{"annotation_id":"9639ced5-a3a9-491a-98e8-95db04293319","file_hash":"842b85fdbf22577616d7004c67d1690f7097d9e2795c169ffa009be13e3cf50f","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"c8bdd959-b4d1-4e69-b8f1-a6b65daa915a","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"2b2e25c7-a33f-4677-b8f3-b402105174f2","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"f1732d7c-df0b-411f-9179-e7e278fd6bc6","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"446ea437-bc04-42ad-b540-842d4cc48dd3","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"452a7afa-59d9-4597-a7d2-5e565295cb16","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"19fc6d38-3ae9-4274-9254-44752b956b6d","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"cf7c94a5-0338-4e38-81f9-192d5a7b142f","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"feffa741-4d75-4edd-9533-3713840dd59b","block_type":"box","text":"BlackRock Advantage International Fund","page_number":1,"box":{"x":84,"y":321,"width":336,"height":12}},{"id":"823b5dd9-9477-4c8c-ab67-964e0671366e","block_type":"box","text":"Class K: BROKX","page_number":1,"box":{"x":83,"y":339,"width":97,"height":7}},{"id":"190aca9f-e056-42dd-8800-37bb27442004","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":379,"width":808,"height":11}},{"id":"495cf5e5-e9ed-4577-a19d-fd13fd3eafe0","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":394,"width":821,"height":11}},{"id":"a150fe20-d3e9-4f49-b493-9f9e0a1913d8","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":410,"width":748,"height":11}},{"id":"cedbcecb-2d2f-4efe-8757-aa7c27e199cc","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":425,"width":825,"height":11}},{"id":"606ff075-5081-4e97-a4bf-8e90ab576556","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"26ecc1d2-caa7-4f50-be2c-b47fd211ff30","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"0fa407c1-a0ca-4e47-baf0-912a0d5dbc28","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":441,"width":335,"height":11}},{"id":"1872d10f-81d5-48f6-bcac-aa68c1e52e84","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"445a3c40-f269-4d41-bf85-80e5db1ca72c","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":472,"width":729,"height":11}},{"id":"370a6ee9-2475-4df0-a8ac-8b2eb28677f4","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":819,"width":774,"height":10}},{"id":"3199aec0-34cd-4c62-9b83-ebc881923ecc","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":834,"width":477,"height":11}},{"id":"e9a04c3e-bf87-4d58-b60a-2338f6bb652d","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":855,"width":749,"height":11}},{"id":"a6328728-d8cf-416f-bfe6-b46c87276a23","block_type":"box","text":"the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":687,"height":11}},{"id":"daca6273-6cb2-486b-9275-4ecba195cd28","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"08e5d694-46fe-4395-bf65-b95f04f4ea15","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"6404e6da-024b-462d-803a-28f3842d4280","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"121ebc02-fda1-4861-b09a-34c4234dd892","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"6d0e1e49-23fb-4902-8008-e5ba52076383","block_type":"box","text":"No Bank 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Funds","page_number":2,"box":{"x":60,"y":178,"width":813,"height":12}},{"id":"8c131140-737f-45dd-b2cd-c086079dc5a5","block_type":"box","text":"SM","page_number":2,"box":{"x":875,"y":179,"width":11,"height":4}},{"id":"4d9400eb-730f-40ad-a65b-67662e47bb20","block_type":"box","text":"(the","page_number":2,"box":{"x":892,"y":179,"width":27,"height":11}},{"id":"144bcf4a-7154-4e2b-9aec-0543da01ca94","block_type":"box","text":"“Trust”), is to provide long-term capital appreciation.","page_number":2,"box":{"x":62,"y":194,"width":383,"height":11}},{"id":"0c962dde-4ca6-45ce-b6f1-a6724f028fd2","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"6db7cadc-9289-4102-8160-991f05e3d738","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":839,"height":12}},{"id":"9f977380-1488-48d0-93c1-8cd60af75314","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":2,"box":{"x":60,"y":273,"width":724,"height":12}},{"id":"9488c8c9-ded0-4465-b560-4f35340f8727","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":273,"width":138,"height":12}},{"id":"59f50e00-ba27-4840-ac3f-5f41798ce80e","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities","page_number":2,"box":{"x":60,"y":288,"width":824,"height":11}},{"id":"ba68953c-45bf-48a2-8451-301a10b06c8c","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":2,"box":{"x":61,"y":303,"width":835,"height":11}},{"id":"634acb5a-9d66-4cb9-81fe-1d52da90ab86","block_type":"box","text":"(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and","page_number":2,"box":{"x":61,"y":318,"width":813,"height":11}},{"id":"63a2b425-f5bb-422a-8e51-939e8336aede","block_type":"box","text":"example below.","page_number":2,"box":{"x":61,"y":333,"width":114,"height":11}},{"id":"e51318be-35c8-4ce9-a95e-ae9633c7386d","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":369,"width":222,"height":10}},{"id":"a65aa10d-bcde-4326-a97f-23cc263f99ea","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":381,"width":261,"height":10}},{"id":"0ce54a1b-49dd-4766-a61d-9fd15cf99cc3","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":392,"width":294,"height":10}},{"id":"70257d36-fe4f-4af8-b415-7bc8a0e92764","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":381,"width":51,"height":8}},{"id":"b0dfdcfd-876f-4990-a32c-95066b1c091e","block_type":"box","text":"Shares","page_number":2,"box":{"x":875,"y":392,"width":46,"height":8}},{"id":"e208f21e-0dd7-40d7-8eee-9ebcfec42121","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":410,"width":112,"height":11}},{"id":"d64e2bb5-041a-4f7f-a3f1-089901ceb356","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":410,"width":4,"height":4}},{"id":"71e9bed0-4539-4457-b15f-43552a17fb78","block_type":"box","text":"0.41%","page_number":2,"box":{"x":885,"y":410,"width":41,"height":8}},{"id":"64c91431-edce-469c-a001-9c385494a662","block_type":"box","text":"Distribution and/or Service (12b-1) 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Reimbursements","page_number":2,"box":{"x":70,"y":483,"width":304,"height":9}},{"id":"c1842a85-3784-4810-8c94-37877f1a712b","block_type":"box","text":"1,2","page_number":2,"box":{"x":375,"y":482,"width":11,"height":5}},{"id":"933cd79b-3dc4-4781-874e-afdc3a354ce8","block_type":"box","text":"(0.05)%","page_number":2,"box":{"x":881,"y":482,"width":50,"height":10}},{"id":"18400c62-3a56-4bee-a7c6-4378bfcf5fe5","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense 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fixed","page_number":2,"box":{"x":80,"y":530,"width":854,"height":9}},{"id":"3e1e1cfe-f7b9-492b-a951-c92ae195f7d0","block_type":"box","text":"income mutual funds and exchange-traded funds (“ETFs”) managed by BlackRock or its affiliates that have a contractual management fee,","page_number":2,"box":{"x":81,"y":541,"width":813,"height":9}},{"id":"1c322dd8-cd80-4f65-a5ff-d46e523779b5","block_type":"box","text":"through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory","page_number":2,"box":{"x":80,"y":551,"width":829,"height":9}},{"id":"22a37865-472b-4d1d-897b-b5edf1482802","block_type":"box","text":"fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through","page_number":2,"box":{"x":81,"y":561,"width":804,"height":9}},{"id":"47dfcf57-1249-4ca1-9a47-e84eaf2e60df","block_type":"box","text":"June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or","page_number":2,"box":{"x":81,"y":571,"width":847,"height":10}},{"id":"affb1008-6ca9-4ec6-afdb-563ff7913f28","block_type":"box","text":"by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":582,"width":413,"height":9}},{"id":"7027f7a7-b895-4bc1-abf3-7063dce5fd7c","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":595,"width":3,"height":3}},{"id":"ec027278-60df-4845-8068-94b6002458a4","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 31, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":595,"width":837,"height":9}},{"id":"89be87e4-b87f-4db6-929b-30c8b47e5b6a","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":605,"width":771,"height":9}},{"id":"173ec582-5ca0-4d70-90e7-fd3a5b1ec32a","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.45%","page_number":2,"box":{"x":81,"y":615,"width":844,"height":10}},{"id":"d938bc3a-fef8-46af-a19b-af8db4a1bd5a","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":2,"box":{"x":81,"y":626,"width":851,"height":9}},{"id":"7245ace8-fe7e-4789-887a-ec6d552455b3","block_type":"box","text":"interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":636,"width":617,"height":9}},{"id":"f9c207b9-a7f9-41c7-9c89-1d85019004f6","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":654,"width":74,"height":12}},{"id":"91c1ca8d-4416-4874-ab7c-a462bed742c0","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":670,"width":830,"height":12}},{"id":"887a6b8f-611e-40c4-a8d5-1986a93a883d","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":684,"width":832,"height":12}},{"id":"7959fedf-099e-44bd-bcac-5ea1a395252d","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":700,"width":832,"height":11}},{"id":"7f3ff078-fc4e-43cf-88f2-5141e24ec94e","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":2,"box":{"x":61,"y":715,"width":859,"height":11}},{"id":"3e629dd8-93e8-4fb2-81ec-7579e5f29a7a","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":730,"width":436,"height":11}},{"id":"cda15d53-8d15-44f9-9db8-e4eea4a5b874","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":758,"width":292,"height":8}},{"id":"93c23be0-13de-4c7d-a711-f7aeb651d3cc","block_type":"box","text":"Class K Shares $46 $155 $275 $623","page_number":2,"box":{"x":69,"y":776,"width":843,"height":9}},{"id":"4ee8cc9a-6209-4cc5-8718-d99f66d7079c","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":801,"width":151,"height":10}},{"id":"72f4ff2b-948b-49f5-b93a-4c965c0f2d8c","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":817,"width":800,"height":12}},{"id":"a130bbae-8124-4f7c-ac51-6d3ceda7f973","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":2,"box":{"x":62,"y":832,"width":850,"height":12}},{"id":"24cc400d-6f5f-4ecc-9b26-7a179c021513","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":2,"box":{"x":61,"y":847,"width":870,"height":11}},{"id":"cf9d86ed-7c44-4aed-9681-326cba760ee8","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":2,"box":{"x":62,"y":862,"width":839,"height":11}},{"id":"c77ab4d9-bc6d-45dd-aaff-3aee328cbf70","block_type":"box","text":"99% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":876,"width":298,"height":12}},{"id":"c67096f7-953f-47fd-8473-f4c82d13f984","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"0c03e3a4-239e-481c-9dd3-90d359440454","block_type":"box","text":"NM1026U-5978958-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"710f4597-3d61-4c6b-b28e-ae4419570006","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"dbdce67f-9009-4c5b-98a8-3b7baf7c2a31","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":69,"width":798,"height":11}},{"id":"55c83538-6fbb-409f-ac59-0b124ad70865","block_type":"box","text":"borrowings for investment purposes in non-U.S. equity securities and equity-like instruments of companies that are","page_number":3,"box":{"x":61,"y":84,"width":843,"height":11}},{"id":"b42f5988-414c-46ea-bd69-fb55055806fc","block_type":"box","text":"components of, or have characteristics similar to, the companies included in the MSCI EAFE","page_number":3,"box":{"x":61,"y":98,"width":676,"height":12}},{"id":"4d6444da-ace6-44e2-9d09-d8eb072069a9","block_type":"box","text":"®","page_number":3,"box":{"x":737,"y":99,"width":6,"height":4}},{"id":"f1e12d9e-232b-4a01-a31e-932916088d1d","block_type":"box","text":"Index (the “MSCI EAFE","page_number":3,"box":{"x":750,"y":99,"width":164,"height":11}},{"id":"d5304017-9ca0-4255-9919-f9fdfaa60bba","block_type":"box","text":"Index”) and derivatives that are tied economically to securities of the MSCI EAFE Index. Investments in derivatives are","page_number":3,"box":{"x":62,"y":113,"width":864,"height":12}},{"id":"9a9d7629-f4e2-4214-b44d-cde69276a8b2","block_type":"box","text":"counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included","page_number":3,"box":{"x":61,"y":128,"width":853,"height":12}},{"id":"5687b741-74e2-479c-950a-7544dfda5e00","block_type":"box","text":"within that policy or to one or more market risk factors associated with such securities. The MSCI EAFE Index is a","page_number":3,"box":{"x":60,"y":143,"width":834,"height":11}},{"id":"bcb82135-f14f-4f74-86f6-cb6b3646fb33","block_type":"box","text":"capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group","page_number":3,"box":{"x":61,"y":158,"width":831,"height":11}},{"id":"e60a88dd-6a53-4c34-9e1c-2ee68047fdcb","block_type":"box","text":"representation.","page_number":3,"box":{"x":61,"y":173,"width":110,"height":11}},{"id":"2a49fc21-4dd9-4f62-a063-8f539fcf371d","block_type":"box","text":"Equity securities include common stock and preferred stock. The Fund primarily seeks to buy common stock and may","page_number":3,"box":{"x":62,"y":195,"width":861,"height":12}},{"id":"4e152d2f-2aab-4fce-8560-500b3e70c863","block_type":"box","text":"also invest in preferred stock. From time to time, the Fund may invest in shares of companies through “new issues” or","page_number":3,"box":{"x":61,"y":210,"width":873,"height":12}},{"id":"63a13a4e-beed-4c91-afcd-5bcf0e832a70","block_type":"box","text":"initial public offerings (“IPOs”). The Fund may also purchase conver tible securities.","page_number":3,"box":{"x":62,"y":225,"width":607,"height":11}},{"id":"09dc9526-e90f-42f7-ac87-bc8e166fca11","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based on a","page_number":3,"box":{"x":60,"y":247,"width":823,"height":10}},{"id":"c25a1174-77b3-46b3-8b93-c3584960acf8","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":3,"box":{"x":61,"y":262,"width":862,"height":12}},{"id":"22b5ff84-6c16-43f7-923a-a624d6ad4de4","block_type":"box","text":"seek total return.","page_number":3,"box":{"x":61,"y":277,"width":125,"height":9}},{"id":"06709230-c107-4feb-a10b-7557e98f5ddb","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some","page_number":3,"box":{"x":60,"y":300,"width":875,"height":11}},{"id":"bdd36377-57e0-402e-85e4-034048a6ed9c","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":3,"box":{"x":61,"y":314,"width":859,"height":12}},{"id":"e974b4be-9c6b-4ed6-972c-99e81e07f96b","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":3,"box":{"x":60,"y":329,"width":839,"height":12}},{"id":"d650b971-1d15-4920-81ab-e521be285e86","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":3,"box":{"x":62,"y":344,"width":808,"height":12}},{"id":"51887a22-a9d4-4c3b-b2f2-8c070a3b99e4","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":359,"width":872,"height":11}},{"id":"a30d4a22-7ac1-48bf-b241-be55ef2612cb","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI","page_number":3,"box":{"x":62,"y":374,"width":868,"height":11}},{"id":"a6db6e23-da7f-4e1a-98b7-38968ad40cec","block_type":"box","text":"EAFE Index. The use of options, futures, swaps (including, but not limited to, total return swaps, some of which may be","page_number":3,"box":{"x":62,"y":389,"width":873,"height":11}},{"id":"f6f613f1-e1fc-4ea4-9137-28b48c8b1d81","block_type":"box","text":"referred to as contracts for difference) and forward contracts can be effective in protecting or enhancing the value of","page_number":3,"box":{"x":61,"y":403,"width":859,"height":12}},{"id":"9e54b8b6-caca-4cf6-ad88-82db7f49d74c","block_type":"box","text":"the Fund’s assets.","page_number":3,"box":{"x":60,"y":418,"width":136,"height":9}},{"id":"8d27c286-84cc-49f8-b78f-12a3c492ecfd","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in securities in a disciplined manner, by using","page_number":3,"box":{"x":60,"y":441,"width":802,"height":11}},{"id":"8da1a22f-b7ee-41b6-9517-29ec77a2e0e6","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to","page_number":3,"box":{"x":62,"y":456,"width":826,"height":11}},{"id":"c2bd2b1f-5696-4369-9584-7a6189883add","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":470,"width":874,"height":12}},{"id":"6cc9659e-ff1a-45d3-9ed4-8a0ea30cb058","block_type":"box","text":"equity securities while seeking to control incremental risk. BlackRock then constructs and rebalances the por tfolio by","page_number":3,"box":{"x":61,"y":485,"width":862,"height":12}},{"id":"f38c04ed-cfea-48fd-b697-ec2831c46922","block_type":"box","text":"integrating its investment insights with the model-based optimization process.","page_number":3,"box":{"x":62,"y":500,"width":570,"height":12}},{"id":"22a227db-8720-4ccf-a2cd-e13577ed8ea4","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":539,"width":354,"height":14}},{"id":"a057fe24-7d08-4176-bb71-19318b46a137","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":565,"width":860,"height":12}},{"id":"3227ed52-f271-4e31-9187-a0a86d780875","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":580,"width":802,"height":12}},{"id":"601feb05-d2bb-4f0d-a98c-2f7672174f20","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":595,"width":866,"height":11}},{"id":"7e20db0f-267a-47f6-9014-cb034fa0fbf7","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":610,"width":869,"height":11}},{"id":"627a79fc-a870-4fae-8072-92fc9bcfe3d9","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":60,"y":624,"width":864,"height":12}},{"id":"e044050e-2b82-466b-a6c0-944fa61021e7","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":639,"width":793,"height":12}},{"id":"9f58a2d7-9a59-479b-a8a1-942a50e8a46f","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":659,"width":166,"height":12}},{"id":"6c9283b5-9f6a-47e9-9b13-8fa9ebe81c4e","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":659,"width":685,"height":12}},{"id":"6463ea03-e587-471e-9ef5-9be5e8c61967","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":674,"width":550,"height":12}},{"id":"97138276-8bac-43fa-a8a3-dde8d877ab16","block_type":"box","text":"Foreign Securities Risk","page_number":3,"box":{"x":81,"y":694,"width":176,"height":11}},{"id":"bb3e93e6-0341-4901-bfe3-51dc2b309762","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":3,"box":{"x":260,"y":694,"width":668,"height":12}},{"id":"bcf2b746-697b-497f-b1be-a963852f92cb","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":3,"box":{"x":82,"y":709,"width":531,"height":11}},{"id":"5bf089b1-0913-4e5c-893f-bdd20c3258cc","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":3,"box":{"x":101,"y":729,"width":823,"height":11}},{"id":"17148569-9020-46cf-a899-bc35ab55e131","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":3,"box":{"x":102,"y":744,"width":823,"height":11}},{"id":"16873a50-b951-4df8-9c1d-38052cd25244","block_type":"box","text":"oversight.","page_number":3,"box":{"x":101,"y":759,"width":70,"height":11}},{"id":"6a7dfe79-f579-4865-b416-cc9ae55f55dc","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":3,"box":{"x":101,"y":778,"width":644,"height":12}},{"id":"4ca3afbb-6e06-4ebb-9a5a-506d819a33e2","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":3,"box":{"x":101,"y":798,"width":830,"height":12}},{"id":"323783a1-4c04-4c86-ae12-7a415a9d7e1b","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":3,"box":{"x":102,"y":813,"width":808,"height":12}},{"id":"863ebe5f-02e7-4b65-aeb0-8874028dbbd9","block_type":"box","text":"payments position.","page_number":3,"box":{"x":102,"y":828,"width":137,"height":12}},{"id":"f8b22bdf-31f5-42e2-93fd-bd8f5948b96f","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":3,"box":{"x":101,"y":848,"width":821,"height":12}},{"id":"87cc92ed-35a5-4d8b-8987-abcfd1e457d9","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":3,"box":{"x":102,"y":863,"width":809,"height":12}},{"id":"4dfcc6dc-7cc6-4358-942e-5cc2596c7042","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":3,"box":{"x":102,"y":878,"width":784,"height":11}},{"id":"0177c223-c5f8-40f0-8c6b-7ab6e452f151","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":3,"box":{"x":101,"y":893,"width":352,"height":11}},{"id":"845ab810-0290-404a-a7c4-94766813cebc","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"59c2d9ae-5c17-45d4-9845-b643a90bd1b3","block_type":"box","text":"NM1026U-5978958-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d853e633-5be9-4c3a-9d75-355b9202322e","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":42,"width":823,"height":11}},{"id":"db412ad5-d314-4857-9f14-e378c3e602a4","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":4,"box":{"x":101,"y":57,"width":811,"height":11}},{"id":"11d73521-ad74-41a9-81e1-1dd80241904d","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":72,"width":148,"height":9}},{"id":"f349b2bd-11ce-4eb3-93a7-b38bd9e1e6c9","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":91,"width":834,"height":12}},{"id":"a8d6123e-bffc-4999-a1d9-b05c519e4388","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":106,"width":628,"height":12}},{"id":"e6a0c560-85ea-4938-b3d7-740b4f71f31b","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":4,"box":{"x":101,"y":126,"width":830,"height":12}},{"id":"85da865b-e62d-45a9-bf57-449c666e4a03","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":141,"width":831,"height":12}},{"id":"bc700c46-ef76-49a0-b89d-6b7959765c20","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":4,"box":{"x":101,"y":156,"width":813,"height":11}},{"id":"47e7e815-dddf-4b43-8d77-1de4aaa15513","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":171,"width":395,"height":11}},{"id":"4059478f-0970-44ef-a4c0-8909719fa2a2","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":191,"width":85,"height":9}},{"id":"32eb59df-00cf-43b9-876a-9769c4d6d4af","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":191,"width":722,"height":11}},{"id":"6a6ea86d-7a4a-4c2f-b9de-c1beda2e93d1","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":205,"width":840,"height":12}},{"id":"6dc96abe-b627-4953-86fb-190878a6280b","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":220,"width":807,"height":12}},{"id":"728ea26c-d5b1-45b0-8b9c-28ac35397be7","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":235,"width":842,"height":12}},{"id":"b604d057-3055-4fbd-b411-9a0f87814133","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":250,"width":836,"height":12}},{"id":"9bdd9ae4-1f5e-4d43-bbee-88d93da522b7","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":265,"width":777,"height":11}},{"id":"18b7d417-bfd9-4362-bd27-4cc9b053c6c4","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":285,"width":837,"height":11}},{"id":"3f71bbdd-bdef-48bb-9cd9-24dd00b4e709","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":300,"width":819,"height":11}},{"id":"3ffb7052-46c6-468d-aeea-7d1ef0a0ef9f","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":314,"width":843,"height":12}},{"id":"dcb0d433-3bee-4ea1-8cce-d4819432a2d2","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":329,"width":834,"height":12}},{"id":"1ec07c05-5174-45ec-83ca-9835b90f16df","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":344,"width":176,"height":11}},{"id":"3bfb1ba0-1e88-481f-93d9-9e4094349e4e","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":364,"width":206,"height":9}},{"id":"d8c9e6c9-53f3-461a-89bb-cf9e6a556ca1","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":364,"width":593,"height":12}},{"id":"9e72a981-e6cf-412a-8938-95430de1eec0","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":379,"width":853,"height":11}},{"id":"09edf735-c4a5-47c5-b7ad-625c6ea0ba8c","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":394,"width":855,"height":11}},{"id":"a2ac8a58-fc0a-4295-a2a3-ad8db0920703","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":409,"width":816,"height":11}},{"id":"09296e1d-a0d2-46a6-9183-f0b09012c75d","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":423,"width":796,"height":12}},{"id":"39c878ed-3df0-4c13-98c1-c1bc05649cde","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":438,"width":812,"height":12}},{"id":"97f8503b-a9a8-4ad7-9f52-7b710880847e","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":453,"width":809,"height":12}},{"id":"f5553205-8a81-4353-a16e-522a35d7a923","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":473,"width":123,"height":9}},{"id":"2802ba6d-c527-4814-aef8-33c196b44244","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":473,"width":664,"height":11}},{"id":"67893590-f543-4b58-898e-5d249f73e21c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":488,"width":469,"height":11}},{"id":"e86998ff-55f4-43d7-9228-6502b659969f","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":508,"width":102,"height":11}},{"id":"0e765d45-694b-4890-b38a-8b334ea18dec","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":508,"width":723,"height":11}},{"id":"5808ccb3-43c0-419a-a9f3-f57ece2bc21e","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":523,"width":832,"height":11}},{"id":"61294fb4-716c-4377-a106-c950537b6a05","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":538,"width":280,"height":11}},{"id":"877be8b6-dfa5-4e67-bff3-80ec31deb85f","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":558,"width":87,"height":9}},{"id":"1d29eb9f-f105-4449-b0db-a05735511386","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":557,"width":728,"height":12}},{"id":"360da79d-48d2-40bb-96ba-595f5289b66f","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":572,"width":834,"height":11}},{"id":"1a9aa41a-f9df-457d-8bfc-4adbc1c39b17","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":587,"width":832,"height":12}},{"id":"d8addb1b-455d-4978-8844-0cfce7984800","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":602,"width":779,"height":11}},{"id":"8188ee7e-f0ae-42fa-9b1d-16aec8109994","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":617,"width":253,"height":11}},{"id":"e569d6ce-df1d-4973-8c7a-7d018e5c5405","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":637,"width":131,"height":11}},{"id":"d4f66726-d80b-44f1-8191-3bb5130fd04d","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":637,"width":697,"height":11}},{"id":"03842596-bba9-4580-aa6b-3841a1c6aa63","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":652,"width":855,"height":11}},{"id":"0224a04a-fb89-4009-aebd-468565c43e10","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":667,"width":240,"height":11}},{"id":"d36423ef-b615-48de-9224-e94459461c9e","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":687,"width":100,"height":11}},{"id":"d5581967-7579-465d-b67f-d2b476a34635","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":686,"width":750,"height":12}},{"id":"59d1e30c-abb9-4aa5-a43b-23a08fd3aa1d","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":701,"width":839,"height":11}},{"id":"9cd67940-e4c4-4c1e-a1a7-8bd17793fe51","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":716,"width":293,"height":11}},{"id":"c536659d-e490-4d1d-9dea-3734c26bf316","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":736,"width":120,"height":11}},{"id":"7a98a695-eaf7-4d5b-bdcb-8b0267d22a72","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":736,"width":727,"height":12}},{"id":"742b6b9d-4da0-4af6-acb6-bb2fff554e37","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":751,"width":607,"height":11}},{"id":"0639998c-b078-4b88-b37f-5ca1735bc2f6","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":771,"width":75,"height":11}},{"id":"d60f59b2-d81a-43ff-996d-caa11bbfcba8","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":771,"width":761,"height":11}},{"id":"4cb66e64-c3ea-4194-a2bf-7e6b618c8bfd","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":786,"width":198,"height":11}},{"id":"efb2e978-88f7-4e4d-9fb1-025fa9e8f012","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":806,"width":214,"height":11}},{"id":"9a27836d-2c48-4bd5-89b7-6d1b02133daf","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":806,"width":590,"height":11}},{"id":"08bcee9f-9f57-473b-b5e4-13c39cf93b85","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":820,"width":775,"height":12}},{"id":"a089cf98-5454-45c1-9098-1fdbf5d17ae4","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":835,"width":589,"height":12}},{"id":"29168354-5a75-47fb-a662-2f37d09e9559","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":855,"width":102,"height":9}},{"id":"d50dad00-e473-42b3-bfdf-63a92756890f","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":4,"box":{"x":189,"y":855,"width":747,"height":12}},{"id":"bc956ce9-75a9-4f4e-aef8-248b466a0768","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":4,"box":{"x":82,"y":870,"width":783,"height":11}},{"id":"b6c805ca-4ab3-4489-afce-e491b633f608","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":885,"width":273,"height":11}},{"id":"67e01136-a3c4-43e9-8789-12a6b7a7e4f1","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"09c6e850-5676-41e4-a731-98dbe9d69159","block_type":"box","text":"NM1026U-5978958-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"2ba5b55f-f2cf-49c6-9b81-b4115b6e7d5f","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":42,"width":95,"height":11}},{"id":"fa421b32-86ef-4e37-bc20-9b20a9849aee","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":42,"width":728,"height":11}},{"id":"791b5fa0-a26e-4e01-b7a5-bca4dfede318","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":57,"width":839,"height":11}},{"id":"3aa9ff7c-c4c9-467a-916b-0755957352c7","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":72,"width":354,"height":11}},{"id":"391db03b-6f33-4f2c-a0e5-7c9e066f1a26","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":92,"width":59,"height":9}},{"id":"3caee47d-07a4-4b6a-bd9d-f73badf46744","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":91,"width":719,"height":12}},{"id":"7e105b9c-fc5e-4b58-aa6f-3ed21771ca01","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":106,"width":801,"height":12}},{"id":"b41d679b-ac87-43a2-bc66-7e37d2934e71","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":121,"width":802,"height":12}},{"id":"695d4b43-f147-483c-8b91-92a8a3c6c70c","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":136,"width":830,"height":11}},{"id":"4fcd2e39-77eb-46e9-8bcd-278cae145d93","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":151,"width":215,"height":9}},{"id":"10259718-f2c4-4a03-81a1-18aaa14bde4c","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":171,"width":212,"height":11}},{"id":"4c74c66f-9fdd-4f4b-a071-38d62abf16b7","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":171,"width":629,"height":11}},{"id":"dac1ee2b-d760-47cb-b28c-e23e0f54e323","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":185,"width":812,"height":12}},{"id":"2fc2fcd6-d191-49f7-8ce7-5ee122acf06e","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":200,"width":817,"height":12}},{"id":"3012b111-f223-4cc8-8866-ae40e23dd8ef","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":215,"width":760,"height":12}},{"id":"e29253f9-ea1a-4edd-b4c8-a5918a841bdd","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":230,"width":852,"height":12}},{"id":"199e0e0c-0047-4bb4-acde-9b18c39c2175","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":5,"box":{"x":81,"y":245,"width":589,"height":11}},{"id":"b9de2751-066e-4bca-9d2a-a2adf081be80","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":265,"width":107,"height":11}},{"id":"59246678-ccb7-4e91-a93a-e5b8eefb03e1","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":265,"width":741,"height":11}},{"id":"d71e9763-271d-40a0-a0e4-dfa160ecaa57","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":280,"width":853,"height":11}},{"id":"7d306417-72cb-409b-b20a-d2aa086a51c0","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":294,"width":856,"height":12}},{"id":"a2b5338b-4c64-4042-8010-e92c2749367a","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":5,"box":{"x":80,"y":309,"width":775,"height":12}},{"id":"25de8d9b-e6d2-4bf9-90ac-5c06e5f4cdd4","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":5,"box":{"x":80,"y":324,"width":814,"height":12}},{"id":"421e79b0-2444-499c-8db5-3fc49bfa822c","block_type":"box","text":"leverage.","page_number":5,"box":{"x":82,"y":339,"width":63,"height":11}},{"id":"15971dca-230a-4d12-b899-bd2324d9cde8","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":359,"width":240,"height":9}},{"id":"2ed1bbc9-9471-48fc-9b48-627af26d576b","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":359,"width":593,"height":9}},{"id":"3f19a261-0452-41ea-b12b-26b78c694077","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":374,"width":851,"height":11}},{"id":"f698f9f2-ad0b-4e60-9b93-eea22fdaa1c3","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":389,"width":824,"height":11}},{"id":"30bdbf49-0912-4c83-829e-f5920cad4f7a","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":404,"width":851,"height":11}},{"id":"4a75f9e3-18d4-4921-b295-54b7fc118d0c","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":418,"width":802,"height":12}},{"id":"307b328a-c0dc-4e7e-9b9a-c7700c4fcfd0","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":433,"width":849,"height":12}},{"id":"a5e7e837-4f68-4930-9384-13b9944b411c","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":448,"width":843,"height":11}},{"id":"810314c5-4e05-4048-a2dc-ac1c9878ed3a","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":463,"width":830,"height":11}},{"id":"3f6bbdca-cfad-46d4-8f77-e9a800313e60","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":477,"width":840,"height":12}},{"id":"e716bcee-5e62-4bd1-a179-0071321e9df9","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":492,"width":789,"height":12}},{"id":"98f2c0ab-dde3-420f-b881-e05683006848","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":507,"width":823,"height":12}},{"id":"2a13a518-6fac-4f0f-83a0-b4f8f0829835","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":522,"width":784,"height":12}},{"id":"899e4b74-e301-443b-aa86-28933567edd7","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":537,"width":844,"height":11}},{"id":"9eb59036-901f-46b3-92a1-b121315a43a4","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":5,"box":{"x":81,"y":552,"width":855,"height":11}},{"id":"7310fee7-6408-475a-aafb-903f79c527e3","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":5,"box":{"x":81,"y":567,"width":376,"height":11}},{"id":"31b22097-55e1-4ddb-8e5f-f2f98e2e8d30","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":587,"width":818,"height":11}},{"id":"c2b12917-4b99-46e7-838b-e7a9bde8251c","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":602,"width":819,"height":11}},{"id":"fff8f873-4acd-45b0-a8af-435b22816754","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":616,"width":819,"height":12}},{"id":"1e23444a-9d62-43d3-878f-6757521a3ac8","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":631,"width":846,"height":11}},{"id":"34f06038-2a1c-42d1-99fd-bb32b9fd0908","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":646,"width":848,"height":11}},{"id":"aa96c5c0-7c50-43ee-a301-b34ee6986126","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":661,"width":125,"height":9}},{"id":"38810d7e-ca1f-4efc-9366-5363bb1e0b51","block_type":"box","text":"Mid Cap Securities Risk","page_number":5,"box":{"x":81,"y":681,"width":182,"height":11}},{"id":"bd592d7e-f5f2-4989-94c3-4a4072c7032a","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":5,"box":{"x":267,"y":681,"width":665,"height":11}},{"id":"62adfd62-0dfe-4266-ad4f-96ffe859816a","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":5,"box":{"x":81,"y":695,"width":789,"height":12}},{"id":"94ea1832-45d3-4822-8800-c92bc3e282e8","block_type":"box","text":"“New Issues” Risk","page_number":5,"box":{"x":83,"y":715,"width":139,"height":10}},{"id":"3ef934c5-f864-4fa4-a41f-175118410880","block_type":"box","text":"—","page_number":5,"box":{"x":227,"y":721,"width":17,"height":1}},{"id":"c0b6aee0-95f4-4b27-9ec8-f926ea076efb","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":715,"width":681,"height":12}},{"id":"4278a3c1-e9ac-496e-b667-bc7e14a813d6","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":730,"width":843,"height":12}},{"id":"5b2c9742-d49c-4857-9445-270a1aa675b0","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":745,"width":517,"height":12}},{"id":"d756b750-3c87-4f4e-93fa-086edc3247f2","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":765,"width":254,"height":11}},{"id":"d6861a2e-a359-4a64-a0cd-ce452666175a","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":765,"width":578,"height":12}},{"id":"2c3a879f-84c7-4fea-a3cc-86deba004bc8","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":780,"width":779,"height":11}},{"id":"556d8653-8c81-482e-bd8f-3e9157ed7b93","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":5,"box":{"x":81,"y":795,"width":811,"height":11}},{"id":"3f5f9108-d93e-4dd0-8443-335f29352c39","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":5,"box":{"x":82,"y":810,"width":806,"height":11}},{"id":"ffe206b8-ade7-490e-a14f-8ca496898fe1","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":5,"box":{"x":82,"y":824,"width":853,"height":12}},{"id":"f0e2a2ac-b531-44d9-aaab-cb634c579c30","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":5,"box":{"x":82,"y":839,"width":841,"height":12}},{"id":"9ac09c1e-7d8a-46f1-aac7-ed646ec15c2d","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":5,"box":{"x":81,"y":854,"width":808,"height":11}},{"id":"9c2bf5ea-e737-4851-bae7-b784c514508c","block_type":"box","text":"issuers to lose value.","page_number":5,"box":{"x":82,"y":869,"width":155,"height":9}},{"id":"c52b4bb9-d388-4581-9eec-14821f2f24ce","block_type":"box","text":"Preferred Securities Risk","page_number":5,"box":{"x":81,"y":889,"width":189,"height":9}},{"id":"b8ed35ad-0089-40e9-a52f-790bbe79cb1f","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":5,"box":{"x":274,"y":889,"width":636,"height":11}},{"id":"43979d1e-0460-477d-a6b3-d4b76c0baf16","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":904,"width":824,"height":11}},{"id":"c18bab7b-7199-453d-9201-d4abb7a36eec","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":5,"box":{"x":82,"y":918,"width":806,"height":12}},{"id":"dbe6ef8b-c99d-410c-96bb-18e3d86a39f3","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"b4b7469b-0d8a-48df-a82f-3658ff118f16","block_type":"box","text":"NM1026U-5978958-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"6b93e73f-5b49-4209-8a3b-11143838ec53","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":42,"width":842,"height":11}},{"id":"bea410df-d520-4804-9ab1-63de837dd093","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":57,"width":781,"height":11}},{"id":"c40f1cad-709a-4ced-90fa-34187919b214","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":71,"width":812,"height":12}},{"id":"cc302b98-4237-4860-8097-b550da657f62","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":87,"width":129,"height":11}},{"id":"391abde6-f80d-4446-aa19-8bc038162ee0","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":125,"width":224,"height":11}},{"id":"a146cf05-fe09-47e2-aae3-cd2946d6cc3e","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment process and investment strategies. Per formance for","page_number":6,"box":{"x":62,"y":151,"width":867,"height":12}},{"id":"c7f337c8-a030-4643-a884-bd7324df7445","block_type":"box","text":"the periods prior to June 12, 2017 shown below is based on the investment process and investment strategies utilized","page_number":6,"box":{"x":60,"y":166,"width":876,"height":12}},{"id":"e4309456-f9eb-4ad3-9a64-fcac68394a16","block_type":"box","text":"by the Fund at that time under the name “BlackRock Global Oppor tunities Por tfolio.”","page_number":6,"box":{"x":61,"y":181,"width":619,"height":11}},{"id":"a5dcb8cd-b2d6-4aa8-bc0d-87d851e0646a","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":204,"width":855,"height":11}},{"id":"94f0ea7e-7e02-408c-b9cf-f689f88dad9c","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":6,"box":{"x":61,"y":218,"width":852,"height":12}},{"id":"c1502245-9cc9-416d-9372-9ef51747b56d","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":6,"box":{"x":61,"y":233,"width":866,"height":12}},{"id":"edb0ecb3-35b1-45b4-8a80-a16070811c2c","block_type":"box","text":"offered in this prospectus. The per formance of Class K Shares would be substantially similar to Institutional Shares","page_number":6,"box":{"x":61,"y":248,"width":853,"height":11}},{"id":"cb29da96-179c-4467-9fd4-ccf64ab4a1bd","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same por tfolio of securities and per formance","page_number":6,"box":{"x":61,"y":263,"width":842,"height":11}},{"id":"c6bd7c15-50ce-4a8a-a5a4-b40bd4b20905","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":6,"box":{"x":60,"y":278,"width":820,"height":11}},{"id":"a34de701-04f6-4c04-a2ed-796e7411599b","block_type":"box","text":"returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have","page_number":6,"box":{"x":61,"y":292,"width":873,"height":12}},{"id":"6fe2fed7-d09e-4236-9986-e600b3bb7325","block_type":"box","text":"lower expenses than the Institutional Shares. The table compares the Fund’s per formance to that of the MSCI EAFE","page_number":6,"box":{"x":62,"y":307,"width":851,"height":12}},{"id":"48ebc8d6-125a-4d68-9bdc-023f17d5f001","block_type":"box","text":"Index (Net). To the extent that dividends and distributions have been paid by the Fund, the per formance information for","page_number":6,"box":{"x":62,"y":322,"width":873,"height":12}},{"id":"12691188-cfe6-432e-b95f-1174fed68c53","block_type":"box","text":"the Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":6,"box":{"x":60,"y":337,"width":875,"height":11}},{"id":"72e9000d-a641-46e0-a035-9c9b8c7f2506","block_type":"box","text":"past per formance (before and after taxes) is not an indication of future results. The table includes all applicable fees.","page_number":6,"box":{"x":62,"y":352,"width":863,"height":11}},{"id":"d19c1cfb-f450-486d-843b-1d161e0b46b6","block_type":"box","text":"If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s","page_number":6,"box":{"x":62,"y":367,"width":852,"height":11}},{"id":"fabae8ba-6a8b-4c2b-b940-3ad41997f890","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":6,"box":{"x":61,"y":381,"width":865,"height":12}},{"id":"ca8fa31c-f79c-41ef-83fa-5ba3f5213048","block_type":"box","text":"can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":6,"box":{"x":61,"y":396,"width":705,"height":12}},{"id":"84cf9ffb-5608-46ad-b2e3-7e1171788fe2","block_type":"box","text":"Class K Shares","page_number":6,"box":{"x":437,"y":419,"width":124,"height":10}},{"id":"1f39d42a-17b2-4603-93f6-adc5dc62522a","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":392,"y":435,"width":212,"height":10}},{"id":"e4c1b6e6-fd78-48d5-8d33-3a78ccd8e866","block_type":"box","text":"BlackRock Advantage International Fund","page_number":6,"box":{"x":330,"y":452,"width":338,"height":12}},{"id":"23daf081-f9c4-43b4-8604-d4eed5c647cf","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":447,"y":468,"width":103,"height":12}},{"id":"48e4b051-930d-424b-afc9-a612a0cc1e4f","block_type":"box","text":"3.23%","page_number":6,"box":{"x":295,"y":579,"width":37,"height":7}},{"id":"fbae83ad-44a6-4f63-a2f3-0570ce77857d","block_type":"box","text":"24.20%","page_number":6,"box":{"x":339,"y":524,"width":45,"height":7}},{"id":"65289418-5be9-46b6-a502-5804e9018cac","block_type":"box","text":"-15.06%","page_number":6,"box":{"x":385,"y":641,"width":49,"height":7}},{"id":"ccba1821-bdb6-4583-b942-e7cfbb2e1cab","block_type":"box","text":"21.75%","page_number":6,"box":{"x":436,"y":531,"width":45,"height":7}},{"id":"ce786f5e-7fdb-4b72-b9dc-84dc45f82d34","block_type":"box","text":"7.41%","page_number":6,"box":{"x":488,"y":568,"width":37,"height":7}},{"id":"3730dcc8-78b2-4ef5-bd05-68de70af2a72","block_type":"box","text":"13.08%","page_number":6,"box":{"x":532,"y":553,"width":45,"height":7}},{"id":"d650cd4a-ccfe-488c-9608-1135d45fba8b","block_type":"box","text":"-13.42%","page_number":6,"box":{"x":578,"y":637,"width":49,"height":7}},{"id":"a52dd3b6-b8eb-4479-b8ad-194315547417","block_type":"box","text":"19.49%","page_number":6,"box":{"x":629,"y":536,"width":44,"height":8}},{"id":"8a125c4b-510b-4df8-a5b4-1a3b185ee735","block_type":"box","text":"6.81%","page_number":6,"box":{"x":681,"y":569,"width":36,"height":8}},{"id":"88891cb8-74c4-467f-82e3-5e00c0089d81","block_type":"box","text":"32.51%","page_number":6,"box":{"x":725,"y":503,"width":45,"height":7}},{"id":"d360901e-7b8b-4362-af67-8e9829c3a37b","block_type":"box","text":"-20%","page_number":6,"box":{"x":237,"y":646,"width":28,"height":8}},{"id":"1dde58fa-f29f-42f9-bb49-03fc012c5c57","block_type":"box","text":"-10%","page_number":6,"box":{"x":237,"y":620,"width":28,"height":8}},{"id":"8e6a0aec-76a0-4800-8c39-e8973eb1e3d3","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":594,"width":17,"height":8}},{"id":"1a39ca89-dd3d-40cd-9d78-e4d60e88a3e4","block_type":"box","text":"10%","page_number":6,"box":{"x":241,"y":569,"width":24,"height":7}},{"id":"1e6fa242-ad0f-45b4-b8ab-fde525af71c4","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":543,"width":25,"height":7}},{"id":"e4959362-6e59-4874-b21f-c1baab5422d8","block_type":"box","text":"30%","page_number":6,"box":{"x":240,"y":517,"width":25,"height":7}},{"id":"7c2bfd6e-f687-48df-b3f5-3459057104e8","block_type":"box","text":"40%","page_number":6,"box":{"x":240,"y":491,"width":25,"height":7}},{"id":"46e3915e-22c8-4c6b-b04a-3e30d67e0932","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":656,"width":465,"height":7}},{"id":"7ea3515e-95db-4553-a500-8f93e48a8ac9","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 18.30% (quar ter ended","page_number":6,"box":{"x":62,"y":677,"width":806,"height":11}},{"id":"2eae0e90-1b9c-4f6c-8235-4eb3d8cac293","block_type":"box","text":"December 31, 2022) and the lowest return for a quar ter was -24.53% (quar ter ended March 31, 2020). The year-to","page_number":6,"box":{"x":62,"y":691,"width":853,"height":12}},{"id":"885a2e1a-c416-4438-b612-34f7b90ddb5b","block_type":"box","text":"date return as of June 30, 2026 was 11.16%.","page_number":6,"box":{"x":61,"y":706,"width":337,"height":11}},{"id":"f8ab673e-82bb-4d26-91d3-0f8fa6e56086","block_type":"box","text":"For the periods ended 12/31/25","page_number":6,"box":{"x":70,"y":735,"width":223,"height":10}},{"id":"a5c26326-9ab6-4126-8b15-afe37623e5ad","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":6,"box":{"x":69,"y":747,"width":854,"height":10}},{"id":"e82d633a-cb38-4d08-b3f1-fe51cc5716a0","block_type":"box","text":"BlackRock Advantage International Fund — Class K Shares","page_number":6,"box":{"x":70,"y":765,"width":389,"height":10}},{"id":"de1dfcda-e088-41fc-b108-ffc77de6f026","block_type":"box","text":"Return Before Taxes 32.51% 10.61% 8.96%","page_number":6,"box":{"x":85,"y":777,"width":835,"height":9}},{"id":"9d5d47b4-6954-4997-8990-dfbde6ab4c80","block_type":"box","text":"Return After Taxes on Distributions 29.48% 9.09% 8.02%","page_number":6,"box":{"x":85,"y":790,"width":835,"height":9}},{"id":"fb9a7e78-b3b5-4258-b3fe-815293dabae9","block_type":"box","text":"Return After Taxes on Distributions","page_number":6,"box":{"x":85,"y":803,"width":228,"height":9}},{"id":"b5dbda4a-ecc1-4204-ad3c-86b701c30c29","block_type":"box","text":"and Sale of Fund Shares 19.92% 7.96% 7.08%","page_number":6,"box":{"x":85,"y":815,"width":835,"height":8}},{"id":"260c71ec-ff07-4325-8832-f096ff3ab3f5","block_type":"box","text":"MSCI EAFE Index (Net)","page_number":6,"box":{"x":70,"y":833,"width":146,"height":10}},{"id":"86da50ae-bd76-4422-9302-4c9882f2ea4d","block_type":"box","text":"1","page_number":6,"box":{"x":218,"y":833,"width":3,"height":4}},{"id":"0bc61a4d-427b-409f-b15f-d142a76be70a","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":6,"box":{"x":69,"y":846,"width":486,"height":11}},{"id":"86068f75-f33a-43d7-aded-9491c3bc4cb2","block_type":"box","text":"taxes on reinvested dividends) 31.22% 8.92% 8.18%","page_number":6,"box":{"x":69,"y":860,"width":851,"height":10}},{"id":"003d1cc3-fd54-4f41-a7c1-5940900e90d8","block_type":"box","text":"1","page_number":6,"box":{"x":61,"y":880,"width":3,"height":3}},{"id":"fd9c90ac-ff6d-49ab-962f-55c3ed4105e5","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":6,"box":{"x":65,"y":880,"width":819,"height":9}},{"id":"d8a058d7-81d2-409c-b503-6848d49b7eee","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":6,"box":{"x":61,"y":890,"width":870,"height":9}},{"id":"dcd78e80-559b-4b3b-bfd3-ede9c0cd6dd1","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":6,"box":{"x":60,"y":900,"width":862,"height":9}},{"id":"2b0f71bd-14fe-43d0-a676-498043ca0538","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":6,"box":{"x":60,"y":911,"width":674,"height":9}},{"id":"c9837872-14c1-4b00-8526-951b4be295a1","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"ccef0070-42bc-4222-880a-d82a09a939b5","block_type":"box","text":"NM1026U-5978958-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"2d199dae-e249-4b24-8507-1b3b6dfa237f","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":7,"box":{"x":60,"y":42,"width":840,"height":11}},{"id":"dc793314-0734-4c4c-9ffb-dadc317ee87f","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":7,"box":{"x":61,"y":57,"width":835,"height":11}},{"id":"cc705a56-c2dc-4ab4-a032-50ad93f21671","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":71,"width":851,"height":12}},{"id":"94c534bb-f28a-41cc-ae64-892d585def5e","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":7,"box":{"x":60,"y":86,"width":611,"height":12}},{"id":"2d6c917a-fed5-4deb-b6ee-f1bcd63dabe9","block_type":"box","text":"Investment Manager","page_number":7,"box":{"x":62,"y":125,"width":187,"height":14}},{"id":"b9676c68-f393-438f-a262-3b48ad8b506d","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":7,"box":{"x":60,"y":151,"width":709,"height":12}},{"id":"30b673fc-23cb-4836-a945-c36b9a24de89","block_type":"box","text":"Portfolio Managers","page_number":7,"box":{"x":61,"y":190,"width":173,"height":14}},{"id":"169f40d7-73b9-4722-a6e5-bf9595e60d0f","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":70,"y":234,"width":121,"height":10}},{"id":"ca2ef92a-a55e-4946-ba75-78066e9e117b","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":340,"y":223,"width":121,"height":10}},{"id":"30217bdf-9d02-46fc-98b6-aa50037ce614","block_type":"box","text":"of the Fund Since Title","page_number":7,"box":{"x":341,"y":234,"width":425,"height":8}},{"id":"533367b5-160e-486b-99b1-db38f5968211","block_type":"box","text":"Raffaele Savi 2017 Senior Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":252,"width":825,"height":11}},{"id":"502bed75-f662-45a9-b0b3-b02559823c4f","block_type":"box","text":"Kevin Franklin 2017 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":270,"width":802,"height":11}},{"id":"8b1affd9-00c0-4df2-a06d-525cca64c149","block_type":"box","text":"Richard Mathieson 2017 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":288,"width":802,"height":11}},{"id":"922013cc-0560-40e1-8786-513a876da596","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":61,"y":329,"width":309,"height":11}},{"id":"a308074b-2d0c-4c8f-883b-d04d6c70ef69","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":7,"box":{"x":61,"y":355,"width":859,"height":12}},{"id":"b48403f9-cef2-4198-afd7-e30b7f1e0826","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":7,"box":{"x":61,"y":370,"width":844,"height":11}},{"id":"faba52c2-70da-4f3a-9892-c7a31af7567b","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":7,"box":{"x":62,"y":385,"width":791,"height":11}},{"id":"ce84c66a-3a5c-4980-b331-2b2affc344dc","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":7,"box":{"x":62,"y":399,"width":874,"height":12}},{"id":"5c11058b-0269-4cd9-94e9-3b428e2e759a","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":7,"box":{"x":62,"y":415,"width":871,"height":11}},{"id":"eca3a49d-6d77-4fc3-8eb9-da1abd95f9ae","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":7,"box":{"x":61,"y":429,"width":870,"height":12}},{"id":"1f1b4fa1-54b1-4d85-a87e-cf622f983806","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":7,"box":{"x":62,"y":444,"width":863,"height":11}},{"id":"3950ebf8-eb38-4ee4-909b-ec4966796f65","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":7,"box":{"x":60,"y":459,"width":832,"height":11}},{"id":"be3c8c76-c4a5-4277-bb99-95922ba4a897","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":7,"box":{"x":61,"y":474,"width":815,"height":11}},{"id":"9cd95b3d-235c-48bc-b99d-b6573d7b3d60","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares; (v) fee-based advisory platforms of a","page_number":7,"box":{"x":61,"y":488,"width":816,"height":12}},{"id":"e7a6c3cd-628d-494b-9baa-5efc4698dd8c","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":7,"box":{"x":62,"y":503,"width":867,"height":12}},{"id":"43eb69da-e858-41da-abe9-439f8daacfd5","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":7,"box":{"x":62,"y":518,"width":868,"height":12}},{"id":"70423a50-4e3f-4707-923f-46a39f2a5820","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":7,"box":{"x":61,"y":533,"width":874,"height":12}},{"id":"e11873de-da2b-4ff0-8ac0-4b809087a15f","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":7,"box":{"x":61,"y":548,"width":859,"height":11}},{"id":"e613b324-49b2-4c6e-9c3c-44c00c0ed997","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":7,"box":{"x":60,"y":563,"width":857,"height":11}},{"id":"b115e8b8-c8d0-4207-820d-7c1afedc49a3","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":7,"box":{"x":60,"y":585,"width":874,"height":12}},{"id":"41743355-949b-4bcd-8eee-739ac6cd04bb","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":7,"box":{"x":61,"y":600,"width":868,"height":12}},{"id":"bc6f7b74-f1f4-4494-a25f-0c2ae871460e","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":7,"box":{"x":61,"y":614,"width":857,"height":12}},{"id":"7aea3ff0-d480-4e41-8039-84c3ce763616","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":7,"box":{"x":61,"y":630,"width":842,"height":11}},{"id":"c6a2b276-1a79-4793-a10f-afb52965f9b2","block_type":"box","text":"requirement. 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