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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":812,"width":832,"height":9}},{"id":"5e6b3f8f-e1d2-4aa5-9b1d-c0091ecaf39d","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":822,"width":847,"height":9}},{"id":"6ae8265e-0f94-484a-a64f-21fea8ee11b2","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote","page_number":2,"box":{"x":81,"y":833,"width":849,"height":9}},{"id":"b9864b67-03bc-4c77-8171-9d396f7449c3","block_type":"box","text":"of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":843,"width":356,"height":9}},{"id":"62e03316-947f-4c8a-857a-40dbfeb13984","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":856,"width":4,"height":3}},{"id":"57eb9dda-8f16-4610-b77b-0a04505eb2b2","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":856,"width":841,"height":9}},{"id":"897b9ac4-d29a-47b5-b576-24af33a8161b","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":866,"width":854,"height":9}},{"id":"f8e2c8f2-f1ac-4530-885b-689cc2ae56bf","block_type":"box","text":"Expenses.","page_number":2,"box":{"x":82,"y":877,"width":58,"height":8}},{"id":"7805a3df-1c96-4eeb-bdb8-e0f339ad186f","block_type":"box","text":"5","page_number":2,"box":{"x":61,"y":889,"width":3,"height":4}},{"id":"60be09be-63ac-4806-bff0-8eddd16dd2d7","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":889,"width":837,"height":10}},{"id":"728cea2a-b9ba-4a01-b83f-3460050b9b2a","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":900,"width":771,"height":9}},{"id":"94689a71-6994-491a-b152-f3fbca21bd37","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.79%","page_number":2,"box":{"x":81,"y":910,"width":844,"height":9}},{"id":"c0b98454-b66f-4518-a8b6-755a46d4b106","block_type":"box","text":"(for Investor A Shares), 1.54% (for Investor C Shares), 0.54% (for Institutional Shares) and 1.04% (for Class R Shares) of average daily net","page_number":2,"box":{"x":81,"y":920,"width":814,"height":9}},{"id":"27bb0750-54e2-4bbc-9559-43959fe6cf79","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"e93ebb3b-674c-4cd7-8a8d-66218ab33c76","block_type":"box","text":"NM1026U-5979917-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"dea12ced-4374-406e-b60e-e2ff3856f79c","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors","page_number":3,"box":{"x":81,"y":42,"width":847,"height":10}},{"id":"c6c22fba-9983-454f-8aa9-99f7e48c73fd","block_type":"box","text":"of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":53,"width":539,"height":9}},{"id":"830b62f9-6177-421d-b88b-6c740642e757","block_type":"box","text":"Example:","page_number":3,"box":{"x":61,"y":71,"width":74,"height":12}},{"id":"3b6cdc64-b134-4c49-b5e3-ef78b3c1425a","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":87,"width":830,"height":11}},{"id":"a25c601e-819b-458f-b673-a7835bbec067","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":101,"width":832,"height":12}},{"id":"1953f99a-2414-4907-b2aa-67dc7a074049","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":117,"width":832,"height":11}},{"id":"57463eb4-2610-41fb-8dd3-a06c24bd24a7","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":132,"width":859,"height":11}},{"id":"359bfc91-0256-439b-a49c-94115c5b0251","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":146,"width":436,"height":12}},{"id":"6381d867-0bf7-40ec-96a9-df4ef5ae859b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":175,"width":292,"height":8}},{"id":"3b0d8848-f76e-469f-893f-fcf813f6cae6","block_type":"box","text":"Investor A Shares $601 $803 $1,021 $1,647","page_number":3,"box":{"x":70,"y":192,"width":848,"height":11}},{"id":"4ae4f0e0-0745-46f0-984b-89264d1a646f","block_type":"box","text":"Investor C Shares $257 $535 $ 938 $1,856","page_number":3,"box":{"x":70,"y":210,"width":848,"height":11}},{"id":"004096d2-7293-4e01-b840-6d08524dc086","block_type":"box","text":"Institutional Shares $ 55 $214 $ 387 $ 889","page_number":3,"box":{"x":70,"y":228,"width":848,"height":10}},{"id":"7ec5cc19-21aa-4a55-a1bc-2752cdd1fc78","block_type":"box","text":"Class R Shares $106 $399 $ 714 $1,607","page_number":3,"box":{"x":69,"y":246,"width":849,"height":11}},{"id":"c919362e-da97-45c0-b5e7-1a63dd44b4b5","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":279,"width":532,"height":12}},{"id":"c84407bb-523c-4a0c-b7b4-0e935fcfba63","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":308,"width":292,"height":8}},{"id":"d672a718-7338-44c9-bd2b-e9058ec645c8","block_type":"box","text":"Investor C Shares $157 $535 $938 $1,856","page_number":3,"box":{"x":70,"y":325,"width":848,"height":10}},{"id":"e756153d-3b82-4fd4-9263-ef5dbe9e36a6","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":350,"width":151,"height":10}},{"id":"0d94ef38-ae37-4348-8cbd-a064bb112753","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":367,"width":800,"height":11}},{"id":"50bb1815-fb90-41fa-b702-0068b05d25a0","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":381,"width":850,"height":12}},{"id":"f1450ed8-e119-42f4-81fb-4426847cf06f","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":396,"width":870,"height":12}},{"id":"5a094a97-0acb-4c77-a776-23154e0a60aa","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":411,"width":839,"height":12}},{"id":"cacf60ae-66ac-4b3c-a8c9-810bd7804c86","block_type":"box","text":"120% of the average value of its por tfolio.","page_number":3,"box":{"x":62,"y":426,"width":307,"height":12}},{"id":"ffd7a83b-e4e8-4111-8121-d904ba601ade","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":465,"width":394,"height":13}},{"id":"9e8dc96f-eb29-41e4-b7a6-101f2d0ba240","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":491,"width":798,"height":11}},{"id":"3188d85d-afd5-4df6-bd47-262dd65075cf","block_type":"box","text":"borrowings for investment purposes in large cap value equity securities of U.S. issuers and derivatives that provide","page_number":3,"box":{"x":61,"y":506,"width":845,"height":11}},{"id":"cb12befb-fe25-4343-8e6f-021a58168964","block_type":"box","text":"investment exposure to such securities or to one or more market risk factors associated with such securities. For","page_number":3,"box":{"x":62,"y":521,"width":833,"height":11}},{"id":"17d94e7d-db87-4cc4-92e0-a2c2a2ec8464","block_type":"box","text":"purposes of the Fund’s 80% policy, large cap value equity securities are equity securities that (i) at the time of","page_number":3,"box":{"x":62,"y":535,"width":809,"height":12}},{"id":"ec0584eb-459b-40c8-834f-ae04c77b48bb","block_type":"box","text":"purchase have a market capitalization within the range of companies included in the Russell 1000 Value Index (the","page_number":3,"box":{"x":62,"y":550,"width":843,"height":12}},{"id":"17b1f04a-204c-445a-9d41-43261d9125e5","block_type":"box","text":"“Russell 1000 Value Index”) and (ii) are included within at least one value index, as determined by BlackRock (the","page_number":3,"box":{"x":62,"y":565,"width":837,"height":12}},{"id":"f5d6141f-e5ea-40b9-becb-b0c0a4eb6beb","block_type":"box","text":"“Value Indices”). Currently, such Value Indices are the Russell 3000 Value Index, the S&P Composite 1500 Value Index","page_number":3,"box":{"x":62,"y":580,"width":874,"height":11}},{"id":"608183b5-69df-41e5-a253-06abe909d9de","block_type":"box","text":"and the MSCI World Value Index. The Russell 1000 Value Index includes equity securities of issuers which range in","page_number":3,"box":{"x":61,"y":595,"width":842,"height":11}},{"id":"73a9df6a-9fdd-4266-a6f1-27d539a37dc3","block_type":"box","text":"size between approximately $1.98 billion and $4.647 trillion as of August 31, 2026. The Fund primarily intends to","page_number":3,"box":{"x":61,"y":609,"width":838,"height":12}},{"id":"55b9cf1f-4bf3-4b1c-bfd1-74ee7544deba","block_type":"box","text":"invest in equity securities, which include common stock and preferred stock, or other financial instruments that are","page_number":3,"box":{"x":62,"y":624,"width":846,"height":12}},{"id":"7fb54731-089b-420d-9578-b7aa1d9aabbe","block_type":"box","text":"components of, or have characteristics similar to, the securities included in the Value Indices. The Russell 1000 Value","page_number":3,"box":{"x":61,"y":639,"width":869,"height":12}},{"id":"070a07e9-7337-459a-bce3-f1b13f9e7ec0","block_type":"box","text":"Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry","page_number":3,"box":{"x":62,"y":654,"width":861,"height":12}},{"id":"fff76ae3-7a0b-44b8-a1a7-c1c10564dbbe","block_type":"box","text":"group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From","page_number":3,"box":{"x":60,"y":669,"width":842,"height":12}},{"id":"4eb42f1a-6a53-4a9b-9c89-584a5392ae9b","block_type":"box","text":"time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The","page_number":3,"box":{"x":60,"y":684,"width":871,"height":11}},{"id":"fe31dde5-a278-463b-996b-453508f857b2","block_type":"box","text":"Fund may also purchase conver tible securities. The Fund may use derivatives, including options, futures, swaps","page_number":3,"box":{"x":62,"y":699,"width":820,"height":11}},{"id":"ff937a61-666c-4717-8c13-6bf0d94b339c","block_type":"box","text":"(including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and","page_number":3,"box":{"x":61,"y":713,"width":842,"height":12}},{"id":"35974abb-1af0-4b16-882e-f09abbd603d3","block_type":"box","text":"forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets","page_number":3,"box":{"x":60,"y":728,"width":841,"height":12}},{"id":"ac200476-06e5-4b98-86bd-0fef738cf4b1","block_type":"box","text":"against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In","page_number":3,"box":{"x":61,"y":743,"width":850,"height":12}},{"id":"28c0a9f0-2d72-4a8c-a4ae-3dd798060694","block_type":"box","text":"order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or","page_number":3,"box":{"x":61,"y":758,"width":869,"height":11}},{"id":"7c218cc1-4860-4849-9ead-3aeec082860d","block_type":"box","text":"options on such contracts. Derivatives are financial instruments whose value is derived from another security, a","page_number":3,"box":{"x":61,"y":773,"width":820,"height":11}},{"id":"189d5e08-96df-4ba0-a4f7-9b6e44c37387","block_type":"box","text":"currency or an index, including but not limited to the Value Indices. The use of options, futures, swaps and forward","page_number":3,"box":{"x":61,"y":788,"width":842,"height":11}},{"id":"35944225-00d4-415f-9bdf-1dd6858f0eae","block_type":"box","text":"contracts can be effective in protecting or enhancing the value of the Fund’s assets.","page_number":3,"box":{"x":61,"y":802,"width":618,"height":12}},{"id":"c18a2ccf-0d25-47d4-841f-38ece75de95c","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":3,"box":{"x":60,"y":825,"width":863,"height":11}},{"id":"613c4789-cf25-44ff-9269-777d94f8dbf1","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds","page_number":3,"box":{"x":60,"y":840,"width":876,"height":11}},{"id":"a8fff2ff-20af-4df3-b83c-b8000fcf02ed","block_type":"box","text":"that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":3,"box":{"x":60,"y":855,"width":864,"height":11}},{"id":"46b24b94-27c9-4170-bf4d-c358b4b091cb","block_type":"box","text":"commodities.","page_number":3,"box":{"x":61,"y":870,"width":97,"height":9}},{"id":"81f08f71-4cd1-4131-a634-86a7e5387d43","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in large cap value equity securities in a disciplined","page_number":3,"box":{"x":60,"y":892,"width":836,"height":12}},{"id":"209c7746-1261-40fa-9c2c-b2f973f1a525","block_type":"box","text":"manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are","page_number":3,"box":{"x":61,"y":907,"width":866,"height":11}},{"id":"bedb5897-a440-4885-beba-db411ce5cd75","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"168008b1-e2c4-4f37-bef6-99b288a8d6f0","block_type":"box","text":"NM1026U-5979917-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b539af3f-cd75-4909-9063-94e26c6b81f5","block_type":"box","text":"designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under","page_number":4,"box":{"x":61,"y":42,"width":823,"height":11}},{"id":"0f85c71f-e7b6-4f8c-8e76-34ab8a38550d","block_type":"box","text":"weighting par ticular equities while seeking to control incremental risk. BlackRock then constructs and rebalances the","page_number":4,"box":{"x":60,"y":57,"width":861,"height":11}},{"id":"67672efa-0782-4f39-b7e5-0987d57de280","block_type":"box","text":"por tfolio by integrating its investment insights with the model-based optimization process.","page_number":4,"box":{"x":62,"y":71,"width":658,"height":12}},{"id":"ead85dda-02fe-4374-a85f-129c861493ea","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":110,"width":354,"height":14}},{"id":"9c691796-1bf9-4e8a-bf85-80fa046e001a","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":137,"width":860,"height":11}},{"id":"f9adbc64-7c52-4284-ad90-d4ad54139de3","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":151,"width":802,"height":12}},{"id":"1066b141-ee5b-4c16-a375-7d646a6cf7a4","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":166,"width":842,"height":12}},{"id":"e596f665-8026-4d42-a4ab-ff519ba56ff0","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":181,"width":857,"height":12}},{"id":"0b8ca088-6c95-49cf-871b-fde21c5b7f2d","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":196,"width":515,"height":11}},{"id":"15649ddd-c855-4862-9fec-d5440b58b9fc","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":216,"width":166,"height":11}},{"id":"91c61d24-04a0-4372-9fb0-462ed0ac7716","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":216,"width":685,"height":11}},{"id":"8bec03fe-bbb8-493a-815d-90ecd7f3badb","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":231,"width":550,"height":11}},{"id":"a743a95b-67a9-45e2-a331-9f6d07454cef","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":251,"width":166,"height":11}},{"id":"217f9716-b79b-45ad-8f5f-8036497cbe32","block_type":"box","text":"—","page_number":4,"box":{"x":252,"y":256,"width":17,"height":1}},{"id":"7740d00c-87be-4322-90c2-4e08f5727ba6","block_type":"box","text":"Under cer tain market conditions, value investments have per formed better during periods","page_number":4,"box":{"x":274,"y":251,"width":658,"height":11}},{"id":"ca3e3310-1cf2-4d00-a139-65945b6a7f24","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":4,"box":{"x":81,"y":265,"width":809,"height":12}},{"id":"2b2f7d36-5bc0-4e9b-9e07-4b405a8399ea","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underper form other equity funds that use different","page_number":4,"box":{"x":82,"y":280,"width":841,"height":12}},{"id":"b33c9216-e07a-4550-9e7f-b16133d9c7e5","block_type":"box","text":"investment styles.","page_number":4,"box":{"x":82,"y":295,"width":131,"height":12}},{"id":"40ad23e3-331a-4647-a3e9-472209b38c45","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":315,"width":85,"height":9}},{"id":"ad15f880-c950-4ef2-8d54-c2952ec4c89f","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":315,"width":722,"height":12}},{"id":"536474f1-8250-4b0c-b3e1-b8793d00d429","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":330,"width":840,"height":11}},{"id":"94d8d137-78d6-4197-9cb1-e8e07e99da4d","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":345,"width":807,"height":11}},{"id":"a77a33ca-1faa-46eb-b7a1-da3911601583","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":360,"width":842,"height":11}},{"id":"0d19fa95-9c51-4dd7-a7cf-02d423fbe846","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":374,"width":841,"height":12}},{"id":"ae97b318-e76c-45ed-814c-4655cf184d51","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":389,"width":777,"height":12}},{"id":"e9d0e16b-08fe-4611-ba2a-b9fdb249fe18","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":409,"width":837,"height":12}},{"id":"851496cf-df30-473a-b14e-019ce88f23bb","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":424,"width":819,"height":11}},{"id":"54c2b186-f795-4909-aed7-96fdff88b4c0","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":439,"width":843,"height":11}},{"id":"1f3c5a99-d860-4244-84eb-685e53b51067","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":454,"width":834,"height":11}},{"id":"e2fd9281-6e66-4ef6-bbdc-b53cc76c8b2f","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":469,"width":176,"height":11}},{"id":"f8c1b387-839d-4504-b6d3-0ff267d92237","block_type":"box","text":"Risk of Investing in the United States","page_number":4,"box":{"x":81,"y":489,"width":283,"height":11}},{"id":"729cbd0d-c329-439c-b535-1be06314ab9e","block_type":"box","text":"—","page_number":4,"box":{"x":369,"y":494,"width":17,"height":1}},{"id":"27b9fee3-9f49-4d25-a4c0-84d3343862f6","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":4,"box":{"x":391,"y":489,"width":518,"height":11}},{"id":"f41ac020-0c6b-4278-a899-042bf4f2a96e","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":4,"box":{"x":80,"y":503,"width":847,"height":12}},{"id":"834503da-e063-42c9-83bf-8853a9c2cd65","block_type":"box","text":"exposure.","page_number":4,"box":{"x":81,"y":520,"width":70,"height":9}},{"id":"41f981ec-6faf-4744-9a68-2221a92ca208","block_type":"box","text":"Commodities Related Investments Risk","page_number":4,"box":{"x":81,"y":538,"width":298,"height":9}},{"id":"54aad503-5a14-4eb9-8d26-5997945f853c","block_type":"box","text":"—","page_number":4,"box":{"x":384,"y":543,"width":17,"height":1}},{"id":"86f73630-917c-4b9c-b995-975bd328febe","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":4,"box":{"x":406,"y":538,"width":517,"height":12}},{"id":"60e0a3b1-e692-47a9-ab19-9a2e85c5a5b4","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":4,"box":{"x":80,"y":553,"width":824,"height":11}},{"id":"f77e6429-6013-495c-92ff-4394a7a89898","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":4,"box":{"x":81,"y":568,"width":849,"height":11}},{"id":"55f5da95-0bc4-490a-b1d8-a87917a5e5bb","block_type":"box","text":"factors affecting a par ticular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":4,"box":{"x":81,"y":583,"width":804,"height":11}},{"id":"b8dfe8ab-ffce-42aa-9281-d59402e4c81f","block_type":"box","text":"international economic, political and regulatory developments.","page_number":4,"box":{"x":82,"y":598,"width":455,"height":11}},{"id":"e524ae6b-d82a-46e7-a271-3114638ca942","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":618,"width":206,"height":9}},{"id":"1333ec3d-7bbf-48a5-93fc-5355b14e0a7c","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":617,"width":593,"height":12}},{"id":"b7df926b-9c3b-4d8f-a527-bf5ad23bae85","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":632,"width":853,"height":12}},{"id":"8a3ef924-67f0-4578-bf67-adbe4f93aaf0","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":647,"width":855,"height":11}},{"id":"882af863-e3a7-4d35-9abe-14e2a6e57c36","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":662,"width":816,"height":11}},{"id":"742082af-10e6-40e9-88c5-d930b55978c5","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":677,"width":796,"height":11}},{"id":"13182ae7-d86b-4c0e-97e8-263afcf42eb2","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":691,"width":812,"height":12}},{"id":"7081a57e-fe42-4935-8f20-4a2aca92e3df","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":706,"width":809,"height":12}},{"id":"a27ec0bc-e114-4647-81ff-5f07f6f97ac0","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":726,"width":123,"height":10}},{"id":"3daffd18-0f4a-4502-b331-fb9066a7f80b","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":726,"width":664,"height":12}},{"id":"ef24c316-56f4-4784-8994-936167d172aa","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":741,"width":469,"height":12}},{"id":"b1147437-39ec-4adc-9602-cb15c4b0f86c","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":761,"width":102,"height":12}},{"id":"a205c092-2a5a-46d1-b03b-1c034677b83e","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":761,"width":723,"height":12}},{"id":"0937cbac-ecd1-45f3-bc14-9270acf0bf25","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":776,"width":832,"height":12}},{"id":"b5765b6d-af47-47d1-8aff-c7186321a1f0","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":791,"width":280,"height":11}},{"id":"bca6e0f8-17e4-438b-a0e9-2be668f95a87","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":811,"width":87,"height":9}},{"id":"abe12bf9-640e-442b-b094-14bda2b4eb93","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":811,"width":728,"height":11}},{"id":"e3982da7-921a-462e-bb7f-e49daa86ad72","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":826,"width":834,"height":11}},{"id":"4f172815-8f7f-4b08-aac5-895caeb3976e","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":841,"width":832,"height":11}},{"id":"2eb7ff13-5a9d-4bda-8dbb-03983da99727","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":855,"width":779,"height":11}},{"id":"0866bc76-b9a5-485a-ab4f-5b7330e89d9f","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":870,"width":253,"height":11}},{"id":"94af41b9-d645-4b0b-b566-0b941ce6b44b","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"958fdf46-fde7-4b05-9441-5b4ad2e0e965","block_type":"box","text":"NM1026U-5979917-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"22b8cb1a-f157-4e8f-8ed6-57cfa99d0250","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":42,"width":131,"height":11}},{"id":"ab0aacdf-b3c7-48c4-9b65-994249301227","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":42,"width":697,"height":11}},{"id":"66d78bca-bc1c-414a-9063-c37f92bc068b","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":57,"width":855,"height":11}},{"id":"704cb239-6f3f-409b-84b5-b2a83afe5b33","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":72,"width":240,"height":11}},{"id":"6eb21ade-ae59-4b1f-9982-b8801b266daf","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":92,"width":100,"height":11}},{"id":"a9ddf9a8-df5f-498f-baac-f9651ac1e035","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":91,"width":750,"height":12}},{"id":"3ac0b169-2885-4d0f-8455-56dba67b0c76","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":106,"width":839,"height":11}},{"id":"4e6c5675-89ce-4b91-9c7e-0026019d42be","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":121,"width":293,"height":11}},{"id":"bd968b0f-6b42-4f3d-9b0e-d0db3aba7873","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":141,"width":120,"height":11}},{"id":"8e69f1e4-32a3-40df-804e-106914d164dc","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":141,"width":727,"height":12}},{"id":"5dfe9ba2-9bdd-4f48-a421-a4a379dff99c","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":156,"width":607,"height":11}},{"id":"fa0b817b-cf86-45b1-8864-aa1950ff1077","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":176,"width":75,"height":11}},{"id":"346e78ab-952a-4c4b-80ff-712b85c2e645","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":176,"width":761,"height":11}},{"id":"22d25724-c97e-4e9c-8dc2-87bda95f8bd7","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":191,"width":198,"height":11}},{"id":"fb1a70d0-ad33-411f-8ec9-b458202bd543","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":211,"width":214,"height":11}},{"id":"2695c2d9-848e-41eb-b760-2e706a232c75","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":211,"width":590,"height":11}},{"id":"cce1225d-0585-4caf-9aa1-81ee069d3f2e","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":225,"width":775,"height":12}},{"id":"43d02bec-8f6a-47d6-b37a-7c84c52adf35","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":240,"width":589,"height":12}},{"id":"d7a7095a-9f95-4eba-a181-3ae7262e1ae1","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":261,"width":102,"height":9}},{"id":"93191f03-10ae-4ee1-b084-81e087126e0b","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":260,"width":747,"height":12}},{"id":"dad04e67-3400-4925-8152-91789d7a5b0c","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":275,"width":783,"height":12}},{"id":"48ceba26-6a87-451e-a962-858000b6a374","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":290,"width":273,"height":11}},{"id":"b9160b1c-f020-46ed-bae4-875a8f495079","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":310,"width":95,"height":11}},{"id":"da8696b0-e7ee-417c-982b-1f2314685f6d","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":310,"width":728,"height":11}},{"id":"fdbcc6bc-6f09-4bb9-a102-ae8074e02f29","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":325,"width":839,"height":11}},{"id":"61bd7a67-0e7e-43a7-a4ab-4e964d87e6c2","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":340,"width":354,"height":11}},{"id":"ed14f503-f09d-4393-881a-8041c112a878","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":360,"width":59,"height":9}},{"id":"63b1bdf4-e850-4220-bb62-8d61703f255d","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":360,"width":719,"height":11}},{"id":"d954a048-373d-4cdd-8aef-07783df9ac10","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":374,"width":801,"height":12}},{"id":"e1b6a344-0d99-4b63-879a-0909cf1a7037","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":389,"width":802,"height":12}},{"id":"71514370-955c-45f2-b290-521a6b43c323","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":404,"width":830,"height":12}},{"id":"f3ed206f-62f7-400c-b26c-af179daa7254","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":419,"width":215,"height":9}},{"id":"ec836109-91d0-401f-b94f-abd347b95e15","block_type":"box","text":"Financial Services Industry Risk","page_number":5,"box":{"x":81,"y":439,"width":242,"height":11}},{"id":"16b0475d-2130-4025-aed5-e8616b77781d","block_type":"box","text":"— Because of its investments in the financial services industry, the Fund will be","page_number":5,"box":{"x":327,"y":439,"width":591,"height":11}},{"id":"452f4088-434e-47d6-912e-9abeea2a47f9","block_type":"box","text":"more susceptible to any economic, business, political or other developments which generally affect this industry","page_number":5,"box":{"x":82,"y":454,"width":825,"height":11}},{"id":"41717e77-c2bc-486e-af8a-f29db4a95f42","block_type":"box","text":"sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as","page_number":5,"box":{"x":81,"y":469,"width":824,"height":11}},{"id":"e9705680-06ce-40f2-a781-e51276710a4a","block_type":"box","text":"government regulation, the availability and cost of capital funds (including the availability and stability of deposits in","page_number":5,"box":{"x":81,"y":483,"width":849,"height":12}},{"id":"af139935-3bad-4f82-b5d4-c273fb9f74e1","block_type":"box","text":"the case of deposit-taking institutions), consolidation and general economic conditions. Financial services","page_number":5,"box":{"x":80,"y":498,"width":779,"height":12}},{"id":"f2163ccb-b037-4eac-8823-949d431866ad","block_type":"box","text":"companies are also exposed to losses if borrowers and other counterpar ties experience financial problems and/or","page_number":5,"box":{"x":81,"y":513,"width":843,"height":11}},{"id":"d2935e2c-7ef2-4e59-be4d-052a86fe28ea","block_type":"box","text":"cannot repay their obligations.","page_number":5,"box":{"x":81,"y":528,"width":221,"height":11}},{"id":"4b1569d1-9027-4952-b313-c2c0bc027294","block_type":"box","text":"When interest rates go up, the value of securities issued by many types of financial services companies generally","page_number":5,"box":{"x":81,"y":548,"width":834,"height":11}},{"id":"838aa109-3d6f-4bd1-84ef-8c10c0015245","block_type":"box","text":"goes down. In many countries, financial services and the companies that provide them are regulated by","page_number":5,"box":{"x":81,"y":563,"width":761,"height":11}},{"id":"59336255-39b7-41a5-ac2c-a429671ce634","block_type":"box","text":"governmental entities, which can increase costs for new services or products and make it difficult to pass","page_number":5,"box":{"x":81,"y":577,"width":780,"height":12}},{"id":"1377db81-ab63-4c82-9682-7e792fefcfbc","block_type":"box","text":"increased costs on to consumers. In cer tain areas, deregulation of financial services companies has resulted in","page_number":5,"box":{"x":82,"y":592,"width":823,"height":12}},{"id":"4e513769-5083-420a-a30a-bc5996f5da1d","block_type":"box","text":"increased competition and reduced profitability for cer tain companies.","page_number":5,"box":{"x":82,"y":607,"width":513,"height":11}},{"id":"5ae6059b-6793-490a-a095-d1f2f48ae613","block_type":"box","text":"The profitability of many types of financial services companies may be adversely affected in cer tain market cycles,","page_number":5,"box":{"x":81,"y":627,"width":840,"height":11}},{"id":"fdeeb728-46fa-4201-9587-235ff69ed58f","block_type":"box","text":"including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and","page_number":5,"box":{"x":82,"y":642,"width":817,"height":11}},{"id":"b7d95d2f-d889-4374-995c-a6c6407602ba","block_type":"box","text":"declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because","page_number":5,"box":{"x":81,"y":657,"width":825,"height":11}},{"id":"1a2c894c-e3c9-48b2-8a16-c7ab6a27455b","block_type":"box","text":"many types of financial services companies are vulnerable to these economic cycles, the Fund’s investments may","page_number":5,"box":{"x":82,"y":671,"width":837,"height":12}},{"id":"7fb1a0df-4b34-4ea5-a5a7-f5ec39f5c995","block_type":"box","text":"lose value during such periods.","page_number":5,"box":{"x":82,"y":687,"width":226,"height":11}},{"id":"4c7b51f9-a27f-4ca9-ab56-41b0fc0644a2","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":706,"width":212,"height":12}},{"id":"dbe14ad9-f729-4c7c-804e-7620ef989c05","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":706,"width":629,"height":12}},{"id":"1e20fbb7-df35-498a-a41f-ebfb53692097","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":721,"width":812,"height":12}},{"id":"1e1e15a8-a59b-4dd7-aaa8-4c2e309f3783","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":736,"width":817,"height":11}},{"id":"9e696970-7f70-4aa4-aaa3-0cebd8d8c04d","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":751,"width":760,"height":11}},{"id":"baa761f3-f078-4893-819d-0feeacc38ebc","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":766,"width":852,"height":11}},{"id":"da5f007a-21ce-4e39-b936-a79cccdb38e5","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":5,"box":{"x":81,"y":780,"width":589,"height":12}},{"id":"1396540e-e732-474c-82fe-6ad40b2c1009","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":5,"box":{"x":81,"y":801,"width":276,"height":11}},{"id":"87b0b7d0-1079-4bad-9ee9-99a43d980427","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":5,"box":{"x":361,"y":801,"width":573,"height":11}},{"id":"b1e5112d-cbe9-473c-8463-7652faf0fd9f","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":5,"box":{"x":81,"y":816,"width":848,"height":11}},{"id":"17a9c3b9-bb29-49c1-aa9b-2f4b4a2d4723","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":5,"box":{"x":81,"y":830,"width":839,"height":12}},{"id":"16ce723c-d5b7-4dbd-a251-2d855903787e","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":5,"box":{"x":82,"y":845,"width":851,"height":11}},{"id":"d8c59938-0fd0-4daa-ad69-67eb33499fe2","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":865,"width":107,"height":11}},{"id":"c7c8e412-85f4-4282-925a-fc84e596ba61","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":865,"width":741,"height":11}},{"id":"588cf789-95c6-4d40-8023-b3b17252bd49","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":880,"width":853,"height":11}},{"id":"c99ebf61-046a-41cd-a2cf-fdd100e46486","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":895,"width":856,"height":11}},{"id":"41181153-7640-407e-8f11-f710c9758232","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"6449e5e6-ba8a-4671-9bd7-ac2d392d99ca","block_type":"box","text":"NM1026U-5979917-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b113eeb5-aff4-480b-99b9-7d4199e19f29","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":42,"width":775,"height":11}},{"id":"f7e5af51-c933-4f20-b1a4-956d6dff5843","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":57,"width":814,"height":11}},{"id":"a012cc44-7c01-4d9a-b56a-85c964daf894","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":72,"width":63,"height":11}},{"id":"335da437-a792-4675-8563-500e7b4d6b8f","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":92,"width":240,"height":9}},{"id":"19d0a78d-0967-494d-bcc7-edcd0f627ab0","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":92,"width":593,"height":9}},{"id":"372865ed-4fb7-484d-aff7-114b6856d528","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":106,"width":851,"height":12}},{"id":"d20da37b-7d13-40c9-b710-2f98aa831059","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value (“NAV”) in response to shor t-term","page_number":6,"box":{"x":82,"y":121,"width":826,"height":11}},{"id":"ba8284e3-f89c-4e5e-a1e6-6843a808cf1c","block_type":"box","text":"market movements and over longer periods during market downturns. Securities or other investments held by the","page_number":6,"box":{"x":82,"y":136,"width":831,"height":11}},{"id":"60868727-8ef9-44d8-99da-5433655454a7","block_type":"box","text":"Fund may underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds","page_number":6,"box":{"x":82,"y":151,"width":843,"height":11}},{"id":"4d94f3da-de61-4e3a-b356-f50e928dc8ab","block_type":"box","text":"with similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The","page_number":6,"box":{"x":80,"y":166,"width":820,"height":11}},{"id":"389e48fd-0cbc-46a6-8061-823436fe5cbb","block_type":"box","text":"value of a security or other asset may decline due to changes in general market conditions, economic trends or","page_number":6,"box":{"x":80,"y":180,"width":819,"height":12}},{"id":"d1ae2eeb-9318-4213-9bea-20540afb28e2","block_type":"box","text":"events that are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular","page_number":6,"box":{"x":81,"y":195,"width":849,"height":12}},{"id":"26de79c1-e6fa-4334-9386-eade493c7943","block_type":"box","text":"issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or","page_number":6,"box":{"x":82,"y":210,"width":816,"height":12}},{"id":"e28f610c-d470-4023-8997-4f6bb89951aa","block_type":"box","text":"asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation","page_number":6,"box":{"x":81,"y":225,"width":836,"height":11}},{"id":"c497a369-d5da-4775-adb6-5e67a099c39e","block_type":"box","text":"rates, economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic","page_number":6,"box":{"x":82,"y":240,"width":789,"height":11}},{"id":"11eff6ce-a70a-4759-ac6f-7200c6052f25","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural","page_number":6,"box":{"x":81,"y":254,"width":833,"height":12}},{"id":"d2e74cf4-c0fe-4922-ba81-0e1d7f4215a6","block_type":"box","text":"and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other","page_number":6,"box":{"x":81,"y":269,"width":819,"height":12}},{"id":"c0693fde-f462-49d3-ab19-962716fa420f","block_type":"box","text":"events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative","page_number":6,"box":{"x":81,"y":284,"width":849,"height":12}},{"id":"d4a46e48-8ad9-4a7c-b0e3-9396895ffd3e","block_type":"box","text":"analysis and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":81,"y":299,"width":441,"height":11}},{"id":"eff154f9-1c60-478f-b1ee-05c40bfa8192","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":319,"width":818,"height":12}},{"id":"c8e4ebf0-1193-493a-a464-fb6f15123fc8","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":6,"box":{"x":80,"y":334,"width":819,"height":11}},{"id":"9f47ffa4-3708-4ee5-9282-5769d1732d93","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":6,"box":{"x":81,"y":349,"width":819,"height":11}},{"id":"6dc4eb84-145d-411c-a439-b774c76918ae","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":6,"box":{"x":81,"y":363,"width":846,"height":12}},{"id":"31017650-ea3b-4468-994d-1a5b73716c93","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":378,"width":848,"height":12}},{"id":"fa8a31b7-9025-495e-bcd4-2bc924b8fee1","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":393,"width":125,"height":9}},{"id":"82ecc545-d58a-414e-b171-35e200607844","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":413,"width":139,"height":9}},{"id":"0b9b749f-fce7-444c-b3b5-adcbfc2f0ab9","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":418,"width":17,"height":1}},{"id":"a7be42ee-ce43-45b4-a092-bf1ecf84b29a","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":413,"width":681,"height":12}},{"id":"6e16056b-315a-47ec-87c6-63dcf42cad91","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":428,"width":843,"height":11}},{"id":"4b64aeb3-6c28-40ed-915e-965ed1b23294","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":6,"box":{"x":81,"y":443,"width":517,"height":11}},{"id":"13270275-a1bc-4419-94b2-9aed39923c4b","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":463,"width":254,"height":11}},{"id":"2f2b2b30-3ddb-4000-8a44-41770a3a7fa7","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":463,"width":578,"height":11}},{"id":"d38ef119-7f1a-41fe-b7f8-364f50b4a220","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":477,"width":779,"height":12}},{"id":"f5225799-0544-478e-b0fd-f48032156f41","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":6,"box":{"x":81,"y":492,"width":811,"height":12}},{"id":"d6db9495-e553-4176-9e97-8502024daed9","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":6,"box":{"x":82,"y":507,"width":806,"height":11}},{"id":"b726d0e7-78f6-4e0e-a51f-10bfcc3b9d08","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":6,"box":{"x":82,"y":522,"width":853,"height":12}},{"id":"b85070ee-08fa-4697-bbf4-eb39d76bace6","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":6,"box":{"x":82,"y":537,"width":841,"height":11}},{"id":"2fb6f212-d3e6-42e5-9861-095dd4dcdac4","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":6,"box":{"x":81,"y":552,"width":808,"height":11}},{"id":"fb06f4a7-dad6-489b-a6c5-0090d943da7d","block_type":"box","text":"issuers to lose value.","page_number":6,"box":{"x":82,"y":567,"width":155,"height":9}},{"id":"58a0944c-574f-4be7-ae00-050404aa041f","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":587,"width":189,"height":9}},{"id":"27cc2078-7744-49db-8eea-055e39eb85f7","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":586,"width":636,"height":12}},{"id":"64c7ab86-43d2-4929-a1e7-825aed263df8","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":601,"width":824,"height":12}},{"id":"01606f6d-6e63-4ddf-b648-d7b834b83e99","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":616,"width":806,"height":12}},{"id":"85585dff-01a5-4552-b9db-a6b03ec4caa7","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":631,"width":842,"height":11}},{"id":"61d60b9c-5d5d-47fb-bb45-17bd4a34cdb6","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":646,"width":781,"height":11}},{"id":"66689c1f-78f9-4353-93dc-318df6164439","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":661,"width":812,"height":11}},{"id":"2b694a19-cb2d-4bdc-b9c8-ca621352cb5d","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":676,"width":129,"height":11}},{"id":"8f93eecf-2e41-4ab4-b6ed-cd5f0c8b61d6","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":714,"width":224,"height":11}},{"id":"ddc4360c-4060-40b4-807c-f1b6c7acfadf","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":740,"width":867,"height":12}},{"id":"90a87c53-5501-4add-a0ea-26cf2312c524","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":755,"width":876,"height":12}},{"id":"e1d59b9d-a3bf-443e-a978-dfce62bc4845","block_type":"box","text":"by the Fund at that time under the name “BlackRock Large Cap Value Fund.”","page_number":6,"box":{"x":61,"y":770,"width":560,"height":12}},{"id":"8786d367-27c7-400b-9626-0491c27805c1","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":793,"width":855,"height":11}},{"id":"ae6f3482-35c1-4f81-b1e9-17d4d27f4741","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 1000 Index and the","page_number":6,"box":{"x":61,"y":808,"width":858,"height":11}},{"id":"e6480e89-1f63-4ab3-aea2-0c1b2558125a","block_type":"box","text":"Russell 1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has characteristics similar","page_number":6,"box":{"x":62,"y":822,"width":866,"height":10}},{"id":"eb89e19f-c133-41d0-bda5-a0beefe6359c","block_type":"box","text":"to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":6,"box":{"x":60,"y":837,"width":828,"height":12}},{"id":"2efe19c7-b93b-4f09-9197-a2be695bfc61","block_type":"box","text":"per formance information for the Fund in the char t and table assumes reinvestment of the dividends and distributions.","page_number":6,"box":{"x":62,"y":852,"width":866,"height":11}},{"id":"de8130f4-97d0-48c4-9202-8b38bdf9a781","block_type":"box","text":"As with all such investments, past per formance (before and after taxes) is not an indication of future results. Sales","page_number":6,"box":{"x":60,"y":867,"width":849,"height":11}},{"id":"56085b0a-819d-4cb5-8781-289fb23dbf51","block_type":"box","text":"charges are not reflected in the bar char t. If they were, returns would be less than those shown. 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