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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":775,"width":832,"height":9}},{"id":"9f35c5b5-1634-4add-a974-a099fbe63573","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":785,"width":847,"height":10}},{"id":"62a9f008-8844-4762-84ae-07c7d94e3922","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":796,"width":834,"height":9}},{"id":"84c10d16-c6d8-4efb-aa9f-dede58d1fec5","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":806,"width":330,"height":9}},{"id":"344de1fe-2af4-4181-af83-9ae4adcba7e6","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":819,"width":4,"height":4}},{"id":"7d8859e0-d500-45a6-898d-4c9f11e307ba","block_type":"box","text":"For cer tain share classes, the Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average","page_number":2,"box":{"x":81,"y":819,"width":841,"height":9}},{"id":"2409a38a-0ab7-4a44-9ccd-75d97c1c8710","block_type":"box","text":"net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and","page_number":2,"box":{"x":81,"y":829,"width":854,"height":10}},{"id":"7020fb79-345f-42be-b026-0987b9a096fa","block_type":"box","text":"Expenses.","page_number":2,"box":{"x":82,"y":840,"width":58,"height":9}},{"id":"2de8165d-ba80-41ad-a18a-91d6ed5b6355","block_type":"box","text":"5","page_number":2,"box":{"x":61,"y":853,"width":3,"height":3}},{"id":"2111c5a4-ad7a-4bbc-859a-e71839e29fcd","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":853,"width":837,"height":9}},{"id":"4edccfc6-e719-413a-aded-57d117134b23","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":863,"width":771,"height":9}},{"id":"06b84d81-2a0b-4927-9b6d-1b833b187ee0","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.73%","page_number":2,"box":{"x":81,"y":873,"width":844,"height":9}},{"id":"d5ee3e81-4b80-4da8-9222-0ad971550425","block_type":"box","text":"(for Investor A Shares), 1.48% (for Investor C Shares) and 0.48% (for Institutional Shares) of average daily net assets through June 30, 2028.","page_number":2,"box":{"x":81,"y":883,"width":833,"height":10}},{"id":"83521045-2fb6-48cf-aec2-7a78b925ffcc","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":894,"width":827,"height":9}},{"id":"9dffd53b-c17f-46dc-ad22-60429a40d764","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":904,"width":330,"height":9}},{"id":"0157f6cb-9654-4085-a2fb-6d471503bf85","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"78901859-29c1-41a6-b123-acff0fa6ca5d","block_type":"box","text":"NM1026U-5984579-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"09ec65f1-1e69-4df5-b027-140f8a672b45","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":42,"width":74,"height":13}},{"id":"6a324800-4253-4e5e-8ec9-ebc23e9ff209","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":"c9f77af9-c9a4-4ba9-ab57-44ed0342a62c","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":"48e4cf4c-23ef-45b1-8359-cfd96bbd4163","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":"65547527-fdde-4131-92c1-136c34d0b340","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":"a05f8236-f10a-44af-b18e-c8767d9c1f50","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":"40d08d87-66a0-4da6-a547-93851e0acf00","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":"dbc5acc3-b1bc-4dec-a99f-ea49cd825f97","block_type":"box","text":"Investor A Shares $596 $777 $973 $1,539","page_number":3,"box":{"x":70,"y":164,"width":848,"height":10}},{"id":"a4a09bd4-68ea-4fca-8624-e63bbcac9289","block_type":"box","text":"Investor C Shares $251 $497 $868 $1,712","page_number":3,"box":{"x":70,"y":182,"width":848,"height":10}},{"id":"280887d6-6239-41e3-8371-000dba50d11a","block_type":"box","text":"Institutional Shares $ 49 $189 $341 $ 783","page_number":3,"box":{"x":70,"y":200,"width":848,"height":10}},{"id":"f5bfe1de-8016-4212-969e-a757ea5cafae","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":"a054c037-d439-44f0-9fc7-16d95c92585e","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":"9996f404-1596-4f4b-8438-e4eda3c5e6d5","block_type":"box","text":"Investor C Shares $151 $497 $868 $1,712","page_number":3,"box":{"x":70,"y":279,"width":848,"height":10}},{"id":"7c25dafb-cd89-48d0-bf88-11dc2d736501","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":304,"width":151,"height":10}},{"id":"9784b321-d15c-46a3-8e77-cf30a241537c","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":"80606764-1bc3-4f68-bcd4-8857edd867e5","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":"abb867eb-5490-481e-a304-ee40d773c973","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":"198dfa47-5eca-410b-b689-8f02fe3a67bb","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":"66b69e96-a284-4349-9027-46a73eb516ff","block_type":"box","text":"115% of the average value of its por tfolio.","page_number":3,"box":{"x":62,"y":380,"width":307,"height":11}},{"id":"d0b2d68d-5314-447a-9d5d-a27091ea3fec","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":418,"width":394,"height":14}},{"id":"0124a279-9f9d-4cdd-acb1-ba46eb9069e4","block_type":"box","text":"The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a por tfolio level","page_number":3,"box":{"x":60,"y":445,"width":855,"height":11}},{"id":"ad329b9a-a727-4178-a4a9-2c4b342d5b2c","block_type":"box","text":"that is at least 10% better than that of the Russell 1000 Index (the “Benchmark”) and (ii) an aggregate carbon","page_number":3,"box":{"x":60,"y":459,"width":812,"height":12}},{"id":"049a6e59-54fa-40fe-8abf-8adfd1e5366b","block_type":"box","text":"emissions assessment at a por tfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes","page_number":3,"box":{"x":61,"y":474,"width":848,"height":12}},{"id":"b5068a21-7b8b-49ba-8449-0b89175438c9","block_type":"box","text":"such assessments by utilizing Fund management’s proprietary framework as well as cer tain third-par ty data. These","page_number":3,"box":{"x":61,"y":489,"width":847,"height":12}},{"id":"1cb3a266-0cdf-41f5-86a8-48ac59f3a7d4","block_type":"box","text":"assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift","page_number":3,"box":{"x":61,"y":504,"width":873,"height":11}},{"id":"88f5b1ac-3952-4d3c-b479-745904a73d02","block_type":"box","text":"targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary","page_number":3,"box":{"x":60,"y":519,"width":870,"height":11}},{"id":"cb37a1fc-d056-4525-a2fd-8d051e65d658","block_type":"box","text":"screens based on cer tain ESG criteria, which are described below.","page_number":3,"box":{"x":61,"y":534,"width":485,"height":10}},{"id":"51edbb64-be0e-4189-abf8-1d87a0d9cdcf","block_type":"box","text":"Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any","page_number":3,"box":{"x":62,"y":556,"width":798,"height":12}},{"id":"a12f594d-f010-40a7-bded-3c0a32fb59b2","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to","page_number":3,"box":{"x":61,"y":571,"width":864,"height":12}},{"id":"9706a91b-9504-4431-b7c1-8c2f646c7bc7","block_type":"box","text":"such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80%","page_number":3,"box":{"x":61,"y":586,"width":868,"height":11}},{"id":"43c7b025-ff59-4855-8634-d3840dc399cb","block_type":"box","text":"policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within","page_number":3,"box":{"x":62,"y":601,"width":865,"height":11}},{"id":"9babfb00-0a13-44a8-a328-7d58c8d01e6e","block_type":"box","text":"the range of companies included in the Benchmark. The companies included in the Benchmark have market","page_number":3,"box":{"x":60,"y":615,"width":792,"height":12}},{"id":"712e2dd8-5582-446f-982f-584e69a90b95","block_type":"box","text":"capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.","page_number":3,"box":{"x":61,"y":630,"width":725,"height":12}},{"id":"113bbdfe-6b66-40f5-bb33-785979892b0e","block_type":"box","text":"Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase","page_number":3,"box":{"x":62,"y":653,"width":849,"height":11}},{"id":"909dac26-92f8-4f76-9c7e-cdb5a86d51a4","block_type":"box","text":"conver tible securities. From time to time the Fund may invest in shares of companies through “new issues” or initial","page_number":3,"box":{"x":61,"y":668,"width":854,"height":11}},{"id":"489e3bfc-34a7-4a1e-99cf-c9deb7f6032e","block_type":"box","text":"public offerings (“IPOs”).","page_number":3,"box":{"x":62,"y":682,"width":179,"height":12}},{"id":"15ee40e7-a4d1-4191-b42b-20283917087d","block_type":"box","text":"To determine the Fund’s investable universe, Fund management first seeks to screen out cer tain issuers based on","page_number":3,"box":{"x":60,"y":705,"width":844,"height":12}},{"id":"30fb4ce6-066f-4ec5-8efb-2af46c08cd17","block_type":"box","text":"ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally","page_number":3,"box":{"x":62,"y":720,"width":849,"height":11}},{"id":"de0ad65d-5d95-44df-b5b5-19eb9f1d89b3","block_type":"box","text":"includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons;","page_number":3,"box":{"x":62,"y":735,"width":826,"height":11}},{"id":"b0014cc7-5cd6-4bd4-8cf0-7e2e916b76e3","block_type":"box","text":"(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that","page_number":3,"box":{"x":61,"y":749,"width":833,"height":12}},{"id":"45782e1a-0875-4a53-b5d5-5537e92f683a","block_type":"box","text":"derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more","page_number":3,"box":{"x":61,"y":764,"width":873,"height":12}},{"id":"a62665ab-cb06-4d7e-9f29-3067d19e2593","block_type":"box","text":"than five percent of revenue from thermal coal generation, unless such issuers either (a) have made cer tain","page_number":3,"box":{"x":60,"y":779,"width":794,"height":12}},{"id":"bbc22bbd-6d98-4f26-9a84-66a2c63af9e3","block_type":"box","text":"commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources;","page_number":3,"box":{"x":61,"y":794,"width":856,"height":12}},{"id":"72f2a1dc-d0b7-422b-a984-4446201ea5c1","block_type":"box","text":"(v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more","page_number":3,"box":{"x":61,"y":809,"width":848,"height":11}},{"id":"d94192d2-d670-43d6-a95b-a6966c9673aa","block_type":"box","text":"than five percent of revenue from oil sands extraction. The Fund relies on one or more third-par ty ratings agencies to","page_number":3,"box":{"x":60,"y":824,"width":858,"height":11}},{"id":"adebe77e-cac2-4176-a1b3-d7e6dce54ef9","block_type":"box","text":"identify issuers for purposes of the above screening criteria. Third-par ty rating agencies may base the above screening","page_number":3,"box":{"x":62,"y":838,"width":869,"height":12}},{"id":"aac82aaa-69b6-49b3-a6ce-851967fb06da","block_type":"box","text":"criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.","page_number":3,"box":{"x":61,"y":853,"width":874,"height":12}},{"id":"1448fc32-a99f-48ef-80e2-57bf72b53c08","block_type":"box","text":"The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that","page_number":3,"box":{"x":60,"y":876,"width":866,"height":11}},{"id":"800ad337-e3b1-4457-933a-2caad721de4f","block_type":"box","text":"may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-par ty ratings or","page_number":3,"box":{"x":61,"y":891,"width":875,"height":11}},{"id":"05ea1ada-6f34-4d81-b9e0-f7386eedcaa5","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"7f8eeae5-c58e-49b3-8bed-a0d1283ba86b","block_type":"box","text":"NM1026U-5984579-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"6ca2fb80-e2ec-4e4e-a625-381025fbff4a","block_type":"box","text":"data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third","page_number":4,"box":{"x":61,"y":42,"width":857,"height":11}},{"id":"3c0a342f-973f-44d8-8b99-7b1d382d5c25","block_type":"box","text":"par ties. This screening criteria is subject to change over time at BlackRock’s discretion.","page_number":4,"box":{"x":62,"y":57,"width":644,"height":11}},{"id":"e8d0d0b7-2cfa-4945-a21a-998c6e90df12","block_type":"box","text":"In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in","page_number":4,"box":{"x":62,"y":79,"width":856,"height":12}},{"id":"08bed4c9-9226-4bef-84a1-670e884bbca1","block_type":"box","text":"other investment companies) to issuers with exposures that are inconsistent with the ESG criteria used by Fund","page_number":4,"box":{"x":61,"y":94,"width":820,"height":11}},{"id":"e62647cd-968b-449e-9357-106f3f597efa","block_type":"box","text":"management.","page_number":4,"box":{"x":61,"y":110,"width":99,"height":10}},{"id":"ce0c9e91-55e3-4c1f-a649-8ea679bedbd8","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in equity securities in a disciplined manner, by using","page_number":4,"box":{"x":60,"y":132,"width":851,"height":11}},{"id":"68f4d53b-2f57-4c91-9bc1-86020ec43b15","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":4,"box":{"x":62,"y":146,"width":826,"height":12}},{"id":"1bc8674c-487a-4662-a7d1-e7fc76fc1c0f","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":4,"box":{"x":62,"y":161,"width":874,"height":12}},{"id":"4229c5b5-5c35-4f69-91e8-d738ba6a5271","block_type":"box","text":"equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative","page_number":4,"box":{"x":61,"y":176,"width":854,"height":11}},{"id":"25b76da5-6d2d-4d29-b5fd-4f2e8899a951","block_type":"box","text":"implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and","page_number":4,"box":{"x":62,"y":191,"width":818,"height":11}},{"id":"2470cfb7-32b3-4c07-b3e6-a9119695487f","block_type":"box","text":"transaction costs, as determined by BlackRock’s proprietary research.","page_number":4,"box":{"x":60,"y":206,"width":518,"height":11}},{"id":"7780b551-78aa-45ca-84d7-866d0a4b1874","block_type":"box","text":"BlackRock then constructs and rebalances the por tfolio’s weightings by incorporating its investment insights into the","page_number":4,"box":{"x":62,"y":228,"width":857,"height":12}},{"id":"4a2a0cad-4709-47ff-8375-e34088dd7e81","block_type":"box","text":"model-based optimization process. Cer tain of the investment insights relate to ESG characteristics in BlackRock","page_number":4,"box":{"x":61,"y":243,"width":829,"height":11}},{"id":"ed98763e-9688-4cf0-b71d-7b262ce45081","block_type":"box","text":"defined categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation","page_number":4,"box":{"x":61,"y":258,"width":815,"height":11}},{"id":"14593d7d-fdb7-48ef-8c95-c4ab12866d4b","block_type":"box","text":"characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not","page_number":4,"box":{"x":61,"y":273,"width":868,"height":11}},{"id":"f02dfed6-a193-4230-bf4b-ae56b42b60d6","block_type":"box","text":"limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG","page_number":4,"box":{"x":62,"y":287,"width":867,"height":12}},{"id":"81449ed4-54b4-4e86-95aa-c81a029ba059","block_type":"box","text":"assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health","page_number":4,"box":{"x":61,"y":302,"width":858,"height":12}},{"id":"58d26248-f916-46cf-8c50-a0818d1f38e0","block_type":"box","text":"analytics and an issuer’s innovation-oriented research and development. The ESG characteristics utilized in the","page_number":4,"box":{"x":61,"y":317,"width":816,"height":11}},{"id":"d7a74d4e-852c-425c-96ab-015a3e796e62","block_type":"box","text":"por tfolio construction process may change over time and one or more characteristics may not be relevant to all issuers","page_number":4,"box":{"x":62,"y":332,"width":874,"height":11}},{"id":"3532bdd2-f06c-487e-a175-cef87c6220a0","block_type":"box","text":"that are eligible for investment.","page_number":4,"box":{"x":60,"y":347,"width":229,"height":11}},{"id":"3bb969f6-3ea1-450d-8a2a-b15e4a86ad2a","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":4,"box":{"x":60,"y":369,"width":876,"height":12}},{"id":"6cca8dd8-be46-4e1a-a6e8-46bc707e23f6","block_type":"box","text":"of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of","page_number":4,"box":{"x":61,"y":384,"width":859,"height":11}},{"id":"7b02d95c-408b-49d0-a6ea-7aba3fb1a313","block_type":"box","text":"the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":4,"box":{"x":60,"y":399,"width":839,"height":11}},{"id":"5f2514ab-f4ae-4775-b4f3-648ba736c01b","block_type":"box","text":"interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund","page_number":4,"box":{"x":62,"y":414,"width":808,"height":11}},{"id":"14f74178-46f3-4589-8e38-8f7ee9f1a84d","block_type":"box","text":"effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial","page_number":4,"box":{"x":61,"y":428,"width":872,"height":12}},{"id":"f14e11f1-1132-489a-b2c4-fc55645f92b8","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the","page_number":4,"box":{"x":62,"y":443,"width":825,"height":12}},{"id":"bf41c99a-c052-4e67-b898-1a46e263bad7","block_type":"box","text":"Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the","page_number":4,"box":{"x":62,"y":458,"width":859,"height":12}},{"id":"a4c63249-70e4-4658-a3de-4e735b1b981a","block_type":"box","text":"value of the Fund’s assets.","page_number":4,"box":{"x":60,"y":473,"width":199,"height":9}},{"id":"d0bff263-0edd-4fb0-afbc-6f86bcb5a5ae","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":512,"width":354,"height":13}},{"id":"a3ab23de-3fff-4943-ae84-5728c009b110","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":538,"width":860,"height":12}},{"id":"11b81b38-9e9c-4b53-b6d2-4314d15bb2db","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":4,"box":{"x":61,"y":553,"width":802,"height":11}},{"id":"7b670fcd-abbd-4bf2-b5db-0413a28c6c96","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":4,"box":{"x":62,"y":568,"width":866,"height":11}},{"id":"5e599287-f824-494a-a0a5-76d999eec2ea","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":4,"box":{"x":62,"y":583,"width":869,"height":11}},{"id":"01b49bd5-72a4-47eb-bb30-a7a1121fcbdc","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":597,"width":835,"height":12}},{"id":"2c6ac787-7fd6-4307-a87b-b3b97a5a824e","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":612,"width":793,"height":12}},{"id":"908531f6-ff6a-4c77-ac3f-50443cf99e67","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":632,"width":166,"height":12}},{"id":"21a50398-50af-4d41-a1c0-28ca376c7399","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":632,"width":685,"height":12}},{"id":"18d2f8a0-f02a-485f-9fe3-e46d024dcbbe","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":647,"width":550,"height":11}},{"id":"1937db76-780c-4396-a766-c9a17267abd1","block_type":"box","text":"ESG Investing Risk","page_number":4,"box":{"x":81,"y":667,"width":144,"height":11}},{"id":"086cb3b9-2dde-4217-913a-6674263c1281","block_type":"box","text":"—","page_number":4,"box":{"x":229,"y":672,"width":17,"height":1}},{"id":"5a3d6ee8-e5e7-497c-9297-92d9ed925206","block_type":"box","text":"The Fund intends to screen out par ticular issuers pursuant to cer tain criteria established by","page_number":4,"box":{"x":251,"y":667,"width":675,"height":11}},{"id":"f77f68d2-adce-4e34-9001-ad3a0bcec369","block_type":"box","text":"BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to cer tain","page_number":4,"box":{"x":82,"y":682,"width":845,"height":11}},{"id":"b09a9765-f6c5-4827-b8df-fec45623ba45","block_type":"box","text":"investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to cer tain","page_number":4,"box":{"x":82,"y":697,"width":833,"height":11}},{"id":"56332901-6b84-4c96-8981-994538936604","block_type":"box","text":"issuers and the Fund may forego cer tain investment oppor tunities. The Fund’s results may be lower than other","page_number":4,"box":{"x":82,"y":711,"width":814,"height":12}},{"id":"3745a23f-ad05-4124-9fd9-d9b9e3ecd420","block_type":"box","text":"funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out","page_number":4,"box":{"x":81,"y":726,"width":849,"height":12}},{"id":"c966e4f3-aa92-40b4-8b8c-ea3edec082f4","block_type":"box","text":"issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage","page_number":4,"box":{"x":82,"y":741,"width":847,"height":12}},{"id":"79523478-4f1a-4d62-b415-b83f3ea05577","block_type":"box","text":"ESG risks and oppor tunities related to their businesses and to avoid cer tain companies and industries with ESG","page_number":4,"box":{"x":82,"y":756,"width":824,"height":11}},{"id":"2302a12f-e79d-43d9-8ba0-32f85d5af35f","block_type":"box","text":"related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result,","page_number":4,"box":{"x":82,"y":771,"width":854,"height":11}},{"id":"102c0f24-a139-4c6d-aee1-44f41cafc877","block_type":"box","text":"the Fund may invest in issuers that do not reflect the beliefs and values of any par ticular investor. In evaluating a","page_number":4,"box":{"x":80,"y":786,"width":832,"height":11}},{"id":"0b2d9b9a-0bbe-482c-9edf-b2ec0a038e0a","block_type":"box","text":"security or issuer based on ESG criteria, BlackRock is dependent upon cer tain information and data from third par ty","page_number":4,"box":{"x":81,"y":800,"width":853,"height":12}},{"id":"456bc456-a11b-4713-bd5e-c35835d616ec","block_type":"box","text":"providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that","page_number":4,"box":{"x":82,"y":815,"width":814,"height":12}},{"id":"d1b33d2b-668f-42be-a9cf-eabb578d64c5","block_type":"box","text":"BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the","page_number":4,"box":{"x":82,"y":830,"width":793,"height":12}},{"id":"494b7173-2bda-4183-b96b-d5b0a42273d1","block_type":"box","text":"relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant","page_number":4,"box":{"x":82,"y":845,"width":852,"height":11}},{"id":"5e37a1ae-1bce-4648-a23a-a47802f07390","block_type":"box","text":"ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or","page_number":4,"box":{"x":82,"y":860,"width":818,"height":11}},{"id":"a4f9bf2c-e5c7-4542-bce4-0caa959945f8","block_type":"box","text":"implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG","page_number":4,"box":{"x":82,"y":875,"width":783,"height":11}},{"id":"beb03d5f-43eb-417f-95e5-4339cbb96dc9","block_type":"box","text":"assessment. There may be limitations with respect to availability of ESG data in cer tain sectors, as well as limited","page_number":4,"box":{"x":81,"y":889,"width":840,"height":12}},{"id":"d62f436f-4fb0-4f0b-b125-54dbf72aae74","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"14c0d56e-4db2-480a-94ac-f62d6638dfc4","block_type":"box","text":"NM1026U-5984579-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cc3d8bfd-e858-4ec5-9844-ef5a2e9a008d","block_type":"box","text":"availability of investments with positive ESG assessments in cer tain sectors. BlackRock’s evaluation of ESG criteria","page_number":5,"box":{"x":81,"y":42,"width":850,"height":11}},{"id":"29330ca1-1505-4dc1-baeb-1c2aee33b38c","block_type":"box","text":"is subjective and may change over time.","page_number":5,"box":{"x":82,"y":57,"width":292,"height":11}},{"id":"1c2b21d5-ba42-4b09-993c-35d0dd69c507","block_type":"box","text":"The Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors","page_number":5,"box":{"x":81,"y":79,"width":829,"height":12}},{"id":"498755d4-f062-41b9-affd-5c9fa74ae9e5","block_type":"box","text":"when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no","page_number":5,"box":{"x":80,"y":94,"width":838,"height":12}},{"id":"f8ebab66-130d-4df4-86f1-ff9bebfea18c","block_type":"box","text":"guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.","page_number":5,"box":{"x":81,"y":109,"width":758,"height":11}},{"id":"d1f132ef-434a-44d0-9b2a-84940b0d741d","block_type":"box","text":"Model Risk","page_number":5,"box":{"x":81,"y":129,"width":85,"height":9}},{"id":"afc2da44-9cfc-4516-b948-6273ce9a527f","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":5,"box":{"x":170,"y":129,"width":722,"height":11}},{"id":"338707d0-103b-4063-bf55-359016891146","block_type":"box","text":"quantitative analysis. Investments selected using these models may per form differently than as forecasted due to","page_number":5,"box":{"x":81,"y":144,"width":840,"height":11}},{"id":"31a6dbed-1b4e-4005-9274-3a2b5adadb14","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":5,"box":{"x":80,"y":158,"width":807,"height":12}},{"id":"043d389b-2bc7-4af2-848a-e368c2932db1","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":5,"box":{"x":82,"y":173,"width":842,"height":12}},{"id":"97ef9d83-5659-4586-93cb-8f4a4e9790f2","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":5,"box":{"x":82,"y":188,"width":836,"height":12}},{"id":"9a0568f1-dbb0-40af-a6ed-b2ff86370ff9","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":5,"box":{"x":81,"y":203,"width":777,"height":11}},{"id":"2b76942d-8cd4-4d49-834b-e6f1ce0a4b95","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":5,"box":{"x":81,"y":223,"width":837,"height":11}},{"id":"3c53baa1-53df-415a-b26b-c2db29e479e0","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":5,"box":{"x":82,"y":238,"width":819,"height":11}},{"id":"33edc21f-c461-4044-8198-dedd3e3d56e0","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":5,"box":{"x":80,"y":253,"width":843,"height":11}},{"id":"de9380c3-c1d3-4a02-bea3-7fc68c00feae","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":5,"box":{"x":81,"y":267,"width":834,"height":12}},{"id":"e4916a05-3951-4f2a-8d99-2a08e69b0b23","block_type":"box","text":"its investment objective.","page_number":5,"box":{"x":82,"y":282,"width":176,"height":12}},{"id":"cd872239-afb0-439f-8fec-1bf98535a3bb","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":302,"width":206,"height":9}},{"id":"6f57f2a4-f35c-4597-98d9-b20d82d182de","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":5,"box":{"x":291,"y":302,"width":593,"height":12}},{"id":"75ffee39-b518-48a2-9be9-47c030b5a83c","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":5,"box":{"x":81,"y":317,"width":853,"height":11}},{"id":"50776e62-6bc0-4918-89cd-039def8d8240","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":5,"box":{"x":81,"y":332,"width":855,"height":11}},{"id":"ddd57ba0-b6d7-4389-a936-eed53db80fd1","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":5,"box":{"x":80,"y":347,"width":816,"height":11}},{"id":"9193e200-f3c6-46d2-bbb2-222abd46ba48","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":5,"box":{"x":82,"y":361,"width":796,"height":12}},{"id":"82db9df1-706c-42fc-a826-82c37ca0a46f","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":5,"box":{"x":81,"y":376,"width":812,"height":12}},{"id":"0747c7b2-58fd-49c3-a614-e889fa89635a","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":5,"box":{"x":82,"y":391,"width":809,"height":12}},{"id":"f28ebb5a-2dac-4b56-aced-ee54c51d854e","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":411,"width":123,"height":9}},{"id":"f52ae2a8-1229-4c50-872d-e3cf653eed94","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":411,"width":664,"height":12}},{"id":"ee00e724-cdee-4cf5-ae21-c6290153e9e9","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":426,"width":469,"height":12}},{"id":"816b036a-d868-4be0-8a47-601d1c9b6974","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":446,"width":102,"height":11}},{"id":"535a5bc1-bb6c-4bc9-b433-7fdc01183afd","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":446,"width":723,"height":11}},{"id":"8df25cd6-9e62-4689-b5fa-da9fa1b50886","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":461,"width":832,"height":11}},{"id":"731d282c-cfb9-4ea9-a25b-db5ee232a201","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":476,"width":280,"height":11}},{"id":"d4439c76-243f-4659-bc1b-b38a0e057146","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":496,"width":87,"height":9}},{"id":"684d012f-641a-443d-8f6b-97fd2db2e389","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":496,"width":728,"height":11}},{"id":"daa6fb9f-ee65-413c-8281-a44c306625bd","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":510,"width":834,"height":12}},{"id":"1abd3088-ab4d-4765-8b7c-22f5cc7375b1","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":525,"width":832,"height":12}},{"id":"321db7e6-6d79-4037-964b-2bee56c8b44d","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":540,"width":779,"height":11}},{"id":"89c829ba-5f0e-4ab8-bd43-7b61a997edfc","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":555,"width":253,"height":11}},{"id":"5968541d-9d09-4e59-addf-681122f6fb5e","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":575,"width":131,"height":11}},{"id":"8ca6307c-f0f3-4427-bb6a-311632e56527","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":5,"box":{"x":217,"y":575,"width":697,"height":11}},{"id":"5df6da17-5240-48eb-8b3c-35480900830d","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":590,"width":855,"height":11}},{"id":"5aa86484-d9c3-4797-9624-a7b6dd7dd9dc","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":605,"width":240,"height":11}},{"id":"ac181b09-28f1-4906-84f3-cc12ef71d6e8","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":625,"width":100,"height":11}},{"id":"660924f4-dddb-4dbe-a9d1-eed30ea2d150","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":624,"width":750,"height":12}},{"id":"8c7ac50c-a2e3-4d02-a0dc-5e7e9af117bd","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":640,"width":839,"height":11}},{"id":"4b0bccd6-7663-483c-bd10-833ec8d3499a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":654,"width":293,"height":12}},{"id":"18ba549c-888c-49e5-821e-e5540daae697","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":674,"width":120,"height":11}},{"id":"2dfa9f75-85fa-4e70-b47b-57793ff2a41a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":674,"width":727,"height":12}},{"id":"a84e1a2d-2da4-449f-a652-31addcf3f13f","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":689,"width":607,"height":11}},{"id":"fd0cb7ff-27e7-4e3b-9ad9-7d92e3edecb7","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":709,"width":75,"height":11}},{"id":"0deb2cb4-3203-4f55-a3d9-ab06a4f428b3","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":709,"width":761,"height":11}},{"id":"df3a2dd0-0621-4b78-bd32-d84359a7e01b","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":724,"width":198,"height":11}},{"id":"a705407c-744e-43b7-8fd4-3ec408e4712e","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":744,"width":214,"height":11}},{"id":"ee6696eb-9c6e-4c40-8d3b-94b1ab6a60ff","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":744,"width":590,"height":11}},{"id":"54b835a4-aa14-4dc6-854b-eb6b3f37994f","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":5,"box":{"x":81,"y":759,"width":775,"height":11}},{"id":"1e31e593-17be-4808-9e26-e7e23cc2b38a","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":773,"width":589,"height":12}},{"id":"6d5062b6-8f3c-40b8-99ad-9bb9fc72854a","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":794,"width":102,"height":9}},{"id":"89ee73a8-45be-4127-819c-a33a197bce11","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":793,"width":747,"height":12}},{"id":"992bf3ce-8d8b-45f5-92b9-af75d52c7d43","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":808,"width":783,"height":12}},{"id":"a6be8044-3fb0-4060-ab62-deff1d110235","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":823,"width":273,"height":11}},{"id":"b75967f5-760e-40d4-b220-892cfdd26d56","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":843,"width":95,"height":12}},{"id":"20a27105-9061-4c14-a09d-5e43c363ec6e","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":843,"width":728,"height":12}},{"id":"3248022d-19e3-4d3e-ae01-4b5912846599","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":858,"width":839,"height":11}},{"id":"91856a22-681e-470f-8418-bf90b4139119","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":873,"width":354,"height":11}},{"id":"6e1e1472-a6f1-4f01-8573-7e717b3f8f11","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":893,"width":59,"height":9}},{"id":"bed563d1-807a-47a0-8bad-3ebbc1614877","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":893,"width":719,"height":11}},{"id":"f32fc517-06cf-43b8-a7ab-179c94de1845","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":907,"width":801,"height":12}},{"id":"e60d7d62-a952-4b92-aa86-960518022158","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"c5228385-e9b7-402b-9089-f27e933bf84a","block_type":"box","text":"NM1026U-5984579-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d4013fa8-5b95-483e-a7c4-adcf1aba2229","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":42,"width":802,"height":11}},{"id":"b8e40ab5-fb68-429a-9a79-be410ca7be2e","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":57,"width":830,"height":11}},{"id":"c66de99c-0a3e-4445-a058-2f847fb87584","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":71,"width":215,"height":10}},{"id":"afa5b218-992a-4d70-8780-46b9ed69c03c","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":6,"box":{"x":82,"y":91,"width":399,"height":12}},{"id":"557be470-5043-4a24-aa1d-17b34c4eae95","block_type":"box","text":"Futures","page_number":6,"box":{"x":102,"y":112,"width":54,"height":9}},{"id":"19b17ea5-c1b8-430a-bedf-9f41419170d5","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":6,"box":{"x":161,"y":112,"width":765,"height":11}},{"id":"ce4f10dc-67fd-4c08-a465-5001718326e4","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":6,"box":{"x":101,"y":126,"width":786,"height":12}},{"id":"1ab9ce1f-dc54-4512-a90c-6c25e3f42e3e","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imper fect correlations","page_number":6,"box":{"x":102,"y":141,"width":769,"height":11}},{"id":"ebc2d894-0454-4877-a8d2-8a4f0aafb88d","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":6,"box":{"x":102,"y":156,"width":822,"height":11}},{"id":"7d982ce5-53ed-4640-b17e-2695937f196e","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":6,"box":{"x":101,"y":171,"width":832,"height":11}},{"id":"93e849f1-7350-4ed1-94a7-4426642f1545","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":6,"box":{"x":101,"y":185,"width":806,"height":12}},{"id":"36fb4750-9271-458c-bfe7-cc2af569439f","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":6,"box":{"x":102,"y":200,"width":793,"height":12}},{"id":"93927ea5-6a8e-4db1-954e-bd57928cef95","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterpar ty will","page_number":6,"box":{"x":102,"y":215,"width":787,"height":12}},{"id":"4f04fc03-c7cc-488b-bdf0-0383bc05ade9","block_type":"box","text":"default in the per formance of its obligations.","page_number":6,"box":{"x":101,"y":230,"width":327,"height":12}},{"id":"2dea8f34-f429-4a55-8365-ab55b440ef01","block_type":"box","text":"Options","page_number":6,"box":{"x":102,"y":250,"width":55,"height":11}},{"id":"35170f47-0b4a-44fd-835b-ec2e4a585ca1","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":6,"box":{"x":162,"y":250,"width":772,"height":12}},{"id":"9c04a0b6-2bd0-4881-bcf9-f589b6e11c01","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":6,"box":{"x":101,"y":265,"width":812,"height":11}},{"id":"c94e3d34-cc0e-467d-ad7b-81e315bf1bcb","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":6,"box":{"x":101,"y":280,"width":827,"height":11}},{"id":"4a164faa-584b-421f-9325-3218b3071d45","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":6,"box":{"x":101,"y":294,"width":781,"height":12}},{"id":"2c7aab02-3224-4d3d-a592-3699a2df924f","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":6,"box":{"x":102,"y":309,"width":785,"height":12}},{"id":"d34d6c91-35ea-4ed1-8c77-a53c3c912502","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":6,"box":{"x":101,"y":324,"width":831,"height":12}},{"id":"7dfe1876-fa93-4b1d-87e1-32bad9f6bd88","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":6,"box":{"x":101,"y":339,"width":814,"height":11}},{"id":"e222a529-83b9-4b05-9fdd-0b4dbefe48fc","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":6,"box":{"x":101,"y":354,"width":826,"height":11}},{"id":"d69bd181-2099-4947-a40d-c1a80d2f79ff","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":6,"box":{"x":101,"y":369,"width":822,"height":11}},{"id":"e19640c2-b5bd-4437-bf5e-adf8ce416a5c","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":6,"box":{"x":101,"y":383,"width":816,"height":12}},{"id":"4b6539ac-2c0a-4ed2-8fe0-0f8230fc7ee8","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":6,"box":{"x":101,"y":398,"width":442,"height":11}},{"id":"0a953c8e-25c0-4532-8814-d318bd3324c9","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":418,"width":212,"height":12}},{"id":"5b040d05-9f55-4542-8902-c37d401ceb52","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":6,"box":{"x":297,"y":418,"width":629,"height":12}},{"id":"00571008-ad9e-4ca3-84d8-890f662c301b","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":6,"box":{"x":82,"y":433,"width":812,"height":12}},{"id":"692cf2e3-9c00-4c65-bd94-f46ba9ff0d98","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":448,"width":817,"height":11}},{"id":"773165b5-8b5a-4a57-a986-c471cde8c288","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":463,"width":760,"height":11}},{"id":"8cc8d6d5-bfbc-461a-a78b-fd4529050d88","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":6,"box":{"x":81,"y":477,"width":852,"height":12}},{"id":"ce23236d-2ce6-4f16-b680-96c45dd21418","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":6,"box":{"x":81,"y":492,"width":589,"height":12}},{"id":"33238eed-5eec-44d1-a408-51a1810b58bc","block_type":"box","text":"Investment Style Risk","page_number":6,"box":{"x":81,"y":512,"width":166,"height":12}},{"id":"48b85fb2-9ca3-47f7-a40d-e54988b75666","block_type":"box","text":"—","page_number":6,"box":{"x":252,"y":518,"width":17,"height":1}},{"id":"5e1aa79c-12ad-4c1d-a402-14048b47cd6d","block_type":"box","text":"Under cer tain market conditions, growth investments have per formed better during the","page_number":6,"box":{"x":274,"y":512,"width":637,"height":12}},{"id":"3f778d3b-8463-498a-9988-5042935a392b","block_type":"box","text":"later stages of economic expansion and value investments have per formed better during periods of economic","page_number":6,"box":{"x":82,"y":527,"width":804,"height":12}},{"id":"3a58639e-5c4d-4268-bf22-2a9b25b9e271","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":6,"box":{"x":82,"y":542,"width":823,"height":12}},{"id":"e9b6f948-a75c-4be6-aec1-2985d2fe30f8","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":6,"box":{"x":81,"y":557,"width":842,"height":11}},{"id":"d19beba6-a15d-48ac-8e7c-ef65987eb69e","block_type":"box","text":"styles.","page_number":6,"box":{"x":81,"y":572,"width":46,"height":11}},{"id":"e2a0c7db-9107-41ec-aaec-8175d683e544","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":592,"width":276,"height":11}},{"id":"7b58ccca-ed65-46c3-b967-d818c1ce195c","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":592,"width":573,"height":11}},{"id":"7428fe80-4578-48b1-add8-1e5c540d27d7","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":607,"width":848,"height":11}},{"id":"e6967660-9fac-4d38-a4f3-c3bd5eac59a6","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":622,"width":839,"height":11}},{"id":"289ef830-9651-4d38-b5a8-d537997ed330","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":6,"box":{"x":82,"y":636,"width":851,"height":12}},{"id":"8f5ea609-8ec3-4946-9731-0d30c96fc49d","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":656,"width":107,"height":11}},{"id":"803ecb8b-e8e4-4a9e-a3bf-8874a28fb41e","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":656,"width":741,"height":12}},{"id":"060b3ff7-7f4a-47cc-b8ab-c5ad40bdb078","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":671,"width":853,"height":11}},{"id":"f73a9aa0-b3dc-4e57-b23c-e809dbc4530a","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":6,"box":{"x":81,"y":686,"width":856,"height":11}},{"id":"477b1abe-3b8f-4d55-ba62-e9279e8cb5c4","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":701,"width":775,"height":11}},{"id":"e429173e-f0d7-4c79-ba3d-2e5efefc59e9","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":715,"width":814,"height":12}},{"id":"933595f8-06ca-4b72-9faf-d73df60ba4d8","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":730,"width":63,"height":12}},{"id":"8f36eb67-f945-4d0e-bc6f-562d45a8e4bc","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":750,"width":240,"height":9}},{"id":"56c0969e-bc68-46d8-bade-33eae1f64809","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":750,"width":593,"height":9}},{"id":"24cc4cd4-7b0f-4f7e-8306-1fb0ed05b6c0","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":765,"width":851,"height":12}},{"id":"daa29f04-b1c9-439d-9bb5-63af409e07db","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":6,"box":{"x":82,"y":780,"width":824,"height":11}},{"id":"06ee94fe-f19f-4cc6-95a1-191cf0cdbee3","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":795,"width":851,"height":11}},{"id":"8ac3ba05-bcf2-40b4-a351-3752129bf162","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":809,"width":802,"height":12}},{"id":"ac2321ec-9f23-4e59-982e-64bafeba254d","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":824,"width":849,"height":12}},{"id":"2b941de5-d2c5-4889-93bf-4a28028c0480","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":839,"width":843,"height":12}},{"id":"d263b770-940a-47b0-987e-e37cb73fd54a","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":6,"box":{"x":81,"y":854,"width":830,"height":11}},{"id":"647e34bf-caf1-4e7f-878e-f5eb60ba18a3","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":869,"width":840,"height":11}},{"id":"fd92d63d-b8a5-471d-815c-31d9bedcde44","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":884,"width":789,"height":11}},{"id":"47c0f0df-641b-4fb6-9c6d-9a9ba6a25e66","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":898,"width":823,"height":12}},{"id":"5495103e-62d4-4dc7-bc63-ce408deb7efa","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":913,"width":784,"height":12}},{"id":"5fe7960e-afe5-4d81-8fce-200c190d9e53","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"afaef50a-c646-4941-ba5b-373d6ef7e815","block_type":"box","text":"NM1026U-5984579-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"99bb8fb7-24e8-420d-9564-cdf021acf5a6","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":42,"width":844,"height":11}},{"id":"215d8e77-e229-4ca8-8b8c-6beeacb5b3f5","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":7,"box":{"x":81,"y":57,"width":855,"height":11}},{"id":"627e1556-7ca7-45d5-a526-01622efbc25c","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":7,"box":{"x":81,"y":72,"width":376,"height":11}},{"id":"3e9463f4-e0c5-4f5b-b848-3fa1d3019725","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":92,"width":818,"height":11}},{"id":"834ec09a-e8f0-41cd-a632-e60a7f3d0ca8","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":7,"box":{"x":80,"y":106,"width":819,"height":12}},{"id":"f82f9d73-403b-4bd8-bbe3-2721aea0574a","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":7,"box":{"x":81,"y":121,"width":819,"height":12}},{"id":"9ae242be-113b-435e-868d-651999be89ed","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":136,"width":846,"height":11}},{"id":"ed1aedf4-2a92-46fd-911d-b69fe0c4efd8","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":151,"width":848,"height":11}},{"id":"c70aaadd-39d8-4f76-a357-0efa24823a60","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":166,"width":125,"height":9}},{"id":"74437d05-f0fc-40da-98d4-a4604e7e8450","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":186,"width":139,"height":9}},{"id":"b4f33e58-b753-4305-9a3a-5159e6ac2cdd","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":191,"width":17,"height":1}},{"id":"d8a0c097-5658-47d8-aa29-f9f34f14c3d3","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":185,"width":681,"height":12}},{"id":"ef75ad6c-045a-4040-aed6-a947566bb719","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":200,"width":843,"height":12}},{"id":"f84f3b61-8440-4e34-8514-ecfb337df5ee","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":7,"box":{"x":81,"y":215,"width":517,"height":12}},{"id":"fd0caade-cd0b-45fe-92e6-53d5968d30c0","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":235,"width":254,"height":12}},{"id":"8a4c3912-4b47-4788-909a-23ca4a1d31b8","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":235,"width":578,"height":12}},{"id":"7e2cdc76-878d-4dce-ae1e-cb869d09ae49","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":250,"width":779,"height":12}},{"id":"652e5581-fa87-4711-aab6-a4a5ea387ba6","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":7,"box":{"x":81,"y":265,"width":811,"height":11}},{"id":"213b9c94-3e82-44ad-9c91-39dd1f95ba54","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":7,"box":{"x":82,"y":280,"width":806,"height":11}},{"id":"5d0ec077-cb42-40d8-a2e6-c0f6be55cce5","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":7,"box":{"x":82,"y":294,"width":853,"height":12}},{"id":"7564cd65-8acb-4708-85be-0f875dc134ea","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":7,"box":{"x":82,"y":309,"width":841,"height":12}},{"id":"a58113a4-769e-4266-99b7-bb5e122b1557","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":7,"box":{"x":81,"y":324,"width":808,"height":12}},{"id":"ae74b7d2-d721-4902-ac0e-4f1b348351ee","block_type":"box","text":"issuers to lose value.","page_number":7,"box":{"x":82,"y":339,"width":155,"height":9}},{"id":"a35cf836-c65e-4d85-a08c-baf217d35a93","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":359,"width":189,"height":9}},{"id":"10b4957e-116c-4d7e-bfcf-92dac9b4fb7b","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":359,"width":636,"height":11}},{"id":"4f3b7437-da17-4c9b-92c5-480cd7ee73b6","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":374,"width":824,"height":11}},{"id":"a4b7687c-318b-4f81-8b79-911955dd5423","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":389,"width":806,"height":11}},{"id":"74b15b8e-05ca-40ab-be7e-02404331431f","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":403,"width":842,"height":12}},{"id":"8272180d-472a-464f-b081-ffbf5ed2a577","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":418,"width":781,"height":12}},{"id":"2d4bcf85-3fdc-41fc-a757-fce93ee20cee","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":433,"width":812,"height":11}},{"id":"7115eb67-bdb9-4c80-9d49-f13b4ad07569","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":448,"width":129,"height":11}},{"id":"78b171df-87be-46a1-94fa-fd901c8de127","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":468,"width":283,"height":11}},{"id":"f80244bf-58b8-4028-be54-28587a2f5c6e","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":473,"width":17,"height":1}},{"id":"3d6c7761-5a0e-4226-b80f-2fbdd0da2941","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":468,"width":518,"height":11}},{"id":"9bc1597e-5be6-4dc7-aa5e-dbfa86b896aa","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":7,"box":{"x":80,"y":483,"width":847,"height":11}},{"id":"9bb6b219-b1cf-45ba-9258-e1692fe56add","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":500,"width":70,"height":9}},{"id":"4c446c04-69de-4bcb-b56f-af463a6bd9a5","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":536,"width":224,"height":11}},{"id":"af51c810-ba84-4f43-a557-be0356d74488","block_type":"box","text":"Effective December 1, 2021, the Fund changed its name, investment process and investment strategies. Per formance","page_number":7,"box":{"x":62,"y":563,"width":872,"height":11}},{"id":"ae538bf7-e3e1-4bfa-a992-9dcd6cffe6ee","block_type":"box","text":"for the periods prior to December 1, 2021 shown below is based on the investment process and investment strategies","page_number":7,"box":{"x":60,"y":577,"width":875,"height":12}},{"id":"c81169aa-af51-4130-b07f-90bb49f0cf0f","block_type":"box","text":"utilized by the Fund under the name “BlackRock Advantage ESG U.S. Equity Fund.” The information shows you how the","page_number":7,"box":{"x":61,"y":592,"width":870,"height":12}},{"id":"da26baf8-33f2-463b-bb66-3a54d76795ea","block_type":"box","text":"per formance of the Fund has varied for the periods since inception and provides some indication of the risks of","page_number":7,"box":{"x":62,"y":607,"width":818,"height":11}},{"id":"a4ecfe66-2daf-4c06-a799-a144bbd3ab92","block_type":"box","text":"investing in the Fund. The table compares the Fund’s per formance to that of the Russell 1000 Index. To the extent","page_number":7,"box":{"x":62,"y":622,"width":843,"height":11}},{"id":"bada00db-a7c3-4134-a54d-16a9e10e12b4","block_type":"box","text":"that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the char t and","page_number":7,"box":{"x":60,"y":637,"width":875,"height":11}},{"id":"dbc28db7-80a4-473f-90fd-071845bd109a","block_type":"box","text":"table assumes reinvestment of the dividends and distributions. As with all such investments, past per formance","page_number":7,"box":{"x":60,"y":652,"width":821,"height":11}},{"id":"548b1c34-2f30-4848-b28c-5594fc6bc2bd","block_type":"box","text":"(before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar char t. If they","page_number":7,"box":{"x":61,"y":666,"width":856,"height":12}},{"id":"18273a56-c0d9-4070-884a-4968450dcf64","block_type":"box","text":"were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If","page_number":7,"box":{"x":60,"y":681,"width":852,"height":12}},{"id":"09206cef-6521-4373-8aa2-97b14ee849db","block_type":"box","text":"BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s","page_number":7,"box":{"x":62,"y":696,"width":837,"height":12}},{"id":"931f666c-73d7-4060-abf4-1b0ed2e82813","block_type":"box","text":"returns would have been lower. Updated information on the Fund’s per formance, including its current net asset value,","page_number":7,"box":{"x":61,"y":711,"width":865,"height":11}},{"id":"9fa9ad9c-243c-4b32-a33a-6e96524ef117","block_type":"box","text":"can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":7,"box":{"x":61,"y":726,"width":705,"height":11}},{"id":"20afd0ce-11ab-457b-b66d-c4236f7f46be","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"dcd0d6b3-eb0e-479e-942d-8b2aaf3e7934","block_type":"box","text":"NM1026U-5984579-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"93b4d934-2fe1-451e-8e4b-859c45e44d79","block_type":"box","text":"Investor A Shares","page_number":8,"box":{"x":427,"y":42,"width":144,"height":10}},{"id":"c20b37ad-a6ca-4df8-82a0-a8666207c57e","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"768e565a-4fcd-40b2-96fc-fce69ba77ceb","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":8,"box":{"x":239,"y":75,"width":520,"height":12}},{"id":"fde36781-bb5c-4bc1-a7a2-9f0c77e5bbda","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"b7b2b2f6-4eae-40dc-8b61-e311ad2874d8","block_type":"box","text":"13.94%","page_number":8,"box":{"x":292,"y":164,"width":44,"height":7}},{"id":"19704d66-3e0d-4726-864c-e4b87f224268","block_type":"box","text":"21.22%","page_number":8,"box":{"x":339,"y":148,"width":45,"height":7}},{"id":"11ab413a-68d8-441d-adc8-a77c1bf6ba90","block_type":"box","text":"-5.66%","page_number":8,"box":{"x":389,"y":223,"width":41,"height":7}},{"id":"374222db-595b-45cd-8163-d44c11747945","block_type":"box","text":"30.79%","page_number":8,"box":{"x":436,"y":127,"width":45,"height":7}},{"id":"61c2c76b-6f61-44c1-9e3c-7c967d47381d","block_type":"box","text":"22.11%","page_number":8,"box":{"x":484,"y":146,"width":45,"height":7}},{"id":"ea2ade62-4974-456c-9d00-3ba923937106","block_type":"box","text":"28.26%","page_number":8,"box":{"x":532,"y":132,"width":45,"height":8}},{"id":"71f6fded-6865-4def-a79f-05e623667d1f","block_type":"box","text":"-19.93%","page_number":8,"box":{"x":578,"y":254,"width":49,"height":8}},{"id":"6e3705b1-9ae4-49fd-bd20-425f9c311d77","block_type":"box","text":"25.26%","page_number":8,"box":{"x":629,"y":139,"width":44,"height":7}},{"id":"d03f8540-8538-4821-91ff-48ab34ea5333","block_type":"box","text":"23.59%","page_number":8,"box":{"x":677,"y":143,"width":44,"height":7}},{"id":"fc664678-9eea-429a-8da7-f4cb617fbe21","block_type":"box","text":"18.64%","page_number":8,"box":{"x":725,"y":154,"width":45,"height":7}},{"id":"d1b9d5a3-cf78-430e-9d47-1bab042970ce","block_type":"box","text":"-30%","page_number":8,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"6022945e-bb82-4fbc-ac64-e9996943168a","block_type":"box","text":"-20%","page_number":8,"box":{"x":237,"y":247,"width":28,"height":7}},{"id":"5b701830-758d-487e-ae3f-4ae7f0e0f66b","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":225,"width":28,"height":7}},{"id":"b4acf38c-a7cc-4068-86b0-32856dbd19d0","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":203,"width":17,"height":7}},{"id":"2f406a25-e95d-4e07-a55b-135d0ed64f5f","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":180,"width":24,"height":8}},{"id":"92bb1e71-071f-420b-8eea-256fe600dc79","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":158,"width":25,"height":7}},{"id":"c933c335-d041-4ed0-9e42-808b9827bc57","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":136,"width":25,"height":7}},{"id":"ed2835b3-ed1d-419b-9d31-1987abcdf264","block_type":"box","text":"40%","page_number":8,"box":{"x":240,"y":114,"width":25,"height":7}},{"id":"e8dda908-3c93-4c76-bbdf-96f334366694","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":279,"width":465,"height":7}},{"id":"e319714d-eda5-4627-bf27-96db563c18d7","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 23.71% (quar ter ended","page_number":8,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"e6cc7ca3-3e5c-41e0-86b0-1a6b9e986cd7","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -20.35% (quar ter ended March 31, 2020). 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Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":578,"width":835,"height":11}},{"id":"4353f2e7-5950-4955-9bc7-bff2179bef82","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":593,"width":851,"height":11}},{"id":"1a5c7e0b-21be-4ab6-bcd6-f06e14e10cf8","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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