90,"width":830,"height":12}},{"id":"067bef3c-5ce9-4452-ab5f-9282bd2f8947","block_type":"box","text":"realizes from its investments.","page_number":7,"box":{"x":82,"y":105,"width":215,"height":9}},{"id":"0a2a658e-d1d8-46e4-b91c-320e2934af93","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":7,"box":{"x":82,"y":125,"width":399,"height":11}},{"id":"0eb435e7-463f-40fd-9ba1-e889b6e9e705","block_type":"box","text":"Futures","page_number":7,"box":{"x":102,"y":145,"width":54,"height":9}},{"id":"171189ff-20d7-412a-b01f-e60f21658140","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":7,"box":{"x":161,"y":145,"width":765,"height":11}},{"id":"2c80a1aa-ab60-42b3-b38f-590ad04141e6","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":7,"box":{"x":101,"y":160,"width":786,"height":11}},{"id":"fc35336e-49c5-410f-9e37-bac8b683e053","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":7,"box":{"x":102,"y":175,"width":769,"height":11}},{"id":"a6c5ac2d-a827-42e5-9fb3-effc8d0ed940","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":7,"box":{"x":102,"y":189,"width":822,"height":12}},{"id":"356fa364-84d0-413e-8909-70edbe166c81","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":7,"box":{"x":101,"y":204,"width":832,"height":12}},{"id":"ac133365-4318-4cae-84ca-5168f9b1ace2","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":7,"box":{"x":101,"y":219,"width":806,"height":11}},{"id":"a43c5dc0-bff4-4f2d-a291-9e855111f68a","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":7,"box":{"x":102,"y":234,"width":793,"height":11}},{"id":"b55b9fc0-3613-42d1-8aeb-c3466d7e60f6","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":7,"box":{"x":102,"y":249,"width":787,"height":11}},{"id":"f02c942e-9217-434d-a219-617d20bc7673","block_type":"box","text":"default in the performance of its obligations.","page_number":7,"box":{"x":101,"y":263,"width":327,"height":12}},{"id":"2fb8552e-5317-4938-871a-9cf1eae42efb","block_type":"box","text":"Options","page_number":7,"box":{"x":102,"y":284,"width":55,"height":11}},{"id":"a75e5eae-6065-44ee-bd01-8964bf475df1","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":7,"box":{"x":162,"y":283,"width":772,"height":12}},{"id":"be110808-32f1-4ac7-a6e5-20d02187fb26","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":7,"box":{"x":101,"y":298,"width":812,"height":12}},{"id":"ef018228-4c4b-4b60-81bf-2f2663b47ee8","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":7,"box":{"x":101,"y":313,"width":827,"height":12}},{"id":"8f5006b4-0286-4fa6-ace1-1fb4f990a441","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":7,"box":{"x":101,"y":328,"width":781,"height":11}},{"id":"d804c812-8828-44f9-b13f-b9cc05b70ce5","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":7,"box":{"x":102,"y":343,"width":785,"height":11}},{"id":"39c502c4-4efe-4dc1-a918-9e4d3d2afede","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":7,"box":{"x":101,"y":358,"width":831,"height":11}},{"id":"37633327-26b5-435f-abaa-780dead91583","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":7,"box":{"x":101,"y":372,"width":814,"height":12}},{"id":"22f06c50-12fe-4ab8-8152-0a29624397ef","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":7,"box":{"x":101,"y":387,"width":826,"height":12}},{"id":"c80159de-2943-48c4-9e50-1a84caaaa96a","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":7,"box":{"x":101,"y":402,"width":822,"height":11}},{"id":"5c1231bc-5631-4aff-95a1-a4253b58a439","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":417,"width":816,"height":11}},{"id":"88685628-3b01-4016-b33b-04e578a0ede3","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":7,"box":{"x":101,"y":432,"width":442,"height":11}},{"id":"a85e7af5-7a50-4ff3-944e-72f125065a83","block_type":"box","text":"High Portfolio Turnover Risk","page_number":7,"box":{"x":81,"y":452,"width":212,"height":11}},{"id":"4c2cd516-9717-4176-a72a-1c76d1620b86","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":452,"width":629,"height":11}},{"id":"5b166c13-ef4a-4275-9458-feb77cbecf98","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":467,"width":812,"height":11}},{"id":"0de25d1b-8cc0-469d-8b95-1a300c513626","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":481,"width":817,"height":12}},{"id":"57d9da48-6285-4f61-bf6a-f78d53c466cf","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":496,"width":760,"height":12}},{"id":"fccd4525-418c-473a-ba49-35adf88e6d79","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":511,"width":852,"height":12}},{"id":"12ac6fb5-2317-40cb-bc77-7bedb0528b22","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":7,"box":{"x":81,"y":526,"width":589,"height":11}},{"id":"637d0201-0342-4728-845e-1d40ae9608e7","block_type":"box","text":"Investment Style Risk","page_number":7,"box":{"x":81,"y":546,"width":166,"height":11}},{"id":"baba96b5-735b-4370-8553-ebc8f960da3e","block_type":"box","text":"—","page_number":7,"box":{"x":252,"y":551,"width":17,"height":1}},{"id":"9e5ef9da-3da0-4464-9294-be307f4ef1e0","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":7,"box":{"x":274,"y":546,"width":637,"height":11}},{"id":"d231f46a-4c0b-4cca-b9e4-41666956ece5","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":561,"width":804,"height":11}},{"id":"3afbfbf9-12b1-4f58-bf7d-42b1bbf729b1","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":575,"width":823,"height":12}},{"id":"9967d129-eb4f-421d-915f-999f0d286285","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":590,"width":842,"height":12}},{"id":"d9aff260-c329-4913-ba7f-e04081e6f0c7","block_type":"box","text":"styles.","page_number":7,"box":{"x":81,"y":605,"width":46,"height":12}},{"id":"b25c09c6-6aa1-4cd6-b494-3c0cb0f7cba1","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":7,"box":{"x":81,"y":625,"width":276,"height":12}},{"id":"dd0291a1-2f49-4f14-b170-ad5e13574621","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":7,"box":{"x":361,"y":625,"width":573,"height":12}},{"id":"ef841a39-6c7c-4ba7-980d-f622792525e8","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":640,"width":848,"height":12}},{"id":"917337a2-ae0e-423c-9ada-b7eebf364c07","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":655,"width":839,"height":11}},{"id":"72c9bae2-6bbd-422d-b9c1-d7e3ec7c15e2","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":670,"width":851,"height":11}},{"id":"899bae30-b950-40ad-b0bb-fa09840ce92c","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":690,"width":107,"height":11}},{"id":"40bf14bf-8ad0-4efc-b118-038ceef991a5","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":690,"width":741,"height":11}},{"id":"33e87cf4-de22-42a7-a4be-c267fbb7a6f2","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":704,"width":853,"height":12}},{"id":"96bd5af3-d829-4cf7-a1a0-d7a417d61aa7","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":719,"width":856,"height":12}},{"id":"21fd6628-37ba-4acb-8ce3-666c231a0f2e","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":734,"width":775,"height":11}},{"id":"47a4d5ee-cf08-4e8f-8e26-1c440759198d","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":749,"width":814,"height":11}},{"id":"29efc28b-d141-4131-a995-16c1c9247d95","block_type":"box","text":"leverage.","page_number":7,"box":{"x":82,"y":764,"width":63,"height":11}},{"id":"28dff120-f54d-4871-9117-caacb84942fc","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":784,"width":240,"height":9}},{"id":"f5534c7c-b5ad-48c4-90b6-f4b769022298","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":784,"width":593,"height":9}},{"id":"ef6813b9-56e0-475b-9619-553e12117e94","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":799,"width":851,"height":11}},{"id":"2218b1df-49be-432a-9bc0-ecbc489f57dd","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":813,"width":824,"height":12}},{"id":"1cf44f26-5eb5-43e9-abad-20e321127d68","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":828,"width":851,"height":12}},{"id":"0183b496-9fd1-47ba-88d7-188ddd2f2c25","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":843,"width":802,"height":11}},{"id":"2fc6584b-3635-4260-a7d1-17181454a73d","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":858,"width":849,"height":11}},{"id":"d0966875-c51e-40f6-96a5-540ee79f70fb","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":873,"width":843,"height":11}},{"id":"26f16fc1-edb1-40b6-bb08-b515c8148341","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":887,"width":830,"height":12}},{"id":"d61b9d88-95ba-455e-952f-45948f25b94e","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":902,"width":840,"height":12}},{"id":"b222f0e0-1799-40f9-a0fa-42441a9b51a0","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":917,"width":789,"height":12}},{"id":"afa19884-619b-4701-9e69-83ac8d39cd8a","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"3fd2ed4b-b3c3-4ba1-902a-e0cd9f3824c3","block_type":"box","text":"NM1026U-5984563-7/68","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4408cc0e-dc44-4b88-a8ad-9569d62b7496","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":8,"box":{"x":81,"y":46,"width":823,"height":11}},{"id":"64fef16f-c086-446c-a66d-ad533da03493","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":8,"box":{"x":81,"y":60,"width":784,"height":12}},{"id":"3f6e598e-c177-445b-80c1-e95b91f7bee2","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":8,"box":{"x":81,"y":75,"width":844,"height":12}},{"id":"2c699e45-6eef-4731-a211-fb9100bd9962","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":8,"box":{"x":81,"y":90,"width":855,"height":12}},{"id":"c6349224-4756-4fbe-9d2f-8db31fce0b58","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":8,"box":{"x":81,"y":105,"width":376,"height":11}},{"id":"7fd7581c-e66b-41be-b36f-18550bd8aa51","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":8,"box":{"x":82,"y":125,"width":818,"height":11}},{"id":"053120d9-f46d-4487-8660-6cb8c361e16d","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":8,"box":{"x":80,"y":140,"width":819,"height":11}},{"id":"3954a91d-4da5-4bdd-b831-dd18e7e15976","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":8,"box":{"x":81,"y":155,"width":819,"height":11}},{"id":"e6cfa02d-6c9b-4df7-8277-ea2734953ed0","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":8,"box":{"x":81,"y":169,"width":846,"height":12}},{"id":"c39bf860-e04c-4d2a-8a4e-95552e1e2d33","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":8,"box":{"x":81,"y":184,"width":848,"height":12}},{"id":"059ed640-211b-4fa0-b32c-c9f0f611bef6","block_type":"box","text":"the Fund invests.","page_number":8,"box":{"x":80,"y":199,"width":125,"height":9}},{"id":"7117ccde-c7d8-42c5-b793-9feeb5e282a4","block_type":"box","text":"“New Issues” Risk","page_number":8,"box":{"x":83,"y":219,"width":139,"height":9}},{"id":"7adde96c-2536-4d62-8b77-2f17e9d57086","block_type":"box","text":"—","page_number":8,"box":{"x":227,"y":224,"width":17,"height":1}},{"id":"d1287a18-db7e-42db-9630-2742e956bf85","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":8,"box":{"x":249,"y":219,"width":681,"height":12}},{"id":"aff3f8fe-e3a5-424c-8c21-959a8b42b2ed","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":8,"box":{"x":81,"y":234,"width":843,"height":11}},{"id":"ee430718-7661-4fa3-8157-b7ca451eb15b","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":8,"box":{"x":81,"y":249,"width":517,"height":11}},{"id":"bbeec29e-87de-4de7-a7fe-ab5153eda856","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":269,"width":254,"height":11}},{"id":"206974a9-5f74-484a-a041-532d02b1f317","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":269,"width":578,"height":11}},{"id":"8b56f15d-2b92-48f9-ab4a-cf468b4ae6cf","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":283,"width":779,"height":12}},{"id":"a7b92546-b88b-40cc-ab04-5607a9b5f8b8","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":8,"box":{"x":81,"y":298,"width":811,"height":12}},{"id":"10fb45c7-f41d-46c5-b326-32de4ebf10a0","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":8,"box":{"x":82,"y":313,"width":806,"height":11}},{"id":"e09ab7a7-6769-47b0-bfb2-9d89239ea900","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":8,"box":{"x":82,"y":328,"width":853,"height":12}},{"id":"139a564b-9cc0-4daa-836d-acb8cdca8c91","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":8,"box":{"x":82,"y":343,"width":841,"height":11}},{"id":"bf516897-5321-4b9b-b1d6-d2f3d34d61a6","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":8,"box":{"x":81,"y":358,"width":808,"height":11}},{"id":"16ad9e2d-ee05-4fc8-80c9-df6e098d94b0","block_type":"box","text":"issuers to lose value.","page_number":8,"box":{"x":82,"y":373,"width":155,"height":9}},{"id":"7accf210-72d6-4c3b-8f6d-bc9c204f0097","block_type":"box","text":"Preferred Securities Risk","page_number":8,"box":{"x":81,"y":392,"width":189,"height":10}},{"id":"4a613f39-e320-4140-87d5-3c55cb4cc792","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":8,"box":{"x":274,"y":392,"width":636,"height":12}},{"id":"4da7e8ea-41a1-4130-b343-3b7fdd1be1c3","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":407,"width":824,"height":12}},{"id":"07089dd7-881e-4089-b1a4-0060d1c9a71a","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":422,"width":806,"height":12}},{"id":"1238089d-8002-4100-83dd-da04e976e278","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":437,"width":842,"height":11}},{"id":"248d2259-fbd0-4e3b-836f-e046618582a1","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":452,"width":781,"height":11}},{"id":"84a3a596-a26d-44f3-9dfe-5450354a98bd","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":467,"width":812,"height":11}},{"id":"e2aab8f2-77b3-4760-b97e-a05843918d80","block_type":"box","text":"larger companies.","page_number":8,"box":{"x":82,"y":482,"width":129,"height":11}},{"id":"db3763a4-fb46-4947-8c62-068dd19c9291","block_type":"box","text":"Risk of Investing in the United States","page_number":8,"box":{"x":81,"y":501,"width":283,"height":12}},{"id":"8af293c2-e3fd-4dbc-9fde-2c9a5528d240","block_type":"box","text":"—","page_number":8,"box":{"x":369,"y":507,"width":17,"height":1}},{"id":"2e170676-557c-42cd-9c15-7c0d09703f8a","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":501,"width":518,"height":12}},{"id":"ca2ee16a-aa46-4fa4-be4c-813c0ef8a224","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":516,"width":847,"height":12}},{"id":"eb2e1273-b00d-4f1c-b703-2582e264d907","block_type":"box","text":"exposure.","page_number":8,"box":{"x":81,"y":533,"width":70,"height":9}},{"id":"dd645a23-a0a5-4667-889a-f48aa9b91d41","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":570,"width":224,"height":11}},{"id":"963f9853-b074-4aa5-857d-25d2bc45f685","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":596,"width":872,"height":12}},{"id":"6593f3b5-15e3-4c11-878a-b6ddcba6a267","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":611,"width":875,"height":11}},{"id":"8d44d33c-688c-468a-8aaa-f527b3198a1c","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":626,"width":870,"height":11}},{"id":"77c5269c-e3f4-43eb-b511-9cbb41017922","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":641,"width":818,"height":11}},{"id":"625f3e6d-0c38-48fb-a77a-2cee5a3a9324","block_type":"box","text":"investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Index. To the extent","page_number":8,"box":{"x":62,"y":655,"width":843,"height":12}},{"id":"8da1da77-3255-4040-b22d-423281f12483","block_type":"box","text":"that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and","page_number":8,"box":{"x":60,"y":670,"width":875,"height":12}},{"id":"b4f2a16d-5d7f-4052-8cbb-16f7ebabedaf","block_type":"box","text":"table assumes reinvestment of the dividends and distributions. As with all such investments, past performance","page_number":8,"box":{"x":60,"y":685,"width":821,"height":11}},{"id":"89d51a76-011e-40a9-a296-9ad54ae3e686","block_type":"box","text":"(before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they","page_number":8,"box":{"x":61,"y":700,"width":856,"height":11}},{"id":"8afc5188-5e89-4248-b7fa-5edeaa5fdd44","block_type":"box","text":"were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If","page_number":8,"box":{"x":60,"y":715,"width":852,"height":11}},{"id":"7bfa768d-8656-4ab7-beee-cb4818619139","block_type":"box","text":"BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s","page_number":8,"box":{"x":62,"y":730,"width":837,"height":11}},{"id":"b3a1ad19-04e7-4d72-b902-d325620d896e","block_type":"box","text":"returns would have been lower. Updated information on the Fund’s performance, including its current net asset value,","page_number":8,"box":{"x":61,"y":744,"width":865,"height":12}},{"id":"8cac27a2-c8d2-4bd1-bece-99d066690c99","block_type":"box","text":"can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":8,"box":{"x":61,"y":759,"width":705,"height":12}},{"id":"ba2301e9-e5a7-4daf-9f4f-0e09b5a7c78f","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"aa792358-1f8d-416a-84d3-8379ba4bd677","block_type":"box","text":"NM1026U-5984563-8/68","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"81124df6-d8af-4e36-960a-4eaf5c89d7dc","block_type":"box","text":"Investor A Shares","page_number":9,"box":{"x":427,"y":46,"width":144,"height":10}},{"id":"4ad7d613-96cc-4199-b13f-c3cdf1b6b743","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":62,"width":212,"height":10}},{"id":"8a38fc3f-ce91-4d8a-99f0-ef17363af9c4","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":9,"box":{"x":239,"y":78,"width":520,"height":13}},{"id":"002f4b9f-e965-484c-80ff-9e0dfc6e3d2a","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":94,"width":103,"height":13}},{"id":"aa70362b-4524-45d6-a967-062ef44e6b82","block_type":"box","text":"13.94%","page_number":9,"box":{"x":292,"y":168,"width":44,"height":7}},{"id":"87e6a6b0-2cc3-4029-ba8d-d540db6e7181","block_type":"box","text":"21.22%","page_number":9,"box":{"x":339,"y":152,"width":45,"height":7}},{"id":"81e0ec30-1e94-471c-bd14-f2e08c14458d","block_type":"box","text":"-5.66%","page_number":9,"box":{"x":389,"y":227,"width":41,"height":7}},{"id":"7fc89084-0733-408f-a102-e871b11cca93","block_type":"box","text":"30.79%","page_number":9,"box":{"x":436,"y":130,"width":45,"height":8}},{"id":"c64bfc64-ddbd-4a78-ad10-149a9b3bc1c4","block_type":"box","text":"22.11%","page_number":9,"box":{"x":484,"y":150,"width":45,"height":7}},{"id":"ac936373-830b-4369-8281-63aff8c8174b","block_type":"box","text":"28.26%","page_number":9,"box":{"x":532,"y":136,"width":45,"height":7}},{"id":"4f19fed9-1f0e-4dff-a7d5-acb05732cb53","block_type":"box","text":"-19.93%","page_number":9,"box":{"x":578,"y":258,"width":49,"height":8}},{"id":"7e1a7aee-e791-4016-8e87-f9515d750f65","block_type":"box","text":"25.26%","page_number":9,"box":{"x":629,"y":143,"width":44,"height":7}},{"id":"a8f78328-5081-42bf-ad2e-767dd4fca6b2","block_type":"box","text":"23.59%","page_number":9,"box":{"x":677,"y":146,"width":44,"height":8}},{"id":"7278a11e-7d20-43ad-86a5-0651f10681f2","block_type":"box","text":"18.64%","page_number":9,"box":{"x":725,"y":157,"width":45,"height":8}},{"id":"b8ad2ee0-9288-4924-89d1-2adb661e3528","block_type":"box","text":"-30%","page_number":9,"box":{"x":237,"y":273,"width":28,"height":7}},{"id":"608bde25-b9d8-4bcd-8c0e-52a21640eacb","block_type":"box","text":"-20%","page_number":9,"box":{"x":237,"y":251,"width":28,"height":7}},{"id":"0c3b85fb-990f-47d3-b534-59d13d195651","block_type":"box","text":"-10%","page_number":9,"box":{"x":237,"y":229,"width":28,"height":7}},{"id":"51682ab1-8163-4bcf-bb06-af5230fa7194","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":206,"width":17,"height":8}},{"id":"a968d390-53b6-4231-ad96-11c714fc70e3","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":184,"width":24,"height":8}},{"id":"a1b5c41f-323b-4d1f-a492-574e10e9d1dc","block_type":"box","text":"20%","page_number":9,"box":{"x":240,"y":162,"width":25,"height":7}},{"id":"e035c75d-c640-49b5-b77c-4b222c200ec8","block_type":"box","text":"30%","page_number":9,"box":{"x":240,"y":140,"width":25,"height":7}},{"id":"110f6137-eb7d-46eb-badb-b9cd27d59207","block_type":"box","text":"40%","page_number":9,"box":{"x":240,"y":118,"width":25,"height":7}},{"id":"5f1e327f-a609-488c-aa1f-2070ee3c64d8","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":283,"width":465,"height":7}},{"id":"fb8f9347-64b9-4543-bbb3-58d3fc0e9b0f","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 23.71% (quarter ended","page_number":9,"box":{"x":62,"y":303,"width":806,"height":12}},{"id":"4c57fb29-5a6e-4e78-8017-a3d4b82306f4","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":9,"box":{"x":61,"y":318,"width":845,"height":12}},{"id":"905673b0-05f1-423f-90d6-bdd6694a595d","block_type":"box","text":"return as of June 30, 2026 was 11.94%.","page_number":9,"box":{"x":61,"y":333,"width":299,"height":11}},{"id":"e0cb428f-212e-4b08-ad78-5eddd2709d60","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"2ab160fb-8c0c-4065-8e79-e741d7cfc154","block_type":"box","text":"NM1026U-5984563-9/68","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"2ce306b5-694c-44e0-b9a2-b5353e19ca7e","block_type":"box","text":"For the periods ended 12/31/25","page_number":10,"box":{"x":70,"y":60,"width":223,"height":10}},{"id":"254f6350-4962-48bc-882a-08ab1353c26a","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":10,"box":{"x":69,"y":71,"width":854,"height":10}},{"id":"6503be48-54fe-4f1b-9886-48a92b4239f4","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund — Investor A Shares","page_number":10,"box":{"x":70,"y":89,"width":550,"height":11}},{"id":"a665e78f-c0f8-4ae1-8a2e-685631b2848e","block_type":"box","text":"Return Before Taxes 12.42% 12.31% 14.04%","page_number":10,"box":{"x":85,"y":102,"width":840,"height":8}},{"id":"c2052676-cc09-4614-a5ec-5e1823403e16","block_type":"box","text":"Return After Taxes on Distributions 10.57% 10.42% 12.35%","page_number":10,"box":{"x":85,"y":115,"width":840,"height":8}},{"id":"edb9842b-6f8f-4fc7-bffb-e785fbc4dc22","block_type":"box","text":"Return After Taxes on Distributions","page_number":10,"box":{"x":85,"y":128,"width":228,"height":8}},{"id":"9780147d-47d1-458c-9fe4-6935fc4394cb","block_type":"box","text":"and Sale of Fund Shares 8.29% 9.28% 11.09%","page_number":10,"box":{"x":85,"y":139,"width":840,"height":9}},{"id":"26e8986d-a57d-43e0-aaf3-071695e2ade6","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund — Investor C Shares","page_number":10,"box":{"x":70,"y":158,"width":551,"height":10}},{"id":"d3f1b624-2207-41f7-ae58-e6320706d052","block_type":"box","text":"Return Before Taxes 16.73% 12.67% 13.98%","page_number":10,"box":{"x":85,"y":170,"width":840,"height":9}},{"id":"c0c78964-fda9-40a7-b8a1-5a9b38b094f1","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund — Institutional Shares","page_number":10,"box":{"x":70,"y":188,"width":563,"height":11}},{"id":"509f3d06-df05-4d5e-82a0-c965b1fd1a60","block_type":"box","text":"Return Before Taxes 18.94% 13.81% 14.94%","page_number":10,"box":{"x":85,"y":201,"width":840,"height":9}},{"id":"25565a79-6409-4fd9-94f6-784800bd3853","block_type":"box","text":"Russell 1000 Index","page_number":10,"box":{"x":70,"y":219,"width":128,"height":9}},{"id":"667d63e9-eb5a-4630-b077-df87cf275c8a","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":10,"box":{"x":69,"y":233,"width":856,"height":10}},{"id":"4c3faddd-c2dc-4fbd-9c7f-8221e8705f2b","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":10,"box":{"x":60,"y":265,"width":840,"height":11}},{"id":"54e6bc25-7406-4736-b17a-5edb47b8caa5","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":10,"box":{"x":61,"y":280,"width":835,"height":11}},{"id":"0686d0df-d37e-4481-aac4-1b512cf7b195","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":10,"box":{"x":61,"y":294,"width":851,"height":12}},{"id":"550caa9c-5ddc-4653-8d9c-7530e078a172","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":10,"box":{"x":60,"y":309,"width":840,"height":12}},{"id":"59ce2720-3443-44b2-b7fa-291e591b74a9","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":10,"box":{"x":62,"y":324,"width":700,"height":12}},{"id":"f547f3a8-54b2-4231-9b53-db3f32de1749","block_type":"box","text":"Investment Manager","page_number":10,"box":{"x":62,"y":363,"width":187,"height":14}},{"id":"bb7cf993-5daf-447a-87b3-ffe96ffa3fad","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":10,"box":{"x":60,"y":389,"width":709,"height":12}},{"id":"04fd31ff-367f-429c-9d3b-53a246da8e05","block_type":"box","text":"Portfolio Managers","page_number":10,"box":{"x":61,"y":428,"width":173,"height":14}},{"id":"bb53940a-e090-4c72-b6ba-2cb4f24bc5ac","block_type":"box","text":"Portfolio Manager Portfolio Manager of the Fund Since Title","page_number":10,"box":{"x":70,"y":460,"width":696,"height":11}},{"id":"d4e81279-63cb-43a5-a8ff-c884ea572aec","block_type":"box","text":"Travis Cooke, CFA 2015 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":478,"width":803,"height":11}},{"id":"261db72c-369e-4826-952a-3067bf18c59a","block_type":"box","text":"Raffaele Savi 2020 Senior Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":496,"width":825,"height":11}},{"id":"04b9179b-8ff7-45af-bf18-a20cb1f13aef","block_type":"box","text":"Richard Mathieson 2020 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":514,"width":802,"height":11}},{"id":"b441254d-121c-4956-972a-cde4f500824e","block_type":"box","text":"Anna Hawley, CFA 2020 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":533,"width":803,"height":10}},{"id":"7dca763c-ebc3-4f93-9d9b-5badfd3782a2","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":10,"box":{"x":61,"y":573,"width":309,"height":11}},{"id":"9d8ad6ff-dcce-4653-85c4-2b11a50d6b8f","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":10,"box":{"x":60,"y":599,"width":857,"height":12}},{"id":"b596f121-8cbe-4de3-966b-ef23adee94ef","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":10,"box":{"x":61,"y":614,"width":873,"height":12}},{"id":"d5e0d6d6-006e-42bf-af94-a519ca2fe5d6","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":10,"box":{"x":60,"y":629,"width":833,"height":12}},{"id":"9046fab5-78d2-4952-9c64-4add353e0c41","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":10,"box":{"x":62,"y":644,"width":827,"height":11}},{"id":"5b244f69-cb07-4928-9549-8b13ef3762ec","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":10,"box":{"x":60,"y":659,"width":696,"height":11}},{"id":"1be40c40-00b1-4f97-b1ac-ac9f5fd68ae7","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":10,"box":{"x":232,"y":687,"width":480,"height":7}},{"id":"b263789e-fabf-4364-ac4e-18580e43c0a8","block_type":"box","text":"Minimum Initial","page_number":10,"box":{"x":61,"y":704,"width":104,"height":8}},{"id":"83e1110a-2875-46de-8b6e-a1653ccdd975","block_type":"box","text":"Investment","page_number":10,"box":{"x":61,"y":718,"width":75,"height":8}},{"id":"1707bab4-9c0d-435b-adc3-c73d5c37d731","block_type":"box","text":"$1,000 for all accounts except:","page_number":10,"box":{"x":232,"y":703,"width":207,"height":11}},{"id":"0950df58-18de-44ff-80fa-1d0b8b590856","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":720,"width":4,"height":3}},{"id":"1077d475-5329-4ec5-b4f1-754ac52de3bf","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":10,"box":{"x":243,"y":717,"width":296,"height":11}},{"id":"5e84b7aa-c410-4058-bcac-f978413ed8fc","block_type":"box","text":"Plan.","page_number":10,"box":{"x":243,"y":731,"width":30,"height":8}},{"id":"6b81c526-17ec-499e-a40a-1a23fd175cb8","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":747,"width":4,"height":3}},{"id":"e2c649d0-42f4-4539-99fd-52be710899d8","block_type":"box","text":"There is no investment minimum for employer","page_number":10,"box":{"x":242,"y":745,"width":306,"height":10}},{"id":"b5f15f23-8003-4e9a-9fef-43cac0f4dde6","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":10,"box":{"x":242,"y":758,"width":306,"height":11}},{"id":"97989167-32ac-432c-934c-b4f1d163249e","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs).","page_number":10,"box":{"x":243,"y":772,"width":213,"height":10}},{"id":"7bcdddbd-bbd6-4956-9569-82a14028e55a","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":788,"width":4,"height":3}},{"id":"2033e572-00fe-48b4-95a5-92884534afcc","block_type":"box","text":"There is no investment minimum for certain fee","page_number":10,"box":{"x":242,"y":785,"width":318,"height":9}},{"id":"da801d50-b41e-46fd-8ee6-b58d68c9d505","block_type":"box","text":"based programs.","page_number":10,"box":{"x":243,"y":799,"width":109,"height":10}},{"id":"21a62265-03ad-4bf9-9423-f411e21da8d0","block_type":"box","text":"There is no minimum initial investment for:","page_number":10,"box":{"x":595,"y":704,"width":282,"height":8}},{"id":"941747fc-0a5f-4d4a-b8bb-adff431d226e","block_type":"box","text":"•","page_number":10,"box":{"x":598,"y":720,"width":4,"height":3}},{"id":"29eb8b07-4482-4278-9623-1b924fae3152","block_type":"box","text":"Certain employee benefits plans, such as health","page_number":10,"box":{"x":605,"y":718,"width":320,"height":10}},{"id":"faec912d-6df2-4ea8-aab2-fd604fd92c80","block_type":"box","text":"savings accounts and certain employer-sponsored","page_number":10,"box":{"x":605,"y":731,"width":330,"height":10}},{"id":"22d7f2b0-ce68-48bb-b208-ab317ba3e0b8","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE","page_number":10,"box":{"x":606,"y":745,"width":324,"height":10}},{"id":"fc8f536f-2bac-4945-8988-5dc50b721e30","block_type":"box","text":"IRAs or SARSEPs), state sponsored 529 college","page_number":10,"box":{"x":606,"y":758,"width":316,"height":11}},{"id":"9cb246aa-bf0c-49d1-bd89-32bce2acf818","block_type":"box","text":"savings plans, collective trust funds, investment","page_number":10,"box":{"x":605,"y":772,"width":319,"height":10}},{"id":"b45e02e2-2db8-4295-8890-7d54c596bf94","block_type":"box","text":"companies or other pooled investment vehicles,","page_number":10,"box":{"x":605,"y":785,"width":315,"height":10}},{"id":"8546a8a6-ac0e-4893-b271-89e074f75ae8","block_type":"box","text":"unaffiliated thrifts and unaffiliated banks and","page_number":10,"box":{"x":606,"y":799,"width":297,"height":8}},{"id":"a47d3570-c756-4cdc-8b97-1c1c6a3d392f","block_type":"box","text":"trust companies, each of which may purchase","page_number":10,"box":{"x":605,"y":812,"width":303,"height":11}},{"id":"16308e6a-8281-4896-82d7-63b16abb8c53","block_type":"box","text":"shares of the Fund through a Financial","page_number":10,"box":{"x":605,"y":826,"width":253,"height":10}},{"id":"26613a5e-8904-4e9f-8b6c-fbc5e05469bc","block_type":"box","text":"Intermediary that has entered into an agreement","page_number":10,"box":{"x":606,"y":840,"width":322,"height":10}},{"id":"71005903-eb51-4f65-a2be-970ff6ab3328","block_type":"box","text":"with the Fund’s distributor to purchase such","page_number":10,"box":{"x":605,"y":853,"width":290,"height":10}},{"id":"ad3af983-937d-428a-a8cc-636f7ec236b7","block_type":"box","text":"shares.","page_number":10,"box":{"x":605,"y":867,"width":48,"height":8}},{"id":"4ebc93ac-f008-454f-a8d3-ec799f818daf","block_type":"box","text":"•","page_number":10,"box":{"x":598,"y":883,"width":4,"height":3}},{"id":"c62ef445-2790-4926-808e-5afc593b201e","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge","page_number":10,"box":{"x":605,"y":880,"width":326,"height":10}},{"id":"72fadd6f-72a7-4638-8115-d00fc0a5a9dd","block_type":"box","text":"such clients a fee for advisory, investment","page_number":10,"box":{"x":605,"y":894,"width":280,"height":10}},{"id":"4f03c236-e471-428e-b0a0-ba06612a7457","block_type":"box","text":"consulting, or similar services or (ii) have entered","page_number":10,"box":{"x":605,"y":907,"width":326,"height":10}},{"id":"7251f505-9167-430c-8fba-8324d34758cb","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9f0183bc-a5c5-443b-be15-f2ae14b53576","block_type":"box","text":"NM1026U-5984563-10/68","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"358de00e-21b0-4bf9-960e-3c6eb17c3647","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":11,"box":{"x":232,"y":50,"width":480,"height":7}},{"id":"d0db1078-d12e-4a46-9a7e-96ec8e43ef01","block_type":"box","text":"Minimum Initial","page_number":11,"box":{"x":61,"y":67,"width":104,"height":8}},{"id":"d0bf7dd8-2130-4c08-a4b6-3b826e8a4d44","block_type":"box","text":"Investment","page_number":11,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"8c31e4b6-6a61-4361-8c54-f9d6f4fb7fd9","block_type":"box","text":"(continued)","page_number":11,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"3927a7b7-8cc9-4fc6-8c69-e06e6c37e556","block_type":"box","text":"into an agreement with the Fund’s distributor to","page_number":11,"box":{"x":606,"y":67,"width":313,"height":11}},{"id":"3dc65920-83c8-40ff-8c80-040dca692297","block_type":"box","text":"offer Institutional Shares through a no-load","page_number":11,"box":{"x":605,"y":81,"width":283,"height":10}},{"id":"7d67acbd-63ac-4f27-8487-237e41f398ab","block_type":"box","text":"program or investment platform.","page_number":11,"box":{"x":606,"y":94,"width":211,"height":11}},{"id":"31c2493a-ad77-4b11-8909-ef1fc6bf0968","block_type":"box","text":"•","page_number":11,"box":{"x":598,"y":111,"width":4,"height":3}},{"id":"2c20ae5b-7e39-4da2-9f4f-2d80733c51f8","block_type":"box","text":"Clients investing through a self-directed IRA","page_number":11,"box":{"x":605,"y":108,"width":287,"height":10}},{"id":"2beee9ad-5584-4c36-bf36-5652ace73199","block_type":"box","text":"brokerage account program sponsored by a","page_number":11,"box":{"x":605,"y":122,"width":286,"height":10}},{"id":"cc949faf-cf26-4693-a50b-a070503e0304","block_type":"box","text":"retirement plan record-keeper, provided that such","page_number":11,"box":{"x":606,"y":135,"width":324,"height":10}},{"id":"66e3c517-ded6-4e04-a8a5-1354d26d9fb3","block_type":"box","text":"program offers only mutual fund options and that","page_number":11,"box":{"x":606,"y":148,"width":324,"height":11}},{"id":"63abe26c-32be-4ee1-adb8-4a9939ec7678","block_type":"box","text":"the program maintains an account with the Fund","page_number":11,"box":{"x":605,"y":162,"width":319,"height":10}},{"id":"c93a849b-7289-4f82-9822-41dec83074b4","block_type":"box","text":"on an omnibus basis.","page_number":11,"box":{"x":605,"y":176,"width":141,"height":8}},{"id":"bcd09412-753b-4fdf-8be8-fb6e5e5d84c4","block_type":"box","text":"$2 million for individuals and “Institutional","page_number":11,"box":{"x":595,"y":192,"width":279,"height":10}},{"id":"52dbc79b-a3f0-4d2f-a78e-f22af5a9b2e8","block_type":"box","text":"Investors,” which include, but are not limited to,","page_number":11,"box":{"x":596,"y":207,"width":315,"height":9}},{"id":"4d9c045a-ac58-48af-8fce-2896e74b7f9e","block_type":"box","text":"endowments, foundations, family offices, local,","page_number":11,"box":{"x":595,"y":220,"width":311,"height":10}},{"id":"b1fb813a-b32c-4cfd-a57c-c519ff1e8894","block_type":"box","text":"city, and state governmental institutions,","page_number":11,"box":{"x":595,"y":234,"width":268,"height":10}},{"id":"42f640cf-f517-4d6c-81d4-d162e5d9dea7","block_type":"box","text":"corporations and insurance company separate","page_number":11,"box":{"x":595,"y":247,"width":305,"height":10}},{"id":"d5f6738e-0c52-4ce8-afad-03f97f421e83","block_type":"box","text":"accounts who may purchase shares of the Fund","page_number":11,"box":{"x":595,"y":261,"width":315,"height":10}},{"id":"910df676-a170-47c3-ab43-3c58a836233a","block_type":"box","text":"through a Financial Intermediary that has entered","page_number":11,"box":{"x":594,"y":274,"width":327,"height":11}},{"id":"bb1e9592-9421-4c64-a699-4d0f8f9a660f","block_type":"box","text":"into an agreement with the Fund’s distributor to","page_number":11,"box":{"x":596,"y":288,"width":313,"height":10}},{"id":"9acd743e-55f5-406a-87af-2e8e71669b98","block_type":"box","text":"purchase such shares.","page_number":11,"box":{"x":596,"y":301,"width":148,"height":10}},{"id":"779f161a-19cb-43a9-a630-46a59c46b34c","block_type":"box","text":"$1,000 for:","page_number":11,"box":{"x":595,"y":318,"width":75,"height":10}},{"id":"192b5d62-7da6-472e-9ffe-8cc1c58f06ea","block_type":"box","text":"•","page_number":11,"box":{"x":598,"y":335,"width":4,"height":3}},{"id":"4a010da3-073e-45ad-b0df-93aea92a5dba","block_type":"box","text":"Clients investing through Financial Intermediaries","page_number":11,"box":{"x":605,"y":332,"width":325,"height":11}},{"id":"4c0d3050-d7c9-4d45-ba58-108ee0fd7d47","block_type":"box","text":"that offer such shares on a platform that charges","page_number":11,"box":{"x":605,"y":346,"width":327,"height":10}},{"id":"540b1ad6-86ef-4b11-98e8-e9f50746bb65","block_type":"box","text":"a transaction based sales commission outside of","page_number":11,"box":{"x":605,"y":359,"width":327,"height":8}},{"id":"346a9119-246a-4af1-8329-a40068d07f01","block_type":"box","text":"the Fund.","page_number":11,"box":{"x":605,"y":373,"width":60,"height":8}},{"id":"f2c8bce9-03d8-4a2e-aa4f-317349d4c777","block_type":"box","text":"•","page_number":11,"box":{"x":598,"y":389,"width":4,"height":3}},{"id":"05779880-b558-4ffc-841c-5316cc19b5b4","block_type":"box","text":"Tax-qualified accounts for insurance agents that","page_number":11,"box":{"x":605,"y":386,"width":315,"height":11}},{"id":"e3019a66-0c15-4795-9544-0c889871e8e5","block_type":"box","text":"are registered representatives of an insurance","page_number":11,"box":{"x":605,"y":400,"width":306,"height":10}},{"id":"330da68d-dd92-4b4d-833f-e54db0211f1e","block_type":"box","text":"company’s broker-dealer that has entered into an","page_number":11,"box":{"x":605,"y":414,"width":325,"height":10}},{"id":"103793f4-a81a-4443-8554-1346e34f8bdc","block_type":"box","text":"agreement with the Fund’s distributor to offer","page_number":11,"box":{"x":605,"y":427,"width":301,"height":10}},{"id":"1af616aa-8a85-4ec0-90b3-257ef2bbeabd","block_type":"box","text":"Institutional Shares, and the family members of","page_number":11,"box":{"x":606,"y":440,"width":314,"height":11}},{"id":"e842b191-c173-4ff2-bc09-0ab54fde8f98","block_type":"box","text":"such persons.","page_number":11,"box":{"x":605,"y":454,"width":92,"height":10}},{"id":"700edbe8-3fc2-43a0-8b53-22056f2945c9","block_type":"box","text":"Minimum Additional","page_number":11,"box":{"x":61,"y":472,"width":133,"height":8}},{"id":"45cb3ba7-245d-4745-a439-ffa2d463519f","block_type":"box","text":"Investment","page_number":11,"box":{"x":61,"y":486,"width":75,"height":8}},{"id":"5ffa9d84-c8c3-4735-ab25-b52a011aad7d","block_type":"box","text":"$50 for all accounts (with the exception of certain","page_number":11,"box":{"x":232,"y":471,"width":329,"height":11}},{"id":"9533a7c0-96c7-4f1f-b4b2-596ad767fe06","block_type":"box","text":"employer-sponsored retirement plans which may","page_number":11,"box":{"x":232,"y":486,"width":319,"height":10}},{"id":"438e2b35-4208-4662-81ef-b0dd1fa323b6","block_type":"box","text":"have a lower minimum).","page_number":11,"box":{"x":233,"y":499,"width":155,"height":10}},{"id":"49922748-3456-43f8-aa03-b7eccf6ed736","block_type":"box","text":"No subsequent minimum.","page_number":11,"box":{"x":596,"y":472,"width":167,"height":10}},{"id":"b57bdc1a-ebbd-4fde-b1dd-7dda2025cfa3","block_type":"box","text":"Tax Information","page_number":11,"box":{"x":63,"y":540,"width":138,"height":11}},{"id":"ff90d47d-5e79-43ff-900f-1809eb9637e4","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":11,"box":{"x":60,"y":566,"width":838,"height":11}},{"id":"6d31315d-6737-4fc6-86bd-88f91e76f849","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":11,"box":{"x":62,"y":581,"width":829,"height":11}},{"id":"77f53c58-40c6-472a-92c3-f1fa0f523a9f","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":11,"box":{"x":61,"y":595,"width":862,"height":12}},{"id":"7d61428b-909b-46df-9b97-adb4b16d02d8","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":11,"box":{"x":62,"y":610,"width":686,"height":12}},{"id":"e9bbeaba-2a9a-4b1f-9af3-5654b3bde09e","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":11,"box":{"x":61,"y":649,"width":578,"height":14}},{"id":"b0acd07f-527e-4f02-80e0-6f4b3736802c","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":11,"box":{"x":62,"y":675,"width":848,"height":12}},{"id":"0bd9a50d-be65-49a2-812a-b525276ac9e3","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":11,"box":{"x":62,"y":690,"width":868,"height":12}},{"id":"157d42d3-d643-42f0-bc5c-2161b9cdc32a","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":11,"box":{"x":60,"y":713,"width":867,"height":11}},{"id":"2d846f90-cf93-4b7e-805f-d775a34c9f1b","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":11,"box":{"x":62,"y":728,"width":455,"height":11}},{"id":"c76b5c30-b67a-4807-85df-cd0dba6d0f6c","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":11,"box":{"x":60,"y":750,"width":790,"height":12}},{"id":"682ba6e1-2471-4327-943e-9d68f5ddb4e1","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"58f5569a-965f-4998-b955-dd356ba26fe9","block_type":"box","text":"NM1026U-5984563-11/68","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3957cdb7-d24b-4374-9662-4763fd379207","block_type":"box","text":"Details About the Fund","page_number":12,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"ab82e603-1177-4f8e-996f-b7132e17fb1f","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":12,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"1f444e7b-125e-4f7b-9232-c451d6ac5350","block_type":"box","text":"shareholder features of the BlackRock Sustainable Aware Advantage Large Cap Core Fund (the “Fund”), a series of","page_number":12,"box":{"x":61,"y":161,"width":846,"height":12}},{"id":"cd2705aa-19ca-4315-8ea7-2c01e9d06377","block_type":"box","text":"BlackRock Funds","page_number":12,"box":{"x":62,"y":176,"width":122,"height":9}},{"id":"34160987-570e-44c9-9ead-04aa067ca47b","block_type":"box","text":"SM","page_number":12,"box":{"x":186,"y":176,"width":11,"height":5}},{"id":"377a5184-60eb-44ff-b407-510e8818b05d","block_type":"box","text":"(the “Trust”), and your rights as a shareholder.","page_number":12,"box":{"x":203,"y":176,"width":341,"height":11}},{"id":"8d409758-d998-402d-b41e-d4614dbe13e3","block_type":"box","text":"How the Fund Invests","page_number":12,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"b5ad7fe5-4010-449b-a8ec-d3915dfe3d12","block_type":"box","text":"Investment Objective","page_number":12,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"8ae856ae-1423-481b-b7e9-ebe0ef05a985","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":12,"box":{"x":60,"y":258,"width":866,"height":11}},{"id":"00244df4-fbd0-4d1d-a2c0-3055f4d156b7","block_type":"box","text":"and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark.","page_number":12,"box":{"x":61,"y":273,"width":734,"height":11}},{"id":"459c4767-e0f7-4c7c-83a4-33ea480d084d","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":12,"box":{"x":60,"y":295,"width":831,"height":12}},{"id":"94fa15e9-e929-4e3e-a17e-02df8df783d3","block_type":"box","text":"notice to shareholders.","page_number":12,"box":{"x":61,"y":310,"width":168,"height":9}},{"id":"742fa3a1-ec98-4471-a16d-3de3947b38ab","block_type":"box","text":"Investment Process","page_number":12,"box":{"x":61,"y":333,"width":163,"height":10}},{"id":"a17a6332-688d-42ed-af2b-4620f2b91d23","block_type":"box","text":"To determine the Fund’s investable universe, Fund management first seeks to screen out certain issuers based on","page_number":12,"box":{"x":60,"y":349,"width":844,"height":12}},{"id":"2d054399-9eec-48c1-a1f5-74805d94fd15","block_type":"box","text":"ESG criteria determined by BlackRock Advisors, LLC (“BlackRock”) subject to the considerations noted below. Such","page_number":12,"box":{"x":62,"y":364,"width":843,"height":11}},{"id":"b26eb5ea-c66a-4c44-ba66-313ad964e678","block_type":"box","text":"screening criteria principally includes:","page_number":12,"box":{"x":61,"y":379,"width":273,"height":11}},{"id":"09f5112f-b587-4bea-8d8f-f7325fc0f083","block_type":"box","text":"(i) issuers that derive more than zero percent of revenue from the production of controversial weapons;","page_number":12,"box":{"x":81,"y":401,"width":756,"height":12}},{"id":"17ea4150-6a90-4632-877d-ffca3a3b2839","block_type":"box","text":"(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms;","page_number":12,"box":{"x":81,"y":424,"width":712,"height":11}},{"id":"fed7e442-31b9-47ed-b4f0-2e34d0457dbb","block_type":"box","text":"(iii) issuers that derive more than zero percent of revenue from the production of tobacco-related products;","page_number":12,"box":{"x":81,"y":447,"width":782,"height":11}},{"id":"80e409e1-919c-46dc-86e2-53429449c0d6","block_type":"box","text":"(iv) issuers that derive more than five percent of revenue from thermal coal generation, unless such issuers either","page_number":12,"box":{"x":81,"y":469,"width":839,"height":12}},{"id":"d876abe0-1b22-40ed-b3b5-06199bb0c0ac","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":12,"box":{"x":81,"y":484,"width":819,"height":11}},{"id":"1e256ef4-89f1-4006-b3bc-b079768b8c32","block_type":"box","text":"alternative energy sources;","page_number":12,"box":{"x":81,"y":499,"width":197,"height":11}},{"id":"f348ee23-89d4-4935-9a5b-6714be73a089","block_type":"box","text":"(v) issuers that derive more than five percent of revenue from thermal coal mining; and","page_number":12,"box":{"x":81,"y":521,"width":637,"height":12}},{"id":"fb44d344-dacf-49ab-b5a1-2fbef23470ce","block_type":"box","text":"(vi) issuers that derive more than five percent of revenue from oil sands extraction.","page_number":12,"box":{"x":81,"y":544,"width":607,"height":11}},{"id":"2bc31eda-d117-4987-a0a0-4267bf394e1f","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":12,"box":{"x":60,"y":566,"width":842,"height":12}},{"id":"5791de21-f95b-478d-b879-f0185756d31e","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":12,"box":{"x":61,"y":581,"width":861,"height":12}},{"id":"b73109e8-83da-41e9-8396-0aef8748cad4","block_type":"box","text":"business activity is not disclosed by the issuer or publicly available.","page_number":12,"box":{"x":61,"y":596,"width":495,"height":12}},{"id":"4f2c6779-4541-4325-ba6a-464b5d8df418","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":12,"box":{"x":60,"y":619,"width":866,"height":11}},{"id":"de284b5a-0fa3-478b-ae34-02c446e040f7","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":12,"box":{"x":61,"y":634,"width":875,"height":11}},{"id":"5816e509-4836-4f6c-9611-2b08ffac622c","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":12,"box":{"x":61,"y":649,"width":857,"height":11}},{"id":"0ae35d62-ca75-41d0-b682-a3c0cba003e6","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":12,"box":{"x":62,"y":663,"width":871,"height":12}},{"id":"8b149cba-a59c-4f4b-a9d3-68d3e4094506","block_type":"box","text":"indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to","page_number":12,"box":{"x":62,"y":678,"width":868,"height":12}},{"id":"67337afd-4742-4b0e-a829-6fcbf85938bb","block_type":"box","text":"issuers with exposures that are inconsistent with the ESG criteria used by Fund management.","page_number":12,"box":{"x":62,"y":693,"width":686,"height":11}},{"id":"3de04919-f0f7-41eb-8716-6bd3c4a699b1","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":12,"box":{"x":60,"y":716,"width":851,"height":11}},{"id":"f44a4555-0169-4788-82a4-54fe46f5ced4","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":12,"box":{"x":62,"y":730,"width":826,"height":12}},{"id":"b8f2c44d-8aae-4225-b7bb-865140b7b2bd","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":12,"box":{"x":62,"y":745,"width":874,"height":12}},{"id":"319eef6f-cac6-4009-8c0e-0041dae6446d","block_type":"box","text":"equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative","page_number":12,"box":{"x":61,"y":760,"width":854,"height":11}},{"id":"3369dc77-ef48-407b-8d45-463e38bfb99a","block_type":"box","text":"implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and","page_number":12,"box":{"x":62,"y":775,"width":818,"height":11}},{"id":"251b696b-629b-426a-8640-6023c10aa04d","block_type":"box","text":"transaction costs, as determined by BlackRock’s proprietary research.","page_number":12,"box":{"x":60,"y":790,"width":518,"height":11}},{"id":"26579e6c-836e-4aab-bc19-0c51fb2218b1","block_type":"box","text":"BlackRock then constructs and rebalances the portfolio’s weightings by incorporating its investment insights into the","page_number":12,"box":{"x":62,"y":812,"width":857,"height":12}},{"id":"414c0bc1-6156-4aaa-b87c-0ab050c23d67","block_type":"box","text":"model-based optimization process. Certain of the investment insights relate to ESG characteristics in BlackRock","page_number":12,"box":{"x":61,"y":827,"width":829,"height":11}},{"id":"b8b9ea98-7147-4f45-8db1-01f93efdd17e","block_type":"box","text":"defined categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation","page_number":12,"box":{"x":61,"y":842,"width":815,"height":11}},{"id":"b9fe9c35-eadb-41b8-ac3d-a6ff74c52f87","block_type":"box","text":"characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not","page_number":12,"box":{"x":61,"y":856,"width":868,"height":12}},{"id":"0fd3ec27-082e-42ee-8028-2fd4d88daa57","block_type":"box","text":"limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG","page_number":12,"box":{"x":62,"y":871,"width":867,"height":12}},{"id":"adb0ea0e-e134-499b-8049-60d65e499071","block_type":"box","text":"assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health","page_number":12,"box":{"x":61,"y":886,"width":858,"height":12}},{"id":"99566a1a-01d1-499b-ab0c-ca97db9eb331","block_type":"box","text":"analytics and an issuer’s innovation-oriented research and development. With respect to economic transition,","page_number":12,"box":{"x":61,"y":901,"width":803,"height":11}},{"id":"c588dc62-4ef8-4137-a2c0-2b9861cbc10a","block_type":"box","text":"BlackRock researches and develops investment insights that target carbon transition readiness and climate","page_number":12,"box":{"x":62,"y":916,"width":791,"height":11}},{"id":"810b7e9c-c412-477f-8b60-d92325e1f2bf","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"585ed0ee-339a-4105-8899-4031c706fc89","block_type":"box","text":"NM1026U-5984563-12/68","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d2b9a849-d923-4fa3-b638-b4c5d7af80bc","block_type":"box","text":"opportunities. The ESG characteristics utilized in the portfolio construction process may change over time and one or","page_number":13,"box":{"x":61,"y":46,"width":862,"height":11}},{"id":"98124b37-2c24-4749-841c-087a5ee50ce5","block_type":"box","text":"more characteristics may not be relevant to all issuers that are eligible for investment.","page_number":13,"box":{"x":61,"y":60,"width":634,"height":12}},{"id":"4d8f9530-bc3e-4140-aaad-8c31017a75a3","block_type":"box","text":"BlackRock’s ESG research does not attempt to capture all possible ESG characteristics, rather those that in","page_number":13,"box":{"x":62,"y":83,"width":793,"height":11}},{"id":"25a03f6c-1b4a-42ac-948e-602cae58e08a","block_type":"box","text":"BlackRock’s opinion, can be measured and have an associated investment thesis. Fund management may consider","page_number":13,"box":{"x":62,"y":98,"width":849,"height":11}},{"id":"cb4d3263-8287-4308-8a13-b0ec8a9e58d5","block_type":"box","text":"both positive and negative ESG characteristics of an issuer when developing such investment theses. BlackRock","page_number":13,"box":{"x":61,"y":113,"width":827,"height":11}},{"id":"5b896abb-fb6b-4350-8d21-c59b1836fac5","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":13,"box":{"x":61,"y":128,"width":838,"height":11}},{"id":"7b62ae22-da65-4a8a-a1af-f5f144d8f438","block_type":"box","text":"ESG-related characteristics are not the sole considerations in the portfolio construction process and BlackRock’s","page_number":13,"box":{"x":62,"y":150,"width":830,"height":11}},{"id":"1fe1ad3e-99b2-432a-88ad-716ab82b671e","block_type":"box","text":"evaluation of ESG characteristics may change over time.","page_number":13,"box":{"x":61,"y":165,"width":412,"height":11}},{"id":"6cca1b8e-92cc-44a4-80b2-3af029f3630d","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":13,"box":{"x":60,"y":187,"width":862,"height":12}},{"id":"269b0507-07f4-43a2-87d8-f68c57feeae5","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and artificial","page_number":13,"box":{"x":60,"y":202,"width":873,"height":12}},{"id":"55c4a332-2777-4607-aa8b-d7faa0d7df58","block_type":"box","text":"intelligence methods including large language models, sentiment analysis, factor and thematic insights, and measures","page_number":13,"box":{"x":62,"y":217,"width":871,"height":12}},{"id":"411bbc76-9e2a-4495-8595-bf0be7f0655e","block_type":"box","text":"of whether a security is over- or under-valued.","page_number":13,"box":{"x":61,"y":232,"width":331,"height":11}},{"id":"3de16ff2-715a-47eb-8200-b5b531255eed","block_type":"box","text":"The Fund has no stated minimum holding period for investments and may buy or sell securities whenever Fund","page_number":13,"box":{"x":60,"y":254,"width":812,"height":12}},{"id":"5e9a7f86-3c18-4b35-afac-21d435b519c0","block_type":"box","text":"management sees an appropriate opportunity. The Fund may engage in active and frequent trading of its investments.","page_number":13,"box":{"x":61,"y":269,"width":866,"height":12}},{"id":"b5f6295b-dbcc-4de5-9025-11771bfc2574","block_type":"box","text":"Principal Investment Strategies","page_number":13,"box":{"x":61,"y":292,"width":260,"height":13}},{"id":"a91181e1-327b-4024-8cc3-756a2dce0d0a","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":13,"box":{"x":60,"y":309,"width":855,"height":11}},{"id":"35dbbe81-b478-49a3-8f92-b20e163894d7","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":13,"box":{"x":60,"y":323,"width":812,"height":12}},{"id":"15420e6f-d270-43df-ab84-44c525d18da9","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":13,"box":{"x":61,"y":338,"width":848,"height":12}},{"id":"d3dcd7a5-4d20-4402-924b-f88ac4c9f6f1","block_type":"box","text":"such assessments by utilizing Fund management’s proprietary framework as well as certain third-party data. These","page_number":13,"box":{"x":61,"y":353,"width":847,"height":12}},{"id":"345eb54b-fd70-4221-b2b5-1b1aba164912","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":13,"box":{"x":61,"y":368,"width":873,"height":11}},{"id":"7e038c6e-c294-4266-bbeb-8f715a482fe7","block_type":"box","text":"targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary","page_number":13,"box":{"x":60,"y":383,"width":870,"height":11}},{"id":"f248edb5-568d-4a83-a325-dd019ae3f3a9","block_type":"box","text":"screens based on certain ESG criteria, which are described above.","page_number":13,"box":{"x":61,"y":398,"width":488,"height":10}},{"id":"2465eb41-acbe-4dd8-80c9-f4c21bb9554e","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":13,"box":{"x":62,"y":420,"width":798,"height":12}},{"id":"1361cfcb-8b83-4350-ae58-e14d348f63ba","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to","page_number":13,"box":{"x":61,"y":435,"width":864,"height":12}},{"id":"3ffc3a0b-5f9a-4c11-8f9a-899175ad8aec","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":13,"box":{"x":61,"y":450,"width":869,"height":11}},{"id":"26206035-a74f-4a34-a495-ad233f96cf42","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":13,"box":{"x":62,"y":465,"width":855,"height":11}},{"id":"08999fcc-0846-420c-9a5f-7e9b4cb1b2df","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":13,"box":{"x":62,"y":479,"width":865,"height":12}},{"id":"d3cfb381-c7bc-433c-b14a-54fd1f92543a","block_type":"box","text":"the range of companies included in the Benchmark. The companies included in the Benchmark have market","page_number":13,"box":{"x":60,"y":494,"width":792,"height":12}},{"id":"c57714e4-d02a-4799-9603-f40f45ead3f0","block_type":"box","text":"capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.","page_number":13,"box":{"x":61,"y":508,"width":725,"height":13}},{"id":"da97d36c-369c-45b0-a751-82ce4f716126","block_type":"box","text":"Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase","page_number":13,"box":{"x":62,"y":532,"width":849,"height":11}},{"id":"12a02267-8bb9-45c9-9b3f-d3af075c685b","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":13,"box":{"x":61,"y":546,"width":854,"height":12}},{"id":"1e56bc13-00a6-44ca-b609-49807141da15","block_type":"box","text":"public offerings (“IPOs”).","page_number":13,"box":{"x":62,"y":561,"width":179,"height":12}},{"id":"aaf4e6af-2105-46e8-8bd5-6f88e282c13e","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":13,"box":{"x":60,"y":584,"width":876,"height":11}},{"id":"a3ad58da-e1af-45cb-b964-857dbc6996f2","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":13,"box":{"x":61,"y":599,"width":859,"height":11}},{"id":"0af42c27-d061-4bc1-81d2-10ba2731d5a5","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":13,"box":{"x":60,"y":613,"width":839,"height":12}},{"id":"3407f8f7-4dab-48ed-856d-a9995c317e8b","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":13,"box":{"x":62,"y":628,"width":808,"height":12}},{"id":"dbec06ea-2c6e-488d-9d30-9afcfa23017c","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":13,"box":{"x":61,"y":643,"width":872,"height":12}},{"id":"937a7454-023a-44e7-97f5-fb094ac2a66f","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":13,"box":{"x":62,"y":658,"width":825,"height":12}},{"id":"df21166b-8d01-442d-9e4f-a118ad48fef1","block_type":"box","text":"Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the","page_number":13,"box":{"x":62,"y":673,"width":859,"height":11}},{"id":"3581b828-7c44-4f52-be7a-7884a1073d92","block_type":"box","text":"value of the Fund’s assets.","page_number":13,"box":{"x":60,"y":688,"width":199,"height":9}},{"id":"4ce70bbd-cf23-4b43-b492-b1c333c0ec3b","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":13,"box":{"x":61,"y":711,"width":327,"height":12}},{"id":"748e88f5-177a-4189-897e-abfb8ba13bf4","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":13,"box":{"x":62,"y":727,"width":870,"height":12}},{"id":"b2bc95c7-6ef7-4528-9146-df1450ad8abe","block_type":"box","text":"investments/strategies:","page_number":13,"box":{"x":62,"y":742,"width":173,"height":11}},{"id":"f818e58c-c17a-4491-a828-279ea6439426","block_type":"box","text":"Borrowing","page_number":13,"box":{"x":81,"y":762,"width":78,"height":11}},{"id":"db6b7464-fbb4-4a80-9089-8c44d774c69f","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act of 1940, as","page_number":13,"box":{"x":162,"y":762,"width":717,"height":11}},{"id":"5d8b7907-ff3e-40c2-80f6-af13f0478d2c","block_type":"box","text":"amended (the “Investment Company Act”), the rules and regulations thereunder and any applicable exemptive relief.","page_number":13,"box":{"x":81,"y":777,"width":855,"height":11}},{"id":"3912be2a-29ce-48f0-976a-9599d536df34","block_type":"box","text":"Illiquid Investments","page_number":13,"box":{"x":81,"y":797,"width":148,"height":11}},{"id":"971a976f-839f-46bf-8ea9-3170564ee0df","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":13,"box":{"x":233,"y":797,"width":677,"height":11}},{"id":"b214d107-5f5c-41c3-bf2e-29955ddb7bae","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":13,"box":{"x":82,"y":811,"width":811,"height":12}},{"id":"f97d7f86-7bfa-4ba8-a884-009b54579a0d","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":13,"box":{"x":82,"y":826,"width":831,"height":12}},{"id":"3fe22dd3-0d22-4aca-85b1-865db9dcbc9f","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":13,"box":{"x":81,"y":841,"width":811,"height":12}},{"id":"065f36dd-62e3-4a00-9118-019162198886","block_type":"box","text":"Indexed and Inverse Securities","page_number":13,"box":{"x":81,"y":861,"width":232,"height":9}},{"id":"c41c72d5-be52-4d14-aa5f-bac367ddbe11","block_type":"box","text":"— The Fund may invest in securities that provide a return based on fluctuations in a","page_number":13,"box":{"x":317,"y":861,"width":619,"height":11}},{"id":"a97cd1e4-edd4-41d8-83b7-93e3dacebfdc","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":13,"box":{"x":81,"y":876,"width":838,"height":11}},{"id":"615b47d5-d32f-4536-93da-b5f8c7954d9a","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":13,"box":{"x":81,"y":891,"width":852,"height":11}},{"id":"2bcbb54d-77a1-4a1d-8ac7-9e3b4e8e5d35","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":13,"box":{"x":82,"y":905,"width":811,"height":12}},{"id":"4de9f80f-1344-45e1-bf3e-45f6563c1745","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"b8be5077-ffd8-40d2-850f-dca310534823","block_type":"box","text":"NM1026U-5984563-13/68","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0838c003-761c-422e-87b4-b79b602a911e","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":14,"box":{"x":80,"y":46,"width":840,"height":11}},{"id":"0ed1c183-3ae2-4b02-b2cf-130dafe53744","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":14,"box":{"x":82,"y":61,"width":771,"height":11}},{"id":"515fd866-a850-4079-9d7f-4595b1703fb7","block_type":"box","text":"Investment Companies","page_number":14,"box":{"x":81,"y":81,"width":172,"height":11}},{"id":"5844753a-9794-4113-9bc0-1feb1db3a2d9","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":14,"box":{"x":258,"y":81,"width":643,"height":11}},{"id":"f5f1756b-6a65-4f70-8a61-f4e9bf024dbe","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":14,"box":{"x":80,"y":95,"width":837,"height":12}},{"id":"3acae78f-8067-45fd-ae6f-a128c0b6714e","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":14,"box":{"x":82,"y":110,"width":777,"height":12}},{"id":"61e18651-8514-46e0-ab77-53cc593f7421","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":14,"box":{"x":81,"y":125,"width":525,"height":11}},{"id":"e42c8702-1451-4fbb-a6ae-e9242a58080f","block_type":"box","text":"Money Market Securities","page_number":14,"box":{"x":81,"y":145,"width":190,"height":11}},{"id":"729a0fd6-a70e-4463-b832-2508273d06c0","block_type":"box","text":"— As part of its normal operations, the Fund may hold high quality money market","page_number":14,"box":{"x":276,"y":145,"width":599,"height":11}},{"id":"f51d18b9-5512-4996-a76c-abf7e64d39c3","block_type":"box","text":"securities pending investments or when it expects to need cash to pay redeeming shareholders. The Fund also may","page_number":14,"box":{"x":81,"y":160,"width":849,"height":11}},{"id":"ba9cd863-5458-4992-a545-74aa1406c5b2","block_type":"box","text":"invest in these securities in order to achieve its investment goal. Money market securities are short term securities","page_number":14,"box":{"x":82,"y":175,"width":848,"height":11}},{"id":"7cdf3afb-b4da-4b71-94ae-2edbee81a9a2","block_type":"box","text":"consisting primarily of short term U.S. Government securities, U.S. Government agency securities, securities issued","page_number":14,"box":{"x":81,"y":189,"width":852,"height":12}},{"id":"47896548-6e71-4b46-9098-fb341c38ea44","block_type":"box","text":"by U.S. Government sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial","page_number":14,"box":{"x":81,"y":204,"width":831,"height":12}},{"id":"74e5e26d-84ce-493d-8bb6-33725aee6555","block_type":"box","text":"paper, including asset backed commercial paper, corporate notes and repurchase agreements.","page_number":14,"box":{"x":82,"y":219,"width":695,"height":12}},{"id":"a6ff14ad-d54f-4e6d-9363-a7ce838cd390","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":14,"box":{"x":81,"y":239,"width":442,"height":11}},{"id":"de29fd5a-8424-41ca-af47-79c6cdcd9608","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":14,"box":{"x":527,"y":239,"width":406,"height":11}},{"id":"1d517538-a39c-470f-b4fd-7433e81c0160","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":14,"box":{"x":81,"y":254,"width":813,"height":11}},{"id":"3d2846e5-8b50-4352-8f1e-8415d8494c13","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":14,"box":{"x":81,"y":269,"width":779,"height":11}},{"id":"5f8faadb-db45-4906-a798-34962360de4e","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":14,"box":{"x":81,"y":284,"width":832,"height":11}},{"id":"7c3f4707-69c7-45a2-a9ad-2d942001b44d","block_type":"box","text":"paid during the period.","page_number":14,"box":{"x":82,"y":299,"width":162,"height":11}},{"id":"793060f4-2398-42fb-96f1-5f3b7755e1c8","block_type":"box","text":"Restricted Securities","page_number":14,"box":{"x":81,"y":318,"width":159,"height":10}},{"id":"2135b9cd-f817-49ba-a6e5-fa4b65359681","block_type":"box","text":"—","page_number":14,"box":{"x":245,"y":324,"width":17,"height":0}},{"id":"297a31f3-b87a-4c41-943c-bc51eefff7ef","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":14,"box":{"x":268,"y":318,"width":602,"height":12}},{"id":"4fcd4eef-4246-4bd5-965c-000fac8d7468","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":14,"box":{"x":82,"y":333,"width":820,"height":12}},{"id":"a7e8f6b2-9040-4ebf-a8ad-8ccfaccb0fbd","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":14,"box":{"x":82,"y":348,"width":839,"height":11}},{"id":"6457bb75-6ca3-438d-9a5c-e54bda98d422","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":14,"box":{"x":82,"y":363,"width":837,"height":11}},{"id":"4f33e38a-0e7c-4406-bb70-2e1fde1a2906","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":14,"box":{"x":80,"y":378,"width":736,"height":11}},{"id":"3a58cecf-da37-491a-9e71-b43765692723","block_type":"box","text":"Securities Lending","page_number":14,"box":{"x":81,"y":398,"width":140,"height":11}},{"id":"e57ef849-7675-4507-a69c-cd08fbd198f8","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":14,"box":{"x":225,"y":398,"width":396,"height":11}},{"id":"9da2a378-4529-4780-a6b0-dcfc7c8450f4","block_type":"box","text":"1⁄","page_number":14,"box":{"x":622,"y":398,"width":6,"height":5}},{"id":"214d2006-f43b-4c4d-85e7-336022063b6c","block_type":"box","text":"1⁄3","page_number":14,"box":{"x":626,"y":398,"width":8,"height":9}},{"id":"72e490c3-9191-46a3-a204-1c3bda583009","block_type":"box","text":"⁄3","page_number":14,"box":{"x":632,"y":401,"width":6,"height":6}},{"id":"9de98931-7184-4bd9-89a7-4fce86ad38ac","block_type":"box","text":"% of its total assets to financial","page_number":14,"box":{"x":639,"y":398,"width":231,"height":9}},{"id":"f40064bb-f03e-4e56-bc98-bb1522a4b3b3","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":14,"box":{"x":82,"y":413,"width":748,"height":11}},{"id":"9c9b90e2-f760-471f-b403-bd4eca152a36","block_type":"box","text":"Temporary Defensive Strategies","page_number":14,"box":{"x":82,"y":432,"width":238,"height":12}},{"id":"d3a6172a-b7ee-44cf-af0a-7df087a3f87a","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":14,"box":{"x":325,"y":432,"width":600,"height":12}},{"id":"58355eb0-7e58-453b-bff3-308ffd65bfb3","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":14,"box":{"x":81,"y":447,"width":802,"height":12}},{"id":"7f4fe99f-0d82-4a2e-8ace-9cf9ded16b6c","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":14,"box":{"x":82,"y":462,"width":833,"height":11}},{"id":"61d551da-9cca-470d-9e64-41e1f4b128db","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":14,"box":{"x":81,"y":477,"width":796,"height":11}},{"id":"48c4eb6c-239a-4fb2-8cf7-1c3fe3740721","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":14,"box":{"x":81,"y":492,"width":802,"height":11}},{"id":"890cdcdc-d110-446d-a096-f2ab7a3487f1","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":14,"box":{"x":82,"y":506,"width":778,"height":12}},{"id":"7905ce33-2f37-45c4-bfef-33f5deeb5f6e","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":521,"width":781,"height":12}},{"id":"4ad4ff8d-4278-4680-8341-a3337d4d3fcd","block_type":"box","text":"Warrants","page_number":14,"box":{"x":83,"y":542,"width":66,"height":9}},{"id":"125f0e51-66a4-4c09-bd08-96e2ddfbd984","block_type":"box","text":"— The Fund may purchase warrants, which are privileges issued by corporations enabling the owners to","page_number":14,"box":{"x":153,"y":542,"width":763,"height":11}},{"id":"fd0f5b15-b6d6-4d8c-b630-7fc18893a5f3","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":14,"box":{"x":81,"y":556,"width":831,"height":12}},{"id":"1388222f-4c24-4041-91d0-a5391e98290e","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration.","page_number":14,"box":{"x":82,"y":571,"width":581,"height":12}},{"id":"a0774322-6a03-4aae-946e-a6765c7d5ec2","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":14,"box":{"x":83,"y":591,"width":545,"height":11}},{"id":"b9b7bbcb-d836-4dd0-a28e-03a1af99f959","block_type":"box","text":"— The purchase or sale of securities on","page_number":14,"box":{"x":632,"y":591,"width":295,"height":11}},{"id":"0c53c6a7-2988-4a54-9961-5380645f4f8c","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":14,"box":{"x":81,"y":606,"width":851,"height":11}},{"id":"2a99ce5e-0021-4f37-bcc3-c342df7c365e","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":14,"box":{"x":81,"y":621,"width":847,"height":11}},{"id":"3d7a53fe-8c9b-4823-8fee-d2f04fd43335","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":14,"box":{"x":82,"y":635,"width":842,"height":12}},{"id":"eeb3159a-f42d-42f5-a601-67d19ce1ef68","block_type":"box","text":"the transaction.","page_number":14,"box":{"x":80,"y":651,"width":115,"height":8}},{"id":"2c56e2ce-9acc-43c9-b916-33a50463146d","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":14,"box":{"x":272,"y":707,"width":453,"height":9}},{"id":"5b7bb873-bc43-4361-8719-8e64507a82bb","block_type":"box","text":"The Fund is managed by a team of financial professionals. Travis Cooke, CFA, Raffaele Savi, Richard Mathieson and","page_number":14,"box":{"x":70,"y":730,"width":853,"height":11}},{"id":"dd366fdc-2386-4698-b57b-5697dfb9eb17","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":14,"box":{"x":70,"y":744,"width":819,"height":12}},{"id":"b98b4477-dee3-4031-8019-f246c215f9a8","block_type":"box","text":"management of the Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional","page_number":14,"box":{"x":71,"y":759,"width":825,"height":12}},{"id":"ff7fa2e9-3e60-4b63-8e6b-38a5aa3ac56e","block_type":"box","text":"information about the portfolio management team.","page_number":14,"box":{"x":72,"y":774,"width":370,"height":12}},{"id":"098a5c08-06c2-4ee9-bd4c-f1fd5f9628ef","block_type":"box","text":"Investment Risks","page_number":14,"box":{"x":62,"y":826,"width":156,"height":11}},{"id":"f4da7c70-5c45-4f10-97f2-3e8e244acc8b","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":14,"box":{"x":60,"y":852,"width":811,"height":12}},{"id":"468aecc2-bc76-47ee-b002-479fe70f25ed","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":14,"box":{"x":61,"y":867,"width":871,"height":11}},{"id":"ed2742ac-684b-49ab-9588-1b33dadcf7d6","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":14,"box":{"x":62,"y":882,"width":799,"height":11}},{"id":"33c37700-28ee-46cf-bcac-3b15dc271603","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":14,"box":{"x":62,"y":896,"width":860,"height":12}},{"id":"57f2ac29-4a19-4211-9124-9918df84536b","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"150e47c7-7cda-4cd8-8d3d-421af55eb2dc","block_type":"box","text":"NM1026U-5984563-14/68","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"72a79a97-a7b2-4f64-b9ac-f1b661b71b91","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":15,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"6a25568e-d4c6-4fa2-874c-85ffa3d92f0c","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":15,"box":{"x":61,"y":60,"width":853,"height":12}},{"id":"666527c2-da3d-4a57-8d29-ec716239bf71","block_type":"box","text":"risk factor.","page_number":15,"box":{"x":61,"y":75,"width":76,"height":10}},{"id":"e61c99fa-5261-47d4-a692-4c6072b88a81","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":15,"box":{"x":61,"y":98,"width":322,"height":13}},{"id":"6cbb8a4e-1a42-4a70-a0d5-7cf90367b98d","block_type":"box","text":"Convertible Securities Risk","page_number":15,"box":{"x":81,"y":120,"width":206,"height":9}},{"id":"d1ed4640-45f8-4a39-a480-a8786c8232a1","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":15,"box":{"x":291,"y":120,"width":593,"height":11}},{"id":"338e4ed3-4592-4d5b-8b1e-30bead9a58c1","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":15,"box":{"x":81,"y":135,"width":853,"height":11}},{"id":"732ea5e9-24c6-4db5-9394-1a30d534994a","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":15,"box":{"x":81,"y":150,"width":855,"height":11}},{"id":"dba8a860-11bb-4991-8b06-496344e54477","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":15,"box":{"x":80,"y":164,"width":816,"height":12}},{"id":"bce9a872-ea84-47ad-9c0d-56efe7ccd71a","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":15,"box":{"x":82,"y":179,"width":796,"height":11}},{"id":"a1db6a34-6094-4a35-9020-5fda2cc72337","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":15,"box":{"x":81,"y":194,"width":812,"height":11}},{"id":"92cafb66-6e86-4099-9944-68a293c988e0","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":15,"box":{"x":82,"y":209,"width":809,"height":11}},{"id":"97bea440-68e9-434e-8464-3983e6f1eb97","block_type":"box","text":"Derivatives Risk","page_number":15,"box":{"x":81,"y":229,"width":123,"height":9}},{"id":"4f785215-02ba-436d-9408-8988a114180a","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":15,"box":{"x":207,"y":229,"width":664,"height":11}},{"id":"2a6f6e97-fd73-4b29-b0c1-801d69816ee2","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":15,"box":{"x":82,"y":244,"width":469,"height":11}},{"id":"46a1c68f-6438-4913-8f7b-ece4cea661bf","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":82,"y":266,"width":102,"height":12}},{"id":"2f872dbc-c474-44b8-aae6-2d2fcb5c0139","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":15,"box":{"x":188,"y":266,"width":723,"height":12}},{"id":"4fc3d776-d320-4e0c-8e3d-ae3e4dfcbed5","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":15,"box":{"x":82,"y":281,"width":832,"height":11}},{"id":"f74a8ef8-003b-4902-b227-9ebe1c68e7b5","block_type":"box","text":"exceed the amount originally invested.","page_number":15,"box":{"x":81,"y":296,"width":280,"height":11}},{"id":"d40e6540-6458-42d2-bd23-897757a6003b","block_type":"box","text":"Market Risk","page_number":15,"box":{"x":82,"y":319,"width":87,"height":9}},{"id":"30820d3e-a031-4dd5-a916-ec232df3d6d9","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":15,"box":{"x":173,"y":318,"width":728,"height":12}},{"id":"3a662c76-86bd-4c60-bb36-341e09c5729e","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":15,"box":{"x":81,"y":333,"width":834,"height":11}},{"id":"1991f505-1ea9-4732-9c05-13c1df595d83","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":15,"box":{"x":82,"y":348,"width":832,"height":11}},{"id":"1a072e8c-72cc-4580-963e-517322d3402b","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":15,"box":{"x":80,"y":363,"width":779,"height":11}},{"id":"1831e3ad-7160-4493-be0c-7b94c47b4242","block_type":"box","text":"derivatives positions to lose value.","page_number":15,"box":{"x":81,"y":378,"width":253,"height":11}},{"id":"91005e6c-fc03-4e4e-9829-9b88850ba74f","block_type":"box","text":"Counterpar ty Risk","page_number":15,"box":{"x":82,"y":400,"width":131,"height":12}},{"id":"046d4f18-f241-4a7e-89bd-00687a501c81","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":15,"box":{"x":217,"y":400,"width":697,"height":12}},{"id":"45f22aff-7914-486a-93de-d16800f4be46","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":15,"box":{"x":80,"y":415,"width":855,"height":12}},{"id":"b90a85e6-a003-4253-ba99-d3b23ee9b7b5","block_type":"box","text":"exposure to such a counterparty.","page_number":15,"box":{"x":81,"y":430,"width":240,"height":11}},{"id":"c11bad81-93cb-44f1-8b8f-7751c960fefd","block_type":"box","text":"Illiquidity Risk —","page_number":15,"box":{"x":82,"y":453,"width":122,"height":11}},{"id":"79105969-6be0-4ec8-b18f-6b440498f476","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":15,"box":{"x":208,"y":452,"width":728,"height":12}},{"id":"41710945-7516-4e20-ad56-c2dc3be0d882","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":15,"box":{"x":80,"y":467,"width":839,"height":11}},{"id":"1ed748a1-e0a5-4e68-91ee-cdcfc2ab1555","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":15,"box":{"x":81,"y":482,"width":293,"height":11}},{"id":"a484e3ee-9e89-47a8-b8bd-232f2c57f9d1","block_type":"box","text":"Operational Risk","page_number":15,"box":{"x":82,"y":505,"width":120,"height":11}},{"id":"2854a276-f76b-494d-b510-f9525283ae8a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":15,"box":{"x":206,"y":505,"width":727,"height":11}},{"id":"aca5abf1-4299-4db8-8df6-40ca45d58d41","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":15,"box":{"x":82,"y":519,"width":607,"height":12}},{"id":"aeb7c045-14a1-4dd3-baef-ee5edb8bf473","block_type":"box","text":"Legal Risk","page_number":15,"box":{"x":82,"y":542,"width":75,"height":12}},{"id":"2d2c1fbd-af94-49b6-8e92-e1f6788cee0f","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":15,"box":{"x":161,"y":542,"width":761,"height":12}},{"id":"3fe515d9-ad33-461d-bdaf-96c0e4d5b0f1","block_type":"box","text":"enforceability of a contract.","page_number":15,"box":{"x":81,"y":557,"width":198,"height":11}},{"id":"6b9ba81b-116e-49b4-ab62-0bd0d263d000","block_type":"box","text":"Volatility and Correlation Risk","page_number":15,"box":{"x":83,"y":579,"width":214,"height":12}},{"id":"8b109e93-0a86-4529-968b-01952db1f245","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":15,"box":{"x":300,"y":579,"width":590,"height":12}},{"id":"96964b21-59ef-4cb3-9fc6-053ef59aedbd","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":15,"box":{"x":80,"y":594,"width":855,"height":12}},{"id":"9bc0608c-726a-4af6-8d4e-fa6a2c6ad33b","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":15,"box":{"x":80,"y":609,"width":820,"height":11}},{"id":"0df162c3-3c40-49c0-8625-0d8d78fe677e","block_type":"box","text":"correlate with the overall securities markets.","page_number":15,"box":{"x":81,"y":624,"width":326,"height":9}},{"id":"be9a9d40-940e-4b37-9c6d-cb8c48249462","block_type":"box","text":"Valuation Risk","page_number":15,"box":{"x":83,"y":647,"width":102,"height":9}},{"id":"2f85ff4b-cc04-4906-ba44-69af62474d75","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":15,"box":{"x":189,"y":646,"width":747,"height":12}},{"id":"cc8bddd6-9910-485c-b766-8feaa389b5d2","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":15,"box":{"x":82,"y":661,"width":783,"height":12}},{"id":"72ac0047-69fe-4eed-a32b-b87d0e87f978","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":15,"box":{"x":82,"y":676,"width":837,"height":12}},{"id":"93a1d686-7739-4237-8333-0eebc7420d90","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":15,"box":{"x":81,"y":691,"width":826,"height":11}},{"id":"43af4985-c210-4780-b072-68041f3caf48","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":15,"box":{"x":80,"y":706,"width":405,"height":11}},{"id":"50021bb7-ebe8-4a27-9bf3-807a904f3a4e","block_type":"box","text":"Hedging Risk","page_number":15,"box":{"x":82,"y":729,"width":95,"height":11}},{"id":"b7ab472b-f6b7-437b-aeb5-97f783ba3807","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":15,"box":{"x":181,"y":729,"width":752,"height":11}},{"id":"88bdc093-1321-490c-9418-7646ce7c07b4","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":15,"box":{"x":80,"y":743,"width":820,"height":12}},{"id":"84453039-51ed-41ec-a01a-84f650f3eda2","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":15,"box":{"x":82,"y":758,"width":823,"height":11}},{"id":"4c56d183-5322-4ad6-9e3f-9411846fbb61","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":15,"box":{"x":82,"y":773,"width":813,"height":11}},{"id":"7bc90748-332c-45b7-93a4-14573d928813","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":15,"box":{"x":82,"y":788,"width":832,"height":11}},{"id":"26af9d59-c25f-4d3d-81ef-9e4204d9087c","block_type":"box","text":"noted below.","page_number":15,"box":{"x":82,"y":803,"width":90,"height":9}},{"id":"cd2c58cd-0f56-4b04-af88-5748f80b96ce","block_type":"box","text":"Tax Risk","page_number":15,"box":{"x":83,"y":825,"width":59,"height":9}},{"id":"da96299c-f8ed-45fd-b2ed-5d5814021dcd","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":15,"box":{"x":145,"y":825,"width":766,"height":11}},{"id":"c18e843c-7aa4-4def-87fe-69dfa4a2bd33","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":15,"box":{"x":82,"y":840,"width":826,"height":11}},{"id":"9fbb9d74-7bf3-40fe-8252-0ea403049170","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":15,"box":{"x":82,"y":855,"width":846,"height":11}},{"id":"5711b6f7-5721-4d98-8326-e6bdbbcdf5f9","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":15,"box":{"x":81,"y":869,"width":817,"height":12}},{"id":"eabe3133-8044-456c-a521-6d8ece77786e","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":15,"box":{"x":82,"y":884,"width":835,"height":12}},{"id":"c134fca7-d3d3-4c71-a94d-55f0251a6abb","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":15,"box":{"x":81,"y":899,"width":840,"height":11}},{"id":"ea859c56-30ff-40c4-baf7-46dd7626f424","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"771267f5-6626-4a4c-be19-ff7a4131f961","block_type":"box","text":"NM1026U-5984563-15/68","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7507719f-2706-4583-8ae3-931b62304dcf","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":16,"box":{"x":81,"y":46,"width":750,"height":11}},{"id":"0ff7f6df-91aa-4577-b7c2-8efbdd0e0f60","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":16,"box":{"x":81,"y":61,"width":611,"height":11}},{"id":"859c5ccd-3b1c-4cb6-a254-d61dd51e5dd8","block_type":"box","text":"Regulatory Risk","page_number":16,"box":{"x":82,"y":83,"width":115,"height":12}},{"id":"dc9e5fcd-5d4b-41ee-95b3-bf40b52e16dc","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":16,"box":{"x":201,"y":83,"width":688,"height":12}},{"id":"8972862e-1d52-42e5-9670-63e4721015fa","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":16,"box":{"x":81,"y":98,"width":851,"height":11}},{"id":"497c62cb-4406-487d-bcad-41fcca4e1552","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":16,"box":{"x":81,"y":113,"width":811,"height":11}},{"id":"cd66719d-ec2f-43fd-a723-c4381de8334e","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":16,"box":{"x":82,"y":128,"width":850,"height":11}},{"id":"d5dddc4f-98de-4f71-8939-6da10d96f500","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":16,"box":{"x":81,"y":142,"width":850,"height":12}},{"id":"346be567-fa73-4bcf-baf4-fe4b6633041a","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":16,"box":{"x":81,"y":157,"width":838,"height":12}},{"id":"cf61ae3d-21cf-4212-8260-f6332ab45e79","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":16,"box":{"x":81,"y":172,"width":807,"height":12}},{"id":"bf62fa02-170c-4866-88f5-4a29cb203e6d","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":16,"box":{"x":81,"y":187,"width":787,"height":11}},{"id":"25380e74-2c15-4430-8b2b-f991ef8750cf","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":16,"box":{"x":82,"y":202,"width":837,"height":11}},{"id":"aea762d3-f534-4424-8214-8105d692d84b","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":16,"box":{"x":80,"y":216,"width":804,"height":12}},{"id":"241f6dc0-2e89-4ee8-8830-b62e0166fa00","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":16,"box":{"x":81,"y":231,"width":781,"height":12}},{"id":"0c50c1ac-edf0-418c-a9b7-9747534db229","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":16,"box":{"x":82,"y":246,"width":773,"height":12}},{"id":"44133434-faba-4ad8-88b6-326a46f6205a","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":16,"box":{"x":82,"y":261,"width":836,"height":11}},{"id":"515e64d2-a833-442d-9b4a-1cb02fb0819a","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":16,"box":{"x":82,"y":276,"width":814,"height":11}},{"id":"a98d8317-cbaf-44a5-9a77-22bfe4471820","block_type":"box","text":"investors in the Fund.","page_number":16,"box":{"x":82,"y":291,"width":156,"height":9}},{"id":"bb890cdd-0537-4c68-a033-9d0485fa82f5","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":16,"box":{"x":82,"y":313,"width":823,"height":12}},{"id":"563fb7d9-ff7c-4274-8b39-61a3f4dbe89a","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":16,"box":{"x":82,"y":328,"width":827,"height":12}},{"id":"e3db9221-c55e-42cb-999d-6c8a69e2479a","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":16,"box":{"x":80,"y":343,"width":849,"height":11}},{"id":"3379f6fe-c1ef-4bed-93fc-4e3bf3f823c6","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":16,"box":{"x":81,"y":358,"width":846,"height":11}},{"id":"95beacbc-cb24-4095-9812-f902d772a2b2","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":16,"box":{"x":81,"y":372,"width":509,"height":12}},{"id":"a29d256b-6ee3-465b-9ee3-9927f8789549","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":16,"box":{"x":82,"y":395,"width":399,"height":11}},{"id":"22d798cd-0ff9-47a4-a845-4a7d9fdd148c","block_type":"box","text":"Swaps","page_number":16,"box":{"x":102,"y":415,"width":47,"height":11}},{"id":"e3f67470-def8-4fba-b01d-0e2ad44d4218","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":16,"box":{"x":154,"y":415,"width":775,"height":12}},{"id":"51779862-7e28-444d-8a2e-ae8457d55274","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":16,"box":{"x":101,"y":430,"width":829,"height":11}},{"id":"639dbdd2-c99e-4f82-8f46-e641f29a4b1f","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":16,"box":{"x":101,"y":445,"width":807,"height":11}},{"id":"88267d2f-3aa6-4ae7-bf9d-c2eb60b8c6b3","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":16,"box":{"x":102,"y":459,"width":811,"height":12}},{"id":"aa472376-00b9-4bb1-88fe-6f94fb362e08","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":16,"box":{"x":101,"y":474,"width":820,"height":12}},{"id":"e50e5cce-7918-4731-bebb-4057abfbfbb4","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":16,"box":{"x":102,"y":489,"width":791,"height":12}},{"id":"e721efab-f7a6-4f15-ad08-2bacbda55210","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":16,"box":{"x":101,"y":504,"width":789,"height":12}},{"id":"45a3de86-f4cb-4f7e-ad87-51832ab5878e","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":16,"box":{"x":101,"y":519,"width":796,"height":11}},{"id":"17542fe7-5acc-4a8e-ae24-073fb9358165","block_type":"box","text":"Credit Default Swaps","page_number":16,"box":{"x":102,"y":539,"width":153,"height":11}},{"id":"19b00366-3605-49fe-b29a-e6a98a324aea","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":16,"box":{"x":260,"y":539,"width":663,"height":11}},{"id":"edc49e3d-1447-465e-82bd-76d81841c297","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":16,"box":{"x":102,"y":554,"width":825,"height":11}},{"id":"cc2c41ec-4c30-4c4e-a02c-13d756bd0e97","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":16,"box":{"x":102,"y":568,"width":816,"height":12}},{"id":"5ca5bbc0-3844-48d7-b00c-d2a24336dea1","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":16,"box":{"x":101,"y":583,"width":827,"height":12}},{"id":"4493ba8b-8d1d-4c9c-8332-5fec4ebc8138","block_type":"box","text":"above","page_number":16,"box":{"x":101,"y":598,"width":43,"height":9}},{"id":"dd08936d-a500-414e-a4c5-0bd68f985654","block_type":"box","text":"because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and generally","page_number":16,"box":{"x":102,"y":613,"width":834,"height":11}},{"id":"aad3f73c-9c37-4075-963e-fc4bf81ffd39","block_type":"box","text":"pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the","page_number":16,"box":{"x":102,"y":628,"width":798,"height":11}},{"id":"c99ed4d8-1a69-417f-8a3d-d5b20841467e","block_type":"box","text":"underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":16,"box":{"x":102,"y":642,"width":709,"height":12}},{"id":"50ceb7c5-7658-4efb-9621-d7c0ee8d856c","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":16,"box":{"x":102,"y":663,"width":335,"height":11}},{"id":"9ab39010-db6a-4d19-bd7f-04a7268a5ccc","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":16,"box":{"x":442,"y":662,"width":437,"height":12}},{"id":"0acb624c-4352-4f9d-b671-764f6790261e","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":16,"box":{"x":101,"y":677,"width":820,"height":12}},{"id":"962be31f-dfe9-4fa6-81d2-75fa2583023e","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":16,"box":{"x":101,"y":692,"width":801,"height":12}},{"id":"44386731-8317-4efb-b1f0-de5c90b88267","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":16,"box":{"x":101,"y":707,"width":824,"height":12}},{"id":"c6ea78aa-b239-4d89-81d7-97fada0826b8","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":16,"box":{"x":101,"y":722,"width":831,"height":11}},{"id":"275cc013-7c19-469a-bf82-78ca9f4d0835","block_type":"box","text":"Futures","page_number":16,"box":{"x":102,"y":742,"width":54,"height":9}},{"id":"04cce640-9a36-45eb-a144-50a433e65157","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":16,"box":{"x":161,"y":742,"width":765,"height":11}},{"id":"6ca008bf-8370-4869-bfed-d5b2728e8440","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":16,"box":{"x":101,"y":757,"width":786,"height":11}},{"id":"129657c7-8ad9-4bbb-bc6b-01a2df826815","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":16,"box":{"x":102,"y":771,"width":769,"height":12}},{"id":"542b1b8d-9778-4d46-839e-0da63b5f7293","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":16,"box":{"x":102,"y":786,"width":822,"height":12}},{"id":"26e948c3-442a-4155-915c-43fae9c32d7f","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":16,"box":{"x":101,"y":801,"width":832,"height":12}},{"id":"41910afb-d9c2-4a05-b918-e5c2c12ec8db","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":16,"box":{"x":101,"y":816,"width":806,"height":11}},{"id":"7f9b273e-f817-49f3-86cc-8521e3e1ea70","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":16,"box":{"x":102,"y":831,"width":793,"height":11}},{"id":"c327676c-2170-4467-8ae4-c4f08e7615d9","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":16,"box":{"x":102,"y":846,"width":787,"height":11}},{"id":"05645890-a204-478b-a149-c04917fd73db","block_type":"box","text":"default in the performance of its obligations.","page_number":16,"box":{"x":101,"y":860,"width":327,"height":12}},{"id":"230423bc-021a-41b2-a9ce-633f05cc099e","block_type":"box","text":"Options — An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":16,"box":{"x":101,"y":880,"width":833,"height":12}},{"id":"493786b6-64c7-4c21-beb7-bf52c6eaf861","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":16,"box":{"x":101,"y":895,"width":812,"height":12}},{"id":"355980aa-87ac-4e65-a06b-5dafc4876f42","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":16,"box":{"x":101,"y":910,"width":827,"height":12}},{"id":"26959e0e-1e17-4882-ab77-f148e6bdc649","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5633611d-80ea-4cbb-b515-75e5179f874c","block_type":"box","text":"NM1026U-5984563-16/68","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ea2f28dc-ced9-4de1-aa08-776bc8cd65c2","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":17,"box":{"x":101,"y":46,"width":781,"height":11}},{"id":"6c1a9837-a80b-4043-9286-97dfc18ea7ef","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":17,"box":{"x":102,"y":60,"width":785,"height":12}},{"id":"4d7f9d15-aaaf-45ef-86bf-ab6f328ecb00","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":17,"box":{"x":101,"y":75,"width":831,"height":12}},{"id":"c119521f-f50d-425d-9019-c8f3daad8f25","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":17,"box":{"x":101,"y":90,"width":814,"height":11}},{"id":"52b90f4c-2642-4e3e-995f-49caf98ce872","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":17,"box":{"x":101,"y":105,"width":826,"height":12}},{"id":"298de40e-aabd-4d08-817a-050661bd538e","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":17,"box":{"x":101,"y":120,"width":822,"height":11}},{"id":"9fda5314-002d-4b19-a04d-ed0d406da611","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":17,"box":{"x":101,"y":135,"width":816,"height":11}},{"id":"841e5e12-1ad9-4608-94f6-71f403bc8e63","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":17,"box":{"x":101,"y":150,"width":442,"height":11}},{"id":"9b202f71-ce95-4f91-abf1-bfb1fcad37c8","block_type":"box","text":"ESG Investing Risk","page_number":17,"box":{"x":81,"y":170,"width":144,"height":11}},{"id":"52655694-84ae-4bdf-a80d-76f05b568f5b","block_type":"box","text":"—","page_number":17,"box":{"x":229,"y":175,"width":17,"height":1}},{"id":"fdb308d6-a925-45b4-ab2f-48031720fb94","block_type":"box","text":"The Fund intends to screen out particular issuers pursuant to certain criteria established by","page_number":17,"box":{"x":251,"y":170,"width":675,"height":11}},{"id":"fd8b649e-55d5-4fbf-826d-2838ab071a13","block_type":"box","text":"BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to certain","page_number":17,"box":{"x":82,"y":184,"width":845,"height":12}},{"id":"f866d281-ddc4-47b9-939b-b2e27922de79","block_type":"box","text":"investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to certain","page_number":17,"box":{"x":82,"y":199,"width":833,"height":12}},{"id":"c218c38b-4906-420a-aaaa-9a58114108d5","block_type":"box","text":"issuers and the Fund may forego certain investment opportunities. The Fund’s results may be lower than other","page_number":17,"box":{"x":82,"y":214,"width":814,"height":11}},{"id":"38ad3e2b-36f1-404b-b405-04cedf3c7e5b","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":17,"box":{"x":81,"y":229,"width":849,"height":11}},{"id":"363a7902-d24f-4bd4-bbca-ef32e49b6761","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":17,"box":{"x":82,"y":244,"width":847,"height":11}},{"id":"788734b1-2e77-4a6a-a749-027f02e1fe2d","block_type":"box","text":"ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG","page_number":17,"box":{"x":82,"y":258,"width":824,"height":12}},{"id":"533d3837-2b87-49ef-922c-5b54f05a3deb","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":17,"box":{"x":82,"y":273,"width":854,"height":12}},{"id":"a1f01eeb-e43c-4c27-810b-524aa32924ac","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":17,"box":{"x":80,"y":288,"width":832,"height":12}},{"id":"e02a0ad3-0d16-4e62-bec9-a361069af709","block_type":"box","text":"security or issuer based on ESG criteria, BlackRock is dependent upon certain information and data from third party","page_number":17,"box":{"x":81,"y":303,"width":853,"height":11}},{"id":"1847d69a-2bb5-4dbb-8c6f-353b75b200fa","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":17,"box":{"x":82,"y":318,"width":814,"height":11}},{"id":"29eede61-5797-4f32-83af-4cc34dee66e2","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":17,"box":{"x":82,"y":333,"width":793,"height":11}},{"id":"cd009fa3-1018-420a-a515-5889587c9d50","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":17,"box":{"x":82,"y":347,"width":852,"height":12}},{"id":"08d4b7d5-0c55-40ad-b4c9-a2c2462ab857","block_type":"box","text":"ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or","page_number":17,"box":{"x":82,"y":362,"width":818,"height":12}},{"id":"9a050238-5889-4c0a-be58-e5de905444cf","block_type":"box","text":"implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG","page_number":17,"box":{"x":82,"y":377,"width":783,"height":11}},{"id":"af676ad1-50af-43f3-b28b-9153df9677cd","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":17,"box":{"x":81,"y":392,"width":840,"height":11}},{"id":"0982cdf3-a606-4106-a854-80e2e34667e0","block_type":"box","text":"availability of investments with positive ESG assessments in certain sectors. BlackRock’s evaluation of ESG criteria","page_number":17,"box":{"x":81,"y":407,"width":850,"height":11}},{"id":"e422657a-be41-4f7b-adb3-57e93f5be394","block_type":"box","text":"is subjective and may change over time.","page_number":17,"box":{"x":82,"y":422,"width":292,"height":11}},{"id":"a64f6f0d-2189-44a6-86bb-6d17de8ba2f7","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":17,"box":{"x":81,"y":444,"width":829,"height":12}},{"id":"37fd8b4a-444f-4e94-bfaf-d221efb6ec69","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":17,"box":{"x":80,"y":459,"width":838,"height":11}},{"id":"14f91985-139e-4d13-8664-22c37b4ed704","block_type":"box","text":"guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.","page_number":17,"box":{"x":81,"y":474,"width":758,"height":11}},{"id":"33e8d62c-89e9-4678-b179-b8858e2734af","block_type":"box","text":"Equity Securities Risk","page_number":17,"box":{"x":81,"y":494,"width":166,"height":11}},{"id":"7ac66335-4733-4582-8e85-badf937a17a0","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":17,"box":{"x":251,"y":494,"width":666,"height":11}},{"id":"abb9a3a8-bf09-4082-a56f-818f07a2d15d","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":17,"box":{"x":81,"y":508,"width":850,"height":12}},{"id":"ec5e8c76-fb3e-4bd9-bca0-d1e3a6a95588","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":17,"box":{"x":82,"y":523,"width":802,"height":12}},{"id":"12c5a6fb-0021-4ecf-8db6-bb638b228c95","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":17,"box":{"x":81,"y":538,"width":854,"height":12}},{"id":"f6fdc5a3-ec2d-412f-b4e6-4dbe86d1f9ed","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":17,"box":{"x":81,"y":553,"width":848,"height":11}},{"id":"3645067e-022d-4855-994f-67c893a0ff78","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":17,"box":{"x":81,"y":568,"width":824,"height":11}},{"id":"6b28c815-e8d2-4475-906d-a83cb91d077c","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":17,"box":{"x":81,"y":583,"width":782,"height":11}},{"id":"3a1c8869-7b93-46ed-b04f-5bb3cfc3b05b","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":17,"box":{"x":82,"y":597,"width":849,"height":12}},{"id":"74084909-8696-4a64-a20a-0f15f7b3da30","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":17,"box":{"x":82,"y":612,"width":482,"height":12}},{"id":"b55aa835-596a-4283-80bd-75f28a19fed2","block_type":"box","text":"High Portfolio Turnover Risk","page_number":17,"box":{"x":81,"y":632,"width":212,"height":12}},{"id":"f72c8ab2-7919-4d0e-bfb6-808e0a2628fe","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":17,"box":{"x":297,"y":632,"width":629,"height":12}},{"id":"fd290b96-c4fa-4439-b8b3-d45d6abf95ee","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":17,"box":{"x":82,"y":647,"width":812,"height":12}},{"id":"6f65d081-582f-4e98-9d8a-5c0e9d6eb6e0","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":17,"box":{"x":81,"y":662,"width":817,"height":11}},{"id":"a6f417dc-52ad-4ed5-bfe5-91b08e9ef59d","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":17,"box":{"x":81,"y":677,"width":760,"height":11}},{"id":"4b9baf21-9780-4e95-8248-e7bded8fc8e3","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":17,"box":{"x":81,"y":691,"width":852,"height":12}},{"id":"80e946a2-32bc-442a-8574-90adb9f0f660","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":17,"box":{"x":81,"y":706,"width":589,"height":12}},{"id":"d0c94566-7380-44db-bb92-bc979de15551","block_type":"box","text":"Investment Style Risk","page_number":17,"box":{"x":81,"y":726,"width":166,"height":12}},{"id":"0c59c2c1-a09e-4b59-a9f8-4696c64b9e04","block_type":"box","text":"—","page_number":17,"box":{"x":252,"y":732,"width":17,"height":0}},{"id":"1ee1c9d2-1cc6-40b5-84ad-ce2e005a0385","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the","page_number":17,"box":{"x":274,"y":726,"width":637,"height":12}},{"id":"681e80c3-c484-486b-ade8-99f3b38afbf9","block_type":"box","text":"later stages of economic expansion and value investments have performed better during periods of economic","page_number":17,"box":{"x":82,"y":741,"width":804,"height":12}},{"id":"c6f353f5-cea4-4c87-88f6-3e41451bc690","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":17,"box":{"x":82,"y":756,"width":823,"height":12}},{"id":"2f39f4b8-8ac5-4389-aa35-eb3d0447ac60","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":17,"box":{"x":81,"y":771,"width":842,"height":11}},{"id":"c11c7042-a187-446f-b2dd-80686bcad138","block_type":"box","text":"styles.","page_number":17,"box":{"x":81,"y":786,"width":46,"height":11}},{"id":"9c7dffb1-525c-43b2-8244-2537aaaa20a1","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":17,"box":{"x":81,"y":806,"width":276,"height":11}},{"id":"a182bc5c-a640-47ab-b967-5ef653a99760","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":17,"box":{"x":361,"y":806,"width":573,"height":11}},{"id":"ff7922e8-260b-40fc-be4b-1a888c8f3c78","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":17,"box":{"x":81,"y":821,"width":848,"height":11}},{"id":"cb545868-8df9-4e93-be01-331eb7131c1c","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":17,"box":{"x":81,"y":836,"width":839,"height":11}},{"id":"ca4843a3-54d8-4d26-aab6-f1a0e89a74ae","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":17,"box":{"x":82,"y":850,"width":851,"height":12}},{"id":"d2af82e4-64d0-4050-ab8a-f0a077a83307","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":81,"y":870,"width":107,"height":11}},{"id":"3b8ba88a-e2cd-4807-bc4d-bb3147ce6bf0","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":17,"box":{"x":192,"y":870,"width":741,"height":12}},{"id":"a2dc86fc-8d69-4567-9a3b-b647b45869af","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":17,"box":{"x":81,"y":885,"width":787,"height":11}},{"id":"0bddedb3-bccd-4c55-9035-4e1703c0168c","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":17,"box":{"x":82,"y":900,"width":831,"height":11}},{"id":"9512018f-45c5-4884-95ae-484919c371e8","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":17,"box":{"x":80,"y":915,"width":853,"height":11}},{"id":"6b33ee33-f10b-4699-86c9-529082e00a7a","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"865a8f82-3f22-4880-b02d-f7d3e7096ed2","block_type":"box","text":"NM1026U-5984563-17/68","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"442a80b2-8062-4550-8769-8c3a968b8c94","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":18,"box":{"x":80,"y":46,"width":808,"height":11}},{"id":"3976dc29-ef98-4113-9544-c06f418796aa","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":18,"box":{"x":81,"y":60,"width":837,"height":12}},{"id":"f5137f95-9e23-4c1d-b06f-f09634ec20a8","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":18,"box":{"x":82,"y":75,"width":807,"height":12}},{"id":"9a10043e-695c-49fe-b1af-3f93eceb9854","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":18,"box":{"x":81,"y":90,"width":840,"height":12}},{"id":"74ff460b-3416-43b5-b7ea-a5c3abaca49e","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":18,"box":{"x":80,"y":105,"width":558,"height":12}},{"id":"a1f47b4f-b766-4b84-9aa5-5d36fee86774","block_type":"box","text":"Market Risk and Selection Risk","page_number":18,"box":{"x":81,"y":125,"width":240,"height":9}},{"id":"8e188fe8-8f0a-4440-afde-bc731ab97d36","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":18,"box":{"x":324,"y":125,"width":593,"height":9}},{"id":"717c7871-d8bd-4221-9bf3-041c684ba847","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":18,"box":{"x":81,"y":140,"width":851,"height":11}},{"id":"0dd2547b-46bc-4517-9079-d0840a162f92","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":18,"box":{"x":82,"y":155,"width":824,"height":11}},{"id":"b753c9f4-8db8-4554-9af1-8abcc0b5ade4","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":18,"box":{"x":82,"y":170,"width":851,"height":11}},{"id":"e8564130-c4b2-4f1e-aba7-829b5e0b8035","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":18,"box":{"x":82,"y":184,"width":802,"height":12}},{"id":"af9b619d-196e-4907-b7fe-515e137ef1e1","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":18,"box":{"x":81,"y":199,"width":849,"height":12}},{"id":"49831cd0-be8a-4382-92ec-48e6a2e39e46","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":18,"box":{"x":81,"y":214,"width":843,"height":11}},{"id":"4510d648-537e-4884-b87e-f628e8d19f41","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":18,"box":{"x":81,"y":229,"width":830,"height":11}},{"id":"998b9229-05e1-408c-8d24-609929320247","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":18,"box":{"x":82,"y":244,"width":840,"height":11}},{"id":"92ed435e-c7f8-43e7-b870-4e9ab9dda7dc","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":18,"box":{"x":81,"y":258,"width":789,"height":12}},{"id":"42f91d2e-6efe-4283-bac9-e910a6729005","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":18,"box":{"x":81,"y":273,"width":823,"height":12}},{"id":"8feade60-6b21-4a72-baab-bd1cb1cc1a47","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":18,"box":{"x":81,"y":288,"width":784,"height":12}},{"id":"f4754a90-bfa1-4c57-8c45-b17537afe123","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":18,"box":{"x":81,"y":303,"width":844,"height":11}},{"id":"0952d57e-13ac-4465-98ae-613cea8d3c7e","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":18,"box":{"x":81,"y":318,"width":855,"height":11}},{"id":"348d35b7-6388-402a-ad77-4a7f89a93d10","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":18,"box":{"x":81,"y":333,"width":373,"height":11}},{"id":"1cda9534-3b67-4558-9d36-9a92a3d361be","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":18,"box":{"x":82,"y":353,"width":818,"height":11}},{"id":"65e35625-5397-4b4b-ba69-0a613e569237","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":18,"box":{"x":80,"y":368,"width":819,"height":11}},{"id":"eff02a4d-ceb7-4891-abd1-b8740c4f90d3","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":18,"box":{"x":81,"y":382,"width":819,"height":12}},{"id":"4328eb34-b23c-40ea-898d-7bc0716db1bb","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":18,"box":{"x":81,"y":397,"width":846,"height":12}},{"id":"67405bd0-0902-4f92-ae45-1c009987f52e","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":18,"box":{"x":81,"y":412,"width":848,"height":11}},{"id":"b897aab5-47a0-4cae-8b60-4f2f210236fb","block_type":"box","text":"the Fund invests.","page_number":18,"box":{"x":80,"y":427,"width":125,"height":9}},{"id":"7e833237-06a2-4ec2-84d4-8c75faec8de5","block_type":"box","text":"Model Risk","page_number":18,"box":{"x":81,"y":447,"width":85,"height":9}},{"id":"4ac4dc11-f7bb-4698-a0dd-b1d4e2570e51","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":18,"box":{"x":170,"y":447,"width":722,"height":11}},{"id":"43b3a98f-bff0-4adb-a39f-c7d10a563e6a","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":18,"box":{"x":81,"y":461,"width":840,"height":12}},{"id":"1875532f-ac51-4353-b21b-20581cc8693a","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":18,"box":{"x":80,"y":476,"width":854,"height":12}},{"id":"5a2a4d1c-e59c-4d38-afe0-3d11cc4552f4","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":18,"box":{"x":81,"y":491,"width":845,"height":12}},{"id":"08d4c345-bc0e-47d2-bd88-0403af8271b1","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":18,"box":{"x":81,"y":506,"width":852,"height":11}},{"id":"14fe2272-90c6-430c-b2ba-b3c96c96c170","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”) and other technological failures or various other events or","page_number":18,"box":{"x":82,"y":521,"width":835,"height":11}},{"id":"d1897bcf-8269-479b-ad21-732914d3d05f","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":18,"box":{"x":81,"y":535,"width":779,"height":12}},{"id":"88e3310f-fc3e-4548-bb24-c41215e39038","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":18,"box":{"x":82,"y":550,"width":838,"height":12}},{"id":"1dcf706a-00a2-4726-8c11-69de8aae840a","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":18,"box":{"x":82,"y":565,"width":338,"height":9}},{"id":"c82bbce0-a46a-48c6-98f5-442ca5329a73","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":18,"box":{"x":81,"y":585,"width":789,"height":12}},{"id":"d3ee9c44-0e68-44e7-a1db-4c4672444820","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":18,"box":{"x":82,"y":600,"width":800,"height":12}},{"id":"0e7a1235-66c8-4fe1-a09a-42b520d4a029","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":18,"box":{"x":82,"y":615,"width":824,"height":11}},{"id":"a919066e-10a3-4aec-a54d-97a2ec0e9750","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":18,"box":{"x":81,"y":630,"width":814,"height":11}},{"id":"88c01487-0f1a-4f47-a0b7-adc26ad2dd77","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":18,"box":{"x":82,"y":645,"width":774,"height":11}},{"id":"71366ec0-bcd6-4b0e-adc5-188bea3d78ad","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":18,"box":{"x":82,"y":659,"width":808,"height":12}},{"id":"8a6226c4-31b1-48da-92c4-83cf6fcc9d99","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":18,"box":{"x":82,"y":674,"width":840,"height":12}},{"id":"6de78695-7d30-4055-b537-056df8b63920","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":18,"box":{"x":81,"y":689,"width":834,"height":11}},{"id":"153913b3-0e3c-4028-83f3-627d15168ed3","block_type":"box","text":"data.","page_number":18,"box":{"x":81,"y":704,"width":36,"height":9}},{"id":"a17229c1-bc47-48cc-a177-63a3dfcb34f3","block_type":"box","text":"“New Issues” Risk","page_number":18,"box":{"x":83,"y":724,"width":139,"height":9}},{"id":"9b5f0738-6360-48bf-b288-160cb00c1a97","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":18,"box":{"x":226,"y":724,"width":673,"height":11}},{"id":"7daef59f-6bc6-47f2-86ba-61c03299b7fe","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":18,"box":{"x":81,"y":739,"width":833,"height":11}},{"id":"045b9f3d-f3b6-48d0-9949-d6099b52c2fc","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":18,"box":{"x":82,"y":753,"width":853,"height":12}},{"id":"514f14fe-344c-4912-9443-4c29dd63a11b","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":18,"box":{"x":81,"y":768,"width":778,"height":12}},{"id":"9493646d-3e49-425c-a559-3d48b837bee5","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":18,"box":{"x":81,"y":783,"width":827,"height":12}},{"id":"ceb41efd-1211-42b1-b0de-6907a1c68edf","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":18,"box":{"x":82,"y":798,"width":838,"height":11}},{"id":"120321b8-bf4f-4c5d-9bf1-511fc10a7ea3","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":18,"box":{"x":82,"y":813,"width":776,"height":11}},{"id":"9b0431d0-1650-4643-904b-0a316804ae34","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":18,"box":{"x":81,"y":827,"width":830,"height":12}},{"id":"14752308-23e1-4cc3-86ef-b1c4eb3084f2","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":18,"box":{"x":82,"y":842,"width":834,"height":12}},{"id":"7612a4db-85ab-40be-9a2f-2920458903db","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":18,"box":{"x":80,"y":857,"width":844,"height":12}},{"id":"8a742dee-f58d-4697-b15c-1bd7718b5c74","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":18,"box":{"x":81,"y":872,"width":840,"height":12}},{"id":"d852d057-eb0f-48dd-a926-7c720f3c68e1","block_type":"box","text":"price as it would like.","page_number":18,"box":{"x":82,"y":887,"width":153,"height":11}},{"id":"adca8157-1154-4f01-958c-103bac50816e","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"15812d45-7228-4c19-ae3d-5302c610653e","block_type":"box","text":"NM1026U-5984563-18/68","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f20ced0f-939a-4216-9d3d-22d919dd1394","block_type":"box","text":"Operational and Technology Risks","page_number":19,"box":{"x":82,"y":46,"width":254,"height":11}},{"id":"2fc05155-ed8c-4f2b-99fb-3c6c19cf2163","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":19,"box":{"x":340,"y":46,"width":549,"height":11}},{"id":"d8ebe0c9-94cf-45f2-8d45-a91497e7ff36","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":19,"box":{"x":81,"y":61,"width":790,"height":11}},{"id":"bc98a231-c883-4ebc-aa58-690aa4123be8","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":19,"box":{"x":81,"y":75,"width":833,"height":12}},{"id":"e2814a6e-4333-48df-a3ea-cdd2256a5609","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":19,"box":{"x":80,"y":90,"width":826,"height":11}},{"id":"60b94d79-51c5-4b96-87cc-a494d2270158","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":19,"box":{"x":82,"y":105,"width":754,"height":12}},{"id":"67abe289-60c3-4e31-9dcc-a341e7c7f537","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":19,"box":{"x":81,"y":120,"width":845,"height":11}},{"id":"08596944-1cf2-4ac4-af16-68bef65f21f9","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":19,"box":{"x":82,"y":135,"width":805,"height":11}},{"id":"1ef57e2c-3271-4297-a372-354022d884e6","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":19,"box":{"x":81,"y":149,"width":815,"height":12}},{"id":"063c02c7-6e56-4a18-a24c-86d38295b5c2","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":19,"box":{"x":81,"y":164,"width":850,"height":12}},{"id":"1e9ad4c4-b51e-4bc1-9a08-996ce9566339","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":19,"box":{"x":82,"y":179,"width":558,"height":12}},{"id":"e965d3c6-638b-4ae8-9744-6c9475153f34","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":19,"box":{"x":81,"y":199,"width":821,"height":12}},{"id":"5a843f02-0d2e-438a-9a55-6a8a706e1004","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":19,"box":{"x":82,"y":214,"width":814,"height":11}},{"id":"a8803007-f41b-495e-8e3e-462f2f344e54","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":19,"box":{"x":81,"y":229,"width":824,"height":11}},{"id":"3462866e-7bbb-4ebd-b168-aafa75823ac6","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":19,"box":{"x":81,"y":244,"width":791,"height":11}},{"id":"64facf3a-52cf-47d1-9b3f-52554cd02211","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":19,"box":{"x":82,"y":258,"width":852,"height":12}},{"id":"64e6a348-4742-4f41-ac1c-10c0e098f0ae","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":19,"box":{"x":81,"y":273,"width":784,"height":12}},{"id":"be358bab-6fe8-4179-a1b7-edc229fdbda0","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":19,"box":{"x":81,"y":288,"width":787,"height":12}},{"id":"37c99320-4569-47b8-bfeb-691431d4a3d7","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":19,"box":{"x":81,"y":303,"width":840,"height":11}},{"id":"f35f356a-0911-4555-9186-19eb1ae9e331","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":19,"box":{"x":81,"y":318,"width":809,"height":11}},{"id":"33e5222a-4ca4-433d-a3af-f3dc6fbcdc16","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":19,"box":{"x":81,"y":333,"width":829,"height":11}},{"id":"b2e2be92-4b9f-460b-98ed-ab66cf49d34f","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":19,"box":{"x":82,"y":347,"width":798,"height":12}},{"id":"dfa8d9c2-02be-49a1-91e9-1a87f9e05812","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":19,"box":{"x":81,"y":362,"width":829,"height":12}},{"id":"63d418a3-5ac7-4704-8288-e658f9a04092","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":19,"box":{"x":82,"y":377,"width":846,"height":12}},{"id":"36933344-d8a9-4e26-871a-9d731f44a4f6","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":19,"box":{"x":82,"y":392,"width":846,"height":11}},{"id":"d3ed60fb-d139-4442-b081-b2af9a8260f6","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":19,"box":{"x":81,"y":407,"width":838,"height":11}},{"id":"515e1479-2789-4c2a-9233-29c1931e1cba","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":19,"box":{"x":80,"y":422,"width":770,"height":11}},{"id":"bb572413-5ede-4e90-8948-563a9ef04bb0","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":19,"box":{"x":80,"y":436,"width":792,"height":12}},{"id":"942c76d6-a8cb-4f2e-9e8a-cc688a8ea29e","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":19,"box":{"x":82,"y":451,"width":845,"height":11}},{"id":"49645727-40e6-46eb-a7d6-4baafb75c7dc","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":19,"box":{"x":80,"y":466,"width":840,"height":11}},{"id":"3aad44af-26b4-4b66-bd9b-3d33a3af0dbd","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":19,"box":{"x":81,"y":481,"width":841,"height":11}},{"id":"a894cb17-dce3-4747-aadc-ac53b8bfd2e7","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":19,"box":{"x":80,"y":496,"width":847,"height":11}},{"id":"e8e35f01-e2c8-4e2d-8c63-0e6fc7a658fe","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":19,"box":{"x":82,"y":510,"width":838,"height":12}},{"id":"afd1e145-9434-4942-a756-17e7bb0abb44","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":19,"box":{"x":81,"y":525,"width":847,"height":12}},{"id":"a148dec7-4844-451b-90fe-0bbbb782db2f","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":19,"box":{"x":81,"y":540,"width":845,"height":11}},{"id":"8e837636-d945-44df-add0-f0ac01509ab3","block_type":"box","text":"and the associated risks to the Fund.","page_number":19,"box":{"x":81,"y":555,"width":273,"height":9}},{"id":"07fd7cdd-672a-4bf7-a1b6-66e60ee20473","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":19,"box":{"x":81,"y":575,"width":769,"height":11}},{"id":"12ebc99d-9e81-42ef-be3f-598cfa2b4c8f","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":19,"box":{"x":81,"y":590,"width":855,"height":11}},{"id":"8d056dae-9cea-4323-b0c7-b79cadf25456","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":19,"box":{"x":80,"y":604,"width":848,"height":12}},{"id":"541adca2-7928-46de-bc04-c978d61a2a07","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":19,"box":{"x":81,"y":620,"width":777,"height":11}},{"id":"14bb0cde-ef48-49fb-975b-2ff7222b439d","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":19,"box":{"x":81,"y":634,"width":824,"height":12}},{"id":"f3f4f91f-a2bb-4cf2-aece-8ab51784c4d9","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":19,"box":{"x":81,"y":649,"width":785,"height":12}},{"id":"bb6f6303-0e2b-4caa-9eb1-7a89cd202159","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":19,"box":{"x":82,"y":664,"width":853,"height":11}},{"id":"7ce27cc5-2055-43c5-b89d-cbd269aa59cd","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":19,"box":{"x":82,"y":679,"width":855,"height":11}},{"id":"7a7a4671-44d3-42a7-a241-a3842c298a95","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":19,"box":{"x":82,"y":693,"width":813,"height":12}},{"id":"c8528a61-6caf-4e8c-b07b-9fd365ae0309","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":19,"box":{"x":81,"y":708,"width":806,"height":12}},{"id":"238508b7-7c9e-4a15-8cf8-2e38a1c97ab6","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":19,"box":{"x":82,"y":723,"width":602,"height":11}},{"id":"628d2621-9c42-423c-ad1f-6221848ef2b3","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":19,"box":{"x":82,"y":743,"width":794,"height":12}},{"id":"49c90a89-0521-4a85-9ade-93dd3c3e130b","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":19,"box":{"x":81,"y":758,"width":840,"height":11}},{"id":"fce25ff0-5c28-4a33-81fd-6d1ec0043990","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":19,"box":{"x":81,"y":773,"width":801,"height":11}},{"id":"b834bd37-af12-46c2-b37d-3ae49b52b9d1","block_type":"box","text":"resources to monitor and implement required changes.","page_number":19,"box":{"x":82,"y":788,"width":402,"height":11}},{"id":"f072b77e-37d5-4507-9e4b-51832466b2e3","block_type":"box","text":"Preferred Securities Risk","page_number":19,"box":{"x":81,"y":808,"width":189,"height":9}},{"id":"1275fe32-9520-4258-9c54-ca1c6456213b","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":19,"box":{"x":274,"y":808,"width":636,"height":11}},{"id":"61af9951-8f12-48df-8b3a-2dd34ab51b6a","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":19,"box":{"x":81,"y":822,"width":824,"height":12}},{"id":"8249e089-1702-422a-a7f8-7fca7de66cc1","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":19,"box":{"x":82,"y":837,"width":806,"height":12}},{"id":"c0ddf95e-392f-47c7-9051-69d92ed93966","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":19,"box":{"x":81,"y":852,"width":842,"height":12}},{"id":"2dd56811-d53b-4678-aa9c-c836f46694e2","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":19,"box":{"x":81,"y":867,"width":781,"height":11}},{"id":"eeb56916-b7f9-4249-8ceb-abdd519062e3","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":19,"box":{"x":81,"y":882,"width":812,"height":11}},{"id":"77c9a484-8ba2-4947-8fbd-ddb6f6ca17f1","block_type":"box","text":"larger companies.","page_number":19,"box":{"x":82,"y":897,"width":129,"height":11}},{"id":"48a6810b-1ef0-4225-88d7-87f0dc22145d","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"5ed5d70e-d3e5-47f5-bebc-52fb1d395bce","block_type":"box","text":"NM1026U-5984563-19/68","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5a37606f-ed2c-4121-9968-34b2b6b4a8e9","block_type":"box","text":"Risk of Investing in the United States","page_number":20,"box":{"x":81,"y":46,"width":283,"height":11}},{"id":"56ce0d80-ee8f-4907-8d07-2ca31f282e27","block_type":"box","text":"—","page_number":20,"box":{"x":369,"y":51,"width":17,"height":1}},{"id":"f6501799-487c-4a45-9ed9-2e80c27e1ac3","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":20,"box":{"x":390,"y":46,"width":519,"height":11}},{"id":"194617bb-4d05-4dde-a0c1-90d72b59e196","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":20,"box":{"x":82,"y":60,"width":790,"height":12}},{"id":"8508b585-f9ed-42e2-bda0-bd737c486547","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":20,"box":{"x":81,"y":75,"width":835,"height":12}},{"id":"908d41d4-32b0-4e28-b899-f32d02c36035","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":20,"box":{"x":82,"y":90,"width":784,"height":12}},{"id":"d6d7af14-f492-4c88-abe5-178951c31c25","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":20,"box":{"x":82,"y":105,"width":849,"height":12}},{"id":"45615da3-89c8-41b4-b65e-1c4ec95a579d","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":20,"box":{"x":81,"y":120,"width":832,"height":11}},{"id":"dd0684d1-7c20-4395-bd3d-bce08d3661db","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":20,"box":{"x":81,"y":135,"width":851,"height":11}},{"id":"f41eaa05-96c2-445a-b42d-027d6245ab89","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":20,"box":{"x":82,"y":149,"width":471,"height":12}},{"id":"697226cd-e084-4992-8bb5-ce6269595462","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":20,"box":{"x":81,"y":169,"width":847,"height":12}},{"id":"8dc926dc-c4e1-4ee7-98cd-085423ad2516","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":20,"box":{"x":81,"y":184,"width":810,"height":12}},{"id":"4e65413e-4fa0-41d8-b6dd-3ddabc5ac9c5","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":20,"box":{"x":82,"y":199,"width":832,"height":11}},{"id":"52859add-543a-494c-9775-cb5752e990c0","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":20,"box":{"x":80,"y":214,"width":826,"height":11}},{"id":"18b7e039-0888-4aa6-a8cb-9256481e4ddd","block_type":"box","text":"Fund invests.","page_number":20,"box":{"x":82,"y":229,"width":95,"height":9}},{"id":"cde14041-5b98-463d-92e1-7675434da0fd","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":20,"box":{"x":61,"y":252,"width":296,"height":12}},{"id":"c12120c1-e114-4c8b-97b9-43d13f63494b","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":20,"box":{"x":60,"y":268,"width":832,"height":11}},{"id":"23e49f3c-0a17-49fb-9c19-d5c52c9b43fc","block_type":"box","text":"strategies, including:","page_number":20,"box":{"x":61,"y":283,"width":151,"height":11}},{"id":"61a34d4f-e5b3-4192-8d73-3cb55aab6a8a","block_type":"box","text":"Borrowing Risk","page_number":20,"box":{"x":81,"y":303,"width":115,"height":11}},{"id":"d3d6ab14-2911-490d-bcd5-ecd23098b073","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":20,"box":{"x":200,"y":303,"width":711,"height":11}},{"id":"06d2494d-cbae-4f19-9105-209644d60787","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":20,"box":{"x":80,"y":318,"width":813,"height":11}},{"id":"f6d44560-64b5-4198-9e1c-09ae0a42da7c","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":20,"box":{"x":82,"y":333,"width":846,"height":11}},{"id":"333c6559-925a-4fe7-9858-77d0d8cf06d9","block_type":"box","text":"do so to satisfy its obligations.","page_number":20,"box":{"x":81,"y":347,"width":225,"height":12}},{"id":"a7d163ba-985a-45f2-8896-8420df0d278a","block_type":"box","text":"Expense Risk","page_number":20,"box":{"x":81,"y":367,"width":102,"height":12}},{"id":"6b1f11dc-be58-42ac-83c1-9fd7e990e30c","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":20,"box":{"x":187,"y":367,"width":734,"height":12}},{"id":"5ea88631-1fee-44bb-aaae-3363d78b55d2","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":20,"box":{"x":81,"y":382,"width":855,"height":12}},{"id":"c0f9eb1e-9003-470a-8b5a-264e7c5aceaa","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":20,"box":{"x":82,"y":397,"width":842,"height":11}},{"id":"a4d5b895-8d2d-4dca-ab75-f2dbdb115373","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":20,"box":{"x":82,"y":412,"width":808,"height":11}},{"id":"e8f66477-3d82-44e2-b975-9c0037dd1fca","block_type":"box","text":"significant.","page_number":20,"box":{"x":81,"y":427,"width":78,"height":11}},{"id":"8ef7105c-d75c-4510-8fd6-c24d8e8e20b7","block_type":"box","text":"Illiquid Investments Risk","page_number":20,"box":{"x":81,"y":447,"width":186,"height":11}},{"id":"6030d5c7-a6bf-4533-96e8-f6e5a2445190","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":20,"box":{"x":271,"y":447,"width":648,"height":11}},{"id":"c9bdce30-7ca3-4576-b5c7-320c24855d52","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":20,"box":{"x":80,"y":461,"width":841,"height":12}},{"id":"58db711c-c0fc-4ee1-997f-780c81686e07","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":20,"box":{"x":82,"y":476,"width":831,"height":12}},{"id":"ae05c4c0-4ff0-427e-b948-9705cb4f194d","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":20,"box":{"x":81,"y":491,"width":811,"height":12}},{"id":"310a65b0-56ea-46cb-a3e7-06d2877e3692","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":20,"box":{"x":82,"y":506,"width":825,"height":11}},{"id":"f2cff843-9e91-483b-bf82-c3823bc93111","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":20,"box":{"x":81,"y":521,"width":837,"height":11}},{"id":"f3045738-2139-4135-ad4b-ef748000f435","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":20,"box":{"x":80,"y":535,"width":851,"height":12}},{"id":"b3b40a96-391d-41ec-a424-ae698f7d20cd","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":20,"box":{"x":82,"y":551,"width":835,"height":11}},{"id":"93b1f852-21af-4016-9294-362d2baf8145","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":20,"box":{"x":82,"y":565,"width":835,"height":12}},{"id":"ea039c5d-0037-4bac-88a2-977646e1269f","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":20,"box":{"x":81,"y":580,"width":791,"height":12}},{"id":"ce2fc84b-4568-45cb-9fc4-4c0315c4b3a7","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":20,"box":{"x":81,"y":595,"width":846,"height":11}},{"id":"a2351fe2-06f9-4d62-860c-8f4ac58a9bd7","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":20,"box":{"x":81,"y":610,"width":835,"height":11}},{"id":"59f001fe-e913-4836-92c2-aba18b341a6e","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":20,"box":{"x":82,"y":624,"width":839,"height":12}},{"id":"3f20318d-35a7-4e81-9aca-85539e969863","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":20,"box":{"x":80,"y":640,"width":834,"height":11}},{"id":"9a7ceea2-7fcf-4c7f-b3eb-c6d17507efb9","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":20,"box":{"x":81,"y":654,"width":815,"height":12}},{"id":"952b7549-f9f9-4145-8d26-108b62f4c3dc","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":20,"box":{"x":82,"y":669,"width":835,"height":12}},{"id":"22a9b2fc-c79b-49bc-b69f-2ad5a96176f1","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":20,"box":{"x":82,"y":684,"width":827,"height":11}},{"id":"36676ca9-269f-4c25-9e31-1d5dab8708ff","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":20,"box":{"x":80,"y":699,"width":831,"height":11}},{"id":"74c55de5-4acc-4cd7-8093-0c7826ab8435","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":20,"box":{"x":81,"y":714,"width":304,"height":11}},{"id":"6d42a695-df35-411f-a18e-e8176671160e","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":20,"box":{"x":81,"y":734,"width":271,"height":9}},{"id":"7809abfa-8209-4f74-817b-6a6355b2dae6","block_type":"box","text":"—","page_number":20,"box":{"x":356,"y":739,"width":17,"height":1}},{"id":"236ddd3e-79b2-4e96-930a-546aa4a212fc","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":20,"box":{"x":379,"y":734,"width":499,"height":11}},{"id":"02956efe-2670-449e-962a-e4f86a3f1e3c","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":20,"box":{"x":82,"y":748,"width":839,"height":12}},{"id":"cb697211-17a3-418c-aa69-d267041dcb6b","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":20,"box":{"x":80,"y":763,"width":799,"height":12}},{"id":"58462b2d-d38d-4192-9490-9387f9bbbf6d","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":20,"box":{"x":82,"y":778,"width":796,"height":11}},{"id":"4e5e7d9e-e331-4c61-a809-696a61151436","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":20,"box":{"x":81,"y":793,"width":855,"height":11}},{"id":"026d776d-f5bc-4a92-a1c5-85dd9bfc8a97","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":20,"box":{"x":82,"y":808,"width":441,"height":11}},{"id":"73ad3d77-8eaf-4a86-b05c-2dcc8e0ad5ac","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":20,"box":{"x":81,"y":828,"width":366,"height":11}},{"id":"40cec410-35c4-4adf-b63e-8c8005aa0958","block_type":"box","text":"— As with other investments, investments in other investment","page_number":20,"box":{"x":450,"y":828,"width":459,"height":10}},{"id":"c4376783-ab8a-4efd-a935-31769ca13a21","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":20,"box":{"x":81,"y":842,"width":815,"height":12}},{"id":"b86176a8-abe8-4265-ae4f-0ad1fdee078c","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":20,"box":{"x":82,"y":857,"width":844,"height":12}},{"id":"b19d4a05-f5fc-4bbb-b239-e14c7829559d","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":20,"box":{"x":81,"y":872,"width":822,"height":12}},{"id":"fbe8a61e-b0b5-4ce3-880c-c8daaadfa401","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":20,"box":{"x":81,"y":887,"width":829,"height":11}},{"id":"2522400b-cb16-435e-857e-c239f322874d","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":20,"box":{"x":81,"y":902,"width":628,"height":11}},{"id":"b38c4f0c-e660-4730-8979-4a5640d8f4d0","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"444950e4-c6b4-4b57-aab3-276e5c19a872","block_type":"box","text":"NM1026U-5984563-20/68","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4721572a-0aa3-4615-86ce-6e7103a75310","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":21,"box":{"x":81,"y":46,"width":396,"height":11}},{"id":"c9dfc25e-90ee-4561-b990-05af1eb6fe01","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":21,"box":{"x":481,"y":46,"width":440,"height":11}},{"id":"b109981e-49ea-4382-a6d0-26994f8f7a77","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":21,"box":{"x":82,"y":60,"width":801,"height":12}},{"id":"885583f3-b74a-45a4-afde-00561a902ff8","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":21,"box":{"x":81,"y":75,"width":825,"height":12}},{"id":"ee4fc67d-6d76-485b-ad28-7ad64a8c3908","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":21,"box":{"x":82,"y":90,"width":816,"height":12}},{"id":"f84bd1a2-3fd7-485b-87ff-90d95132e6bb","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":21,"box":{"x":82,"y":105,"width":818,"height":12}},{"id":"735d4035-7e2a-4971-accd-dcd2bdc3fc17","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":21,"box":{"x":80,"y":120,"width":835,"height":11}},{"id":"b0917d67-a3d8-45ac-ad9b-b76bcfd78c12","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":21,"box":{"x":80,"y":135,"width":807,"height":11}},{"id":"cb75169d-4546-4f0e-b44b-f27fafabdc71","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":21,"box":{"x":82,"y":150,"width":841,"height":11}},{"id":"848281a9-ac25-4877-95bc-73fdfbd3d302","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":21,"box":{"x":80,"y":164,"width":855,"height":12}},{"id":"bff9365f-ccbd-40aa-b7e0-ea0e800dfc36","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":21,"box":{"x":81,"y":179,"width":751,"height":11}},{"id":"79dbca48-68e2-428f-9be7-80246c138e17","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":21,"box":{"x":81,"y":194,"width":785,"height":11}},{"id":"99d6db01-7ac2-4721-8880-e6b079c0fc83","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":21,"box":{"x":81,"y":209,"width":841,"height":11}},{"id":"e73ed271-384e-4171-8df1-d9919acbc433","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":21,"box":{"x":80,"y":224,"width":824,"height":11}},{"id":"6703047f-c8d0-4e86-a200-08d3acff5791","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":21,"box":{"x":81,"y":239,"width":822,"height":11}},{"id":"50ab1611-8c08-4bc3-a4bb-28ef64ef36d3","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":21,"box":{"x":81,"y":253,"width":801,"height":12}},{"id":"8d3bcb51-8d79-4362-813f-5cd56960d465","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":21,"box":{"x":80,"y":268,"width":765,"height":12}},{"id":"802ea54b-267d-4803-9ce2-2776c6d1b2ac","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":21,"box":{"x":82,"y":283,"width":852,"height":11}},{"id":"04800e29-276e-4c57-bc41-95e0893cb1f6","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":21,"box":{"x":82,"y":298,"width":847,"height":11}},{"id":"7d72a366-9dd6-4270-9465-c4ae34863815","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":21,"box":{"x":80,"y":312,"width":847,"height":12}},{"id":"f6774a07-da01-4d7f-ad2b-4a7dc20ead06","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":21,"box":{"x":81,"y":327,"width":845,"height":12}},{"id":"ec1fb8fe-ffcd-45cd-b6a4-56f90ecf61db","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":21,"box":{"x":82,"y":342,"width":835,"height":12}},{"id":"ba07f66b-e375-4239-93cb-619ff7a127e6","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":21,"box":{"x":82,"y":357,"width":839,"height":12}},{"id":"4aa08f12-e1b5-4a79-b5a4-4da9cb4388d9","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":21,"box":{"x":82,"y":372,"width":461,"height":11}},{"id":"1db764b7-e3d0-4bbf-816a-0e0cf823e5a4","block_type":"box","text":"Mid Cap Securities Risk","page_number":21,"box":{"x":81,"y":392,"width":182,"height":11}},{"id":"3d112bde-85b2-479b-b5fa-1088e576cf20","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":21,"box":{"x":267,"y":392,"width":665,"height":11}},{"id":"a9cffb87-c6c8-4ed1-85a7-8f776e001f1d","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":21,"box":{"x":81,"y":407,"width":789,"height":11}},{"id":"d4dabb56-14c9-4b40-b0af-9837c97ed2bf","block_type":"box","text":"Money Market Securities Risk","page_number":21,"box":{"x":81,"y":427,"width":229,"height":11}},{"id":"845e2d15-ac68-4042-9850-e48f65d0579a","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":21,"box":{"x":314,"y":427,"width":570,"height":11}},{"id":"de06d50c-0e39-4f40-a571-d92ba93d0fec","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":21,"box":{"x":81,"y":441,"width":819,"height":12}},{"id":"e9173c93-bc5c-4130-856e-5ba352d7b5e7","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":21,"box":{"x":82,"y":456,"width":657,"height":12}},{"id":"6673222a-f12e-4847-b9ee-2004a4a11cd7","block_type":"box","text":"Ownership Limitations Risk","page_number":21,"box":{"x":82,"y":476,"width":205,"height":12}},{"id":"426c279f-3541-4fd7-90fa-f1dd9dfb7649","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":21,"box":{"x":291,"y":476,"width":610,"height":12}},{"id":"3e50e13b-7f16-408f-a559-c1d26bc25501","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":21,"box":{"x":80,"y":491,"width":849,"height":11}},{"id":"534c5fb7-a2e1-4ffe-a2d1-676f2a3e64c6","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":21,"box":{"x":81,"y":506,"width":798,"height":11}},{"id":"6f4758cd-358f-4fd6-8239-fe5a30369ef4","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":21,"box":{"x":82,"y":521,"width":833,"height":11}},{"id":"66723d43-83bc-4eaa-a7a6-5cee9a183795","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":21,"box":{"x":82,"y":535,"width":851,"height":12}},{"id":"76da1721-249a-4ea5-9b29-b71e15e1d92a","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":21,"box":{"x":81,"y":550,"width":813,"height":12}},{"id":"d9cdb896-4667-4d64-b6d5-e2b6bd17d0a0","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":21,"box":{"x":82,"y":565,"width":331,"height":12}},{"id":"a3eac570-0178-4ae7-bd3c-3664ba6eea4c","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":21,"box":{"x":82,"y":585,"width":826,"height":12}},{"id":"24824dfe-e03d-41e2-9679-ac0afec0fe29","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":21,"box":{"x":81,"y":600,"width":848,"height":12}},{"id":"df6e7056-d18f-4a30-b2a2-69b59de51ff6","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":21,"box":{"x":81,"y":615,"width":799,"height":11}},{"id":"eb401b9b-7287-423c-89f3-9c7704967f11","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":21,"box":{"x":81,"y":630,"width":828,"height":11}},{"id":"1db7bf5b-d3ed-48ac-b6fe-611bef2ec51b","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":21,"box":{"x":81,"y":644,"width":828,"height":12}},{"id":"031f6ca4-8504-434e-8c1a-37bb76909501","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":21,"box":{"x":80,"y":659,"width":837,"height":12}},{"id":"81639fcb-92a1-45b8-992c-eef0f11ef978","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":21,"box":{"x":80,"y":674,"width":837,"height":12}},{"id":"371ab5bf-ffe1-489b-9afd-adcef238938e","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":21,"box":{"x":82,"y":689,"width":800,"height":11}},{"id":"c54111ef-3344-42c7-9f46-2a478149291b","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":21,"box":{"x":81,"y":704,"width":678,"height":11}},{"id":"3ccd1cff-c550-41a7-a903-29ba880eb378","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":21,"box":{"x":81,"y":724,"width":842,"height":11}},{"id":"09de5d4d-3035-476a-88f4-58cd64a34368","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":21,"box":{"x":81,"y":739,"width":833,"height":11}},{"id":"92a0a9af-6527-475f-a539-0cbda5dc42b9","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":21,"box":{"x":82,"y":753,"width":582,"height":12}},{"id":"aeb7a05a-a1b6-42d2-8a94-8e10acdf3e1e","block_type":"box","text":"Reliance on Advisor Risk","page_number":21,"box":{"x":81,"y":773,"width":188,"height":10}},{"id":"d60d96a0-08d8-46c6-a211-ccc37fcbaaaf","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":21,"box":{"x":273,"y":774,"width":614,"height":11}},{"id":"44fa7a52-c369-404d-b040-f8a5bfa3c7e5","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":21,"box":{"x":80,"y":788,"width":830,"height":11}},{"id":"65a8700c-dbb5-4754-99af-75e1fbf6a3ef","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":21,"box":{"x":80,"y":803,"width":856,"height":12}},{"id":"264ec2e4-3d18-4d01-a83a-c0bef8044c71","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":21,"box":{"x":80,"y":818,"width":841,"height":11}},{"id":"217c868c-9c8f-494d-a9a9-2d007eeea4da","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":21,"box":{"x":81,"y":833,"width":649,"height":11}},{"id":"6564b9f8-4df3-4a76-a9b1-41353aec79f4","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":21,"box":{"x":81,"y":853,"width":481,"height":11}},{"id":"8c466afd-18cc-4935-add2-717c417da39a","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":21,"box":{"x":565,"y":853,"width":370,"height":11}},{"id":"2d25e6ab-bea7-47e8-8913-9a3b036dc506","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":21,"box":{"x":82,"y":867,"width":827,"height":12}},{"id":"f7b26079-d7b6-4ae0-a31e-9e063ecab8e1","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":21,"box":{"x":81,"y":882,"width":816,"height":12}},{"id":"0856e1af-1cb3-4760-a741-f9f5ece0d27a","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":21,"box":{"x":81,"y":897,"width":647,"height":12}},{"id":"8b888593-cacc-4da8-b28f-a4e22ec16def","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"276be81a-c129-404b-845e-3305635ed56a","block_type":"box","text":"NM1026U-5984563-21/68","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"48f99669-be92-437d-b860-1b3a9ce61aed","block_type":"box","text":"Restricted Securities Risk","page_number":22,"box":{"x":81,"y":46,"width":198,"height":9}},{"id":"2e986828-6e59-4704-b849-d9b58fe568e4","block_type":"box","text":"—","page_number":22,"box":{"x":284,"y":51,"width":17,"height":1}},{"id":"ea2086ea-475c-4a60-a6d7-42b4e0980f99","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":22,"box":{"x":306,"y":46,"width":572,"height":11}},{"id":"2dddf3be-67ea-43b4-b302-c7e309aab6da","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":22,"box":{"x":82,"y":60,"width":843,"height":12}},{"id":"8bcd97de-961b-4cd6-94d8-c49f2241f4f3","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":22,"box":{"x":81,"y":75,"width":813,"height":12}},{"id":"cac9cbd4-e065-44eb-ad1c-91256b7bf8b8","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":22,"box":{"x":81,"y":90,"width":851,"height":12}},{"id":"49a9dd42-e5d6-447f-9dd8-8933e71bd0f3","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":22,"box":{"x":81,"y":105,"width":774,"height":12}},{"id":"cd4a3fe9-230a-4340-af74-2c4b4da5b095","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":22,"box":{"x":82,"y":120,"width":839,"height":11}},{"id":"00624b43-0d01-4355-b355-77d2965fd6fc","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":22,"box":{"x":81,"y":135,"width":828,"height":11}},{"id":"075674d3-21e3-4051-8a67-fac383a7e951","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":22,"box":{"x":81,"y":149,"width":830,"height":12}},{"id":"f3f49aa3-fce3-4d0e-b1db-afaabd0c03de","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":22,"box":{"x":80,"y":164,"width":787,"height":12}},{"id":"5aaac312-396d-4072-a3c3-81907bdd655b","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":22,"box":{"x":80,"y":179,"width":838,"height":11}},{"id":"a6ffc37d-96b6-43a6-a2b8-91a196754e12","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":22,"box":{"x":81,"y":194,"width":843,"height":11}},{"id":"aafb2002-e692-422e-9b2a-417c9aff12d4","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":22,"box":{"x":81,"y":209,"width":827,"height":11}},{"id":"b417aff0-1e4b-4d3f-8c63-0d20858bb5e0","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":22,"box":{"x":82,"y":224,"width":812,"height":11}},{"id":"a40ed938-48c4-43f7-b4b0-4c7c49ea43f5","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":22,"box":{"x":82,"y":238,"width":795,"height":12}},{"id":"e9611c01-e060-4783-aeb0-a6d0a2bfe552","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":22,"box":{"x":81,"y":253,"width":468,"height":12}},{"id":"561c1499-a6e4-4486-b617-2a193e721e2d","block_type":"box","text":"Securities Lending Risk","page_number":22,"box":{"x":81,"y":273,"width":178,"height":12}},{"id":"39115c73-a24b-418d-95de-682e94d73167","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":22,"box":{"x":263,"y":273,"width":661,"height":12}},{"id":"f47d6109-dd2e-4349-85d2-275361ea2228","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":22,"box":{"x":82,"y":288,"width":852,"height":11}},{"id":"d0b11178-6c7b-4f0c-a38e-8982a6eefb1f","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":22,"box":{"x":81,"y":303,"width":811,"height":11}},{"id":"1b837c5c-2b8a-4de4-824a-c0d2fedec375","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":22,"box":{"x":81,"y":318,"width":829,"height":11}},{"id":"d9edfd11-2a1d-4f99-b252-c2178e76bc29","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":22,"box":{"x":81,"y":332,"width":292,"height":12}},{"id":"67aff502-b504-4978-ab6b-a902a997fba7","block_type":"box","text":"Valuation Risk","page_number":22,"box":{"x":83,"y":353,"width":107,"height":9}},{"id":"e1bf6643-a4c5-4518-b3e3-718115826736","block_type":"box","text":"—","page_number":22,"box":{"x":194,"y":358,"width":17,"height":1}},{"id":"0283f1e1-636b-4fff-a89a-21ab54e5ebe7","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":22,"box":{"x":215,"y":352,"width":700,"height":12}},{"id":"2a096efc-f56a-4786-b26e-7e6ac940167e","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":22,"box":{"x":81,"y":367,"width":835,"height":12}},{"id":"bcac6fe9-3bcf-4948-a179-984ada8a6f9c","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":22,"box":{"x":81,"y":382,"width":848,"height":12}},{"id":"d15509ef-d05a-415f-a409-a3112f48cd89","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":22,"box":{"x":82,"y":397,"width":845,"height":11}},{"id":"e436cd50-9209-4f17-8dc0-9e7afea9a7ae","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":22,"box":{"x":82,"y":412,"width":840,"height":11}},{"id":"7ddb0728-10da-48c6-af28-6034d7384757","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":22,"box":{"x":80,"y":427,"width":783,"height":11}},{"id":"0f861ed3-790c-4793-a450-28847b63578c","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":22,"box":{"x":81,"y":442,"width":810,"height":11}},{"id":"487828e0-56cd-48f3-8a26-c338d3f3a5af","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":22,"box":{"x":81,"y":456,"width":847,"height":12}},{"id":"3a775e22-a812-4726-ac80-07485cc7a27c","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":22,"box":{"x":82,"y":471,"width":848,"height":11}},{"id":"e448e996-bdc0-4b5c-a4b5-5af348abf501","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":22,"box":{"x":80,"y":486,"width":819,"height":11}},{"id":"690383be-5969-4070-b35c-409cbd42a090","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":22,"box":{"x":81,"y":501,"width":837,"height":11}},{"id":"7d429078-3a80-4924-a227-0f78ad3ca825","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":22,"box":{"x":80,"y":516,"width":672,"height":11}},{"id":"7fd9b718-90ed-4d4c-bcca-9966b6eb6079","block_type":"box","text":"Warrants Risk","page_number":22,"box":{"x":83,"y":536,"width":105,"height":9}},{"id":"a223d0f2-3ebb-4f96-b4da-8077eb6ee5a6","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":22,"box":{"x":192,"y":535,"width":698,"height":12}},{"id":"077e419a-1d2a-4564-91cb-4babf99cb462","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":22,"box":{"x":81,"y":550,"width":830,"height":12}},{"id":"8cb6b59e-7b83-473e-bd73-7e637660faf0","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":22,"box":{"x":81,"y":565,"width":821,"height":12}},{"id":"eb062272-23f3-4ae0-b66d-afa3598c85b0","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":22,"box":{"x":82,"y":580,"width":822,"height":12}},{"id":"e09099a9-a794-425c-8ab0-ab09e4ac4ef6","block_type":"box","text":"move with the price of the underlying stock.","page_number":22,"box":{"x":82,"y":595,"width":317,"height":11}},{"id":"9811d38d-1551-420e-a2a2-37effa5e7838","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":22,"box":{"x":83,"y":615,"width":584,"height":11}},{"id":"45b6a56f-9708-4e18-a48d-66658ab40d80","block_type":"box","text":"— When-issued and delayed","page_number":22,"box":{"x":671,"y":615,"width":208,"height":11}},{"id":"db1a4ee4-dcdd-4d31-8b54-5b0650017342","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":22,"box":{"x":81,"y":630,"width":843,"height":11}},{"id":"19598340-2e92-49c3-b415-3aa6c00d613e","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":22,"box":{"x":82,"y":645,"width":830,"height":11}},{"id":"459b2bb3-972b-4ba0-be38-e422e3c6596f","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":22,"box":{"x":82,"y":659,"width":849,"height":12}},{"id":"b4617f9d-a6eb-4172-b3e2-f3156d1a26c8","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":22,"box":{"x":80,"y":674,"width":425,"height":12}},{"id":"4494d17c-481f-4b5b-9d7a-d1f1f6564552","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d28bdd70-4415-44ea-986d-d8d89cd9b837","block_type":"box","text":"NM1026U-5984563-22/68","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cd8d81b8-18f2-4d40-99ae-95747ffe0b9f","block_type":"box","text":"Account Information","page_number":23,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"c9a95db9-8cd8-4cfe-9365-ce460fb479e0","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":23,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"5bd35e65-d47d-4c35-8c4a-e1a9b0e509a1","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C and Institutional Shares in this prospectus),","page_number":23,"box":{"x":60,"y":182,"width":849,"height":12}},{"id":"4ed77d28-c3f3-48e9-b5c4-cbea0ea36765","block_type":"box","text":"each with its own sales charge and expense structure, allowing you to invest in the way that best suits your needs.","page_number":23,"box":{"x":61,"y":197,"width":844,"height":12}},{"id":"a48f452e-8fff-4dc0-b39b-b982da3b2559","block_type":"box","text":"Each share class represents an ownership interest in the same investment portfolio of the Fund. When you choose","page_number":23,"box":{"x":62,"y":212,"width":845,"height":11}},{"id":"635674aa-5210-408b-ad12-fe1e0c6def55","block_type":"box","text":"your class of shares, you should consider the size of your investment and how long you plan to hold your shares. Either","page_number":23,"box":{"x":60,"y":227,"width":877,"height":11}},{"id":"88abef74-f03c-408a-8231-5614a1c326a4","block_type":"box","text":"your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry","page_number":23,"box":{"x":60,"y":242,"width":857,"height":11}},{"id":"1b34336b-bfcb-4a87-a3de-76597b163da4","block_type":"box","text":"professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can help you determine which","page_number":23,"box":{"x":62,"y":256,"width":850,"height":12}},{"id":"0fbeea6a-e99f-4ec4-a3e9-6426a2b04ee4","block_type":"box","text":"share class is best suited to your personal financial goals. Investor A and Investor C Shares are sometimes referred to","page_number":23,"box":{"x":61,"y":271,"width":873,"height":12}},{"id":"655bbf73-8728-4f5e-ae8b-02ec941fb06d","block_type":"box","text":"herein collectively as “Investor Shares.”","page_number":23,"box":{"x":61,"y":286,"width":292,"height":11}},{"id":"211c57ab-009c-416c-bb1d-b6ce0ef837d1","block_type":"box","text":"For example, if you select Institutional Shares of the Fund, you will not pay any sales charge. However, only certain","page_number":23,"box":{"x":62,"y":309,"width":841,"height":11}},{"id":"0182942c-1c07-436e-a715-4b27eff5bd38","block_type":"box","text":"investors may buy Institutional Shares. If you select Investor A Shares of the Fund, you generally pay a sales charge at","page_number":23,"box":{"x":62,"y":323,"width":870,"height":12}},{"id":"383b5ded-b13b-4747-9f57-a595e0977b3f","block_type":"box","text":"the time of purchase and an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or","page_number":23,"box":{"x":60,"y":338,"width":874,"height":12}},{"id":"306a3b1d-19db-4860-a663-61f8e4f252e8","block_type":"box","text":"waiver.","page_number":23,"box":{"x":60,"y":353,"width":49,"height":9}},{"id":"e61fbadd-40ca-4249-9e7c-88e75b5361f5","block_type":"box","text":"If you select Investor C Shares of the Fund, you will invest the full amount of your purchase price, but you will be","page_number":23,"box":{"x":62,"y":376,"width":822,"height":11}},{"id":"1133b20e-4a4c-4750-8dbf-9919c1a0f104","block_type":"box","text":"subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year under a plan adopted pursuant to","page_number":23,"box":{"x":61,"y":390,"width":856,"height":12}},{"id":"11ed07e9-28c1-4b9c-a8cc-2818fd3cea43","block_type":"box","text":"Rule 12b-1 under the Investment Company Act. Because these fees are paid out of the Fund’s assets on an ongoing","page_number":23,"box":{"x":62,"y":405,"width":856,"height":12}},{"id":"bfeeeb3d-362e-4f57-b109-9c9c9be13254","block_type":"box","text":"basis, over time these fees increase the cost of your investment and may cost you more than paying other types of","page_number":23,"box":{"x":61,"y":420,"width":846,"height":12}},{"id":"b432bda5-87f7-4cef-97c4-fce00fd753df","block_type":"box","text":"sales charges. In addition, you may be subject to a deferred sales charge when you sell Investor C Shares within one","page_number":23,"box":{"x":61,"y":435,"width":861,"height":12}},{"id":"b026768f-21fe-4dbb-8e54-895422213493","block_type":"box","text":"year. Classes with lower expenses will have higher net asset values and dividends relative to other share classes.","page_number":23,"box":{"x":60,"y":450,"width":837,"height":11}},{"id":"a3fc04a1-464b-4554-91ab-8794d54e7057","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":23,"box":{"x":60,"y":472,"width":811,"height":12}},{"id":"421f4b30-f391-46a4-ae2c-02eb79563f62","block_type":"box","text":"The table below and on the following pages summarizes key features of each of the share classes of the Fund.","page_number":23,"box":{"x":60,"y":495,"width":814,"height":11}},{"id":"a72bfada-49d4-436b-93ed-1b7f2967873d","block_type":"box","text":"Share Classes at a Glance","page_number":23,"box":{"x":387,"y":518,"width":218,"height":10}},{"id":"8045b9b3-399d-4304-bebe-fd76195d9470","block_type":"box","text":"1","page_number":23,"box":{"x":605,"y":518,"width":6,"height":5}},{"id":"b6f22e08-de7a-41f3-bca8-ad28f3923d76","block_type":"box","text":"Investor A Investor C","page_number":23,"box":{"x":232,"y":547,"width":282,"height":7}},{"id":"d7520868-5a74-4a90-8105-4f50a6f9bb14","block_type":"box","text":"2,3","page_number":23,"box":{"x":515,"y":547,"width":10,"height":5}},{"id":"80e78f98-4170-41c6-9440-8abd9aaa09e8","block_type":"box","text":"Institutional","page_number":23,"box":{"x":676,"y":547,"width":71,"height":7}},{"id":"a12e0acb-db1b-45c1-890f-5df4d9b8a37c","block_type":"box","text":"Availability","page_number":23,"box":{"x":60,"y":564,"width":73,"height":10}},{"id":"0124c63d-f30b-464a-9791-ba738d2b4439","block_type":"box","text":"Generally available through","page_number":23,"box":{"x":232,"y":564,"width":177,"height":11}},{"id":"e7a3fd80-31ef-4780-8ad8-b487c196ee10","block_type":"box","text":"Financial Intermediaries.","page_number":23,"box":{"x":233,"y":578,"width":160,"height":8}},{"id":"e8c00cd6-ac83-4f1b-89c4-9753c44f0d28","block_type":"box","text":"Generally available through","page_number":23,"box":{"x":454,"y":564,"width":177,"height":11}},{"id":"1dca6366-88c8-4eb7-be68-f40c61f7b744","block_type":"box","text":"Financial Intermediaries. Must","page_number":23,"box":{"x":455,"y":578,"width":199,"height":8}},{"id":"d3af8037-d563-4ed4-808c-563530dd4bd3","block_type":"box","text":"be held through a Financial","page_number":23,"box":{"x":454,"y":591,"width":177,"height":11}},{"id":"c7073e9c-abed-4cef-a21f-a00e05040c7d","block_type":"box","text":"Intermediary.","page_number":23,"box":{"x":455,"y":605,"width":84,"height":10}},{"id":"afdc755b-6162-4fb8-a0b2-b782e774e23c","block_type":"box","text":"Limited to certain investors, including:","page_number":23,"box":{"x":676,"y":564,"width":251,"height":11}},{"id":"93e7c169-8822-402c-8bab-0ae89522a73a","block_type":"box","text":"•","page_number":23,"box":{"x":679,"y":580,"width":3,"height":3}},{"id":"439a3b82-1a39-4a8f-bf2b-dfa314ace755","block_type":"box","text":"Individuals and “Institutional","page_number":23,"box":{"x":686,"y":578,"width":187,"height":8}},{"id":"99b107cb-1120-44d8-97d0-820d9b51fab1","block_type":"box","text":"Investors,” which include, but are not","page_number":23,"box":{"x":686,"y":591,"width":246,"height":10}},{"id":"bf585966-8910-4d84-9952-344e8050c14e","block_type":"box","text":"limited to, endowments, foundations,","page_number":23,"box":{"x":686,"y":605,"width":245,"height":9}},{"id":"a09b8b8d-d82d-488b-80df-ff8a1c333e75","block_type":"box","text":"family offices, local, city, and state","page_number":23,"box":{"x":685,"y":618,"width":230,"height":11}},{"id":"ef5c3139-867e-4f2a-95bf-d7d4348e4010","block_type":"box","text":"governmental institutions,","page_number":23,"box":{"x":685,"y":632,"width":171,"height":10}},{"id":"baa4fcde-f4a5-4eca-8f9e-124180d21f8e","block_type":"box","text":"corporations and insurance company","page_number":23,"box":{"x":686,"y":646,"width":243,"height":10}},{"id":"e6af1f6d-6b59-4db3-87fa-469de49a754b","block_type":"box","text":"separate accounts, who may","page_number":23,"box":{"x":686,"y":659,"width":189,"height":10}},{"id":"a322773a-4804-482c-ba74-0656aeb26550","block_type":"box","text":"purchase shares of the Fund through","page_number":23,"box":{"x":686,"y":672,"width":243,"height":11}},{"id":"da47aa48-e962-4b82-97b0-7b4d24e8e54a","block_type":"box","text":"a Financial Intermediary that has","page_number":23,"box":{"x":686,"y":686,"width":216,"height":10}},{"id":"aac5b63b-9c8a-4aca-9ad1-57b21a74e740","block_type":"box","text":"entered into an agreement with the","page_number":23,"box":{"x":686,"y":700,"width":231,"height":10}},{"id":"371bd9eb-9776-4e21-a415-50c8652a9fe8","block_type":"box","text":"Distributor to purchase such shares.","page_number":23,"box":{"x":686,"y":713,"width":240,"height":10}},{"id":"1fc40589-59f6-4549-8ae0-1d353e25a577","block_type":"box","text":"•","page_number":23,"box":{"x":679,"y":729,"width":3,"height":3}},{"id":"e901543b-f98b-4407-876c-65ea1c2e811b","block_type":"box","text":"Certain employee benefits plans,","page_number":23,"box":{"x":686,"y":727,"width":217,"height":10}},{"id":"93100df5-ec7a-4ea9-a32a-960a59e16149","block_type":"box","text":"such as health savings accounts, and","page_number":23,"box":{"x":686,"y":740,"width":248,"height":11}},{"id":"b1cf2e02-9d37-4172-89cd-852361bacba7","block_type":"box","text":"certain employer-sponsored","page_number":23,"box":{"x":686,"y":754,"width":182,"height":10}},{"id":"a28de0fd-4831-48f9-9c59-0241b564fb36","block_type":"box","text":"retirement plans (not including SEP","page_number":23,"box":{"x":686,"y":767,"width":232,"height":11}},{"id":"e2c6f1e2-6e0d-475f-96c4-d15d630e45ea","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":23,"box":{"x":686,"y":781,"width":213,"height":10}},{"id":"b91f41d6-3297-4f21-b68a-45256c65e3ae","block_type":"box","text":"state sponsored 529 college savings","page_number":23,"box":{"x":686,"y":794,"width":244,"height":11}},{"id":"dd91b6ca-92cd-4824-b686-63962b32787c","block_type":"box","text":"plans, collective trust funds,","page_number":23,"box":{"x":686,"y":808,"width":186,"height":10}},{"id":"9d70448b-274f-4bc1-8822-ae135a0250a0","block_type":"box","text":"investment companies or other","page_number":23,"box":{"x":686,"y":822,"width":205,"height":9}},{"id":"b1eae8bd-19de-40ad-af89-5163eeff634c","block_type":"box","text":"pooled investment vehicles,","page_number":23,"box":{"x":686,"y":835,"width":182,"height":10}},{"id":"700f3e20-ad9d-4283-ba41-79c46ac86e14","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":23,"box":{"x":686,"y":848,"width":225,"height":9}},{"id":"5ba0039d-5627-4671-8f5e-ff80f7f2c7d5","block_type":"box","text":"banks and trust companies, each of","page_number":23,"box":{"x":686,"y":862,"width":239,"height":10}},{"id":"0ea4923a-20e8-4d1d-9578-bb62074e4785","block_type":"box","text":"which may purchase shares of the","page_number":23,"box":{"x":685,"y":875,"width":226,"height":11}},{"id":"d2fa34a2-52f5-4771-a6bc-68c190c362e2","block_type":"box","text":"Fund through a Financial Intermediary","page_number":23,"box":{"x":686,"y":889,"width":249,"height":10}},{"id":"c583e6db-6130-4f8f-be01-9860cb594b1f","block_type":"box","text":"that has entered into an agreement","page_number":23,"box":{"x":685,"y":903,"width":235,"height":10}},{"id":"0f4388f5-b8ff-499a-9ca2-543cc5bc5261","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"24551f89-3355-4e5f-9a5b-a449df8a5a0f","block_type":"box","text":"NM1026U-5984563-23/68","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ffe960cb-b213-482d-ba48-4a4b7b95bd06","block_type":"box","text":"Investor A Investor C","page_number":24,"box":{"x":232,"y":50,"width":282,"height":7}},{"id":"9fc1f127-da82-4319-9a14-db6f90fd31a8","block_type":"box","text":"2,3","page_number":24,"box":{"x":515,"y":50,"width":10,"height":5}},{"id":"c785175f-10f8-4760-8c5a-ddf23fbc8e90","block_type":"box","text":"Institutional","page_number":24,"box":{"x":676,"y":50,"width":71,"height":7}},{"id":"38370243-6c2b-4a35-a753-992de3c2502e","block_type":"box","text":"Availability","page_number":24,"box":{"x":60,"y":67,"width":73,"height":10}},{"id":"9eee5cbf-ea97-404a-aa25-a15cab57460e","block_type":"box","text":"(continued)","page_number":24,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"3f7a14db-4bb7-44b3-b1b4-ac0b3b4769e5","block_type":"box","text":"with the Distributor to purchase such","page_number":24,"box":{"x":685,"y":67,"width":244,"height":10}},{"id":"86d44140-0aae-4973-bbbb-54c981aa7c7e","block_type":"box","text":"shares.","page_number":24,"box":{"x":686,"y":81,"width":48,"height":8}},{"id":"fcc46088-cabd-4bdd-817c-fef3e9db10a0","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":97,"width":3,"height":3}},{"id":"9aba3187-c8e6-485c-8dac-425ad751fdbd","block_type":"box","text":"Employees, officers and directors/","page_number":24,"box":{"x":686,"y":94,"width":229,"height":11}},{"id":"4461b2ed-1400-4191-a670-d44bc27b2a52","block_type":"box","text":"trustees of BlackRock or its affiliates","page_number":24,"box":{"x":685,"y":108,"width":246,"height":8}},{"id":"76cfc5f0-ea94-4b13-a8b4-d7545f0c838a","block_type":"box","text":"and immediate family members of","page_number":24,"box":{"x":686,"y":121,"width":225,"height":11}},{"id":"4161e297-84c0-4d43-8775-aa9743c5009a","block_type":"box","text":"such persons.","page_number":24,"box":{"x":686,"y":135,"width":91,"height":10}},{"id":"14d1e392-fc75-4d86-93d6-1b61563cb27f","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":151,"width":3,"height":3}},{"id":"ba488ddd-be27-4c2c-a7d5-9b479a687f22","block_type":"box","text":"Participants in certain programs","page_number":24,"box":{"x":686,"y":149,"width":212,"height":10}},{"id":"3f1e9d22-e333-42db-8d58-6649ffe86ba1","block_type":"box","text":"sponsored by BlackRock or its","page_number":24,"box":{"x":686,"y":162,"width":198,"height":10}},{"id":"27bc7cd8-43b2-495f-8abc-2578a0d6df06","block_type":"box","text":"affiliates or other Financial","page_number":24,"box":{"x":686,"y":175,"width":175,"height":9}},{"id":"2a116c10-69f7-419e-be04-ba2e84aaa110","block_type":"box","text":"Intermediaries.","page_number":24,"box":{"x":686,"y":189,"width":98,"height":8}},{"id":"b4062fb2-eb64-4353-bb00-4ced62b34a69","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":205,"width":3,"height":3}},{"id":"3f3d5cd0-c277-478d-b8f5-01359d5d2ac9","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":24,"box":{"x":685,"y":203,"width":235,"height":10}},{"id":"d1cbede9-3df4-4a01-a91e-b46508156a03","block_type":"box","text":"agents that are registered","page_number":24,"box":{"x":686,"y":216,"width":170,"height":10}},{"id":"8cf359e3-03b1-4db1-a69c-e81d6d7ff510","block_type":"box","text":"representatives of an insurance","page_number":24,"box":{"x":686,"y":230,"width":208,"height":10}},{"id":"12cb1e76-c84e-4304-8c7e-47385157f701","block_type":"box","text":"company’s broker-dealer that has","page_number":24,"box":{"x":686,"y":243,"width":220,"height":10}},{"id":"a94e33d7-1943-4486-9de3-359254ed7ec8","block_type":"box","text":"entered into an agreement with the","page_number":24,"box":{"x":686,"y":257,"width":231,"height":10}},{"id":"f17feb8e-9767-4ee1-8b61-c557c9ac7ae0","block_type":"box","text":"Distributor to offer Institutional","page_number":24,"box":{"x":686,"y":270,"width":203,"height":9}},{"id":"34215e94-68ea-4798-9548-b1af5a2824de","block_type":"box","text":"Shares, and the family members of","page_number":24,"box":{"x":686,"y":284,"width":233,"height":10}},{"id":"ece19f73-c040-4bfc-8168-93a257fcceee","block_type":"box","text":"such persons.","page_number":24,"box":{"x":686,"y":298,"width":91,"height":9}},{"id":"690edd27-8f3a-490d-88a1-6808e751692a","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":314,"width":3,"height":3}},{"id":"4dad9547-0c28-42c2-a3c1-b2edb7433d66","block_type":"box","text":"Clients investing through Financial","page_number":24,"box":{"x":686,"y":311,"width":224,"height":10}},{"id":"00379653-7926-47b4-b279-2fac064299a0","block_type":"box","text":"Intermediaries that have entered into","page_number":24,"box":{"x":686,"y":325,"width":245,"height":8}},{"id":"0c5737ed-2bf8-4541-9430-6bce3a5bd714","block_type":"box","text":"an agreement with the Distributor to","page_number":24,"box":{"x":686,"y":338,"width":238,"height":10}},{"id":"411dfe33-0b8d-4daa-b181-52a887b388c0","block_type":"box","text":"offer such shares on a platform that","page_number":24,"box":{"x":686,"y":351,"width":240,"height":11}},{"id":"32c1bf0c-49bc-4c98-a4f5-e515a23d524c","block_type":"box","text":"charges a transaction based sales","page_number":24,"box":{"x":686,"y":365,"width":228,"height":10}},{"id":"5b4a6c8c-9bd7-4cd3-8613-e58eea9f2b47","block_type":"box","text":"commission outside of the Fund.","page_number":24,"box":{"x":686,"y":378,"width":215,"height":9}},{"id":"939866a5-2101-4dbc-8a07-77f9ced8dc7a","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":395,"width":3,"height":3}},{"id":"03b3dc45-6f0d-4dc5-9bd7-ebecbf9297b5","block_type":"box","text":"Clients investing through a self","page_number":24,"box":{"x":686,"y":392,"width":207,"height":10}},{"id":"c2e6d03d-d1cd-4289-a82e-c2073084d83d","block_type":"box","text":"directed IRA brokerage account","page_number":24,"box":{"x":686,"y":406,"width":206,"height":10}},{"id":"730521c0-d552-4253-ae49-98120e3d9c12","block_type":"box","text":"program sponsored by a retirement","page_number":24,"box":{"x":686,"y":419,"width":232,"height":11}},{"id":"ebb488c6-96cb-4531-93bd-1a0b55d4c3a5","block_type":"box","text":"plan record-keeper, provided that","page_number":24,"box":{"x":686,"y":433,"width":217,"height":10}},{"id":"fe1cead0-9e15-48ef-9c90-0da051fc0a0f","block_type":"box","text":"such program offers only mutual fund","page_number":24,"box":{"x":686,"y":446,"width":246,"height":11}},{"id":"daf67ebf-8e13-479c-a2c0-9824b986a144","block_type":"box","text":"options and that the program","page_number":24,"box":{"x":686,"y":460,"width":191,"height":10}},{"id":"0cc13677-7720-4a8b-b5c8-6593d22bfd39","block_type":"box","text":"maintains an account with the Fund","page_number":24,"box":{"x":686,"y":474,"width":234,"height":8}},{"id":"62d4336f-c841-44e8-9a1a-31ae94554392","block_type":"box","text":"on an omnibus basis.","page_number":24,"box":{"x":686,"y":487,"width":141,"height":8}},{"id":"44324869-f1c1-4c1e-908f-eef55ea1b72c","block_type":"box","text":"Minimum Investment","page_number":24,"box":{"x":61,"y":505,"width":142,"height":8}},{"id":"82fa42bc-7dce-4019-8253-314507755d28","block_type":"box","text":"$1,000 for all accounts","page_number":24,"box":{"x":232,"y":504,"width":155,"height":11}},{"id":"10b5b2d7-19a8-4ad9-9e03-f6aa3c9ae55d","block_type":"box","text":"except:","page_number":24,"box":{"x":232,"y":519,"width":46,"height":10}},{"id":"6b5f0a1c-174f-4bb2-998e-27312d89a537","block_type":"box","text":"•","page_number":24,"box":{"x":235,"y":535,"width":4,"height":3}},{"id":"1bb05a3e-c98a-42eb-811a-cc1a320cd0ab","block_type":"box","text":"$50, if establishing an","page_number":24,"box":{"x":243,"y":531,"width":147,"height":11}},{"id":"574280b9-3f14-42e5-a2ab-7297b21cfe36","block_type":"box","text":"Automatic Investment Plan","page_number":24,"box":{"x":242,"y":546,"width":175,"height":8}},{"id":"559a881e-e7c1-4d5f-88d3-43fb1310f9f2","block_type":"box","text":"(“AIP”).","page_number":24,"box":{"x":242,"y":559,"width":47,"height":10}},{"id":"818e767e-9815-4ac0-8c4d-032500983a25","block_type":"box","text":"•","page_number":24,"box":{"x":235,"y":575,"width":4,"height":3}},{"id":"ce53dbbc-5da8-4e81-905a-9855ee0ada5a","block_type":"box","text":"There is no investment","page_number":24,"box":{"x":242,"y":573,"width":151,"height":8}},{"id":"c642acbc-c761-425f-a175-f150b7f6d5b4","block_type":"box","text":"minimum for employer","page_number":24,"box":{"x":243,"y":586,"width":149,"height":10}},{"id":"058507c7-5d80-4984-9e6e-6235e8af076d","block_type":"box","text":"sponsored retirement plans","page_number":24,"box":{"x":242,"y":600,"width":182,"height":10}},{"id":"ee6afb30-cc71-40ef-a275-fec6941b283b","block_type":"box","text":"(not including SEP IRAs,","page_number":24,"box":{"x":242,"y":613,"width":156,"height":11}},{"id":"01ea2612-cfe0-4345-9c7c-464c014b8035","block_type":"box","text":"SIMPLE IRAs or SARSEPs).","page_number":24,"box":{"x":242,"y":627,"width":175,"height":10}},{"id":"1ac2e16b-4486-464f-84ce-77a78102e893","block_type":"box","text":"•","page_number":24,"box":{"x":235,"y":643,"width":4,"height":3}},{"id":"b7493261-e491-4306-9d06-8c5815eb7b4e","block_type":"box","text":"There is no investment","page_number":24,"box":{"x":242,"y":640,"width":151,"height":9}},{"id":"05ddcfc1-2b9a-4872-a361-f152b49fdb7c","block_type":"box","text":"minimum for certain fee","page_number":24,"box":{"x":243,"y":654,"width":161,"height":8}},{"id":"48f5d8e0-82e3-41e7-9be8-dd586ff8c361","block_type":"box","text":"based programs.","page_number":24,"box":{"x":243,"y":668,"width":109,"height":10}},{"id":"19c03df1-d0e8-4b5a-8e35-be96dbda370d","block_type":"box","text":"$1,000 for all accounts","page_number":24,"box":{"x":454,"y":504,"width":155,"height":11}},{"id":"dee613c4-5bba-40ba-9b59-4ae6bd25b759","block_type":"box","text":"except:","page_number":24,"box":{"x":454,"y":519,"width":46,"height":10}},{"id":"660df2f7-f6f9-4877-955a-e7110b135a4b","block_type":"box","text":"•","page_number":24,"box":{"x":457,"y":535,"width":4,"height":3}},{"id":"20726807-1608-4331-899b-c3a38929ff01","block_type":"box","text":"$50, if establishing an AIP.","page_number":24,"box":{"x":464,"y":531,"width":176,"height":11}},{"id":"55cb3a55-290b-4566-8c80-35ef4a5a2ef9","block_type":"box","text":"•","page_number":24,"box":{"x":457,"y":548,"width":4,"height":3}},{"id":"174fd1b4-cb4b-4465-8f9c-5485b306c5c3","block_type":"box","text":"There is no investment","page_number":24,"box":{"x":464,"y":546,"width":151,"height":8}},{"id":"b954cf3d-86c9-4174-a95c-e780a7705fd9","block_type":"box","text":"minimum for employer","page_number":24,"box":{"x":464,"y":559,"width":150,"height":10}},{"id":"3e7d6bda-0fa1-4146-b01d-500c0475c7ab","block_type":"box","text":"sponsored retirement plans","page_number":24,"box":{"x":464,"y":573,"width":182,"height":10}},{"id":"c10f61fe-c299-413f-a7b8-c865a917ff6f","block_type":"box","text":"(not including SEP IRAs,","page_number":24,"box":{"x":464,"y":586,"width":156,"height":10}},{"id":"b4584485-38ce-4db8-b2ea-ceb8de10ae36","block_type":"box","text":"SIMPLE IRAs or SARSEPs).","page_number":24,"box":{"x":464,"y":600,"width":175,"height":10}},{"id":"0bffbd8e-319a-48b5-beca-6f6d1ed397a4","block_type":"box","text":"•","page_number":24,"box":{"x":457,"y":616,"width":4,"height":3}},{"id":"1fdc6226-db8a-4c2b-96af-180948ccec69","block_type":"box","text":"There is no investment","page_number":24,"box":{"x":464,"y":613,"width":151,"height":8}},{"id":"fc4bf458-9c08-43d4-8d9e-43db55b03682","block_type":"box","text":"minimum for certain fee","page_number":24,"box":{"x":464,"y":627,"width":162,"height":8}},{"id":"f9e795e1-0d84-4e48-87ce-f0f3c9a14649","block_type":"box","text":"based programs.","page_number":24,"box":{"x":464,"y":640,"width":110,"height":11}},{"id":"4de9b8e3-6d6b-4420-91da-f0b9abe49fc9","block_type":"box","text":"There is no investment minimum for:","page_number":24,"box":{"x":675,"y":505,"width":242,"height":8}},{"id":"ad608a88-5a80-4988-8301-7e1a845b0a4a","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":521,"width":3,"height":3}},{"id":"3a9d07a6-82ec-47e1-9781-4d0d86b1e5e9","block_type":"box","text":"Certain employee benefits plans,","page_number":24,"box":{"x":686,"y":518,"width":217,"height":11}},{"id":"54c9317a-c0a7-4505-aa53-ebf437f75c06","block_type":"box","text":"such as health savings accounts and","page_number":24,"box":{"x":686,"y":532,"width":244,"height":10}},{"id":"67dcee98-f690-4878-a37d-c1e226834701","block_type":"box","text":"certain employer-sponsored","page_number":24,"box":{"x":686,"y":546,"width":182,"height":10}},{"id":"344ef036-fc85-466e-9b41-de13dce19600","block_type":"box","text":"retirement plans (not including SEP","page_number":24,"box":{"x":686,"y":559,"width":232,"height":10}},{"id":"8db59155-0052-42cc-9cdc-85998541d44f","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":24,"box":{"x":686,"y":573,"width":213,"height":10}},{"id":"9b969937-053b-483a-ad37-57065e6ed977","block_type":"box","text":"state sponsored 529 college savings","page_number":24,"box":{"x":686,"y":586,"width":244,"height":10}},{"id":"479d4bd5-2258-4d59-b478-4f70658a483a","block_type":"box","text":"plans, collective trust funds,","page_number":24,"box":{"x":686,"y":600,"width":186,"height":10}},{"id":"861328d4-01b9-4840-941f-e4cf1f114bea","block_type":"box","text":"investment companies or other","page_number":24,"box":{"x":686,"y":613,"width":205,"height":10}},{"id":"2744a18f-ee16-4c09-b69d-d73bbafeeb88","block_type":"box","text":"pooled investment vehicles,","page_number":24,"box":{"x":686,"y":627,"width":182,"height":10}},{"id":"f956189e-2195-4b21-8300-cc4133570e95","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":24,"box":{"x":686,"y":640,"width":225,"height":9}},{"id":"3c4e3e95-4364-4630-85ba-15bf40e3cf4b","block_type":"box","text":"banks and trust companies.","page_number":24,"box":{"x":686,"y":654,"width":183,"height":10}},{"id":"8dfb354c-1b25-4523-a500-6e18d6254c56","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":670,"width":3,"height":3}},{"id":"e19b7021-331f-477f-ac90-4be3a7324318","block_type":"box","text":"Employees, officers and directors/","page_number":24,"box":{"x":686,"y":667,"width":229,"height":11}},{"id":"a49c4da9-6a0c-4e03-bd00-55946c77885b","block_type":"box","text":"trustees of BlackRock or its affiliates","page_number":24,"box":{"x":685,"y":681,"width":246,"height":8}},{"id":"33f9a5db-860b-4bb1-9a6c-11f8717f0859","block_type":"box","text":"and immediate family members of","page_number":24,"box":{"x":686,"y":694,"width":225,"height":11}},{"id":"d71d66a0-cbf3-4ae7-bacb-51c3b8640690","block_type":"box","text":"such persons.","page_number":24,"box":{"x":686,"y":708,"width":91,"height":10}},{"id":"f1af370e-ff26-4c81-96e1-18f21613d357","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":724,"width":3,"height":3}},{"id":"d9c6e6e6-3b2c-4753-a071-49e816db7da1","block_type":"box","text":"Clients of Financial Intermediaries","page_number":24,"box":{"x":686,"y":721,"width":224,"height":9}},{"id":"1b465327-b953-41d1-beac-eb8eeafb5891","block_type":"box","text":"that: (i) charge such clients a fee for","page_number":24,"box":{"x":685,"y":735,"width":241,"height":10}},{"id":"cd0c4912-afac-46a7-bd83-86cb7a820d2b","block_type":"box","text":"advisory, investment consulting, or","page_number":24,"box":{"x":686,"y":749,"width":229,"height":10}},{"id":"33ff117c-1336-4f26-988c-34c0d79774f0","block_type":"box","text":"similar services or (ii) have entered","page_number":24,"box":{"x":686,"y":762,"width":232,"height":10}},{"id":"db5898d7-9b62-43c1-9976-1e69bfaf4e47","block_type":"box","text":"into an agreement with the Distributor","page_number":24,"box":{"x":686,"y":776,"width":250,"height":10}},{"id":"24e2933d-8a4b-4844-88b5-b7ae6dbdf056","block_type":"box","text":"to offer Institutional Shares through a","page_number":24,"box":{"x":685,"y":789,"width":250,"height":11}},{"id":"dd1d5ff2-54c2-499c-88b7-4e726c4e7ff6","block_type":"box","text":"no-load program or investment","page_number":24,"box":{"x":686,"y":803,"width":201,"height":10}},{"id":"b46a486e-7e5e-49b8-825d-196a6f5136f7","block_type":"box","text":"platform.","page_number":24,"box":{"x":686,"y":816,"width":57,"height":10}},{"id":"656e5a55-a5a2-4d56-b730-f80b82a0b824","block_type":"box","text":"•","page_number":24,"box":{"x":679,"y":833,"width":3,"height":2}},{"id":"decfce5a-9524-464b-b78b-b18b87372f4a","block_type":"box","text":"Clients investing through a self","page_number":24,"box":{"x":686,"y":830,"width":207,"height":10}},{"id":"e12ee485-9014-448b-a42e-28748b47e139","block_type":"box","text":"directed IRA brokerage account","page_number":24,"box":{"x":686,"y":844,"width":206,"height":10}},{"id":"002a475f-ac69-4ce8-92a3-fbe8a4748b6c","block_type":"box","text":"program sponsored by a retirement","page_number":24,"box":{"x":686,"y":857,"width":232,"height":10}},{"id":"12f1af6f-8372-4349-bd36-7d0596adcf2e","block_type":"box","text":"plan record-keeper, provided that","page_number":24,"box":{"x":686,"y":871,"width":217,"height":9}},{"id":"a3ce5d0e-9c22-4e1e-803b-a9467d5a8f2e","block_type":"box","text":"such program offers only mutual fund","page_number":24,"box":{"x":686,"y":884,"width":246,"height":10}},{"id":"44742b78-d235-4079-8062-0f0777228339","block_type":"box","text":"options and that the program","page_number":24,"box":{"x":686,"y":898,"width":191,"height":10}},{"id":"0490efb8-002b-4072-855a-80c364f6aaa0","block_type":"box","text":"maintains an account with the Fund","page_number":24,"box":{"x":686,"y":911,"width":234,"height":8}},{"id":"e8efedf6-c63b-4217-87d3-5575b67f638b","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"bedf9b8d-0c76-4fd9-9b93-2cf1aacb3a33","block_type":"box","text":"NM1026U-5984563-24/68","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f8cbb80e-45af-4d80-9673-e430a3fbcfa0","block_type":"box","text":"Investor A Investor C","page_number":25,"box":{"x":232,"y":50,"width":282,"height":7}},{"id":"6ad5521d-f5c2-42ea-9ba3-96e3b4acff9f","block_type":"box","text":"2,3","page_number":25,"box":{"x":515,"y":50,"width":10,"height":5}},{"id":"36aa08de-8d8b-4cd3-bf0c-163596b24e42","block_type":"box","text":"Institutional","page_number":25,"box":{"x":676,"y":50,"width":71,"height":7}},{"id":"3eca2eae-a14c-41b6-90b4-fc85391ca198","block_type":"box","text":"Minimum Investment","page_number":25,"box":{"x":61,"y":67,"width":142,"height":8}},{"id":"db6c6c56-f311-41d8-8aab-1e8742801279","block_type":"box","text":"(continued)","page_number":25,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"62861a0c-9a28-43eb-b408-8ff7056e8b59","block_type":"box","text":"on an omnibus basis.","page_number":25,"box":{"x":686,"y":67,"width":141,"height":8}},{"id":"e2d5cf51-6de8-41cf-8423-917c24f20ba6","block_type":"box","text":"$2 million for individuals and","page_number":25,"box":{"x":676,"y":83,"width":189,"height":9}},{"id":"bd9a5199-ee70-416e-9823-aa42b16ae9b1","block_type":"box","text":"Institutional Investors.","page_number":25,"box":{"x":676,"y":97,"width":145,"height":8}},{"id":"6ba66a5a-de5f-454a-97e6-6a6e1a109a5e","block_type":"box","text":"$1,000 investment minimum for:","page_number":25,"box":{"x":676,"y":112,"width":217,"height":11}},{"id":"921eb3a4-7b39-4706-b5e8-32a535734834","block_type":"box","text":"•","page_number":25,"box":{"x":679,"y":129,"width":3,"height":3}},{"id":"0839ce84-4555-4f1f-ab4c-c1f586da1962","block_type":"box","text":"Clients investing through Financial","page_number":25,"box":{"x":686,"y":127,"width":224,"height":10}},{"id":"5bd8d069-1b2a-4467-9d6e-9bf4d15853d6","block_type":"box","text":"Intermediaries that offer such shares","page_number":25,"box":{"x":686,"y":140,"width":246,"height":8}},{"id":"9ea6dfed-dcd4-459b-9231-c8f1df53b361","block_type":"box","text":"on a platform that charges a","page_number":25,"box":{"x":686,"y":154,"width":188,"height":10}},{"id":"493c2d53-0046-4383-a784-b4a1e2e68093","block_type":"box","text":"transaction based sales commission","page_number":25,"box":{"x":685,"y":167,"width":242,"height":8}},{"id":"162a3dd0-7b90-4103-adbb-61ff073dc958","block_type":"box","text":"outside of the Fund.","page_number":25,"box":{"x":686,"y":181,"width":130,"height":8}},{"id":"559a9a05-f48e-44c1-b298-4a0dacb9f00e","block_type":"box","text":"•","page_number":25,"box":{"x":679,"y":197,"width":3,"height":3}},{"id":"9365c67f-7510-4cc9-ab18-76e2f0fc948c","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":25,"box":{"x":685,"y":194,"width":235,"height":10}},{"id":"d8dfb173-6a03-4cce-a953-24d9ecce3503","block_type":"box","text":"agents that are registered","page_number":25,"box":{"x":686,"y":208,"width":170,"height":10}},{"id":"92a790a3-141d-4374-acea-1196867f1e13","block_type":"box","text":"representatives of an insurance","page_number":25,"box":{"x":686,"y":221,"width":208,"height":10}},{"id":"b9d9c425-40f8-4f82-b05a-5249fe709ca9","block_type":"box","text":"company’s broker-dealer that has","page_number":25,"box":{"x":686,"y":235,"width":220,"height":10}},{"id":"9e61db47-70af-4a20-8bd1-a1d390e1829f","block_type":"box","text":"entered into an agreement with the","page_number":25,"box":{"x":686,"y":249,"width":231,"height":10}},{"id":"b2713399-f6d6-485e-a9ac-a6f7654d1c77","block_type":"box","text":"Distributor to offer Institutional","page_number":25,"box":{"x":686,"y":262,"width":203,"height":8}},{"id":"61637ce2-7f50-4608-9ec2-cbd7ba6ba3c7","block_type":"box","text":"Shares, and the family members of","page_number":25,"box":{"x":686,"y":275,"width":233,"height":11}},{"id":"806e36d6-42a8-4f38-968e-b6bfbaff0150","block_type":"box","text":"such persons.","page_number":25,"box":{"x":686,"y":289,"width":91,"height":10}},{"id":"024b6783-342a-429a-a2d9-f102dcea67c7","block_type":"box","text":"Initial Sales Charge?","page_number":25,"box":{"x":61,"y":307,"width":140,"height":10}},{"id":"ba6d4e1a-b2d5-4108-bcf0-5d7f9e14393b","block_type":"box","text":"Yes. Payable at time of","page_number":25,"box":{"x":232,"y":307,"width":151,"height":10}},{"id":"69b6334f-cf85-4d4a-923f-22cda7ee5703","block_type":"box","text":"purchase. Lower sales","page_number":25,"box":{"x":233,"y":321,"width":147,"height":10}},{"id":"ac3ddd80-b1d0-4062-98ff-b68123638add","block_type":"box","text":"charges are available for","page_number":25,"box":{"x":232,"y":334,"width":163,"height":10}},{"id":"e245a63c-9f95-4373-b9ce-8ff6ed4886fd","block_type":"box","text":"larger investments.","page_number":25,"box":{"x":233,"y":348,"width":125,"height":10}},{"id":"8ee24ded-b82b-4b2a-84a5-551cd84ae258","block_type":"box","text":"No. Entire purchase price is","page_number":25,"box":{"x":455,"y":307,"width":181,"height":10}},{"id":"d79f6a28-df60-4c35-9d18-6db27531d0b7","block_type":"box","text":"invested in shares of the","page_number":25,"box":{"x":454,"y":320,"width":163,"height":9}},{"id":"29a09005-27eb-4bf6-aaf6-753b3d44e6b3","block_type":"box","text":"Fund.","page_number":25,"box":{"x":455,"y":334,"width":33,"height":8}},{"id":"5d08d770-6b33-4126-9819-431fd9148601","block_type":"box","text":"No. Entire purchase price is invested in","page_number":25,"box":{"x":676,"y":307,"width":258,"height":10}},{"id":"356d75e9-1f44-40e5-b991-85a59dddfc42","block_type":"box","text":"shares of the Fund.","page_number":25,"box":{"x":676,"y":320,"width":127,"height":9}},{"id":"b9dc0a9f-e2e6-4844-9077-6e91ca93db8d","block_type":"box","text":"Deferred Sales","page_number":25,"box":{"x":61,"y":366,"width":98,"height":8}},{"id":"73c73b87-94a9-4139-9a18-c6c09c886311","block_type":"box","text":"Charge?","page_number":25,"box":{"x":61,"y":379,"width":55,"height":10}},{"id":"f2dbb229-708c-4084-8063-e816707a42ba","block_type":"box","text":"No. (May be charged for","page_number":25,"box":{"x":233,"y":366,"width":158,"height":10}},{"id":"56a281fb-19e7-4c09-97fc-279d60369e71","block_type":"box","text":"purchases of $1 million or","page_number":25,"box":{"x":233,"y":379,"width":173,"height":10}},{"id":"a4e18ead-4415-4701-b477-b3a64b222a0c","block_type":"box","text":"more that are redeemed","page_number":25,"box":{"x":233,"y":393,"width":159,"height":8}},{"id":"5c3baff9-c028-4aa5-8443-5c4deee6f0f6","block_type":"box","text":"within 18 months).","page_number":25,"box":{"x":232,"y":406,"width":122,"height":10}},{"id":"4b8eecf5-b4dd-4148-86d8-0886de2c341c","block_type":"box","text":"Yes. Payable if you redeem","page_number":25,"box":{"x":453,"y":366,"width":177,"height":10}},{"id":"875690d6-64e1-43e9-a259-eeec202cc69c","block_type":"box","text":"within one year of purchase.","page_number":25,"box":{"x":453,"y":379,"width":186,"height":10}},{"id":"9e4a4c97-5ebc-4d41-92ba-2cdf1528213a","block_type":"box","text":"No.","page_number":25,"box":{"x":676,"y":366,"width":20,"height":8}},{"id":"be0cab0c-cbed-4b36-b2f3-5c4553ab9108","block_type":"box","text":"Distribution and","page_number":25,"box":{"x":61,"y":424,"width":106,"height":9}},{"id":"9192cbcd-3873-4a22-8290-7498f2483ea0","block_type":"box","text":"Service (12b-1) Fees?","page_number":25,"box":{"x":60,"y":438,"width":150,"height":10}},{"id":"fb7b191e-99e1-45e1-8a45-d5db620df814","block_type":"box","text":"No Distribution Fee.","page_number":25,"box":{"x":233,"y":425,"width":128,"height":8}},{"id":"b580cce8-5bb4-4f7f-af77-dac5790f7f87","block_type":"box","text":"0.25% Annual Service Fee.","page_number":25,"box":{"x":232,"y":438,"width":176,"height":8}},{"id":"0a0ba867-1ddc-4d37-8876-f7e1fb3b990c","block_type":"box","text":"0.75% Annual Distribution","page_number":25,"box":{"x":454,"y":424,"width":170,"height":9}},{"id":"5e842169-d93a-4a35-9b6a-2ee34dc4ad17","block_type":"box","text":"Fee.","page_number":25,"box":{"x":455,"y":438,"width":25,"height":8}},{"id":"701eccd8-2075-48bb-a742-778ed36b2f04","block_type":"box","text":"0.25% Annual Service Fee.","page_number":25,"box":{"x":454,"y":451,"width":176,"height":9}},{"id":"2333a177-33bc-4612-9db4-a5737ef2d43d","block_type":"box","text":"No.","page_number":25,"box":{"x":676,"y":425,"width":20,"height":8}},{"id":"a6a713f0-68b4-47db-8bd7-8bd557af65fc","block_type":"box","text":"Redemption Fees?","page_number":25,"box":{"x":61,"y":470,"width":125,"height":10}},{"id":"0e10456e-ba3f-421d-9191-72d3fd227a4d","block_type":"box","text":"No. No. No.","page_number":25,"box":{"x":233,"y":470,"width":463,"height":8}},{"id":"e5260c41-a977-499b-b31f-7169e1790000","block_type":"box","text":"Conversion to","page_number":25,"box":{"x":61,"y":488,"width":92,"height":8}},{"id":"231534a4-0d6c-4615-8841-e93a601fe780","block_type":"box","text":"Investor A Shares?","page_number":25,"box":{"x":61,"y":501,"width":127,"height":8}},{"id":"9922f108-9c8d-4ae6-a77b-3c37c7f99c29","block_type":"box","text":"N/A Yes, automatically","page_number":25,"box":{"x":233,"y":488,"width":340,"height":10}},{"id":"8e21e3ef-deb4-4b95-a766-672965d5e2b7","block_type":"box","text":"approximately eight years","page_number":25,"box":{"x":454,"y":501,"width":167,"height":10}},{"id":"88bd4354-7a58-4272-8a8e-eb5879e67a2b","block_type":"box","text":"after the date of purchase. It","page_number":25,"box":{"x":454,"y":515,"width":190,"height":10}},{"id":"f40a9869-84ba-49e6-8587-ada3ff215909","block_type":"box","text":"is the Financial Intermediary’s","page_number":25,"box":{"x":454,"y":528,"width":199,"height":10}},{"id":"82ee2f90-60f8-4566-9187-4bcd061bf722","block_type":"box","text":"responsibility to ensure that","page_number":25,"box":{"x":454,"y":542,"width":185,"height":10}},{"id":"b14885fe-b7ce-41b8-91d1-4572d41de871","block_type":"box","text":"the shareholder is credited","page_number":25,"box":{"x":453,"y":555,"width":177,"height":8}},{"id":"0bf55538-8783-4640-961f-b626dd81f7ca","block_type":"box","text":"with the proper holding period.","page_number":25,"box":{"x":453,"y":569,"width":201,"height":10}},{"id":"0ebee988-b947-4c05-9e00-b2d75ecb4df3","block_type":"box","text":"As of the Effective Date (as","page_number":25,"box":{"x":453,"y":582,"width":182,"height":10}},{"id":"b48f4b8c-6658-47b9-8737-d69bbaa95b34","block_type":"box","text":"defined below), certain","page_number":25,"box":{"x":454,"y":596,"width":150,"height":10}},{"id":"f082580d-5822-4392-a3cb-bf16f2f5a803","block_type":"box","text":"Financial Intermediaries,","page_number":25,"box":{"x":455,"y":610,"width":160,"height":9}},{"id":"c910bfcb-7235-49ac-adbd-4384cac0a863","block_type":"box","text":"including group retirement","page_number":25,"box":{"x":454,"y":623,"width":172,"height":10}},{"id":"bc329295-b083-4a86-be08-c4e13f86e63f","block_type":"box","text":"recordkeeping platforms, may","page_number":25,"box":{"x":454,"y":636,"width":196,"height":11}},{"id":"bc092660-3dc3-4f25-b69c-6bccc9d6d8ca","block_type":"box","text":"not have been tracking such","page_number":25,"box":{"x":454,"y":650,"width":185,"height":10}},{"id":"739db28f-8950-44bf-bfc4-6d88ecb27760","block_type":"box","text":"holding periods and therefore","page_number":25,"box":{"x":454,"y":663,"width":193,"height":11}},{"id":"8537db73-7b09-4241-95aa-708a3c7ccc64","block_type":"box","text":"may not be able to process","page_number":25,"box":{"x":454,"y":677,"width":179,"height":10}},{"id":"142cc470-fe48-4a1f-8366-87f3c508760c","block_type":"box","text":"such conversions. In such","page_number":25,"box":{"x":454,"y":691,"width":170,"height":8}},{"id":"335df60d-9237-46b9-9aaf-ac6228d9c003","block_type":"box","text":"instances, the automatic","page_number":25,"box":{"x":454,"y":704,"width":163,"height":10}},{"id":"a848d832-371f-4f3d-9ef5-d95dcdbc482c","block_type":"box","text":"conversion of Investor C","page_number":25,"box":{"x":454,"y":718,"width":158,"height":8}},{"id":"4e4702d9-fa79-4d5b-8103-b9de634ccb2c","block_type":"box","text":"Shares to Investor A Shares","page_number":25,"box":{"x":454,"y":731,"width":184,"height":8}},{"id":"ec380b9d-3eb0-4e76-95ac-bb7807a029e8","block_type":"box","text":"will occur approximately eight","page_number":25,"box":{"x":453,"y":745,"width":194,"height":10}},{"id":"d7edfa2b-56c2-47a2-b4e5-5ce1788151a9","block_type":"box","text":"years after the Effective Date.","page_number":25,"box":{"x":453,"y":758,"width":197,"height":10}},{"id":"0be9979c-9135-4fde-8e3f-a70f4041516e","block_type":"box","text":"In addition, accounts that do","page_number":25,"box":{"x":455,"y":780,"width":188,"height":9}},{"id":"74ccbc79-a15b-4e9f-a293-ee1c0f8d00a3","block_type":"box","text":"not have a Financial","page_number":25,"box":{"x":454,"y":793,"width":130,"height":8}},{"id":"98742bc8-e926-4fbc-9154-1b8b361c8cf9","block_type":"box","text":"Intermediary associated with","page_number":25,"box":{"x":455,"y":807,"width":189,"height":10}},{"id":"d466b0e0-3fca-4c66-9861-4ea79c265e20","block_type":"box","text":"them are not eligible to hold","page_number":25,"box":{"x":453,"y":820,"width":186,"height":10}},{"id":"f543b80b-4214-40d2-b944-73bed241148f","block_type":"box","text":"Investor C Shares, and any","page_number":25,"box":{"x":455,"y":834,"width":177,"height":10}},{"id":"d023a25f-2e9f-4337-87ed-3d0b5e5e26b6","block_type":"box","text":"Investor C Shares held in","page_number":25,"box":{"x":455,"y":847,"width":164,"height":8}},{"id":"fc9aed51-e52c-4932-bce6-48b3ccce99cd","block_type":"box","text":"such accounts will be","page_number":25,"box":{"x":454,"y":861,"width":141,"height":8}},{"id":"db6518c3-2b78-4e54-95e4-1489ec5b62c2","block_type":"box","text":"automatically converted to","page_number":25,"box":{"x":454,"y":874,"width":174,"height":10}},{"id":"8d2787bd-7193-4657-8f42-4ebc5e90d6db","block_type":"box","text":"Investor A Shares.","page_number":25,"box":{"x":455,"y":888,"width":118,"height":8}},{"id":"c036a74b-7acb-4273-b7b3-c614e90aaad0","block_type":"box","text":"No.","page_number":25,"box":{"x":676,"y":488,"width":20,"height":8}},{"id":"d8d10e05-e92a-43d1-8b0d-258bed7d3206","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"c6312ec0-ea8d-4b9c-a1a7-eea6431193e8","block_type":"box","text":"NM1026U-5984563-25/68","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5d728507-d8c5-4fca-badd-5cc6505f1716","block_type":"box","text":"Investor A Investor C","page_number":26,"box":{"x":232,"y":50,"width":282,"height":7}},{"id":"4cc817f9-49f1-435c-bc33-16f4aa3abf09","block_type":"box","text":"2,3","page_number":26,"box":{"x":515,"y":50,"width":10,"height":5}},{"id":"f2d6697a-f1b8-47f3-b559-b1d0d59f8f78","block_type":"box","text":"Institutional","page_number":26,"box":{"x":676,"y":50,"width":71,"height":7}},{"id":"35c30d84-42ae-4104-b19e-8d5b66ba0b5c","block_type":"box","text":"Advantage","page_number":26,"box":{"x":60,"y":67,"width":72,"height":10}},{"id":"1976236a-9b09-497e-a2c7-2ff56ab2dca9","block_type":"box","text":"Makes sense for investors","page_number":26,"box":{"x":233,"y":67,"width":174,"height":8}},{"id":"e3e3b83b-890e-4202-af83-275e175c4fb0","block_type":"box","text":"who are eligible to have the","page_number":26,"box":{"x":232,"y":81,"width":181,"height":10}},{"id":"29a2eeff-022a-46d9-829d-a721f7fecf8b","block_type":"box","text":"sales charge reduced or","page_number":26,"box":{"x":232,"y":94,"width":160,"height":11}},{"id":"7d86e825-7c41-4c5f-ae02-2431e3ca39ba","block_type":"box","text":"eliminated or who have a long","page_number":26,"box":{"x":232,"y":108,"width":201,"height":10}},{"id":"2dac8fc8-e5f6-40b6-a49a-29213b64515f","block_type":"box","text":"term investment horizon","page_number":26,"box":{"x":232,"y":122,"width":159,"height":8}},{"id":"0b9513ef-3079-47eb-a1da-ef7671ce1bc6","block_type":"box","text":"because there are no ongoing","page_number":26,"box":{"x":233,"y":135,"width":196,"height":10}},{"id":"1a0ede43-81e9-4925-ada0-44bb8fb4f01e","block_type":"box","text":"distribution fees.","page_number":26,"box":{"x":232,"y":148,"width":110,"height":9}},{"id":"1d00dce7-739a-40dc-af1a-877744f2a8b4","block_type":"box","text":"No up-front sales charge so","page_number":26,"box":{"x":455,"y":67,"width":181,"height":11}},{"id":"91dce82b-443a-4cdb-b0fc-e38168ba5621","block_type":"box","text":"you start off owning more","page_number":26,"box":{"x":453,"y":81,"width":170,"height":10}},{"id":"17564343-98ea-462b-b25d-b521af851976","block_type":"box","text":"shares. These shares may","page_number":26,"box":{"x":454,"y":94,"width":175,"height":11}},{"id":"3d344c8d-1eac-4564-a20f-6f58ff6da6c8","block_type":"box","text":"make sense for investors who","page_number":26,"box":{"x":454,"y":108,"width":197,"height":8}},{"id":"3604abcb-a879-49c4-9284-4bba72d34027","block_type":"box","text":"have a shorter investment","page_number":26,"box":{"x":454,"y":122,"width":173,"height":8}},{"id":"c165b7d0-5645-4088-8699-ff8fab6e4bef","block_type":"box","text":"horizon relative to Investor A","page_number":26,"box":{"x":454,"y":135,"width":187,"height":8}},{"id":"16412b1a-a500-4f23-8e1b-8f8533a093e8","block_type":"box","text":"Shares.","page_number":26,"box":{"x":454,"y":149,"width":49,"height":8}},{"id":"406b4740-f2f3-427f-9179-e987c417985e","block_type":"box","text":"No up-front sales charge so you start","page_number":26,"box":{"x":676,"y":67,"width":246,"height":11}},{"id":"531359ab-c0c4-41c7-9747-552d95384251","block_type":"box","text":"off owning more shares. No","page_number":26,"box":{"x":676,"y":81,"width":182,"height":10}},{"id":"d54956f1-c545-4804-88a8-400c8ec55df6","block_type":"box","text":"distribution or service fees.","page_number":26,"box":{"x":676,"y":94,"width":180,"height":9}},{"id":"b5fb5b30-c7d9-4777-8929-074c782e5c37","block_type":"box","text":"Disadvantage","page_number":26,"box":{"x":61,"y":167,"width":91,"height":10}},{"id":"dc85e836-6e2d-4053-a9ef-2588968a50f2","block_type":"box","text":"You pay a sales charge up","page_number":26,"box":{"x":232,"y":167,"width":176,"height":10}},{"id":"87579c51-7875-40d2-81e3-9072977198de","block_type":"box","text":"front, and therefore you start","page_number":26,"box":{"x":232,"y":180,"width":192,"height":10}},{"id":"5c8f6d62-dadb-4a9b-bc54-88ae33b5c120","block_type":"box","text":"off owning fewer shares.","page_number":26,"box":{"x":232,"y":194,"width":161,"height":10}},{"id":"91b38fb4-8b0d-463f-91ed-658bd55f3ce9","block_type":"box","text":"You pay ongoing distribution","page_number":26,"box":{"x":453,"y":167,"width":184,"height":10}},{"id":"cfaf72e2-f7f4-4fda-a3f7-3cd84deae7d4","block_type":"box","text":"fees each year you own","page_number":26,"box":{"x":453,"y":180,"width":154,"height":10}},{"id":"4abd300e-5071-4397-9ff5-82b8a52643b5","block_type":"box","text":"Investor C Shares, which","page_number":26,"box":{"x":455,"y":194,"width":161,"height":9}},{"id":"4409fbd3-964e-4496-ae7e-64e406d84e63","block_type":"box","text":"means that over the long term","page_number":26,"box":{"x":454,"y":207,"width":199,"height":10}},{"id":"b7c5c997-217d-4ae3-8d29-d08cbb1d96f6","block_type":"box","text":"you can expect higher total","page_number":26,"box":{"x":453,"y":221,"width":177,"height":10}},{"id":"bfb55150-7945-40b4-b470-3616931f21ce","block_type":"box","text":"fees per share than Investor A","page_number":26,"box":{"x":453,"y":234,"width":201,"height":10}},{"id":"69ccef53-56c4-4fd1-84cf-5de285cecdd2","block_type":"box","text":"Shares and, as a result, lower","page_number":26,"box":{"x":454,"y":248,"width":199,"height":9}},{"id":"9c55cc61-41b6-4d46-8206-5290e541e9ad","block_type":"box","text":"total performance.","page_number":26,"box":{"x":453,"y":261,"width":122,"height":10}},{"id":"7f5f749b-41f7-4a71-b10f-3ac1b7352f6c","block_type":"box","text":"Limited availability.","page_number":26,"box":{"x":676,"y":167,"width":123,"height":10}},{"id":"0408b123-ad29-4f70-ae09-05600ca33c08","block_type":"box","text":"1","page_number":26,"box":{"x":61,"y":281,"width":3,"height":4}},{"id":"7c0e997d-7eea-48a8-b800-0d307ef61e8a","block_type":"box","text":"Please see “Details About the Share Classes” for more information about each share class.","page_number":26,"box":{"x":81,"y":281,"width":541,"height":7}},{"id":"023d5afc-9b52-45d0-b135-4f10e7be6577","block_type":"box","text":"2","page_number":26,"box":{"x":61,"y":294,"width":3,"height":3}},{"id":"69cf1335-0db7-48b2-8c35-b5e791e629fd","block_type":"box","text":"If you establish a new account, or have an existing account, directly with the Fund and do not have a Financial Intermediary associated with your","page_number":26,"box":{"x":82,"y":294,"width":847,"height":9}},{"id":"9c9042dd-d469-4f3e-a106-1fabd82edf70","block_type":"box","text":"account, you may only invest in Investor A Shares. Applications without a Financial Intermediary that select Investor C Shares will not be","page_number":26,"box":{"x":81,"y":304,"width":800,"height":9}},{"id":"0facd69e-4c30-4bed-8b2f-6863f7969d14","block_type":"box","text":"accepted and accounts without an associated Financial Intermediary will not be eligible to hold Investor C Shares.","page_number":26,"box":{"x":81,"y":314,"width":669,"height":10}},{"id":"54c1c365-8eef-4397-8eb9-39a5fb775b48","block_type":"box","text":"3","page_number":26,"box":{"x":61,"y":327,"width":3,"height":4}},{"id":"566b8268-c065-4c23-9cb3-ff56eb34c763","block_type":"box","text":"The Fund will not accept a purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a lower breakpoint","page_number":26,"box":{"x":81,"y":327,"width":838,"height":9}},{"id":"1feff19f-bfdb-4f0e-ab41-a9d9cb172aac","block_type":"box","text":"for purchasing Investor A Shares without a front-end sales charge). Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":26,"box":{"x":81,"y":338,"width":844,"height":9}},{"id":"9eae4756-c656-4b10-95ca-fd2d8d806153","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional Shares","page_number":26,"box":{"x":60,"y":363,"width":778,"height":11}},{"id":"53c72418-61b6-435c-95cf-1972ecd0eb97","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share","page_number":26,"box":{"x":61,"y":378,"width":819,"height":11}},{"id":"e281240f-c97d-458c-bec2-0641221bb91b","block_type":"box","text":"contingent deferred sales charge (“CDSC”) information, and sales charge waivers.","page_number":26,"box":{"x":61,"y":392,"width":604,"height":12}},{"id":"14183cbc-85c4-466c-ab3d-aa838dd3caed","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":26,"box":{"x":60,"y":415,"width":825,"height":12}},{"id":"ba7288dd-3c10-4b05-98b0-2c8d23e6ca76","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. Financial Intermediaries may have different policies and","page_number":26,"box":{"x":61,"y":430,"width":840,"height":11}},{"id":"ab71b256-f8d1-48b0-b43b-c3f7179bc02e","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":26,"box":{"x":62,"y":445,"width":838,"height":11}},{"id":"95ca0057-ec05-4703-b377-f0894b1ebb1c","block_type":"box","text":"discussed below. In all instances, it is your responsibility to notify the Fund or your Financial Intermediary at the time","page_number":26,"box":{"x":61,"y":459,"width":857,"height":12}},{"id":"88da67a0-2295-4742-9d70-a0ee6a6fc5f9","block_type":"box","text":"of purchase of any relationship or other facts qualifying you for sales charge waivers or reductions.","page_number":26,"box":{"x":61,"y":474,"width":724,"height":12}},{"id":"a11af2fa-2fd1-4574-a2b3-54e7f114db28","block_type":"box","text":"For waivers and","page_number":26,"box":{"x":792,"y":474,"width":117,"height":10}},{"id":"64cc0437-ebe9-45da-a7e8-c951c135a482","block_type":"box","text":"discounts not available through a particular Financial Intermediary, shareholders will have to purchase Fund shares","page_number":26,"box":{"x":61,"y":489,"width":867,"height":12}},{"id":"ff65da40-5aeb-4c5f-888e-dbb8c59c00a8","block_type":"box","text":"directly from the Fund or through another Financial Intermediary to receive these waivers or reductions. Please see","page_number":26,"box":{"x":61,"y":504,"width":869,"height":11}},{"id":"02ab17cc-2883-4212-b39b-5dc860a344a0","block_type":"box","text":"the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus to","page_number":26,"box":{"x":60,"y":519,"width":872,"height":11}},{"id":"98f176ff-6a5c-42e6-91a0-21cf8c725208","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":26,"box":{"x":61,"y":534,"width":776,"height":11}},{"id":"b8775de5-de99-4f82-9200-9f6046910b64","block_type":"box","text":"Intermediary.","page_number":26,"box":{"x":61,"y":549,"width":97,"height":11}},{"id":"7db5ae72-be89-4a6b-a410-f3ca0a7304de","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":26,"box":{"x":62,"y":571,"width":805,"height":12}},{"id":"65d50376-d481-4cc2-beda-a0ab2979e39e","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":26,"box":{"x":62,"y":586,"width":857,"height":11}},{"id":"71c5da81-569a-4abe-ac58-38c8d349b851","block_type":"box","text":"Details About the Share Classes","page_number":26,"box":{"x":61,"y":625,"width":293,"height":11}},{"id":"db8b1b5f-6ae5-4cf9-ab51-0ccefa11bfb7","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":26,"box":{"x":61,"y":651,"width":396,"height":13}},{"id":"8e3898f4-ced1-43ac-b0e9-114ba6877d6c","block_type":"box","text":"The following table shows the front-end sales charges that you may pay if you buy Investor A Shares. The offering price","page_number":26,"box":{"x":60,"y":668,"width":873,"height":11}},{"id":"d3f61e4e-cb10-4bf9-aaf0-a51d700bdcb8","block_type":"box","text":"for Investor A Shares includes any front-end sales charge. The front-end sales charge expressed as a percentage of","page_number":26,"box":{"x":60,"y":682,"width":851,"height":12}},{"id":"357f3efd-5412-4bef-99cd-06a37076df76","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. Similarly, any CDSC paid","page_number":26,"box":{"x":60,"y":697,"width":851,"height":12}},{"id":"a4e1e080-976c-4f70-b447-596a8b4dc6d1","block_type":"box","text":"upon certain redemptions of Investor A Shares expressed as a percentage of the applicable redemption amount may","page_number":26,"box":{"x":61,"y":712,"width":859,"height":12}},{"id":"b21bdea0-2156-48d9-b45c-f135a8d96b21","block_type":"box","text":"be higher or lower than the charge described below due to rounding. You may qualify for a reduced front-end sales","page_number":26,"box":{"x":61,"y":727,"width":836,"height":12}},{"id":"419c190e-2fb2-4839-b756-646edab09e69","block_type":"box","text":"charge. Purchases of Investor A Shares at certain fixed dollar levels, known as “breakpoints,” cause a reduction in the","page_number":26,"box":{"x":61,"y":742,"width":873,"height":11}},{"id":"e5bb2b69-d758-4af0-b940-556e7379f55d","block_type":"box","text":"front-end sales charge. Once you achieve a breakpoint, you pay that sales charge on your entire purchase amount (and","page_number":26,"box":{"x":60,"y":757,"width":874,"height":11}},{"id":"f9dad3c8-a410-4081-a104-837ca12f8790","block_type":"box","text":"not just the portion above the breakpoint). If you select Investor A Shares, you will pay a sales charge at the time of","page_number":26,"box":{"x":61,"y":771,"width":852,"height":12}},{"id":"cccc5dc4-d256-4854-9c72-c6abaa9922df","block_type":"box","text":"purchase as shown in the following table.","page_number":26,"box":{"x":62,"y":786,"width":302,"height":12}},{"id":"64fc6fa0-d938-46fd-91c9-218cc4faf2ec","block_type":"box","text":"Your Investment","page_number":26,"box":{"x":69,"y":846,"width":96,"height":7}},{"id":"e726fb1e-8176-4af1-8047-1fbd404738ff","block_type":"box","text":"Sales Charge","page_number":26,"box":{"x":548,"y":825,"width":79,"height":9}},{"id":"b084f2c4-552a-49de-9562-f235199f2bb3","block_type":"box","text":"as a % of","page_number":26,"box":{"x":561,"y":835,"width":54,"height":8}},{"id":"bef308f4-8732-4148-8dc3-a06928c48337","block_type":"box","text":"Offering Price","page_number":26,"box":{"x":547,"y":845,"width":82,"height":10}},{"id":"a154b98f-b1db-4fb9-842b-d85004ecad8e","block_type":"box","text":"Sales Charge","page_number":26,"box":{"x":690,"y":825,"width":80,"height":9}},{"id":"6dea1546-db57-444e-a3be-eaf707775c4c","block_type":"box","text":"as a % of","page_number":26,"box":{"x":703,"y":835,"width":54,"height":8}},{"id":"37ec2823-7775-49b0-aede-c69334b1c82d","block_type":"box","text":"Your Investment","page_number":26,"box":{"x":679,"y":846,"width":97,"height":7}},{"id":"5b94bc57-6ca0-4807-be61-c88a575e79ce","block_type":"box","text":"1","page_number":26,"box":{"x":777,"y":846,"width":4,"height":3}},{"id":"8a2a8e78-d3b6-421e-a64e-d95f718fb5d1","block_type":"box","text":"Dealer","page_number":26,"box":{"x":855,"y":815,"width":38,"height":7}},{"id":"5070640c-0af6-4f8a-b523-b42d6f27b9f5","block_type":"box","text":"Compensation","page_number":26,"box":{"x":831,"y":825,"width":85,"height":9}},{"id":"4fe2ac3b-e971-4b02-bf0b-d86c9d5967bc","block_type":"box","text":"as a % of","page_number":26,"box":{"x":847,"y":835,"width":54,"height":8}},{"id":"e35c91db-cedd-4468-9053-398a3bac10bf","block_type":"box","text":"Offering Price","page_number":26,"box":{"x":833,"y":845,"width":82,"height":10}},{"id":"380739f5-3fb9-49f0-8a72-73e7272999aa","block_type":"box","text":"Less than $25,000 5.25% 5.54% 5.00%","page_number":26,"box":{"x":70,"y":862,"width":830,"height":10}},{"id":"a5b656f6-06c9-4a4a-ae0a-ca1e02f238ab","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":26,"box":{"x":70,"y":880,"width":830,"height":10}},{"id":"8ffa3559-f3a0-4953-b48c-3039b3e7dfce","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":26,"box":{"x":70,"y":898,"width":830,"height":10}},{"id":"236c3fab-cff2-472f-8d0a-c2ea6ef136d3","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0c4500c1-7ae4-4036-9240-96e8685359c2","block_type":"box","text":"NM1026U-5984563-26/68","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b62fba09-e213-42d7-bc93-4e6d8d1af056","block_type":"box","text":"Your Investment","page_number":27,"box":{"x":69,"y":81,"width":96,"height":7}},{"id":"3b777c39-9489-4c88-8816-4ec5f82e068e","block_type":"box","text":"Sales Charge","page_number":27,"box":{"x":548,"y":60,"width":79,"height":9}},{"id":"d6523d64-8d22-475a-a81b-f1fe692df1ee","block_type":"box","text":"as a % of","page_number":27,"box":{"x":561,"y":71,"width":54,"height":7}},{"id":"1495e8f2-449f-4ed1-8c8a-a35c6e1ec9bd","block_type":"box","text":"Offering Price","page_number":27,"box":{"x":547,"y":81,"width":82,"height":9}},{"id":"ffd30ae3-3a02-400f-ba4f-b0017b8966b8","block_type":"box","text":"Sales Charge","page_number":27,"box":{"x":690,"y":60,"width":80,"height":9}},{"id":"4c6dad94-660e-4fb9-9882-9bd8952fa27b","block_type":"box","text":"as a % of","page_number":27,"box":{"x":703,"y":71,"width":54,"height":7}},{"id":"cf12a770-4a68-4dfe-b74d-62a064513ec9","block_type":"box","text":"Your Investment","page_number":27,"box":{"x":679,"y":81,"width":97,"height":7}},{"id":"1b244c8d-9486-418c-bbdd-4e64d383f67c","block_type":"box","text":"1","page_number":27,"box":{"x":777,"y":81,"width":4,"height":4}},{"id":"097154be-555d-4865-8299-9e3bf1ce2963","block_type":"box","text":"Dealer","page_number":27,"box":{"x":855,"y":50,"width":38,"height":7}},{"id":"b1f168f6-40a7-495b-8268-298255949588","block_type":"box","text":"Compensation","page_number":27,"box":{"x":831,"y":60,"width":85,"height":9}},{"id":"4ba70d7d-d557-4a1c-9e71-a22a4a4f43c0","block_type":"box","text":"as a % of","page_number":27,"box":{"x":847,"y":71,"width":54,"height":7}},{"id":"9f97a2d5-53d9-40bc-9e9e-87231b066b70","block_type":"box","text":"Offering Price","page_number":27,"box":{"x":833,"y":81,"width":82,"height":9}},{"id":"86aa7b70-052c-4c01-8e78-2ca4239bc64f","block_type":"box","text":"$100,000 but less than $250,000 3.00% 3.09% 2.75%","page_number":27,"box":{"x":70,"y":98,"width":830,"height":10}},{"id":"c845242b-d1a5-4a47-a42d-b9058f0cec65","block_type":"box","text":"$250,000 but less than $500,000 2.50% 2.56% 2.25%","page_number":27,"box":{"x":70,"y":116,"width":830,"height":10}},{"id":"1ee77527-4733-451c-992e-1bd6cfdb60e0","block_type":"box","text":"$500,000 but less than $750,000 2.00% 2.04% 1.75%","page_number":27,"box":{"x":70,"y":134,"width":830,"height":10}},{"id":"35b29d8f-6a8b-440a-a492-21b699c0c12d","block_type":"box","text":"$750,000 but less than $1,000,000 1.50% 1.52% 1.25%","page_number":27,"box":{"x":70,"y":152,"width":830,"height":10}},{"id":"dcaf6766-7816-4a4a-a237-aa82df1fd263","block_type":"box","text":"$1,000,000 and over","page_number":27,"box":{"x":70,"y":170,"width":142,"height":10}},{"id":"13cab5d3-2385-4524-86c9-d9b793dc9866","block_type":"box","text":"2","page_number":27,"box":{"x":212,"y":170,"width":4,"height":4}},{"id":"3ad30e38-a422-40bc-acf6-8eafeac4fd7e","block_type":"box","text":"0.00% 0.00% —","page_number":27,"box":{"x":572,"y":170,"width":318,"height":9}},{"id":"ede4589c-2bf0-496c-b0b8-594701acb7ab","block_type":"box","text":"2","page_number":27,"box":{"x":890,"y":170,"width":4,"height":4}},{"id":"7f35ddf4-39e3-473d-aa1b-feed1e14e9e4","block_type":"box","text":"1","page_number":27,"box":{"x":61,"y":190,"width":3,"height":4}},{"id":"d2a12485-febc-4d93-9f27-274d5b4fa6f1","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":27,"box":{"x":81,"y":190,"width":278,"height":9}},{"id":"e4c1d9bf-8477-4a4c-88ea-a727201a622c","block_type":"box","text":"2","page_number":27,"box":{"x":61,"y":203,"width":3,"height":4}},{"id":"01b09823-4934-4b52-94af-85738bb6f9c8","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the","page_number":27,"box":{"x":82,"y":202,"width":802,"height":10}},{"id":"b61c4c35-c589-4a34-a09e-b7fa2b6d4ffa","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":27,"box":{"x":81,"y":213,"width":819,"height":9}},{"id":"e5531077-f259-44ac-a01e-866017fb33e9","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":27,"box":{"x":81,"y":223,"width":821,"height":10}},{"id":"cdd07135-d1b0-42d1-8ab8-d8b38174f869","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":27,"box":{"x":81,"y":234,"width":444,"height":9}},{"id":"a5d02b48-a435-4782-879b-c8f5bd398693","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":27,"box":{"x":62,"y":259,"width":837,"height":12}},{"id":"a2c25a8d-63be-48e4-9082-8fc5a614b18f","block_type":"box","text":"gains.","page_number":27,"box":{"x":60,"y":274,"width":43,"height":11}},{"id":"a69a6251-ac43-43ea-a2ad-e52addacdf76","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":27,"box":{"x":60,"y":297,"width":490,"height":12}},{"id":"9648d1a0-e8e2-4ddb-b95f-a88c13a75043","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":27,"box":{"x":60,"y":313,"width":841,"height":12}},{"id":"095f0867-9da7-443e-874c-f0ae187942d2","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":27,"box":{"x":61,"y":328,"width":831,"height":12}},{"id":"137ce9b5-c819-426c-adc3-1bc75dde2ec9","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":27,"box":{"x":61,"y":343,"width":876,"height":11}},{"id":"d935a240-7d8e-45ff-8f9a-55c40bea2dff","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":27,"box":{"x":61,"y":358,"width":856,"height":11}},{"id":"e02b25d5-71cd-4b9c-b1c3-cbb6ed7d349b","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":27,"box":{"x":61,"y":372,"width":872,"height":12}},{"id":"7019a5d6-d88e-48fd-b9f5-6660f6d0c7f4","block_type":"box","text":"below).","page_number":27,"box":{"x":61,"y":388,"width":50,"height":11}},{"id":"fbd905b8-14fa-48db-9364-59e1c9d479f5","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or the right of accumulation will apply to the value of all qualifying","page_number":27,"box":{"x":62,"y":410,"width":869,"height":11}},{"id":"8e0babf0-d786-409e-b2a0-091120c82d42","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":27,"box":{"x":61,"y":425,"width":875,"height":11}},{"id":"72c9f849-faed-4a86-8031-7c60b4604728","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":27,"box":{"x":61,"y":439,"width":875,"height":12}},{"id":"254c64f4-5333-4f8b-bc70-3ebcfead7c76","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":27,"box":{"x":61,"y":454,"width":847,"height":12}},{"id":"eee104c8-11a4-4151-9da2-591aa558ffca","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":27,"box":{"x":61,"y":469,"width":844,"height":12}},{"id":"94f09593-90e7-46c7-ac84-e7406cc7ab0f","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":27,"box":{"x":62,"y":484,"width":484,"height":12}},{"id":"d7ab7049-ee29-45de-89af-f3eafb04fd0e","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":27,"box":{"x":61,"y":506,"width":861,"height":12}},{"id":"60286071-4373-4c26-af09-d2c86be2031c","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":27,"box":{"x":60,"y":521,"width":817,"height":12}},{"id":"fa29a353-a88e-40ce-831f-7de8b099519a","block_type":"box","text":"Qualifying Holdings","page_number":27,"box":{"x":62,"y":544,"width":143,"height":11}},{"id":"c86479f5-9e3f-4b54-85d5-dfb317f574d5","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":27,"box":{"x":209,"y":544,"width":696,"height":11}},{"id":"fc0acd31-8acd-44ce-ae03-943bda3d730c","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":27,"box":{"x":62,"y":559,"width":836,"height":11}},{"id":"b0c3ab17-9e3a-4406-999e-0c16cbf670de","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":27,"box":{"x":61,"y":574,"width":808,"height":11}},{"id":"9a0e9164-6a7f-4eb0-96e5-3fc15c63617f","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":27,"box":{"x":62,"y":589,"width":314,"height":11}},{"id":"1a69037d-d5a7-4745-a806-107ac850deb6","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":27,"box":{"x":61,"y":611,"width":867,"height":11}},{"id":"d9752a4a-0c7d-48d1-a8e6-d3cb0cadd528","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":27,"box":{"x":61,"y":626,"width":844,"height":11}},{"id":"b52cc90a-22f8-4663-80da-7e4e315c9900","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":27,"box":{"x":61,"y":641,"width":856,"height":11}},{"id":"b730baac-23a3-4e5e-aeec-83741ba13614","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":27,"box":{"x":62,"y":655,"width":818,"height":12}},{"id":"98be269a-8901-47ff-8f0f-2547a7cfbb5b","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":27,"box":{"x":62,"y":670,"width":811,"height":12}},{"id":"9f797f3a-b0e1-448a-aff5-627af9433268","block_type":"box","text":"nominee or custodian.","page_number":27,"box":{"x":61,"y":685,"width":162,"height":9}},{"id":"76cd8bed-3725-4ec3-a867-2128290f18be","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":27,"box":{"x":62,"y":708,"width":861,"height":11}},{"id":"abab1025-b00c-4449-a142-66e0002369c2","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":27,"box":{"x":62,"y":722,"width":836,"height":12}},{"id":"1d6a828e-69ae-4291-bcd4-0e163f10e747","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":27,"box":{"x":62,"y":737,"width":862,"height":12}},{"id":"2e714495-3a95-4d2f-938b-de5b30276456","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":27,"box":{"x":61,"y":752,"width":875,"height":12}},{"id":"936cab9d-4ee0-4055-aad0-7d7a82c04e94","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":27,"box":{"x":60,"y":767,"width":312,"height":9}},{"id":"4ce6759a-0971-42ef-a991-81fdf9582d5c","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":27,"box":{"x":60,"y":790,"width":828,"height":11}},{"id":"20f95b80-12ed-469d-b317-dd03099c4d63","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":27,"box":{"x":61,"y":804,"width":850,"height":12}},{"id":"7b74a692-5808-45cd-b254-025ba363aa6a","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":27,"box":{"x":60,"y":819,"width":856,"height":12}},{"id":"97e5c801-ef39-4434-a8fa-898a79ee03fe","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":27,"box":{"x":60,"y":834,"width":845,"height":11}},{"id":"2a807a1d-cae5-40c5-8b19-327f7888e893","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":27,"box":{"x":62,"y":849,"width":667,"height":11}},{"id":"2d3b8f86-f7b7-421e-9bb2-a98e456a00db","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":27,"box":{"x":62,"y":871,"width":531,"height":12}},{"id":"1938eda1-e104-4563-b1e9-cc216dcdcbaa","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"858d99e4-2f3f-4a90-87d8-51668e6ae64e","block_type":"box","text":"NM1026U-5984563-27/68","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6d82b90c-4e32-4b2e-93a8-ff43db21e78c","block_type":"box","text":"Letter of Intent","page_number":28,"box":{"x":61,"y":46,"width":124,"height":10}},{"id":"b41f42ac-badb-46bb-8286-c4ba76e18e1f","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":28,"box":{"x":60,"y":62,"width":839,"height":12}},{"id":"a3758c93-f401-4d7e-a254-0c3587cc618e","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":28,"box":{"x":62,"y":77,"width":875,"height":12}},{"id":"5187aefe-35c5-4303-8fdd-3154d79d7b08","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":28,"box":{"x":61,"y":92,"width":431,"height":12}},{"id":"e0f5eb90-8178-4fd0-81f0-2954deff2a02","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":28,"box":{"x":82,"y":115,"width":794,"height":11}},{"id":"81cb3b96-8745-4947-9186-84bdb65f1028","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":28,"box":{"x":82,"y":137,"width":675,"height":12}},{"id":"7efd59e8-167b-44bd-9952-662a8334bf81","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":28,"box":{"x":82,"y":160,"width":820,"height":11}},{"id":"d6c89b36-03dc-4b50-bfbd-615c3030e014","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":28,"box":{"x":60,"y":182,"width":830,"height":12}},{"id":"9e9089f7-df34-4518-a857-dae4c5283c31","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":28,"box":{"x":61,"y":197,"width":524,"height":12}},{"id":"4d547f2a-6bcb-496f-b2bc-29741c8b7328","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":28,"box":{"x":60,"y":220,"width":865,"height":11}},{"id":"7d3120b3-0279-4352-91ca-7d464bdaeebf","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":28,"box":{"x":61,"y":235,"width":862,"height":11}},{"id":"e74e028e-110a-4309-90c4-6dfadc84fda9","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":28,"box":{"x":61,"y":249,"width":870,"height":12}},{"id":"961005f0-975c-4129-ae10-e84f287e72bc","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":28,"box":{"x":61,"y":264,"width":384,"height":12}},{"id":"9cd99556-fbe3-47ab-ad44-33f81773d9ee","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":28,"box":{"x":60,"y":287,"width":823,"height":11}},{"id":"017d51db-4023-4ce0-b436-8bac76a1db6c","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":28,"box":{"x":61,"y":302,"width":842,"height":11}},{"id":"0bfca1c1-0eb9-42b9-9270-5a25c6e6cae8","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":28,"box":{"x":61,"y":316,"width":765,"height":12}},{"id":"346dfb88-5cce-4867-b5b7-59bcc28b6ff7","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":28,"box":{"x":62,"y":339,"width":833,"height":11}},{"id":"04a9e0e6-b5b5-4964-a052-70406d8195fb","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":28,"box":{"x":61,"y":354,"width":852,"height":11}},{"id":"c2e23e27-82b9-4419-a273-54b2fbc0e5b9","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":28,"box":{"x":61,"y":369,"width":872,"height":11}},{"id":"67356719-5bf7-4f8e-9b6b-fa9dc2fca5fd","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":28,"box":{"x":60,"y":383,"width":860,"height":12}},{"id":"58aaa3d5-4cce-4939-a4e5-0964c8af5134","block_type":"box","text":"difference.","page_number":28,"box":{"x":61,"y":398,"width":77,"height":9}},{"id":"45b5ea1a-03c0-485c-b883-8ec02424f51b","block_type":"box","text":"Right of Accumulation","page_number":28,"box":{"x":61,"y":421,"width":183,"height":13}},{"id":"dbc25c8c-4afa-4c46-9b9c-f32e74e8e9e6","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":28,"box":{"x":62,"y":438,"width":839,"height":11}},{"id":"a228e853-4595-4968-954a-ccb66d56997d","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":28,"box":{"x":61,"y":452,"width":856,"height":12}},{"id":"8016f6f1-4c1b-476f-a560-77b72118afc0","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":28,"box":{"x":82,"y":475,"width":821,"height":11}},{"id":"43725301-f1af-4862-842d-6016f138cf64","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":28,"box":{"x":102,"y":490,"width":306,"height":11}},{"id":"a36a256e-551c-48e5-8091-49988becef54","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":28,"box":{"x":82,"y":512,"width":771,"height":12}},{"id":"b2e8413f-966c-492a-aa94-2573f4cbc229","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":28,"box":{"x":82,"y":535,"width":788,"height":11}},{"id":"3e9a7dc0-1824-419a-acc4-ec4ad05e9849","block_type":"box","text":"investor’s spouse and children.","page_number":28,"box":{"x":102,"y":550,"width":228,"height":11}},{"id":"5668c6a7-36fb-44c9-94ba-7144fd73e144","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":28,"box":{"x":62,"y":572,"width":866,"height":12}},{"id":"677bdc0f-ced7-4a4c-9766-425fe0e58c37","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":28,"box":{"x":61,"y":587,"width":866,"height":12}},{"id":"d32740f0-6f4b-46c7-9d8f-751724b2ac56","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":28,"box":{"x":62,"y":602,"width":854,"height":11}},{"id":"fc8fa901-87e9-490d-a110-bf4edd22a63d","block_type":"box","text":"any previously purchased shares.","page_number":28,"box":{"x":61,"y":617,"width":243,"height":11}},{"id":"ef259381-105b-4a24-bc27-60f943ade700","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":28,"box":{"x":61,"y":640,"width":314,"height":12}},{"id":"ff03eee3-17d5-4d9e-b75d-f4b97ae7a97e","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":28,"box":{"x":60,"y":656,"width":623,"height":12}},{"id":"8caaa96c-52b8-4971-a158-00bfe0da9273","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":28,"box":{"x":81,"y":676,"width":846,"height":11}},{"id":"ef4ef342-8e32-45b8-8fe1-5a6b99cf4fa9","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":28,"box":{"x":82,"y":691,"width":352,"height":11}},{"id":"d9f493a3-52d5-4b66-9813-2eab772b6815","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":28,"box":{"x":82,"y":711,"width":817,"height":11}},{"id":"e0fd36ec-6a08-4c75-8c2b-09f74e6824fc","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":28,"box":{"x":80,"y":726,"width":854,"height":11}},{"id":"5d466935-2038-436a-ac48-d39c71f3a1e0","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":28,"box":{"x":81,"y":741,"width":840,"height":11}},{"id":"9d52f170-79dc-4a47-baef-87707b5b4705","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":28,"box":{"x":81,"y":755,"width":760,"height":12}},{"id":"e3c200b9-b736-4b28-9447-7d0819458eba","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":28,"box":{"x":82,"y":770,"width":812,"height":12}},{"id":"a1eec1cc-e069-4c91-8cf4-d514aafd6812","block_type":"box","text":"Distributor;","page_number":28,"box":{"x":82,"y":785,"width":79,"height":11}},{"id":"0c7dc986-3aed-4637-91ec-4b78912c0309","block_type":"box","text":"Insurance company separate accounts;","page_number":28,"box":{"x":82,"y":805,"width":286,"height":11}},{"id":"85723ac8-7fd4-4fd3-8ee6-a2b5c1ab35c9","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":28,"box":{"x":82,"y":825,"width":836,"height":11}},{"id":"082f6904-1723-48d9-9e39-0a35f5e91e39","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":28,"box":{"x":81,"y":840,"width":446,"height":11}},{"id":"3de9ce60-e1e6-4533-88b5-5fc5d32e4d61","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":28,"box":{"x":81,"y":860,"width":815,"height":11}},{"id":"60bb4bc2-44be-4870-8ad3-6469215b8cc7","block_type":"box","text":"broker-dealer or other financial institution;","page_number":28,"box":{"x":81,"y":875,"width":306,"height":10}},{"id":"9855be54-230c-4086-976b-f3e1e9ba157b","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a734c1be-c447-4535-acd5-245827d622de","block_type":"box","text":"NM1026U-5984563-28/68","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0f999c0a-9845-424c-b010-0859cbeba7a5","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":29,"box":{"x":82,"y":46,"width":828,"height":11}},{"id":"f5f2a54a-8c6d-4776-a219-d4b4faef2b85","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":29,"box":{"x":82,"y":60,"width":800,"height":12}},{"id":"69bd3f77-64ce-4309-9266-84aa6ae60de8","block_type":"box","text":"transaction fee;","page_number":29,"box":{"x":80,"y":75,"width":114,"height":11}},{"id":"5c631ef5-d310-4ff1-9fe9-8a499b188ddf","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":29,"box":{"x":81,"y":95,"width":819,"height":12}},{"id":"97f6c74d-666e-48af-b805-2aa23604ba50","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":29,"box":{"x":81,"y":110,"width":846,"height":12}},{"id":"bd034538-e9cb-4afa-b898-f0793c3572f4","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":29,"box":{"x":82,"y":125,"width":843,"height":11}},{"id":"790b8b07-42b7-430e-823d-6991ae23322b","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":29,"box":{"x":82,"y":140,"width":829,"height":11}},{"id":"52a450fd-a08e-41b2-8b05-9e4cde7b021f","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":29,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"94ffbfc6-81f4-47d3-b447-16f5ec0fe249","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":29,"box":{"x":81,"y":175,"width":841,"height":11}},{"id":"23ca617c-8798-4eeb-8c57-cca04ca6a266","block_type":"box","text":"Internal Revenue Code; and","page_number":29,"box":{"x":82,"y":190,"width":201,"height":10}},{"id":"2924cbd8-d203-4a0e-8ff8-6730f026775b","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":29,"box":{"x":81,"y":210,"width":808,"height":11}},{"id":"876bcd56-c82a-40a6-a841-f047503933c9","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":29,"box":{"x":62,"y":232,"width":852,"height":11}},{"id":"b6d47412-7c76-4832-9a1f-9626c2c1d4ea","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":29,"box":{"x":62,"y":247,"width":846,"height":11}},{"id":"ac6c9855-4279-46a5-aa4c-946f277c45ff","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":29,"box":{"x":62,"y":262,"width":434,"height":11}},{"id":"6ff0b405-37be-45e2-b22d-e97a8976516e","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":29,"box":{"x":62,"y":284,"width":864,"height":12}},{"id":"c11b5c6f-138c-415f-9d09-fde7553fa92e","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":29,"box":{"x":61,"y":299,"width":852,"height":12}},{"id":"34d68403-cda2-43eb-b62e-416944096aaa","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":29,"box":{"x":62,"y":314,"width":837,"height":11}},{"id":"7297a5ff-e69c-4e15-b459-b7c4997d893d","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":62,"y":329,"width":873,"height":11}},{"id":"21bb30fe-4ac2-4304-9a69-035448a02c6c","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":343,"width":317,"height":12}},{"id":"e158a33b-c577-475f-b4ba-7f0105cd1c1e","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":366,"width":861,"height":12}},{"id":"c0f6ebc2-c6c8-41a8-9c0f-2627d1cb306f","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":381,"width":817,"height":11}},{"id":"9b9a7988-95b7-4801-be7d-43de75025f07","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":29,"box":{"x":61,"y":404,"width":306,"height":10}},{"id":"2796d653-1211-4175-afee-b3e7b11b68fe","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":29,"box":{"x":62,"y":419,"width":814,"height":13}},{"id":"8a38b7da-0a0c-40f8-9d9c-df87635b5b73","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":29,"box":{"x":61,"y":435,"width":828,"height":12}},{"id":"4dbc85cc-1064-42b0-a0bc-16050a3e9e18","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":29,"box":{"x":62,"y":450,"width":857,"height":11}},{"id":"64f570a2-f784-440a-97cd-81a84479abaa","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":29,"box":{"x":61,"y":465,"width":451,"height":11}},{"id":"b50eae6d-6c2f-4b4c-a319-cc547c7f02fb","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":29,"box":{"x":62,"y":487,"width":860,"height":12}},{"id":"d4653ffe-7b18-4821-ab57-e510a2e3ac7c","block_type":"box","text":"Shares are subject to a front-end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":29,"box":{"x":61,"y":502,"width":847,"height":12}},{"id":"0bf54dda-6924-4a3f-ac88-668c0428f750","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":29,"box":{"x":60,"y":517,"width":863,"height":11}},{"id":"6c349703-80f8-4b1b-b9ed-c010570f3088","block_type":"box","text":"monthly basis.","page_number":29,"box":{"x":61,"y":532,"width":105,"height":11}},{"id":"f56a1842-3fe1-4359-988f-3892e89aaa7c","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":29,"box":{"x":61,"y":555,"width":420,"height":12}},{"id":"3b394bb3-010f-4413-8507-f78048671835","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":29,"box":{"x":62,"y":571,"width":865,"height":12}},{"id":"4c2d4bed-fb59-4cb2-85a4-279da6597b9a","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":29,"box":{"x":60,"y":586,"width":858,"height":11}},{"id":"0bba78e4-d643-43c5-8044-f57f0c114d18","block_type":"box","text":"The charge will apply to the lesser of the original cost of shares being redeemed or the proceeds of your redemption.","page_number":29,"box":{"x":60,"y":601,"width":859,"height":11}},{"id":"e77a91ef-83a0-47e0-bd3c-d99673ead949","block_type":"box","text":"When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales charge is","page_number":29,"box":{"x":60,"y":615,"width":854,"height":12}},{"id":"e32247fd-7086-497d-b275-577b758787ef","block_type":"box","text":"charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition, you will","page_number":29,"box":{"x":61,"y":630,"width":853,"height":12}},{"id":"f4d96d97-063b-4099-8100-ab939581e112","block_type":"box","text":"not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of Fund","page_number":29,"box":{"x":61,"y":645,"width":823,"height":12}},{"id":"2addb27a-c021-4205-99e8-dd62036d5dc6","block_type":"box","text":"dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of the","page_number":29,"box":{"x":61,"y":660,"width":861,"height":11}},{"id":"11e466c6-b36d-48a1-b2b8-bf2cd0f855fb","block_type":"box","text":"applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":29,"box":{"x":61,"y":675,"width":715,"height":11}},{"id":"4d58278c-4257-4863-b84d-3b825c18b69c","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":29,"box":{"x":62,"y":697,"width":864,"height":12}},{"id":"6372efb3-ff9c-44df-9877-94f768af1901","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":29,"box":{"x":61,"y":712,"width":870,"height":12}},{"id":"04921400-bb3d-4c0c-bb0c-ba2f775f9bcf","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":29,"box":{"x":61,"y":727,"width":823,"height":12}},{"id":"22abcc1d-5ea1-4b49-af6b-2ff3c4ae7604","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":29,"box":{"x":62,"y":742,"width":847,"height":11}},{"id":"bbf15171-a6e7-46e7-9e52-cf0c2c0d6c03","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":29,"box":{"x":61,"y":757,"width":842,"height":11}},{"id":"afea4d29-845a-4698-85cf-10764a8869eb","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":29,"box":{"x":62,"y":771,"width":865,"height":12}},{"id":"35e3420d-b698-43be-8a74-f6c6a744590f","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":29,"box":{"x":61,"y":786,"width":832,"height":12}},{"id":"6e7a7f97-e5b8-4617-aff4-1ba102c7b554","block_type":"box","text":"Intermediary for additional information.","page_number":29,"box":{"x":62,"y":801,"width":285,"height":12}},{"id":"82559d0f-a1ab-4cd9-8e5f-5453ed133772","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":29,"box":{"x":62,"y":824,"width":869,"height":11}},{"id":"3d51f86c-5f4f-4a33-8c57-3a41bda64ad4","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":29,"box":{"x":61,"y":839,"width":810,"height":11}},{"id":"440a296d-9ce2-44bd-a8ff-6148d46c72d3","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":861,"width":861,"height":12}},{"id":"8a0f1998-0cc3-42da-8604-0925bd0ead4f","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":876,"width":817,"height":11}},{"id":"49811da7-ccb9-496b-9da9-feeb953d20e0","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":29,"box":{"x":60,"y":898,"width":870,"height":12}},{"id":"56295419-95ad-4d01-b668-d0de708b6e0c","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":29,"box":{"x":60,"y":913,"width":870,"height":12}},{"id":"2f4ec32b-d2df-4433-985d-e66a29995c7f","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"0c669252-2f6b-4fb1-b0a9-4b74509ea7ee","block_type":"box","text":"NM1026U-5984563-29/68","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b9914c46-8558-4f67-98ed-65e78fd92f8d","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":30,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"dca1aaf2-f285-4578-af22-2dedaf1c9232","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":30,"box":{"x":60,"y":60,"width":849,"height":12}},{"id":"c7e5a219-3fbb-4daa-bd87-84c9b3ec3b10","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":30,"box":{"x":60,"y":76,"width":517,"height":11}},{"id":"0e54728b-8857-4ed4-9455-813ff3778857","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":30,"box":{"x":60,"y":98,"width":870,"height":11}},{"id":"36187b98-669c-4302-9579-526f5693a399","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":30,"box":{"x":61,"y":113,"width":853,"height":11}},{"id":"6010df67-5fa3-4f3a-a91b-b09982ec966d","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":30,"box":{"x":62,"y":127,"width":851,"height":12}},{"id":"1e0e03d1-5335-43c6-92e0-26550662f999","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":30,"box":{"x":60,"y":142,"width":856,"height":12}},{"id":"6dc08807-063d-4904-8c16-aac6875d0a7e","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":30,"box":{"x":61,"y":157,"width":850,"height":12}},{"id":"98e157fd-6d4d-4e36-ade5-2dc302d64bdb","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":30,"box":{"x":62,"y":172,"width":866,"height":12}},{"id":"d490d067-c941-499d-b00a-6d36c69ceb5e","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":30,"box":{"x":60,"y":187,"width":782,"height":11}},{"id":"d1707045-827b-4ac2-9828-4971fcab7367","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":30,"box":{"x":62,"y":202,"width":317,"height":11}},{"id":"f06e0cd3-bd2c-42d0-89cf-717c100ca714","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":30,"box":{"x":61,"y":225,"width":352,"height":12}},{"id":"653581f6-be17-432e-a01b-3edb6c721e41","block_type":"box","text":"The deferred sales charge relating to Investor A and Investor C Shares may be reduced or waived in certain","page_number":30,"box":{"x":60,"y":241,"width":788,"height":12}},{"id":"7ffddd16-ac1c-47bc-ba09-86f20cafbec4","block_type":"box","text":"circumstances, such as:","page_number":30,"box":{"x":61,"y":256,"width":177,"height":11}},{"id":"2f37be33-bfe1-4ab6-9aeb-0d2311bb2810","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":30,"box":{"x":82,"y":276,"width":824,"height":11}},{"id":"58f9fb74-316e-41f4-9d5d-cb549893bb1b","block_type":"box","text":"investments in the Fund through such plans;","page_number":30,"box":{"x":82,"y":291,"width":324,"height":11}},{"id":"d9985786-d991-4479-9b22-5e77f3dd6d15","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":30,"box":{"x":82,"y":311,"width":844,"height":11}},{"id":"27cc9490-b431-4735-9e6d-a8c15cec2cfa","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":30,"box":{"x":82,"y":325,"width":375,"height":12}},{"id":"278fbe97-01c3-4b8b-80cb-ce703598bc46","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":30,"box":{"x":82,"y":345,"width":826,"height":12}},{"id":"6002938b-bd47-4c5d-8a65-01b81427ac53","block_type":"box","text":"shareholder reaching the age of 72;","page_number":30,"box":{"x":81,"y":360,"width":262,"height":12}},{"id":"c3829999-b414-4d12-803f-c87de401c7f9","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":30,"box":{"x":82,"y":380,"width":804,"height":12}},{"id":"7843cf25-66ff-4f51-82de-962954d6e4da","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":30,"box":{"x":82,"y":400,"width":847,"height":12}},{"id":"8525cdb8-cfb6-46e4-a3fd-bff62ddafbf6","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":30,"box":{"x":82,"y":415,"width":834,"height":12}},{"id":"2960a662-1c56-4c2c-97da-97ce77724cca","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":30,"box":{"x":81,"y":430,"width":297,"height":11}},{"id":"7d0c73e6-7247-43de-8c41-29faab579f62","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":30,"box":{"x":81,"y":450,"width":847,"height":11}},{"id":"9a831c07-ad07-4ec2-b390-36c1508d3be7","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":30,"box":{"x":81,"y":465,"width":360,"height":11}},{"id":"242d42af-0e9e-49a1-94c9-7905d5fd9198","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":30,"box":{"x":82,"y":485,"width":525,"height":11}},{"id":"5b400e90-bbb7-42d9-9368-8342456cfab1","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":30,"box":{"x":81,"y":505,"width":833,"height":11}},{"id":"568107c3-b2dd-44ec-8663-307f2362e161","block_type":"box","text":"affiliate;","page_number":30,"box":{"x":81,"y":519,"width":59,"height":11}},{"id":"0bf5c4e6-d9a7-46fd-9ba6-00b83843e163","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":30,"box":{"x":82,"y":539,"width":823,"height":12}},{"id":"76905de5-c5bc-475f-80ce-69cfe4d191e0","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":30,"box":{"x":82,"y":559,"width":732,"height":12}},{"id":"4036b047-cf4c-4706-acbd-f97541b10f20","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":582,"width":861,"height":11}},{"id":"3ac75457-307e-49c3-8437-738a7a3d62ec","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries. More","page_number":30,"box":{"x":60,"y":597,"width":860,"height":11}},{"id":"55d824c0-e2a4-44cd-8ba8-591db9d7129a","block_type":"box","text":"information about existing sales charge reductions and waivers is available free of charge in a clear and prominent","page_number":30,"box":{"x":62,"y":612,"width":843,"height":11}},{"id":"b7e2fead-d525-4881-8fe6-c2a405345462","block_type":"box","text":"format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":30,"box":{"x":60,"y":626,"width":779,"height":12}},{"id":"983c4fe7-3d3b-432a-a875-1deb703ce178","block_type":"box","text":"Institutional Shares","page_number":30,"box":{"x":61,"y":649,"width":161,"height":10}},{"id":"671fea78-6091-424c-a747-93e89e30e7d8","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":30,"box":{"x":62,"y":666,"width":864,"height":11}},{"id":"5c1326fc-c034-494c-976d-76ff8f310ffa","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":30,"box":{"x":60,"y":681,"width":865,"height":11}},{"id":"3561597e-cdeb-4edb-b9e4-d7c07b01dd23","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":30,"box":{"x":62,"y":695,"width":845,"height":12}},{"id":"8b6a13d2-fd56-422d-9a3a-c3e102907bc6","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":30,"box":{"x":61,"y":710,"width":557,"height":12}},{"id":"980289fb-b4c2-43f6-be19-eac84759617e","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":30,"box":{"x":62,"y":733,"width":826,"height":11}},{"id":"cc4afa7b-fa1e-41df-807e-223e1f10015b","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":30,"box":{"x":61,"y":748,"width":838,"height":11}},{"id":"8a9d8b39-2934-45bd-b0d1-804c511202da","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":30,"box":{"x":61,"y":762,"width":816,"height":12}},{"id":"9d16773a-52b9-421d-be62-bb79f9f7cd20","block_type":"box","text":"classes that have different fees and expenses.","page_number":30,"box":{"x":61,"y":777,"width":345,"height":11}},{"id":"c3c2161c-c095-4513-bf63-5230874aa990","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":30,"box":{"x":62,"y":800,"width":421,"height":11}},{"id":"7c6195a4-472a-4da6-b5b7-70337bdd8dfd","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":30,"box":{"x":82,"y":819,"width":854,"height":12}},{"id":"6d7dbf44-1081-445a-bffd-ef006cfafe83","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":30,"box":{"x":80,"y":835,"width":849,"height":11}},{"id":"03152b6e-7083-4c9d-aef7-c642f1e86a38","block_type":"box","text":"shares;","page_number":30,"box":{"x":81,"y":850,"width":53,"height":10}},{"id":"1e8f8209-600b-412a-a29b-84f431b007d3","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":30,"box":{"x":81,"y":869,"width":838,"height":12}},{"id":"b746b2f5-7035-4a01-a8b3-de4a77e37ad1","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":30,"box":{"x":81,"y":884,"width":829,"height":12}},{"id":"2303cbeb-3bb4-4d58-b5b4-6a111f51da49","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":30,"box":{"x":82,"y":899,"width":604,"height":12}},{"id":"52516b76-9441-430e-8913-ee5765b16bd2","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3d5c165e-5543-421b-a50b-2ae47b9b501b","block_type":"box","text":"NM1026U-5984563-30/68","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"373d89d4-d00f-4554-87e3-59c9d6d3ed28","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":31,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"e6c735b8-21b3-414b-9eb8-22ddc44b7ae2","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":31,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"2cad5eed-d8d3-4e6a-b7bf-318b789471e1","block_type":"box","text":"initial investment of $1,000;","page_number":31,"box":{"x":82,"y":75,"width":207,"height":11}},{"id":"58962d84-a116-48d5-af69-8f166a8f4d41","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts and certain employer-sponsored retirement","page_number":31,"box":{"x":81,"y":95,"width":811,"height":12}},{"id":"5c7df7cd-08ac-4a6f-8201-cf2ed1a57ae7","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":31,"box":{"x":82,"y":110,"width":821,"height":12}},{"id":"e2bbde66-e731-4395-a11d-1e1ba41fd3ca","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":31,"box":{"x":80,"y":125,"width":835,"height":11}},{"id":"10e00932-2a1b-4913-9df9-e14d34070356","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":31,"box":{"x":81,"y":140,"width":835,"height":11}},{"id":"085e1ac9-0162-49a3-bb62-23c3abc471fe","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":155,"width":849,"height":11}},{"id":"d90fc9e4-2045-44a2-8d0d-55b9e9d9f40b","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":170,"width":53,"height":10}},{"id":"c376a417-83b2-48d4-9b65-b4366c378829","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":31,"box":{"x":81,"y":189,"width":810,"height":12}},{"id":"3de7beed-9833-4ddb-9f62-3167fd40e88c","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":31,"box":{"x":81,"y":204,"width":812,"height":12}},{"id":"93d07078-65db-4e1a-9117-6b6840fd21cf","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":31,"box":{"x":81,"y":218,"width":719,"height":12}},{"id":"031f4110-0670-4672-bec1-0926fa838744","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":31,"box":{"x":82,"y":239,"width":799,"height":11}},{"id":"1a7d7aa1-c253-431e-8c26-555550742f73","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":254,"width":794,"height":11}},{"id":"bb4a0e9e-53b9-4652-931e-0c6354db08a0","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":269,"width":83,"height":10}},{"id":"70980722-16c7-426d-9f49-1564939680f8","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":31,"box":{"x":82,"y":289,"width":805,"height":11}},{"id":"dd19ee3a-b209-4e5a-b8e9-aeb2db2ef24c","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":303,"width":819,"height":12}},{"id":"345920ff-f461-43a1-a7fd-89b07784d386","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":319,"width":83,"height":10}},{"id":"d9893d2f-8cac-4c7e-8ac1-6554d2eec241","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":31,"box":{"x":81,"y":338,"width":836,"height":12}},{"id":"4cca4277-14e0-4449-9620-9aa88cffe0ea","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":31,"box":{"x":81,"y":353,"width":851,"height":12}},{"id":"29844f91-a186-47a2-85eb-9072ce258b48","block_type":"box","text":"of such persons; and","page_number":31,"box":{"x":81,"y":368,"width":154,"height":11}},{"id":"28c60a64-61db-49a1-9b33-8afc76818d92","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":31,"box":{"x":81,"y":388,"width":816,"height":11}},{"id":"def7e400-e243-47ee-a0ba-65e6e3675c59","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":31,"box":{"x":82,"y":403,"width":851,"height":11}},{"id":"39a82cb3-d236-4e3c-86b5-f89e8fcf00ae","block_type":"box","text":"the Fund on an omnibus basis.","page_number":31,"box":{"x":80,"y":418,"width":227,"height":9}},{"id":"db6e29ba-d3c6-4c8d-8735-f6250cb2c402","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":31,"box":{"x":60,"y":440,"width":620,"height":12}},{"id":"d1b0893d-5ae0-4d65-8586-88a6b95261b1","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":31,"box":{"x":61,"y":479,"width":442,"height":14}},{"id":"cba705bd-5ac1-4dd2-81a3-4f6c92f73221","block_type":"box","text":"Plan Payments","page_number":31,"box":{"x":61,"y":506,"width":122,"height":12}},{"id":"cac9cf28-4c83-453e-9e38-8485d5f19ad0","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":31,"box":{"x":60,"y":522,"width":815,"height":11}},{"id":"bb0b60d7-bef4-445e-ad93-0277ec372f5f","block_type":"box","text":"Company Act with respect to the Investor Shares that allows the Fund to pay distribution fees for the sale of its shares","page_number":31,"box":{"x":61,"y":537,"width":872,"height":11}},{"id":"e06749b2-31c3-4c84-9f18-80086834cd01","block_type":"box","text":"and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":31,"box":{"x":61,"y":552,"width":612,"height":11}},{"id":"a179091c-9c25-4d91-a94e-34c08692a14d","block_type":"box","text":"Under the Plan, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates for distribution and sales","page_number":31,"box":{"x":62,"y":574,"width":874,"height":12}},{"id":"0fa5749d-9faf-462f-b185-305d77a02ccb","block_type":"box","text":"support services. The distribution fees may be used to pay the Distributor for distribution and sales support services","page_number":31,"box":{"x":61,"y":589,"width":861,"height":11}},{"id":"ccb5406e-ac9a-4229-b17a-95feede369a6","block_type":"box","text":"and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related expenses","page_number":31,"box":{"x":61,"y":604,"width":854,"height":11}},{"id":"c1c235d4-16a1-4793-957c-4db10ebaddcf","block_type":"box","text":"incurred in connection with the sale of Investor C Shares. The distribution fees may also be used to pay Financial","page_number":31,"box":{"x":62,"y":619,"width":829,"height":11}},{"id":"2db7f7a7-f0c2-45d7-a31d-c5d8fe1147d3","block_type":"box","text":"Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum distribution fee","page_number":31,"box":{"x":62,"y":633,"width":865,"height":12}},{"id":"4d23ddc8-f51f-47e0-b0d2-cb688282cc36","block_type":"box","text":"per year that is a percentage of the average daily net asset value of the Investor C Shares of the Fund. Institutional","page_number":31,"box":{"x":62,"y":648,"width":844,"height":12}},{"id":"fa1c2f89-ec11-483c-89f4-3a8544492d75","block_type":"box","text":"and Investor A Shares do not pay distribution fees.","page_number":31,"box":{"x":61,"y":663,"width":371,"height":12}},{"id":"dba238fe-1734-4312-b57e-e5120b78811e","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":31,"box":{"x":62,"y":686,"width":873,"height":11}},{"id":"11cbe3e9-6429-4772-8473-3ed8e7058020","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":31,"box":{"x":60,"y":701,"width":838,"height":11}},{"id":"49eb1a06-20c6-405d-a290-5f64490a515c","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":31,"box":{"x":62,"y":715,"width":837,"height":12}},{"id":"27fc5be1-bc0e-4126-813e-29c9fba39e03","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a","page_number":31,"box":{"x":62,"y":730,"width":853,"height":12}},{"id":"57fa1303-72ec-4bd0-a75f-b08c332daff8","block_type":"box","text":"shareholder servicing fee.","page_number":31,"box":{"x":61,"y":745,"width":189,"height":12}},{"id":"e2b75f97-233f-4473-9869-52c871af96c9","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":31,"box":{"x":62,"y":768,"width":859,"height":11}},{"id":"77c7ae01-57bc-4ba9-9eb8-940766113886","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":31,"box":{"x":60,"y":782,"width":492,"height":12}},{"id":"edd12658-640e-4f85-983a-0b2d834f849a","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":31,"box":{"x":81,"y":803,"width":848,"height":11}},{"id":"0f69d5ae-471d-4b7d-b265-b1c3787b4674","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":31,"box":{"x":82,"y":817,"width":811,"height":12}},{"id":"e5604710-f402-4517-b2d5-86f60ee042c1","block_type":"box","text":"investments;","page_number":31,"box":{"x":82,"y":832,"width":92,"height":11}},{"id":"dbf58375-ffc9-429b-9ca1-166faec15498","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":31,"box":{"x":81,"y":852,"width":801,"height":12}},{"id":"6ad76157-bec4-4afc-9a2d-101b557b8349","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":31,"box":{"x":81,"y":872,"width":379,"height":12}},{"id":"6f03ee6d-3347-4ae0-a80c-eadc2672afbd","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"ee7f5aa6-2244-4d89-ad52-8da29c18785d","block_type":"box","text":"NM1026U-5984563-31/68","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7031027d-0394-44f7-a3fa-f772083d64ce","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":32,"box":{"x":60,"y":46,"width":856,"height":11}},{"id":"359c5fb6-f53a-40da-8ed7-06b654f71cf0","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":32,"box":{"x":61,"y":60,"width":848,"height":12}},{"id":"bdbc4f92-a09b-4a22-a8c6-cbc3098750fa","block_type":"box","text":"sale of the Fund’s shares.","page_number":32,"box":{"x":61,"y":75,"width":191,"height":10}},{"id":"eea9c96d-ac8e-4292-b351-7cc887fe306d","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":32,"box":{"x":62,"y":98,"width":850,"height":11}},{"id":"4e1265fb-ee55-4f9c-847d-ea3aabaa0ca7","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":32,"box":{"x":60,"y":113,"width":836,"height":11}},{"id":"7925f756-33b9-43ea-9534-620e2022c307","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales","page_number":32,"box":{"x":61,"y":127,"width":848,"height":12}},{"id":"3d65ae38-5765-4724-9b66-b9a38e96e378","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":32,"box":{"x":61,"y":142,"width":800,"height":12}},{"id":"a1503c16-1e17-4520-867f-6e45bdbdf3ee","block_type":"box","text":"thereunder, see the SAI.","page_number":32,"box":{"x":60,"y":157,"width":178,"height":11}},{"id":"74558534-cc5a-4bf7-910d-1133707eb118","block_type":"box","text":"Other Payments by the Fund","page_number":32,"box":{"x":61,"y":180,"width":233,"height":13}},{"id":"9d5092fc-bbf7-46b3-b6b9-73202761f70b","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":32,"box":{"x":62,"y":196,"width":874,"height":12}},{"id":"dbd1f218-0828-460b-84e6-b7341d897713","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":32,"box":{"x":60,"y":211,"width":846,"height":12}},{"id":"89b5bff6-b699-427f-82aa-ca38c1f55ace","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":32,"box":{"x":61,"y":226,"width":874,"height":12}},{"id":"6219ca96-6f9a-42e1-911b-34dfb22035b9","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":32,"box":{"x":60,"y":241,"width":843,"height":12}},{"id":"ccd152d4-4b19-44f3-85ef-0d21c947e3e6","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":32,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"a8da7a39-7e8e-4546-8e4d-37d5369ea39d","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":32,"box":{"x":61,"y":271,"width":815,"height":11}},{"id":"04b96f64-a9d4-4645-ab9e-16e8773513c4","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":32,"box":{"x":61,"y":285,"width":791,"height":12}},{"id":"629109d6-f768-4f3b-aaf6-50c3650c522f","block_type":"box","text":"Other Payments by BlackRock","page_number":32,"box":{"x":61,"y":309,"width":252,"height":12}},{"id":"0da0457f-4003-4af1-a987-8a778b418e37","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":32,"box":{"x":62,"y":325,"width":851,"height":11}},{"id":"92286892-8768-4a8e-ab3f-6b5089688aac","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":32,"box":{"x":61,"y":340,"width":843,"height":11}},{"id":"6a160ea9-c2fb-4f5f-8bd0-8e8ba15e2857","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":32,"box":{"x":60,"y":354,"width":853,"height":12}},{"id":"38fa1312-a1c5-4109-a27f-4a37c2b1555f","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":32,"box":{"x":61,"y":369,"width":866,"height":12}},{"id":"924b285f-a254-4637-84b1-d987d2e5e856","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":32,"box":{"x":60,"y":384,"width":839,"height":11}},{"id":"2a9c482b-3f3b-4c34-90d9-978f745aa10c","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":32,"box":{"x":61,"y":399,"width":860,"height":11}},{"id":"df475a19-f225-452f-9dcd-2d55c007fe66","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":32,"box":{"x":61,"y":414,"width":841,"height":11}},{"id":"72eb116d-5cd1-48e8-8fbc-75727eae0e95","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":32,"box":{"x":61,"y":428,"width":856,"height":12}},{"id":"504576b5-6b26-4013-b9b0-eaa43918d74e","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":32,"box":{"x":61,"y":443,"width":813,"height":12}},{"id":"9564ffd2-0201-4e80-b4bb-d0d7b4cbcf32","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":32,"box":{"x":62,"y":458,"width":415,"height":12}},{"id":"4ef7479a-014a-4a0d-8122-ff2a20c1e578","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":32,"box":{"x":61,"y":481,"width":869,"height":11}},{"id":"4132b61a-0970-406f-aa3a-01020c303eb0","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":32,"box":{"x":60,"y":496,"width":495,"height":10}},{"id":"738d0d47-c28b-42e4-af35-c16b38ad91a9","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":32,"box":{"x":61,"y":534,"width":434,"height":14}},{"id":"12f67395-47ba-4733-8d9c-4fb520e82d08","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":32,"box":{"x":60,"y":561,"width":846,"height":11}},{"id":"ff0b1fcb-36e1-4fb9-abab-31bdf6d259e6","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":32,"box":{"x":62,"y":575,"width":857,"height":12}},{"id":"aae2893b-f3df-49a3-b9a6-d429f397f193","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":32,"box":{"x":60,"y":590,"width":809,"height":12}},{"id":"a173cc87-cd0b-4b4c-9f79-643dae149530","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":32,"box":{"x":61,"y":605,"width":847,"height":12}},{"id":"6a80c882-7546-436d-9421-79fab60879b9","block_type":"box","text":"may help you with this decision.","page_number":32,"box":{"x":61,"y":620,"width":232,"height":11}},{"id":"b9a77adb-9a33-4652-baf2-f0cd9ef431f8","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":32,"box":{"x":60,"y":643,"width":867,"height":11}},{"id":"0f2f2ed2-e8de-4fdb-ab26-07b5488c3d35","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":32,"box":{"x":61,"y":657,"width":858,"height":12}},{"id":"7ff15c75-c554-4eba-b67b-958aeabacd65","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":32,"box":{"x":62,"y":672,"width":845,"height":12}},{"id":"78b98d35-cf9d-4106-ac0d-38ef6641b02b","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":32,"box":{"x":61,"y":687,"width":860,"height":12}},{"id":"63a2d0d2-9588-420f-a925-235425e771de","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":32,"box":{"x":60,"y":702,"width":868,"height":11}},{"id":"9d0540fe-adb7-442e-a092-302a1016365f","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":32,"box":{"x":61,"y":717,"width":863,"height":11}},{"id":"aaf313c5-99c0-4a12-8ecc-2d8adb350320","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":32,"box":{"x":61,"y":731,"width":787,"height":12}},{"id":"7365c87e-48a1-4bdc-b3b5-735afa0058f1","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":32,"box":{"x":62,"y":746,"width":857,"height":12}},{"id":"1fedfd98-233e-44d1-98a3-712341c44d77","block_type":"box","text":"restricted from making additional investments.","page_number":32,"box":{"x":61,"y":761,"width":341,"height":12}},{"id":"42dcac47-ff79-4132-9f77-f50ba70a64d8","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":32,"box":{"x":60,"y":784,"width":861,"height":11}},{"id":"72b905ea-1604-45d5-9a20-e33752890e85","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":32,"box":{"x":60,"y":798,"width":856,"height":12}},{"id":"d5d9f5e3-f1d2-4cda-aeaa-fbee335b7557","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":32,"box":{"x":61,"y":813,"width":822,"height":12}},{"id":"68bb2f37-99cf-4fd9-9665-349b6299acfc","block_type":"box","text":"described below.","page_number":32,"box":{"x":61,"y":828,"width":121,"height":9}},{"id":"fcdde489-b9e3-4e1d-8f5d-f95d78db7fc1","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":32,"box":{"x":62,"y":851,"width":797,"height":11}},{"id":"a81b70e0-45c7-4ad6-830c-93c367bce9d6","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":32,"box":{"x":61,"y":866,"width":487,"height":11}},{"id":"57234468-eec5-4a4c-a5d3-324160cebb10","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ba85cdf1-63a7-4da9-a4e7-c46e91a9774b","block_type":"box","text":"NM1026U-5984563-32/68","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f574e397-7428-4197-8b96-6f786175ca85","block_type":"box","text":"How to Buy Shares","page_number":33,"box":{"x":61,"y":46,"width":156,"height":13}},{"id":"ef850916-92ac-4dec-94aa-a7588ad72ffd","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"e4fb9f3e-1520-4e06-9df4-710b6b8b9236","block_type":"box","text":"Initial Purchase","page_number":33,"box":{"x":61,"y":85,"width":105,"height":9}},{"id":"46acb1ae-4375-4ae2-a842-6a98f899dfa2","block_type":"box","text":"First, select the share class","page_number":33,"box":{"x":214,"y":85,"width":183,"height":10}},{"id":"9fc657ff-fefa-4681-98e1-6e1502d01b9c","block_type":"box","text":"appropriate for you","page_number":33,"box":{"x":214,"y":99,"width":123,"height":10}},{"id":"80f12a1a-4d1c-4a69-b6d4-dc1670e4324c","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":33,"box":{"x":461,"y":85,"width":458,"height":10}},{"id":"bd982473-6ca7-4710-92bf-90778bfbc8fa","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":33,"box":{"x":461,"y":99,"width":435,"height":10}},{"id":"2064ae0a-79fc-4907-9b40-19077cc2c0ae","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":33,"box":{"x":461,"y":112,"width":444,"height":11}},{"id":"5cc89009-b54e-4d28-b1c9-a7f856a4ad80","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":33,"box":{"x":461,"y":126,"width":426,"height":10}},{"id":"bdb6aefa-5cc0-4c3e-a59b-3912681f4238","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":33,"box":{"x":461,"y":139,"width":284,"height":11}},{"id":"e73e760e-d54c-4413-acd0-7052278cc11c","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":33,"box":{"x":461,"y":155,"width":435,"height":11}},{"id":"5b70dc41-9b67-4393-bef8-f93b51aa68e7","block_type":"box","text":"frame for investing and your financial goals, may affect which share","page_number":33,"box":{"x":460,"y":169,"width":446,"height":10}},{"id":"54c77a7e-d11e-467a-baa0-922be07b4411","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":33,"box":{"x":461,"y":183,"width":460,"height":10}},{"id":"a0959389-f271-45cc-9f32-fc53db99729f","block_type":"box","text":"which share class is appropriate for you.","page_number":33,"box":{"x":460,"y":196,"width":267,"height":10}},{"id":"469ec334-2c4f-45b5-b1e5-9ebf167f5ab6","block_type":"box","text":"Next, determine the amount of","page_number":33,"box":{"x":214,"y":214,"width":203,"height":10}},{"id":"5bf38af0-56e5-4a81-8e28-459fec4738ba","block_type":"box","text":"your investment","page_number":33,"box":{"x":213,"y":228,"width":105,"height":10}},{"id":"3b1b1aa5-9ee6-492d-982a-3693512e943b","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":33,"box":{"x":461,"y":214,"width":440,"height":8}},{"id":"93348a46-ad70-4188-b1a7-f0de0452be5c","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":33,"box":{"x":461,"y":228,"width":418,"height":10}},{"id":"4008776d-33a5-4a3e-92b8-7223b72a3d04","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":33,"box":{"x":461,"y":241,"width":276,"height":9}},{"id":"43a22a39-2e72-4cbb-b24b-c674b889d362","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":33,"box":{"x":461,"y":257,"width":437,"height":9}},{"id":"b7c67dab-4343-4dc1-bd57-98efae5de7b6","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":33,"box":{"x":461,"y":271,"width":457,"height":10}},{"id":"d10af29d-f050-4d45-abb2-d51fae92859e","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":33,"box":{"x":461,"y":284,"width":471,"height":11}},{"id":"70e31216-51fd-4213-8eb9-348fa6cffc07","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":33,"box":{"x":461,"y":298,"width":413,"height":10}},{"id":"b56fd7f9-8cfa-43ab-b48c-8b374dfa2a15","block_type":"box","text":"requirement.","page_number":33,"box":{"x":461,"y":312,"width":82,"height":10}},{"id":"97925dc2-16dc-47e3-bad2-1299a5455c68","block_type":"box","text":"Have your Financial Intermediary","page_number":33,"box":{"x":214,"y":330,"width":215,"height":10}},{"id":"da77d53d-7b10-40a2-9146-ae4938665314","block_type":"box","text":"submit your purchase order","page_number":33,"box":{"x":214,"y":343,"width":181,"height":10}},{"id":"cdfeff69-3702-499a-b284-c75a1618bbe1","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":33,"box":{"x":460,"y":330,"width":466,"height":10}},{"id":"74bf542f-fb60-40b8-b13a-c7bdeea6e360","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":33,"box":{"x":461,"y":343,"width":463,"height":10}},{"id":"191dba61-c858-45c8-aee0-9dc3dd13ed10","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":33,"box":{"x":461,"y":357,"width":443,"height":10}},{"id":"0c8c46ca-4e11-4b3a-a2d1-19bb0d9c08e7","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":33,"box":{"x":461,"y":370,"width":445,"height":11}},{"id":"04cc4b9c-ca09-4f9a-81d8-ded5bee15ead","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":33,"box":{"x":461,"y":384,"width":435,"height":10}},{"id":"f07d22bc-4b36-4263-afce-de7d488e211b","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":33,"box":{"x":461,"y":397,"width":469,"height":10}},{"id":"0d040b16-3d57-4056-8175-acdd7d59c524","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":33,"box":{"x":461,"y":411,"width":429,"height":10}},{"id":"3ea28256-95e7-4113-8172-91908349a532","block_type":"box","text":"determined on the next business day.","page_number":33,"box":{"x":461,"y":425,"width":247,"height":10}},{"id":"0c127104-dd8a-4989-9287-8f89cdc6d189","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":33,"box":{"x":460,"y":440,"width":468,"height":11}},{"id":"44f8bbfe-0f60-409c-885f-c006bb4d2a04","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":33,"box":{"x":460,"y":454,"width":470,"height":10}},{"id":"e50fd664-2ea8-412b-9837-5c8b851a08c5","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":33,"box":{"x":460,"y":467,"width":471,"height":11}},{"id":"66378bd4-29a6-479a-b272-61b681fe28b4","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":33,"box":{"x":460,"y":481,"width":434,"height":10}},{"id":"5399d663-5f8a-493b-a141-f89d1a804972","block_type":"box","text":"table.","page_number":33,"box":{"x":460,"y":495,"width":36,"height":8}},{"id":"41714645-b751-475c-a43b-875f5ca94dd7","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":33,"box":{"x":460,"y":511,"width":473,"height":10}},{"id":"4bd43007-4958-42a9-acbd-07b53ee93a20","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":33,"box":{"x":461,"y":524,"width":453,"height":11}},{"id":"ff6fe28d-f11f-4725-b0c5-ae6181e6a632","block_type":"box","text":"processing fee to confirm a purchase.","page_number":33,"box":{"x":461,"y":538,"width":249,"height":10}},{"id":"9097b003-bd98-44a2-8365-58bac31fe99d","block_type":"box","text":"Or contact BlackRock (for","page_number":33,"box":{"x":214,"y":556,"width":167,"height":10}},{"id":"3c163ce4-c72c-4495-b3a7-0b8e29e1b18f","block_type":"box","text":"accounts held directly with","page_number":33,"box":{"x":214,"y":570,"width":173,"height":10}},{"id":"5edaf01e-8e65-4837-9c3f-6e345fe01dd0","block_type":"box","text":"BlackRock)","page_number":33,"box":{"x":214,"y":583,"width":71,"height":10}},{"id":"6c83c984-932c-4189-98d0-1a4ab1c8c883","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":33,"box":{"x":460,"y":556,"width":461,"height":10}},{"id":"387f81f3-1649-41b8-b3d2-63ec7ed70df9","block_type":"box","text":"request a new account application. Mail the completed application","page_number":33,"box":{"x":461,"y":570,"width":438,"height":9}},{"id":"c8ee9d03-05df-4c6e-a4c4-a65203e394c8","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":33,"box":{"x":461,"y":583,"width":468,"height":10}},{"id":"09deeb8d-a035-4417-966b-3904fcb55c65","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":33,"box":{"x":461,"y":597,"width":421,"height":10}},{"id":"e64b9c51-5e1d-4fba-9422-1cd13dfa30db","block_type":"box","text":"personal check to $500,000 per trade.","page_number":33,"box":{"x":461,"y":609,"width":257,"height":11}},{"id":"6f099b22-5773-46c6-8cc5-1694f7c7e695","block_type":"box","text":"Add to Your","page_number":33,"box":{"x":60,"y":628,"width":78,"height":8}},{"id":"a8546d08-e512-4453-9267-848c74e56948","block_type":"box","text":"Investment","page_number":33,"box":{"x":61,"y":640,"width":75,"height":8}},{"id":"2504d379-2658-4462-8f66-a856028b1218","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":33,"box":{"x":214,"y":628,"width":683,"height":10}},{"id":"bb15ebcd-fa54-459c-8dcb-0decb3048cf8","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":33,"box":{"x":461,"y":641,"width":415,"height":11}},{"id":"ddbd2d73-6819-42e2-b447-a4ea6db2d603","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":33,"box":{"x":461,"y":655,"width":455,"height":10}},{"id":"43835e01-6699-490b-9194-f310029e74c9","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":33,"box":{"x":461,"y":669,"width":445,"height":10}},{"id":"7179aa31-e753-47ce-a8bf-c83806ff861d","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":33,"box":{"x":461,"y":682,"width":436,"height":10}},{"id":"08147d82-313b-46ce-9ec9-88cecd3bf8a8","block_type":"box","text":"Institutional Shares have no minimum for additional purchases.","page_number":33,"box":{"x":461,"y":696,"width":418,"height":10}},{"id":"82caefb1-f2f2-4abe-87f1-8b4771be2b47","block_type":"box","text":"Have your Financial Intermediary","page_number":33,"box":{"x":214,"y":714,"width":215,"height":10}},{"id":"b381ee78-1dd1-46b3-8c99-5ae1aa1033c0","block_type":"box","text":"submit your purchase order for","page_number":33,"box":{"x":214,"y":727,"width":203,"height":11}},{"id":"106e771d-b8af-4694-ab1f-18d09c47d369","block_type":"box","text":"additional shares","page_number":33,"box":{"x":214,"y":741,"width":113,"height":8}},{"id":"997fd63c-3ae9-4b62-afec-25867286681e","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":33,"box":{"x":460,"y":714,"width":409,"height":10}},{"id":"194d5076-3e1a-49a6-9d7c-f8065e58cda2","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":33,"box":{"x":461,"y":727,"width":444,"height":11}},{"id":"92713e3c-d042-449b-bb7e-84dccdc2b0eb","block_type":"box","text":"Or contact BlackRock (for","page_number":33,"box":{"x":214,"y":759,"width":167,"height":10}},{"id":"9f140368-5c04-4bb4-a55e-9df0c4d7f041","block_type":"box","text":"accounts held directly with","page_number":33,"box":{"x":214,"y":773,"width":173,"height":10}},{"id":"01e50c5d-b05b-46f0-9608-0403f8c781a6","block_type":"box","text":"BlackRock)","page_number":33,"box":{"x":214,"y":786,"width":71,"height":10}},{"id":"38bf872c-deae-4107-a53a-2912d767bf41","block_type":"box","text":"Purchase by Telephone:","page_number":33,"box":{"x":461,"y":759,"width":158,"height":10}},{"id":"75525748-2c39-40d0-99c3-43167e9c6cc2","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":33,"box":{"x":625,"y":759,"width":288,"height":10}},{"id":"62c8ea85-b340-48af-86a5-661732970a69","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":33,"box":{"x":461,"y":773,"width":440,"height":10}},{"id":"809802f5-962e-4743-9643-3bd06287626c","block_type":"box","text":"request for any reason.","page_number":33,"box":{"x":461,"y":786,"width":152,"height":10}},{"id":"33dc024a-9209-464c-bc9c-06c38a2ee0cf","block_type":"box","text":"Purchase in Writing:","page_number":33,"box":{"x":461,"y":802,"width":135,"height":10}},{"id":"01493787-f32b-4df7-a240-accd53e34ae1","block_type":"box","text":"You may send a written request to BlackRock at","page_number":33,"box":{"x":602,"y":802,"width":316,"height":10}},{"id":"ca2cb766-771a-4302-8476-3de44834fb7c","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":33,"box":{"x":460,"y":816,"width":329,"height":10}},{"id":"1d58559f-60ae-465c-a846-acc09ef22113","block_type":"box","text":"Purchase by VRU:","page_number":33,"box":{"x":461,"y":832,"width":119,"height":10}},{"id":"2ee81b39-8448-4915-998e-1a370693c5d5","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":33,"box":{"x":587,"y":832,"width":326,"height":10}},{"id":"d8c0bf63-cd83-4934-9f85-1d88096774de","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":33,"box":{"x":460,"y":845,"width":404,"height":10}},{"id":"9dc01b1d-259a-4971-b121-3c478f6d1465","block_type":"box","text":"(800) 441-7762.","page_number":33,"box":{"x":461,"y":859,"width":110,"height":10}},{"id":"57516ec0-fd19-4899-bd0e-7ee0e8789639","block_type":"box","text":"Purchase by Internet:","page_number":33,"box":{"x":461,"y":875,"width":144,"height":10}},{"id":"c64a1231-91dd-4d6c-afb8-cb32c8e36d31","block_type":"box","text":"You may purchase your shares and view activity","page_number":33,"box":{"x":611,"y":875,"width":314,"height":10}},{"id":"761954a3-5b3b-430e-a57d-f69e95fc0019","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":33,"box":{"x":461,"y":889,"width":374,"height":10}},{"id":"4ef1f448-f7d1-43a1-b889-09d909782c2a","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":33,"box":{"x":460,"y":902,"width":416,"height":10}},{"id":"d0fa8257-22e6-4aa8-8c95-0df7c1134a27","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"47c54663-670a-4cd9-b509-a6a996542b05","block_type":"box","text":"NM1026U-5984563-33/68","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e471430c-8b67-4ad9-9416-316618730097","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"73c903c3-96c9-43f3-94b1-f44258729aaf","block_type":"box","text":"Add to Your","page_number":34,"box":{"x":60,"y":67,"width":78,"height":8}},{"id":"d76febd2-79ac-480d-b8a2-100f490e2ba5","block_type":"box","text":"Investment","page_number":34,"box":{"x":61,"y":81,"width":75,"height":8}},{"id":"fe970112-a3f1-4443-ad94-4fc7977b5a2c","block_type":"box","text":"(continued)","page_number":34,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"59fd09dc-8298-4e41-9340-9cda7fe0be77","block_type":"box","text":"Or contact BlackRock (for","page_number":34,"box":{"x":214,"y":67,"width":167,"height":10}},{"id":"52722b7c-d5e2-49fa-aef9-27451166e9d1","block_type":"box","text":"accounts held directly with","page_number":34,"box":{"x":214,"y":81,"width":173,"height":10}},{"id":"35c9435a-7951-4a25-890c-43d2988ad366","block_type":"box","text":"BlackRock) (continued)","page_number":34,"box":{"x":214,"y":94,"width":150,"height":10}},{"id":"950c7d49-6700-49da-83f5-50fd4d6a296a","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":34,"box":{"x":460,"y":67,"width":450,"height":11}},{"id":"b8a32ae7-1991-4190-8d61-3eb7dd679895","block_type":"box","text":"day after the purchase is made.","page_number":34,"box":{"x":461,"y":81,"width":209,"height":10}},{"id":"686ab35a-6c95-4a71-9b37-b53497e4ae8b","block_type":"box","text":"Certain institutional clients’ purchase orders of Institutional Shares","page_number":34,"box":{"x":461,"y":97,"width":445,"height":10}},{"id":"9d9725c0-3e75-4e1b-8615-24248d60c328","block_type":"box","text":"placed by wire prior to the close of business on the NYSE will be priced","page_number":34,"box":{"x":461,"y":110,"width":469,"height":11}},{"id":"84304a7a-eea5-447d-a4f2-e0ce219adf8f","block_type":"box","text":"at the net asset value determined that day. Contact your Financial","page_number":34,"box":{"x":461,"y":124,"width":434,"height":10}},{"id":"0b84fc8e-4e7d-4e8c-aa25-218d175aadb8","block_type":"box","text":"Intermediary or BlackRock for further information. The Fund limits","page_number":34,"box":{"x":461,"y":137,"width":433,"height":11}},{"id":"2a07b777-e6fb-4180-a00b-05a95b82d926","block_type":"box","text":"Internet purchases in shares of the Fund to $100,000 per account per","page_number":34,"box":{"x":461,"y":150,"width":467,"height":11}},{"id":"17a926b5-2979-46a5-ac8c-de9f16337ed6","block_type":"box","text":"day. Different maximums may apply to certain institutional investors.","page_number":34,"box":{"x":461,"y":164,"width":453,"height":11}},{"id":"4bae0897-b2dc-4698-89da-9dc17c3aa381","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":34,"box":{"x":461,"y":181,"width":430,"height":8}},{"id":"5b94f972-21c4-45c5-9541-a37ea543a6ef","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":34,"box":{"x":460,"y":194,"width":417,"height":11}},{"id":"74ad5e06-d35e-4f43-b41e-bd618425cf7d","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":34,"box":{"x":461,"y":208,"width":448,"height":10}},{"id":"3b946aee-8ea4-4891-a3a4-d5ee45b0830c","block_type":"box","text":"before attempting to transact online.","page_number":34,"box":{"x":461,"y":221,"width":240,"height":11}},{"id":"8858aa3a-8c4c-4f4e-94eb-b9ef1b2e73bb","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":34,"box":{"x":460,"y":237,"width":464,"height":11}},{"id":"2536c451-c194-47b6-8370-ba82c0bf1812","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":34,"box":{"x":461,"y":251,"width":419,"height":10}},{"id":"bac20e36-3309-4e04-a4e1-837da260d11f","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":34,"box":{"x":460,"y":265,"width":431,"height":10}},{"id":"ff21ce38-c3e9-4975-a4a0-33b6fb028d63","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":34,"box":{"x":460,"y":278,"width":453,"height":10}},{"id":"d99da5a9-fb45-4a85-bdb8-d99c650ee84e","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":34,"box":{"x":460,"y":291,"width":440,"height":11}},{"id":"7a6c29e6-a9af-491d-a98c-1cc4040b730a","block_type":"box","text":"Acquire additional shares","page_number":34,"box":{"x":213,"y":310,"width":167,"height":10}},{"id":"1fe68f49-1c4f-4aa5-87e7-b6154ea6b0c9","block_type":"box","text":"by reinvesting dividends and","page_number":34,"box":{"x":214,"y":323,"width":185,"height":10}},{"id":"8bbd63f4-b112-4624-be6d-fb4b67670511","block_type":"box","text":"capital gains","page_number":34,"box":{"x":214,"y":337,"width":82,"height":10}},{"id":"2ff7e012-05c2-4d52-bd23-c6410382ce76","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":34,"box":{"x":460,"y":310,"width":405,"height":10}},{"id":"15e9f136-51cf-4977-b966-0da8cddd2069","block_type":"box","text":"reinvested without a sales charge. To make any changes to your","page_number":34,"box":{"x":461,"y":323,"width":423,"height":10}},{"id":"2a79d7ce-9210-49fd-a76e-81fcb4217287","block_type":"box","text":"dividend and/or capital gains distributions options, please call","page_number":34,"box":{"x":461,"y":337,"width":411,"height":10}},{"id":"7c6b5143-43e5-4968-a607-971c4d43adf9","block_type":"box","text":"(800) 441-7762 or contact your Financial Intermediary (if your account","page_number":34,"box":{"x":461,"y":350,"width":466,"height":10}},{"id":"b878b0ac-7559-45dd-9d9e-4a400cc4f136","block_type":"box","text":"is not held directly with BlackRock).","page_number":34,"box":{"x":461,"y":364,"width":232,"height":10}},{"id":"771d35ac-15a1-426e-9976-425d23a65594","block_type":"box","text":"Participate in the AIP BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":34,"box":{"x":214,"y":382,"width":698,"height":10}},{"id":"58a3dd16-3bb8-4d84-8663-1ceb63884ded","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":34,"box":{"x":461,"y":395,"width":431,"height":11}},{"id":"b3b71eb5-7bf5-46c5-8ea3-ab0b24b0a383","block_type":"box","text":"account.","page_number":34,"box":{"x":461,"y":410,"width":54,"height":7}},{"id":"26c2fc77-9ad5-4913-8ba0-46cf28f63aaf","block_type":"box","text":"Refer to the “Account Services and Privileges” section of this","page_number":34,"box":{"x":461,"y":425,"width":404,"height":10}},{"id":"4aa8e1fd-fea4-452a-8877-c19f859ecf72","block_type":"box","text":"prospectus for additional information.","page_number":34,"box":{"x":461,"y":438,"width":247,"height":11}},{"id":"3671a96a-d084-4946-8db3-0d21034f3e40","block_type":"box","text":"How to Pay for","page_number":34,"box":{"x":61,"y":457,"width":99,"height":10}},{"id":"a8b48dbc-d672-437e-abdf-33377fac0e19","block_type":"box","text":"Shares","page_number":34,"box":{"x":60,"y":468,"width":46,"height":8}},{"id":"c9c65495-4770-4be7-915d-391ad7d676ea","block_type":"box","text":"Making payment for purchases Payment for an order must be made in Federal funds or other","page_number":34,"box":{"x":214,"y":456,"width":651,"height":11}},{"id":"bcbab93a-1e8b-4f2d-9bdf-3572a64a0c8f","block_type":"box","text":"immediately available funds by the time specified by your Financial","page_number":34,"box":{"x":461,"y":470,"width":438,"height":10}},{"id":"78a94901-1169-4aa2-85ba-d7bf5b443731","block_type":"box","text":"Intermediary, but in no event later than 4:00 p.m. (Eastern time) on","page_number":34,"box":{"x":461,"y":484,"width":446,"height":10}},{"id":"edfee25b-7b0b-4b24-8ef6-11390d22f6f6","block_type":"box","text":"the first business day following BlackRock’s receipt of the order. If","page_number":34,"box":{"x":460,"y":497,"width":439,"height":11}},{"id":"9d8ac750-5c77-4e07-95b3-662b824d51a9","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":34,"box":{"x":461,"y":511,"width":445,"height":10}},{"id":"09f5d1fe-8f29-4446-a163-cbe1622da39d","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":34,"box":{"x":460,"y":524,"width":460,"height":10}},{"id":"80009876-7b0a-497f-8f98-674aad34bbb9","block_type":"box","text":"the Fund.","page_number":34,"box":{"x":460,"y":538,"width":61,"height":8}},{"id":"98a7a099-4483-4d9b-b367-477a524a67b8","block_type":"box","text":"For shares purchased directly from the Fund, a check payable to","page_number":34,"box":{"x":461,"y":554,"width":423,"height":10}},{"id":"20444d61-fb74-4768-bfbd-0de91fdf7baa","block_type":"box","text":"BlackRock Funds which bears the name of the Fund must accompany a","page_number":34,"box":{"x":461,"y":567,"width":470,"height":11}},{"id":"70ed0c16-e2de-4ef5-8bf5-b9e94f7f97a5","block_type":"box","text":"completed purchase application. The Fund limits purchases by personal","page_number":34,"box":{"x":461,"y":581,"width":473,"height":10}},{"id":"ef928a18-11cc-4985-84f5-4eea13da4480","block_type":"box","text":"check to $500,000 per trade. There is a $20 fee for each purchase","page_number":34,"box":{"x":461,"y":594,"width":447,"height":11}},{"id":"55585961-d1ff-490b-a526-96beeb5e9437","block_type":"box","text":"check that is returned due to insufficient funds. The Fund does not","page_number":34,"box":{"x":461,"y":608,"width":442,"height":8}},{"id":"d1aee27f-37ee-4ee1-814c-8177864755e6","block_type":"box","text":"accept third-party checks. You may also wire Federal funds to the Fund","page_number":34,"box":{"x":461,"y":622,"width":465,"height":10}},{"id":"b4be575a-307e-4b16-a91b-8d5dc5ba7fa1","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":34,"box":{"x":460,"y":635,"width":470,"height":10}},{"id":"ba0bc5e0-6468-44f5-8b6f-27ceddb7df5e","block_type":"box","text":"to confirm the wiring instructions.","page_number":34,"box":{"x":460,"y":649,"width":221,"height":10}},{"id":"5ab90978-29a8-48dc-a083-cc2bfe1d410e","block_type":"box","text":"How to Sell Shares","page_number":34,"box":{"x":61,"y":673,"width":156,"height":10}},{"id":"ad246a32-1e30-493d-99e7-27eadb34177f","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":695,"width":478,"height":9}},{"id":"bcbe1274-ad2b-4a46-8ae2-6b381bf21906","block_type":"box","text":"Full or Partial","page_number":34,"box":{"x":61,"y":713,"width":90,"height":8}},{"id":"3d08a6fe-deb0-46fc-b3da-ba386db6119c","block_type":"box","text":"Redemption of","page_number":34,"box":{"x":61,"y":724,"width":98,"height":10}},{"id":"296f8bd4-17a0-4821-8491-bbce21d4fc7f","block_type":"box","text":"Shares","page_number":34,"box":{"x":60,"y":736,"width":46,"height":8}},{"id":"42ee30ad-8ad2-42bc-91f0-b448c2cf0a72","block_type":"box","text":"Have your Financial Intermediary","page_number":34,"box":{"x":214,"y":713,"width":215,"height":10}},{"id":"8a3c997a-1aaa-42cf-b286-0a92b7a89863","block_type":"box","text":"submit your sales order","page_number":34,"box":{"x":214,"y":726,"width":155,"height":10}},{"id":"1a1f7c6e-746d-4e80-955f-a631d5d31970","block_type":"box","text":"You can make redemption requests through your Financial","page_number":34,"box":{"x":460,"y":713,"width":382,"height":10}},{"id":"fb125125-a08b-48f1-8d79-f3a236feb5ab","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":34,"box":{"x":461,"y":726,"width":398,"height":10}},{"id":"b4bc4f69-2066-490a-9433-82e9a9b95ff7","block_type":"box","text":"redeeming Investor A, Investor C or Institutional Shares. The price of","page_number":34,"box":{"x":461,"y":739,"width":453,"height":11}},{"id":"3211d5f2-b490-459b-8d01-52581d826fb9","block_type":"box","text":"your shares is based on the next calculation of the Fund’s net asset","page_number":34,"box":{"x":460,"y":753,"width":451,"height":10}},{"id":"9bae8725-099b-40b9-81f6-c0c7d2c91d28","block_type":"box","text":"value after your order is placed. For your redemption request to be","page_number":34,"box":{"x":460,"y":767,"width":438,"height":10}},{"id":"43dbcec9-2a4f-4fcf-9168-0af8f990428d","block_type":"box","text":"priced at the net asset value on the day of your request, you must","page_number":34,"box":{"x":461,"y":780,"width":436,"height":10}},{"id":"d4602201-fe1f-4af7-8abf-8ab27eba1c11","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":34,"box":{"x":461,"y":794,"width":452,"height":10}},{"id":"c9111956-d717-44e3-9556-f66640c59a32","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":34,"box":{"x":461,"y":807,"width":438,"height":11}},{"id":"9bea1195-023f-45c4-b679-ddd76a58c9f4","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":34,"box":{"x":461,"y":821,"width":457,"height":10}},{"id":"91a54621-0a3e-426a-9cbc-8ecdd5431804","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":34,"box":{"x":461,"y":834,"width":470,"height":11}},{"id":"ecbb2e43-2c8b-41f0-ae4f-82d2f6410108","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":34,"box":{"x":460,"y":848,"width":447,"height":10}},{"id":"0a49dda0-fd69-457f-9d40-4b537493ac2f","block_type":"box","text":"next business day.","page_number":34,"box":{"x":461,"y":862,"width":121,"height":10}},{"id":"8270dada-2f3e-4a2c-9782-8ec0fc5646b8","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":34,"box":{"x":461,"y":877,"width":437,"height":11}},{"id":"f9232e86-8824-45b8-882c-22775176b9c6","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":34,"box":{"x":461,"y":891,"width":458,"height":10}},{"id":"b232f959-ce09-440c-89f0-0c6aa0278c59","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":34,"box":{"x":460,"y":904,"width":465,"height":11}},{"id":"69bdc29f-375c-4eb9-877a-735814305c7a","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f82f99e9-eaa8-4301-8618-98f8bf85911f","block_type":"box","text":"NM1026U-5984563-34/68","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0ccb7756-d6e8-4e67-ace9-2081ec678638","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"fddf47e6-2f2a-43a7-976a-a95e339d695d","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"21e41713-1323-4bfc-b639-a14ac67a83fe","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"d887387e-f8aa-4dc9-b863-ffe4bcf559a8","block_type":"box","text":"Shares (continued)","page_number":35,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"642badef-77f0-49ed-ba3a-ea1d89f9a438","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":67,"width":215,"height":10}},{"id":"aa7a91b9-5826-4959-9864-067cbf203e24","block_type":"box","text":"submit your sales order","page_number":35,"box":{"x":214,"y":81,"width":155,"height":10}},{"id":"6003487c-db0e-43fc-a369-3543587aab2a","block_type":"box","text":"(continued)","page_number":35,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"55ab622d-183c-4080-ba37-443d68bfec98","block_type":"box","text":"but in any event, within seven days.","page_number":35,"box":{"x":461,"y":67,"width":233,"height":10}},{"id":"ec8beab6-490c-4904-92db-e367ac4e57a4","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":35,"box":{"x":461,"y":83,"width":415,"height":11}},{"id":"cec1f2af-0c33-4254-9e70-5c3046b2914e","block_type":"box","text":"redemption of shares.","page_number":35,"box":{"x":461,"y":97,"width":144,"height":10}},{"id":"752bebec-8cd5-4d28-8b2d-319af0b12673","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":35,"box":{"x":460,"y":113,"width":380,"height":10}},{"id":"1d94e016-b64d-432a-b4ad-480b0ae9ecca","block_type":"box","text":"circumstances.","page_number":35,"box":{"x":461,"y":127,"width":98,"height":8}},{"id":"650dba6a-8d4a-47a8-aeef-fd445d6de733","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":145,"width":207,"height":10}},{"id":"5465ffe6-3f1a-4477-89fe-91f827f01a9d","block_type":"box","text":"BlackRock","page_number":35,"box":{"x":214,"y":158,"width":67,"height":8}},{"id":"62803ec5-942e-44c9-ad98-9efdfd5ab78a","block_type":"box","text":"Methods of Redeeming","page_number":35,"box":{"x":461,"y":145,"width":156,"height":10}},{"id":"5b7de51a-6080-4c79-b45c-0f7709816cd5","block_type":"box","text":"Redeem by Telephone:","page_number":35,"box":{"x":461,"y":161,"width":150,"height":10}},{"id":"290f8c7a-40fe-4c71-83e6-1a5c3c0dc48a","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":35,"box":{"x":617,"y":161,"width":302,"height":10}},{"id":"c5660c76-5cdd-4ec9-abcf-3fe877304f29","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":35,"box":{"x":460,"y":174,"width":464,"height":10}},{"id":"ecab2e65-852a-4c20-985b-1df237b5ec51","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":35,"box":{"x":461,"y":187,"width":441,"height":11}},{"id":"78c9a2f0-7912-4d32-a35d-0bf5c22e9a8e","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":35,"box":{"x":461,"y":201,"width":433,"height":11}},{"id":"f253e990-9614-4772-abe1-79250ccd4b14","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":35,"box":{"x":461,"y":215,"width":418,"height":10}},{"id":"f0330e44-5068-4dbd-9a7c-2dab303ab3c9","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":35,"box":{"x":461,"y":229,"width":462,"height":10}},{"id":"56544822-e79f-455b-a00c-928b1fbe0fb3","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":35,"box":{"x":461,"y":242,"width":456,"height":10}},{"id":"a9050a73-f9ac-4f19-a981-cd6da3524c6c","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":35,"box":{"x":461,"y":256,"width":472,"height":10}},{"id":"359a2e7c-9e9f-4520-8d4b-86a23078d85b","block_type":"box","text":"for details.","page_number":35,"box":{"x":460,"y":269,"width":70,"height":8}},{"id":"b2e6f2db-cf1e-4fcd-81d5-e5a052b22b2a","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":35,"box":{"x":460,"y":285,"width":448,"height":10}},{"id":"96d46367-c8f8-4b8f-8638-ff7ac75ecc25","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":35,"box":{"x":461,"y":299,"width":434,"height":10}},{"id":"7206a783-ef4c-4052-9f21-a7625ef6c0f4","block_type":"box","text":"association, national securities exchange or registered securities","page_number":35,"box":{"x":461,"y":312,"width":430,"height":11}},{"id":"e68faaad-1de3-4fa9-a3b4-2f9dc18b5723","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":35,"box":{"x":461,"y":326,"width":366,"height":10}},{"id":"2337ad61-7719-4d43-9c79-1970ccc8013e","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":35,"box":{"x":460,"y":342,"width":468,"height":10}},{"id":"071e8c8e-b42e-4db4-8d5f-116ffbdc45cf","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":35,"box":{"x":461,"y":355,"width":474,"height":11}},{"id":"3ff618a7-0b1a-4699-a066-d731cf2446b2","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":35,"box":{"x":460,"y":369,"width":450,"height":10}},{"id":"f6830531-9d46-4786-bdfb-7eb475da34e7","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":35,"box":{"x":461,"y":382,"width":450,"height":11}},{"id":"c5127f8c-fbc1-4fd8-956d-95c0c0a0927f","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":35,"box":{"x":460,"y":396,"width":445,"height":10}},{"id":"b36add20-2b8e-4276-86bf-68d699c6104b","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":35,"box":{"x":461,"y":409,"width":463,"height":11}},{"id":"f171c05f-df18-4673-9e16-982414a67607","block_type":"box","text":"believes it is advisable to do so.","page_number":35,"box":{"x":461,"y":423,"width":212,"height":8}},{"id":"e401b306-6ec3-433a-a7ef-9d3efcbcef32","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":35,"box":{"x":461,"y":439,"width":452,"height":11}},{"id":"c7789758-aa7c-46ed-a2bd-58bb795b6acc","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":35,"box":{"x":461,"y":453,"width":427,"height":10}},{"id":"27935f06-3953-4311-a091-7b33342d2d39","block_type":"box","text":"redemption methods below.","page_number":35,"box":{"x":461,"y":466,"width":181,"height":10}},{"id":"7e39245f-bd3d-4165-a5a2-c1129ad932ea","block_type":"box","text":"Redeem by VRU:","page_number":35,"box":{"x":461,"y":483,"width":111,"height":10}},{"id":"1f905ceb-52e7-4521-bf27-af7e39464340","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":35,"box":{"x":579,"y":482,"width":348,"height":11}},{"id":"9ff974c6-c3d8-45b0-a885-afe5ab291b33","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":35,"box":{"x":461,"y":496,"width":469,"height":10}},{"id":"af60a13e-cfeb-4aa4-83d9-2c93b3f95396","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":35,"box":{"x":461,"y":509,"width":420,"height":11}},{"id":"6166e784-4277-4457-abac-f01d438ed1ed","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":35,"box":{"x":461,"y":522,"width":392,"height":11}},{"id":"c4801ad0-e6e9-4405-b99c-ac295f732120","block_type":"box","text":"Redeem by Internet:","page_number":35,"box":{"x":461,"y":539,"width":136,"height":10}},{"id":"d34105fb-b19d-4c27-b5c4-7f36879136d6","block_type":"box","text":"You may redeem in your account by logging onto","page_number":35,"box":{"x":603,"y":539,"width":317,"height":10}},{"id":"94e406c4-3b3c-4cd4-8ef8-935262e5f7ff","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":35,"box":{"x":460,"y":553,"width":461,"height":8}},{"id":"ab261fab-f069-4add-b5e6-d634935fece3","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":35,"box":{"x":461,"y":566,"width":473,"height":10}},{"id":"2cb6715f-be26-41e4-ac4a-1028910cef81","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":35,"box":{"x":461,"y":580,"width":472,"height":10}},{"id":"bc2830cb-9e06-4f00-87b7-dd2beb96be2f","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":35,"box":{"x":461,"y":593,"width":459,"height":10}},{"id":"d2817bdf-f76a-4408-a29a-5240d1d571ee","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":35,"box":{"x":461,"y":607,"width":451,"height":10}},{"id":"6b77cfa3-858b-4aca-8773-58739937a53e","block_type":"box","text":"certain institutional investors.","page_number":35,"box":{"x":461,"y":620,"width":196,"height":9}},{"id":"f9dbd599-cdf0-4e29-82fe-038909ec7e3c","block_type":"box","text":"Redeem in Writing:","page_number":35,"box":{"x":461,"y":636,"width":127,"height":11}},{"id":"118af3b9-bddb-4941-998d-b00f25cceb3c","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":35,"box":{"x":594,"y":637,"width":338,"height":10}},{"id":"1c247ee0-f7c2-47df-9325-95cd2f0fdca4","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":35,"box":{"x":461,"y":650,"width":468,"height":10}},{"id":"b74e70d8-0e77-49a7-8e7e-65120b38d47c","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":35,"box":{"x":460,"y":663,"width":446,"height":11}},{"id":"4c7ccfe7-95b0-4b5f-8b79-c3cff333d266","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":35,"box":{"x":461,"y":677,"width":466,"height":10}},{"id":"74acd8a7-d752-430c-9756-7d4899f086c7","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":35,"box":{"x":461,"y":691,"width":460,"height":10}},{"id":"5f6b4af5-2738-49fe-8c6a-e09592de9c4f","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":35,"box":{"x":461,"y":704,"width":457,"height":10}},{"id":"a24c0a07-7fbe-48aa-ac48-4d86bb346c65","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":35,"box":{"x":461,"y":718,"width":461,"height":10}},{"id":"b014151e-acba-46ce-8a2b-4e408d4f0315","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":35,"box":{"x":461,"y":731,"width":450,"height":11}},{"id":"25132f23-f928-47d5-8132-b1910a3e8b55","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":35,"box":{"x":461,"y":745,"width":443,"height":10}},{"id":"73cc8366-6b5b-4192-b676-37654ce3aaa5","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":35,"box":{"x":461,"y":758,"width":465,"height":10}},{"id":"691bf1b6-19b8-412a-9369-75a0bb046b51","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":35,"box":{"x":461,"y":772,"width":462,"height":10}},{"id":"538cdf1f-a1ac-4d8a-b97e-94936b671eef","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":35,"box":{"x":461,"y":785,"width":404,"height":10}},{"id":"ed63742f-ed41-42d6-80c4-c52677346989","block_type":"box","text":"Payment of Redemption Proceeds","page_number":35,"box":{"x":461,"y":799,"width":228,"height":10}},{"id":"7bd218fa-ce37-47ec-8096-842a9bd54168","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":35,"box":{"x":461,"y":815,"width":467,"height":10}},{"id":"caaed2f1-2441-4563-93f7-5a072f13e2fe","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":35,"box":{"x":461,"y":828,"width":393,"height":11}},{"id":"01f34055-cdad-4429-9002-b73fbcff4ce5","block_type":"box","text":"Payment by Check:","page_number":35,"box":{"x":461,"y":845,"width":129,"height":10}},{"id":"4ceade9d-709d-4fbb-8b30-f4cd659576bb","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":35,"box":{"x":597,"y":845,"width":329,"height":10}},{"id":"cec636c1-69b4-4352-a5e9-9b87f52bab8c","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":35,"box":{"x":460,"y":858,"width":430,"height":11}},{"id":"7e64a3c8-25f2-4175-8e1a-e32c8904fb7c","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":35,"box":{"x":461,"y":872,"width":460,"height":10}},{"id":"a70a6dfb-91ee-46b0-aa26-e17f0fa73753","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":35,"box":{"x":461,"y":885,"width":468,"height":10}},{"id":"216e4703-d413-4d1d-8ff0-9295924b7a59","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":35,"box":{"x":461,"y":898,"width":467,"height":11}},{"id":"4a8fe60b-fae2-43d8-aa8b-8e735a5e1eba","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":35,"box":{"x":461,"y":912,"width":467,"height":11}},{"id":"3a70f69b-1999-4cfe-9557-1fb6be9c7c93","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"e8417793-baf0-4378-815f-5ba06881ba93","block_type":"box","text":"NM1026U-5984563-35/68","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"79a9c12b-5d66-4dca-942b-0013ea179d03","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"f6eafb89-de9a-47fe-b75a-70cfeba248c6","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"cda9d1e1-cc36-4bbe-9af2-62a66524fa3f","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"6110394f-797a-4c40-b420-164375b26512","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"4ffc44c6-cce4-45c0-9b19-1a0ffb68bbc1","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"4e93ae2e-7c46-45f2-a7de-33dddc57725b","block_type":"box","text":"BlackRock (continued)","page_number":36,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"dc700b4d-92d8-45e1-bb97-77ed5660f52c","block_type":"box","text":"charges imposed by your bank for this service.","page_number":36,"box":{"x":461,"y":67,"width":307,"height":11}},{"id":"7c109bc2-8d06-491a-9f33-fd6d7d692298","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":36,"box":{"x":460,"y":84,"width":438,"height":10}},{"id":"ddbb7d8f-e381-4e00-9b8b-b320065f5081","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":36,"box":{"x":461,"y":97,"width":429,"height":10}},{"id":"dacde3a1-1a99-4bb2-892d-01ff1f962cc5","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":36,"box":{"x":461,"y":111,"width":403,"height":10}},{"id":"8e68e2ac-4ab0-4729-b560-3bac64323c40","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":36,"box":{"x":461,"y":124,"width":467,"height":8}},{"id":"35f710fa-958e-4417-b4f0-fafe033b85bc","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":36,"box":{"x":460,"y":138,"width":456,"height":10}},{"id":"50814ca9-b94a-4416-bb24-7cbb83af3be1","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":36,"box":{"x":460,"y":151,"width":402,"height":10}},{"id":"a87d1f1e-611c-43c5-a17e-00f5c3d28acf","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":36,"box":{"x":461,"y":164,"width":430,"height":11}},{"id":"b7943fd8-f60f-467f-b1f5-dccde3b72b2d","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":36,"box":{"x":461,"y":178,"width":465,"height":10}},{"id":"c8f76054-00c0-47c4-b820-872847b04257","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":36,"box":{"x":461,"y":192,"width":473,"height":8}},{"id":"15861087-84d9-49b7-958c-a8f90bf852b8","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":36,"box":{"x":461,"y":205,"width":456,"height":10}},{"id":"e0f94a24-11d4-4cf1-b348-ed6a983e5032","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":36,"box":{"x":461,"y":219,"width":461,"height":10}},{"id":"cd019703-279c-4b16-ac22-ea437bdb36c7","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":36,"box":{"x":460,"y":232,"width":469,"height":11}},{"id":"79f24b4b-90bf-4c90-a895-6109985fc647","block_type":"box","text":"as of the date of payment of the distribution.","page_number":36,"box":{"x":461,"y":246,"width":295,"height":10}},{"id":"d30107cc-d078-43d2-999a-dcdbece91ea2","block_type":"box","text":"Payment by Wire Transfer:","page_number":36,"box":{"x":461,"y":262,"width":177,"height":10}},{"id":"ab2a2e3a-820b-4c9f-ba75-264207c4034a","block_type":"box","text":"Payment for redeemed shares for which a","page_number":36,"box":{"x":644,"y":262,"width":275,"height":10}},{"id":"d505d690-d5d6-4395-a81e-fbb6f143bf4f","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":36,"box":{"x":461,"y":275,"width":437,"height":11}},{"id":"bdafea0e-af70-4063-bdd3-fa33c507c52c","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":36,"box":{"x":461,"y":289,"width":471,"height":10}},{"id":"c4d44942-6665-4042-99e1-6ab009a69cf2","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":36,"box":{"x":461,"y":303,"width":417,"height":10}},{"id":"676bb029-eafc-40f0-a827-8153605feceb","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":36,"box":{"x":461,"y":316,"width":449,"height":10}},{"id":"bb146f3b-cfdc-4f7a-b8bf-de18073b8fac","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":36,"box":{"x":461,"y":330,"width":449,"height":10}},{"id":"453ffff2-eb9d-445b-b778-87a7e8014a0d","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":36,"box":{"x":461,"y":343,"width":433,"height":10}},{"id":"adc7fd82-51b5-44b4-9470-c72260584031","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":357,"width":449,"height":10}},{"id":"1af7ec72-c2c9-4f7a-a8d9-ee56b5ffa507","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":36,"box":{"x":461,"y":370,"width":437,"height":11}},{"id":"26cf6d95-8e28-4eeb-88d5-e936905937a6","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":36,"box":{"x":461,"y":384,"width":469,"height":10}},{"id":"d1263e59-a48f-4859-b0ac-341f2e40c899","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":36,"box":{"x":459,"y":397,"width":448,"height":11}},{"id":"160de81b-95b0-4e8c-853a-c6fe03e13038","block_type":"box","text":"Fund.","page_number":36,"box":{"x":461,"y":411,"width":34,"height":8}},{"id":"fa1f6c32-84c2-432b-aff3-88bffd19ad39","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":36,"box":{"x":461,"y":427,"width":434,"height":10}},{"id":"74ac4ed0-09e3-4077-8cb3-59bb91d314cd","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":36,"box":{"x":461,"y":440,"width":468,"height":11}},{"id":"2e79e145-7142-49ad-ae03-5edf30d50760","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":36,"box":{"x":461,"y":453,"width":460,"height":11}},{"id":"d7d31bc7-0745-49ec-ae6a-011c7ae80fe8","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":36,"box":{"x":461,"y":467,"width":441,"height":11}},{"id":"60c07917-31c6-4e0e-9bcf-ad04c682cc24","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":36,"box":{"x":461,"y":481,"width":472,"height":10}},{"id":"fc70e086-ec77-4d32-b808-d57081c2800f","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":36,"box":{"x":460,"y":495,"width":438,"height":10}},{"id":"a4355fb3-6c08-4852-ae89-0ea68b6d7eb5","block_type":"box","text":"imposed by the Fund.","page_number":36,"box":{"x":461,"y":508,"width":140,"height":10}},{"id":"d6987b12-b987-4c0d-b0cb-f684a69b3965","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":36,"box":{"x":460,"y":524,"width":425,"height":10}},{"id":"65c02edd-3103-469d-9811-e2023f2d1a2c","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":36,"box":{"x":461,"y":538,"width":455,"height":10}},{"id":"ecdf832e-0e2d-4eaf-911f-58bf7b34a347","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":36,"box":{"x":461,"y":552,"width":476,"height":10}},{"id":"0dbd2035-ac5c-4254-8298-f1dd7cdf6a27","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":36,"box":{"x":461,"y":565,"width":455,"height":10}},{"id":"5563dc98-c24f-43d5-b771-97a24f14b605","block_type":"box","text":"the back cover of this prospectus.","page_number":36,"box":{"x":460,"y":578,"width":224,"height":10}},{"id":"cb242b6d-4f0f-403a-8640-a5a763c8452e","block_type":"box","text":"Payment by ACH:","page_number":36,"box":{"x":461,"y":595,"width":116,"height":10}},{"id":"ae419220-7ce0-4657-bb0e-6185d9b285c1","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":36,"box":{"x":584,"y":595,"width":272,"height":10}},{"id":"0ecf1235-ca02-4151-a819-2e9c0e12975e","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":36,"box":{"x":461,"y":608,"width":469,"height":10}},{"id":"cac96632-6910-400c-8d16-1da80de96dc3","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":36,"box":{"x":461,"y":622,"width":432,"height":10}},{"id":"3b14006c-32ff-4457-add7-5bb1fc6ac50c","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":36,"box":{"x":461,"y":635,"width":441,"height":10}},{"id":"79dedfe5-b365-4a8c-930d-e9618bf5f026","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":36,"box":{"x":461,"y":649,"width":428,"height":10}},{"id":"cc78ad27-6ad7-4693-82a1-00189c55c407","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":36,"box":{"x":461,"y":662,"width":420,"height":11}},{"id":"cb0f348b-d18a-476b-83fa-1ea7a555471c","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":36,"box":{"x":461,"y":676,"width":467,"height":10}},{"id":"67a5e3ad-ec2a-4fbe-a855-d29db8171a99","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":36,"box":{"x":460,"y":689,"width":458,"height":10}},{"id":"38ccdd91-e876-4502-afd8-5132c3a748a0","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":36,"box":{"x":461,"y":703,"width":457,"height":10}},{"id":"feed585f-4833-41a9-8208-01edbecb8c66","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":716,"width":449,"height":11}},{"id":"fe2a14ab-4a0f-4866-8891-9608c00157e8","block_type":"box","text":"open for business.","page_number":36,"box":{"x":461,"y":730,"width":121,"height":10}},{"id":"7a1a41f7-aeff-4b1d-af8d-d4fdd10e0dfc","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":36,"box":{"x":460,"y":746,"width":467,"height":10}},{"id":"59f75315-52b0-4cec-8c28-701d7001dff0","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":36,"box":{"x":461,"y":759,"width":465,"height":11}},{"id":"b6d2b0f0-7480-4895-a5c7-7f5ab996272a","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":36,"box":{"x":461,"y":773,"width":432,"height":10}},{"id":"19ba0083-9b0d-488c-9a97-0111000466a8","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":36,"box":{"x":461,"y":787,"width":415,"height":10}},{"id":"5d7972f2-096d-4c68-84fb-4d5d8c7dc498","block_type":"box","text":"***","page_number":36,"box":{"x":686,"y":803,"width":25,"height":5}},{"id":"06123491-69bb-4571-bb00-a1349221c880","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":36,"box":{"x":461,"y":816,"width":423,"height":10}},{"id":"d33dc081-7697-425c-84b6-c19473eb8b1e","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":36,"box":{"x":461,"y":830,"width":456,"height":10}},{"id":"459085c6-0cf7-4cc7-9d61-ee047dd8e259","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":36,"box":{"x":461,"y":844,"width":352,"height":10}},{"id":"e62d867b-2c95-4b55-89e5-258e1ca43f15","block_type":"box","text":"Redemption","page_number":36,"box":{"x":61,"y":861,"width":80,"height":10}},{"id":"968d127c-ff52-448b-aac5-b5707a2355c0","block_type":"box","text":"Proceeds","page_number":36,"box":{"x":61,"y":873,"width":62,"height":8}},{"id":"1579a4ad-b916-41b5-9a70-74703fa92a8a","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":36,"box":{"x":461,"y":864,"width":445,"height":10}},{"id":"8d826360-5fe8-484a-a878-d61115384f93","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":36,"box":{"x":461,"y":877,"width":467,"height":11}},{"id":"eebdabec-d5a0-4ca7-8adc-5c7ca0ab639f","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":36,"box":{"x":461,"y":891,"width":455,"height":10}},{"id":"8db92087-e35c-4c32-8847-979cd8d5b54a","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":36,"box":{"x":461,"y":904,"width":450,"height":11}},{"id":"e45b2baf-e935-4f3c-8882-3af8d4611c2c","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8040d604-722e-4a51-890f-a4be2e15a331","block_type":"box","text":"NM1026U-5984563-36/68","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a185511c-f20a-454f-b9a0-f16833be1e18","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"80cb9020-15ec-47b8-b337-9506cbc94bf1","block_type":"box","text":"Redemption","page_number":37,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"aea3a04b-d2ae-41a6-98ec-6523f06b9e81","block_type":"box","text":"Proceeds","page_number":37,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"f6234a43-49c7-4a23-84d6-5a25ff32c058","block_type":"box","text":"(continued)","page_number":37,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"759b15b5-b9ce-4019-9139-d034841cd872","block_type":"box","text":"(continued) comprised of less-liquid investments, the Fund may be more likely to","page_number":37,"box":{"x":214,"y":67,"width":699,"height":10}},{"id":"4c189bcc-2a34-49ca-be34-28011a46a990","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":37,"box":{"x":461,"y":81,"width":471,"height":10}},{"id":"d7c8c41f-3155-4829-bb7c-cf64c4ff46e9","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":37,"box":{"x":461,"y":94,"width":471,"height":11}},{"id":"7314c9fb-e79a-4c41-aa37-5bdb70e3c1d9","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":37,"box":{"x":461,"y":108,"width":453,"height":10}},{"id":"3530d8b7-26e1-491a-b6ec-646fd903e72e","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":37,"box":{"x":461,"y":121,"width":405,"height":9}},{"id":"521b4607-ffd9-4b7d-bf1f-ac6c724b8df4","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":37,"box":{"x":461,"y":137,"width":408,"height":11}},{"id":"371b9a08-cca9-4c01-b803-baeddcf8abe0","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":37,"box":{"x":461,"y":151,"width":457,"height":10}},{"id":"fb53ab5c-6112-4123-bc2c-95a334ce26c3","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":37,"box":{"x":460,"y":164,"width":440,"height":11}},{"id":"80d0afb8-42e0-4dc2-95e9-94fe2522b419","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":37,"box":{"x":460,"y":178,"width":340,"height":10}},{"id":"a0ee7f66-bdd8-403a-8f8a-84d38681e781","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":37,"box":{"x":61,"y":203,"width":415,"height":12}},{"id":"9dd0494d-0f56-46c5-a68e-3727d65ce282","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":225,"width":478,"height":9}},{"id":"feeecc6a-414c-44f1-acd0-5467d16778c8","block_type":"box","text":"Exchange Privilege","page_number":37,"box":{"x":61,"y":242,"width":128,"height":10}},{"id":"a7c3cbb0-4e49-44e9-89ba-b75b349b8016","block_type":"box","text":"Selling shares of one BlackRock","page_number":37,"box":{"x":214,"y":242,"width":212,"height":10}},{"id":"fa30cf57-b0c4-457b-9448-9c48f3bbc318","block_type":"box","text":"Fund to purchase shares of","page_number":37,"box":{"x":214,"y":255,"width":181,"height":11}},{"id":"7c231c1c-dc9c-4995-8ef4-151f3ee7a18e","block_type":"box","text":"another BlackRock Fund","page_number":37,"box":{"x":214,"y":269,"width":158,"height":8}},{"id":"e2fdb767-d104-4cd3-af35-8eb0c1c523df","block_type":"box","text":"(“exchanging”)","page_number":37,"box":{"x":214,"y":283,"width":95,"height":10}},{"id":"3d90adbe-df31-4eca-8bed-a86756c97986","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":37,"box":{"x":461,"y":242,"width":466,"height":10}},{"id":"ebaadb8d-f5c9-4d61-9b5d-8e8feb7ae1f3","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":37,"box":{"x":460,"y":255,"width":465,"height":10}},{"id":"12703c8c-ab64-4d50-b6c7-8c189793605a","block_type":"box","text":"such shares are offered by your Financial Intermediary.","page_number":37,"box":{"x":461,"y":269,"width":362,"height":10}},{"id":"4f7f151e-16f7-411a-9eb3-7f8226cae91c","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":37,"box":{"x":460,"y":284,"width":450,"height":11}},{"id":"b3d17d15-858a-453c-93cf-b9f05b02d649","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":37,"box":{"x":461,"y":299,"width":457,"height":8}},{"id":"82099a77-d05c-4a71-bc42-c7cbb0199e33","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":37,"box":{"x":461,"y":312,"width":459,"height":11}},{"id":"2fcc00eb-9a5d-48fd-bda5-3a458572b2bb","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":37,"box":{"x":461,"y":326,"width":459,"height":10}},{"id":"7aeedd24-89f4-4f81-97d2-9369930f8c93","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":37,"box":{"x":460,"y":339,"width":403,"height":10}},{"id":"10a4b721-9f69-4e3f-85dd-4d604acc2950","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":37,"box":{"x":461,"y":353,"width":475,"height":10}},{"id":"1efe6ca2-dcb9-453d-853f-4c724518f0c7","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":37,"box":{"x":461,"y":366,"width":450,"height":11}},{"id":"adfe38e7-a960-4a0b-b412-e5905fc177ea","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":37,"box":{"x":461,"y":380,"width":419,"height":8}},{"id":"88c937e0-5778-4aa4-be26-b2b8aecf1621","block_type":"box","text":"applicable minimums. There is no required minimum amount with","page_number":37,"box":{"x":461,"y":394,"width":431,"height":9}},{"id":"eb2a108f-4f0b-41a4-ad77-58ebd7ab71fd","block_type":"box","text":"respect to exchanges of Institutional Shares.","page_number":37,"box":{"x":461,"y":407,"width":295,"height":10}},{"id":"0107aa69-3e6c-4a0c-bdd5-982f91a83743","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":37,"box":{"x":460,"y":423,"width":449,"height":10}},{"id":"ed2f6755-e818-4c00-9ace-381e6f50be64","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":37,"box":{"x":461,"y":437,"width":437,"height":10}},{"id":"fa30ed7e-c040-4946-a38c-5eb249dfaafd","block_type":"box","text":"closed to new investors.","page_number":37,"box":{"x":461,"y":450,"width":159,"height":8}},{"id":"45b01f78-a5be-4937-8df9-32a336c1363e","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":37,"box":{"x":461,"y":466,"width":441,"height":10}},{"id":"74c2d09a-65c1-488a-ae30-3b1882a1fb6f","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":37,"box":{"x":461,"y":480,"width":453,"height":10}},{"id":"27af04d5-f203-44ee-a00e-896421221022","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":37,"box":{"x":460,"y":493,"width":477,"height":11}},{"id":"0c031a79-c0cc-4b6e-b026-1dec60524ff4","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":37,"box":{"x":461,"y":507,"width":457,"height":10}},{"id":"d569856c-4009-4176-a01a-ecc3bc314176","block_type":"box","text":"and any subsequent exchange.","page_number":37,"box":{"x":461,"y":521,"width":203,"height":10}},{"id":"9799cd1e-09cf-48e9-b446-372e09ad014e","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":37,"box":{"x":460,"y":537,"width":435,"height":10}},{"id":"4eaaa118-0c68-4bc2-be65-c3fc004cd4bb","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":37,"box":{"x":461,"y":550,"width":406,"height":10}},{"id":"ea445106-6135-49ad-884e-00e4b66ced9a","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":37,"box":{"x":461,"y":563,"width":468,"height":11}},{"id":"6cc4f784-3981-44a7-8f43-bb4bdd4fde0d","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":37,"box":{"x":461,"y":577,"width":455,"height":10}},{"id":"708aaa9c-f792-40e1-9676-5552607f1f32","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":37,"box":{"x":460,"y":591,"width":423,"height":10}},{"id":"13674a86-6321-440e-af15-6ba6f20649b6","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":37,"box":{"x":461,"y":604,"width":398,"height":10}},{"id":"3ab1aca5-3cec-4bf7-b8e4-1cb012d6388a","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":37,"box":{"x":461,"y":618,"width":409,"height":10}},{"id":"af140347-f732-440a-895b-59527ad1419f","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":37,"box":{"x":461,"y":631,"width":469,"height":11}},{"id":"a3fdb3c3-ddc0-4e9a-a44e-a964b675e0d1","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":37,"box":{"x":460,"y":645,"width":461,"height":10}},{"id":"d0aada38-9ce6-4d9a-8d38-4f5fc0f6f0b6","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":37,"box":{"x":460,"y":658,"width":469,"height":11}},{"id":"01e9adb2-ea0b-4fd3-8617-2480c25a7222","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":37,"box":{"x":460,"y":672,"width":368,"height":10}},{"id":"c7f6b940-813d-4203-925f-926fa244f3bb","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":37,"box":{"x":460,"y":688,"width":450,"height":10}},{"id":"0c19e36e-f41a-4378-a09d-894614404c66","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":37,"box":{"x":460,"y":701,"width":473,"height":11}},{"id":"08409d01-ca8d-4226-b24b-86858e375f79","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":37,"box":{"x":461,"y":715,"width":420,"height":10}},{"id":"db278e27-8fdd-4c26-8c64-bb9b086b8e80","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":37,"box":{"x":461,"y":729,"width":439,"height":10}},{"id":"66f00ad6-91bb-46c0-b5f7-013598cedf9c","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":37,"box":{"x":461,"y":742,"width":460,"height":10}},{"id":"cc8bcfe7-eb74-4ee0-9f94-aa96c48d2479","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":37,"box":{"x":461,"y":756,"width":430,"height":10}},{"id":"eb9f2edf-f71a-4e29-8ab2-e7c9177726d4","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":37,"box":{"x":461,"y":769,"width":473,"height":11}},{"id":"7d3eb380-714f-4634-9df4-986c924673c2","block_type":"box","text":"gain or loss may be realized.","page_number":37,"box":{"x":460,"y":783,"width":188,"height":10}},{"id":"5736180f-f213-412b-8f1c-54c2ea09182a","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":37,"box":{"x":461,"y":799,"width":457,"height":10}},{"id":"499f366a-3a42-4f00-8504-ef97863dbc08","block_type":"box","text":"making an exchange request.","page_number":37,"box":{"x":461,"y":813,"width":192,"height":10}},{"id":"564e2a2b-1005-44ae-a53e-45bdb76dc0a3","block_type":"box","text":"Transfer Shares to","page_number":37,"box":{"x":60,"y":830,"width":124,"height":9}},{"id":"beafb5d3-74cd-4bd6-8e38-24b8d97053b2","block_type":"box","text":"Another Financial","page_number":37,"box":{"x":60,"y":842,"width":118,"height":8}},{"id":"2365e1f5-6d6c-4258-aa43-d9228411074c","block_type":"box","text":"Intermediary","page_number":37,"box":{"x":61,"y":854,"width":85,"height":10}},{"id":"ad2c8647-0eaa-4443-a053-b37e4dc04440","block_type":"box","text":"Transfer to a participating","page_number":37,"box":{"x":213,"y":830,"width":171,"height":11}},{"id":"ce068986-7050-42f6-8427-7df744686aea","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":844,"width":145,"height":10}},{"id":"26767c94-b028-4da6-8e9c-c97320ac5c1a","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":37,"box":{"x":460,"y":830,"width":436,"height":11}},{"id":"d40d822e-e4c0-4c9b-86ac-6aaba87b59db","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":37,"box":{"x":461,"y":844,"width":455,"height":10}},{"id":"78f1c21f-73bf-4eb6-9498-022520545972","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":37,"box":{"x":461,"y":857,"width":456,"height":11}},{"id":"e7bf5ff7-c669-4fea-b49c-42f3ef29a6a6","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":37,"box":{"x":461,"y":871,"width":456,"height":10}},{"id":"7b8a99d6-2097-42ed-84c1-7c0d154ba579","block_type":"box","text":"receiving firm.","page_number":37,"box":{"x":461,"y":884,"width":91,"height":11}},{"id":"958370d6-b456-4ab6-92d8-87e56b3bc7d3","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"29eb5df3-b182-49e3-bb77-94897340085b","block_type":"box","text":"NM1026U-5984563-37/68","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5cc9c643-cafc-41e5-8e6b-6dae01326cde","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"fcb8e52f-6391-4f43-b2a5-05a12798d7ae","block_type":"box","text":"Transfer Shares to","page_number":38,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"751784fd-055a-4073-b05f-39d2a7afccae","block_type":"box","text":"Another Financial","page_number":38,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"2f0ed010-5684-4392-8edc-e4c3ef44e6ca","block_type":"box","text":"Intermediary","page_number":38,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"813ff39e-1d5b-4f57-a16e-b53f7457e02a","block_type":"box","text":"(continued)","page_number":38,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"da358c0b-06f3-4bf1-ab69-363b78ce3d68","block_type":"box","text":"Transfer to a participating","page_number":38,"box":{"x":213,"y":67,"width":171,"height":11}},{"id":"67b58688-82e6-4adc-9e39-b2fdce408f42","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"f593c7af-21b6-4e6a-bd47-06941843549e","block_type":"box","text":"(continued)","page_number":38,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"4107e158-a9fb-4a85-a22c-8b7b4f6cb954","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":70,"width":390,"height":10}},{"id":"02f51484-5932-4b29-9927-499a1c400530","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":83,"width":443,"height":11}},{"id":"b62db962-cd37-43f6-a723-3424693bc82a","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":97,"width":394,"height":10}},{"id":"37e4d9f5-cc63-477d-a2b1-fb8d7795b3ce","block_type":"box","text":"Transfer to a non-participating","page_number":38,"box":{"x":213,"y":126,"width":199,"height":10}},{"id":"f1143c62-d0de-418f-b3bc-b4fd98f8e995","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":140,"width":145,"height":10}},{"id":"c5819254-907b-4501-bfb7-5aeb9c33ff46","block_type":"box","text":"You must either:","page_number":38,"box":{"x":460,"y":126,"width":107,"height":8}},{"id":"9e3a1746-d024-422f-9a3f-eb115a02f00a","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":142,"width":3,"height":3}},{"id":"41b81413-4e55-4ea7-8b12-862e3f53099a","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":38,"box":{"x":470,"y":139,"width":346,"height":11}},{"id":"b15d64b1-fa73-43ac-b84a-d24027439d85","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":156,"width":3,"height":3}},{"id":"c832338d-8677-4158-9309-7fdfce9c12fb","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":38,"box":{"x":471,"y":153,"width":409,"height":10}},{"id":"a601f46c-b3a3-459f-ac19-70c157f68c6d","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":169,"width":390,"height":10}},{"id":"3e0e0e6e-0576-4899-abb8-ff2b4ecf792d","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":183,"width":443,"height":10}},{"id":"3701cf8a-81e8-4aad-b035-a005aef900e9","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":196,"width":394,"height":10}},{"id":"e6e99e07-8b6f-4b19-a570-34b30060b35d","block_type":"box","text":"Account Services and Privileges","page_number":38,"box":{"x":60,"y":237,"width":292,"height":13}},{"id":"0a6d213f-f410-4aeb-b85a-14ed67f83bfd","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":38,"box":{"x":60,"y":263,"width":865,"height":11}},{"id":"49133adc-90b1-4720-8018-b8f38e94adca","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":38,"box":{"x":61,"y":278,"width":841,"height":11}},{"id":"32d886d5-6f70-4b10-9c7b-b0fb1e0207f3","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":38,"box":{"x":61,"y":292,"width":816,"height":12}},{"id":"d559c888-030c-4dd9-9e2a-eb642c581bf2","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":38,"box":{"x":60,"y":307,"width":824,"height":12}},{"id":"093e5184-6efe-47db-9550-f796b1219391","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":38,"box":{"x":62,"y":322,"width":759,"height":12}},{"id":"5a170358-29dc-445f-8c16-5557d49624cf","block_type":"box","text":"Automatic","page_number":38,"box":{"x":60,"y":352,"width":70,"height":8}},{"id":"dcb9c0bc-722e-4bba-99ed-32153169c3e3","block_type":"box","text":"Investment Plan","page_number":38,"box":{"x":61,"y":363,"width":109,"height":8}},{"id":"79d02aa2-0e59-44e0-898b-1b327e443492","block_type":"box","text":"Allows systematic investments","page_number":38,"box":{"x":213,"y":352,"width":202,"height":10}},{"id":"91c3e7b8-fb28-45be-a102-388add6b9485","block_type":"box","text":"on a periodic basis from your","page_number":38,"box":{"x":214,"y":365,"width":192,"height":10}},{"id":"9160d0cc-4bf9-4aa5-8c04-39f2e47e98ab","block_type":"box","text":"checking or savings account.","page_number":38,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"7a9f6e0f-ec73-498a-9023-a9787016ee32","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":38,"box":{"x":461,"y":351,"width":451,"height":11}},{"id":"f6f07423-aaad-4d55-a75e-63f4c0f2e917","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":38,"box":{"x":461,"y":365,"width":431,"height":10}},{"id":"c2f407ad-7733-446a-9a40-2ab57cefc330","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":38,"box":{"x":461,"y":378,"width":437,"height":11}},{"id":"3c5ed56e-4044-4e81-bab6-90fec53cf34c","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":38,"box":{"x":461,"y":392,"width":451,"height":10}},{"id":"d944aedd-03c5-41df-92f1-c4bcc0b32ec6","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":38,"box":{"x":461,"y":405,"width":300,"height":11}},{"id":"c7aea467-f9ba-4fa3-85d3-d8ef9f2fd4af","block_type":"box","text":"Dividend Allocation","page_number":38,"box":{"x":61,"y":424,"width":129,"height":8}},{"id":"918bbdce-9870-4b4c-88ae-cd8b56ce3275","block_type":"box","text":"Plan","page_number":38,"box":{"x":61,"y":435,"width":28,"height":9}},{"id":"db0af74e-19f9-4216-9b4c-756d4c2e2e70","block_type":"box","text":"Automatically invests your","page_number":38,"box":{"x":213,"y":424,"width":172,"height":10}},{"id":"75c1e00e-1ba0-4a3e-a5d2-ba19dabd097f","block_type":"box","text":"distributions into another","page_number":38,"box":{"x":214,"y":437,"width":165,"height":8}},{"id":"4c68f1f1-e63b-48d9-8cb3-0d7746335d48","block_type":"box","text":"BlackRock Fund of your choice","page_number":38,"box":{"x":214,"y":451,"width":200,"height":10}},{"id":"a7015e24-528b-432a-b2a4-fc6897b41f76","block_type":"box","text":"pursuant to your instructions,","page_number":38,"box":{"x":214,"y":464,"width":193,"height":11}},{"id":"35061abd-b990-44db-bec8-3a4a8f358e76","block_type":"box","text":"without any fees or sales","page_number":38,"box":{"x":213,"y":478,"width":165,"height":10}},{"id":"e81a76df-b571-4b33-88b3-1012652c1ec1","block_type":"box","text":"charges.","page_number":38,"box":{"x":214,"y":492,"width":55,"height":10}},{"id":"398d2bce-ed8b-49f3-b305-f11c5a46e72d","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":38,"box":{"x":461,"y":424,"width":433,"height":10}},{"id":"920acfe5-3aae-4377-8cd7-1db6d9e74447","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":38,"box":{"x":461,"y":437,"width":427,"height":11}},{"id":"196184f9-992a-48f8-bfb3-95fcfd2d1996","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":38,"box":{"x":461,"y":451,"width":463,"height":10}},{"id":"542f09ac-6ac9-4d0b-9082-c0294133fa2a","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":38,"box":{"x":461,"y":464,"width":455,"height":11}},{"id":"64579c49-26d6-42ad-9258-e69f4b855541","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":38,"box":{"x":461,"y":478,"width":459,"height":10}},{"id":"73955638-9696-4826-80dd-752f447e02ea","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":38,"box":{"x":461,"y":491,"width":454,"height":11}},{"id":"9b7a36ba-3bb8-4f99-bd89-e5996d6382fb","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":38,"box":{"x":460,"y":505,"width":467,"height":10}},{"id":"6eb7a51e-e725-4e2e-a3bd-2054801f5810","block_type":"box","text":"EZ Trader","page_number":38,"box":{"x":61,"y":523,"width":65,"height":8}},{"id":"3b153d0e-59c2-41bd-9c54-427213c3896d","block_type":"box","text":"Allows an investor to purchase or","page_number":38,"box":{"x":213,"y":523,"width":220,"height":10}},{"id":"89a78ece-40f4-41b5-ad63-0acf167f5305","block_type":"box","text":"sell Investor Shares by telephone","page_number":38,"box":{"x":214,"y":537,"width":219,"height":10}},{"id":"eb62fab9-c175-448b-87ec-cb44a4d93ad3","block_type":"box","text":"or over the Internet through ACH.","page_number":38,"box":{"x":214,"y":550,"width":216,"height":10}},{"id":"abb58f10-f1e3-4663-a79e-2d88837cd773","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":38,"box":{"x":461,"y":523,"width":467,"height":10}},{"id":"2826fb27-b3a5-487f-b9cb-1690f4cd26ae","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":38,"box":{"x":461,"y":537,"width":462,"height":10}},{"id":"135978f1-6dd6-45ce-b2b8-771edf70dcaa","block_type":"box","text":"if your account is held elsewhere.)","page_number":38,"box":{"x":461,"y":550,"width":225,"height":10}},{"id":"d617fa24-f40d-4ab2-ab71-f7faaa9dd82e","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":38,"box":{"x":461,"y":566,"width":467,"height":10}},{"id":"6dae6d5d-c856-4ec3-b6fc-bda5b21a1867","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":38,"box":{"x":461,"y":580,"width":423,"height":10}},{"id":"0387300d-0556-46e9-9fd4-e2fb8a37b583","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":38,"box":{"x":461,"y":593,"width":459,"height":11}},{"id":"e32f7685-c0a0-441d-8d2c-cf39dfaff7a5","block_type":"box","text":"information, and return the application to the address listed on the","page_number":38,"box":{"x":461,"y":607,"width":442,"height":10}},{"id":"b7f13a23-69e4-4a5b-8b12-3365cd265eb5","block_type":"box","text":"form.","page_number":38,"box":{"x":460,"y":620,"width":34,"height":9}},{"id":"c1530758-8bb5-4e34-9353-7371473d3ce9","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":38,"box":{"x":461,"y":637,"width":460,"height":10}},{"id":"2d416b66-db98-447f-bf97-7e838a31c15e","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":38,"box":{"x":461,"y":650,"width":449,"height":10}},{"id":"a2b2bed2-44ca-4957-8a5c-cedc97442345","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":38,"box":{"x":461,"y":664,"width":466,"height":10}},{"id":"d84770be-0a29-4389-8c0a-76783493d88a","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":38,"box":{"x":461,"y":677,"width":470,"height":10}},{"id":"fa483108-ff02-41c7-8766-7e6990a07d70","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":38,"box":{"x":460,"y":691,"width":323,"height":10}},{"id":"c4a82a7d-20f4-4b7f-be18-982bc6afd9a9","block_type":"box","text":"Systematic","page_number":38,"box":{"x":60,"y":709,"width":76,"height":10}},{"id":"fdd5820f-6a38-49a0-9c76-362c75f1b10d","block_type":"box","text":"Exchange Plan","page_number":38,"box":{"x":61,"y":720,"width":99,"height":10}},{"id":"fd11a542-f4a8-4f76-ae87-3d5fc0859899","block_type":"box","text":"This feature can be used by","page_number":38,"box":{"x":213,"y":709,"width":184,"height":10}},{"id":"9cc855ef-c095-4ce8-8b55-a0f804dacebe","block_type":"box","text":"investors to systematically","page_number":38,"box":{"x":214,"y":722,"width":175,"height":10}},{"id":"08de7e8b-6966-4477-86e5-54ae407bedd6","block_type":"box","text":"exchange money from one fund","page_number":38,"box":{"x":214,"y":736,"width":205,"height":10}},{"id":"8bb747c6-33e5-4ee1-9c1c-038b04f0f765","block_type":"box","text":"to up to four other funds.","page_number":38,"box":{"x":213,"y":749,"width":165,"height":10}},{"id":"19634022-2762-464c-8d58-ba94b0295f93","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":38,"box":{"x":460,"y":708,"width":454,"height":11}},{"id":"822c8e92-2db9-44be-b5e1-b873876e850f","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":38,"box":{"x":461,"y":722,"width":414,"height":10}},{"id":"81672869-47ed-44d3-becb-fcd2bdafb0a7","block_type":"box","text":"investment requirements.","page_number":38,"box":{"x":461,"y":736,"width":167,"height":10}},{"id":"8eb4cd2e-5b2c-47dd-bb75-b5d69fb602a2","block_type":"box","text":"Systematic","page_number":38,"box":{"x":60,"y":767,"width":76,"height":10}},{"id":"0c898ccf-13ee-497c-abb0-0b366c848c1e","block_type":"box","text":"Withdrawal Plan","page_number":38,"box":{"x":60,"y":779,"width":110,"height":8}},{"id":"dcb282d8-e2c4-43c7-a67f-cc1aba9b3fdd","block_type":"box","text":"This feature can be used by","page_number":38,"box":{"x":213,"y":767,"width":184,"height":10}},{"id":"0c890108-0733-49f9-8895-920bab73c577","block_type":"box","text":"investors who want to receive","page_number":38,"box":{"x":214,"y":781,"width":194,"height":8}},{"id":"4a4b2ee8-3077-4314-ac9e-269b7cec8b76","block_type":"box","text":"regular distributions from their","page_number":38,"box":{"x":214,"y":794,"width":200,"height":11}},{"id":"d995be06-13a0-4408-89b0-55136c682be4","block_type":"box","text":"accounts.","page_number":38,"box":{"x":214,"y":809,"width":62,"height":7}},{"id":"03f2ba6a-a8f0-4b5a-9804-2b766b24e5b9","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":38,"box":{"x":460,"y":767,"width":438,"height":10}},{"id":"d860908e-97e8-48a3-bc12-87d09e666524","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":38,"box":{"x":461,"y":780,"width":255,"height":10}},{"id":"66396b66-c110-4e29-94ca-c5eb783a05b3","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":38,"box":{"x":461,"y":796,"width":475,"height":11}},{"id":"2b775d9d-6ff6-44a2-850b-3f9a3fd3d406","block_type":"box","text":"interval they choose. Shareholders may sign up by completing the SWP","page_number":38,"box":{"x":461,"y":811,"width":469,"height":10}},{"id":"cab44c9f-d70b-4ac7-98ad-2bc5959ff8ce","block_type":"box","text":"Application Form, which may be obtained from BlackRock. Shareholders","page_number":38,"box":{"x":460,"y":824,"width":474,"height":10}},{"id":"fd0e1bf6-74e9-43df-97ea-c097d92826d2","block_type":"box","text":"should realize that if withdrawals exceed income the invested principal","page_number":38,"box":{"x":461,"y":837,"width":464,"height":11}},{"id":"967c120f-cb79-42e1-b20f-162f81cc09fb","block_type":"box","text":"in their account will be depleted.","page_number":38,"box":{"x":461,"y":851,"width":213,"height":10}},{"id":"d9e7491d-1491-4e0f-97ae-448b113c8d86","block_type":"box","text":"To participate in the SWP, shareholders must have their dividends","page_number":38,"box":{"x":460,"y":867,"width":435,"height":10}},{"id":"165d9847-9388-4a43-92d3-d11462a18935","block_type":"box","text":"reinvested. Shareholders may change or cancel the SWP at any time,","page_number":38,"box":{"x":461,"y":881,"width":455,"height":10}},{"id":"50e25bad-256e-4315-8df9-a6a296e06f30","block_type":"box","text":"with a minimum of 24 hours’ notice. If a shareholder purchases","page_number":38,"box":{"x":460,"y":894,"width":422,"height":10}},{"id":"eed5c25d-edf3-4ecf-ad95-764c99cee937","block_type":"box","text":"additional Investor A Shares of a fund at the same time he or she","page_number":38,"box":{"x":461,"y":908,"width":433,"height":8}},{"id":"4c897dd4-b12a-4047-88cb-f6908615d3dc","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"75b509b9-8625-4a20-ae6a-9eb6e9f04738","block_type":"box","text":"NM1026U-5984563-38/68","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a4ed1714-20a2-4ce3-85d0-bf9e9492ee81","block_type":"box","text":"Systematic","page_number":39,"box":{"x":60,"y":51,"width":76,"height":10}},{"id":"32c7e005-acac-4af1-bf2b-e6776116089d","block_type":"box","text":"Withdrawal Plan","page_number":39,"box":{"x":60,"y":65,"width":110,"height":8}},{"id":"8186042d-ba3f-42a1-91ba-54f1ddbb0a06","block_type":"box","text":"(continued)","page_number":39,"box":{"x":61,"y":78,"width":76,"height":10}},{"id":"9628a353-6053-48f4-941d-8e8ddfa3b216","block_type":"box","text":"This feature can be used by","page_number":39,"box":{"x":213,"y":51,"width":184,"height":10}},{"id":"ff36f78f-d65c-437e-8102-475ec6721c4b","block_type":"box","text":"investors who want to receive","page_number":39,"box":{"x":214,"y":65,"width":194,"height":8}},{"id":"fb64e581-ffa4-40d0-ba86-697c25e0fb4e","block_type":"box","text":"regular distributions from their","page_number":39,"box":{"x":214,"y":78,"width":200,"height":11}},{"id":"393b4824-6b2d-4d33-ae17-5ff5e2ee2095","block_type":"box","text":"accounts. (continued)","page_number":39,"box":{"x":214,"y":92,"width":141,"height":10}},{"id":"42e9c32f-09fd-4cc1-89fa-ab6a42b64716","block_type":"box","text":"redeems shares through the SWP, that investor may lose money","page_number":39,"box":{"x":461,"y":51,"width":424,"height":10}},{"id":"04fab309-1278-4f60-8a7b-ec202dd1c057","block_type":"box","text":"because of the sales charge involved. No CDSC will be assessed on","page_number":39,"box":{"x":461,"y":65,"width":450,"height":10}},{"id":"1c9c168a-c7a9-401a-bf52-5896d60c51ec","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":39,"box":{"x":461,"y":78,"width":465,"height":11}},{"id":"73862bf9-3051-420f-83ee-a60c0069b2c5","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":39,"box":{"x":460,"y":92,"width":416,"height":8}},{"id":"58449acf-2b32-4191-8799-7564484f72f3","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":39,"box":{"x":461,"y":105,"width":442,"height":10}},{"id":"e9af577f-20bd-483d-b075-eaab0da68896","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":39,"box":{"x":461,"y":119,"width":468,"height":10}},{"id":"063aa931-346f-49f0-9594-46c95d7b2f60","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":39,"box":{"x":460,"y":132,"width":457,"height":11}},{"id":"62106c59-fa54-4882-a431-99f8d9ebd48b","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":39,"box":{"x":461,"y":146,"width":474,"height":10}},{"id":"2c9815bf-7702-48e1-8b03-cb7b8a52b488","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":39,"box":{"x":461,"y":159,"width":458,"height":11}},{"id":"246b42b4-f916-4beb-ab76-4d3934398215","block_type":"box","text":"applicable CDSC.","page_number":39,"box":{"x":461,"y":173,"width":112,"height":10}},{"id":"1d1a00b8-75df-41ff-b574-bad5cd9beae2","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":39,"box":{"x":460,"y":189,"width":281,"height":10}},{"id":"33f446da-48f5-4ab8-ba7e-e0b1b1020d66","block_type":"box","text":"Reinstatement","page_number":39,"box":{"x":61,"y":207,"width":99,"height":8}},{"id":"eeed4936-39ac-42ea-a97f-8726fc98ce1f","block_type":"box","text":"Privilege","page_number":39,"box":{"x":61,"y":219,"width":57,"height":10}},{"id":"2a41df9a-6d85-49c4-aea4-7204f03eefb0","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":39,"box":{"x":461,"y":207,"width":468,"height":10}},{"id":"1b390fa0-c1db-44e8-bf3f-d73bef952038","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":39,"box":{"x":461,"y":221,"width":424,"height":10}},{"id":"0b38da4f-8671-46b7-bd76-3ff2f7c0af0e","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":39,"box":{"x":461,"y":234,"width":464,"height":10}},{"id":"37238853-f527-4759-a477-81456c686a42","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":39,"box":{"x":460,"y":248,"width":470,"height":10}},{"id":"3e1ce57c-410c-4625-8c98-56cc87e9c368","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":39,"box":{"x":461,"y":261,"width":458,"height":10}},{"id":"78c19803-0757-4bd4-b367-b76fc63b134a","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":39,"box":{"x":461,"y":275,"width":456,"height":10}},{"id":"774e13b2-821d-414d-9f70-1de4ca7472ce","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":39,"box":{"x":461,"y":288,"width":454,"height":9}},{"id":"7832379c-aded-4dad-bbc3-0e66c9db0586","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":39,"box":{"x":460,"y":302,"width":438,"height":10}},{"id":"ec82b3a1-2477-4972-9288-4e680a6bc722","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":39,"box":{"x":460,"y":316,"width":450,"height":10}},{"id":"5f6e2242-95d6-42ed-8625-15071bd56a06","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":39,"box":{"x":460,"y":329,"width":435,"height":8}},{"id":"468fc6cd-63c0-4aa5-8f5e-83d1d06e597e","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":39,"box":{"x":461,"y":342,"width":466,"height":11}},{"id":"bd4d7df3-14d4-41d1-9816-2e54be2c6c87","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":39,"box":{"x":461,"y":356,"width":376,"height":10}},{"id":"ff7290c6-7903-4112-966c-29de30a8c3b7","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":39,"box":{"x":461,"y":369,"width":371,"height":11}},{"id":"c75559f9-f15f-4327-969e-c4eb2ab92c95","block_type":"box","text":"Fund’s Rights","page_number":39,"box":{"x":61,"y":410,"width":124,"height":14}},{"id":"03504829-9d5b-4793-ab97-cef24ad315fb","block_type":"box","text":"The Fund may:","page_number":39,"box":{"x":60,"y":437,"width":106,"height":11}},{"id":"116da96c-8c16-4dbb-97eb-eadf63858c29","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":39,"box":{"x":81,"y":456,"width":840,"height":12}},{"id":"8dca24d6-3e4b-42ce-8740-923e6e9dab83","block_type":"box","text":"described in the Investment Company Act;","page_number":39,"box":{"x":81,"y":471,"width":308,"height":11}},{"id":"34f943d1-5bad-40e6-aa87-562baa6799ed","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":39,"box":{"x":81,"y":491,"width":789,"height":12}},{"id":"b86daf64-e444-41e2-890d-4358fd7d8516","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":39,"box":{"x":81,"y":506,"width":850,"height":11}},{"id":"3d908757-39e9-490c-8c42-812c4805b8eb","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":39,"box":{"x":82,"y":521,"width":368,"height":11}},{"id":"e0377d58-4cea-42d0-9ea3-6e9871cde2ef","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":39,"box":{"x":82,"y":541,"width":781,"height":11}},{"id":"dc26f578-898b-4970-be0e-75374f12c8cc","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":39,"box":{"x":82,"y":561,"width":798,"height":11}},{"id":"f6de0529-78a4-4d9c-8dea-54f0777e50e6","block_type":"box","text":"specified level.","page_number":39,"box":{"x":81,"y":575,"width":108,"height":12}},{"id":"78ad5034-060e-4079-bc5d-40972e415056","block_type":"box","text":"Note on Low Balance Accounts.","page_number":39,"box":{"x":61,"y":598,"width":239,"height":9}},{"id":"1f28d2c0-9670-4be7-8ad5-a0eed2beca17","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":39,"box":{"x":307,"y":598,"width":600,"height":12}},{"id":"4af32596-4200-496d-949a-c740e799989b","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":39,"box":{"x":61,"y":612,"width":846,"height":12}},{"id":"5f30a9c6-7a98-40a3-bd6d-15497262792f","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":39,"box":{"x":61,"y":627,"width":872,"height":12}},{"id":"9a46fdce-4931-4255-a5f9-18bffb75737a","block_type":"box","text":"reason, including market fluctuation.","page_number":39,"box":{"x":61,"y":642,"width":267,"height":12}},{"id":"a2810c65-0b0e-4ebc-a6ff-db9ed12d39ed","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":39,"box":{"x":60,"y":665,"width":799,"height":11}},{"id":"4dc2d7ce-09d3-4003-ab0e-0a672befcf64","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":39,"box":{"x":62,"y":680,"width":796,"height":11}},{"id":"7da0c617-071d-4d76-b546-8faa277165b5","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":39,"box":{"x":62,"y":694,"width":800,"height":12}},{"id":"d65155e0-9b4f-4aa1-ba1c-8fab8f04c07f","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":39,"box":{"x":61,"y":710,"width":859,"height":11}},{"id":"22dd59e1-4e13-4387-9703-1691eca855d3","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":39,"box":{"x":61,"y":724,"width":868,"height":12}},{"id":"5ec32da6-4892-4eaa-bf3d-b4cdb66d661b","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":39,"box":{"x":61,"y":739,"width":420,"height":12}},{"id":"11de9313-888d-44ee-9f61-2318aaf257ff","block_type":"box","text":"Participation in Fee-Based Programs","page_number":39,"box":{"x":61,"y":778,"width":331,"height":14}},{"id":"c3d488b9-115c-4e8a-8f9a-260d2ca29224","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":39,"box":{"x":62,"y":804,"width":826,"height":12}},{"id":"ed4706ea-f96f-4536-b0bc-a74bea594c3c","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":39,"box":{"x":62,"y":819,"width":806,"height":12}},{"id":"d67f5ae9-e52e-40e3-8160-c1af1470da58","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":39,"box":{"x":62,"y":834,"width":833,"height":12}},{"id":"5051c940-2388-4584-b5e1-fc2ead6d445e","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":39,"box":{"x":61,"y":849,"width":865,"height":11}},{"id":"c48fa296-0d59-457e-b08d-e362f2040a8e","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":39,"box":{"x":60,"y":864,"width":863,"height":11}},{"id":"a47bc129-d8aa-4b56-b911-1e551fed2b90","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":39,"box":{"x":62,"y":878,"width":865,"height":12}},{"id":"fa787523-fad1-4525-b444-2860b44c735a","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":39,"box":{"x":61,"y":893,"width":842,"height":12}},{"id":"71c7168c-de63-4157-bf2c-9c2336b977e2","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"717e0898-0da9-42c6-bb2c-1a11ff235907","block_type":"box","text":"NM1026U-5984563-39/68","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c29d78b5-1283-4c58-aa7d-91197b5a400a","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":40,"box":{"x":61,"y":46,"width":838,"height":11}},{"id":"4d83288f-1da3-4082-927c-2f0486605fac","block_type":"box","text":"procedures applicable to your account.","page_number":40,"box":{"x":62,"y":61,"width":282,"height":11}},{"id":"e9361c1b-d30c-4cf7-9b5e-876d032c7f06","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated, or the shares can be held in an","page_number":40,"box":{"x":61,"y":83,"width":840,"height":12}},{"id":"21aa540a-9412-4b6a-9a86-bcdb2f60ae94","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":40,"box":{"x":61,"y":98,"width":861,"height":11}},{"id":"0366a1b8-6682-4977-bd9d-a97da98fa070","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":40,"box":{"x":61,"y":113,"width":849,"height":11}},{"id":"dfaff0bc-45cd-4556-8516-0e1a6564ecfd","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":40,"box":{"x":60,"y":127,"width":867,"height":12}},{"id":"058592be-780e-436c-9595-b3b91aafe7b6","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":40,"box":{"x":62,"y":142,"width":873,"height":12}},{"id":"29f143d5-aee5-4f27-ba0a-a88b3a9a14c4","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":40,"box":{"x":61,"y":157,"width":844,"height":12}},{"id":"5eb0eda1-c49e-46c7-8013-bcd85df455d6","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":40,"box":{"x":61,"y":172,"width":865,"height":12}},{"id":"bfeb4211-d777-4f01-91d7-6725acb230c6","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":40,"box":{"x":61,"y":187,"width":480,"height":11}},{"id":"9be4c230-41da-4eb1-ac80-28bb3d412d48","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":40,"box":{"x":61,"y":209,"width":854,"height":12}},{"id":"1e6f613e-2f7c-4e2b-a450-b917e17b2bd4","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":40,"box":{"x":61,"y":224,"width":790,"height":12}},{"id":"1532098c-a37f-419d-b56a-a3a059480c4d","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":40,"box":{"x":62,"y":239,"width":855,"height":12}},{"id":"6ddc41a9-af11-41b1-bda5-803af0a1b268","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":40,"box":{"x":61,"y":254,"width":831,"height":11}},{"id":"ae193cb4-11a6-4c4a-be9f-c591a5f44aec","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":40,"box":{"x":61,"y":269,"width":828,"height":11}},{"id":"c7a492de-0792-4d8c-a912-3b5b6aaf6e45","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":40,"box":{"x":61,"y":283,"width":437,"height":12}},{"id":"80815cb7-3b5a-4e08-b102-53009737c5b9","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":40,"box":{"x":62,"y":306,"width":859,"height":12}},{"id":"56e23db2-3047-4e82-b3fd-67ea0eae45c2","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":40,"box":{"x":60,"y":321,"width":858,"height":11}},{"id":"8edd946b-3fdd-4486-8181-2b6f9fba4c3c","block_type":"box","text":"your Financial Intermediary for more information.","page_number":40,"box":{"x":60,"y":336,"width":357,"height":11}},{"id":"6b7e32c4-6e5f-4b77-bef8-04ea8fa2f7b5","block_type":"box","text":"Short-Term Trading Policy","page_number":40,"box":{"x":61,"y":375,"width":232,"height":13}},{"id":"3304ae36-e169-4a48-b26e-5bc19b5a5a6d","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":40,"box":{"x":60,"y":401,"width":790,"height":11}},{"id":"cb049d44-75cb-4146-9b74-b68d82804e21","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":40,"box":{"x":62,"y":416,"width":853,"height":11}},{"id":"7fd09242-79b7-41c3-a2c3-01de2a69bbc2","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":40,"box":{"x":60,"y":430,"width":863,"height":12}},{"id":"59834eb9-bf1f-4757-8712-a505bd3f5e2c","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege for","page_number":40,"box":{"x":61,"y":445,"width":806,"height":12}},{"id":"fce1e754-011a-41ae-b2e8-0380472c83f3","block_type":"box","text":"Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive purchase and","page_number":40,"box":{"x":62,"y":460,"width":851,"height":12}},{"id":"9d796de2-3861-4bf6-8a45-6edfbbf7332f","block_type":"box","text":"sale or exchange activity may interfere with portfolio management, increase expenses and taxes and may have an","page_number":40,"box":{"x":61,"y":475,"width":839,"height":11}},{"id":"d3d166a0-6a78-4420-9064-d44b8e87626d","block_type":"box","text":"adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into","page_number":40,"box":{"x":61,"y":490,"width":857,"height":11}},{"id":"2ed5bab3-db54-4be1-8f5b-f081481d6759","block_type":"box","text":"and out of the Fund may require the management team to allocate a significant amount of assets to cash or other","page_number":40,"box":{"x":61,"y":505,"width":839,"height":11}},{"id":"f670cd9d-6f4a-4846-8c1d-095eecd9f76a","block_type":"box","text":"short-term investments or sell securities, rather than maintaining such assets in securities selected to achieve the","page_number":40,"box":{"x":61,"y":520,"width":844,"height":11}},{"id":"0f389863-e47b-4879-a7de-d9df0a2fc026","block_type":"box","text":"Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and","page_number":40,"box":{"x":62,"y":534,"width":826,"height":12}},{"id":"611d4570-5061-4bf5-9164-bd9d78bd6a1e","block_type":"box","text":"transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":40,"box":{"x":60,"y":549,"width":652,"height":12}},{"id":"8196fca8-5ed8-4998-9280-00b6635d1be8","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":40,"box":{"x":60,"y":572,"width":873,"height":11}},{"id":"bcd5737a-b2ca-4192-957f-97bc76e4c07e","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":40,"box":{"x":61,"y":586,"width":872,"height":12}},{"id":"960f5ade-4d16-4f4a-9cfa-9ecd42af791b","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":40,"box":{"x":61,"y":601,"width":865,"height":12}},{"id":"2b1d60bd-826a-49f9-92e5-d05894b655a8","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":40,"box":{"x":61,"y":616,"width":817,"height":11}},{"id":"55957b9b-4d5a-4b59-9b46-3fa21b24d0f5","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (“junk bonds”) that are thinly traded and","page_number":40,"box":{"x":61,"y":631,"width":834,"height":11}},{"id":"02fb4fe4-d0dc-4f36-854e-a4980904e6ef","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":40,"box":{"x":60,"y":646,"width":865,"height":11}},{"id":"3632e612-4d19-48f6-baac-9a07e2fea4ce","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":40,"box":{"x":61,"y":661,"width":829,"height":11}},{"id":"64644ce4-824a-4a52-9acb-03b74f3d5b73","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":40,"box":{"x":62,"y":675,"width":671,"height":12}},{"id":"0f5e9e8c-88c9-4695-9ff7-bd86a310345e","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":40,"box":{"x":60,"y":698,"width":869,"height":12}},{"id":"32dece95-822f-42d6-bb15-4373c45ff57b","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":40,"box":{"x":60,"y":713,"width":839,"height":11}},{"id":"6c7e77c7-1549-4b8a-ab15-d0de2c4db4ea","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":40,"box":{"x":61,"y":728,"width":869,"height":11}},{"id":"dddf977e-0cbf-4427-9c67-b53abe28b934","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":40,"box":{"x":61,"y":742,"width":870,"height":12}},{"id":"4e5636f6-52b3-46e9-a07f-ed74edb8cc53","block_type":"box","text":"Fund or its shareholders.","page_number":40,"box":{"x":62,"y":758,"width":181,"height":8}},{"id":"1071a815-c7b1-422f-aa84-61550fa8d863","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":40,"box":{"x":62,"y":780,"width":795,"height":11}},{"id":"0916d9ed-4987-44dc-8ef3-6f0ac8513df2","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":40,"box":{"x":61,"y":795,"width":860,"height":11}},{"id":"16bfe5b3-7bc1-470e-aaa7-786c0faafe37","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":40,"box":{"x":62,"y":809,"width":871,"height":12}},{"id":"f83d4a85-1b28-4050-9b9a-51efd1f4a14f","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":40,"box":{"x":62,"y":824,"width":858,"height":12}},{"id":"343878c0-b841-42b1-a476-957abed42eb6","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":40,"box":{"x":61,"y":839,"width":866,"height":12}},{"id":"60d8b9d7-7a83-44bd-9c29-7bf059355218","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":40,"box":{"x":61,"y":854,"width":829,"height":12}},{"id":"f680d972-0224-46c3-8c2a-4ed8c45ad457","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":40,"box":{"x":62,"y":869,"width":862,"height":11}},{"id":"245566d3-efef-471b-bc21-a1d76ef20939","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":40,"box":{"x":61,"y":884,"width":849,"height":11}},{"id":"ce57c9fc-9089-44e4-a87a-7e8825783c85","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":40,"box":{"x":61,"y":899,"width":866,"height":11}},{"id":"58b3c3b3-331a-4285-8ade-bc2eb69446d5","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":40,"box":{"x":60,"y":913,"width":806,"height":12}},{"id":"5bc7f710-2b52-4830-8c1f-ea3405126d9b","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e0077929-456a-4c85-b05a-b6b8a2ec20a8","block_type":"box","text":"NM1026U-5984563-40/68","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b16dab9b-9162-450f-98ca-0b1a8c409d3a","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":41,"box":{"x":61,"y":46,"width":804,"height":11}},{"id":"edc8a925-0782-4a66-b700-2e21cd82ba04","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":41,"box":{"x":61,"y":60,"width":849,"height":12}},{"id":"d24ef2bc-e2cd-4312-89d2-5e0c89e16701","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":41,"box":{"x":61,"y":75,"width":875,"height":12}},{"id":"0e5effd3-0ff0-4752-b968-eedb8c06aa29","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":41,"box":{"x":62,"y":90,"width":869,"height":12}},{"id":"693a2a57-6c4a-474b-88fc-61582c9e6837","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":41,"box":{"x":61,"y":105,"width":845,"height":12}},{"id":"074489cf-57a9-4406-b8e8-3b291698562b","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":41,"box":{"x":62,"y":120,"width":868,"height":11}},{"id":"18428420-cbef-4d88-a6c6-bf11cc4fdb8e","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":41,"box":{"x":61,"y":135,"width":861,"height":11}},{"id":"cf1b2514-a9d4-4cf7-8c01-36009f019661","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":41,"box":{"x":61,"y":149,"width":868,"height":12}},{"id":"4ed11b10-013f-43c2-8c67-ed8cc13ecc42","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":41,"box":{"x":60,"y":165,"width":847,"height":11}},{"id":"0014ce85-9c77-40ce-8baf-27eab62eceb6","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":41,"box":{"x":60,"y":179,"width":837,"height":12}},{"id":"e41462f0-7ef5-4fc5-95ba-07afb75645c4","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":41,"box":{"x":61,"y":194,"width":663,"height":11}},{"id":"4e2015af-f722-4d08-9054-e497192046b3","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":41,"box":{"x":60,"y":217,"width":824,"height":11}},{"id":"d15d2719-046e-4ee1-aabd-a3a812a8dd50","block_type":"box","text":"deemed abusive.","page_number":41,"box":{"x":61,"y":232,"width":123,"height":8}},{"id":"1cd2ebc6-2683-4417-8913-31e2766a5ddb","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":41,"box":{"x":60,"y":254,"width":841,"height":11}},{"id":"b7df651a-dcdc-4602-8ed5-595e5c2b40bc","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":41,"box":{"x":60,"y":269,"width":572,"height":11}},{"id":"12f7af42-3158-4945-922c-077f17ebdea0","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"dfc7838a-af67-4645-b17d-58dbecba22c5","block_type":"box","text":"NM1026U-5984563-41/68","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3da89b91-1cea-4344-a192-c4ad420881bb","block_type":"box","text":"Management of the Fund","page_number":42,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"07c5a738-a7b3-4d68-a397-b68b0bbe1107","block_type":"box","text":"BlackRock","page_number":42,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"56af34e1-baba-4272-a0cb-f44e94feb224","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":42,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"f963debb-7df9-4049-bc0d-457dd9b250bc","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":42,"box":{"x":60,"y":197,"width":875,"height":12}},{"id":"e60467d3-48fc-45e8-aaee-1c898510acdc","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":42,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"4f87fdcc-f87e-4bf4-8bbd-1ac761cc42a6","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":42,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"cc7fb4b2-18ad-4803-aa78-5955f33d9403","block_type":"box","text":"BlackRock, Inc.","page_number":42,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"4b21aca1-07f5-4885-804b-96b6eb4cea5f","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":42,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"b8042973-b4a5-48bd-b7e2-a999941aa7fb","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":42,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"d5d0b9ac-448a-406f-a7db-8ec971e0c25f","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":42,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"d438ca4a-55b9-4dcb-a8d2-bb64e72557a6","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to a management agreement (the “Management Agreement”).","page_number":42,"box":{"x":62,"y":317,"width":839,"height":11}},{"id":"402b4fbc-5def-4e1d-b073-a6367f6abfc5","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock is entitled to fees computed daily and payable monthly. The","page_number":42,"box":{"x":61,"y":331,"width":824,"height":12}},{"id":"9ced5d6c-0bcf-44b7-b676-f009891ca3e6","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":42,"box":{"x":61,"y":346,"width":853,"height":12}},{"id":"f10d6fc4-699a-4058-88c8-97c22ec0bc5f","block_type":"box","text":"calculated as follows:","page_number":42,"box":{"x":61,"y":361,"width":157,"height":9}},{"id":"a5ab2852-1139-4f52-b29c-f3b97d356099","block_type":"box","text":"Average Daily Net Assets Management Fee Rate","page_number":42,"box":{"x":210,"y":389,"width":545,"height":9}},{"id":"b27f68f9-964c-405d-a1c0-12ba1ad96374","block_type":"box","text":"First $1 billion 0.40%","page_number":42,"box":{"x":211,"y":406,"width":502,"height":9}},{"id":"f0d73502-4ec0-4cca-b433-076326039e35","block_type":"box","text":"$1 billion – $3 billion 0.38%","page_number":42,"box":{"x":211,"y":424,"width":502,"height":9}},{"id":"3264e534-970e-4109-aab9-a8d6eaf58d90","block_type":"box","text":"$3 billion – $5 billion 0.36%","page_number":42,"box":{"x":211,"y":442,"width":502,"height":9}},{"id":"7cd8e1bc-0447-4af0-ac67-317273c5c9af","block_type":"box","text":"$5 billion – $10 billion 0.35%","page_number":42,"box":{"x":211,"y":460,"width":502,"height":9}},{"id":"1c9a307f-c020-492a-b8a6-6f7c5f61cb03","block_type":"box","text":"In excess of $10 billion 0.34%","page_number":42,"box":{"x":211,"y":478,"width":502,"height":9}},{"id":"23439f50-210c-4c76-bed5-b1a1daf464fa","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":42,"box":{"x":62,"y":510,"width":840,"height":12}},{"id":"a0b523b5-68fd-4b44-b5f0-f4881b79c02b","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":42,"box":{"x":61,"y":525,"width":824,"height":12}},{"id":"aaf63df4-b5e9-4e49-90dc-ef570b2f0e66","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":42,"box":{"x":62,"y":540,"width":843,"height":12}},{"id":"fb240a12-1aeb-4d6f-8e6e-558b6f86b6fa","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":42,"box":{"x":61,"y":555,"width":851,"height":11}},{"id":"9265cd81-9f95-47d2-a2e3-e99c7cb837d5","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":42,"box":{"x":62,"y":570,"width":808,"height":11}},{"id":"a13742c0-caf5-425c-8c60-de671de7cbc2","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":42,"box":{"x":62,"y":584,"width":860,"height":12}},{"id":"78f44832-c2e9-4cea-a6f2-3221d6cca99f","block_type":"box","text":"90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding","page_number":42,"box":{"x":61,"y":599,"width":851,"height":12}},{"id":"7fff24f8-2d36-43be-8de0-713f8efc69db","block_type":"box","text":"voting securities of the Fund.","page_number":42,"box":{"x":60,"y":614,"width":212,"height":12}},{"id":"c14f8f32-4a01-4527-b1ae-cb61654f31fe","block_type":"box","text":"BlackRock has agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage","page_number":42,"box":{"x":62,"y":637,"width":833,"height":11}},{"id":"2d334e6a-e00c-4dfe-8c8c-56fc14fa3d5f","block_type":"box","text":"commissions, and other expenditures which are capitalized in accordance with generally accepted accounting","page_number":42,"box":{"x":61,"y":652,"width":803,"height":11}},{"id":"25dc72dc-e816-4556-ac26-fbd1118b0bd1","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":42,"box":{"x":62,"y":666,"width":810,"height":12}},{"id":"ff2a27d2-6342-4e4a-8eb4-b81bed714fae","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":42,"box":{"x":62,"y":681,"width":847,"height":12}},{"id":"3e023fe5-597c-42c9-8a98-c80474737fc8","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":42,"box":{"x":62,"y":696,"width":858,"height":12}},{"id":"effee845-a5de-415a-af05-5eb8ba1a796e","block_type":"box","text":"Fund’s business, if any) of each share class of the Fund offered by this prospectus at the levels shown below and in","page_number":42,"box":{"x":62,"y":711,"width":854,"height":11}},{"id":"b93bf5dd-d0b6-4b80-874b-74473f4f4d53","block_type":"box","text":"the Fund’s fees and expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the","page_number":42,"box":{"x":60,"y":726,"width":870,"height":11}},{"id":"f6ced2b8-75cd-406c-93e1-5554688e17e9","block_type":"box","text":"preceding sentence are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees","page_number":42,"box":{"x":62,"y":740,"width":843,"height":12}},{"id":"39e4c50e-c974-4622-a691-7ca7b03b1107","block_type":"box","text":"and Expenses and certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive","page_number":42,"box":{"x":61,"y":756,"width":835,"height":11}},{"id":"8f7702ec-b5af-4632-83e2-2fc8b38850bc","block_type":"box","text":"and/or reimburse fees or expenses if the Fund’s operating expenses exceed a certain limit.","page_number":42,"box":{"x":61,"y":770,"width":673,"height":12}},{"id":"98329376-e374-42f7-8d55-bc48a353f90f","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to","page_number":42,"box":{"x":60,"y":793,"width":863,"height":11}},{"id":"990fad6a-1a4f-4023-857d-5cabaa304770","block_type":"box","text":"limit Total Annual Fund Operating Expenses to the amounts noted in the table below.","page_number":42,"box":{"x":62,"y":808,"width":618,"height":11}},{"id":"df2ac4a8-c527-4ed3-9352-f0f6cb49b0d0","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a57e5a15-fac5-415e-8f57-5de831282bde","block_type":"box","text":"NM1026U-5984563-42/68","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"becef0e7-e6d6-4e19-b40d-17755ead1f6a","block_type":"box","text":"Contractual Caps","page_number":43,"box":{"x":800,"y":50,"width":104,"height":9}},{"id":"d70000c1-3d38-409b-8438-a2f8ad73b2f7","block_type":"box","text":"1","page_number":43,"box":{"x":905,"y":50,"width":3,"height":4}},{"id":"3d7ee4f0-645e-415f-9153-64eadcc5083a","block_type":"box","text":"on Total Annual Fund","page_number":43,"box":{"x":791,"y":61,"width":125,"height":7}},{"id":"b513f995-31e8-4cd6-87e4-93488437acaf","block_type":"box","text":"Operating Expenses","page_number":43,"box":{"x":792,"y":71,"width":120,"height":9}},{"id":"22388c68-bbd0-4080-9fe3-62c972c150bc","block_type":"box","text":"2","page_number":43,"box":{"x":912,"y":71,"width":4,"height":3}},{"id":"1af46c34-f547-45fd-9f55-85337d84fde3","block_type":"box","text":"(excluding Dividend","page_number":43,"box":{"x":795,"y":81,"width":118,"height":9}},{"id":"a890b5aa-1f82-40b8-b686-4b4a29b20b32","block_type":"box","text":"Expense, Interest","page_number":43,"box":{"x":802,"y":92,"width":105,"height":8}},{"id":"1d03f88f-43cb-4ba2-bed8-48fb38ae394e","block_type":"box","text":"Expense, Acquired","page_number":43,"box":{"x":799,"y":102,"width":110,"height":9}},{"id":"bf39e08d-3729-497d-a486-210474a49e8f","block_type":"box","text":"Fund Fees and","page_number":43,"box":{"x":811,"y":112,"width":86,"height":7}},{"id":"9b0bd63d-6d01-4db7-a3ad-50ebe0d07d14","block_type":"box","text":"Expenses and","page_number":43,"box":{"x":813,"y":122,"width":82,"height":9}},{"id":"9cd27505-1c46-4e1b-9373-1f4da1f3ed31","block_type":"box","text":"certain other","page_number":43,"box":{"x":815,"y":133,"width":78,"height":7}},{"id":"19d0e7af-6d2b-42af-a055-ec14f2612964","block_type":"box","text":"Fund expenses)","page_number":43,"box":{"x":807,"y":143,"width":93,"height":9}},{"id":"e5ad988e-ae56-4535-aa95-9d129fa20522","block_type":"box","text":"Investor A Shares","page_number":43,"box":{"x":70,"y":160,"width":115,"height":8}},{"id":"740fa87e-ed08-4bce-8b44-a49fa8d8f9ef","block_type":"box","text":"0.73%","page_number":43,"box":{"x":839,"y":160,"width":41,"height":8}},{"id":"36244ab2-0aa8-4a97-b733-757f2546dbb6","block_type":"box","text":"Investor C Shares","page_number":43,"box":{"x":70,"y":178,"width":116,"height":8}},{"id":"0e6782b7-f6a0-47bb-af58-75d466398d5c","block_type":"box","text":"1.48%","page_number":43,"box":{"x":839,"y":178,"width":41,"height":8}},{"id":"0bc5b5c4-8e30-4020-af22-30bf8e195a8d","block_type":"box","text":"Institutional Shares","page_number":43,"box":{"x":70,"y":196,"width":127,"height":8}},{"id":"e5ce6556-448f-40e6-92bb-e733b4ad6961","block_type":"box","text":"0.48%","page_number":43,"box":{"x":839,"y":196,"width":41,"height":8}},{"id":"13bd36e9-5ed4-43f8-8df5-cde8b9910c97","block_type":"box","text":"1","page_number":43,"box":{"x":61,"y":216,"width":3,"height":3}},{"id":"838ce206-7acf-420d-9d45-b629790b6157","block_type":"box","text":"The contractual caps are in effect through June 30, 2028. The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":43,"box":{"x":81,"y":216,"width":851,"height":9}},{"id":"9ef36a02-83b7-4ad4-b3d0-fa371bf35fc8","block_type":"box","text":"notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":43,"box":{"x":81,"y":226,"width":798,"height":9}},{"id":"1e37f51a-dc4d-4271-bf65-201669ee3469","block_type":"box","text":"2","page_number":43,"box":{"x":61,"y":239,"width":3,"height":4}},{"id":"02264720-4258-46ea-abc4-397bfe152b41","block_type":"box","text":"As a percentage of average daily net assets.","page_number":43,"box":{"x":81,"y":239,"width":260,"height":9}},{"id":"ed067aa6-8802-4137-b3e0-a55a053b85b2","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":43,"box":{"x":60,"y":264,"width":875,"height":11}},{"id":"f21421a0-27d9-4a1c-b780-0c76a4bfa9e9","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":43,"box":{"x":61,"y":279,"width":705,"height":11}},{"id":"2be6197a-be53-4032-830b-57dfb25212a2","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":43,"box":{"x":60,"y":302,"width":850,"height":11}},{"id":"c40d4e64-4bb9-4efc-8020-d5d0c807afb3","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":43,"box":{"x":62,"y":316,"width":556,"height":12}},{"id":"a416e332-f14b-4dae-9b1a-5cb314cbf408","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":43,"box":{"x":62,"y":339,"width":851,"height":11}},{"id":"18fc9ddf-11e5-498b-a17f-2f3f669b664d","block_type":"box","text":"the annual rate of 0.40% of the Fund’s average daily net assets.","page_number":43,"box":{"x":60,"y":354,"width":473,"height":11}},{"id":"3da0f00b-6ac9-46d5-8b71-b4d8ce7ef156","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":43,"box":{"x":62,"y":376,"width":864,"height":12}},{"id":"edc10284-ec5d-4c68-9a47-dac1d5a8533e","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":43,"box":{"x":62,"y":391,"width":863,"height":12}},{"id":"7a66620d-95fb-46f0-a5eb-54c008ee4f04","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":43,"box":{"x":60,"y":406,"width":861,"height":11}},{"id":"aab56a4e-815f-4794-995f-a3e1f55084d7","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":43,"box":{"x":61,"y":421,"width":864,"height":11}},{"id":"0ec042ba-d15c-4823-a2cd-4818aa1442bb","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":43,"box":{"x":61,"y":436,"width":872,"height":11}},{"id":"10e6a1c0-60fa-406a-b0e3-024796deef9e","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":43,"box":{"x":61,"y":450,"width":841,"height":12}},{"id":"1038988b-35df-40db-84bf-60094c2d5e0b","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":43,"box":{"x":61,"y":465,"width":472,"height":12}},{"id":"aa56e54b-aba6-4344-a03a-31d602327fab","block_type":"box","text":"Portfolio Manager Information","page_number":43,"box":{"x":61,"y":504,"width":272,"height":14}},{"id":"c0636725-08a7-4311-a146-73e3ebdf6ffa","block_type":"box","text":"Information regarding the portfolio manager of the Fund is set forth below. Further information regarding the portfolio","page_number":43,"box":{"x":62,"y":530,"width":860,"height":12}},{"id":"64b1ff7b-b9de-41b1-a5e6-e08bf822a8a6","block_type":"box","text":"manager, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":43,"box":{"x":61,"y":545,"width":828,"height":12}},{"id":"26fc1502-5044-44e5-9e07-1211dd4a29c3","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":43,"box":{"x":62,"y":560,"width":281,"height":11}},{"id":"4247fdab-faa3-4866-bf4a-1fa53a944130","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":43,"box":{"x":61,"y":588,"width":797,"height":9}},{"id":"6e792bdf-60d1-4c8c-8995-347431f5bd25","block_type":"box","text":"Travis Cooke, CFA Jointly and primarily responsible for","page_number":43,"box":{"x":60,"y":605,"width":425,"height":11}},{"id":"221807fe-7fa8-46c3-8b3b-6bb6143dd29d","block_type":"box","text":"the day-to-day management of the","page_number":43,"box":{"x":252,"y":619,"width":223,"height":10}},{"id":"c0bad6a5-1a69-488b-8c3e-41647d78b246","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":43,"box":{"x":253,"y":632,"width":245,"height":11}},{"id":"98af7ad9-26f3-4445-bc3a-6770decfe4c9","block_type":"box","text":"Fund’s overall investment strategy","page_number":43,"box":{"x":253,"y":646,"width":225,"height":10}},{"id":"b9053848-4801-4a5b-82b2-afcd52e32407","block_type":"box","text":"and overseeing the management of","page_number":43,"box":{"x":253,"y":660,"width":233,"height":10}},{"id":"c03c28d4-15be-4d15-9a3d-081b16541d7f","block_type":"box","text":"the Fund.","page_number":43,"box":{"x":252,"y":673,"width":60,"height":8}},{"id":"ea8b436b-fe80-4ec0-bfcf-3dcf4df368d9","block_type":"box","text":"2015 Managing Director of BlackRock, Inc. since","page_number":43,"box":{"x":545,"y":605,"width":352,"height":11}},{"id":"4399377b-21ed-4a31-8403-f84771951461","block_type":"box","text":"2012.","page_number":43,"box":{"x":615,"y":619,"width":39,"height":8}},{"id":"47d5d8aa-337b-40fa-8e7c-b65d81467d0a","block_type":"box","text":"Raffaele Savi Jointly and primarily responsible for","page_number":43,"box":{"x":61,"y":691,"width":424,"height":10}},{"id":"150a4657-a5eb-4f20-a489-150eeee5bbf9","block_type":"box","text":"the day-to-day management of the","page_number":43,"box":{"x":252,"y":705,"width":223,"height":10}},{"id":"9bb56853-a4fa-4a59-b440-dc97b39f9195","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":43,"box":{"x":253,"y":718,"width":245,"height":11}},{"id":"d81592e8-c45a-42d8-9d70-97cf0c44c39a","block_type":"box","text":"Fund’s overall investment strategy","page_number":43,"box":{"x":253,"y":732,"width":225,"height":10}},{"id":"19f6ba20-49ac-4bf3-9b80-e4a038180921","block_type":"box","text":"and overseeing the management of","page_number":43,"box":{"x":253,"y":745,"width":233,"height":11}},{"id":"a7c13eff-8885-42b8-a868-d2e487295093","block_type":"box","text":"the Fund.","page_number":43,"box":{"x":252,"y":759,"width":60,"height":8}},{"id":"13dae622-0a30-4812-9d52-50a3626207f5","block_type":"box","text":"2020 Senior Managing Director of BlackRock, Inc.","page_number":43,"box":{"x":545,"y":691,"width":358,"height":11}},{"id":"9524847e-7f70-4f50-aa21-89d7bd905213","block_type":"box","text":"since 2023; Managing Director of BlackRock,","page_number":43,"box":{"x":615,"y":705,"width":298,"height":10}},{"id":"56923748-3444-4c95-9c02-055548e46304","block_type":"box","text":"Inc. from 2009 to 2022.","page_number":43,"box":{"x":616,"y":718,"width":159,"height":8}},{"id":"051b6899-a0b1-49c1-930d-397a0d752ddf","block_type":"box","text":"Richard Mathieson Jointly and primarily responsible for","page_number":43,"box":{"x":61,"y":777,"width":424,"height":10}},{"id":"b2dc3eab-f076-439e-9190-62fb1bf87bbe","block_type":"box","text":"the day-to-day management of the","page_number":43,"box":{"x":252,"y":790,"width":223,"height":11}},{"id":"834d2aa1-21e6-48f4-88d4-e82e88466450","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":43,"box":{"x":253,"y":804,"width":245,"height":10}},{"id":"97db9227-bb5b-4cc3-93e8-a99049989778","block_type":"box","text":"Fund’s overall investment strategy","page_number":43,"box":{"x":253,"y":818,"width":225,"height":10}},{"id":"10512d5d-97c9-4493-a48e-97eecea6685e","block_type":"box","text":"and overseeing the management of","page_number":43,"box":{"x":253,"y":831,"width":233,"height":10}},{"id":"bd48ccbb-39b6-4241-8966-4862d83b180f","block_type":"box","text":"the Fund.","page_number":43,"box":{"x":252,"y":845,"width":60,"height":8}},{"id":"2b81f919-7c88-44b5-af7d-8f5833403127","block_type":"box","text":"2020 Managing Director of BlackRock, Inc. since","page_number":43,"box":{"x":545,"y":777,"width":352,"height":10}},{"id":"98408f0b-2b41-4aaf-b349-89c329ce58e1","block_type":"box","text":"2011.","page_number":43,"box":{"x":615,"y":791,"width":39,"height":8}},{"id":"8a72213f-a5ee-4491-99ad-83cd403a4d4d","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"3b21e9e7-5d72-4e65-953a-c51a7c8e80b3","block_type":"box","text":"NM1026U-5984563-43/68","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00b53c66-7537-4f18-8361-6097526c608f","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":44,"box":{"x":61,"y":50,"width":797,"height":9}},{"id":"7addf881-abcb-4073-bf5a-b08c5f4948fe","block_type":"box","text":"Anna Hawley, CFA Jointly and primarily responsible for","page_number":44,"box":{"x":60,"y":67,"width":425,"height":10}},{"id":"b484d7d8-31f8-4b02-b594-a67ae872ef5b","block_type":"box","text":"the day-to-day management of the","page_number":44,"box":{"x":252,"y":81,"width":223,"height":10}},{"id":"ace75383-fe53-4996-8638-6fdcd97e7874","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":44,"box":{"x":253,"y":94,"width":245,"height":11}},{"id":"a5841c75-ae34-4daa-8fb4-68d047360ba1","block_type":"box","text":"Fund’s overall investment strategy","page_number":44,"box":{"x":253,"y":108,"width":225,"height":10}},{"id":"5adcb965-3ec2-4683-a10b-d09edecd9ee7","block_type":"box","text":"and overseeing the management of","page_number":44,"box":{"x":253,"y":121,"width":233,"height":11}},{"id":"96cf86e9-9b75-431c-b375-5228b414ecb7","block_type":"box","text":"the Fund.","page_number":44,"box":{"x":252,"y":135,"width":60,"height":8}},{"id":"4d108970-dccd-428b-924d-356b46ad6f12","block_type":"box","text":"2020 Managing Director of BlackRock, Inc. since","page_number":44,"box":{"x":545,"y":67,"width":352,"height":11}},{"id":"cb08961b-1b50-4cca-8a2a-8c5273ef7369","block_type":"box","text":"2023; Director of BlackRock, Inc. from 2009","page_number":44,"box":{"x":615,"y":81,"width":295,"height":9}},{"id":"2c060e65-3fba-4037-8d74-93e0381fe019","block_type":"box","text":"to 2022.","page_number":44,"box":{"x":615,"y":94,"width":57,"height":9}},{"id":"a8e70400-abc9-4092-8cb8-a07a36a910aa","block_type":"box","text":"Conflicts of Interest","page_number":44,"box":{"x":61,"y":175,"width":181,"height":11}},{"id":"a3a9886f-c345-4a44-96a9-cf5a096cb532","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":44,"box":{"x":60,"y":202,"width":871,"height":11}},{"id":"81178ac0-ca15-4f5d-bfbe-c8f491b2365b","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":44,"box":{"x":62,"y":216,"width":801,"height":12}},{"id":"2139ea1d-69d1-41df-8b8f-e1d7637c3806","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":44,"box":{"x":61,"y":231,"width":723,"height":12}},{"id":"f044e077-0a48-4616-9261-be6f918851c4","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":44,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"48b42b0b-2ddd-48c4-a855-323b68fb38e6","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":44,"box":{"x":61,"y":269,"width":845,"height":11}},{"id":"9ab38c5e-3887-45f0-a8e3-6e16f5d34c57","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":44,"box":{"x":61,"y":283,"width":865,"height":12}},{"id":"1a17bc93-ce4b-450b-84e2-45ef1aab62eb","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":44,"box":{"x":62,"y":298,"width":839,"height":12}},{"id":"b8491e99-bde1-4a23-b6ca-dbd12dcecb4c","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":44,"box":{"x":60,"y":313,"width":850,"height":12}},{"id":"714b20c2-489b-42a0-905f-640deaaadc6d","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":44,"box":{"x":62,"y":328,"width":813,"height":11}},{"id":"a380b2ca-2bcc-4fa8-a6e2-26cbea02d70f","block_type":"box","text":"indirectly invest.","page_number":44,"box":{"x":62,"y":343,"width":116,"height":11}},{"id":"c4046033-08be-437f-9287-79c7dd068de8","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":44,"box":{"x":62,"y":365,"width":801,"height":12}},{"id":"390d7814-de78-4b58-86c1-a0d795034958","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":44,"box":{"x":62,"y":380,"width":865,"height":12}},{"id":"93ce2928-56ff-4fcb-9c8d-1590066f239c","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":44,"box":{"x":61,"y":395,"width":829,"height":11}},{"id":"53ff1fb3-e834-431d-81e2-4b006cbee7f2","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":44,"box":{"x":61,"y":410,"width":856,"height":11}},{"id":"2777da55-06cf-48e4-9699-92f9df7e41e1","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":44,"box":{"x":61,"y":425,"width":814,"height":11}},{"id":"567a2c12-d8a9-4388-ae51-933efd1a2527","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":44,"box":{"x":61,"y":439,"width":860,"height":12}},{"id":"04dac30f-8466-4b8c-bf3b-5e6126c1017e","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":44,"box":{"x":62,"y":454,"width":862,"height":12}},{"id":"397fd155-d6ea-4818-975a-3de404dcb740","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":44,"box":{"x":60,"y":469,"width":565,"height":12}},{"id":"9baca59c-2290-46e3-b760-a507751893a0","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":44,"box":{"x":60,"y":492,"width":855,"height":11}},{"id":"7ca5d51a-20e7-4b81-ac07-247cb42df3a6","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":44,"box":{"x":61,"y":506,"width":807,"height":12}},{"id":"96f9fe85-fd40-4292-810b-632463461b96","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":44,"box":{"x":61,"y":521,"width":862,"height":12}},{"id":"4321f142-fc98-44c5-a528-e20899efb7f5","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":44,"box":{"x":61,"y":536,"width":866,"height":12}},{"id":"2274e8bb-07c9-405d-87dc-e9b846ea4d7f","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":44,"box":{"x":62,"y":551,"width":444,"height":12}},{"id":"fd196001-6ae8-4265-9762-a6d743134d1c","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":44,"box":{"x":60,"y":574,"width":862,"height":11}},{"id":"b83ca791-71e9-4d5e-8f8e-173990b601a5","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":44,"box":{"x":60,"y":588,"width":567,"height":12}},{"id":"08f70ecc-363b-4ae3-896c-478fd2854414","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":44,"box":{"x":62,"y":611,"width":851,"height":11}},{"id":"3b693242-2bcc-4cb4-ac7b-1e90f0d5b86c","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":44,"box":{"x":60,"y":626,"width":864,"height":11}},{"id":"7b6ada7a-35ca-4e1d-b47c-21dd327f2ca5","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":44,"box":{"x":60,"y":641,"width":865,"height":11}},{"id":"4eb60d14-8b08-4a59-afbd-92cd8b2f755f","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":44,"box":{"x":60,"y":655,"width":834,"height":12}},{"id":"3dc3ae3a-a8e0-4e15-aa19-cea17a8e1ac5","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":44,"box":{"x":61,"y":670,"width":815,"height":12}},{"id":"0f92174f-addc-437b-9d89-3204118e8de9","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":44,"box":{"x":62,"y":693,"width":802,"height":11}},{"id":"530259ab-6a0c-4ed5-a85a-9fcc2f8c74b4","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":44,"box":{"x":61,"y":708,"width":840,"height":11}},{"id":"87ccc50e-fe8c-460f-a075-caa230d9d06f","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":44,"box":{"x":61,"y":722,"width":648,"height":12}},{"id":"5cb866c7-9e70-44e9-8bd0-2e5e2ce9c5a7","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":44,"box":{"x":62,"y":745,"width":854,"height":12}},{"id":"034ce57a-a972-4db4-b057-fdfde8c4659d","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":44,"box":{"x":60,"y":760,"width":814,"height":11}},{"id":"debfa989-7a11-4c59-94c2-b0444934f794","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":44,"box":{"x":61,"y":775,"width":853,"height":11}},{"id":"8b841a5b-3387-41ba-a849-7c923f8a956d","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":44,"box":{"x":60,"y":797,"width":858,"height":12}},{"id":"1834a5a6-bbb9-40fd-9c49-0e825f0f6838","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":44,"box":{"x":62,"y":812,"width":367,"height":12}},{"id":"6202f69e-75dc-4c3a-9cc2-ab03f4ca3d47","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":44,"box":{"x":62,"y":835,"width":841,"height":11}},{"id":"baaa4e10-70c2-4883-82e0-62d42f3c5a1b","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":44,"box":{"x":62,"y":849,"width":851,"height":12}},{"id":"a1796e3c-ccc4-4c9c-b93e-db26819f17de","block_type":"box","text":"participates in the securities lending program. For these services, the securities lending agent will receive a fee from","page_number":44,"box":{"x":62,"y":864,"width":858,"height":12}},{"id":"199de39a-5ce3-4bc7-85fa-8d7e74f23a56","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":44,"box":{"x":60,"y":879,"width":847,"height":12}},{"id":"834a3df3-664e-4db6-9c3d-5aad98ed025e","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":44,"box":{"x":61,"y":894,"width":856,"height":11}},{"id":"03c18bb7-987e-4223-8fa4-3d8343737c8b","block_type":"box","text":"which the Fund may lend its portfolio securities under the securities lending program.","page_number":44,"box":{"x":60,"y":909,"width":627,"height":11}},{"id":"d21959d6-981e-449d-940c-13e0be0a7209","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1a532a09-d445-4777-8edb-8ccfa2bfbd61","block_type":"box","text":"NM1026U-5984563-44/68","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7b2ab00f-1c7a-42b7-91c8-f81ea2dd2e9e","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":45,"box":{"x":62,"y":46,"width":864,"height":11}},{"id":"750d106b-23f8-436a-bcbd-9e775ee25393","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":45,"box":{"x":61,"y":60,"width":868,"height":12}},{"id":"e7f199ae-56a4-4a93-8d09-131f2df05c17","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":45,"box":{"x":62,"y":75,"width":870,"height":12}},{"id":"3b2aac50-12a9-46c5-8dd9-edb8207a7566","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":45,"box":{"x":60,"y":90,"width":545,"height":12}},{"id":"23693700-56f8-46f2-bdf3-445fbce99ab9","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":45,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"113934d3-1d88-4367-bd83-09d846730198","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":45,"box":{"x":61,"y":127,"width":865,"height":12}},{"id":"0fa0bd4e-0be0-4ca5-8066-e02752b26108","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":45,"box":{"x":62,"y":142,"width":819,"height":12}},{"id":"799948a9-85d7-4b9e-b865-e825bdfdf483","block_type":"box","text":"Valuation of Fund Investments","page_number":45,"box":{"x":63,"y":181,"width":271,"height":11}},{"id":"915840cd-148b-46a2-85be-e7479428f2bb","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":45,"box":{"x":60,"y":207,"width":869,"height":12}},{"id":"1ad270ef-80b7-4713-9a49-52fff32f900c","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":45,"box":{"x":61,"y":222,"width":868,"height":12}},{"id":"2963a5fc-9fba-454e-9ce7-ee134acda3e4","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":45,"box":{"x":61,"y":237,"width":849,"height":12}},{"id":"74c440c2-b8ce-4cf0-af87-fb928e0ffcd4","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":45,"box":{"x":60,"y":252,"width":862,"height":11}},{"id":"023ffacc-7f0c-46e9-aca0-9d1eb270f092","block_type":"box","text":"the close of regular trading hours of the NYSE (normally 4:00 p.m., Eastern time), on each day that the NYSE is open","page_number":45,"box":{"x":60,"y":267,"width":861,"height":11}},{"id":"2dbfcc3c-d663-4682-8139-498660f7cb06","block_type":"box","text":"for trading, based on prices at the time of closing, provided that any Fund assets or liabilities denominated in","page_number":45,"box":{"x":60,"y":282,"width":803,"height":11}},{"id":"dbffd63b-33dc-4385-9418-5f7429e01db3","block_type":"box","text":"currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of","page_number":45,"box":{"x":61,"y":296,"width":829,"height":12}},{"id":"23ae4c7c-5a6f-4422-a209-a14085af62a9","block_type":"box","text":"valuation as quoted by one or more data service providers. The net asset value of shares is calculated by dividing the","page_number":45,"box":{"x":60,"y":311,"width":865,"height":12}},{"id":"fba70cb9-9994-474b-8e76-0eb4de5413bf","block_type":"box","text":"value of the net assets of each class of shares (i.e., the value of its total assets less total liabilities) by the total","page_number":45,"box":{"x":60,"y":326,"width":829,"height":11}},{"id":"221c8a3e-ba70-47c7-a9e2-524a97cf2c85","block_type":"box","text":"number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":45,"box":{"x":61,"y":341,"width":601,"height":11}},{"id":"4e5c1780-99c5-4cf5-90ad-526af3580496","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":45,"box":{"x":61,"y":364,"width":830,"height":11}},{"id":"48465bd0-d479-40dd-aeec-f26fb4ec691c","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C Shares. Also, dividends paid on Investor A and","page_number":45,"box":{"x":62,"y":378,"width":841,"height":12}},{"id":"0d363dbd-b189-44c3-8bfa-c9c374b2e96c","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":45,"box":{"x":62,"y":393,"width":797,"height":12}},{"id":"22a2388a-cd34-40e1-8c51-e1cfa0cdccf9","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":45,"box":{"x":62,"y":408,"width":304,"height":11}},{"id":"d516cd3c-7eb3-417d-a8b8-5f21f3654cf1","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":45,"box":{"x":60,"y":430,"width":844,"height":12}},{"id":"d7441113-0aa3-4f56-ada3-c129c9068b1f","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":45,"box":{"x":60,"y":445,"width":837,"height":12}},{"id":"c26f99b7-c060-460c-93ca-8a8aa3cb8ca9","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":45,"box":{"x":62,"y":460,"width":464,"height":12}},{"id":"fd5b3d98-5d2b-430c-9f22-f0dfe29b1c2b","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":45,"box":{"x":62,"y":483,"width":863,"height":11}},{"id":"440043d8-360a-4180-8561-3d29e69fa576","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":45,"box":{"x":60,"y":497,"width":858,"height":12}},{"id":"9770fc0e-616a-44bc-a280-86f542ceb95f","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":45,"box":{"x":62,"y":512,"width":863,"height":12}},{"id":"2b6c4914-a70a-4f51-8694-2a63146785bb","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":45,"box":{"x":61,"y":527,"width":852,"height":12}},{"id":"bd79abbd-c2ba-441f-9b86-65ff7cd3a7c4","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":45,"box":{"x":61,"y":542,"width":872,"height":12}},{"id":"6350859c-68e2-4524-a7d2-214d168d4a26","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":45,"box":{"x":61,"y":557,"width":763,"height":11}},{"id":"0c1fd024-c217-413f-afa4-4689b0cd8c32","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":45,"box":{"x":60,"y":579,"width":857,"height":12}},{"id":"7f76c67b-e06e-4642-aea7-2378b0de9e41","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":45,"box":{"x":61,"y":594,"width":870,"height":12}},{"id":"cc493840-1299-4b5c-bbc6-c8df74246729","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":45,"box":{"x":61,"y":609,"width":868,"height":12}},{"id":"b0b7b32d-2aff-4f77-937d-7733a9db2270","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":45,"box":{"x":61,"y":624,"width":842,"height":11}},{"id":"0b5331dd-efd9-4099-9438-d6db24427c7a","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":45,"box":{"x":61,"y":639,"width":853,"height":11}},{"id":"45214364-3da7-472b-bfe5-f66e1c1a116d","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":45,"box":{"x":61,"y":653,"width":844,"height":12}},{"id":"3c2b22d7-2207-4b54-97c8-541279a5af2f","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":45,"box":{"x":61,"y":668,"width":822,"height":12}},{"id":"a7ab6a6c-1440-4b3e-b99a-bd89de4bdea2","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":45,"box":{"x":61,"y":683,"width":845,"height":12}},{"id":"e211019b-9221-4c3c-8380-439310f69a9b","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":45,"box":{"x":61,"y":698,"width":733,"height":12}},{"id":"28ceae3b-0ed3-40b4-bc67-856141213cc0","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":45,"box":{"x":61,"y":720,"width":829,"height":12}},{"id":"148641d7-fee3-4e60-9eb8-2fb1a59e8f97","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":45,"box":{"x":61,"y":735,"width":857,"height":12}},{"id":"47db1b9c-9a7d-4fb5-976f-02bc11da22a9","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":45,"box":{"x":61,"y":750,"width":841,"height":12}},{"id":"0c3431f5-cda8-49c3-b6ab-37962578b53f","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":45,"box":{"x":61,"y":765,"width":583,"height":12}},{"id":"c02cbf79-2c66-47f2-8fe2-aa50ef0b4941","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":45,"box":{"x":60,"y":788,"width":839,"height":11}},{"id":"bbf14f5d-4c23-44fa-ab66-ac12d1a4b4d6","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":45,"box":{"x":60,"y":803,"width":858,"height":11}},{"id":"ef29f6eb-f5dd-4e5c-a3ac-08ca10f537da","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":45,"box":{"x":61,"y":817,"width":844,"height":12}},{"id":"634b8d0b-cb28-44e4-b6a9-5b46001de889","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":45,"box":{"x":61,"y":832,"width":845,"height":12}},{"id":"7140d35c-adb5-44de-bb40-76f6b5b7dc38","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":45,"box":{"x":61,"y":847,"width":841,"height":11}},{"id":"2bda88de-bbf6-4105-bd93-0489014b3418","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":45,"box":{"x":60,"y":862,"width":820,"height":11}},{"id":"14253c4b-fff1-46cc-bb97-c6e8e5738bfb","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":45,"box":{"x":61,"y":876,"width":828,"height":12}},{"id":"966eec6b-8504-4d0c-ab5a-b6e4d1371d08","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":45,"box":{"x":61,"y":891,"width":836,"height":12}},{"id":"5c6a7215-894d-4503-ba65-91e606b90e4d","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"4e10a8e2-06ce-4e1b-be42-8a2727d73669","block_type":"box","text":"NM1026U-5984563-45/68","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0cb731ff-238c-41dc-9c78-5cd1e1fe6005","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":46,"box":{"x":62,"y":46,"width":862,"height":11}},{"id":"e8c719ff-e414-4d75-ba9e-17abe15e3ae2","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":46,"box":{"x":62,"y":60,"width":623,"height":12}},{"id":"4cf02f2b-dd3e-43c7-8a6a-bd1f7238e534","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":46,"box":{"x":62,"y":83,"width":817,"height":12}},{"id":"c9a935cf-18d0-48a0-be55-42c3b0abd2ec","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":46,"box":{"x":61,"y":98,"width":871,"height":11}},{"id":"b2aa7475-e7c3-4c1e-9d67-80d986273665","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":46,"box":{"x":62,"y":113,"width":872,"height":11}},{"id":"56867536-92c3-48cd-b4b6-8ef14c978678","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":46,"box":{"x":61,"y":127,"width":697,"height":12}},{"id":"655205e7-1892-4426-8235-9e0382e8ebed","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":46,"box":{"x":62,"y":150,"width":825,"height":12}},{"id":"ef34104c-7a66-467e-a177-3516a32d81e0","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":46,"box":{"x":62,"y":165,"width":871,"height":11}},{"id":"2a808ed5-7add-4848-a210-c9514ee0193f","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":46,"box":{"x":61,"y":180,"width":847,"height":11}},{"id":"c5b9e2e4-9209-4662-b434-7a015529caf4","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":46,"box":{"x":62,"y":195,"width":829,"height":11}},{"id":"5158490b-64db-427f-a4d0-27a723ea0c0d","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":46,"box":{"x":60,"y":209,"width":760,"height":12}},{"id":"06012e51-112f-4c0d-bd11-074962bef418","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":46,"box":{"x":60,"y":232,"width":830,"height":11}},{"id":"df10ad16-ce71-419b-8cb6-bbc713c0d998","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":46,"box":{"x":61,"y":247,"width":848,"height":11}},{"id":"54c9f52c-031a-426a-a60e-735f8b03ecf9","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":46,"box":{"x":61,"y":262,"width":868,"height":11}},{"id":"434a275b-c31b-48ed-a110-2bccdf257322","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":46,"box":{"x":61,"y":276,"width":856,"height":12}},{"id":"07d69e70-0da5-4059-b057-1e2e693359a1","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":46,"box":{"x":61,"y":315,"width":311,"height":14}},{"id":"4fe5f176-a988-417f-8bc1-a5615c2cb7e7","block_type":"box","text":"BUYING A DIVIDEND","page_number":46,"box":{"x":423,"y":356,"width":152,"height":10}},{"id":"9bdc5774-23b5-4e1d-9c1c-faf1db6d74b9","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":46,"box":{"x":72,"y":379,"width":831,"height":11}},{"id":"17708d40-5bbc-4134-8197-64ef875cf2ca","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":46,"box":{"x":72,"y":394,"width":845,"height":11}},{"id":"3d08ae97-faaf-4ea8-95f4-64668da2ef29","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":46,"box":{"x":71,"y":409,"width":855,"height":11}},{"id":"2f191b85-5592-4276-8871-8eca6a192b1a","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":46,"box":{"x":70,"y":423,"width":554,"height":12}},{"id":"ccbb5979-6d2d-41a6-ac3a-aeba30c185f3","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":46,"box":{"x":60,"y":464,"width":871,"height":12}},{"id":"1546498f-acf4-4c3a-9379-3cf2ebf1fae4","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":46,"box":{"x":61,"y":479,"width":862,"height":11}},{"id":"3222e899-404b-4868-8289-e16ed97d56f5","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":46,"box":{"x":61,"y":494,"width":847,"height":11}},{"id":"00bf2316-9c5f-483e-b055-83e5e709e5aa","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although this","page_number":46,"box":{"x":61,"y":508,"width":832,"height":12}},{"id":"703e9c29-d640-4924-9f5d-69f4d41a893a","block_type":"box","text":"cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":46,"box":{"x":61,"y":523,"width":824,"height":12}},{"id":"08cdfeef-77e8-445d-8ebf-dc12a88f6445","block_type":"box","text":"consist of capital gains. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":46,"box":{"x":61,"y":538,"width":849,"height":12}},{"id":"8a8c706e-1c3b-467b-900c-c82eae4a3164","block_type":"box","text":"the assets sold.","page_number":46,"box":{"x":60,"y":553,"width":118,"height":9}},{"id":"91fae489-89ae-4fd2-831e-e0fe4037c533","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":46,"box":{"x":60,"y":575,"width":869,"height":12}},{"id":"e1bb9522-fd91-469e-b9ba-1bda1a047392","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":46,"box":{"x":61,"y":590,"width":862,"height":12}},{"id":"e22c077d-4d7b-4cbe-a8b1-00784749ff4c","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":46,"box":{"x":60,"y":605,"width":812,"height":12}},{"id":"ee4b7cbb-eead-4385-a3b4-cb1a3302c3c5","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":46,"box":{"x":61,"y":620,"width":852,"height":12}},{"id":"463cd4e5-e32c-477d-9020-813039458d99","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":46,"box":{"x":60,"y":635,"width":844,"height":11}},{"id":"d88b27f5-7de8-49d4-b879-5d06c5bd5a47","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":46,"box":{"x":61,"y":650,"width":565,"height":11}},{"id":"fb1e6d1b-dce2-4e53-a926-3d3300efbb0d","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":46,"box":{"x":60,"y":672,"width":803,"height":11}},{"id":"987b09af-8509-4a4f-9581-3c270b677289","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":46,"box":{"x":61,"y":686,"width":873,"height":13}},{"id":"2090803a-f578-4717-a020-345af22ea241","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":46,"box":{"x":60,"y":702,"width":282,"height":11}},{"id":"38c48156-61f5-4129-bd74-f71863ced444","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":46,"box":{"x":60,"y":724,"width":861,"height":12}},{"id":"8f93a4b4-f47a-48f8-ae49-1e9e368bf9d0","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":46,"box":{"x":62,"y":739,"width":679,"height":12}},{"id":"d408885c-19bb-4f83-aab5-ea401fc6b13f","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":46,"box":{"x":62,"y":762,"width":827,"height":11}},{"id":"3db34b28-89f3-4288-ae56-b923aa39a08d","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":46,"box":{"x":60,"y":777,"width":876,"height":11}},{"id":"a5a10a68-7dd2-4226-b0e6-308f220c2911","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":46,"box":{"x":61,"y":792,"width":846,"height":11}},{"id":"a743fe50-a1e3-4c68-b49a-d37b9514d194","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":46,"box":{"x":61,"y":806,"width":869,"height":12}},{"id":"cac977fc-dcdc-47a1-85c4-058279d5cf47","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":46,"box":{"x":61,"y":821,"width":430,"height":12}},{"id":"05cf8092-bfb1-4958-89f0-53996e9e929e","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":46,"box":{"x":61,"y":844,"width":868,"height":11}},{"id":"9f82906e-756f-47ef-8849-1bbfdd41aa1c","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":46,"box":{"x":60,"y":858,"width":808,"height":12}},{"id":"991cf1bc-2099-438a-8bb7-97958a461832","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":46,"box":{"x":60,"y":873,"width":874,"height":12}},{"id":"08ee49c9-b02c-4448-9a0c-d917a91d5186","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":46,"box":{"x":62,"y":888,"width":789,"height":12}},{"id":"810ddb88-6fbf-47dc-9e8f-c714b87077c1","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":46,"box":{"x":62,"y":903,"width":858,"height":11}},{"id":"c73877f4-bf2b-4d75-b0bb-0e6243064fa1","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":46,"box":{"x":61,"y":918,"width":865,"height":11}},{"id":"2655a2d5-700f-46b4-b1f6-ef6d3836aee4","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3812ae01-4134-4186-9b06-bf8806f60b4a","block_type":"box","text":"NM1026U-5984563-46/68","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9ac437c2-53fe-4621-929d-632dc75d8da5","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":47,"box":{"x":61,"y":46,"width":802,"height":11}},{"id":"1f3bb62a-fb39-4247-9fb0-8e69df85cc08","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":47,"box":{"x":62,"y":60,"width":639,"height":12}},{"id":"609e1582-b3bc-4b13-8dbf-c3e2d32d7188","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":47,"box":{"x":60,"y":83,"width":855,"height":11}},{"id":"abe5a4c9-036f-45b8-a2d8-f9805f19e99a","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":47,"box":{"x":61,"y":98,"width":832,"height":11}},{"id":"f20489dc-10c3-4c2c-83de-9b398312d5fe","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":47,"box":{"x":62,"y":113,"width":383,"height":11}},{"id":"ca967d05-f3d1-4d19-b396-03f7fbfc87d8","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"308b1758-4f36-4805-8503-c6906f9935a7","block_type":"box","text":"NM1026U-5984563-47/68","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8d942290-bfd1-4cae-8efb-5129f4f596ea","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":48,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"f777805f-9183-42eb-adaf-6a1894c60e59","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":48,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"ed72ebad-d536-44ac-af71-a7bd9551b87d","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":48,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"f1cf2b3f-bb4d-4b29-bb35-e36a8960851b","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP,","page_number":48,"box":{"x":61,"y":120,"width":863,"height":11}},{"id":"050a14fe-5e67-4177-ad0e-15c3cf2e51f2","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":48,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"96a969c6-0b48-4219-a224-e5836e61810e","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":48,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"3844ebad-3b13-4e2e-ac5e-1727671e7839","block_type":"box","text":"which are available upon request and at www.blackrock.com.","page_number":48,"box":{"x":60,"y":165,"width":446,"height":10}},{"id":"cfcd32ac-9b94-4597-ba25-c2c2ee5a51aa","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":48,"box":{"x":508,"y":185,"width":378,"height":9}},{"id":"64dcd3aa-db51-40dd-b69f-223f128e0e3f","block_type":"box","text":"Institutional","page_number":48,"box":{"x":661,"y":201,"width":71,"height":7}},{"id":"24162b9f-5b1a-45d9-964a-42e2d9e1db40","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":470,"y":228,"width":66,"height":7}},{"id":"e3ceba58-2219-4f7a-8ee1-c29dec153a3b","block_type":"box","text":"05/31/26","page_number":48,"box":{"x":471,"y":238,"width":64,"height":9}},{"id":"eeae9bb4-226a-4e14-81f0-4e1a41f515d8","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":567,"y":228,"width":66,"height":7}},{"id":"8ff47b83-eedb-4a48-9856-d933a96060bd","block_type":"box","text":"05/31/25","page_number":48,"box":{"x":568,"y":238,"width":64,"height":9}},{"id":"4a098aec-9c1b-44f6-b1b2-a381c2b2f86a","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":664,"y":228,"width":65,"height":7}},{"id":"a42c284e-8d3f-41b5-bfa7-6f250b62191a","block_type":"box","text":"05/31/24","page_number":48,"box":{"x":665,"y":238,"width":64,"height":9}},{"id":"046ac1cd-1f82-40e7-a657-ec5d574bdc8e","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":760,"y":228,"width":66,"height":7}},{"id":"66669f47-8bff-4831-9100-63f1b48a4ab6","block_type":"box","text":"05/31/23","page_number":48,"box":{"x":762,"y":238,"width":63,"height":9}},{"id":"c9192078-fd8f-478c-b8b5-b9bc53ea4011","block_type":"box","text":"Year Ended","page_number":48,"box":{"x":857,"y":228,"width":66,"height":7}},{"id":"d9c67653-e566-44e6-bdf0-195534c95b62","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":48,"box":{"x":69,"y":238,"width":296,"height":9}},{"id":"16ebe4ff-e013-4b93-a605-e3f09bda01fa","block_type":"box","text":"05/31/22","page_number":48,"box":{"x":859,"y":238,"width":63,"height":9}},{"id":"f340388b-c771-43d9-b2e5-0304922522a1","block_type":"box","text":"Net asset value, beginning of year","page_number":48,"box":{"x":69,"y":255,"width":205,"height":9}},{"id":"3f14af29-1785-4e6b-9c5b-7dd27828e1d4","block_type":"box","text":"$ 21.38 $ 22.50 $ 17.59 $ 17.56 $ 19.27","page_number":48,"box":{"x":474,"y":254,"width":446,"height":9}},{"id":"0d33fcbf-18cb-4452-a727-e0d869a51d40","block_type":"box","text":"Net investment income","page_number":48,"box":{"x":85,"y":272,"width":134,"height":7}},{"id":"ccbd9e82-8ed1-4472-9c0c-99e2a4bd2fef","block_type":"box","text":"(a)","page_number":48,"box":{"x":220,"y":272,"width":7,"height":4}},{"id":"3fb7697f-851e-4c85-b804-965cc23606a8","block_type":"box","text":"0.17 0.18 0.18 0.22 0.16","page_number":48,"box":{"x":506,"y":272,"width":414,"height":7}},{"id":"114f88a2-5b99-4630-a0d3-c53b3746bfd6","block_type":"box","text":"Net realized and unrealized gain (loss) 6.52 2.35 4.93 0.01 (0.62)","page_number":48,"box":{"x":85,"y":283,"width":839,"height":10}},{"id":"40a56435-4bce-432b-88b0-1c751eb7aa2e","block_type":"box","text":"Net increase (decrease) from investment operations 6.69 2.53 5.11 0.23 (0.46)","page_number":48,"box":{"x":70,"y":295,"width":854,"height":9}},{"id":"ce2c5d6d-1548-4253-b0ea-918e3cce7f1a","block_type":"box","text":"Distributions","page_number":48,"box":{"x":69,"y":312,"width":76,"height":7}},{"id":"7e56f158-383a-4b64-b691-ddf883413e75","block_type":"box","text":"(b)","page_number":48,"box":{"x":145,"y":312,"width":8,"height":4}},{"id":"8476335a-652d-4f1e-8153-bfc5af96eaa5","block_type":"box","text":"From net investment income (0.18) (0.19) (0.20) (0.20) (0.11)","page_number":48,"box":{"x":85,"y":323,"width":839,"height":9}},{"id":"d107d433-37e6-41b6-b939-fddde39f99cd","block_type":"box","text":"From net realized gain (1.36) (3.46) — — (1.14)","page_number":48,"box":{"x":85,"y":335,"width":839,"height":9}},{"id":"e6d6827e-aad8-41f2-b6a8-62a5beb0d2cc","block_type":"box","text":"Total distributions (1.54) (3.65) (0.20) (0.20) (1.25)","page_number":48,"box":{"x":69,"y":352,"width":855,"height":9}},{"id":"2dbf042e-b79d-414b-bbe7-7ed29b182f24","block_type":"box","text":"Net asset value, end of year","page_number":48,"box":{"x":69,"y":369,"width":168,"height":9}},{"id":"28b53075-2b1b-4a56-abe6-0173fea1ff08","block_type":"box","text":"$ 26.53 $ 21.38 $ 22.50 $ 17.59 $ 17.56","page_number":48,"box":{"x":474,"y":368,"width":446,"height":9}},{"id":"e761f09a-ebac-47c3-bc8c-17bc58bc4c64","block_type":"box","text":"Total Return","page_number":48,"box":{"x":69,"y":385,"width":73,"height":8}},{"id":"69f6941b-615e-4b39-95f6-c0d975655ca5","block_type":"box","text":"(c)","page_number":48,"box":{"x":143,"y":385,"width":8,"height":5}},{"id":"736e7a9b-0acc-44fe-81ce-44a4993fbef8","block_type":"box","text":"Based on net asset value 32.59% 11.85% 29.27% 1.38% (2.88)%","page_number":48,"box":{"x":70,"y":402,"width":864,"height":9}},{"id":"d24bca43-b57c-4197-aa9c-f07761493c50","block_type":"box","text":"Ratios to Average Net Assets","page_number":48,"box":{"x":70,"y":419,"width":176,"height":9}},{"id":"d5bfc57a-b19e-4bbd-9990-52923d4750d8","block_type":"box","text":"(d)","page_number":48,"box":{"x":247,"y":419,"width":8,"height":4}},{"id":"7331961d-8e06-4484-9e20-d6ba53840bf6","block_type":"box","text":"Total expenses 0.63% 0.61% 0.61% 0.63% 0.66%","page_number":48,"box":{"x":69,"y":436,"width":861,"height":8}},{"id":"a241de2f-4746-47d3-a42b-d0f445125fcc","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.48% 0.48% 0.48% 0.48% 0.48%","page_number":48,"box":{"x":69,"y":452,"width":861,"height":9}},{"id":"374809cb-0398-4069-82ff-ccc3ce6b5e6f","block_type":"box","text":"Net investment income 0.73% 0.84% 0.93% 1.29% 0.84%","page_number":48,"box":{"x":70,"y":469,"width":860,"height":7}},{"id":"f8faeda4-53e2-485e-8e11-db520e0b7c1c","block_type":"box","text":"Supplemental Data","page_number":48,"box":{"x":69,"y":486,"width":114,"height":9}},{"id":"19ac9ebd-cc02-4d38-8eee-c39f04a5ac44","block_type":"box","text":"Net assets, end of year (000) $464,523 $358,644 $486,029 $622,091 $472,353","page_number":48,"box":{"x":70,"y":502,"width":850,"height":10}},{"id":"bd04c881-bbef-4ba1-a9a8-da2d3cab9053","block_type":"box","text":"Portfolio turnover rate 115% 129% 108% 120% 99%","page_number":48,"box":{"x":69,"y":519,"width":861,"height":8}},{"id":"997af30d-2c90-4d0b-9a19-d5f1008612d4","block_type":"box","text":"(a)","page_number":48,"box":{"x":61,"y":539,"width":7,"height":5}},{"id":"c595adc2-2321-4846-b980-7b4e28e26e07","block_type":"box","text":"Based on average shares outstanding.","page_number":48,"box":{"x":81,"y":539,"width":225,"height":10}},{"id":"f5b9831b-e202-4880-bf53-955076f40554","block_type":"box","text":"(b)","page_number":48,"box":{"x":61,"y":552,"width":7,"height":5}},{"id":"0acaea73-83d0-4903-a01a-a4a3946ff444","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":48,"box":{"x":82,"y":552,"width":582,"height":9}},{"id":"3f56cf04-7b83-4827-a2d7-ae574ca32d4b","block_type":"box","text":"(c)","page_number":48,"box":{"x":61,"y":565,"width":6,"height":5}},{"id":"934614d7-5076-459b-a7b9-06c0608498e2","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":48,"box":{"x":81,"y":565,"width":361,"height":9}},{"id":"dacc10ce-9c87-44ea-9ae8-fdcef70c41b0","block_type":"box","text":"(d)","page_number":48,"box":{"x":61,"y":578,"width":7,"height":5}},{"id":"804702d5-90cb-40ce-9e20-da07938d97b6","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":48,"box":{"x":82,"y":578,"width":550,"height":9}},{"id":"8c1978a1-7069-43e3-a6d4-de1c02d1a59e","block_type":"box","text":"Financial Highlights","page_number":48,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"814a43de-6d89-4c1e-911a-70af8c504be2","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"87ae7c54-a709-4ff7-8989-9835c56f73e1","block_type":"box","text":"NM1026U-5984563-48/68","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7dd44a92-c7f8-4809-b9b1-f77b2a54b274","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":49,"box":{"x":506,"y":186,"width":378,"height":9}},{"id":"3c5b2668-655c-486d-90b4-8646a1c23921","block_type":"box","text":"Investor A","page_number":49,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"31ca80af-baa9-4319-9753-4175e108bf95","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":470,"y":229,"width":66,"height":8}},{"id":"07ecbb2c-dfcc-48dd-8779-f9c54baf8281","block_type":"box","text":"05/31/26","page_number":49,"box":{"x":471,"y":240,"width":64,"height":9}},{"id":"0ceca2e2-d143-4e6d-9054-288a83030413","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":567,"y":229,"width":66,"height":8}},{"id":"3fc66256-4012-416e-95d1-112ecceba383","block_type":"box","text":"05/31/25","page_number":49,"box":{"x":568,"y":240,"width":64,"height":9}},{"id":"d476027e-d987-4c04-a743-85732fb5256e","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":664,"y":229,"width":65,"height":8}},{"id":"44a20d37-4728-4eab-ad8d-e21ee4aabdd1","block_type":"box","text":"05/31/24","page_number":49,"box":{"x":665,"y":240,"width":64,"height":9}},{"id":"b2b6d0c8-7cdd-413e-9267-a41de90b51ef","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":760,"y":229,"width":66,"height":8}},{"id":"30ab450a-6af4-4eca-a526-3059b2411e98","block_type":"box","text":"05/31/23","page_number":49,"box":{"x":762,"y":240,"width":63,"height":9}},{"id":"d13c26d5-f61e-4333-986b-c83262d11ec2","block_type":"box","text":"Year Ended","page_number":49,"box":{"x":857,"y":229,"width":66,"height":8}},{"id":"da87d4d5-802b-47cd-ad73-3eb3fc6320f9","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":49,"box":{"x":69,"y":240,"width":296,"height":9}},{"id":"5199b6f0-14e3-461e-8dee-9ef283cca0e5","block_type":"box","text":"05/31/22","page_number":49,"box":{"x":859,"y":240,"width":63,"height":9}},{"id":"4b547a6c-90bf-4a77-a3be-b3c1d46055c8","block_type":"box","text":"Net asset value, beginning of year","page_number":49,"box":{"x":69,"y":256,"width":205,"height":9}},{"id":"222e8422-501a-4692-a735-26f23e8b9c1d","block_type":"box","text":"$ 21.24 $ 22.37 $ 17.50 $ 17.47 $ 19.18","page_number":49,"box":{"x":474,"y":256,"width":446,"height":8}},{"id":"8414f119-7050-493e-9453-648a3cd85a88","block_type":"box","text":"Net investment income","page_number":49,"box":{"x":85,"y":273,"width":134,"height":7}},{"id":"23c3482c-2757-4fac-b7a2-848e348f462b","block_type":"box","text":"(a)","page_number":49,"box":{"x":220,"y":273,"width":7,"height":5}},{"id":"b8a976c4-c026-441f-82bd-de27ffd90bb7","block_type":"box","text":"0.11 0.13 0.13 0.17 0.11","page_number":49,"box":{"x":506,"y":273,"width":414,"height":7}},{"id":"2778001d-d785-4d74-ae4a-f39d4b079b06","block_type":"box","text":"Net realized and unrealized gain (loss) 6.47 2.34 4.90 0.01 (0.60)","page_number":49,"box":{"x":85,"y":285,"width":839,"height":9}},{"id":"7209c07b-362b-48e8-9e9b-0f9a660be80d","block_type":"box","text":"Net increase (decrease) from investment operations 6.58 2.47 5.03 0.18 (0.49)","page_number":49,"box":{"x":70,"y":296,"width":854,"height":9}},{"id":"bab71a96-375a-4c1d-b3ce-75ea837e4b0f","block_type":"box","text":"Distributions","page_number":49,"box":{"x":69,"y":313,"width":76,"height":7}},{"id":"48001161-8535-4689-8f36-cd356b85b676","block_type":"box","text":"(b)","page_number":49,"box":{"x":145,"y":313,"width":8,"height":5}},{"id":"55960345-4f45-4b26-8956-7c1918c2d7d3","block_type":"box","text":"From net investment income (0.13) (0.14) (0.16) (0.15) (0.08)","page_number":49,"box":{"x":85,"y":325,"width":839,"height":9}},{"id":"5f28c052-6fb4-4e39-8336-7f80775170f8","block_type":"box","text":"From net realized gain (1.36) (3.46) — — (1.14)","page_number":49,"box":{"x":85,"y":336,"width":839,"height":9}},{"id":"f2a74e54-a6ee-44ac-bf3d-b5a2dc6944e4","block_type":"box","text":"Total distributions (1.49) (3.60) (0.16) (0.15) (1.22)","page_number":49,"box":{"x":69,"y":353,"width":855,"height":9}},{"id":"e6adc208-7719-4895-a5a7-cd225fc9a4e8","block_type":"box","text":"Net asset value, end of year","page_number":49,"box":{"x":69,"y":370,"width":168,"height":9}},{"id":"a603d237-5db8-44ef-9160-bbdee6f91d34","block_type":"box","text":"$ 26.33 $ 21.24 $ 22.37 $ 17.50 $ 17.47","page_number":49,"box":{"x":474,"y":369,"width":446,"height":9}},{"id":"9e46b197-1f82-4076-b2f0-1ea49a89fb3b","block_type":"box","text":"Total Return","page_number":49,"box":{"x":69,"y":387,"width":73,"height":7}},{"id":"e7fbd0cf-650e-4464-abe3-8f65f63fc634","block_type":"box","text":"(c)","page_number":49,"box":{"x":143,"y":387,"width":8,"height":4}},{"id":"a59b364f-143b-4798-9e55-02d47bea8052","block_type":"box","text":"Based on net asset value 32.22% 11.62% 28.90% 1.12% (3.09)%","page_number":49,"box":{"x":70,"y":403,"width":864,"height":9}},{"id":"d6364216-e6ae-4901-9551-e8b7c17cfc1d","block_type":"box","text":"Ratios to Average Net Assets","page_number":49,"box":{"x":70,"y":420,"width":176,"height":9}},{"id":"c772ae75-313a-49e8-81d9-b8a12d2dd738","block_type":"box","text":"(d)","page_number":49,"box":{"x":247,"y":420,"width":8,"height":5}},{"id":"34220145-12c0-48ac-81af-2e0776ec04d1","block_type":"box","text":"Total expenses 0.88% 0.86% 0.84% 0.86% 0.87%","page_number":49,"box":{"x":69,"y":437,"width":861,"height":9}},{"id":"f8b0122b-068c-49be-a909-a83e4ccce098","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.73% 0.73% 0.73% 0.73% 0.73%","page_number":49,"box":{"x":69,"y":454,"width":861,"height":9}},{"id":"3e13182e-7fd5-42b8-a2f6-d639ea03fd5a","block_type":"box","text":"Net investment income 0.48% 0.59% 0.66% 1.04% 0.58%","page_number":49,"box":{"x":70,"y":470,"width":860,"height":8}},{"id":"725e3435-bb86-4039-9173-4f3a677c8166","block_type":"box","text":"Supplemental Data","page_number":49,"box":{"x":69,"y":487,"width":114,"height":9}},{"id":"009ce92b-56bb-4414-b510-2b52617eaeda","block_type":"box","text":"Net assets, end of year (000) $251,525 $174,776 $138,563 $96,245 $108,997","page_number":49,"box":{"x":70,"y":503,"width":850,"height":10}},{"id":"d3c3cbc0-d21f-408b-9619-ec90e29a56e0","block_type":"box","text":"Portfolio turnover rate 115% 129% 108% 120% 99%","page_number":49,"box":{"x":69,"y":521,"width":861,"height":7}},{"id":"e4cc7afb-2adb-416a-b4e1-ab573056cd05","block_type":"box","text":"(a)","page_number":49,"box":{"x":61,"y":541,"width":7,"height":4}},{"id":"89ebc5ab-5bc5-48bf-8d5e-b60bf0bb75a1","block_type":"box","text":"Based on average shares outstanding.","page_number":49,"box":{"x":81,"y":541,"width":225,"height":9}},{"id":"ddeaebe2-0100-48dd-b340-b93e86bbffe7","block_type":"box","text":"(b)","page_number":49,"box":{"x":61,"y":554,"width":7,"height":4}},{"id":"002c9f60-fed0-4385-8124-15e98a46618c","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":49,"box":{"x":82,"y":553,"width":582,"height":10}},{"id":"3ca949fd-2535-444c-851f-929b00e6da09","block_type":"box","text":"(c)","page_number":49,"box":{"x":61,"y":567,"width":6,"height":4}},{"id":"0bacde47-dae1-46d6-99a5-da013d732d8f","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":49,"box":{"x":81,"y":566,"width":636,"height":10}},{"id":"f5412554-6db5-4c31-a907-e246a40b7829","block_type":"box","text":"(d)","page_number":49,"box":{"x":61,"y":579,"width":7,"height":5}},{"id":"990bcc09-c69d-4538-ab59-3952e2c7f70c","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":49,"box":{"x":82,"y":579,"width":550,"height":9}},{"id":"f4c7bb95-8715-4e16-be0e-3f88db8cf0b0","block_type":"box","text":"Financial Highlights","page_number":49,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"3925f45e-32a1-4931-b2a1-a10eb82bd97f","block_type":"box","text":"(continued)","page_number":49,"box":{"x":244,"y":48,"width":81,"height":12}},{"id":"9f39981b-41ab-4832-ae75-8cbc23d63197","block_type":"box","text":"49","page_number":49,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"7e15e444-1a10-4e19-a9b1-b83dca9734a4","block_type":"box","text":"NM1026U-5984563-49/68","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"730574f3-f324-48dd-aa40-c78ee7249b9a","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":50,"box":{"x":506,"y":186,"width":378,"height":9}},{"id":"407c1b77-1bba-4aed-9e18-04da86c9f589","block_type":"box","text":"Investor C","page_number":50,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"acf0a9a5-7cea-4ed2-b3a3-2d40b5344792","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":470,"y":229,"width":66,"height":8}},{"id":"1b7c2ea0-0df2-46bf-b0b2-658b9a5a2744","block_type":"box","text":"05/31/26","page_number":50,"box":{"x":471,"y":240,"width":64,"height":9}},{"id":"5e7fb84f-723e-46d3-89b5-a9b1f5d50ae8","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":567,"y":229,"width":66,"height":8}},{"id":"501991cb-9ad1-4f11-86a4-0816a2cb280f","block_type":"box","text":"05/31/25","page_number":50,"box":{"x":568,"y":240,"width":64,"height":9}},{"id":"21effcd5-f843-42e9-aa63-e2310cbd211e","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":664,"y":229,"width":65,"height":8}},{"id":"7a6c115c-5628-4d19-8f39-c41809e83372","block_type":"box","text":"05/31/24","page_number":50,"box":{"x":665,"y":240,"width":64,"height":9}},{"id":"35be41b1-9eb0-4d5f-af39-230ab7c7d6dd","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":760,"y":229,"width":66,"height":8}},{"id":"14ce2a83-84e0-4e45-93d1-f14c506e978a","block_type":"box","text":"05/31/23","page_number":50,"box":{"x":762,"y":240,"width":63,"height":9}},{"id":"b3297ed8-0178-4b4e-9cc1-a3620bf46859","block_type":"box","text":"Year Ended","page_number":50,"box":{"x":857,"y":229,"width":66,"height":8}},{"id":"42915602-c617-4322-b5bd-e66ef4748e3e","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":50,"box":{"x":69,"y":240,"width":296,"height":9}},{"id":"b5a5422f-b0e5-4525-9c4c-2a3dc7061354","block_type":"box","text":"05/31/22","page_number":50,"box":{"x":859,"y":240,"width":63,"height":9}},{"id":"c289e04d-d4be-4247-a0c8-88814b3738fd","block_type":"box","text":"Net asset value, beginning of year","page_number":50,"box":{"x":69,"y":256,"width":205,"height":9}},{"id":"e02629c4-7ea0-46f4-a2a2-126c717502b3","block_type":"box","text":"$ 20.85 $ 22.02 $ 17.22 $ 17.20 $ 18.92","page_number":50,"box":{"x":478,"y":256,"width":438,"height":8}},{"id":"1b8f2857-0647-44d1-898e-a35ffcfc5ef4","block_type":"box","text":"Net investment income (loss)","page_number":50,"box":{"x":85,"y":273,"width":170,"height":9}},{"id":"7d462a75-ac2b-4460-896c-acfa62ebfeb0","block_type":"box","text":"(a)","page_number":50,"box":{"x":256,"y":273,"width":7,"height":5}},{"id":"40709476-f08e-4cfe-a26a-b503982bd67e","block_type":"box","text":"(0.06) (0.03) (0.02) 0.05 (0.03)","page_number":50,"box":{"x":498,"y":273,"width":422,"height":9}},{"id":"417f4c63-a0d5-4698-a5a8-e5924210c5cb","block_type":"box","text":"Net realized and unrealized gain (loss) 6.35 2.29 4.84 0.00","page_number":50,"box":{"x":85,"y":285,"width":734,"height":9}},{"id":"14844991-c43e-4b65-96ba-e8f8480a5f9c","block_type":"box","text":"(b)","page_number":50,"box":{"x":820,"y":285,"width":7,"height":4}},{"id":"07b8b82e-7dc4-4d81-9943-f052aa400d7a","block_type":"box","text":"(0.60)","page_number":50,"box":{"x":885,"y":285,"width":35,"height":9}},{"id":"fe1d183a-be95-4f2c-b8d6-b3b689088fd0","block_type":"box","text":"Net increase (decrease) from investment operations 6.29 2.26 4.82 0.05 (0.63)","page_number":50,"box":{"x":70,"y":296,"width":850,"height":9}},{"id":"1fbdd934-62c9-4003-86d6-7d718607b18d","block_type":"box","text":"Distributions","page_number":50,"box":{"x":69,"y":313,"width":76,"height":7}},{"id":"8f0baf7e-dd0b-42c4-8410-498e1a5c2329","block_type":"box","text":"(c)","page_number":50,"box":{"x":145,"y":313,"width":8,"height":5}},{"id":"846b7da9-3666-4066-aa62-ca9c5ed06f93","block_type":"box","text":"From net investment income — — (0.02) (0.03) —","page_number":50,"box":{"x":85,"y":325,"width":832,"height":9}},{"id":"b07c5c5b-2993-408c-a31d-fb61566f7902","block_type":"box","text":"From net realized gain (1.32) (3.43) — — (1.09)","page_number":50,"box":{"x":85,"y":336,"width":835,"height":9}},{"id":"18add704-02af-4d54-aa45-1eb431d3b0f7","block_type":"box","text":"Total distributions (1.32) (3.43) (0.02) (0.03) (1.09)","page_number":50,"box":{"x":69,"y":353,"width":851,"height":9}},{"id":"ba1fc96d-28a1-44ee-86c1-57b5a15b09c4","block_type":"box","text":"Net asset value, end of year","page_number":50,"box":{"x":69,"y":370,"width":168,"height":9}},{"id":"5ddf4e32-1535-4ce1-8045-589ad79f36d6","block_type":"box","text":"$ 25.82 $ 20.85 $ 22.02 $ 17.22 $ 17.20","page_number":50,"box":{"x":478,"y":369,"width":438,"height":9}},{"id":"36919c88-eca6-4cc3-a880-8143c83c8c25","block_type":"box","text":"Total Return","page_number":50,"box":{"x":69,"y":387,"width":73,"height":7}},{"id":"8e66aeec-e70f-4e36-ab2d-c01aab890be5","block_type":"box","text":"(d)","page_number":50,"box":{"x":143,"y":387,"width":8,"height":4}},{"id":"435cfb26-a038-42cf-a5f1-6cca2faa8e8a","block_type":"box","text":"Based on net asset value 31.26% 10.73% 28.01% 0.33% (3.79)%","page_number":50,"box":{"x":70,"y":403,"width":860,"height":9}},{"id":"04ef6ef4-aca2-42d0-ab0a-56dece9385a6","block_type":"box","text":"Ratios to Average Net Assets","page_number":50,"box":{"x":70,"y":420,"width":176,"height":9}},{"id":"8ed2a67a-841b-474e-8647-faa719fecf44","block_type":"box","text":"(e)","page_number":50,"box":{"x":247,"y":420,"width":8,"height":5}},{"id":"739fe68c-c7fd-40b5-bebb-a31bae401e64","block_type":"box","text":"Total expenses 1.62% 1.60% 1.60% 1.63% 1.63%","page_number":50,"box":{"x":69,"y":437,"width":857,"height":9}},{"id":"e914b652-cdc1-4bb7-9f10-c222a7af0d18","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 1.48% 1.48% 1.48% 1.48% 1.48%","page_number":50,"box":{"x":69,"y":454,"width":857,"height":9}},{"id":"837dcf38-514d-4483-8e7a-ed5aa426e160","block_type":"box","text":"Net investment income (loss) (0.26)% (0.16)% (0.08)% 0.30% (0.18)%","page_number":50,"box":{"x":70,"y":470,"width":860,"height":9}},{"id":"1689525c-ebc7-4d87-9f44-1f052d98c081","block_type":"box","text":"Supplemental Data","page_number":50,"box":{"x":69,"y":487,"width":114,"height":9}},{"id":"b6818951-cf94-4579-9620-5b6b6e338077","block_type":"box","text":"Net assets, end of year (000) $15,433 $15,903 $18,681 $17,110 $21,305","page_number":50,"box":{"x":70,"y":503,"width":846,"height":10}},{"id":"054933d1-f2d9-4b1f-ade2-585c95c61390","block_type":"box","text":"Portfolio turnover rate 115% 129% 108% 120% 99%","page_number":50,"box":{"x":69,"y":521,"width":857,"height":7}},{"id":"8ed95398-5cb2-41b0-9f04-9f772a431f7d","block_type":"box","text":"(a)","page_number":50,"box":{"x":61,"y":541,"width":7,"height":4}},{"id":"66720137-38c8-4e23-9a9b-1036a38fe086","block_type":"box","text":"Based on average shares outstanding.","page_number":50,"box":{"x":81,"y":541,"width":225,"height":9}},{"id":"4c97fafa-fbd6-462a-b360-0157d66e2c06","block_type":"box","text":"(b)","page_number":50,"box":{"x":61,"y":554,"width":7,"height":4}},{"id":"fd5a4147-cbd1-46ac-82e6-ca68da5df970","block_type":"box","text":"Amount is less than $0.005 per share.","page_number":50,"box":{"x":81,"y":553,"width":228,"height":9}},{"id":"7d17b2f4-1b82-4597-ad95-b018b672005b","block_type":"box","text":"(c)","page_number":50,"box":{"x":61,"y":567,"width":6,"height":4}},{"id":"74b03e9b-e1e4-4ff6-b67d-0bfe968ff982","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":50,"box":{"x":82,"y":566,"width":582,"height":10}},{"id":"a6a71db8-d288-46c6-b917-09ac8e2e0525","block_type":"box","text":"(d)","page_number":50,"box":{"x":61,"y":579,"width":7,"height":5}},{"id":"15d04f48-6ba2-4f44-80d6-b1432f566bba","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":50,"box":{"x":81,"y":579,"width":636,"height":9}},{"id":"3cdf620c-1bb9-4205-9f56-0edac41635ce","block_type":"box","text":"(e)","page_number":50,"box":{"x":61,"y":592,"width":7,"height":5}},{"id":"1a0f219e-19fd-4a43-87db-d50948c4bf7d","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":50,"box":{"x":82,"y":592,"width":550,"height":9}},{"id":"5086b348-c5bb-45b7-bc30-5af8ccd32473","block_type":"box","text":"Financial Highlights","page_number":50,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"8b6adaa8-e899-456a-b91e-305682ebecd7","block_type":"box","text":"(concluded)","page_number":50,"box":{"x":244,"y":48,"width":83,"height":12}},{"id":"55c8df8a-0daa-4902-a256-fe02d61b2d18","block_type":"box","text":"50","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a7f6abb3-6574-4856-854f-b4536dd9b836","block_type":"box","text":"NM1026U-5984563-50/68","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a216d69d-c2da-4f07-b4d9-3aebcd0234f6","block_type":"box","text":"General Information","page_number":51,"box":{"x":63,"y":82,"width":431,"height":27}},{"id":"6cc49a14-3e6a-4035-9154-c43c61657c4a","block_type":"box","text":"Shareholder Documents","page_number":51,"box":{"x":61,"y":156,"width":216,"height":11}},{"id":"18c965b3-c15d-4162-a6e3-c5d95940ec45","block_type":"box","text":"Electronic Access to Annual and Semi-Annual Reports, Annual and Semi-Annual Financial Statements and","page_number":51,"box":{"x":61,"y":183,"width":875,"height":12}},{"id":"5a07516d-87c4-4ab1-9bb9-05c075d57dfe","block_type":"box","text":"Additional Information and Prospectuses","page_number":51,"box":{"x":60,"y":200,"width":336,"height":12}},{"id":"6a91ce12-a4e2-4772-9f38-4217ff52ce9d","block_type":"box","text":"Electronic copies of most financial reports and prospectuses are available on BlackRock’s website. Shareholders can","page_number":51,"box":{"x":62,"y":216,"width":862,"height":11}},{"id":"909858be-dc18-449b-8988-123c7a11554b","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":51,"box":{"x":61,"y":231,"width":858,"height":11}},{"id":"e416abdf-beee-4db7-84e8-fd6c1f24656b","block_type":"box","text":"Additional Information and prospectuses by enrolling in the Fund’s electronic delivery program. To enroll:","page_number":51,"box":{"x":60,"y":245,"width":767,"height":12}},{"id":"ee7ad72e-9792-410b-bbaf-9211f007f9f5","block_type":"box","text":"Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:","page_number":51,"box":{"x":60,"y":268,"width":619,"height":11}},{"id":"8640d357-2b76-4067-9031-15292b4b63bc","block_type":"box","text":"Please contact your Financial","page_number":51,"box":{"x":686,"y":268,"width":211,"height":11}},{"id":"e0fc5cdd-adc3-4ed8-8923-9c962dc56bc5","block_type":"box","text":"Intermediary. Please note that not all investment advisers, banks or brokerages may offer this service.","page_number":51,"box":{"x":62,"y":283,"width":754,"height":11}},{"id":"a05ee4a6-73db-4248-bcdf-8f2bf3416635","block_type":"box","text":"Shareholders Who Hold Accounts Directly With BlackRock:","page_number":51,"box":{"x":60,"y":306,"width":445,"height":11}},{"id":"d7603a1c-223a-4e43-a29f-fbbe6f4866de","block_type":"box","text":"Access the BlackRock website at http://www.blackrock.com/edelivery; and","page_number":51,"box":{"x":81,"y":326,"width":552,"height":11}},{"id":"3eefe019-d170-4dee-a900-b662fbdd90bf","block_type":"box","text":"Log into your account.","page_number":51,"box":{"x":82,"y":346,"width":159,"height":11}},{"id":"69e6f45f-69e9-465c-aea8-9f8fc8adf2e7","block_type":"box","text":"Delivery of Shareholder Documents","page_number":51,"box":{"x":61,"y":368,"width":289,"height":13}},{"id":"89d631b3-6223-4b12-9449-f8f41fa1b0c9","block_type":"box","text":"The Fund delivers only one copy of shareholder documents, including prospectuses, shareholder reports and proxy","page_number":51,"box":{"x":60,"y":385,"width":843,"height":11}},{"id":"e6aeea2b-ad11-44e2-b689-739596d2e44b","block_type":"box","text":"statements, to shareholders with multiple accounts at the same address. This practice is known as “householding”","page_number":51,"box":{"x":61,"y":400,"width":849,"height":11}},{"id":"61024cb7-6963-405c-bb60-b95997e0c2d3","block_type":"box","text":"and is intended to eliminate duplicate mailings and reduce expenses. Mailings of your shareholder documents may be","page_number":51,"box":{"x":61,"y":414,"width":868,"height":12}},{"id":"9a62074c-8855-4d41-a71e-1f52d6ada9dd","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":51,"box":{"x":61,"y":429,"width":844,"height":12}},{"id":"97d9f769-af85-4620-9281-adde43bfac7b","block_type":"box","text":"combined with those for other members of your household, please contact the Fund at (800) 441-7762.","page_number":51,"box":{"x":61,"y":444,"width":764,"height":11}},{"id":"a28f72ac-9fbb-448b-a383-e6cc29773da0","block_type":"box","text":"Certain Fund Policies","page_number":51,"box":{"x":61,"y":483,"width":194,"height":11}},{"id":"4879ff01-b380-426a-a895-ddefd9018af9","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":51,"box":{"x":60,"y":510,"width":309,"height":12}},{"id":"aa1393c0-5203-4a95-9733-5a9c0fa65b75","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":51,"box":{"x":60,"y":526,"width":844,"height":11}},{"id":"00946885-7347-48c4-ab0e-f8ec08c4dd3a","block_type":"box","text":"U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements","page_number":51,"box":{"x":62,"y":541,"width":861,"height":11}},{"id":"f2eea8eb-49ed-4160-98a8-66e806e6d243","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":51,"box":{"x":61,"y":555,"width":840,"height":12}},{"id":"931813fb-a2de-4fff-a925-f018693ac6bf","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":51,"box":{"x":61,"y":570,"width":861,"height":12}},{"id":"36e17021-8310-44b7-ab1c-a28d7bc97a07","block_type":"box","text":"of investors or, in some cases, the status of Financial Intermediaries . Such information may be verified using third","page_number":51,"box":{"x":61,"y":585,"width":849,"height":12}},{"id":"f7756a30-d4cc-439b-8413-80f5eace01e2","block_type":"box","text":"party sources. This information will be used only for compliance with the Patriot Act or other applicable laws,","page_number":51,"box":{"x":62,"y":600,"width":795,"height":11}},{"id":"fca2a48c-50db-409f-9bad-09a964e2d3e6","block_type":"box","text":"regulations and rules in connection with money laundering, terrorism or economic sanctions.","page_number":51,"box":{"x":61,"y":615,"width":679,"height":11}},{"id":"78375f79-f10e-47d7-a418-2570ef3b97bd","block_type":"box","text":"The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to","page_number":51,"box":{"x":60,"y":637,"width":858,"height":12}},{"id":"8cee3a5c-ec47-4229-841d-95773ea865f5","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":51,"box":{"x":61,"y":652,"width":815,"height":12}},{"id":"08b9e55d-917e-47c2-b951-208a478f75d3","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":51,"box":{"x":62,"y":667,"width":869,"height":11}},{"id":"084db8a8-ddf0-4bb6-be15-71940056e1b0","block_type":"box","text":"regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit","page_number":51,"box":{"x":61,"y":682,"width":805,"height":11}},{"id":"4ff56df6-4543-48e3-9063-38e7e1a9c2cb","block_type":"box","text":"activities.","page_number":51,"box":{"x":61,"y":697,"width":68,"height":9}},{"id":"f92862e1-2a27-44b4-94bf-b2b87177595c","block_type":"box","text":"BlackRock Privacy Principles","page_number":51,"box":{"x":61,"y":720,"width":241,"height":12}},{"id":"67da1ba6-d02a-4c4c-b8ef-53afa21befb7","block_type":"box","text":"BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients","page_number":51,"box":{"x":62,"y":736,"width":821,"height":12}},{"id":"b67a5811-7720-4894-a45c-95c5a0bdc3ff","block_type":"box","text":"(collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided","page_number":51,"box":{"x":61,"y":751,"width":868,"height":11}},{"id":"605487d8-faac-4d3a-9f5d-5cb99c7e89c8","block_type":"box","text":"to help you understand what personal information BlackRock collects, how we protect that information and why in","page_number":51,"box":{"x":60,"y":766,"width":834,"height":11}},{"id":"6f7583c8-7387-43d5-b99a-4a86b0c9a620","block_type":"box","text":"certain cases we share such information with select parties.","page_number":51,"box":{"x":61,"y":780,"width":445,"height":12}},{"id":"a302b923-01ce-4cda-a971-5314dbbfd9e9","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":51,"box":{"x":62,"y":803,"width":823,"height":12}},{"id":"4928d235-ac54-4c36-85a0-8191e8359aa5","block_type":"box","text":"additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those","page_number":51,"box":{"x":61,"y":818,"width":832,"height":11}},{"id":"c620bd9b-2af5-4669-8c93-d4c457a5e1dd","block_type":"box","text":"specific laws, rules or regulations.","page_number":51,"box":{"x":61,"y":833,"width":250,"height":11}},{"id":"79ec117a-42ac-47bc-afa8-ce19d86ea566","block_type":"box","text":"BlackRock obtains or verifies personal non-public information from and about you from different sources, including the","page_number":51,"box":{"x":62,"y":855,"width":867,"height":12}},{"id":"66ed756b-c811-488f-8772-d00f639bcbf0","block_type":"box","text":"following: (i) information we receive from you or, if applicable, your Financial Intermediary, on applications, forms or","page_number":51,"box":{"x":60,"y":870,"width":847,"height":12}},{"id":"35ef8246-b602-4ceb-a505-1ab749637d2d","block_type":"box","text":"other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive","page_number":51,"box":{"x":61,"y":885,"width":858,"height":11}},{"id":"b4f477bb-973b-4150-80be-6e21c043e031","block_type":"box","text":"from a consumer reporting agency; and (iv) from visits to our website.","page_number":51,"box":{"x":60,"y":900,"width":511,"height":11}},{"id":"5e2261d2-7d23-41d5-9bfd-ab97a713a653","block_type":"box","text":"51","page_number":51,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"535afe81-5f92-4824-991b-07f1a342e50e","block_type":"box","text":"NM1026U-5984563-51/68","page_number":51,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1fcfb961-b767-4ae6-9d03-5e9c022ef68f","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":52,"box":{"x":62,"y":46,"width":872,"height":11}},{"id":"5c0bc049-0f4f-4119-b6ac-62a6e47aeebc","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":52,"box":{"x":61,"y":61,"width":863,"height":11}},{"id":"c1ef1452-0748-475e-b75e-cc99274350d9","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":52,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"caa7c9a3-4672-47a5-974d-f54455dc6234","block_type":"box","text":"for its intended purpose.","page_number":52,"box":{"x":60,"y":90,"width":180,"height":11}},{"id":"8860446a-2686-4bd4-8ae6-f72c45442321","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":52,"box":{"x":60,"y":113,"width":842,"height":11}},{"id":"6762b64c-a2e6-48c5-ab70-1609b1885799","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":52,"box":{"x":62,"y":127,"width":846,"height":12}},{"id":"27511a16-7da3-45cd-b296-76783aa8304d","block_type":"box","text":"personal information about its Clients to those BlackRock employees with a legitimate business need for the","page_number":52,"box":{"x":62,"y":142,"width":798,"height":12}},{"id":"16d5a3e6-a1b5-4853-819e-b2c113e6f28f","block_type":"box","text":"information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non","page_number":52,"box":{"x":62,"y":157,"width":867,"height":12}},{"id":"cbc40536-d51e-42bb-a03a-517bb0e0dc7b","block_type":"box","text":"public personal information of its Clients, including procedures relating to the proper storage and disposal of such","page_number":52,"box":{"x":62,"y":172,"width":836,"height":12}},{"id":"fd63d667-082e-4a86-ab55-10ed4a7c9486","block_type":"box","text":"information.","page_number":52,"box":{"x":62,"y":187,"width":85,"height":9}},{"id":"56ee30fb-430a-42e1-b1d4-3f293b2bd767","block_type":"box","text":"Statement of Additional Information","page_number":52,"box":{"x":61,"y":226,"width":324,"height":11}},{"id":"febdb577-212c-4be1-8cdc-4e79f69e6e5a","block_type":"box","text":"If you would like further information about the Fund, including how it invests, please see the SAI.","page_number":52,"box":{"x":62,"y":252,"width":708,"height":11}},{"id":"b2f9d15c-7cba-4a10-aec1-d78935620dce","block_type":"box","text":"For a discussion of the Fund’s policies and procedures regarding the selective disclosure of its portfolio holdings,","page_number":52,"box":{"x":62,"y":274,"width":833,"height":12}},{"id":"32e3c950-b4f9-4924-9ef2-17691f3dc543","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":52,"box":{"x":62,"y":289,"width":867,"height":12}},{"id":"29ff361d-ef8e-444b-9204-a19923050080","block_type":"box","text":"within 5 business days after the end of the month to which the information applies.","page_number":52,"box":{"x":60,"y":304,"width":612,"height":12}},{"id":"350dd8a9-b122-4c77-a0a1-2c1e5c7adcb6","block_type":"box","text":"52","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"65c3af18-0fc6-40da-84b9-2d3b0194943a","block_type":"box","text":"NM1026U-5984563-52/68","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d0fce16a-ad47-4e2a-a782-5a271bd0b7e5","block_type":"box","text":"Glossary","page_number":53,"box":{"x":63,"y":82,"width":192,"height":34}},{"id":"e7d6fa2a-8131-423e-affe-a908a57e7220","block_type":"box","text":"This glossary contains an explanation of some of the common terms used in this prospectus. For additional","page_number":53,"box":{"x":60,"y":146,"width":792,"height":12}},{"id":"ad53eddb-626e-4706-af6d-28a3eb8eb553","block_type":"box","text":"information about the Fund, please see the SAI.","page_number":53,"box":{"x":62,"y":161,"width":350,"height":11}},{"id":"beb8690d-305f-4496-9940-ac3d3eb0de94","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":53,"box":{"x":60,"y":184,"width":259,"height":11}},{"id":"ab0ade18-f677-4c60-8044-0d20a37d3255","block_type":"box","text":"— the Fund’s pro rata share of the fees and expenses incurred indirectly by the","page_number":53,"box":{"x":323,"y":184,"width":585,"height":11}},{"id":"a248bcd7-c930-4412-b610-3ed30bb21af9","block_type":"box","text":"Fund as a result of investing in other investment companies.","page_number":53,"box":{"x":62,"y":198,"width":442,"height":12}},{"id":"8ba4e3e6-a287-4cb6-9432-da101c20d4e0","block_type":"box","text":"Annual Fund Operating Expenses","page_number":53,"box":{"x":60,"y":221,"width":249,"height":11}},{"id":"09c87918-eba7-4549-bb81-c4baba851257","block_type":"box","text":"— expenses that cover the costs of operating the Fund.","page_number":53,"box":{"x":313,"y":221,"width":409,"height":12}},{"id":"a4b05f1e-9e3f-4042-a4b2-58f06729c01b","block_type":"box","text":"Distribution Fees","page_number":53,"box":{"x":61,"y":244,"width":128,"height":9}},{"id":"117d7e21-944f-4fb1-89a0-d1cae3777e8d","block_type":"box","text":"— fees used to support the Fund’s marketing and distribution efforts, such as compensating","page_number":53,"box":{"x":193,"y":244,"width":688,"height":11}},{"id":"e2111cbc-f5b2-415b-aa86-0785db36d912","block_type":"box","text":"Financial Intermediaries, advertising and promotion.","page_number":53,"box":{"x":62,"y":259,"width":380,"height":11}},{"id":"d1be347a-89a9-4b29-aac1-28f1bf5d4835","block_type":"box","text":"Dividend Expense","page_number":53,"box":{"x":61,"y":281,"width":132,"height":11}},{"id":"35936110-39f5-47da-b54b-b96146dadc4b","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":53,"box":{"x":198,"y":281,"width":735,"height":11}},{"id":"32bba060-9c9d-473e-9988-9a51b13edc43","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":53,"box":{"x":60,"y":296,"width":875,"height":11}},{"id":"0c8043a9-2bd6-4e19-8731-9f417c7ac1c9","block_type":"box","text":"reimburse the lender of the shares for the amount of that dividend.","page_number":53,"box":{"x":61,"y":311,"width":491,"height":9}},{"id":"4429504a-5195-484f-b4f1-0cc9579d5cc4","block_type":"box","text":"Interest Expense","page_number":53,"box":{"x":61,"y":333,"width":128,"height":11}},{"id":"91183af4-7586-477b-ada5-a2a35cdf5dfe","block_type":"box","text":"— the cost of borrowing money to buy additional securities.","page_number":53,"box":{"x":193,"y":333,"width":437,"height":12}},{"id":"7a9ed63d-c21a-4481-94a8-39ff37114731","block_type":"box","text":"Management Fee","page_number":53,"box":{"x":61,"y":356,"width":131,"height":11}},{"id":"024280f4-77e0-4ed2-81c2-97e0ef537004","block_type":"box","text":"— a fee paid to BlackRock for managing the Fund.","page_number":53,"box":{"x":196,"y":356,"width":369,"height":11}},{"id":"65b96b6c-5526-4b17-92c6-a47d054c79d1","block_type":"box","text":"Other Expenses","page_number":53,"box":{"x":62,"y":378,"width":117,"height":12}},{"id":"a8380113-7baa-4a46-b9d5-618effb79115","block_type":"box","text":"— include accounting, administration, transfer agency, custody, professional and registration fees.","page_number":53,"box":{"x":184,"y":378,"width":722,"height":12}},{"id":"262fc9bf-8f1c-4089-87cb-bc52d1adf358","block_type":"box","text":"Russell 1000 Index","page_number":53,"box":{"x":61,"y":401,"width":147,"height":9}},{"id":"777cf0c3-e4b8-41e1-a431-1e2015d81922","block_type":"box","text":"— measures the performance of the large-cap segment of the U.S. equity universe. The Russell","page_number":53,"box":{"x":212,"y":401,"width":704,"height":11}},{"id":"982a3501-544a-4161-96f8-73f48e0a4354","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":53,"box":{"x":62,"y":416,"width":873,"height":11}},{"id":"1a8e7006-b150-4351-98a4-344999e8972d","block_type":"box","text":"a combination of their market cap and current index membership.","page_number":53,"box":{"x":61,"y":430,"width":480,"height":12}},{"id":"d0b4ef71-5362-4fe1-8d22-ea3be49a2b1d","block_type":"box","text":"Service Fees","page_number":53,"box":{"x":61,"y":453,"width":97,"height":9}},{"id":"87899d8b-cfa1-45d2-a364-f3a30099083b","block_type":"box","text":"— fees used to compensate Financial Intermediaries for certain shareholder servicing activities.","page_number":53,"box":{"x":162,"y":453,"width":708,"height":12}},{"id":"bee315cb-c53b-4ee4-ad3e-eef307e772f1","block_type":"box","text":"Shareholder Fees","page_number":53,"box":{"x":61,"y":476,"width":130,"height":9}},{"id":"08f0489b-6789-4983-b7ba-eaa8e9016c58","block_type":"box","text":"— fees paid directly by a shareholder, including sales charges that you may pay when you buy or sell","page_number":53,"box":{"x":196,"y":476,"width":739,"height":11}},{"id":"d43bc926-3ad6-46ab-bb3f-f82c561f54a0","block_type":"box","text":"shares of the Fund.","page_number":53,"box":{"x":61,"y":490,"width":141,"height":10}},{"id":"8a71864c-f71c-4e73-92c5-1d0d20214fa1","block_type":"box","text":"53","page_number":53,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"cba582a8-df79-4075-aa57-0f3d43346ca9","block_type":"box","text":"NM1026U-5984563-53/68","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7dba4993-4016-476d-a8cf-b522fc46a098","block_type":"box","text":"Intermediary-Defined Sales Charge","page_number":54,"box":{"x":65,"y":47,"width":762,"height":34}},{"id":"3a48ee4e-61ca-4a1b-a4f7-8657689f73be","block_type":"box","text":"Waiver Policies","page_number":54,"box":{"x":61,"y":89,"width":325,"height":27}},{"id":"13442c6d-449d-4d72-9c15-13d82bf081c4","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies","page_number":54,"box":{"x":62,"y":163,"width":456,"height":13}},{"id":"3f09b382-8a22-4886-ac33-90092a279634","block_type":"box","text":"Ameriprise Financial:","page_number":54,"box":{"x":60,"y":189,"width":173,"height":13}},{"id":"4fa2b4e7-166e-4f9d-bd93-d6e1ad6b3de4","block_type":"box","text":"Front-end sales charge reductions on Investor A Shares purchased through Ameriprise Financial","page_number":54,"box":{"x":61,"y":214,"width":792,"height":12}},{"id":"6b5f248e-5f59-4346-904d-b8fd44778b6e","block_type":"box","text":"Shareholders purchasing Investor A Shares of the Fund through an Ameriprise Financial platform or account are eligible","page_number":54,"box":{"x":61,"y":230,"width":875,"height":12}},{"id":"a68f8a37-b0fc-406f-b956-512abe1f82fe","block_type":"box","text":"only for the following sales charge reductions, which may differ from those disclosed elsewhere in this Fund’s","page_number":54,"box":{"x":61,"y":245,"width":806,"height":11}},{"id":"3369d805-6a2e-48f9-84ee-61a0879f50a0","block_type":"box","text":"prospectus or SAI. Such shareholders can reduce their initial sales charge on the purchase of Investor A Shares as","page_number":54,"box":{"x":62,"y":260,"width":846,"height":11}},{"id":"c0153df2-1509-4647-8748-d23c12181c90","block_type":"box","text":"follows:","page_number":54,"box":{"x":60,"y":274,"width":55,"height":10}},{"id":"36c41c06-c495-4717-b896-04a9995ec380","block_type":"box","text":"Transaction size breakpoints,","page_number":54,"box":{"x":83,"y":295,"width":212,"height":11}},{"id":"84c81b29-b901-4998-8680-a6e01224696a","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":302,"y":295,"width":337,"height":11}},{"id":"6a420203-09cc-4455-b5b5-c2d6bd643048","block_type":"box","text":"Rights of accumulation (ROA),","page_number":54,"box":{"x":82,"y":314,"width":216,"height":12}},{"id":"45a20ba1-df09-471f-b475-478e52c61e84","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":305,"y":315,"width":338,"height":11}},{"id":"f0637704-b8de-46f1-af2b-34eca20d9e60","block_type":"box","text":"Letter of intent,","page_number":54,"box":{"x":82,"y":334,"width":111,"height":11}},{"id":"9fbb6b64-fc30-4415-9628-33182c9f4c70","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":200,"y":335,"width":337,"height":11}},{"id":"62d165cc-2f8a-4689-b601-bdc77e0d7855","block_type":"box","text":"Front-end sales charge waivers on Investor A shares purchased through Ameriprise Financial","page_number":54,"box":{"x":61,"y":357,"width":766,"height":13}},{"id":"318bb2b0-1ee1-4d23-b2cc-2970e8299804","block_type":"box","text":"Shareholders purchasing Fund shares through an Ameriprise Financial platform or account are eligible for the following","page_number":54,"box":{"x":61,"y":374,"width":870,"height":11}},{"id":"110b2316-0f8b-4bce-af72-d72d15333e79","block_type":"box","text":"front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":54,"box":{"x":60,"y":389,"width":838,"height":11}},{"id":"634570f6-65e9-4974-9cc8-87cbb11316f6","block_type":"box","text":"Such shareholders may purchase Investor A shares at NAV without payment of a sales charge as follows:","page_number":54,"box":{"x":61,"y":403,"width":772,"height":12}},{"id":"4592d97b-88a8-43bf-b008-c4f3320d8c5a","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":54,"box":{"x":81,"y":423,"width":817,"height":12}},{"id":"4bd5a151-7350-43ca-825e-547ec3371121","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this","page_number":54,"box":{"x":81,"y":438,"width":821,"height":12}},{"id":"2ed7fcf7-0989-4882-85a3-350c37a5f881","block_type":"box","text":"provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.","page_number":54,"box":{"x":82,"y":453,"width":728,"height":11}},{"id":"dcadb60d-cda4-4062-8ddb-61df7de14c57","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":54,"box":{"x":81,"y":473,"width":835,"height":12}},{"id":"a2fb9345-0c18-43b4-8e74-0ca96d2578ce","block_type":"box","text":"shares of the same Fund (but not any other fund within BlackRock Funds).","page_number":54,"box":{"x":81,"y":488,"width":542,"height":11}},{"id":"36ed8399-82aa-4bc3-b203-484ddd2f5270","block_type":"box","text":"Shares exchanged from Investor C Shares of the same fund in the month of or following the 7-year anniversary of","page_number":54,"box":{"x":81,"y":508,"width":833,"height":11}},{"id":"f3be7d8d-37e4-4f3a-a72d-10547a59f17e","block_type":"box","text":"the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of","page_number":54,"box":{"x":80,"y":523,"width":846,"height":11}},{"id":"214425bb-0dfa-432b-95c8-4915300a514b","block_type":"box","text":"Investor C Shares or conversion of Investor C Shares following a shorter holding period, that waiver will apply to","page_number":54,"box":{"x":82,"y":537,"width":818,"height":12}},{"id":"9a4a4fd8-8a80-4789-94f3-728f7ba3a263","block_type":"box","text":"exchanges following such shorter period. To the extent that this Fund’s prospectus elsewhere provides for a waiver","page_number":54,"box":{"x":81,"y":552,"width":845,"height":12}},{"id":"318b1105-0d5d-4fd2-9484-4a4f055c1c87","block_type":"box","text":"with respect to exchanges of Investor C Shares for load waived shares, that waiver will also apply to such","page_number":54,"box":{"x":80,"y":567,"width":774,"height":12}},{"id":"e3e611cd-fa32-4d43-babf-b4517c8a92e2","block_type":"box","text":"exchanges.","page_number":54,"box":{"x":81,"y":582,"width":81,"height":11}},{"id":"928c8f6b-82d1-4753-a108-a31c1c2ff306","block_type":"box","text":"Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their","page_number":54,"box":{"x":81,"y":602,"width":824,"height":11}},{"id":"2ee8ad42-27a4-4d5e-9210-0f217d6d2b08","block_type":"box","text":"immediate family members.","page_number":54,"box":{"x":82,"y":617,"width":201,"height":11}},{"id":"ad1be522-d9eb-4ead-b989-ecf9df8b43e7","block_type":"box","text":"Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s,","page_number":54,"box":{"x":81,"y":637,"width":847,"height":11}},{"id":"d65b1595-f879-4c26-9fdf-8a436383c52a","block_type":"box","text":"403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an","page_number":54,"box":{"x":81,"y":652,"width":844,"height":11}},{"id":"9b7344f5-ca89-41c9-8b15-75be7409873f","block_type":"box","text":"Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother,","page_number":54,"box":{"x":81,"y":666,"width":837,"height":12}},{"id":"1f42b503-adb3-446b-a0fc-ba613ec7750d","block_type":"box","text":"grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step","page_number":54,"box":{"x":81,"y":681,"width":810,"height":12}},{"id":"bab60076-0ee9-44ff-af77-ac68b2c9d1dc","block_type":"box","text":"daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family","page_number":54,"box":{"x":81,"y":696,"width":792,"height":12}},{"id":"adc7643c-7b14-4386-bc0e-508ee895154f","block_type":"box","text":"member who is a lineal descendant.","page_number":54,"box":{"x":82,"y":711,"width":263,"height":9}},{"id":"06ab94d6-4bca-422b-bd24-7fbebc116bbb","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds, provided (1) the repurchase occurs","page_number":54,"box":{"x":81,"y":731,"width":834,"height":11}},{"id":"cd272abf-db54-4ff9-aa8e-f0554a442259","block_type":"box","text":"within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":54,"box":{"x":80,"y":746,"width":781,"height":11}},{"id":"89de7a0b-b493-4298-a96f-4b5caf240c85","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (i.e. Rights of Reinstatement).","page_number":54,"box":{"x":81,"y":760,"width":766,"height":12}},{"id":"aa50a6b1-3c2c-41ec-a4bf-dcab1e1f6c88","block_type":"box","text":"CDSC waivers on Investor A and C Shares purchased through Ameriprise Financial","page_number":54,"box":{"x":61,"y":784,"width":679,"height":12}},{"id":"3bb65722-04f1-4b82-8ff8-db62b774144f","block_type":"box","text":"Fund shares purchased through an Ameriprise Financial retail brokerage account are eligible only for the following","page_number":54,"box":{"x":62,"y":800,"width":832,"height":11}},{"id":"c21f95ef-96de-452e-83b6-f596f4160c10","block_type":"box","text":"CDSC waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:","page_number":54,"box":{"x":61,"y":813,"width":715,"height":12}},{"id":"62615dc6-4fec-4a5c-b65a-a35bc1870c42","block_type":"box","text":"Redemptions due to death or disability of the shareholder","page_number":54,"box":{"x":82,"y":830,"width":423,"height":11}},{"id":"3812ca0e-29fd-48d4-b040-d0b2d98370b6","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in this Fund’s prospectus or SAI","page_number":54,"box":{"x":81,"y":846,"width":720,"height":11}},{"id":"56753d76-e8e6-42a7-98a4-950769d42a2b","block_type":"box","text":"Redemptions made in connection with a return of excess contributions from an IRA account","page_number":54,"box":{"x":82,"y":862,"width":671,"height":11}},{"id":"51dbda37-d99f-4021-8005-6ca3092bc41f","block_type":"box","text":"Shares purchased through a Right of Reinstatement (as defined above)","page_number":54,"box":{"x":81,"y":878,"width":522,"height":12}},{"id":"c94b75b6-67b7-4dc6-83dd-fa097cca7e9e","block_type":"box","text":"Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the","page_number":54,"box":{"x":82,"y":895,"width":814,"height":11}},{"id":"57600e76-1f2a-4235-bc56-361abda6af68","block_type":"box","text":"Internal Revenue Code","page_number":54,"box":{"x":82,"y":908,"width":164,"height":10}},{"id":"bcea86ef-d005-4764-8f55-a69d43578fea","block_type":"box","text":"A-1","page_number":54,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"a37d633e-469e-45b1-808a-3b9df45f5003","block_type":"box","text":"NM1026U-5984563-54/68","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b6dc33ad-ff7f-4384-8986-57fc7641c917","block_type":"box","text":"D.A. Davidson & Co. (“D.A. Davidson”):","page_number":55,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"4fa584a2-8f2b-42a3-9b75-52f6e4330423","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":55,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"f056127b-ae8f-47ee-9135-6205fceda961","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment adviser for","page_number":55,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"c4df60d0-a5b3-4eff-b132-7a93219df059","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":55,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"cc4279e8-4daa-412a-9e0a-e05a45bc5e58","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":55,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"63ed9143-cf74-4c70-86ce-53ac94572187","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":55,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"d823b4cc-fffc-47c2-9317-1594aa66b6f3","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":55,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"98134051-0886-4d81-ac6b-a1142aa0d5cb","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":55,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"1fe0ca68-d34a-447b-87e6-730b77b0af00","block_type":"box","text":"and dividend distributions.","page_number":55,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"25739f32-39b7-4d43-89b6-a926bace35e7","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":55,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"8b51789f-c9fb-4b5c-8e07-8ff75fd78f6a","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":55,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"90f899de-f9a6-488e-999a-77b8cadd1a25","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":55,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"e5db8028-bfae-413e-ac7a-72d06aa6ac8f","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":55,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"f253cb3d-e58a-4cd2-a98b-47c23a17f96f","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of","page_number":55,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"0be93ba9-0153-44ef-bf6c-dee419a40462","block_type":"box","text":"Reinstatement).","page_number":55,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"23c57c90-a680-4e12-b22a-0df9d2bed06c","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":55,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"58a28711-a733-47f7-93ba-fd8840c98903","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":55,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"31b11010-c7f5-4af1-b07e-58fdb380107f","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":55,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"effa7c59-2444-4842-b384-f1b410a9aab3","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":55,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"4196cb44-1eb3-41f2-9a97-29ae9e789533","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":55,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"f53414f0-1883-4f99-b00e-25f6c417fa70","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":55,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"b2300095-f9a0-42e6-965b-df39854758ed","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":55,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"53fc37ba-e681-4ae0-a112-45e16bcecc44","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":55,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"e6f49996-918a-4563-8b1b-b43cacf4f4e4","block_type":"box","text":"the Internal Revenue Code.","page_number":55,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"fd2ae4fd-6aa9-4882-9fef-1373a7003a95","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":55,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"b9326450-6832-4ede-bd03-8cc55253e829","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":55,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"2f18458e-9ab7-4080-8606-ac7274e420ac","block_type":"box","text":"or Letters of Intent","page_number":55,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"5fcce621-f820-46ec-9aea-08f69c0e3437","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":55,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"4e066e89-99f1-480f-94f9-66adac7aff0f","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":55,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"091fb344-b1c9-4ed4-a2a6-114911f49b0a","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":55,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"4c8f2bc8-cc96-4629-abd6-a9ec18a148a4","block_type":"box","text":"Davidson. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":55,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"adb01795-021d-4b34-8edb-b1851993488c","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":55,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"f534eb40-da06-408c-beed-cf590a5592d8","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":55,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"2f39e640-e25b-4788-a84f-d37330cbaebe","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":55,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"ff60bc30-9273-47a5-b8f7-ef142928ac60","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":55,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"3b2401f3-c3d9-45bb-9a57-966b001f52a7","block_type":"box","text":"A-2","page_number":55,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"4b9de0b0-05dc-4f08-a532-54f663e50867","block_type":"box","text":"NM1026U-5984563-55/68","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2dc60b7e-1e38-4658-a04f-6cbcac4ddbc8","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":56,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"98462ebf-0922-4269-85c1-75d68597a8cd","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":56,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"4493b733-1d54-4083-8ae6-97cfd3d76569","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":56,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"df53f8d3-fbd6-4ac3-9d22-d4a98cd4741e","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":56,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"10ef6b5d-3585-4316-b651-c678cd6dd302","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":56,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"01b9d45d-ff8f-402c-b675-5375322d5b11","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":56,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"9aa66433-d489-4378-b03d-1650bb5da2eb","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":56,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"a6a25b19-e444-465c-b2eb-f9802ffd24d9","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":56,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"67c2c1b9-7102-488b-8576-bd3b0a9358a0","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":56,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"40f48b40-6c50-44d5-a803-b41ae47372a9","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":56,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"fec190b6-ced6-47e8-8e77-c8a02d4029a0","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":56,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"76e03721-8590-4186-8bf8-1dd689eed320","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":56,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"bbfc748d-c390-45ef-9e22-04ffe391ad48","block_type":"box","text":"Breakpoints","page_number":56,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"40adda25-06a8-4355-8024-494f4a8f805b","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":56,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"00dc21d6-9745-4336-b523-c6df0e4b9d43","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":56,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"f5f82e47-1fea-4584-b127-2a4f829aea33","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":56,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"2becb222-7f8c-482e-adc2-305e8eddfce3","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":56,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"e92aa43d-de43-45e6-a1bd-dd606e474c9a","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":56,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"e0a6ee9e-2937-4fce-9c7e-a1bb941fcae9","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":56,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"c7d0bef5-876d-4aa1-9e3d-e672f3d5575f","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":56,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"635e7fb4-1b2a-4688-af76-bde88e0cfae8","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":56,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"3df2b167-42b9-406c-95ae-9dcc4dab7fb8","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":56,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"07586e5b-e93a-45aa-9ed3-1e90f0dc99f2","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":56,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"b1f42c00-8052-4ac0-9b2d-ff4ddf85285f","block_type":"box","text":"sales charge.","page_number":56,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"4a999dd4-476b-445f-88c7-3acb0a96f177","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":56,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"d53e4ba3-cc49-44e6-a0db-03db6f707016","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":56,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"9a163ec7-2d6e-460e-866c-73483d463d18","block_type":"box","text":"shareholder or pricing group level.","page_number":56,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"29cb8a9b-4e63-4832-849d-5f9b9ae07e54","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":56,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"904f5eef-cf31-4dcf-aa7a-06576a5ccfb5","block_type":"box","text":"by NAV).","page_number":56,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"153aa092-6828-4904-be11-796b04c52360","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":56,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"cdfeb59c-d382-4de6-9996-dab758688e6e","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":56,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"774afa41-c480-4f9e-9458-f6cea2323cf0","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":56,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"b4e88990-5c89-4f6a-ad32-facd7c405989","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":56,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"833200dd-995b-480a-a909-290651f4980c","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":56,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"a9935b16-5ae3-4630-8be3-7b8094b19fc2","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":56,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"768e3677-ba3e-43b8-9583-6d81be6c83b1","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":56,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"4d42398a-7288-4005-8d3c-4d38d26d72bb","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":56,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"42086e97-ca27-462d-8d64-c1d0fe4189cd","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":56,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"435c0e02-a86f-4c8b-be37-98898089b47e","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":56,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"63b597c3-46ac-47de-a7e1-4355e5991818","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":56,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"cab2e76e-f418-4e50-af36-337af099ea6a","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":56,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"e2453342-246a-4c21-820d-202c08748647","block_type":"box","text":"established by the employer.","page_number":56,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"d568ed84-375c-4c5a-986e-12be034cb62e","block_type":"box","text":"Sales Charge Waivers","page_number":56,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"bb685eef-9799-497b-be72-22de6f8a0813","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":56,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"a64db74d-5bf1-4762-b527-00b0c295d41a","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":56,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"86c8cd8c-68b5-4146-adbd-5ea8a0f5aacc","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":56,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"9c9218b5-1c26-45f6-a557-2d7fe844fe74","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":56,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"f8ec4026-df27-43f8-bec6-c8da433a1a9d","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":56,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"327b6415-c460-4362-a0d7-7b6cc7671282","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":56,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"05fea835-b15e-438b-99ea-973400eb3974","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":56,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"abbf2c66-4a61-4064-beb7-2a035a585603","block_type":"box","text":"A-3","page_number":56,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"f5cae812-9fb7-4885-95d9-8bc8fda443da","block_type":"box","text":"NM1026U-5984563-56/68","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2dbaa824-b6bb-4549-b385-409a4569db71","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":57,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"6a969c19-b77e-4482-95df-9c3ee17603bd","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":57,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"6645d3b4-3bd5-4f3b-a095-b4316630b8f4","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":57,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"65e28cdf-ab8f-4e04-9361-b71b0f904252","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":57,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"8537f88a-1bfb-4c50-af85-c941fd7f4c6b","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":57,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"d2c35aa0-b484-46c5-af9d-31213ee19b02","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":57,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"244566bf-0b73-40aa-9418-b46e385af17a","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":57,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"353ae189-e4c9-41cc-b75e-c70838781284","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":57,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"cdd4c822-c3b6-4450-aa6a-ea666e8bf745","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":57,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"5ffb0870-4624-4202-b8bf-f9f075b35104","block_type":"box","text":"products.","page_number":57,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"f7782d28-85c1-41cb-aca5-5ea2b9111846","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":57,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"6026af03-61ba-48b3-9e1d-fd0b2ffc6af7","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":57,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"1d275c14-e5c4-4856-be6e-9a9fe0227416","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":57,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"7648a63f-f6dc-4cd9-88ea-62e014f2dbce","block_type":"box","text":"prospectus.","page_number":57,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"243567b3-5743-419c-83e2-5ce4b060e158","block_type":"box","text":"Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month following the","page_number":57,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"78b3cc83-4f80-41f3-974a-77b8c38663e8","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":57,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"55ea1ec6-b526-4d18-b334-8631e3e78432","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":57,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"e18ed983-2f23-4b05-b556-9fa2d8b60459","block_type":"box","text":"If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is","page_number":57,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"4d76a091-8bf3-4473-ae81-6391b6eb61ed","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":57,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"ed727f06-b398-422d-b304-2a5c12c3b64d","block_type":"box","text":"The death or disability of the shareholder.","page_number":57,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"90b8570b-bf13-43da-9467-a3cb23ac18de","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":57,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"181ef44c-3e1c-468b-9e84-96164ebb8a4d","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":57,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"306e421a-1d8c-4218-b038-8c5d81d0dcab","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":57,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"c081dee7-0953-4ecd-83ca-cb8447cb4df3","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":57,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"43c1930d-449c-40db-b170-86e48bcae6c8","block_type":"box","text":"Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward","page_number":57,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"0f2a8af2-8ed7-4cbd-a133-b2f58f252159","block_type":"box","text":"Jones.","page_number":57,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"e77e7d54-c6dd-42e0-99f7-7143ac9c8739","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":57,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"a710790b-2096-4f99-8a07-d0b7432581ac","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":57,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"301b0066-a51f-4a80-a079-373e659381cc","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":57,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"00cbd052-ba36-4dfa-bab7-1fcf7ed27e2b","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":57,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"78e7f339-142a-4e72-aecd-0c12a1d55503","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":57,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"476fdfd5-09ba-40b3-9124-abd05ecffb58","block_type":"box","text":"Initial purchase minimum: $250","page_number":57,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"cdf8e8a4-ceed-4648-9c0c-3151f86840a9","block_type":"box","text":"Subsequent purchase minimum: none","page_number":57,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"8e710091-82ce-46a4-8164-295eb354cce9","block_type":"box","text":"Minimum Balances","page_number":57,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"e638e107-c913-44ad-915f-a6c59772d2d4","block_type":"box","text":"Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following","page_number":57,"box":{"x":82,"y":666,"width":837,"height":12}},{"id":"d4889ba0-c5c9-4711-b2a3-565321cc6b65","block_type":"box","text":"are examples of accounts that are not included in this policy:","page_number":57,"box":{"x":81,"y":681,"width":447,"height":12}},{"id":"e0d4ad06-a213-4b91-b4a2-d7f8e42b8625","block_type":"box","text":"A fee-based account held on an Edward Jones platform","page_number":57,"box":{"x":101,"y":701,"width":403,"height":11}},{"id":"bbfee6c7-8213-4bcb-8a95-de9211ee776d","block_type":"box","text":"A 529 account held on an Edward Jones platform","page_number":57,"box":{"x":101,"y":721,"width":361,"height":11}},{"id":"b2431ae2-5cf0-4846-a24b-f1dd5e0eb900","block_type":"box","text":"An account with an active systematic investment plan or LOI","page_number":57,"box":{"x":101,"y":741,"width":440,"height":12}},{"id":"3a0a27e5-dd80-4284-bbb0-d8df4369fe42","block_type":"box","text":"Exchanging Share Classes","page_number":57,"box":{"x":61,"y":764,"width":218,"height":13}},{"id":"70648800-d0f4-46d8-b5be-114c36ef88c7","block_type":"box","text":"At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a","page_number":57,"box":{"x":81,"y":786,"width":836,"height":11}},{"id":"7ae7ff05-dc87-477a-a003-1a824212746b","block_type":"box","text":"fund to Investor A Shares of the same fund at NAV, provided that Edward Jones will be responsible for any remaining","page_number":57,"box":{"x":81,"y":800,"width":855,"height":12}},{"id":"58a0bfa1-f59f-45da-8821-cef6666626de","block_type":"box","text":"CDSC due to BlackRock, if applicable, and that the shareholders meet the eligibility requirements of the new share","page_number":57,"box":{"x":81,"y":815,"width":844,"height":12}},{"id":"aac86fbf-416a-47f8-a99f-8edac037838f","block_type":"box","text":"class.","page_number":57,"box":{"x":81,"y":830,"width":42,"height":9}},{"id":"1cdc0248-2968-4b98-90d5-852b83958a32","block_type":"box","text":"A-4","page_number":57,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"5e5308bb-8973-4da6-be2b-c8b2b7e33708","block_type":"box","text":"NM1026U-5984563-57/68","page_number":57,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bfa4fc2d-f311-4b40-9137-7ce6d18c192e","block_type":"box","text":"J.P. Morgan Securities LLC:","page_number":58,"box":{"x":61,"y":46,"width":225,"height":13}},{"id":"992f3694-8b66-436e-9eae-3d1c1798b559","block_type":"box","text":"Effective September 29, 2023, if you purchase or hold Fund shares through an applicable J.P. Morgan Securities LLC","page_number":58,"box":{"x":62,"y":62,"width":860,"height":12}},{"id":"8cc8d476-3447-432d-99a4-58ded61b642f","block_type":"box","text":"brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and","page_number":58,"box":{"x":61,"y":77,"width":825,"height":12}},{"id":"250eb02a-4726-4343-8614-78e8f8762107","block_type":"box","text":"contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and","page_number":58,"box":{"x":61,"y":92,"width":836,"height":12}},{"id":"ecd1694d-bef9-4a03-9495-a740bcab349c","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":58,"box":{"x":61,"y":107,"width":684,"height":11}},{"id":"626e8f58-1932-461a-9d16-1458e97ae04a","block_type":"box","text":"Front-end sales charge waivers on Investor A Shares available at J.P. Morgan Securities LLC","page_number":58,"box":{"x":61,"y":130,"width":762,"height":12}},{"id":"0dec1aae-dbd6-481b-bbca-a1c3e31ecd5b","block_type":"box","text":"Shares exchanged from Investor C (i.e., level-load) Shares of the same Fund pursuant to J.P. Morgan Securities","page_number":58,"box":{"x":81,"y":151,"width":817,"height":12}},{"id":"ea761ec4-e1c3-41a1-8ace-d6d610522041","block_type":"box","text":"LLC’s policies relating to sales load discounts and waivers.","page_number":58,"box":{"x":82,"y":166,"width":432,"height":12}},{"id":"ea174228-d14e-40d9-a3d9-593cef812c4e","block_type":"box","text":"Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred","page_number":58,"box":{"x":81,"y":186,"width":807,"height":12}},{"id":"f52bee23-7716-4189-b4b5-2a046c6789da","block_type":"box","text":"compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this","page_number":58,"box":{"x":81,"y":201,"width":798,"height":11}},{"id":"b83d96c2-7d5a-439f-9c3b-c7d3cc9bee6b","block_type":"box","text":"provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.","page_number":58,"box":{"x":82,"y":216,"width":690,"height":11}},{"id":"87263181-2739-48ba-942f-58a2b30ccc95","block_type":"box","text":"Shares of Funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.","page_number":58,"box":{"x":81,"y":236,"width":707,"height":11}},{"id":"df770bf1-46ce-438b-8a53-a1e29133b704","block_type":"box","text":"Shares purchased through rights of reinstatement.","page_number":58,"box":{"x":81,"y":256,"width":370,"height":11}},{"id":"fc5ff532-a438-4f29-8a63-f19a68cf8e81","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":58,"box":{"x":81,"y":276,"width":835,"height":11}},{"id":"6198a377-2719-4247-a4b9-684c5cd23aa5","block_type":"box","text":"shares of the same Fund (but not any other fund within the fund family).","page_number":58,"box":{"x":81,"y":291,"width":526,"height":11}},{"id":"941d1a2c-457e-4af3-9755-978b96bb27e9","block_type":"box","text":"Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and","page_number":58,"box":{"x":81,"y":311,"width":832,"height":11}},{"id":"85474cdc-b1de-491f-9f03-7348c6f9d198","block_type":"box","text":"their spouse or financial dependent.","page_number":58,"box":{"x":80,"y":325,"width":265,"height":12}},{"id":"55721458-bed7-434a-a7e5-88a466474831","block_type":"box","text":"Investor C to Investor A Share conversion","page_number":58,"box":{"x":61,"y":348,"width":343,"height":10}},{"id":"53bed443-9049-436c-aeb7-71e8ce2bc735","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted by J.P. Morgan Securities LLC to","page_number":58,"box":{"x":81,"y":370,"width":817,"height":11}},{"id":"0ec44024-65eb-4c1c-8a02-76ffb4176911","block_type":"box","text":"Investor A Shares (or the appropriate share class) of the same Fund if the shares are no longer subject to a CDSC","page_number":58,"box":{"x":82,"y":385,"width":838,"height":11}},{"id":"1dbb75ca-64b6-4910-bb22-70d5c5f0d4df","block_type":"box","text":"and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.","page_number":58,"box":{"x":81,"y":400,"width":672,"height":11}},{"id":"9e86da59-b6b6-4133-b41d-3a2c44d376a1","block_type":"box","text":"CDSC waivers on Investor A and C Shares available at J.P. Morgan Securities LLC","page_number":58,"box":{"x":61,"y":423,"width":674,"height":12}},{"id":"58ef9b01-e66b-481e-821f-0abd3e69938b","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":58,"box":{"x":81,"y":444,"width":436,"height":11}},{"id":"b7578a14-3a05-40e7-b272-ebb1ccd7f262","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":58,"box":{"x":81,"y":464,"width":672,"height":11}},{"id":"a12792e1-4be5-4eed-8204-a65ed4ef9b53","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":58,"box":{"x":81,"y":484,"width":667,"height":11}},{"id":"21895d6e-e2e7-4d17-8bad-74528304f5af","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":58,"box":{"x":81,"y":504,"width":820,"height":11}},{"id":"aa55d6eb-5375-482a-ab8a-c7e681c123a2","block_type":"box","text":"Revenue Code.","page_number":58,"box":{"x":82,"y":519,"width":108,"height":9}},{"id":"b65e935e-bdd0-424d-b2c6-41d97c9556a5","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":539,"width":362,"height":11}},{"id":"e157d04d-3390-4640-8063-180cdcca9439","block_type":"box","text":"Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation &","page_number":58,"box":{"x":61,"y":562,"width":856,"height":12}},{"id":"83edb895-95f5-4239-92be-94208a2a65bb","block_type":"box","text":"letters of intent","page_number":58,"box":{"x":61,"y":579,"width":128,"height":10}},{"id":"dcd015da-9a0c-4e67-8495-9f93285d4ca0","block_type":"box","text":"Breakpoints as described in the prospectus.","page_number":58,"box":{"x":82,"y":600,"width":323,"height":11}},{"id":"49000dc1-79a0-4e48-b166-3c299e9cd2e7","block_type":"box","text":"Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s","page_number":58,"box":{"x":82,"y":620,"width":789,"height":12}},{"id":"b2a185f7-c53a-4ab8-9fb0-65676d5f1673","block_type":"box","text":"prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts","page_number":58,"box":{"x":82,"y":635,"width":847,"height":11}},{"id":"45acf432-310f-41b7-bcd6-f1d7f6cda599","block_type":"box","text":"within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan","page_number":58,"box":{"x":80,"y":650,"width":840,"height":11}},{"id":"70b2cdae-284f-4e10-956b-ee54eadad95a","block_type":"box","text":"Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the","page_number":58,"box":{"x":81,"y":664,"width":853,"height":12}},{"id":"57d50f20-9a69-4892-b8d1-cee0d0e05427","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":81,"y":679,"width":490,"height":9}},{"id":"7cfe5246-a657-4097-b952-bf8a26b4d6a3","block_type":"box","text":"Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family,","page_number":58,"box":{"x":82,"y":699,"width":818,"height":12}},{"id":"da367413-ec5b-4464-9a98-038625a431bb","block_type":"box","text":"through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":58,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"103dadd2-01f2-411c-bc00-d76552e27773","block_type":"box","text":"A-5","page_number":58,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"a9e1e787-8db3-43c0-9b10-65231dc4a780","block_type":"box","text":"NM1026U-5984563-58/68","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4ffbfe1f-eb5c-40fe-83d5-9c080c7bd1b8","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":59,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"5e270eef-7caa-4bcf-912e-238f08a7a890","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":59,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"8e203d52-d6ea-4316-9a82-fa05e133bae2","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":59,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"b92c016a-d864-4678-b819-1c4a0ee3f4b2","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":59,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"90b7f662-e4c8-4be2-8bc4-b4c2d1a32e06","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":59,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"1f1ee70e-44a0-40b8-b039-a72b39edf9e0","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":59,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"3872b690-d41a-4f0f-a67e-25d45edf822f","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":59,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"f10dd210-e7e0-4714-b273-cf66abe548a6","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":59,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"eeb0013b-1b74-47df-8495-d3a495d27046","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":59,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"e9d5d726-88ce-4111-91ee-3bb6eecdc496","block_type":"box","text":"as designated by Janney.","page_number":59,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"fc1ea343-5f52-4914-8eb7-ed6a990c4e9d","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":59,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"7524a013-4ba8-49a8-9a9f-2c1a868b71c4","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":59,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"21e2f19a-e774-4a9e-b814-7b201a4140b1","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., right of reinstatement).","page_number":59,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"f32c7846-52bd-41a0-8161-28a96b27e2ab","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":59,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"619a22a0-d70d-4591-8fc7-592ad2f2afeb","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":59,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"180596a6-578a-4604-8b59-50f84069c327","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":59,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"388216df-5505-43ce-9f6f-cb5ed13a9453","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":59,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"c547237d-70cf-45c7-bdd5-9fe681e9971b","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":59,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"866376de-a421-48ff-a717-e42a2b1eb31a","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":59,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"7553ff86-f3c2-4ffc-aece-b343a0a6cfee","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":59,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"d4ef9c28-cdee-4118-a5f6-e8511da58310","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":59,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"c1cedbba-7e6b-4ba8-b0b8-1f7c10dd3913","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":59,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"cf4cfdd0-342a-40c3-91bc-abc0be58cb97","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":59,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"079cb9cf-e859-499d-af00-62885f04098d","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":59,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"d6c9c8ee-53bc-40fa-893c-bba0eef89406","block_type":"box","text":"Revenue Code.","page_number":59,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"e918a784-142e-45d9-aa99-fcaea29a73fe","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":59,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"5eaad019-fb48-4aa2-bd22-7b41c9ef46f5","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":59,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"60c4192b-afb8-4184-8d84-152e5647ff15","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":59,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"e191c53c-b1cb-40f3-8d00-9dbd503fa81a","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":59,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"8f2ba728-9629-416c-a163-6bc563fbcce2","block_type":"box","text":"letters of intent","page_number":59,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"caf94481-2375-4511-ad4c-61ebb7d17636","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":59,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"e44c6eb9-baea-4e69-85b4-341c9fb22ea9","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":59,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"08d5e4c4-d901-42b3-bab5-de140683e245","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":59,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"5ed0446b-4db7-44f1-a9c8-723cae658832","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":59,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"0cd4e7a2-f44a-49c5-93f5-0e484943dec1","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"d764890c-136a-4760-9ef0-82d7978a60ae","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":59,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"5b6026e1-05c0-44d5-92cb-336b1009acb5","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":59,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"368fd1a7-4997-48e6-b85e-50cc2d086017","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"0ad066a9-f2c2-45c4-94be-7b7176c09f71","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":59,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"57487931-a825-4e64-b400-444a0d55ff91","block_type":"box","text":"A-6","page_number":59,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"bf8e3199-fda6-4657-a391-2e1f49720c7c","block_type":"box","text":"NM1026U-5984563-59/68","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"01162493-235e-4d25-80dc-5f6d8e361165","block_type":"box","text":"Merrill Lynch:","page_number":60,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"4f02cfae-89ed-4ebd-bab0-15644d33bf3a","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":60,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"c5ad0d0d-ec2e-47d5-9ddc-dc0f9dbbe6e6","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":60,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"87e6d3c9-8102-43e1-bfaa-1522b4eb1a69","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":60,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"9436c050-b216-4163-8e6a-d43a5060644b","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":60,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"d453c597-9518-4585-b95c-c2b269cc2c3a","block_type":"box","text":"waivers or discounts not listed below.","page_number":60,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"11ffdf35-041e-4593-9db9-1a4cfbb0e3b9","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":60,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"f0d08924-554c-4fd4-9aef-26678a5c697e","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":60,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"3a01c252-df69-4fcb-b57c-1f7b638befeb","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":60,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"9a22ec90-2089-4cb7-863a-df57a0cd4c5c","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":60,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"4795796a-4f67-47f8-94fa-16728f148b4b","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":60,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"35441cb6-2869-4ae7-809f-1e9bf26dcbe9","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":60,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"caaf5403-2b6f-45aa-ace8-95f421998db9","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":60,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"b63bc769-3240-4823-9839-26beffba0f6d","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":60,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"20f84321-d064-468e-82ea-45d3576c4d06","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":60,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"8b475c01-3309-4838-a050-3fdcc66a456f","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":60,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"549e16bb-8617-4d32-9134-5e4903080393","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes","page_number":60,"box":{"x":81,"y":315,"width":854,"height":12}},{"id":"0b07138d-a030-49fc-9eed-dc987a5567a1","block_type":"box","text":"of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh","page_number":60,"box":{"x":81,"y":330,"width":832,"height":11}},{"id":"4ae8ca0a-018a-4776-8529-868da6160a69","block_type":"box","text":"plans","page_number":60,"box":{"x":82,"y":345,"width":38,"height":11}},{"id":"ff0b0cc7-f964-4ec1-933d-c2e7b7f0e625","block_type":"box","text":"Shares purchased through a Merrill investment advisory program","page_number":60,"box":{"x":81,"y":365,"width":476,"height":11}},{"id":"bc711859-02d5-4fc5-a156-8852971db467","block_type":"box","text":"Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment","page_number":60,"box":{"x":82,"y":385,"width":853,"height":11}},{"id":"86236882-ab74-4a92-9c0c-b0a17639ecf8","block_type":"box","text":"advisory program to a Merrill brokerage account","page_number":60,"box":{"x":81,"y":400,"width":352,"height":11}},{"id":"660b1778-1c72-4aa2-8ef8-31afef0d3155","block_type":"box","text":"Shares purchased through the Merrill Edge Self-Directed platform","page_number":60,"box":{"x":81,"y":419,"width":479,"height":12}},{"id":"eb374359-f735-4424-9b8a-e6c2579bc510","block_type":"box","text":"Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment","page_number":60,"box":{"x":81,"y":439,"width":820,"height":12}},{"id":"31a7fcad-02df-4916-b175-b472ed37f7f5","block_type":"box","text":"when purchasing shares of the same mutual fund in the same account","page_number":60,"box":{"x":80,"y":454,"width":521,"height":12}},{"id":"82a92924-8358-4cbc-8cc7-3d67d5748cae","block_type":"box","text":"Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the","page_number":60,"box":{"x":81,"y":474,"width":839,"height":12}},{"id":"e6745f15-8fea-48bf-8825-a0f93e3b1bf2","block_type":"box","text":"description in the Merrill SLWD Supplement","page_number":60,"box":{"x":81,"y":489,"width":319,"height":11}},{"id":"cfc0615d-a9ff-4993-af9d-509ba530a696","block_type":"box","text":"Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in","page_number":60,"box":{"x":81,"y":509,"width":850,"height":12}},{"id":"2164f239-8f1e-42f4-ab3a-ebaef35ca8a1","block_type":"box","text":"accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)","page_number":60,"box":{"x":81,"y":524,"width":697,"height":11}},{"id":"30ee4af0-7eff-488d-b5be-41d412a4770d","block_type":"box","text":"Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s","page_number":60,"box":{"x":81,"y":544,"width":803,"height":11}},{"id":"32c75adc-f710-49f6-92ea-08a1d2037fb1","block_type":"box","text":"officers or trustees)","page_number":60,"box":{"x":81,"y":559,"width":145,"height":11}},{"id":"31c35fa3-9c56-4fdf-b7f2-bd82a3738726","block_type":"box","text":"Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the","page_number":60,"box":{"x":81,"y":579,"width":788,"height":11}},{"id":"a690a428-86b2-4728-8589-592ce6767bfc","block_type":"box","text":"repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from","page_number":60,"box":{"x":82,"y":594,"width":847,"height":11}},{"id":"e8d7f024-2ed6-4eb6-833f-e0c55ba07895","block_type":"box","text":"the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of","page_number":60,"box":{"x":80,"y":608,"width":827,"height":12}},{"id":"6d172a4a-e2bc-40fe-8db7-9ab2fcec2b4f","block_type":"box","text":"Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after","page_number":60,"box":{"x":82,"y":623,"width":823,"height":12}},{"id":"47d47b31-3e2d-4f68-9d08-9a172a505c39","block_type":"box","text":"shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement","page_number":60,"box":{"x":81,"y":638,"width":852,"height":12}},{"id":"0a0d6318-b6b9-468a-8ec9-f45940bdbbc3","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares","page_number":60,"box":{"x":61,"y":661,"width":830,"height":12}},{"id":"46419863-6ce5-41a7-848f-4b050524df6b","block_type":"box","text":"Available at Merrill","page_number":60,"box":{"x":60,"y":678,"width":155,"height":10}},{"id":"9b5eb1aa-10e6-4c1f-9395-0e1d1c640e1b","block_type":"box","text":"Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22(e)(3))","page_number":60,"box":{"x":81,"y":699,"width":771,"height":12}},{"id":"d2781d81-12b3-4f73-8ea8-ea4f11bc97f6","block_type":"box","text":"Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits","page_number":60,"box":{"x":81,"y":719,"width":852,"height":12}},{"id":"ec6320a2-c114-43f0-a2d3-155ce0a87d4b","block_type":"box","text":"as described in the Merrill SLWD Supplement","page_number":60,"box":{"x":81,"y":734,"width":333,"height":11}},{"id":"8d795e5b-fca2-4a97-b9ec-9c283b207bdd","block_type":"box","text":"Shares sold due to return of excess contributions from an IRA account","page_number":60,"box":{"x":81,"y":754,"width":517,"height":9}},{"id":"0a4a8523-c3b1-488c-947f-20e7809acac9","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching","page_number":60,"box":{"x":81,"y":774,"width":854,"height":12}},{"id":"69eadfeb-6520-4880-bcb5-932a17012210","block_type":"box","text":"the qualified age based on applicable IRS regulation","page_number":60,"box":{"x":80,"y":789,"width":383,"height":11}},{"id":"7e7c1277-0ec7-42dd-a6f7-1d92874976b1","block_type":"box","text":"Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g.","page_number":60,"box":{"x":82,"y":809,"width":772,"height":11}},{"id":"f8a63f67-619b-425b-bb87-e5df7f457d49","block_type":"box","text":"traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based","page_number":60,"box":{"x":80,"y":824,"width":804,"height":11}},{"id":"c0c6db19-6cad-464a-a809-edaae98152d4","block_type":"box","text":"accounts or platforms and exchanged for a lower cost share class of the same mutual fund","page_number":60,"box":{"x":81,"y":838,"width":670,"height":12}},{"id":"a41c4651-9409-4d07-a53d-5dade9287719","block_type":"box","text":"Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent","page_number":60,"box":{"x":61,"y":861,"width":845,"height":13}},{"id":"b5eae8f9-8878-489e-ace4-cf3c95dd4236","block_type":"box","text":"Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load","page_number":60,"box":{"x":82,"y":883,"width":848,"height":11}},{"id":"5ac1052e-a9da-470d-97da-4d9e0d7f5a20","block_type":"box","text":"that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement","page_number":60,"box":{"x":80,"y":898,"width":817,"height":11}},{"id":"2056e47b-3536-45ee-9e70-e1f786c444e7","block_type":"box","text":"A-7","page_number":60,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"e7117dda-f40e-40e9-81e9-90a80ed2c442","block_type":"box","text":"NM1026U-5984563-60/68","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f29db66e-cde7-41dc-8fae-0185ae1c44f3","block_type":"box","text":"Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint","page_number":61,"box":{"x":82,"y":46,"width":815,"height":11}},{"id":"3421a62b-b691-4747-97ae-bc3b625e89e3","block_type":"box","text":"discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill","page_number":61,"box":{"x":81,"y":60,"width":772,"height":12}},{"id":"fb5f90ed-4e4b-4469-a812-9a968ce541a4","block_type":"box","text":"Household","page_number":61,"box":{"x":82,"y":76,"width":76,"height":9}},{"id":"f9af6b34-a75b-482f-8cbc-3c02f769a3d3","block_type":"box","text":"On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail","page_number":61,"box":{"x":76,"y":97,"width":859,"height":11}},{"id":"f95019aa-0415-4183-bce7-929c9294803a","block_type":"box","text":"on the timing and calculation, please refer to the Merrill SLWD Supplement","page_number":61,"box":{"x":76,"y":109,"width":551,"height":12}},{"id":"b770ad45-aafa-4d9e-83b4-bda5a5cf56c2","block_type":"box","text":"Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future","page_number":61,"box":{"x":82,"y":127,"width":836,"height":12}},{"id":"73ea9b29-babf-4bb2-9ca9-ed754148c2ef","block_type":"box","text":"eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in","page_number":61,"box":{"x":81,"y":142,"width":840,"height":12}},{"id":"cf17370a-d77f-41c4-86c3-1760d0063d30","block_type":"box","text":"the Merrill SLWD Supplement","page_number":61,"box":{"x":80,"y":157,"width":216,"height":11}},{"id":"7f56e63f-73f5-4dd1-ba89-94f9de363438","block_type":"box","text":"On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the","page_number":61,"box":{"x":76,"y":178,"width":838,"height":12}},{"id":"76c57c6b-2f6f-4018-bc88-400334476ea1","block_type":"box","text":"Merrill SLWD Supplement.","page_number":61,"box":{"x":77,"y":191,"width":189,"height":12}},{"id":"a2d423c6-783f-494e-b872-535c328acdad","block_type":"box","text":"A-8","page_number":61,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"b4c8c029-efe4-4b33-90da-49e33f44a134","block_type":"box","text":"NM1026U-5984563-61/68","page_number":61,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b58fcdaf-e9ff-4dce-923a-6e25f4628d65","block_type":"box","text":"Morgan Stanley Wealth Management:","page_number":62,"box":{"x":61,"y":46,"width":312,"height":13}},{"id":"861d71f9-8436-4775-b662-e4b93056da83","block_type":"box","text":"Morgan Stanley Wealth Management Investor A Share Front-End Sales Charge Waiver","page_number":62,"box":{"x":61,"y":71,"width":711,"height":12}},{"id":"da71ed08-3a22-4ec8-8d60-e8b735d60fa1","block_type":"box","text":"Effective July 1, 2018, Morgan Stanley Wealth Management clients purchasing Investor A Shares of the Fund through","page_number":62,"box":{"x":62,"y":87,"width":861,"height":11}},{"id":"e89d0c08-e914-4754-889d-6b057ea6b5fc","block_type":"box","text":"Morgan Stanley’s transactional brokerage accounts are entitled to a waiver of the front-end sales charge in the","page_number":62,"box":{"x":62,"y":102,"width":813,"height":11}},{"id":"f18fcd5a-8827-4fc1-be8d-fad1fb6fce05","block_type":"box","text":"following circumstances:","page_number":62,"box":{"x":60,"y":117,"width":179,"height":11}},{"id":"5832dbc8-0dc6-40a2-a800-c33b3c23e5fb","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":62,"box":{"x":82,"y":137,"width":805,"height":11}},{"id":"c1951250-5316-4958-a285-6bc6fd831d72","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":62,"box":{"x":81,"y":151,"width":826,"height":12}},{"id":"2f88e085-746c-4648-bf9b-faa6cf0084a8","block_type":"box","text":"sponsored retirement plans does not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans","page_number":62,"box":{"x":81,"y":166,"width":697,"height":12}},{"id":"502f0e40-a29e-4529-8f82-f1d313a87947","block_type":"box","text":"Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules","page_number":62,"box":{"x":82,"y":186,"width":807,"height":12}},{"id":"f1c5478e-379a-439b-a3b1-ae4832dab6e1","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":62,"box":{"x":81,"y":206,"width":846,"height":12}},{"id":"d89455d6-09ed-40d8-96d0-ca0ca0265136","block_type":"box","text":"same fund","page_number":62,"box":{"x":81,"y":221,"width":76,"height":9}},{"id":"2b014e98-714a-44fa-8ca6-0a817f4307aa","block_type":"box","text":"Shares purchased through a Morgan Stanley self-directed brokerage account","page_number":62,"box":{"x":81,"y":241,"width":564,"height":12}},{"id":"9afed05f-c688-4ae5-a1f6-1e5f4f5de2a3","block_type":"box","text":"Investor C Shares that are no longer subject to a contingent deferred sales charge and are exchanged for Investor A","page_number":62,"box":{"x":82,"y":261,"width":852,"height":11}},{"id":"eff0472b-28af-4b9c-9b88-f92c2d7a4200","block_type":"box","text":"Shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program","page_number":62,"box":{"x":81,"y":276,"width":799,"height":11}},{"id":"2fdac83d-a462-4fbf-8e1a-91c88e502674","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds under a Rights of Reinstatement","page_number":62,"box":{"x":81,"y":296,"width":811,"height":11}},{"id":"a7b22be7-942e-417e-8d0f-c04a4a8d32e0","block_type":"box","text":"provision, provided the repurchase occurs within 90 days following the redemption, the redemption and purchase","page_number":62,"box":{"x":82,"y":311,"width":830,"height":11}},{"id":"fc7e04cc-f961-41d7-856a-0531339226fa","block_type":"box","text":"occur in the same account, and redeemed shares were subject to a front-end or deferred sales charge","page_number":62,"box":{"x":81,"y":325,"width":753,"height":12}},{"id":"83f25e74-4da9-4e12-b78b-e4079744271e","block_type":"box","text":"Unless specifically described above, no other front-end sales charge waivers are available to mutual fund purchases by","page_number":62,"box":{"x":62,"y":348,"width":874,"height":12}},{"id":"56eaceb3-4eac-41b5-8cb4-9a3a060c1d32","block_type":"box","text":"Morgan Stanley Wealth Management clients through Morgan Stanley’s transactional brokerage accounts.","page_number":62,"box":{"x":62,"y":363,"width":770,"height":11}},{"id":"e25ad57a-4892-4918-83de-6704c0af75c0","block_type":"box","text":"A-9","page_number":62,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"efccf68c-e6c2-4fc2-b13b-850248e4f8d1","block_type":"box","text":"NM1026U-5984563-62/68","page_number":62,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4ad2865a-7306-49b9-8804-80c896b431eb","block_type":"box","text":"Oppenheimer & Co. Inc.:","page_number":63,"box":{"x":61,"y":46,"width":200,"height":12}},{"id":"f86eaf63-8403-4d84-a2a0-70cacf52cf23","block_type":"box","text":"Effective May 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or","page_number":63,"box":{"x":62,"y":62,"width":872,"height":12}},{"id":"94f92323-11fa-434a-a0da-8aee6b933c14","block_type":"box","text":"account are eligible only for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":63,"box":{"x":61,"y":77,"width":806,"height":12}},{"id":"46c9c2c1-5819-4536-be8a-9c273b5554f4","block_type":"box","text":"deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":63,"box":{"x":61,"y":92,"width":854,"height":12}},{"id":"1f8aebae-4b5f-40b1-ac23-1215db9871da","block_type":"box","text":"Fund’s prospectus or SAI.","page_number":63,"box":{"x":62,"y":107,"width":186,"height":11}},{"id":"e7f89707-45a7-4ec6-b514-95a77b328899","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares available at OPCO","page_number":63,"box":{"x":61,"y":130,"width":596,"height":12}},{"id":"3ae7be08-54d3-4507-bffc-f0d442c026fe","block_type":"box","text":"Shares purchased by employer-sponsored retirement, deferred compensation and employee benefit plans (including","page_number":63,"box":{"x":81,"y":151,"width":852,"height":12}},{"id":"3f1691c0-123d-42cb-885e-9113809e99d7","block_type":"box","text":"health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a","page_number":63,"box":{"x":82,"y":166,"width":766,"height":12}},{"id":"2e5d8177-51c4-4545-8a80-6775a0642dfc","block_type":"box","text":"commission-based brokerage account and shares are held for the benefit of the plan","page_number":63,"box":{"x":81,"y":181,"width":622,"height":12}},{"id":"cd04bb10-2f31-4238-8b7b-84dd0bd84182","block_type":"box","text":"Shares purchased by or through a 529 Plan","page_number":63,"box":{"x":81,"y":201,"width":320,"height":12}},{"id":"45768872-57bc-4dcb-8a98-d191d5bc8c86","block_type":"box","text":"Shares purchased through an OPCO affiliated investment advisory program","page_number":63,"box":{"x":81,"y":221,"width":551,"height":12}},{"id":"46a688a4-1448-4c25-9d88-5e4af47369ab","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":63,"box":{"x":81,"y":241,"width":835,"height":12}},{"id":"c8f943a9-8382-4216-a225-03b8773e8921","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund)","page_number":63,"box":{"x":81,"y":256,"width":441,"height":11}},{"id":"9f5cd93e-5b28-4c88-b168-07e1050c4e1c","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":63,"box":{"x":81,"y":276,"width":823,"height":11}},{"id":"2c3f6021-0a28-4a37-9d73-441eb5a6d334","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":63,"box":{"x":81,"y":291,"width":834,"height":11}},{"id":"fa3e13a4-5616-4e33-ad86-169644250e60","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)","page_number":63,"box":{"x":81,"y":305,"width":808,"height":12}},{"id":"a3123bab-5a24-4a27-934f-ee94371000ab","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":63,"box":{"x":81,"y":326,"width":812,"height":9}},{"id":"230ac08e-78cf-41a1-9338-21dd2190f794","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":63,"box":{"x":81,"y":340,"width":776,"height":12}},{"id":"579aff1d-b048-4b4a-8ec4-30f897b77e07","block_type":"box","text":"conversion is in line with the policies and procedures of OPCO","page_number":63,"box":{"x":81,"y":355,"width":455,"height":11}},{"id":"a01d62c6-cdcb-4806-af8d-0af597997454","block_type":"box","text":"Shares purchased by employees and registered representatives of OPCO or its affiliates and their family members","page_number":63,"box":{"x":81,"y":375,"width":839,"height":12}},{"id":"8ad4eada-207b-4b37-bdf9-f87b7190ff3a","block_type":"box","text":"Shares purchased by directors or trustees of the Fund, and employees of the Fund’s investment adviser or any of","page_number":63,"box":{"x":81,"y":395,"width":834,"height":11}},{"id":"2cf10fa0-bda0-4dcf-9fd8-0317bd7c1322","block_type":"box","text":"its affiliates, as described in this prospectus","page_number":63,"box":{"x":82,"y":410,"width":327,"height":11}},{"id":"225f43c4-aa5b-4ef8-8568-23c1eab1388b","block_type":"box","text":"CDSC Waivers on Investor A and C Shares available at OPCO","page_number":63,"box":{"x":61,"y":433,"width":503,"height":10}},{"id":"0608f761-43ab-4d3f-8947-ae1d79179075","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":63,"box":{"x":81,"y":454,"width":415,"height":12}},{"id":"45c90f3c-106b-4aef-a844-bfac1e2400b5","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":63,"box":{"x":81,"y":474,"width":668,"height":12}},{"id":"5c7ee79e-d361-4cd6-aa2f-dac0c382a1fe","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account","page_number":63,"box":{"x":81,"y":494,"width":537,"height":12}},{"id":"93a951c7-326e-427d-ac84-b5f9246f448e","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":63,"box":{"x":81,"y":514,"width":816,"height":11}},{"id":"ed5ee691-df55-4b7e-ae02-4268bb40aa67","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the prospectus","page_number":63,"box":{"x":82,"y":529,"width":690,"height":12}},{"id":"77213980-7dc6-4fc7-a0d6-b63458aeaf5a","block_type":"box","text":"Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO","page_number":63,"box":{"x":81,"y":549,"width":563,"height":11}},{"id":"ec19162b-1641-4a37-8bed-2b1c55d6b839","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":63,"box":{"x":81,"y":569,"width":358,"height":12}},{"id":"f4f94191-c72d-475a-8154-c60255127fbb","block_type":"box","text":"Front-End Sales Charge Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of","page_number":63,"box":{"x":61,"y":592,"width":857,"height":13}},{"id":"96aef0b5-f120-40ad-a2b1-8fdae2d7b711","block_type":"box","text":"Intent","page_number":63,"box":{"x":61,"y":609,"width":48,"height":10}},{"id":"6bc19b2c-8f43-4a7e-afb4-7d1ca97cd8e4","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":63,"box":{"x":82,"y":631,"width":322,"height":10}},{"id":"7e975be8-d433-4e54-a2de-16f6ddad94b9","block_type":"box","text":"Rights of Accumulation (“ROA”) and Letters of Intent (“LOI”) which entitle shareholders to breakpoint discounts will","page_number":63,"box":{"x":82,"y":650,"width":842,"height":12}},{"id":"7996d867-6529-4306-9440-f0d922318e90","block_type":"box","text":"be automatically calculated based on the aggregated holding of BlackRock Fund assets held by accounts within the","page_number":63,"box":{"x":81,"y":665,"width":845,"height":12}},{"id":"d4595cc6-6c6b-4f4a-a5e9-50d4cb9513c6","block_type":"box","text":"purchaser’s household at OPCO. Eligible BlackRock Fund assets not held at OPCO may be included in the ROA or","page_number":63,"box":{"x":82,"y":680,"width":830,"height":11}},{"id":"c88327b8-2b6d-4756-a3d1-5df00687507e","block_type":"box","text":"LOI calculation only if the shareholder notifies his or her financial advisor about such assets","page_number":63,"box":{"x":82,"y":695,"width":675,"height":11}},{"id":"a9eec175-841c-4026-a9ce-9cfbf77dc51a","block_type":"box","text":"A-10","page_number":63,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"f0386f3f-0d8c-4e22-970b-812102126c6f","block_type":"box","text":"NM1026U-5984563-63/68","page_number":63,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3d5f3c86-4795-4955-b6ca-490b183e6ce5","block_type":"box","text":"Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and Each Entity’s Affiliates","page_number":64,"box":{"x":61,"y":46,"width":863,"height":13}},{"id":"430a26f4-f210-4694-9a8f-e8923b42a507","block_type":"box","text":"(“Raymond James”):","page_number":64,"box":{"x":61,"y":63,"width":169,"height":12}},{"id":"3281715c-224f-4ba9-bbd9-05b962a844d5","block_type":"box","text":"Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or","page_number":64,"box":{"x":62,"y":87,"width":838,"height":11}},{"id":"98a4a13b-0d00-40cb-9d6b-3adc96c0319d","block_type":"box","text":"through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides","page_number":64,"box":{"x":60,"y":102,"width":867,"height":11}},{"id":"87359abb-ed91-46b4-9efc-aabbbc168810","block_type":"box","text":"trade execution, clearance, and/or custody services, will be eligible only for the following sales charge waivers (front","page_number":64,"box":{"x":60,"y":117,"width":860,"height":11}},{"id":"9f8ead16-7f63-4c67-aa05-fa986eec9427","block_type":"box","text":"end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":64,"box":{"x":61,"y":131,"width":858,"height":12}},{"id":"3e73a4d0-1c79-40f8-9599-a30e8e17fd9b","block_type":"box","text":"prospectus or the SAI.","page_number":64,"box":{"x":62,"y":146,"width":161,"height":11}},{"id":"a69c2fb0-eb0a-4233-b48d-9424b9cc55a1","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Raymond James","page_number":64,"box":{"x":61,"y":169,"width":682,"height":13}},{"id":"dbe60e91-6a09-429c-b8ce-1fc58fd214ae","block_type":"box","text":"Shares purchased in a Raymond James investment advisory program.","page_number":64,"box":{"x":81,"y":191,"width":512,"height":11}},{"id":"5a437aa7-fe52-4852-9294-af8e16811d9c","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":64,"box":{"x":81,"y":211,"width":845,"height":11}},{"id":"9d68b393-be65-410b-b315-72e4d6adc794","block_type":"box","text":"distributions and dividend distributions.","page_number":64,"box":{"x":81,"y":226,"width":288,"height":9}},{"id":"60b0fc5f-70d8-4ebc-9085-2c4345ce8f45","block_type":"box","text":"Shares purchased by employees and registered representatives of Raymond James or its affiliates and their family","page_number":64,"box":{"x":81,"y":245,"width":844,"height":12}},{"id":"a4860741-c737-4261-811e-a9dc000c7496","block_type":"box","text":"members as designated by Raymond James.","page_number":64,"box":{"x":82,"y":261,"width":326,"height":11}},{"id":"b5f6109e-f229-41c3-be87-a1411b8e1b76","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":64,"box":{"x":81,"y":280,"width":823,"height":12}},{"id":"6a6beb98-0bbe-4728-a4a5-652d6d568152","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":64,"box":{"x":81,"y":295,"width":834,"height":12}},{"id":"56db1e88-4bb7-454a-8a53-ddba21c31e07","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).","page_number":64,"box":{"x":81,"y":310,"width":812,"height":11}},{"id":"89f154a9-29bb-404e-b728-e708f531adc6","block_type":"box","text":"A shareholder in the Fund’s Investor C shares will have their shares converted at net asset value to Investor A","page_number":64,"box":{"x":81,"y":330,"width":810,"height":9}},{"id":"d4b240f5-57c7-4788-8cd7-3f7f600b0d6f","block_type":"box","text":"shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and","page_number":64,"box":{"x":81,"y":345,"width":844,"height":11}},{"id":"e2ec5e7a-3162-4009-beef-e45c0d88d4e1","block_type":"box","text":"procedures of Raymond James.","page_number":64,"box":{"x":82,"y":360,"width":228,"height":11}},{"id":"aba88201-ee26-4a3c-b3dc-a7b181486ee1","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Raymond James","page_number":64,"box":{"x":61,"y":383,"width":589,"height":12}},{"id":"e10eb4be-5489-4f7f-9481-3697eb672417","block_type":"box","text":"Shares sold due to death or disability of the shareholder.","page_number":64,"box":{"x":81,"y":404,"width":417,"height":11}},{"id":"3d8207f0-990e-44e9-8947-3b3f6e30de88","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":64,"box":{"x":81,"y":424,"width":672,"height":11}},{"id":"5932ded9-3dbd-4cad-a78f-f3528256a186","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA Account.","page_number":64,"box":{"x":81,"y":444,"width":541,"height":12}},{"id":"8be15148-5065-446d-bbf6-78078a196abf","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":64,"box":{"x":81,"y":464,"width":816,"height":11}},{"id":"8a7bc93f-7966-4a71-b7a3-ecdb42dc0d37","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the Fund’s prospectus or SAI.","page_number":64,"box":{"x":82,"y":479,"width":797,"height":11}},{"id":"f50e04c8-bca3-4178-868d-3a8b54d45721","block_type":"box","text":"Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.","page_number":64,"box":{"x":81,"y":499,"width":723,"height":11}},{"id":"a3591a57-efdc-4831-b03f-947f0d69ebf4","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":64,"box":{"x":81,"y":519,"width":372,"height":11}},{"id":"6c32fa80-e593-4666-8ae7-904ff2d68c82","block_type":"box","text":"Front-End Sales Charge Discounts Available at Raymond James: Breakpoints, Rights of Accumulation","page_number":64,"box":{"x":61,"y":542,"width":837,"height":12}},{"id":"b4cbc3a1-84cc-4e68-884a-3bb87c7e1126","block_type":"box","text":"and/or Letters of Intent","page_number":64,"box":{"x":61,"y":559,"width":196,"height":12}},{"id":"e6d197a7-33b3-4049-93ca-8541883333b7","block_type":"box","text":"Breakpoints as described in this prospectus.","page_number":64,"box":{"x":82,"y":580,"width":327,"height":11}},{"id":"578f03e0-b38f-4cde-98bd-72d860edae02","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":64,"box":{"x":82,"y":600,"width":849,"height":12}},{"id":"ef4787d1-04e4-4cee-b299-52128b576b78","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at Raymond","page_number":64,"box":{"x":80,"y":615,"width":833,"height":11}},{"id":"e9807dc7-b514-4278-9b74-77d297a2fed3","block_type":"box","text":"James. Eligible BlackRock Fund assets not held at Raymond James may be included in the calculation of rights of","page_number":64,"box":{"x":81,"y":630,"width":834,"height":11}},{"id":"66a43325-7116-4ea8-a5ed-e4ee99746b05","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":64,"box":{"x":81,"y":644,"width":670,"height":12}},{"id":"dbfbd78b-16c3-491f-8b1f-9295f2cf24d9","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds over a","page_number":64,"box":{"x":82,"y":664,"width":828,"height":12}},{"id":"11a0aac1-be18-47e8-9762-d115b40ca02d","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at Raymond James may be included in the","page_number":64,"box":{"x":82,"y":679,"width":775,"height":12}},{"id":"ae5ca9fc-c65f-49d1-8344-e3689665572b","block_type":"box","text":"calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":64,"box":{"x":81,"y":694,"width":789,"height":12}},{"id":"f3bed437-d7e2-4435-b87c-a807159980d8","block_type":"box","text":"A-11","page_number":64,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"1381d326-9737-4601-ab3d-6e119de3b5e9","block_type":"box","text":"NM1026U-5984563-64/68","page_number":64,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"47a22fdc-dd9e-49f5-8ddd-05144ed06f9b","block_type":"box","text":"Robert W. Baird & Co. (“Baird”):","page_number":65,"box":{"x":61,"y":46,"width":268,"height":12}},{"id":"2e79481d-6074-40c8-aea3-c87316d0f0a3","block_type":"box","text":"Effective January 1, 2026, shareholders purchasing Fund shares through a Baird platform or account will only be","page_number":65,"box":{"x":62,"y":70,"width":828,"height":12}},{"id":"a1f0938b-8043-4e2d-8511-1164e5824b45","block_type":"box","text":"eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which","page_number":65,"box":{"x":61,"y":85,"width":870,"height":12}},{"id":"0a890599-5577-4641-b90e-016baae388c7","block_type":"box","text":"may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":65,"box":{"x":61,"y":100,"width":556,"height":11}},{"id":"086eaa95-3a78-49ef-a78c-5fd21eafd4c9","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Baird","page_number":65,"box":{"x":61,"y":123,"width":592,"height":12}},{"id":"9fc08de1-f2a1-43f5-86df-8e4fed3e9274","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":65,"box":{"x":81,"y":144,"width":835,"height":12}},{"id":"5f373090-877e-40ed-8c01-d82ff15f0046","block_type":"box","text":"shares of the same fund","page_number":65,"box":{"x":81,"y":159,"width":179,"height":9}},{"id":"0eb1c808-b2c6-4386-a4fb-49aebbb18f52","block_type":"box","text":"Shares purchased by employees and registered representatives of Baird or its affiliates and their family members","page_number":65,"box":{"x":81,"y":179,"width":835,"height":12}},{"id":"e17e80a3-e31a-4504-9c42-2829f0664895","block_type":"box","text":"as designated by Baird","page_number":65,"box":{"x":81,"y":194,"width":167,"height":11}},{"id":"66cdaba3-ef43-441e-91f8-12e15b4c1f65","block_type":"box","text":"Shares purchased within 90 days following a redemption from a BlackRock Fund, provided (1) the redemption and","page_number":65,"box":{"x":81,"y":214,"width":836,"height":11}},{"id":"01695618-4491-4620-8610-fd44720e2946","block_type":"box","text":"purchase occur within the purchaser’s Baird household, and (2) redeemed shares were subject to a front-end or","page_number":65,"box":{"x":82,"y":229,"width":822,"height":11}},{"id":"b340b76a-090b-49fa-9b93-ec524f5cac79","block_type":"box","text":"deferred sales charge (known as Rights of Reinstatement)","page_number":65,"box":{"x":81,"y":244,"width":427,"height":11}},{"id":"89316108-c44c-415f-9b19-6ba3a263bab3","block_type":"box","text":"A shareholder in the Fund’s Investor C shares will have their shares converted at net asset value to Investor A","page_number":65,"box":{"x":81,"y":264,"width":810,"height":9}},{"id":"7221f6b7-50a1-4403-8ef4-3dab2545fc93","block_type":"box","text":"shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and","page_number":65,"box":{"x":81,"y":278,"width":827,"height":12}},{"id":"274814c9-1270-430b-a3cb-bf39eae60042","block_type":"box","text":"procedures of Baird","page_number":65,"box":{"x":82,"y":293,"width":142,"height":11}},{"id":"aa871e92-f2c5-4126-b295-d67ad2e57692","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans or charitable accounts in a transactional brokerage","page_number":65,"box":{"x":81,"y":313,"width":812,"height":12}},{"id":"3df246a3-9000-421b-a6af-6b7d33fe1391","block_type":"box","text":"account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money","page_number":65,"box":{"x":81,"y":328,"width":829,"height":12}},{"id":"682d6646-686d-474e-9694-ce5fef8ba3cf","block_type":"box","text":"purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement","page_number":65,"box":{"x":82,"y":343,"width":834,"height":11}},{"id":"a9c4d785-2a91-4a28-bbaf-6ccbc1a73db6","block_type":"box","text":"plans do not include SEP IRAs, Simple IRAs or SAR-SEPs","page_number":65,"box":{"x":82,"y":358,"width":414,"height":11}},{"id":"6354c637-7dad-47c6-8c37-494df6f03fc3","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Baird","page_number":65,"box":{"x":61,"y":381,"width":499,"height":10}},{"id":"1a53022f-eda9-49f4-8b5a-27a2637f8a52","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":65,"box":{"x":81,"y":402,"width":415,"height":12}},{"id":"06983edd-c83a-40e2-ae12-a18f30830661","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":65,"box":{"x":81,"y":422,"width":668,"height":11}},{"id":"1691e375-e2b6-4681-afcc-8a6c05f22e0d","block_type":"box","text":"Shares bought due to returns of excess contributions from an IRA account","page_number":65,"box":{"x":81,"y":442,"width":545,"height":12}},{"id":"5374bbce-e5b8-4c74-93a5-363f74d2495a","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":65,"box":{"x":81,"y":462,"width":816,"height":11}},{"id":"4a8df076-03b0-4f89-b4f8-49e59e2cfd56","block_type":"box","text":"reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund’s","page_number":65,"box":{"x":82,"y":477,"width":816,"height":11}},{"id":"e91d43d2-bfd8-4efa-9376-93e2de4db757","block_type":"box","text":"prospectus","page_number":65,"box":{"x":82,"y":492,"width":80,"height":11}},{"id":"3e8ab95f-3f4f-4328-8e70-2e186ee3d6f7","block_type":"box","text":"Shares sold to pay Baird fees but only if the transaction is initiated by Baird","page_number":65,"box":{"x":81,"y":512,"width":555,"height":11}},{"id":"c80523ef-90e2-49f0-ae93-bc533058de6d","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":65,"box":{"x":81,"y":532,"width":358,"height":11}},{"id":"4ca9d280-48a2-440a-8c28-1282085640e1","block_type":"box","text":"Front-End Sales Charge Discounts Available at Baird: Breakpoints, Rights of Accumulation, & Letters of","page_number":65,"box":{"x":61,"y":555,"width":859,"height":12}},{"id":"e4cc715c-1230-4fca-b82d-7e2d35ff71f2","block_type":"box","text":"Intent","page_number":65,"box":{"x":61,"y":572,"width":48,"height":9}},{"id":"564453df-5642-4b3d-822c-71b5f037dc68","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":65,"box":{"x":82,"y":593,"width":322,"height":11}},{"id":"c1cc23cc-1143-40cc-8577-d61db31d1bce","block_type":"box","text":"Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts will be automatically calculated","page_number":65,"box":{"x":82,"y":613,"width":838,"height":11}},{"id":"677bf094-7e17-4a90-8b16-041eb2dc75f5","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":65,"box":{"x":81,"y":628,"width":834,"height":11}},{"id":"d968661c-f3e3-4c33-9199-393da6ba689d","block_type":"box","text":"Baird. Eligible BlackRock Fund assets not held at Baird may be included in ROA calculation only if the shareholder","page_number":65,"box":{"x":82,"y":642,"width":834,"height":12}},{"id":"41194d20-3fe2-4d90-8146-7f64aaf18312","block_type":"box","text":"notifies his or her financial advisor about such assets","page_number":65,"box":{"x":82,"y":657,"width":393,"height":10}},{"id":"bc262537-768a-4002-9c00-50051444bf56","block_type":"box","text":"Letters of Intent (“LOI”) allow for breakpoint discounts based on anticipated purchases of BlackRock Funds through","page_number":65,"box":{"x":82,"y":677,"width":847,"height":12}},{"id":"9743e08c-8db0-4a47-8079-af053f59781c","block_type":"box","text":"Baird, over a 13-month period of time","page_number":65,"box":{"x":82,"y":692,"width":273,"height":11}},{"id":"7b77ee83-0274-4b0c-af90-2e3dc00f2adf","block_type":"box","text":"A-12","page_number":65,"box":{"x":482,"y":935,"width":32,"height":9}},{"id":"efcdd651-5dca-4368-b472-7c4fd702e032","block_type":"box","text":"NM1026U-5984563-65/68","page_number":65,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0924eece-2347-4113-9ac4-8c673fb147c1","block_type":"box","text":"Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, “Wells","page_number":66,"box":{"x":60,"y":46,"width":869,"height":13}},{"id":"97bdf79a-4768-40fe-a0ef-c8f88b84e117","block_type":"box","text":"Fargo Advisors”)","page_number":66,"box":{"x":61,"y":63,"width":136,"height":12}},{"id":"e306d578-11b3-49a9-8b16-ed9fc4888abe","block_type":"box","text":"Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended","page_number":66,"box":{"x":60,"y":87,"width":855,"height":13}},{"id":"837a7759-faa4-464c-a44e-0dd21de9b733","block_type":"box","text":"to include First Clearing firms.","page_number":66,"box":{"x":60,"y":104,"width":250,"height":13}},{"id":"ffa33012-c9a2-4db4-9c3d-34097536b0d0","block_type":"box","text":"Effective April 1, 2026, clients of Wells Fargo Advisors purchasing Fund shares through Wells Fargo Advisors are","page_number":66,"box":{"x":62,"y":120,"width":825,"height":12}},{"id":"b19ebf49-5d65-4f6b-bbbe-0b35cee3ba8a","block_type":"box","text":"eligible for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from","page_number":66,"box":{"x":61,"y":135,"width":863,"height":12}},{"id":"95acf3bd-cf6e-4033-a46a-c58b10f239a9","block_type":"box","text":"discounts and waivers described elsewhere in the prospectus or SAI. In all instances, it is the investor’s responsibility","page_number":66,"box":{"x":61,"y":150,"width":868,"height":11}},{"id":"23dd70a6-7cb2-472c-b4a0-cf8e79283536","block_type":"box","text":"to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the","page_number":66,"box":{"x":60,"y":165,"width":824,"height":11}},{"id":"6bcc0628-7b15-4bf6-b7ea-2091ec033703","block_type":"box","text":"investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.","page_number":66,"box":{"x":62,"y":180,"width":809,"height":11}},{"id":"936ae05d-f910-454b-ae31-e35804085ed2","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end sales charge waivers information.","page_number":66,"box":{"x":60,"y":203,"width":678,"height":12}},{"id":"65718aa4-b813-40db-94db-56b79f7edc91","block_type":"box","text":"Wells Fargo Advisors clients purchasing or converting to Investor A Shares of the Fund in a Wells Fargo Advisors","page_number":66,"box":{"x":60,"y":219,"width":822,"height":12}},{"id":"4043d8dd-0962-4672-8a0e-4d80a5bd7a93","block_type":"box","text":"brokerage account are entitled to a waiver of the front-end load in the following circumstances:","page_number":66,"box":{"x":61,"y":234,"width":694,"height":11}},{"id":"e1f9a255-a9da-4647-9f88-4f11ec2d93f6","block_type":"box","text":"Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor’s employee account","page_number":66,"box":{"x":81,"y":254,"width":855,"height":11}},{"id":"bfc95cc6-dbd8-4d0b-865c-f1d3e4a76972","block_type":"box","text":"linking rules. Legacy accounts and positions receiving affiliate discounts prior to April 1, 2026 will continue to","page_number":66,"box":{"x":82,"y":269,"width":805,"height":11}},{"id":"1efb1f74-1c7f-4c07-99a2-07a48a07e339","block_type":"box","text":"receive discounts. Going forward employees of affiliate businesses will not be offered NAV.","page_number":66,"box":{"x":82,"y":283,"width":667,"height":12}},{"id":"7b8b57c7-9564-4aa4-a959-ef9d1efebd03","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":66,"box":{"x":81,"y":303,"width":846,"height":12}},{"id":"e73bce9a-05cf-4469-8b9d-0b0a858c66c0","block_type":"box","text":"same fund.","page_number":66,"box":{"x":81,"y":318,"width":81,"height":10}},{"id":"0b4ce2b5-42a4-4180-86c0-907176fe171e","block_type":"box","text":"WellsTrade, the firm’s online self-directed brokerage account, generally offers no-load share classes but there could be","page_number":66,"box":{"x":60,"y":341,"width":875,"height":11}},{"id":"78c02068-3b29-40c6-a252-033d4bb27ec9","block_type":"box","text":"instances where an Investor A Share is offered without a front-end sales charge.","page_number":66,"box":{"x":62,"y":356,"width":589,"height":11}},{"id":"ff204f64-355e-4be6-b637-78156cc79503","block_type":"box","text":"Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through","page_number":66,"box":{"x":62,"y":378,"width":858,"height":12}},{"id":"69d34d11-5172-471d-930b-f4510fff2a7e","block_type":"box","text":"Wells Fargo Advisors.","page_number":66,"box":{"x":60,"y":393,"width":155,"height":12}},{"id":"81653717-d3a9-4c51-98d0-7fc5c82861d7","block_type":"box","text":"Wells Fargo Advisors Contingent Deferred Sales Charge information.","page_number":66,"box":{"x":60,"y":416,"width":565,"height":13}},{"id":"5f677198-6848-4005-99aa-544197d0b7f6","block_type":"box","text":"CDSC imposed on Fund redemptions will not be rebated based on future purchases.","page_number":66,"box":{"x":61,"y":432,"width":618,"height":12}},{"id":"9901629b-80b7-469d-896c-c35a0b60aa8e","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end load discounts","page_number":66,"box":{"x":60,"y":455,"width":521,"height":13}},{"id":"226af425-1726-4086-968e-11530b0aeffb","block_type":"box","text":"Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage","page_number":66,"box":{"x":60,"y":472,"width":809,"height":11}},{"id":"b47ddcce-0e60-4875-b359-58a597d8b674","block_type":"box","text":"accounts will follow the following aggregation rules for breakpoint discounts:","page_number":66,"box":{"x":61,"y":487,"width":558,"height":11}},{"id":"88230dae-cfac-470c-8bd1-e85e44a4f917","block_type":"box","text":"Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the","page_number":66,"box":{"x":82,"y":506,"width":820,"height":12}},{"id":"ea1f406b-32f7-44cc-b89a-6a608ba1542f","block_type":"box","text":"client’s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still","page_number":66,"box":{"x":81,"y":521,"width":845,"height":12}},{"id":"1ec9c5cc-e130-4ede-bbce-33ef7c65f320","block_type":"box","text":"be aggregated as a group plan.","page_number":66,"box":{"x":81,"y":536,"width":227,"height":12}},{"id":"13203c53-a2ca-4f9c-9ad1-8691f6e717ed","block_type":"box","text":"Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":66,"box":{"x":82,"y":556,"width":823,"height":12}},{"id":"7de911b4-184f-4c03-b203-faf9a7d35e1e","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate","page_number":66,"box":{"x":81,"y":571,"width":841,"height":12}},{"id":"7d9ce247-7583-437d-9333-80fada2ba866","block_type":"box","text":"with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts","page_number":66,"box":{"x":80,"y":586,"width":815,"height":11}},{"id":"6927a007-2641-4610-9c9e-f6958a9e965b","block_type":"box","text":"under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans","page_number":66,"box":{"x":82,"y":601,"width":842,"height":11}},{"id":"bfde68c1-4c56-4c0e-a4c4-d47e3a953945","block_type":"box","text":"do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.","page_number":66,"box":{"x":81,"y":616,"width":481,"height":11}},{"id":"d88c2ed8-ee8c-410b-89c3-4e4d70a1736d","block_type":"box","text":"Gifts of shares will not be considered when determining breakpoint discounts.","page_number":66,"box":{"x":81,"y":635,"width":572,"height":12}},{"id":"4c492c27-a172-4da3-a6fd-bbdd27e4c8f1","block_type":"box","text":"A-13","page_number":66,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"b21e467d-35ff-4b3c-be3f-27a942b3315c","block_type":"box","text":"NM1026U-5984563-66/68","page_number":66,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fbaff50f-b0bc-4620-a473-a4859378a020","block_type":"box","text":"For More Information","page_number":67,"box":{"x":64,"y":82,"width":455,"height":27}},{"id":"3afea7cf-1486-4a32-bfce-8bc286c7057e","block_type":"box","text":"Fund and Service Providers","page_number":67,"box":{"x":61,"y":156,"width":246,"height":11}},{"id":"0fa13d67-f491-4fe8-bcd2-eaf91bba32e5","block_type":"box","text":"FUND","page_number":67,"box":{"x":102,"y":188,"width":39,"height":9}},{"id":"8efd1d39-d6ea-4f7f-8c3c-48ae6fe7eb94","block_type":"box","text":"BlackRock Funds","page_number":67,"box":{"x":102,"y":212,"width":118,"height":9}},{"id":"2b6fa01b-6ec6-4218-b9a5-92ee1384c909","block_type":"box","text":"SM","page_number":67,"box":{"x":221,"y":212,"width":11,"height":4}},{"id":"bd29846e-1ba8-495a-bcfd-789d534367a4","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap","page_number":67,"box":{"x":119,"y":227,"width":375,"height":11}},{"id":"f4125f95-0717-4034-9d6e-1586ec97a74e","block_type":"box","text":"Core Fund","page_number":67,"box":{"x":101,"y":242,"width":73,"height":9}},{"id":"f791ad47-6fc3-4062-a702-ba50af26855c","block_type":"box","text":"100 Bellevue Parkway","page_number":67,"box":{"x":102,"y":258,"width":161,"height":11}},{"id":"b4c31779-d01b-456f-a36a-9d610c3a0bcd","block_type":"box","text":"Wilmington, Delaware 19809","page_number":67,"box":{"x":101,"y":273,"width":213,"height":12}},{"id":"8af6a817-8f14-47fa-be9e-9a4fa1d5d5ef","block_type":"box","text":"Written Correspondence:","page_number":67,"box":{"x":103,"y":293,"width":180,"height":11}},{"id":"3a961f56-7271-4503-b060-f53fe7509e45","block_type":"box","text":"P.O. Box 534429","page_number":67,"box":{"x":102,"y":308,"width":124,"height":9}},{"id":"3b6c3bee-aae6-40fe-b3ed-5081dcd5612a","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":67,"box":{"x":102,"y":324,"width":277,"height":11}},{"id":"110cd5e2-bb65-44ad-a731-090a75b70f29","block_type":"box","text":"Overnight Mail:","page_number":67,"box":{"x":102,"y":343,"width":109,"height":11}},{"id":"463885e9-8d5a-4f54-8e4d-c448773b6669","block_type":"box","text":"Attention: 534429","page_number":67,"box":{"x":101,"y":358,"width":135,"height":9}},{"id":"e8273947-6431-4369-9809-2a927c8e5499","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":67,"box":{"x":102,"y":374,"width":221,"height":10}},{"id":"3b8c85c1-5c36-4038-92ab-377d0d777cf5","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":67,"box":{"x":102,"y":389,"width":233,"height":12}},{"id":"8e0d09be-05fc-4d72-8a0d-5730ceb6fc9d","block_type":"box","text":"(800) 441-7762","page_number":67,"box":{"x":101,"y":409,"width":118,"height":11}},{"id":"42ace75b-2d47-4215-b6e3-4b6aff044632","block_type":"box","text":"MANAGER AND ADMINISTRATOR","page_number":67,"box":{"x":102,"y":432,"width":241,"height":9}},{"id":"b2ec8959-fd41-4497-8d58-7c83c854d13e","block_type":"box","text":"BlackRock Advisors, LLC","page_number":67,"box":{"x":102,"y":447,"width":171,"height":11}},{"id":"6b2f5f27-e749-4369-bb44-b9c9ca1a865b","block_type":"box","text":"100 Bellevue Parkway","page_number":67,"box":{"x":102,"y":463,"width":154,"height":11}},{"id":"3e9b17e7-07bc-4d69-9fc8-73f73b2d8cc0","block_type":"box","text":"Wilmington, Delaware 19809","page_number":67,"box":{"x":101,"y":478,"width":205,"height":12}},{"id":"a109879d-dd5d-43c1-9eb1-3bf3a5c2707d","block_type":"box","text":"TRANSFER AGENT","page_number":67,"box":{"x":101,"y":501,"width":134,"height":10}},{"id":"a5163652-2c38-4218-a686-5db9951bafcf","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc.","page_number":67,"box":{"x":102,"y":517,"width":295,"height":11}},{"id":"bd17421b-b577-413b-9900-c4d4120b453f","block_type":"box","text":"118 Flanders Road","page_number":67,"box":{"x":102,"y":532,"width":133,"height":10}},{"id":"2d11aede-de81-4840-8a57-5e7b356a84b9","block_type":"box","text":"Westborough, Massachusetts 01581","page_number":67,"box":{"x":101,"y":548,"width":263,"height":11}},{"id":"f60ceeaf-b7fa-41df-b5a8-cca4adf593a7","block_type":"box","text":"INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM","page_number":67,"box":{"x":525,"y":188,"width":410,"height":9}},{"id":"a128139f-6fd7-4457-b245-4e2b586cf0f9","block_type":"box","text":"Deloitte & Touche LLP","page_number":67,"box":{"x":525,"y":204,"width":153,"height":9}},{"id":"62e4cc82-5cd3-4c24-be62-81a1a9c3fd7f","block_type":"box","text":"115 Federal Street","page_number":67,"box":{"x":525,"y":219,"width":132,"height":9}},{"id":"3737c79e-e59e-4499-9c5f-e6a1ff98e146","block_type":"box","text":"Boston, Massachusetts 02110","page_number":67,"box":{"x":525,"y":235,"width":220,"height":10}},{"id":"a022254e-7852-438a-bcbd-cab3c09acff7","block_type":"box","text":"ACCOUNTING SERVICES PROVIDER","page_number":67,"box":{"x":524,"y":258,"width":260,"height":9}},{"id":"f0686a74-5d59-4561-b31b-c664edf04a99","block_type":"box","text":"State Street Bank and Trust Company","page_number":67,"box":{"x":525,"y":273,"width":266,"height":12}},{"id":"e040bce5-a95c-47e9-9784-5edb638c53f8","block_type":"box","text":"One Congress Street, Suite 1","page_number":67,"box":{"x":525,"y":289,"width":206,"height":11}},{"id":"73eb3d25-b8bf-4403-8723-2d5a6cadbfe6","block_type":"box","text":"Boston, Massachusetts 02114-2016","page_number":67,"box":{"x":525,"y":304,"width":262,"height":11}},{"id":"f7102e50-020e-4a6b-b2fd-06d586ef3c22","block_type":"box","text":"DISTRIBUTOR","page_number":67,"box":{"x":525,"y":327,"width":100,"height":10}},{"id":"1c246068-aa07-40d0-8dc4-e44792fd2d40","block_type":"box","text":"BlackRock Investments, LLC","page_number":67,"box":{"x":525,"y":343,"width":198,"height":11}},{"id":"436b2004-960b-42eb-ba91-7532f111cda4","block_type":"box","text":"50 Hudson Yards","page_number":67,"box":{"x":525,"y":358,"width":120,"height":9}},{"id":"5433d81e-48f3-4246-8aaf-84d410fced2d","block_type":"box","text":"New York, New York 10001","page_number":67,"box":{"x":525,"y":374,"width":190,"height":10}},{"id":"541a13f9-5472-47c0-9647-30730448efc9","block_type":"box","text":"CUSTODIAN","page_number":67,"box":{"x":524,"y":397,"width":86,"height":9}},{"id":"7b9341d6-1fd1-4dad-9a07-601808c5ec83","block_type":"box","text":"State Street Bank and Trust Company","page_number":67,"box":{"x":525,"y":413,"width":266,"height":11}},{"id":"ffd62280-7306-4abb-9f51-b5b7329877d9","block_type":"box","text":"One Congress Street, Suite 1","page_number":67,"box":{"x":525,"y":428,"width":206,"height":11}},{"id":"5599f1bd-7f5b-4f19-9e3a-9f60c401b931","block_type":"box","text":"Boston, Massachusetts 02114-2016","page_number":67,"box":{"x":525,"y":443,"width":262,"height":11}},{"id":"5a7afd14-9897-48d6-9f8d-c4083ee80e9d","block_type":"box","text":"COUNSEL","page_number":67,"box":{"x":524,"y":467,"width":70,"height":9}},{"id":"a09289d6-ef75-4076-9b8a-5b4bb27675b7","block_type":"box","text":"Ropes & Gray LLP","page_number":67,"box":{"x":525,"y":482,"width":125,"height":11}},{"id":"3f1c173e-9196-4364-9127-0ef4241e3885","block_type":"box","text":"1211 Avenue of the Americas","page_number":67,"box":{"x":525,"y":497,"width":208,"height":10}},{"id":"e3bb13af-9d67-4980-949b-9e18a37a8d68","block_type":"box","text":"New York, New York 10036","page_number":67,"box":{"x":525,"y":513,"width":190,"height":11}},{"id":"91d96307-160a-4562-9ddb-58052c16777d","block_type":"box","text":"NM1026U-5984563-67/68","page_number":67,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a844d22d-3790-4863-bd9a-169fb1e456ce","block_type":"box","text":"Additional Information","page_number":68,"box":{"x":90,"y":87,"width":197,"height":10}},{"id":"70c7c00d-e8e4-4382-ad39-5d2b8220a24d","block_type":"box","text":"For more information:","page_number":68,"box":{"x":92,"y":140,"width":155,"height":9}},{"id":"65da79e0-178c-411c-97f0-858759c02065","block_type":"box","text":"This prospectus contains important information you should","page_number":68,"box":{"x":91,"y":156,"width":390,"height":11}},{"id":"34b15124-eafb-4faa-aac0-141b3cb328a1","block_type":"box","text":"know before investing, including information about risks.","page_number":68,"box":{"x":91,"y":171,"width":372,"height":11}},{"id":"6ae4434d-a18e-4b8c-9f03-f6a9625d30fb","block_type":"box","text":"Please read it before you invest and keep it for future","page_number":68,"box":{"x":92,"y":187,"width":350,"height":11}},{"id":"b439d7a4-5b6a-4905-937e-d5548822f4bc","block_type":"box","text":"reference. More information about the Fund is available at","page_number":68,"box":{"x":91,"y":202,"width":387,"height":9}},{"id":"88f02ea4-2d10-4fbe-9809-e8ff199e90fc","block_type":"box","text":"no charge upon request. This information includes:","page_number":68,"box":{"x":91,"y":218,"width":338,"height":11}},{"id":"f13414ab-adeb-4d75-878b-4290732f3815","block_type":"box","text":"Annual/Semi-Annual Reports and Form N-CSR","page_number":68,"box":{"x":90,"y":241,"width":335,"height":11}},{"id":"506f7d70-bca9-46e5-bc61-77451cdf0841","block_type":"box","text":"The Fund’s annual and semi-annual reports and Form N","page_number":68,"box":{"x":91,"y":257,"width":381,"height":10}},{"id":"7359063a-68ba-41b1-9910-d69b6c3660fa","block_type":"box","text":"CSR contain additional information about the Fund’s","page_number":68,"box":{"x":91,"y":272,"width":349,"height":8}},{"id":"b66eee06-aa6f-495c-8923-85144cda7f26","block_type":"box","text":"investments. The annual report describes the Fund’s","page_number":68,"box":{"x":91,"y":288,"width":350,"height":10}},{"id":"ea304656-e6c3-40ce-a6fd-5b541d148d20","block_type":"box","text":"performance, lists portfolio holdings, and discusses recent","page_number":68,"box":{"x":91,"y":303,"width":388,"height":11}},{"id":"207e6a10-bda4-4020-9649-2e8949468524","block_type":"box","text":"market conditions, economic trends and Fund investment","page_number":68,"box":{"x":91,"y":318,"width":381,"height":10}},{"id":"c1b4a8e4-1adf-49c2-b646-274afed02231","block_type":"box","text":"strategies that significantly affected the Fund’s","page_number":68,"box":{"x":91,"y":334,"width":309,"height":11}},{"id":"761ae3dd-32ea-4552-84be-0542cfd9a14e","block_type":"box","text":"performance for the last fiscal year. In Form N-CSR, you","page_number":68,"box":{"x":91,"y":349,"width":373,"height":11}},{"id":"b47fd705-6b52-4862-b171-2ceee8b4fb40","block_type":"box","text":"will find the Fund’s financial statements.","page_number":68,"box":{"x":91,"y":365,"width":264,"height":8}},{"id":"76478f9f-341c-4797-bf5f-512aec52be41","block_type":"box","text":"Statement of Additional Information","page_number":68,"box":{"x":91,"y":388,"width":255,"height":8}},{"id":"87692e8a-ee15-496f-9786-ef0e41dc8b91","block_type":"box","text":"A Statement of Additional Information (“SAI”), dated","page_number":68,"box":{"x":90,"y":403,"width":347,"height":11}},{"id":"1dbfdf60-a60a-42e2-a8b8-a16d9fca5886","block_type":"box","text":"September 28, 2026, has been filed with the Securities","page_number":68,"box":{"x":91,"y":419,"width":365,"height":11}},{"id":"476f5434-6d90-4ac9-82b6-0bc4e1ac36a2","block_type":"box","text":"and Exchange Commission (the “SEC”). The SAI, which","page_number":68,"box":{"x":91,"y":434,"width":373,"height":11}},{"id":"33dfb96f-1097-459a-a7ae-c246b7915732","block_type":"box","text":"includes additional information about the Fund, may be","page_number":68,"box":{"x":91,"y":450,"width":367,"height":11}},{"id":"f8460695-4600-49ba-9fde-3f084eab1c85","block_type":"box","text":"obtained free of charge, along with the Fund’s annual and","page_number":68,"box":{"x":91,"y":465,"width":385,"height":11}},{"id":"c132c125-1e56-4334-aa50-6508e78877e2","block_type":"box","text":"semi-annual reports and other information such as Fund","page_number":68,"box":{"x":91,"y":481,"width":376,"height":10}},{"id":"057c6a2c-a55c-4161-b08b-6b6cf87fc500","block_type":"box","text":"financial statements, by calling (800) 441-7762. The SAI,","page_number":68,"box":{"x":91,"y":496,"width":378,"height":11}},{"id":"870b9496-1a0d-4262-99cb-2839f73c7493","block_type":"box","text":"as amended and/or supplemented from time to time, is","page_number":68,"box":{"x":91,"y":512,"width":364,"height":10}},{"id":"de28c76e-1abd-4313-90f0-ea09d97d6da5","block_type":"box","text":"incorporated by reference into this prospectus.","page_number":68,"box":{"x":91,"y":527,"width":308,"height":11}},{"id":"edd44795-c848-4e73-8870-f8ea53ff65bf","block_type":"box","text":"BlackRock Investor Services","page_number":68,"box":{"x":92,"y":550,"width":205,"height":9}},{"id":"33304417-1bb3-4643-90e5-2261e153dc21","block_type":"box","text":"Representatives are available to discuss account balance","page_number":68,"box":{"x":92,"y":566,"width":382,"height":11}},{"id":"ea68755a-3aa2-41d7-8882-a5d7d38b1b39","block_type":"box","text":"information, mutual fund prospectuses, literature,","page_number":68,"box":{"x":91,"y":581,"width":326,"height":11}},{"id":"748ce845-1f47-48f1-87ed-b712bfed7070","block_type":"box","text":"programs and services available. Hours: 8:00 a.m. to","page_number":68,"box":{"x":91,"y":597,"width":353,"height":11}},{"id":"43368cf4-f99a-46ab-842c-f79f6bda6ac0","block_type":"box","text":"6:00 p.m. (Eastern time), on any business day. Call:","page_number":68,"box":{"x":91,"y":612,"width":342,"height":11}},{"id":"baaa9b28-d627-49bf-86d2-7bbb5ae2989e","block_type":"box","text":"(800) 441-7762.","page_number":68,"box":{"x":91,"y":628,"width":106,"height":11}},{"id":"6a6e234f-e167-449e-ae80-3a2d47f2d20d","block_type":"box","text":"Purchases and Redemptions","page_number":68,"box":{"x":92,"y":651,"width":205,"height":11}},{"id":"5e931128-211e-4b02-9d3c-8346e8009bd8","block_type":"box","text":"Call your Financial Intermediary or BlackRock","page_number":68,"box":{"x":91,"y":666,"width":306,"height":11}},{"id":"e18cc3e2-1c5b-42fb-ad00-0bd86c25d79f","block_type":"box","text":"Investor Services at (800) 441-7762.","page_number":68,"box":{"x":92,"y":682,"width":242,"height":11}},{"id":"b77ae7ee-b847-4d11-8e59-15fbfde4ddf3","block_type":"box","text":"World Wide Web","page_number":68,"box":{"x":91,"y":705,"width":118,"height":9}},{"id":"02cee3b8-4929-4ae5-855e-66ad0ff7b66e","block_type":"box","text":"General Fund information and specific Fund performance,","page_number":68,"box":{"x":91,"y":721,"width":386,"height":10}},{"id":"9ddce4ae-5329-4880-8399-acd9f56d4655","block_type":"box","text":"including the SAI, annual/semi-annual reports and other","page_number":68,"box":{"x":91,"y":736,"width":374,"height":11}},{"id":"887b6ff5-e9b2-4318-a9b8-2176baadc521","block_type":"box","text":"information such as Fund financial statements, can be","page_number":68,"box":{"x":91,"y":751,"width":361,"height":11}},{"id":"fbcab270-6b63-4deb-be6d-bbb21a371fd9","block_type":"box","text":"accessed free of charge at www.blackrock.com/","page_number":68,"box":{"x":91,"y":767,"width":320,"height":11}},{"id":"77817035-34f6-42b0-80f3-256dae437dd8","block_type":"box","text":"prospectus. Mutual fund prospectuses and literature can","page_number":68,"box":{"x":91,"y":782,"width":375,"height":11}},{"id":"506be1c8-90b5-4925-b428-b65ed594df57","block_type":"box","text":"also be requested via this website.","page_number":68,"box":{"x":91,"y":798,"width":228,"height":11}},{"id":"3d90351c-9450-4a41-a0f9-5d08f8652eb6","block_type":"box","text":"Written Correspondence","page_number":68,"box":{"x":514,"y":140,"width":176,"height":11}},{"id":"47aa49fc-42fd-446a-82d4-868088a1526b","block_type":"box","text":"BlackRock Funds","page_number":68,"box":{"x":515,"y":156,"width":116,"height":8}},{"id":"a10ec502-c83c-464b-8fd3-a10c69103e12","block_type":"box","text":"SM","page_number":68,"box":{"x":632,"y":156,"width":10,"height":4}},{"id":"f9ad95d6-c499-449d-8657-84ef29484581","block_type":"box","text":"P.","page_number":68,"box":{"x":515,"y":171,"width":8,"height":9}},{"id":"bcb27e11-ccb4-4ec7-b60c-7894298829b7","block_type":"box","text":"P.O. Box 534429","page_number":68,"box":{"x":521,"y":171,"width":101,"height":9}},{"id":"ba35094f-3a04-4f43-9a6e-0349933487cf","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":68,"box":{"x":515,"y":187,"width":248,"height":11}},{"id":"11f710d5-3719-4405-b5e4-04992e0e6873","block_type":"box","text":"Overnight Mail","page_number":68,"box":{"x":514,"y":210,"width":104,"height":11}},{"id":"bf8adb14-1327-465c-aec3-5d631b201fea","block_type":"box","text":"BlackRock Funds","page_number":68,"box":{"x":515,"y":226,"width":116,"height":8}},{"id":"fd0d89cb-9d0e-4ed2-8d1e-900a23c82028","block_type":"box","text":"SM","page_number":68,"box":{"x":632,"y":226,"width":10,"height":4}},{"id":"80a8ccce-04d8-43ef-8b71-e978027fec0f","block_type":"box","text":"Attention: 534429","page_number":68,"box":{"x":514,"y":241,"width":118,"height":9}},{"id":"e1bc64cc-771f-488c-84e0-ebd5f9d1cb83","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":68,"box":{"x":515,"y":256,"width":196,"height":11}},{"id":"7b22ec91-63b7-4569-84ee-e4e737921eae","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":68,"box":{"x":515,"y":272,"width":210,"height":11}},{"id":"69cc4a88-6b4f-4990-a7f2-22d0225ceed2","block_type":"box","text":"Internal Wholesalers/Broker Dealer Support","page_number":68,"box":{"x":515,"y":295,"width":312,"height":11}},{"id":"16b88a62-a4a8-4169-8f30-b01008ebede9","block_type":"box","text":"Available on any business day to support investment","page_number":68,"box":{"x":514,"y":311,"width":350,"height":10}},{"id":"1f776b83-e220-4542-81be-800b8e337aa6","block_type":"box","text":"professionals. Call: (800) 882-0052.","page_number":68,"box":{"x":515,"y":326,"width":236,"height":11}},{"id":"3d93485a-cd54-4078-a570-aacc1f4d33f9","block_type":"box","text":"Portfolio Characteristics and Holdings","page_number":68,"box":{"x":515,"y":349,"width":274,"height":11}},{"id":"58cecb8a-735e-444e-b70b-a502fc1f2af4","block_type":"box","text":"A description of the Fund’s policies and procedures","page_number":68,"box":{"x":514,"y":365,"width":343,"height":10}},{"id":"30748564-e353-4784-8e10-e83b0cbfc44d","block_type":"box","text":"related to disclosure of portfolio characteristics and","page_number":68,"box":{"x":515,"y":380,"width":341,"height":11}},{"id":"81728d66-f3ba-408b-a62f-f369ab1ce3c2","block_type":"box","text":"holdings is available in the SAI.","page_number":68,"box":{"x":515,"y":396,"width":207,"height":11}},{"id":"175e8b29-a3c0-4412-a66b-368372199ca6","block_type":"box","text":"For information about portfolio holdings and","page_number":68,"box":{"x":515,"y":419,"width":290,"height":11}},{"id":"a0726cbe-544f-48bf-97c5-51b2f72f299b","block_type":"box","text":"characteristics, BlackRock fund shareholders and","page_number":68,"box":{"x":514,"y":434,"width":330,"height":10}},{"id":"8a2c5bb3-be8f-40b7-ae63-a550c56caa91","block_type":"box","text":"prospective investors may call (800) 882-0052.","page_number":68,"box":{"x":515,"y":450,"width":309,"height":11}},{"id":"927b9184-4a4d-461b-8372-097e9a7601a9","block_type":"box","text":"Securities and Exchange Commission","page_number":68,"box":{"x":514,"y":473,"width":273,"height":11}},{"id":"f9491a0a-953a-43a1-9c04-a84669790a9d","block_type":"box","text":"You may also view and copy public information about the","page_number":68,"box":{"x":514,"y":488,"width":379,"height":11}},{"id":"1dddd4ec-822e-4a4b-bd6f-10802b9a8e63","block_type":"box","text":"Fund, including the SAI, by visiting the EDGAR database","page_number":68,"box":{"x":515,"y":504,"width":379,"height":11}},{"id":"d96558cd-8431-4816-a3a5-cef194fa6922","block_type":"box","text":"on the SEC’s website (http://www.sec.gov). Copies of this","page_number":68,"box":{"x":514,"y":519,"width":383,"height":11}},{"id":"07098ff0-6d83-4c41-bd21-7e3ada025882","block_type":"box","text":"information can be obtained, for a duplicating fee, by","page_number":68,"box":{"x":515,"y":535,"width":350,"height":11}},{"id":"bfcd9b15-6371-40f8-8b4c-92a69c36aa29","block_type":"box","text":"electronic request at the following e-mail address:","page_number":68,"box":{"x":514,"y":550,"width":330,"height":11}},{"id":"6e5be356-3cc4-4b9c-bfec-624f9d090e98","block_type":"box","text":"publicinfo@sec.gov.","page_number":68,"box":{"x":515,"y":566,"width":130,"height":11}},{"id":"ece6b5da-5f33-4288-9799-bd61a739bcb3","block_type":"box","text":"You should rely only on the information contained in","page_number":68,"box":{"x":514,"y":589,"width":378,"height":11}},{"id":"536b6c4f-f8a9-45d6-9f94-1179928d87f3","block_type":"box","text":"this prospectus. No one is authorized to provide you","page_number":68,"box":{"x":514,"y":605,"width":377,"height":10}},{"id":"776c08d2-b65c-45a4-96db-afd9dc914a6e","block_type":"box","text":"with information that is different from information","page_number":68,"box":{"x":514,"y":620,"width":355,"height":9}},{"id":"1eca00e1-7b59-45d6-a6bd-875d1a4d8b16","block_type":"box","text":"contained in this prospectus.","page_number":68,"box":{"x":514,"y":636,"width":209,"height":10}},{"id":"32342b0a-fb9d-4061-97dd-fd92f1a0f9c3","block_type":"box","text":"The SEC has not approved or disapproved these","page_number":68,"box":{"x":514,"y":659,"width":326,"height":10}},{"id":"1eeb3541-4602-4f2c-9d51-620c47bfc72a","block_type":"box","text":"securities or passed upon the adequacy of this","page_number":68,"box":{"x":514,"y":674,"width":313,"height":11}},{"id":"b0660f41-ab7d-45db-a923-448b588bfa1d","block_type":"box","text":"prospectus. Any representation to the contrary is a","page_number":68,"box":{"x":515,"y":690,"width":336,"height":10}},{"id":"f799d7af-950d-48a8-beca-c78e990e4013","block_type":"box","text":"criminal offense.","page_number":68,"box":{"x":514,"y":705,"width":108,"height":9}},{"id":"d0c870da-7c91-419c-b25e-b1597cbfd8be","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 811-05742","page_number":68,"box":{"x":515,"y":728,"width":334,"height":9}},{"id":"6b58f2d1-2746-442b-b1c0-bef69450a00b","block_type":"box","text":"PRO-SALCC-0926","page_number":68,"box":{"x":796,"y":919,"width":110,"height":7}},{"id":"92b40712-655c-4a2b-b7cd-02efd79e614a","block_type":"box","text":"NM1026U-5984563-68/68","page_number":68,"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":68}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"8fa8aeae-a5ec-4070-af66-c1cd840fd971"},"user_id":1000002,"date_created":"2026-10-03T12:01:05.506000Z","date_modified":"2026-10-03T12:01:05.506000Z","private":false}