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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":760,"width":832,"height":10}},{"id":"028af514-a566-4056-b5be-fb7c4090355f","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":771,"width":847,"height":9}},{"id":"d8503452-601d-4da5-8769-e50a3ac38d8e","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":781,"width":834,"height":9}},{"id":"9e7217e7-29cd-45b8-a0d4-2ddd01740796","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":791,"width":330,"height":10}},{"id":"2b357207-303c-42c7-9c97-110abc69d456","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":804,"width":4,"height":4}},{"id":"b24944fa-7ac3-4fc1-9de0-033ea9072734","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":2,"box":{"x":81,"y":804,"width":837,"height":9}},{"id":"f8a0ff8f-a0cc-4675-915a-3440d22a05a8","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":814,"width":771,"height":10}},{"id":"a73dfea3-e6e5-468d-a66f-5f524d5e0121","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.75%","page_number":2,"box":{"x":81,"y":825,"width":844,"height":9}},{"id":"d9d111bd-6b98-46f6-b884-87fc50385dcd","block_type":"box","text":"(for Investor A Shares), 1.50% (for Investor C Shares) and 0.50% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":2,"box":{"x":81,"y":835,"width":833,"height":9}},{"id":"bd0d590f-725f-492b-8bba-3a0068dd1be2","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":2,"box":{"x":81,"y":845,"width":827,"height":10}},{"id":"a65401dd-d8a5-4d6f-894f-d8ae6795c0f4","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":856,"width":330,"height":9}},{"id":"2e82f937-4b4a-4188-a8fe-f699d5045e62","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"70dbc92a-876c-430c-9f09-6dea2e807ffb","block_type":"box","text":"NM0926U-5977745-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7210d3b4-7a5c-4689-aaa6-02db2ed73789","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"8772793e-f9b7-4eee-a3b7-adbc84a7cc0e","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":3,"box":{"x":60,"y":59,"width":830,"height":11}},{"id":"a86f6f66-e33a-489f-8076-ed087d05f81a","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":73,"width":832,"height":12}},{"id":"85f04aaf-cad4-4a63-a4a5-23c917f3b757","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":3,"box":{"x":61,"y":88,"width":832,"height":12}},{"id":"69ad0748-e845-4c2b-bc40-79d0978d6ea4","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":103,"width":859,"height":12}},{"id":"ec64debd-39a1-4307-9c64-1eaea8462685","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":118,"width":436,"height":11}},{"id":"f2dfbbf8-b542-4d7f-8246-7c8fc798524f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":147,"width":292,"height":8}},{"id":"f0301751-804b-4d83-8b87-10b8679cb252","block_type":"box","text":"Investor A Shares $598 $787 $992 $1,582","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"f7af5a9a-9110-4e6d-903d-2820d4dcc824","block_type":"box","text":"Investor C Shares $253 $512 $896 $1,770","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"6e520936-83a0-4035-ade6-513e49113a2e","block_type":"box","text":"Institutional Shares $ 51 $178 $316 $ 718","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"6878c6f0-a3af-4f33-992a-4be85f29f3ec","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":233,"width":532,"height":11}},{"id":"8720889e-7afd-47d1-a51c-a44126330f89","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":261,"width":292,"height":8}},{"id":"c457b495-2d62-4bfa-9110-c0e80c897756","block_type":"box","text":"Investor C Shares $153 $512 $896 $1,770","page_number":3,"box":{"x":70,"y":279,"width":848,"height":10}},{"id":"b079b1ba-b1a9-4158-92d8-45387a1936fc","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":304,"width":151,"height":10}},{"id":"f0405022-9dc0-40ee-8a66-999d4e679fe4","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":320,"width":800,"height":12}},{"id":"2d3f0ea7-de82-4d15-a0ed-6431a93d27d5","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":3,"box":{"x":62,"y":335,"width":850,"height":12}},{"id":"e46d0bee-580c-42b5-9778-0245d7710ade","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":350,"width":870,"height":11}},{"id":"79c3ed25-ae48-425c-a884-fca0785a625f","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":3,"box":{"x":62,"y":365,"width":839,"height":11}},{"id":"53a91163-04a8-4f89-8f3d-211100a7324e","block_type":"box","text":"92% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":380,"width":298,"height":11}},{"id":"d9708e84-5f75-4827-a37d-d38125b3ed69","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":418,"width":394,"height":14}},{"id":"eb1891d0-406d-4493-8c2e-94c10f91b6b3","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":445,"width":800,"height":11}},{"id":"68d41357-c1b3-4923-a4af-42c33b673c2d","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":459,"width":816,"height":12}},{"id":"146e4b96-50a8-4212-976b-faf04a98f0fa","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":474,"width":859,"height":12}},{"id":"3d3aebff-26e3-44c7-894e-cc1fdf6e3eae","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":489,"width":815,"height":12}},{"id":"7b02f4b6-bc8f-41a0-8fd8-b3275810192b","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":504,"width":821,"height":11}},{"id":"b97e17c9-7dff-48ec-9ae0-3e6756cfb132","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":519,"width":777,"height":11}},{"id":"24fcb194-0f23-40fe-b2dd-032967c0903f","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":533,"width":860,"height":12}},{"id":"4edb637b-3560-4620-abe9-d6b9e3aef96c","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":548,"width":863,"height":12}},{"id":"d6b4bc4b-98d6-440d-b748-9a5fd214eb7d","block_type":"box","text":"companies through “new issues” or initial public offerings (“IPOs”).","page_number":3,"box":{"x":61,"y":563,"width":493,"height":12}},{"id":"8e9d406b-b4ea-4ceb-902c-ba304da3698a","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":586,"width":850,"height":11}},{"id":"199dae19-72bc-4b4e-be6a-47ef6a9eb20c","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":601,"width":859,"height":11}},{"id":"a6a00d66-1fd5-489a-89f6-8e6ecf9bc324","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":615,"width":857,"height":12}},{"id":"17f52c0b-6006-4f59-8bf0-f83801c40544","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":630,"width":872,"height":12}},{"id":"8022fdb2-131b-48c6-9a5d-cd055aa2ef22","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":645,"width":844,"height":12}},{"id":"334f35cb-9067-49a4-ac12-72734b57cc09","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":660,"width":857,"height":11}},{"id":"8822fa9b-2424-411f-8e28-b7aa4f5bd09c","block_type":"box","text":"effective in protecting or enhancing the value of the Fund’s assets.","page_number":3,"box":{"x":61,"y":675,"width":491,"height":11}},{"id":"e2530e3a-4d11-44f1-a517-3429ac03317a","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":698,"width":834,"height":11}},{"id":"f79e37d2-6712-45f7-a9be-3a7a6ab203c8","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":712,"width":871,"height":12}},{"id":"2e3e55b9-6926-4184-886e-f49a513d08ff","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":727,"width":874,"height":12}},{"id":"d76e102c-96d4-44e0-82bc-7aea23db5b5d","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":742,"width":874,"height":11}},{"id":"e44a2437-44b4-4f0f-afe7-b49a126ffa24","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":3,"box":{"x":62,"y":757,"width":570,"height":11}},{"id":"4d00e18a-a4ee-4c5b-91ab-ba1c9edb8b99","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":795,"width":354,"height":14}},{"id":"0e574e56-1171-4767-a4d8-bb039ee4360a","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":822,"width":860,"height":11}},{"id":"e5349231-6fc9-49c5-a719-187715d56eff","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":837,"width":802,"height":11}},{"id":"6d392513-fd5f-494b-8d11-e5992dacc270","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":851,"width":866,"height":12}},{"id":"29a8473f-9b20-4bc5-87e2-721e3f1253e7","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":866,"width":869,"height":12}},{"id":"837c4b4f-8465-45fd-b2d9-bc6b90ebf0b8","block_type":"box","text":"Government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":3,"box":{"x":61,"y":881,"width":865,"height":12}},{"id":"62fd9e4d-d44c-44f4-8bbd-eda1a0e5d784","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":896,"width":793,"height":11}},{"id":"326bf1aa-9d95-40a4-a101-1a7e725a807c","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"48933370-0919-4548-9798-c5b32645c75f","block_type":"box","text":"NM0926U-5977745-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ab376f5f-5121-4cba-894e-3cbc793eacf8","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":42,"width":166,"height":11}},{"id":"d9cd83c2-9525-4790-8576-1ac8d4bb9514","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":42,"width":685,"height":11}},{"id":"2a862bb2-4c28-4f38-834c-a71e541ae07c","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":57,"width":550,"height":11}},{"id":"f4500cfd-9575-4539-97e8-ca86b2d100bb","block_type":"box","text":"Small Cap Securities Risk","page_number":4,"box":{"x":81,"y":77,"width":196,"height":11}},{"id":"1a0c9852-6324-4e98-b744-4590e7a99a10","block_type":"box","text":"—","page_number":4,"box":{"x":281,"y":82,"width":17,"height":1}},{"id":"2764073a-f8f1-470f-9cb4-bdc3736c835a","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":4,"box":{"x":303,"y":77,"width":607,"height":11}},{"id":"7579aa1a-c25a-4c21-94c0-2c07062ee9e5","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":4,"box":{"x":81,"y":91,"width":852,"height":12}},{"id":"ee3d3ce3-e7a3-475e-bdeb-e3214343118f","block_type":"box","text":"than larger capitalized companies.","page_number":4,"box":{"x":80,"y":106,"width":251,"height":12}},{"id":"4516a6a4-18cd-44cf-8d27-ff9679a5d534","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":126,"width":166,"height":12}},{"id":"29ebbad8-404b-4bbf-b173-acc55049d7d2","block_type":"box","text":"— Under cer tain market conditions, growth investments have per formed better during the","page_number":4,"box":{"x":251,"y":126,"width":660,"height":12}},{"id":"24ce2df0-aeed-476c-8552-0bc0059ad983","block_type":"box","text":"later stages of economic expansion and value investments have per formed better during periods of economic","page_number":4,"box":{"x":82,"y":141,"width":804,"height":12}},{"id":"90a93ea7-38e4-4938-a990-8694833e389b","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":4,"box":{"x":82,"y":156,"width":823,"height":11}},{"id":"5c61fbdb-dcc5-4846-b6e7-40c6d365a003","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":4,"box":{"x":81,"y":171,"width":842,"height":11}},{"id":"9479600d-09e7-4580-bed1-efaa83d9c6a9","block_type":"box","text":"styles.","page_number":4,"box":{"x":81,"y":186,"width":46,"height":11}},{"id":"3ecc4ec8-a7e3-4b78-b4e3-c102df17d3ca","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":206,"width":85,"height":9}},{"id":"cb0d9501-e912-4d50-abd4-6ececcac0325","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":4,"box":{"x":170,"y":206,"width":722,"height":11}},{"id":"ef46f609-be92-4704-af7d-9ba24149c271","block_type":"box","text":"quantitative analysis. Investments selected using these models may per form differently than as forecasted due to","page_number":4,"box":{"x":81,"y":220,"width":840,"height":12}},{"id":"0ce71643-f11b-42da-81e0-0fe8be40540c","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":4,"box":{"x":80,"y":235,"width":807,"height":12}},{"id":"c7801647-b13f-45b9-8ecc-1c401048f394","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":4,"box":{"x":82,"y":250,"width":842,"height":12}},{"id":"77f129bd-0071-4310-9566-4295b2008998","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":4,"box":{"x":82,"y":265,"width":841,"height":11}},{"id":"43612ef4-7f76-41e6-9a9d-a86687cf13e7","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":4,"box":{"x":81,"y":280,"width":777,"height":11}},{"id":"f9a1ed74-ac29-402a-a0d8-c62c2fd51597","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":4,"box":{"x":81,"y":300,"width":837,"height":11}},{"id":"f346af62-55f3-4bcc-9abb-f4eff40a8905","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":4,"box":{"x":82,"y":314,"width":819,"height":12}},{"id":"88642600-21f2-45c9-9ab7-bbfcd1bcc620","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":4,"box":{"x":80,"y":329,"width":843,"height":12}},{"id":"9614a8a2-d38c-400c-ac26-1743eab3a4c7","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":4,"box":{"x":81,"y":344,"width":834,"height":12}},{"id":"86f6efa9-25e9-4caf-ba62-ebb29739239a","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":359,"width":176,"height":11}},{"id":"12e019c0-06b2-4d53-8d96-4f40d003e29e","block_type":"box","text":"Risk of Investing in the United States","page_number":4,"box":{"x":81,"y":379,"width":283,"height":11}},{"id":"2930d11e-22a2-4993-a524-38639b844997","block_type":"box","text":"—","page_number":4,"box":{"x":369,"y":384,"width":17,"height":1}},{"id":"fbed227f-90a5-4ef3-894f-2b488b0d58d7","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":4,"box":{"x":391,"y":379,"width":518,"height":11}},{"id":"bf246c60-df9e-4b7e-a033-8b36df777e5d","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":4,"box":{"x":80,"y":394,"width":847,"height":11}},{"id":"4eda7f7f-5580-46a6-8c63-35bbdbf3475b","block_type":"box","text":"exposure.","page_number":4,"box":{"x":81,"y":411,"width":70,"height":9}},{"id":"45bdad28-85cc-4bb8-80b8-e6abb513aa1f","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":429,"width":206,"height":9}},{"id":"2b24dbe5-12f6-4fa9-b9b2-99ae00986c39","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":428,"width":593,"height":12}},{"id":"e2a5f163-2b22-43ab-aa0f-27c67e68a544","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":443,"width":853,"height":12}},{"id":"6772b3e2-3602-4e5c-9517-400977444dd8","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":458,"width":855,"height":12}},{"id":"e951bf10-feee-4d3d-a65a-92dc193fe38a","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":473,"width":816,"height":12}},{"id":"13da2220-a6a9-48d6-971f-c959785d9d4c","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":488,"width":796,"height":11}},{"id":"f7fc8a2b-369b-48a0-ae5a-99afc9ae88f9","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":503,"width":812,"height":11}},{"id":"aa322b03-5fa4-450b-8b65-f3c30b123e4a","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":517,"width":809,"height":12}},{"id":"4477fe72-b356-4f49-a9f6-4cf17b9ff156","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":538,"width":123,"height":9}},{"id":"7458a343-b000-4009-8073-46f2130d4fff","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":537,"width":664,"height":12}},{"id":"612304f1-794f-4f0e-ba89-b6b256a62019","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":552,"width":469,"height":12}},{"id":"25005823-5b8b-4c89-829c-f21348535050","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":573,"width":102,"height":11}},{"id":"e4d9c815-f35d-4d5c-94ae-f34d5d6ac72d","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":572,"width":723,"height":12}},{"id":"cbc0822c-c141-4654-aaf5-ec4cf417f171","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":587,"width":832,"height":12}},{"id":"67543d66-9574-4022-bba1-291d118f1836","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":602,"width":280,"height":11}},{"id":"1579b7d0-57bf-4c0d-9d42-c337f372056d","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":622,"width":87,"height":9}},{"id":"81eb4d42-0614-4611-8228-9a64e7d89592","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":622,"width":728,"height":11}},{"id":"fc3210c5-eea9-493f-b04f-98e818793c79","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":637,"width":834,"height":11}},{"id":"037ae695-49d0-4657-8d99-822a46ba7da2","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":652,"width":832,"height":11}},{"id":"4ac79a4c-222b-42bc-a8ef-5cd70fed31ca","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":666,"width":779,"height":12}},{"id":"85bae76d-d7a5-473f-b1a6-723330b2d62b","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":681,"width":253,"height":11}},{"id":"15472181-b0cc-43b1-bab4-7a8f4df3d5c3","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":701,"width":131,"height":12}},{"id":"d8bd4f13-3996-40ce-8b3e-e3dfa9c23041","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":701,"width":697,"height":12}},{"id":"47e42d28-8e06-4dae-95ab-fa1343e213a0","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":716,"width":855,"height":12}},{"id":"09cd7539-ba6d-4866-ab2f-db0c58d810de","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":731,"width":240,"height":11}},{"id":"651cd6b3-0844-47ce-9095-e23cbe0d497b","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":751,"width":100,"height":11}},{"id":"6042a22d-4618-45cb-99c5-590f8ac77595","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":751,"width":750,"height":11}},{"id":"774752ba-00c0-47d1-ac91-295c8f6d5891","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":766,"width":839,"height":11}},{"id":"025fdc8e-63d4-4788-b987-e3d76fff9619","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":780,"width":293,"height":12}},{"id":"1fec8c8c-f4a7-43c2-8726-0efcbac8c193","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":801,"width":120,"height":11}},{"id":"24380a41-fbae-423b-a1fe-37c7919e8ff3","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":800,"width":727,"height":12}},{"id":"1e5d7005-2e76-43d1-b06f-881f4d28b002","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":815,"width":607,"height":12}},{"id":"b5b7930c-e8eb-48ca-b550-378192d13ea0","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":836,"width":75,"height":11}},{"id":"a05b828f-ebc9-48d7-807a-2f515b38d9a6","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":835,"width":761,"height":12}},{"id":"19ca5fed-2f3a-49e8-801e-263bc23e216d","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":850,"width":198,"height":11}},{"id":"0a6ab79a-e7dd-4141-8936-dcc599277082","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":870,"width":214,"height":11}},{"id":"72f6d6b8-5ec5-4bd3-ab5f-1d213c453bb7","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":870,"width":590,"height":11}},{"id":"5d868576-4e4c-41de-8496-54c15c5ef3ca","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":885,"width":775,"height":11}},{"id":"694cbd85-b809-42ba-8760-fbc779d0da06","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":900,"width":589,"height":11}},{"id":"4249914a-ebcd-4fec-83f0-6cc2beeee575","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"75e861c6-7479-43de-8b3c-a61cfcb75d57","block_type":"box","text":"NM0926U-5977745-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"388a895b-1a10-45d2-ae3c-287564cee2e8","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":42,"width":102,"height":9}},{"id":"afeab8b3-69a7-412e-820d-b186f1b407a6","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":42,"width":747,"height":11}},{"id":"c50d017d-a9dc-4c57-b8b1-bfcbfedef1b5","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":57,"width":783,"height":11}},{"id":"cd7354da-9653-4b72-9c6e-3e006ba50373","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":71,"width":273,"height":12}},{"id":"f5ec3ee5-700e-436c-bb8f-8373d76409c2","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":92,"width":95,"height":11}},{"id":"f2f6a808-98cd-4585-8351-2a6c20bd69b7","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":91,"width":728,"height":12}},{"id":"15028843-de9a-4cd1-9e23-2a62f60dc9e2","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":106,"width":839,"height":12}},{"id":"a3ef747f-da61-4859-b003-5396d11312a9","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":121,"width":354,"height":11}},{"id":"f52b8842-cbf0-4e73-bf6e-9d24d1a083cb","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":141,"width":59,"height":9}},{"id":"78b2f534-90ea-4f39-91b5-01d5ea239514","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":141,"width":719,"height":12}},{"id":"757bd581-34a1-4602-a2e0-2291467cf1e8","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":156,"width":801,"height":11}},{"id":"b4d8383c-1a99-4ed0-b827-113b00e1efb1","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":171,"width":802,"height":11}},{"id":"1d263dcb-1fab-40e4-98ff-02b35976ca84","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":185,"width":830,"height":12}},{"id":"56d814fc-c374-4ddb-9739-4ceebf2f8385","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":200,"width":215,"height":10}},{"id":"b2d76721-4600-4fc8-a645-10ee52b53db0","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":220,"width":212,"height":12}},{"id":"d7ae3042-ba85-4f5a-b77a-6f3ecb201db9","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":5,"box":{"x":297,"y":220,"width":629,"height":12}},{"id":"d9a1ae49-df3d-4cac-90ea-79f3b1406cab","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":5,"box":{"x":82,"y":235,"width":812,"height":12}},{"id":"5569b4ce-fb47-4d6a-bb9e-9cc55611b1b5","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":5,"box":{"x":81,"y":250,"width":817,"height":11}},{"id":"fe1284d3-7946-468c-8936-bd506417cbf8","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":5,"box":{"x":81,"y":265,"width":760,"height":11}},{"id":"b349b18a-1a2d-4879-80f3-811cc4d443b3","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":5,"box":{"x":81,"y":280,"width":852,"height":11}},{"id":"cd0f2f1e-1330-4a39-a3c4-9ef93b4e39d9","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":5,"box":{"x":81,"y":294,"width":589,"height":12}},{"id":"2cf3ebaf-7f4a-4a0c-a41d-2c7a6c168fb6","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":315,"width":107,"height":11}},{"id":"3d30264e-833e-441f-84bb-69688bfedca7","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":5,"box":{"x":192,"y":314,"width":741,"height":12}},{"id":"9940f99c-5e20-437f-872e-068afd492c5f","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":5,"box":{"x":81,"y":329,"width":853,"height":12}},{"id":"3ee822ae-0147-451b-a71e-7ed1b5105366","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":5,"box":{"x":81,"y":344,"width":856,"height":12}},{"id":"a836d708-ef64-4e55-ab93-3dd54eadb321","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":5,"box":{"x":80,"y":359,"width":796,"height":11}},{"id":"4b55241d-8004-4c5a-95bd-5f3a87841c2b","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":5,"box":{"x":81,"y":374,"width":805,"height":11}},{"id":"139d9c54-cff0-40ef-889c-2da2d9a7f4e3","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":5,"box":{"x":82,"y":389,"width":293,"height":11}},{"id":"dc656d30-3319-46bb-bdf4-65f4f3739615","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":409,"width":240,"height":9}},{"id":"397488a4-b9a9-4d58-a2a3-64e8fa6971a5","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":409,"width":593,"height":9}},{"id":"bc00b7be-a2c1-4764-96b5-0c2898261167","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":5,"box":{"x":81,"y":424,"width":851,"height":11}},{"id":"ce360f24-4568-499f-a6b5-79af1e31cd24","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":438,"width":824,"height":12}},{"id":"a7765959-0937-47c4-a794-a16240f45eba","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":453,"width":851,"height":12}},{"id":"b1713fd4-68b1-4536-ac38-a790a1de035e","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":468,"width":802,"height":11}},{"id":"7a9f3e42-220a-4ad5-8822-255fd661fd8a","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":483,"width":849,"height":11}},{"id":"29668d79-16b9-4a77-af22-c52ccb6a0850","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":498,"width":843,"height":11}},{"id":"dd9843db-e4f0-423e-8190-c53bd83c5138","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":512,"width":830,"height":12}},{"id":"6d6b9dfa-b02c-4c26-872d-06cee5a012da","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":527,"width":840,"height":12}},{"id":"7c09d7b5-712f-474e-863a-08eec00eff51","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":542,"width":789,"height":11}},{"id":"7e6c3b2a-d996-4436-8c45-154cd6fc2346","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":557,"width":823,"height":11}},{"id":"5cdd7d71-1e01-45c3-bced-e566d5156b09","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":572,"width":784,"height":11}},{"id":"d651a989-379e-45c7-a8ce-e8e181ed54f5","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":586,"width":848,"height":12}},{"id":"8e1e9772-a887-4c66-bd84-13d79c496dc0","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":602,"width":823,"height":11}},{"id":"4f68f4b7-be0a-4bc0-947e-315af586026f","block_type":"box","text":"incorporate quantitative analysis and is subject to “Model Risk” as described above.","page_number":5,"box":{"x":82,"y":616,"width":618,"height":12}},{"id":"96f38ae9-0019-4256-b34e-e3e9f4a292c6","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":636,"width":818,"height":12}},{"id":"bd9861bb-3337-4bd4-a26e-15344d272aa7","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":651,"width":819,"height":11}},{"id":"fb3ba315-2846-4f5f-a354-14cc6e8da4d1","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":666,"width":819,"height":11}},{"id":"c6e5e542-bf78-4e13-b7bc-64ec91ec563f","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":681,"width":846,"height":11}},{"id":"c8d91e6f-89bc-471f-84e5-bde4d69be241","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":695,"width":848,"height":12}},{"id":"60959b4c-112e-42d6-9c3c-dcc3edbf2c60","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":710,"width":125,"height":9}},{"id":"75e9b976-ff54-4d27-8bef-57aee2a6362d","block_type":"box","text":"“New Issues” Risk","page_number":5,"box":{"x":83,"y":730,"width":139,"height":9}},{"id":"1686022c-3719-4b1d-87d8-8cbc29023bb2","block_type":"box","text":"—","page_number":5,"box":{"x":227,"y":736,"width":17,"height":0}},{"id":"4b58eeaa-895b-4d01-9ab5-68c8f835d11a","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":730,"width":681,"height":12}},{"id":"9acfd5c5-8fe5-408b-8403-8090cfcaa08d","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":745,"width":843,"height":11}},{"id":"f5d3f1d1-9b66-4df9-ae4a-b9e60c2770a5","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":760,"width":517,"height":11}},{"id":"56fdfd67-696c-492d-af50-6d749f41aa48","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":780,"width":254,"height":11}},{"id":"f2f79f91-3b69-4d25-8e61-b03d641cadbf","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":780,"width":578,"height":11}},{"id":"b9b778b2-6e67-44b1-89b5-2837246ad5c1","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":795,"width":779,"height":11}},{"id":"3553e95f-a65c-42c4-ba10-2d3d72294b3b","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":809,"width":848,"height":12}},{"id":"d09670cc-2d0f-4e39-a05a-68c0ab4f2625","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":824,"width":806,"height":12}},{"id":"2bf09424-6cf7-47cf-8fd4-8c090c2d4ddd","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":5,"box":{"x":82,"y":839,"width":807,"height":12}},{"id":"275f0f99-a4ea-4ca4-9844-25b4d105330e","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":854,"width":846,"height":12}},{"id":"3715f192-9fec-4e76-a6da-5090f07e35c4","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":869,"width":836,"height":11}},{"id":"9d3fa975-ccb5-45cc-a73e-d6ab2bd02e5d","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":5,"box":{"x":82,"y":884,"width":474,"height":11}},{"id":"ee573a61-60e4-4201-b308-ef71df07915d","block_type":"box","text":"Preferred Securities Risk","page_number":5,"box":{"x":81,"y":904,"width":189,"height":9}},{"id":"73f080c5-f31e-45ae-aa30-1ae13e97ab92","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":5,"box":{"x":274,"y":904,"width":636,"height":11}},{"id":"378b4a88-f130-41f4-b987-93bcec5eb3c5","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":918,"width":824,"height":12}},{"id":"82a8d18d-70ed-4b38-95ce-afe135dd6426","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"6adcdd3a-3c10-425b-b9f8-de73cb089c80","block_type":"box","text":"NM0926U-5977745-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1aa66923-134c-4d04-9d05-143fa3b96a94","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":42,"width":806,"height":11}},{"id":"d8876bd3-10ed-4bbb-9610-f207ba124f97","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":6,"box":{"x":81,"y":57,"width":842,"height":11}},{"id":"424abdc8-a6e0-435a-b9be-27b0540057f0","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":6,"box":{"x":81,"y":71,"width":781,"height":12}},{"id":"02dafc17-8eb9-4e4a-9bf0-b61607d6ca8f","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":6,"box":{"x":81,"y":86,"width":812,"height":12}},{"id":"f05cd81f-27dc-42c2-9988-0d8a8d0e7212","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":101,"width":129,"height":12}},{"id":"1cc386eb-6b36-4f1a-985e-f3b8d4b57775","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":140,"width":224,"height":11}},{"id":"9f29bad1-f857-438a-973b-8412a686fb32","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":6,"box":{"x":60,"y":166,"width":855,"height":12}},{"id":"8d93a668-2e5b-4620-a6d3-3cc5400c797e","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":6,"box":{"x":61,"y":181,"width":858,"height":12}},{"id":"2a2db8ad-393d-4e27-bf69-4e8fa75a81f0","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":6,"box":{"x":62,"y":196,"width":824,"height":9}},{"id":"cb186acd-f894-44a6-82d3-43c8b892de3e","block_type":"box","text":"Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":6,"box":{"x":62,"y":211,"width":778,"height":11}},{"id":"acc9daeb-5002-4b50-b400-31a603a0af8e","block_type":"box","text":"per formance information for the Fund in the char t and table assumes reinvestment of the dividends and distributions.","page_number":6,"box":{"x":62,"y":225,"width":866,"height":12}},{"id":"1736938a-afe4-49c5-ac97-d6dd5d92a2f4","block_type":"box","text":"As with all such investments, past per formance (before and after taxes) is not an indication of future results. Sales","page_number":6,"box":{"x":60,"y":240,"width":849,"height":12}},{"id":"358104aa-4346-4969-9639-27c1e22e8b17","block_type":"box","text":"charges are not reflected in the bar char t. If they were, returns would be less than those shown. However, the table","page_number":6,"box":{"x":61,"y":255,"width":849,"height":12}},{"id":"07bd71b5-277b-4063-bdf5-c7062b991880","block_type":"box","text":"includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or","page_number":6,"box":{"x":62,"y":270,"width":856,"height":12}},{"id":"63e456b6-d631-44c8-bac6-839f448fd09d","block_type":"box","text":"reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. Updated","page_number":6,"box":{"x":61,"y":285,"width":797,"height":11}},{"id":"06ea88bc-3c8c-47de-b911-c1d2b49784f8","block_type":"box","text":"information on the Fund’s per formance, including its current net asset value, can be obtained by visiting","page_number":6,"box":{"x":62,"y":300,"width":766,"height":11}},{"id":"4daf5b42-7959-42a9-8ea7-6f6835e9a5d9","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":6,"box":{"x":60,"y":315,"width":505,"height":11}},{"id":"c9fcca2f-34fa-4315-9e62-a18457d0061b","block_type":"box","text":"Investor A Shares","page_number":6,"box":{"x":427,"y":338,"width":144,"height":10}},{"id":"04a30173-f266-407a-9fe5-715d0d8a5d46","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":392,"y":354,"width":212,"height":10}},{"id":"1ac2f337-2a87-4722-abe2-e4c42f9f3dfb","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":6,"box":{"x":319,"y":370,"width":360,"height":12}},{"id":"10c7ddaa-de8b-4fcc-ba46-87107cf0ec76","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":447,"y":386,"width":103,"height":12}},{"id":"f37e9f08-7dc6-43a4-bd63-21bde7694fbf","block_type":"box","text":"23.52%","page_number":6,"box":{"x":291,"y":438,"width":45,"height":7}},{"id":"0366340c-2a76-4591-88af-c853976fd76f","block_type":"box","text":"10.53%","page_number":6,"box":{"x":340,"y":467,"width":44,"height":7}},{"id":"31021f32-9824-4616-8c71-5bf383b58c15","block_type":"box","text":"-9.09%","page_number":6,"box":{"x":389,"y":526,"width":41,"height":7}},{"id":"c15d913d-d3ee-4359-903d-f1446e7a09f9","block_type":"box","text":"31.79%","page_number":6,"box":{"x":436,"y":420,"width":45,"height":7}},{"id":"b476ff29-42ae-47da-8558-f83b5e1b0b69","block_type":"box","text":"19.35%","page_number":6,"box":{"x":484,"y":447,"width":45,"height":8}},{"id":"65a5016f-8c0a-4dae-ac47-d7a7af197a2c","block_type":"box","text":"14.35%","page_number":6,"box":{"x":532,"y":458,"width":45,"height":8}},{"id":"59b08a2a-5b27-48ea-b48a-98b5d03515b3","block_type":"box","text":"-20.03%","page_number":6,"box":{"x":578,"y":550,"width":49,"height":7}},{"id":"c8767fa5-19bf-4970-8554-a6943583abd1","block_type":"box","text":"16.19%","page_number":6,"box":{"x":629,"y":454,"width":44,"height":8}},{"id":"5394c999-4850-483b-9cc5-f357c1133a9d","block_type":"box","text":"11.57%","page_number":6,"box":{"x":677,"y":465,"width":44,"height":7}},{"id":"4dfe4d44-9d35-4492-8ea2-8aa12d2a6cff","block_type":"box","text":"13.39%","page_number":6,"box":{"x":725,"y":460,"width":45,"height":8}},{"id":"2a803552-bf08-4099-a9bd-a87907132861","block_type":"box","text":"-30%","page_number":6,"box":{"x":237,"y":564,"width":28,"height":8}},{"id":"7c3a486d-f631-4424-8882-7dcf9468f47d","block_type":"box","text":"-20%","page_number":6,"box":{"x":237,"y":542,"width":28,"height":7}},{"id":"7cd41559-0eb0-4f3a-9b6a-f8317bfe7474","block_type":"box","text":"-10%","page_number":6,"box":{"x":237,"y":520,"width":28,"height":7}},{"id":"b7ce4ad3-20d4-4d02-a213-086ec6adcfb8","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":498,"width":17,"height":7}},{"id":"ca645f9a-c6ca-410b-af38-16e448be4380","block_type":"box","text":"10%","page_number":6,"box":{"x":241,"y":476,"width":24,"height":7}},{"id":"9c8d5bdc-9778-4589-b7da-4c29d4a65574","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":453,"width":25,"height":8}},{"id":"fcda97e0-b84b-48d1-a3c2-cb00d4646ff7","block_type":"box","text":"30%","page_number":6,"box":{"x":240,"y":431,"width":25,"height":7}},{"id":"ffd39966-54ae-44ab-90c2-f42d85839e6b","block_type":"box","text":"40%","page_number":6,"box":{"x":240,"y":409,"width":25,"height":7}},{"id":"c9faf07f-a35f-4975-892e-17d09fb665ea","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":574,"width":465,"height":7}},{"id":"263099cd-2d5c-4b29-ab4a-5ce4de5fde4b","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 30.93% (quar ter ended","page_number":6,"box":{"x":62,"y":595,"width":806,"height":11}},{"id":"69d04c66-b63c-4641-95f3-0d9db90291a9","block_type":"box","text":"December 31, 2020) and the lowest return for a quar ter was -31.32% (quar ter ended March 31, 2020). The year-to","page_number":6,"box":{"x":62,"y":610,"width":853,"height":11}},{"id":"32b44a40-e937-4358-a7a9-630499c819e3","block_type":"box","text":"date return as of June 30, 2026 was 23.49%.","page_number":6,"box":{"x":61,"y":624,"width":337,"height":11}},{"id":"c80c7191-bec1-4539-b078-dfe2eb431709","block_type":"box","text":"For the periods ended 12/31/25","page_number":6,"box":{"x":70,"y":653,"width":223,"height":10}},{"id":"957c6457-bcd1-4d05-95ec-aa476588f938","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":6,"box":{"x":69,"y":665,"width":854,"height":10}},{"id":"2455b45f-e834-4a62-8c6d-aa530c50b9df","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund — Investor A Shares","page_number":6,"box":{"x":70,"y":683,"width":424,"height":10}},{"id":"de892b4f-c13f-4dd4-b5d9-f36a96248aa9","block_type":"box","text":"Return Before Taxes 7.44% 4.96% 9.53%","page_number":6,"box":{"x":85,"y":696,"width":840,"height":8}},{"id":"f7fe24ee-3596-4e76-b5ac-2961933d2263","block_type":"box","text":"Return After Taxes on Distributions 6.13% 3.77% 8.52%","page_number":6,"box":{"x":85,"y":709,"width":840,"height":8}},{"id":"3014b2c9-ba56-4a52-b428-53a63444384c","block_type":"box","text":"Return After Taxes on Distributions","page_number":6,"box":{"x":85,"y":721,"width":228,"height":9}},{"id":"ac56a5bc-b239-4bdd-a746-b2cca957c8e4","block_type":"box","text":"and Sale of Fund Shares 4.99% 3.53% 7.45%","page_number":6,"box":{"x":85,"y":733,"width":840,"height":8}},{"id":"c6a4ad5b-63c3-47f0-8f4f-ef46e5f28e55","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund — Investor C Shares","page_number":6,"box":{"x":70,"y":751,"width":425,"height":10}},{"id":"54875ae1-5913-457b-9f76-1c36efdf925c","block_type":"box","text":"Return Before Taxes 11.53% 5.30% 9.46%","page_number":6,"box":{"x":85,"y":764,"width":840,"height":8}},{"id":"41aca5ff-d1e7-4ab4-9e43-8e7e32edb8ab","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund — Institutional Shares","page_number":6,"box":{"x":70,"y":782,"width":436,"height":10}},{"id":"8f1132b9-a958-4ffa-ba22-f75abdede7be","block_type":"box","text":"Return Before Taxes 13.66% 6.36% 10.41%","page_number":6,"box":{"x":85,"y":795,"width":840,"height":8}},{"id":"936d8c1b-8c81-438e-b54a-581c1368be26","block_type":"box","text":"Russell 3000 Index","page_number":6,"box":{"x":70,"y":813,"width":128,"height":8}},{"id":"fdb619dc-ddd1-4039-b6ec-78342d9303ec","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":826,"width":856,"height":11}},{"id":"7c1880b0-7616-45af-b7f8-e7855ec5910f","block_type":"box","text":"Russell 2000 Index","page_number":6,"box":{"x":70,"y":845,"width":128,"height":8}},{"id":"c52aa9ab-788d-4079-a9af-b5f82a391ee4","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":858,"width":856,"height":10}},{"id":"da336452-a593-429f-9f22-941a84a89972","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":890,"width":840,"height":12}},{"id":"7904b6ac-2c1b-400f-8889-6832eea6368b","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":905,"width":835,"height":11}},{"id":"25acc16c-1c84-4792-b87a-92f8f4da43cb","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"45fe0d02-6212-4c43-9ffe-5d10ded66a24","block_type":"box","text":"NM0926U-5977745-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"79047d7c-74b3-458e-9938-df240ace1672","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":7,"box":{"x":61,"y":42,"width":851,"height":11}},{"id":"78b42da6-fe92-4dc6-9ace-7f184b166be7","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":7,"box":{"x":60,"y":57,"width":840,"height":11}},{"id":"d0a0a39a-0d77-4f9c-848c-65cb090cbab2","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":7,"box":{"x":62,"y":71,"width":700,"height":12}},{"id":"b82b59ab-f804-4efa-9d72-4349d53e2edf","block_type":"box","text":"Investment Manager","page_number":7,"box":{"x":62,"y":111,"width":187,"height":13}},{"id":"9ea292af-2a0d-43f0-be89-4dbdc95ba8cc","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":7,"box":{"x":60,"y":137,"width":709,"height":11}},{"id":"710efdca-ffcb-4be2-88ee-1adf26ea04d1","block_type":"box","text":"Portfolio Managers","page_number":7,"box":{"x":61,"y":175,"width":173,"height":14}},{"id":"0bd2de4f-a61b-4d03-87ef-c785736e76c9","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":70,"y":219,"width":121,"height":11}},{"id":"5364a310-6744-4c3d-a0b2-00acb9b0350d","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":340,"y":208,"width":121,"height":10}},{"id":"c6ebadc9-0d7f-40b0-bbaf-4bf4a59e90de","block_type":"box","text":"of the Fund Since Title","page_number":7,"box":{"x":341,"y":219,"width":425,"height":9}},{"id":"974c48d0-f8ca-4ac4-b15c-682fc880a1ce","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":237,"width":825,"height":11}},{"id":"01389642-1e3b-4a3c-9681-905624946407","block_type":"box","text":"Travis Cooke, CFA 2013 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":69,"y":255,"width":803,"height":11}},{"id":"a3e1e17a-f029-4144-b7e8-d6bdf1a95400","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":273,"width":802,"height":11}},{"id":"1f4c6cc1-bad9-4e8a-bc40-97f8f1001d40","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":61,"y":314,"width":309,"height":11}},{"id":"fc5bed4e-3a27-4a4d-b7fa-85dc7c4782fd","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":7,"box":{"x":60,"y":340,"width":857,"height":12}},{"id":"6a744132-bc26-4733-93b8-50b566b7bbda","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":7,"box":{"x":61,"y":355,"width":873,"height":12}},{"id":"c3670a97-0810-4553-b92d-4567b22cc2ea","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":7,"box":{"x":60,"y":370,"width":833,"height":11}},{"id":"c7fdad59-5e2d-4279-a44f-2a45f16e4d14","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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