{"annotation_id":"30492df3-44db-4f32-9df3-20be84bf5d8c","file_hash":"cb1f387620e5112c59d3b795dd55f3324b7e16a7900739bd949846f86dba301e","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"57fcb6a2-3e77-431e-9a2b-176abe8d7726","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"926c62c5-dc3c-4fef-88c4-af2d189e12e3","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"639d32f0-b703-41e1-8bbd-ac880d457503","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"446000aa-f7a6-4287-b94a-9fdfc74f5739","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"80dad8d2-bf7c-48c1-9b70-7c6400a48600","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"80ce2f16-bcf5-4446-b28c-507cbb956419","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"3503acea-d7b7-44d5-8a46-34255bfd4532","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"f3f43813-c77a-49dc-bbfb-5bb3b81e8bc1","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":1,"box":{"x":84,"y":321,"width":352,"height":12}},{"id":"c4da2fb2-4925-4a5a-8ba3-6246ca3ecc5a","block_type":"box","text":"Class K: BDSKX","page_number":1,"box":{"x":83,"y":339,"width":96,"height":7}},{"id":"3a13182b-b113-47a5-96cf-051cb6ceb337","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":379,"width":808,"height":11}},{"id":"aef8a513-20e2-4573-b945-a853090c0bca","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":394,"width":821,"height":11}},{"id":"f9a5e5a4-8bb2-49de-859d-730a45d0d12b","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":410,"width":748,"height":11}},{"id":"2c71a5a3-32ef-4133-83a2-64104f9f5f41","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":425,"width":825,"height":11}},{"id":"ba6f8db2-7b20-4fbf-9424-0f8d7ed6526c","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"c325a410-a1f2-433f-b5ee-58c76be723f7","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"046d9f36-48c7-41d7-a248-2ef8a2f0df97","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":441,"width":335,"height":11}},{"id":"364ca9ee-fe4a-41ba-aad7-f62e58777971","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"d02e421b-1988-4a00-88b4-05dbd57fc478","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":472,"width":729,"height":11}},{"id":"dc6f0456-5842-4a10-a315-61f6ab25216c","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":819,"width":774,"height":10}},{"id":"e2342e77-9abe-4a13-b7f8-4a3417d2b43e","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":834,"width":477,"height":11}},{"id":"af690bfb-d487-4199-b960-2565296ae999","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":855,"width":749,"height":11}},{"id":"d37752e8-5c54-4e60-8ce2-3ac0bd759841","block_type":"box","text":"the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":687,"height":11}},{"id":"b770907a-9c08-45a9-9186-432fcfbcbc53","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"488709b1-3f21-4022-b28a-ee040f6ce6c2","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"62238390-d042-47d7-ad6b-a4ac833b789b","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"56d71f7e-ae53-4c9c-813e-fa0b46883d46","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"ddf5e219-e244-4ec6-b288-bcbbac29698c","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"8e043d25-7099-42bf-b92a-35a9ef6d1221","block_type":"box","text":"NM0926U-5977738-1/8","page_number":1,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"7876c739-edd8-482b-9e37-bdbbe6915ff1","block_type":"box","text":"Summary Prospectus","page_number":2,"box":{"x":62,"y":47,"width":468,"height":34}},{"id":"e622a8a2-a677-4390-8764-c47c37bed919","block_type":"box","text":"Key Facts About BlackRock Advantage Small Cap Core Fund","page_number":2,"box":{"x":62,"y":121,"width":547,"height":14}},{"id":"f0c8c2d2-6fb7-4d99-b410-7176ffe81a89","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":62,"y":152,"width":191,"height":14}},{"id":"5f69715d-d9df-4e04-bc99-fc975fc958e4","block_type":"box","text":"The investment objective of BlackRock Advantage Small Cap Core Fund (the “Fund”), a series of BlackRock Funds","page_number":2,"box":{"x":60,"y":178,"width":835,"height":12}},{"id":"08a8e073-0e7a-4761-bf73-62a7ed2b5bae","block_type":"box","text":"SM","page_number":2,"box":{"x":896,"y":179,"width":11,"height":4}},{"id":"9e135100-1322-4d2b-a535-fc6b9a4678d3","block_type":"box","text":"(the “Trust”), is to seek capital appreciation over the long term.","page_number":2,"box":{"x":61,"y":194,"width":465,"height":11}},{"id":"626b7072-98d9-4bcf-8525-8efb6fa2cf27","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"df06076b-99ea-4a4a-afe3-dab47d4a3248","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":839,"height":12}},{"id":"eac0fdd8-9100-4c69-9122-8ca9685e81fb","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” You may pay other","page_number":2,"box":{"x":60,"y":273,"width":864,"height":12}},{"id":"ef45bc08-4669-47a8-8288-ed0ac6a4054c","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or selected securities dealer,","page_number":2,"box":{"x":60,"y":288,"width":827,"height":12}},{"id":"49a434a6-ec87-40ef-8115-3762e53d7aa4","block_type":"box","text":"broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”)","page_number":2,"box":{"x":61,"y":303,"width":865,"height":11}},{"id":"68805939-cdd0-436f-ac79-8adefc620724","block_type":"box","text":"and its affiliates) (each a “Financial Intermediary”), which are not reflected in the table and example below.","page_number":2,"box":{"x":61,"y":318,"width":787,"height":11}},{"id":"e372fad0-e4bf-4ce2-b356-1568013f176b","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":354,"width":222,"height":10}},{"id":"9e77566d-1fe6-4877-9a0f-8e9db6e93d73","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":366,"width":261,"height":10}},{"id":"8c423071-f85c-4008-b6e2-1df9962883da","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":377,"width":294,"height":10}},{"id":"fc23a282-1cd4-413c-af4c-fc86c33cbef8","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":377,"width":51,"height":9}},{"id":"5f58c8a4-37e8-412c-ba85-4425dd250470","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":396,"width":112,"height":10}},{"id":"e01cd387-4734-4239-b36b-7556e13d74a5","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":395,"width":4,"height":4}},{"id":"363ed834-4044-4208-ad1a-eb4e279239a3","block_type":"box","text":"0.42%","page_number":2,"box":{"x":885,"y":395,"width":41,"height":9}},{"id":"3272880b-c40a-4112-835d-b1e472327369","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":413,"width":266,"height":10}},{"id":"724ed02a-9cb9-49f1-a8eb-f25ccbfad169","block_type":"box","text":"None","page_number":2,"box":{"x":883,"y":414,"width":32,"height":8}},{"id":"535d71c3-7071-4d2c-adcc-4a8ca3e40319","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":431,"width":103,"height":10}},{"id":"457005f1-b6ad-493f-83ed-95d333f803b2","block_type":"box","text":"0.09%","page_number":2,"box":{"x":885,"y":431,"width":41,"height":9}},{"id":"835c3ebd-7330-4dce-b3c9-ee778db1179d","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":450,"width":252,"height":10}},{"id":"48beae0d-66eb-49c2-901f-ae47b7490f10","block_type":"box","text":"0.51%","page_number":2,"box":{"x":885,"y":450,"width":41,"height":8}},{"id":"2184e26e-1d85-4722-90ff-905fd6b8606d","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":468,"width":304,"height":10}},{"id":"6f0d0cc2-f7b8-4d34-b050-73aab9a310cc","block_type":"box","text":"1,2","page_number":2,"box":{"x":375,"y":467,"width":11,"height":5}},{"id":"f13619a5-eea9-4fda-bcc5-67c82b3969ba","block_type":"box","text":"(0.06)%","page_number":2,"box":{"x":881,"y":468,"width":50,"height":10}},{"id":"99c07c64-9deb-4673-8818-61cc0ccf861f","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense 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fixed","page_number":2,"box":{"x":80,"y":515,"width":854,"height":10}},{"id":"f4dd4619-a571-4a7e-b936-4ed3e45db915","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":2,"box":{"x":81,"y":526,"width":810,"height":9}},{"id":"ba66fdb2-7ba8-44c2-a15d-77fc750b952e","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":2,"box":{"x":81,"y":536,"width":832,"height":9}},{"id":"12a4950b-4bc9-4a7a-8069-d478e7c26b54","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":2,"box":{"x":81,"y":546,"width":847,"height":10}},{"id":"be194a06-5df4-4319-9050-e9b3073885b2","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":2,"box":{"x":81,"y":557,"width":834,"height":9}},{"id":"6f575704-01a7-4400-bb24-c2b2f846f23f","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":567,"width":330,"height":9}},{"id":"03072c36-8d0d-41fc-acd9-f0d8b8c61d0a","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":580,"width":3,"height":4}},{"id":"404d929a-45fb-45d4-99a2-cae87feccdeb","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":580,"width":837,"height":9}},{"id":"8747c4ac-f13e-4fcf-850e-ff492d2987e5","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":2,"box":{"x":80,"y":590,"width":771,"height":9}},{"id":"ede8054d-88b7-428d-9d9b-73ae05c2e309","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.45%","page_number":2,"box":{"x":81,"y":601,"width":844,"height":9}},{"id":"f4c3eafa-c29a-4d5f-96bd-bb6d22628059","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":2,"box":{"x":81,"y":611,"width":851,"height":9}},{"id":"facc4124-c7d1-4678-af24-5f2b9a69ead2","block_type":"box","text":"interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":621,"width":617,"height":9}},{"id":"b75ed022-0eb9-45c4-bcef-d123ca7f3fc1","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":639,"width":74,"height":12}},{"id":"1d46388c-c983-4e62-a685-7f4766cdae78","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":2,"box":{"x":60,"y":655,"width":830,"height":12}},{"id":"7a2b54fa-9b0b-47e7-aaa2-6e87fd6d1235","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":2,"box":{"x":61,"y":670,"width":832,"height":12}},{"id":"29d59594-6801-4424-ad1a-27ecc22fd2ce","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":2,"box":{"x":61,"y":685,"width":832,"height":11}},{"id":"867a33fc-b5f2-45ec-bee5-2ca44f2007fc","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":2,"box":{"x":61,"y":700,"width":859,"height":11}},{"id":"5d7f6fe3-35de-4cd6-af77-6354cfb5a71a","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":715,"width":436,"height":11}},{"id":"355294c3-5aa2-479b-9b0e-e40327b678e5","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":743,"width":292,"height":9}},{"id":"d65d6995-b134-4489-9cd2-47c34cd7ca50","block_type":"box","text":"Class K","page_number":2,"box":{"x":69,"y":762,"width":51,"height":8}},{"id":"0f533e9c-4786-4cb0-a38a-ab61442f7ccb","block_type":"box","text":"$46 $158 $279 $635","page_number":2,"box":{"x":639,"y":761,"width":272,"height":9}},{"id":"788d3adf-4bb9-43c8-a4a6-a56948ac8c14","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":786,"width":151,"height":10}},{"id":"225b4485-c1d0-4c30-9212-75d6c757ee89","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":803,"width":800,"height":11}},{"id":"77f87f32-792a-4cad-bb16-492ef04e6a94","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":2,"box":{"x":62,"y":817,"width":850,"height":12}},{"id":"f31760b2-caeb-432f-a043-bf4124bb1e55","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":2,"box":{"x":61,"y":832,"width":870,"height":12}},{"id":"e72251e4-b77d-412c-bc0d-532f42af2efb","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":2,"box":{"x":62,"y":847,"width":839,"height":11}},{"id":"a96fb5a8-92e4-4585-bdb0-5ef882abd62d","block_type":"box","text":"92% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":862,"width":298,"height":11}},{"id":"9edfda30-f4d3-4528-9354-c1b0a9b7a0f2","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f0e9b081-2d29-49ce-968a-d244cd2a08dd","block_type":"box","text":"NM0926U-5977738-2/8","page_number":2,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"797f72cd-243b-4994-864c-da15cb7a11cd","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"2a3305d3-730b-4f38-945a-0884b7599f4b","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for","page_number":3,"box":{"x":62,"y":69,"width":800,"height":11}},{"id":"19631487-2e1b-4a91-a183-44abc2892f84","block_type":"box","text":"investment purposes in equity securities or other financial instruments that are components of, or have market","page_number":3,"box":{"x":62,"y":84,"width":816,"height":11}},{"id":"3b65a595-9888-429c-89a4-a6214516f63f","block_type":"box","text":"capitalizations similar to, the securities included in the Russell 2000 Index. With respect to such equity investments,","page_number":3,"box":{"x":61,"y":99,"width":859,"height":11}},{"id":"521b8655-c2ec-4545-8c10-50388a2cd338","block_type":"box","text":"investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":3,"box":{"x":62,"y":113,"width":815,"height":12}},{"id":"796bae41-06d1-4ca9-a692-d3885d9f8533","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":3,"box":{"x":61,"y":128,"width":821,"height":12}},{"id":"9feac64c-914b-4a9b-a433-c94020980719","block_type":"box","text":"securities. The companies included in the Russell 2000 Index have market capitalizations that range from","page_number":3,"box":{"x":61,"y":143,"width":777,"height":12}},{"id":"700c7093-5bbd-4850-895c-62e5180babc7","block_type":"box","text":"approximately $0.37 million to $12.12 billion as of August 31, 2026. The Fund primarily seeks to buy common stock","page_number":3,"box":{"x":61,"y":157,"width":860,"height":12}},{"id":"fa2e5b0c-0909-468b-ac6b-de78970f1e4b","block_type":"box","text":"and may also invest in preferred stock and conver tible securities. From time to time the Fund may invest in shares of","page_number":3,"box":{"x":61,"y":173,"width":863,"height":11}},{"id":"0c96dea3-85fd-4287-a48b-785d2024c259","block_type":"box","text":"companies through “new issues” or initial public offerings (“IPOs”).","page_number":3,"box":{"x":61,"y":187,"width":493,"height":12}},{"id":"020eba62-1064-4a07-b234-7de9d8d590d1","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the","page_number":3,"box":{"x":60,"y":210,"width":850,"height":12}},{"id":"12c7970b-6dc7-4df4-9bbc-6ad22ce8ac90","block_type":"box","text":"return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange","page_number":3,"box":{"x":61,"y":225,"width":859,"height":11}},{"id":"7f0a99f4-83d1-4fb1-9519-68c4622c4bf3","block_type":"box","text":"rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":3,"box":{"x":61,"y":240,"width":857,"height":11}},{"id":"3996418b-5d1b-42a3-827f-4757e4927db2","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":3,"box":{"x":61,"y":254,"width":872,"height":12}},{"id":"2c39498a-e103-432c-ad58-d5087e8ce559","block_type":"box","text":"instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index,","page_number":3,"box":{"x":62,"y":269,"width":844,"height":12}},{"id":"5176d923-db85-4b49-a3f7-e6197717289e","block_type":"box","text":"including but not limited to the Russell 2000 Index. The use of options, futures, swaps and forward contracts can be","page_number":3,"box":{"x":62,"y":284,"width":857,"height":12}},{"id":"6a566a7b-21bb-4705-b53b-30eec34795e8","block_type":"box","text":"effective in protecting or enhancing the value of the Fund’s assets.","page_number":3,"box":{"x":61,"y":299,"width":491,"height":12}},{"id":"24254700-2e68-4844-98fa-79a6b59bf732","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in small cap securities in a disciplined manner, by","page_number":3,"box":{"x":60,"y":322,"width":834,"height":11}},{"id":"6b5fb413-86e4-4f19-b578-bd3e3060f2e9","block_type":"box","text":"using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":3,"box":{"x":61,"y":336,"width":871,"height":12}},{"id":"5473c992-66a3-4185-bffe-09bb628a90c2","block_type":"box","text":"identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting par ticular","page_number":3,"box":{"x":62,"y":351,"width":874,"height":12}},{"id":"0e99e59c-4900-4f5f-93c7-4733f9da37d6","block_type":"box","text":"equities while seeking to control incremental risk. The Fund’s manager then constructs and rebalances the por tfolio by","page_number":3,"box":{"x":61,"y":366,"width":874,"height":12}},{"id":"eeea41d5-705e-492b-ae62-0baef999457c","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":3,"box":{"x":62,"y":381,"width":570,"height":11}},{"id":"23ad7474-dac1-4afa-b146-1fed597a46cd","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":420,"width":354,"height":13}},{"id":"5b93b0da-fc04-45f1-9d2f-be23286b76fa","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":3,"box":{"x":62,"y":446,"width":860,"height":11}},{"id":"2f94a06a-ab33-4234-ab32-13e01e137ee4","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":461,"width":802,"height":11}},{"id":"c28b664b-c147-4d68-9cee-4238b367bd60","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":3,"box":{"x":62,"y":476,"width":866,"height":11}},{"id":"84a9d8f4-5239-4cbf-b170-f7679503b75e","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":3,"box":{"x":62,"y":491,"width":869,"height":11}},{"id":"46527f18-b297-4901-aa36-08b21ad47e1b","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":3,"box":{"x":61,"y":505,"width":837,"height":12}},{"id":"84531afd-4cbd-4e97-845e-7e594e39a1f9","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":520,"width":793,"height":12}},{"id":"e5194042-259a-44f5-b0f0-1f7a802d47ce","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":540,"width":166,"height":11}},{"id":"139a690e-cb9d-49b4-957b-e395ea198e77","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":540,"width":685,"height":12}},{"id":"71b99cd1-c0d9-4478-bd50-2bf222879531","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":555,"width":550,"height":11}},{"id":"8e866448-4bb7-4b9e-8b1a-24338d551aef","block_type":"box","text":"Small Cap Securities Risk","page_number":3,"box":{"x":81,"y":575,"width":196,"height":11}},{"id":"387d418b-d8f7-4972-9c20-44d0337730c4","block_type":"box","text":"—","page_number":3,"box":{"x":281,"y":580,"width":17,"height":1}},{"id":"1c266524-2fbe-4e2c-996a-3e4b92b4f90d","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":3,"box":{"x":303,"y":575,"width":607,"height":11}},{"id":"82a9ff06-1577-4574-a0b9-5ef570d1d5eb","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":3,"box":{"x":81,"y":590,"width":852,"height":11}},{"id":"491a7fc4-8514-4ef0-996f-efd7efd192c3","block_type":"box","text":"than larger capitalized companies.","page_number":3,"box":{"x":80,"y":605,"width":251,"height":11}},{"id":"0cdce8bb-d309-427c-af67-3ba7a7ebf3f8","block_type":"box","text":"Investment Style Risk","page_number":3,"box":{"x":81,"y":625,"width":166,"height":11}},{"id":"4912f739-95c7-42a8-9fb9-88461f7e7ee1","block_type":"box","text":"— Under cer tain market conditions, growth investments have per formed better during the","page_number":3,"box":{"x":251,"y":624,"width":660,"height":12}},{"id":"38943756-3df7-4dd2-923f-efe5a8df9795","block_type":"box","text":"later stages of economic expansion and value investments have per formed better during periods of economic","page_number":3,"box":{"x":82,"y":639,"width":804,"height":12}},{"id":"4cf1d368-7f08-43ef-bbbe-2dd1b272abf0","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":3,"box":{"x":82,"y":654,"width":823,"height":12}},{"id":"3ef8a443-ac29-4833-a87b-1851a46ea6a5","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underper form other equity funds that use different investment","page_number":3,"box":{"x":81,"y":669,"width":842,"height":11}},{"id":"6c4956f3-7006-4060-bdc1-44552f6b04a2","block_type":"box","text":"styles.","page_number":3,"box":{"x":81,"y":684,"width":46,"height":11}},{"id":"fcc2c3d3-3409-4cbe-b16e-a08128fed4c0","block_type":"box","text":"Model Risk","page_number":3,"box":{"x":81,"y":704,"width":85,"height":9}},{"id":"76eadae7-3025-4184-939f-fd1c4db4f509","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":3,"box":{"x":170,"y":704,"width":722,"height":11}},{"id":"2cda3ec1-0af6-4b40-b428-315294290b8b","block_type":"box","text":"quantitative analysis. Investments selected using these models may per form differently than as forecasted due to","page_number":3,"box":{"x":81,"y":719,"width":840,"height":11}},{"id":"e2a127f2-df8a-44d8-984b-4ffad5527bbb","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":3,"box":{"x":80,"y":733,"width":807,"height":12}},{"id":"123d50bd-0748-4ff4-b924-cea8e7e7c806","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":3,"box":{"x":82,"y":748,"width":842,"height":12}},{"id":"23a7839e-9782-465d-bbb0-1a8b7df9aee8","block_type":"box","text":"related to the use of ar tificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":3,"box":{"x":82,"y":763,"width":841,"height":12}},{"id":"a712e7e9-55e6-40bf-ba25-feb795a8b792","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":3,"box":{"x":81,"y":778,"width":777,"height":11}},{"id":"cdba40b6-bf66-461c-947d-8e06d894ff2a","block_type":"box","text":"The information and data used in the models may be supplied by third par ties. Inaccurate or incomplete data may","page_number":3,"box":{"x":81,"y":798,"width":837,"height":11}},{"id":"19325807-6de3-49c8-a01e-fd923df1c5f1","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":3,"box":{"x":82,"y":813,"width":819,"height":11}},{"id":"3f7918dc-6525-417a-887d-6f93161c6889","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":3,"box":{"x":80,"y":827,"width":843,"height":12}},{"id":"fd845a66-4e4c-4b49-81fa-82f24c86be64","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":3,"box":{"x":81,"y":842,"width":834,"height":12}},{"id":"ea7dd038-f039-4327-94fc-ad76c312820c","block_type":"box","text":"its investment objective.","page_number":3,"box":{"x":82,"y":857,"width":176,"height":12}},{"id":"b55aad3a-8e6a-44a3-8354-9d409281f927","block_type":"box","text":"Risk of Investing in the United States","page_number":3,"box":{"x":81,"y":877,"width":283,"height":12}},{"id":"33e38df7-86bc-4dc6-a42f-cc99a6c9ef1c","block_type":"box","text":"—","page_number":3,"box":{"x":369,"y":883,"width":17,"height":0}},{"id":"10949f1f-3344-4766-89c0-8d0cdfe4f20e","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":3,"box":{"x":391,"y":877,"width":518,"height":12}},{"id":"a80a891a-9eb1-4a61-8956-d7c11e4f03bb","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":3,"box":{"x":80,"y":892,"width":847,"height":11}},{"id":"311b08aa-7657-4303-ac62-26f0ece85cb0","block_type":"box","text":"exposure.","page_number":3,"box":{"x":81,"y":909,"width":70,"height":9}},{"id":"0d4f32ff-90f7-41ab-8b1b-9d691f3a3ed7","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"b9bb8e24-74fc-470a-9a48-73f77e7dee01","block_type":"box","text":"NM0926U-5977738-3/8","page_number":3,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"b878b333-bf96-4ec2-93a4-a1cf69a388cb","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":42,"width":206,"height":9}},{"id":"0c6d703c-5e7c-4400-9735-9aea3d1b2882","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":42,"width":593,"height":11}},{"id":"1bd13a97-b9b9-49a4-bf8b-e430b1f4a2ca","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":57,"width":853,"height":11}},{"id":"1990eb0a-87f5-423c-96a0-6675452bbaa8","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":4,"box":{"x":81,"y":72,"width":855,"height":11}},{"id":"09b79c79-265f-4ad7-a4aa-8a940150eeac","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":4,"box":{"x":80,"y":86,"width":816,"height":12}},{"id":"a5b9a4e2-fe20-4d6d-89fd-a7e51a4747ae","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":101,"width":796,"height":12}},{"id":"46c0c7a0-2fff-4447-87bf-6bf0a784d635","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":116,"width":812,"height":11}},{"id":"e6bea56a-8640-4124-8f99-34dbf39aea6b","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":131,"width":809,"height":11}},{"id":"88876e71-08f0-47ff-a123-bd7376c8c8f8","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":151,"width":123,"height":9}},{"id":"af6568da-cc83-41ab-b9cb-3fd8e5234545","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":4,"box":{"x":207,"y":151,"width":664,"height":11}},{"id":"3de18019-6fb9-433c-89e1-ff38edc8fe6c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":166,"width":469,"height":11}},{"id":"dc3622c5-1576-406a-b021-35ae9116ffb3","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":186,"width":102,"height":11}},{"id":"9227e93f-afe1-4343-a4ee-1145d9b87fee","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":185,"width":723,"height":12}},{"id":"33eb8cf2-f49c-442c-a92a-99cf509f7d0f","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":4,"box":{"x":82,"y":200,"width":832,"height":12}},{"id":"d29f0046-bb8f-4bba-813f-93539eaea2d9","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":215,"width":280,"height":12}},{"id":"570bcc7b-5cb7-4087-9348-da3beb1cb662","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":235,"width":87,"height":9}},{"id":"0cdadd8b-64c5-4623-b96a-1231b3c13317","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":4,"box":{"x":173,"y":235,"width":728,"height":12}},{"id":"db057c78-a731-4f66-b9eb-9b7d517308fe","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":4,"box":{"x":81,"y":250,"width":834,"height":11}},{"id":"efdae69e-7253-4df0-82c0-61999d02b3a5","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":4,"box":{"x":82,"y":265,"width":832,"height":11}},{"id":"311e6b4b-6cad-4821-be54-c923e1f23add","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":4,"box":{"x":80,"y":280,"width":779,"height":11}},{"id":"4831378a-9bca-4da4-8b88-5661bd91bafe","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":295,"width":253,"height":11}},{"id":"91a66029-5c57-42f4-8fe1-ec9c6b12398d","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":315,"width":131,"height":11}},{"id":"9a6b6f1d-10ee-42b0-a3b8-4d2f09ce1b76","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":4,"box":{"x":217,"y":315,"width":697,"height":11}},{"id":"a9533618-53da-492a-b6b3-a6a6980d2d16","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":4,"box":{"x":80,"y":329,"width":855,"height":12}},{"id":"d5df1417-5c7d-4b4c-bba6-fc98ad90a394","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":344,"width":240,"height":12}},{"id":"ed5747b9-12ba-4033-af54-2169f0cad796","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":364,"width":100,"height":11}},{"id":"974192e8-4784-4350-a17c-8bff477544ea","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":4,"box":{"x":186,"y":364,"width":750,"height":12}},{"id":"942498f7-b9e0-4037-b472-a0e45f632343","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":4,"box":{"x":80,"y":379,"width":839,"height":11}},{"id":"631c98c8-4870-4ac2-ad2e-095feb716bb1","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":394,"width":293,"height":11}},{"id":"28bb291b-4cee-419d-8eb6-78c30ab57bd7","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":414,"width":120,"height":11}},{"id":"b2cedc16-1ec4-4ae7-b34a-5eb8a726b324","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":414,"width":727,"height":11}},{"id":"8447c0a2-9235-4905-a577-f805c9f26e33","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":428,"width":607,"height":12}},{"id":"3a8204a9-5a43-4679-85e8-926830ca4a79","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":449,"width":75,"height":11}},{"id":"df083568-cdbe-4333-bc97-82f25070f197","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":4,"box":{"x":161,"y":448,"width":761,"height":12}},{"id":"1a59c941-b5c9-4f7a-bbce-808472f59780","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":463,"width":198,"height":12}},{"id":"bdc26cf1-03c7-42c7-95ea-0c71ac35956b","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":483,"width":214,"height":12}},{"id":"2bfd0087-00eb-4ac2-8158-89e5e802d88e","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":4,"box":{"x":300,"y":483,"width":590,"height":12}},{"id":"b528b55b-c2ef-49c5-9f7b-327aaa2a4070","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":4,"box":{"x":81,"y":498,"width":775,"height":12}},{"id":"9e37aa8e-b5d2-4387-9f15-173dce4828f4","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":513,"width":589,"height":11}},{"id":"90cb2fc7-b778-41c9-b4c5-6af67fe6f1bd","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":533,"width":102,"height":9}},{"id":"b87237c6-b6a1-46e6-a51f-66a924014f58","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":4,"box":{"x":189,"y":533,"width":747,"height":11}},{"id":"dceeb7fa-8b2e-407a-84f4-e2ca37c76345","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":4,"box":{"x":82,"y":548,"width":783,"height":11}},{"id":"58dc9e8d-b161-4b09-b80f-ad2ca79bcaaa","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":563,"width":273,"height":11}},{"id":"09dade15-8c5f-4fde-a5b1-8a0213f797e0","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":583,"width":95,"height":11}},{"id":"952e718d-73eb-4ae7-92c0-43a23367701e","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":4,"box":{"x":181,"y":583,"width":728,"height":11}},{"id":"48c21b32-6b19-4c8f-a51c-59320cbae3f3","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":4,"box":{"x":81,"y":597,"width":839,"height":12}},{"id":"3ec7114a-c835-41ec-9f53-ddfe7ff4c17d","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":4,"box":{"x":82,"y":612,"width":354,"height":12}},{"id":"eb41352d-1744-468b-a078-6020e4192009","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":632,"width":59,"height":9}},{"id":"03128ef2-80d8-41ba-8b2f-4811d21194f2","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":4,"box":{"x":145,"y":632,"width":719,"height":12}},{"id":"b62ff562-59bf-44f3-a8d3-434abc6df0ce","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":4,"box":{"x":81,"y":647,"width":801,"height":12}},{"id":"46f51a94-8f33-412e-b35f-62f8ff341ab2","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":4,"box":{"x":82,"y":662,"width":802,"height":11}},{"id":"79d57bb8-c554-4125-a441-67e4bafec9cd","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":4,"box":{"x":82,"y":677,"width":830,"height":11}},{"id":"2492e1d1-05f4-4224-bf85-1b1134caed56","block_type":"box","text":"realizes from its investments.","page_number":4,"box":{"x":82,"y":691,"width":215,"height":10}},{"id":"eda34dd8-2327-4716-8c0e-0fa63d1e8312","block_type":"box","text":"High Portfolio Turnover Risk","page_number":4,"box":{"x":81,"y":712,"width":212,"height":11}},{"id":"591a5577-85ca-4ac7-a549-e90d77670e2e","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":4,"box":{"x":297,"y":711,"width":629,"height":12}},{"id":"21d241b0-c9b1-4fef-9fb4-60c15035f3dd","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":4,"box":{"x":82,"y":726,"width":812,"height":12}},{"id":"4ae096c9-7609-4135-ab25-60a6779e7219","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":4,"box":{"x":81,"y":741,"width":817,"height":11}},{"id":"9dfcb145-6d31-4c08-a5f1-137b96c363c4","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":4,"box":{"x":81,"y":756,"width":760,"height":11}},{"id":"fc483181-aa60-41fb-bf24-ea90a019664b","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":4,"box":{"x":81,"y":771,"width":852,"height":11}},{"id":"5aaaef07-49cf-454a-9ef5-fc868ead75ab","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":4,"box":{"x":81,"y":786,"width":589,"height":11}},{"id":"6cb06f59-d7aa-445a-b59d-a794b06884b0","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":81,"y":806,"width":107,"height":11}},{"id":"d9a34ccc-c304-4ccb-8b49-553a43278858","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":4,"box":{"x":192,"y":806,"width":741,"height":11}},{"id":"07f6e377-37e3-4aa2-8e57-dbc3acad39d7","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":4,"box":{"x":81,"y":820,"width":853,"height":12}},{"id":"d4a2aa9b-13fb-437b-9c08-c941736fa832","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":4,"box":{"x":81,"y":835,"width":856,"height":12}},{"id":"bcfd81c3-bc50-481e-8f43-d507d6ebe332","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":4,"box":{"x":80,"y":850,"width":796,"height":11}},{"id":"a879e0b3-a22f-42cd-8f7f-94ed45f7ec5b","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be","page_number":4,"box":{"x":81,"y":865,"width":805,"height":11}},{"id":"acfa8a50-4d0f-473a-bcd3-bec933989ee3","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":4,"box":{"x":82,"y":880,"width":293,"height":11}},{"id":"09dac420-0e4c-4b32-b90d-494472a2c1b0","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":900,"width":240,"height":9}},{"id":"9392903f-8732-4a7a-8544-d6fde88d11e4","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":4,"box":{"x":324,"y":900,"width":593,"height":9}},{"id":"fbbbaa8c-92ab-43e4-9d16-a15430b0c3e4","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":4,"box":{"x":81,"y":915,"width":851,"height":11}},{"id":"de805db3-cb82-4561-a84e-3376b3f38d30","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"8baf6008-66e5-47cc-b091-dbc477588370","block_type":"box","text":"NM0926U-5977738-4/8","page_number":4,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"c281ebf7-319c-4a1b-a75f-d12e102769a5","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":5,"box":{"x":82,"y":42,"width":824,"height":11}},{"id":"7d163634-8651-43e8-938a-1fdeb3c7abec","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":5,"box":{"x":82,"y":57,"width":851,"height":11}},{"id":"ecc12596-d970-443f-9165-7a7b80bf6d6a","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":71,"width":802,"height":12}},{"id":"42f8d695-82aa-44ae-8bcc-19fc6663bac5","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":5,"box":{"x":81,"y":86,"width":849,"height":12}},{"id":"4e704b61-7f99-45de-8598-0fd25d67c506","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":5,"box":{"x":81,"y":101,"width":843,"height":12}},{"id":"0e9f552a-4142-4e21-ad34-045651293d2f","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":5,"box":{"x":81,"y":116,"width":830,"height":11}},{"id":"2eebe597-5b07-4295-ba28-4654997d4a84","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":131,"width":840,"height":11}},{"id":"da2fec36-cc06-4ad0-8240-fc015851c05e","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":5,"box":{"x":81,"y":146,"width":789,"height":11}},{"id":"d0693495-d611-4b07-ab34-3ea7cabbf024","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":5,"box":{"x":81,"y":160,"width":823,"height":12}},{"id":"dcccb90f-59fe-4afa-859e-41b40d60a34f","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":5,"box":{"x":81,"y":175,"width":784,"height":12}},{"id":"41fda2ac-25ea-4062-9f93-86edf9f860ae","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics,","page_number":5,"box":{"x":81,"y":190,"width":848,"height":11}},{"id":"17a5f092-a16e-4589-9736-5a3fbba9a721","block_type":"box","text":"recessions, or other events. The Fund seeks to pursue its investment objective by using proprietary models that","page_number":5,"box":{"x":82,"y":205,"width":823,"height":11}},{"id":"7cf2dc66-485e-4169-8fb3-785a9c7a8e2e","block_type":"box","text":"incorporate quantitative analysis and is subject to “Model Risk” as described above.","page_number":5,"box":{"x":82,"y":220,"width":618,"height":11}},{"id":"21622fba-d2f9-4eaf-986d-1be6292866ba","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":5,"box":{"x":82,"y":240,"width":818,"height":11}},{"id":"c2dcd378-efb1-4146-8208-ab6b17f97b82","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":5,"box":{"x":80,"y":255,"width":819,"height":11}},{"id":"35a61ddb-bbdf-4008-bcaa-206405097258","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":5,"box":{"x":81,"y":269,"width":819,"height":12}},{"id":"6d8d5bd7-4c16-4273-871e-717840f81fee","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":5,"box":{"x":81,"y":284,"width":846,"height":12}},{"id":"4bcb3f0e-ca9f-4c12-ab5a-19b8c292232a","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":5,"box":{"x":81,"y":299,"width":848,"height":12}},{"id":"4b1b8e12-08a2-424d-817c-2e5520cb4b44","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":314,"width":125,"height":9}},{"id":"0b93a4ad-5029-4d36-a81d-e0699ca1376d","block_type":"box","text":"“New Issues” Risk","page_number":5,"box":{"x":83,"y":334,"width":139,"height":9}},{"id":"7dcde006-d338-4d93-be51-7fed94491ffb","block_type":"box","text":"—","page_number":5,"box":{"x":227,"y":339,"width":17,"height":1}},{"id":"3da81299-b5a7-44d2-9953-244e8b652617","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":5,"box":{"x":249,"y":334,"width":681,"height":11}},{"id":"5ad49134-e9f3-4d2d-ae90-68430e517217","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":5,"box":{"x":81,"y":349,"width":843,"height":11}},{"id":"996c9937-aa76-485a-8767-7ac2c91c4cfd","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":5,"box":{"x":81,"y":363,"width":517,"height":12}},{"id":"d760a6ce-801a-4d88-b3b4-44e12ea4b580","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":384,"width":254,"height":11}},{"id":"fe87bdef-b6e2-4f6d-913f-d414caa1e0f6","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":384,"width":578,"height":11}},{"id":"f35f0e60-7257-43c0-a9a5-40ab7e6008b6","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":398,"width":779,"height":12}},{"id":"e6860566-c83d-47ef-b247-2b29637975fc","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":5,"box":{"x":81,"y":413,"width":848,"height":12}},{"id":"6ba8d40b-cadb-42a2-a496-c4083c9f0846","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":5,"box":{"x":81,"y":428,"width":806,"height":11}},{"id":"f2680f65-e935-4751-b167-09d79ec96aed","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":5,"box":{"x":82,"y":443,"width":807,"height":11}},{"id":"a1de2ebd-18ea-4e4d-a0ab-4c100d5559ee","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":5,"box":{"x":82,"y":458,"width":846,"height":11}},{"id":"65930aa2-6bd0-4380-87b7-4c2ac8845509","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":5,"box":{"x":81,"y":472,"width":836,"height":12}},{"id":"9ba303d9-c5c6-455e-be62-f4f76e06a07b","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":5,"box":{"x":82,"y":487,"width":474,"height":12}},{"id":"052f93d0-6fab-4790-9204-5361626ce084","block_type":"box","text":"Preferred Securities Risk","page_number":5,"box":{"x":81,"y":507,"width":189,"height":9}},{"id":"2613c656-4ddb-4e11-bf33-8eb2bdb4619a","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":5,"box":{"x":274,"y":507,"width":636,"height":12}},{"id":"b81ccd36-144c-442c-910c-521616748d52","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":5,"box":{"x":81,"y":522,"width":824,"height":12}},{"id":"d3cdf23f-cff5-45bf-8a66-3c7f9bed018c","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":5,"box":{"x":82,"y":537,"width":806,"height":11}},{"id":"37ed11c4-77b3-4f19-8166-4d0bcf5b9e03","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":5,"box":{"x":81,"y":552,"width":842,"height":11}},{"id":"3b8bf9d5-cf38-4324-b5b9-7a0088d082bd","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":5,"box":{"x":81,"y":566,"width":781,"height":12}},{"id":"272d9f6d-1132-407a-b2c7-3d31cb6bc4ac","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":5,"box":{"x":81,"y":581,"width":812,"height":12}},{"id":"9f587510-6598-48a7-a618-af73adc91b05","block_type":"box","text":"larger companies.","page_number":5,"box":{"x":82,"y":596,"width":129,"height":12}},{"id":"d2f31ad3-bd38-4ab6-aba5-b8135a11e4bd","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":635,"width":224,"height":11}},{"id":"6971a9ee-584d-4153-846a-3c30d53d2a6b","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":5,"box":{"x":60,"y":661,"width":855,"height":12}},{"id":"e380dfd0-a5e4-458e-aaef-2e449b968b2d","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 3000 Index and the","page_number":5,"box":{"x":61,"y":676,"width":858,"height":12}},{"id":"b599e49c-33b8-46af-879e-84ac3ee21275","block_type":"box","text":"Russell 2000 Index. The Russell 2000 Index is relevant to the Fund because it has characteristics similar to the","page_number":5,"box":{"x":62,"y":691,"width":824,"height":9}},{"id":"290b7a36-db99-465b-9db2-20a768527cda","block_type":"box","text":"Fund’s investment strategy. The per formance information for periods prior to March 28, 2016, the commencement of","page_number":5,"box":{"x":62,"y":706,"width":863,"height":11}},{"id":"95a9bcc9-8b6f-46f1-af5f-4d28011a2060","block_type":"box","text":"operations of Class K Shares, shows the per formance of the Fund’s Institutional Shares. The per formance of the","page_number":5,"box":{"x":61,"y":720,"width":833,"height":12}},{"id":"2a03915f-e913-447e-9c07-cd368d0fbe40","block_type":"box","text":"Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional","page_number":5,"box":{"x":62,"y":735,"width":865,"height":12}},{"id":"2cc6d9dd-9497-4b88-94bd-244a94e7155d","block_type":"box","text":"Shares are invested in the same por tfolio of securities and per formance would differ only to the extent that","page_number":5,"box":{"x":61,"y":750,"width":791,"height":12}},{"id":"954e97ab-3f47-42d5-a3ed-9fb88b8fe9ef","block_type":"box","text":"Institutional Shares and Class K Shares have different expenses. The actual returns of Class K Shares would have","page_number":5,"box":{"x":62,"y":765,"width":843,"height":11}},{"id":"ac6b6c39-5902-476b-a66d-7cd9d6f879a1","block_type":"box","text":"been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional","page_number":5,"box":{"x":61,"y":780,"width":867,"height":11}},{"id":"e60808e8-0a28-4795-885f-0c65849a00da","block_type":"box","text":"Shares. To the extent that dividends and distributions have been paid by the Fund, the per formance information for the","page_number":5,"box":{"x":61,"y":795,"width":874,"height":11}},{"id":"8f5545ff-8746-449e-9c24-357bbb8fb05b","block_type":"box","text":"Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":5,"box":{"x":62,"y":809,"width":844,"height":11}},{"id":"d9282a23-77f3-40af-88ad-ed1aee7adb91","block_type":"box","text":"past per formance (before and after taxes) is not an indication of future results. The table includes all applicable fees.","page_number":5,"box":{"x":62,"y":824,"width":863,"height":12}},{"id":"43b6218c-4dc3-46ac-8e59-1566bec56df8","block_type":"box","text":"If the Fund’s investment manager and its affiliates had not waived or reimbursed cer tain Fund expenses during these","page_number":5,"box":{"x":62,"y":839,"width":861,"height":12}},{"id":"341bf6c5-742f-4f46-8416-86d7ab513fce","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its","page_number":5,"box":{"x":62,"y":854,"width":832,"height":12}},{"id":"c453d445-1b33-4be1-acee-e5e0473cda5c","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":5,"box":{"x":61,"y":869,"width":757,"height":11}},{"id":"2e0404e1-d115-437c-ad8e-2610a1a143c3","block_type":"box","text":"(800) 882-0052.","page_number":5,"box":{"x":61,"y":884,"width":122,"height":11}},{"id":"999c479b-3738-40ff-a1b0-03a45c5ba282","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"82605635-7bd2-4a60-aa1c-e6084457a744","block_type":"box","text":"NM0926U-5977738-5/8","page_number":5,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"9253399e-ab15-4713-8481-27dbefa79a68","block_type":"box","text":"Class K Shares","page_number":6,"box":{"x":437,"y":42,"width":124,"height":10}},{"id":"7d25b417-7588-4547-8d6e-d41ec0a09cfb","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"2e8f9ad6-afd8-43ed-a68c-4aebd7683f12","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":6,"box":{"x":319,"y":75,"width":360,"height":12}},{"id":"4731f5cc-2757-4816-9866-beab0da46e5e","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"00b45cd9-3a15-46c6-b16b-839f68156dfa","block_type":"box","text":"24.00%","page_number":6,"box":{"x":291,"y":142,"width":45,"height":7}},{"id":"0504bca3-c376-40f8-af2a-21adeba90175","block_type":"box","text":"10.82%","page_number":6,"box":{"x":340,"y":171,"width":44,"height":7}},{"id":"6f835b3a-912e-40b5-9520-6ccf4ac6ad7c","block_type":"box","text":"-8.80%","page_number":6,"box":{"x":389,"y":230,"width":41,"height":7}},{"id":"0a3e90f7-8acb-4969-a83d-413fc619e6f9","block_type":"box","text":"32.26%","page_number":6,"box":{"x":436,"y":123,"width":45,"height":8}},{"id":"f803ca75-3f8e-4608-966f-3ac031d3625f","block_type":"box","text":"19.60%","page_number":6,"box":{"x":484,"y":151,"width":45,"height":8}},{"id":"edbc42dc-b6ba-4f71-bd3a-ff1a30f9b46a","block_type":"box","text":"14.72%","page_number":6,"box":{"x":532,"y":162,"width":45,"height":8}},{"id":"9d4cdc7d-9171-4693-aea6-f6ae3e7cb96e","block_type":"box","text":"-19.76%","page_number":6,"box":{"x":578,"y":254,"width":49,"height":7}},{"id":"fea0c226-ec21-4648-9d9a-1c32c93d8b5a","block_type":"box","text":"16.49%","page_number":6,"box":{"x":629,"y":158,"width":44,"height":8}},{"id":"71dbc1d5-1f9d-4b1d-9554-bc99f497c89f","block_type":"box","text":"11.96%","page_number":6,"box":{"x":677,"y":168,"width":44,"height":8}},{"id":"bfa63bd3-753c-4643-a3b3-09687fefb762","block_type":"box","text":"13.70%","page_number":6,"box":{"x":725,"y":165,"width":45,"height":7}},{"id":"d55ade03-a943-45da-bd04-4a85fe35dfb2","block_type":"box","text":"-30%","page_number":6,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"ba653a17-cb22-4c82-a88c-8ac4996d6909","block_type":"box","text":"-20%","page_number":6,"box":{"x":237,"y":247,"width":28,"height":7}},{"id":"fd3edbd0-27a2-4391-86fd-49eb4a330611","block_type":"box","text":"-10%","page_number":6,"box":{"x":237,"y":225,"width":28,"height":7}},{"id":"7a2f21b6-8cbd-4bd4-abee-cff4af6906ba","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":203,"width":17,"height":7}},{"id":"f08ae27c-7dde-4d25-9945-36d4495df7f9","block_type":"box","text":"10%","page_number":6,"box":{"x":241,"y":180,"width":24,"height":8}},{"id":"7dfc7b83-2e0d-47fa-af94-1f3e65124763","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":158,"width":25,"height":7}},{"id":"cef79b2e-9624-41eb-9d35-e76a1aec5a8d","block_type":"box","text":"30%","page_number":6,"box":{"x":240,"y":136,"width":25,"height":7}},{"id":"3f29af53-b01f-466c-9070-6e84ab62d83e","block_type":"box","text":"40%","page_number":6,"box":{"x":240,"y":114,"width":25,"height":7}},{"id":"e98060b9-b5f7-4f2f-85a9-f293f0babc90","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":279,"width":465,"height":7}},{"id":"8e1ba123-1d0a-4bc8-a4da-a29a8a958ca5","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 30.99% (quar ter ended","page_number":6,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"bf8caacb-3356-4166-ae67-95ee088c0e71","block_type":"box","text":"December 31, 2020) and the lowest return for a quar ter was -31.27% (quar ter ended March 31, 2020). The year-to","page_number":6,"box":{"x":62,"y":314,"width":853,"height":12}},{"id":"9b19b830-5d6d-4c05-b189-854a546195dd","block_type":"box","text":"date return as of June 30, 2026 was 23.70%.","page_number":6,"box":{"x":61,"y":329,"width":337,"height":11}},{"id":"f866261a-e8e0-4b9a-adab-3b728e134f4c","block_type":"box","text":"For the periods ended 12/31/25","page_number":6,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"ac21c475-6ed4-4088-8f9e-4fffb5e70ea4","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":6,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"df649f26-13a9-407a-9cd3-02ef83677c07","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund — Class K Shares","page_number":6,"box":{"x":70,"y":388,"width":409,"height":10}},{"id":"79ec7d76-1478-4835-9e76-ed0bff13f854","block_type":"box","text":"Return Before Taxes 13.70% 6.42% 10.47%","page_number":6,"box":{"x":85,"y":400,"width":840,"height":9}},{"id":"5a0abebc-20f2-4c0d-af1e-481da4113ebc","block_type":"box","text":"Return After Taxes on Distributions 12.23% 5.15% 9.37%","page_number":6,"box":{"x":85,"y":413,"width":840,"height":9}},{"id":"23e83d36-7f12-4cd2-a9af-02e8f4df3124","block_type":"box","text":"Return After Taxes on Distributions","page_number":6,"box":{"x":85,"y":426,"width":228,"height":9}},{"id":"6ab0e6db-06cd-4994-9976-5a243d70c49f","block_type":"box","text":"and Sale of Fund Shares 8.75% 4.66% 8.23%","page_number":6,"box":{"x":85,"y":438,"width":840,"height":8}},{"id":"aabf45c9-bb91-4342-a22f-9e162651a239","block_type":"box","text":"Russell 3000 Index","page_number":6,"box":{"x":70,"y":456,"width":128,"height":8}},{"id":"ee8854b3-fdd1-456e-80d7-7def3af19080","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.15% 13.15% 14.29%","page_number":6,"box":{"x":69,"y":469,"width":856,"height":11}},{"id":"6baeee69-2058-4e1b-8318-3aaf3d3e4970","block_type":"box","text":"Russell 2000 Index","page_number":6,"box":{"x":70,"y":488,"width":128,"height":8}},{"id":"093a3323-95b0-4dbc-ab8e-7e8949848658","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 12.81% 6.09% 9.62%","page_number":6,"box":{"x":69,"y":501,"width":856,"height":10}},{"id":"19e7b458-8e12-42d5-b152-e438d90351ad","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":6,"box":{"x":60,"y":533,"width":840,"height":12}},{"id":"01fe45af-f7c5-4340-ad89-226aab789913","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":6,"box":{"x":61,"y":548,"width":835,"height":11}},{"id":"af81506b-979f-4a32-9d45-902852f932bf","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":6,"box":{"x":61,"y":563,"width":851,"height":11}},{"id":"befe354c-aa4b-4807-a875-59c26c9fb489","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":6,"box":{"x":60,"y":577,"width":611,"height":12}},{"id":"f6742097-a2e5-4bed-8829-8fc894a7f2d1","block_type":"box","text":"Investment Manager","page_number":6,"box":{"x":62,"y":617,"width":187,"height":13}},{"id":"5f80235d-869b-4537-87b9-f51ca7d97f53","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":6,"box":{"x":60,"y":642,"width":709,"height":12}},{"id":"31d0f8dd-c3fc-47cb-a0fb-a863ea1f915d","block_type":"box","text":"Portfolio Managers","page_number":6,"box":{"x":61,"y":681,"width":173,"height":14}},{"id":"6fab8ad4-bd6d-4128-ad39-6926214a52f1","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":70,"y":725,"width":121,"height":11}},{"id":"f1b62dca-e836-416d-a4a6-3bef8222867d","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":340,"y":714,"width":121,"height":10}},{"id":"c776381c-fcf8-41b7-a1dc-a97eaee7711e","block_type":"box","text":"of the Fund Since Title","page_number":6,"box":{"x":341,"y":725,"width":425,"height":9}},{"id":"33da13d8-2606-4c19-bcc0-ae2c3ee77cf0","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":70,"y":743,"width":825,"height":11}},{"id":"cb76cb06-b46e-4b98-bf4f-582914517b8e","block_type":"box","text":"Travis Cooke, CFA 2013 Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":69,"y":761,"width":803,"height":11}},{"id":"d2e3045f-8321-4b7d-9dcc-a68a1eac55a3","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":70,"y":779,"width":802,"height":11}},{"id":"1feb75ac-f12b-4a78-801d-16a6fbc92034","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":6,"box":{"x":61,"y":820,"width":309,"height":11}},{"id":"33698c03-e5a3-49bf-910b-926be9dcb48e","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":6,"box":{"x":61,"y":846,"width":859,"height":12}},{"id":"1d451f91-203c-48f6-ad84-de108d4ce514","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":6,"box":{"x":61,"y":861,"width":844,"height":12}},{"id":"37078325-c3bf-45bb-9632-736c324f7bde","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":6,"box":{"x":62,"y":876,"width":791,"height":11}},{"id":"d836758f-8c20-4dc2-8bfb-ba680356b883","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":6,"box":{"x":62,"y":891,"width":874,"height":11}},{"id":"2fc915cf-6411-48d1-b0fe-d114622d5fc1","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":6,"box":{"x":62,"y":906,"width":871,"height":11}},{"id":"0972f66e-e78a-49f7-a9af-9f3720dd0924","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"b3fdb783-ac2a-420b-85a5-7820fa92b3a6","block_type":"box","text":"NM0926U-5977738-6/8","page_number":6,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"650d7ed8-e0c3-4b90-8855-006480182ada","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":7,"box":{"x":61,"y":42,"width":870,"height":11}},{"id":"eba2ddc6-cacd-48b4-b51a-cf4c7a281ff0","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":7,"box":{"x":62,"y":57,"width":863,"height":11}},{"id":"eefd6918-b835-4da5-9575-01bf6c26f72b","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":7,"box":{"x":60,"y":72,"width":832,"height":11}},{"id":"8c0224cc-ca2d-46d4-a6d1-9c73efe21321","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":7,"box":{"x":61,"y":86,"width":815,"height":12}},{"id":"c236480a-46e7-4f19-aa9e-1a345e58e13e","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":7,"box":{"x":61,"y":101,"width":816,"height":12}},{"id":"d13bdf47-df52-41eb-be12-156157853271","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":7,"box":{"x":62,"y":116,"width":867,"height":11}},{"id":"cb2bf5e6-353f-4607-97ab-208fea4a203c","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":7,"box":{"x":62,"y":131,"width":868,"height":11}},{"id":"b10b9896-5b2b-4642-8e33-ce62b029747f","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":7,"box":{"x":61,"y":146,"width":874,"height":11}},{"id":"d2bcdd4f-6347-40cf-8f4e-9b62f99e8ea8","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":7,"box":{"x":61,"y":160,"width":859,"height":12}},{"id":"c7ab6dee-1c5e-4c6f-912e-e099222c4dc3","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":7,"box":{"x":60,"y":175,"width":857,"height":12}},{"id":"b2778340-d081-4491-8a52-ff5ad014383e","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":7,"box":{"x":60,"y":198,"width":874,"height":11}},{"id":"83a4299f-4299-48d8-9503-9ef4fd31d346","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":7,"box":{"x":61,"y":213,"width":868,"height":11}},{"id":"7fa43e29-0031-4ce5-bc27-ce1a03d3dc01","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":7,"box":{"x":61,"y":227,"width":857,"height":12}},{"id":"42e3d8ce-e8c2-41c4-86de-a02549749e91","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":7,"box":{"x":61,"y":242,"width":842,"height":12}},{"id":"3897f6db-9c11-49b3-b22d-16ddc0a0a174","block_type":"box","text":"requirement. 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If you are invested through such a plan (and","page_number":7,"box":{"x":62,"y":337,"width":842,"height":12}},{"id":"71637eba-d055-44f1-8ab3-5aeafcfcda33","block_type":"box","text":"Fund shares are not “debt-financed proper ty” to the plan), then the dividends paid by the Fund and the gain realized","page_number":7,"box":{"x":62,"y":352,"width":850,"height":11}},{"id":"bf09dc6f-73e5-4756-858d-0ec99e9c6ea2","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":7,"box":{"x":60,"y":367,"width":833,"height":11}},{"id":"b68f13a2-7942-4fd0-82da-08033909b6fc","block_type":"box","text":"withdraw or receive distributions from the plan. 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