{"annotation_id":"c13611c5-a894-40e8-bacd-6c00af1aa9cc","file_hash":"b1957f0182714fbdd3d09d64b5d82c70e9f7c525188aec8fdfe5ae2e9f29845b","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"c856f7d8-0af7-471b-b56d-8473ebb69d32","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"d569ba62-663e-4509-a64c-7e9a88224950","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"cb4d982d-01a7-476b-aef7-56d3cfeb14f8","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"d7328b7e-ef63-4225-b441-8b097261662d","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"9ecc6d18-7888-4001-9bf1-07b229376671","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"e6acc9e3-a6ab-40a3-8388-8e28d5cc9e95","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"58f1463b-4dbe-4625-8110-748abe7f79ec","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"cc956324-84a1-45b1-9c95-9fe572bfcf3f","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":1,"box":{"x":84,"y":321,"width":510,"height":12}},{"id":"3a03d12f-ceef-4ad6-b9fe-5e57d7fbdd35","block_type":"box","text":"Class K: BIRKX","page_number":1,"box":{"x":83,"y":339,"width":91,"height":7}},{"id":"f48bb195-1e6e-42c6-ad18-bf2519b6f2e3","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":"832ee24b-866f-4f6a-967f-8eccde473d7d","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":"c2701f5b-dc5e-41c6-b9a2-b791bba2dcd6","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":"fa464f90-3dac-4be0-a6e7-4c61d1216ec9","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":"fd5fbdd1-53ff-4de7-bee1-d8f46157bcb3","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"e2731e36-8069-4a55-a99f-30ef3bad296f","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"2a2df25d-381a-4053-948f-aadac13eb0f4","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":"a39899a8-378a-4e78-9ca5-8925c623e415","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":"2aca1a16-a526-43a0-b171-7960848fc54d","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":"824a328d-df8b-43af-8c0a-f14d70287282","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":"fcf04259-3bda-4ece-8eba-2985ea0c320f","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":"0dfeb1c7-62fa-448c-b09f-947a3a6ac4a9","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":"058d3bd6-991f-491a-aa02-e0e6e9035c56","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":"2287255c-1b75-4621-ae46-d92a88622160","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"4e67ab9a-385c-4c48-ae03-982b664ec9b8","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"445d263f-bcd8-4fbd-b721-39dd518bd83e","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"c48d76c1-167e-45b3-8806-65977ff64210","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"bab03f4b-89a4-410e-92ab-69abe57679c3","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"aaf25710-53f7-437b-96f4-bf20d8a1955e","block_type":"box","text":"NM1026U-5984585-1/12","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b1cf7465-00bc-472d-8db9-8043aaf5e457","block_type":"box","text":"Summary Prospectus","page_number":2,"box":{"x":62,"y":47,"width":468,"height":34}},{"id":"ac417179-61a0-4f64-8071-4ad1fd5199cc","block_type":"box","text":"Key Facts About BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":2,"box":{"x":62,"y":121,"width":722,"height":14}},{"id":"7c4ae71a-11ca-4849-9834-45e1bf9e3d6a","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":62,"y":152,"width":191,"height":14}},{"id":"e36061d7-253f-4b6b-b450-6578355cf828","block_type":"box","text":"The investment objective of BlackRock Sustainable Aware Advantage Large Cap Core Fund (the “Fund”), a series of","page_number":2,"box":{"x":60,"y":178,"width":847,"height":12}},{"id":"322a47a1-5c3b-44ad-b517-09567ba18361","block_type":"box","text":"BlackRock Funds","page_number":2,"box":{"x":62,"y":194,"width":122,"height":8}},{"id":"03c09691-a4b3-4212-aaa6-6e7fbaa76c49","block_type":"box","text":"SM","page_number":2,"box":{"x":186,"y":194,"width":11,"height":4}},{"id":"f25c965d-6aaa-4724-a45d-bb4674abb26b","block_type":"box","text":"(the “Trust”), is to seek to provide total return while seeking to maintain cer tain environmental,","page_number":2,"box":{"x":203,"y":194,"width":699,"height":11}},{"id":"ca908a70-4910-4a24-8b70-9c12d5260f0e","block_type":"box","text":"social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark.","page_number":2,"box":{"x":61,"y":208,"width":782,"height":12}},{"id":"cd9f6ade-1d7a-42cb-a7e7-3264de1ae15c","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":247,"width":283,"height":13}},{"id":"b55454f5-742d-466b-96cb-4d5c4f5c289a","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":273,"width":839,"height":12}},{"id":"158b27e2-6605-48f0-ab57-9a5df4a0db6a","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":288,"width":724,"height":11}},{"id":"1947f570-31a1-4c9f-b42c-24f2a043720a","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":288,"width":138,"height":11}},{"id":"318bcc84-b9f7-4602-9c6b-d890350d318b","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or selected securities dealer,","page_number":2,"box":{"x":60,"y":303,"width":841,"height":11}},{"id":"5bb73085-b887-4be3-bd94-3719fd564286","block_type":"box","text":"broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":2,"box":{"x":61,"y":318,"width":780,"height":11}},{"id":"0905dc72-8ce8-437e-8ebb-3ab44475da0b","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":333,"width":813,"height":11}},{"id":"53407399-99a8-414c-a02d-3a77a3f233d8","block_type":"box","text":"example below.","page_number":2,"box":{"x":61,"y":348,"width":114,"height":11}},{"id":"8c78f8a9-9ba9-4c9c-b8ca-e2a01fa5ad94","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":384,"width":222,"height":10}},{"id":"6593e617-9ef4-4d48-a59e-de952ce7b531","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":395,"width":261,"height":11}},{"id":"2790bc4a-f2e7-40bc-ac91-bd85aa233582","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":407,"width":294,"height":10}},{"id":"c12fa961-6b95-49d9-915a-32533d253406","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":395,"width":51,"height":9}},{"id":"3d24b199-c750-4a93-86a6-725210e91b6d","block_type":"box","text":"Shares","page_number":2,"box":{"x":875,"y":407,"width":46,"height":8}},{"id":"47d7ee65-dfec-41a2-a7cc-71acd4c51710","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":425,"width":112,"height":10}},{"id":"03aad2d9-cd1f-4b93-afed-b0f9c311bb7f","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":425,"width":4,"height":4}},{"id":"a24e401a-b2a9-4d79-b69c-93ac9c169c0f","block_type":"box","text":"0.40%","page_number":2,"box":{"x":885,"y":425,"width":41,"height":8}},{"id":"369ddf8c-ef07-4797-bf38-3ca5dc7626a2","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":443,"width":266,"height":10}},{"id":"8a500098-3917-4cc4-a6cc-94e2675a3162","block_type":"box","text":"None","page_number":2,"box":{"x":883,"y":443,"width":32,"height":8}},{"id":"f706b93d-8589-4c20-9c02-3f50691158d9","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":461,"width":103,"height":10}},{"id":"fda0a630-b290-428b-a143-0878060c36d9","block_type":"box","text":"0.12%","page_number":2,"box":{"x":885,"y":461,"width":41,"height":8}},{"id":"dd83da6b-6a63-4ef3-b663-587b1325802f","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":479,"width":252,"height":10}},{"id":"a14930c6-52ce-41e4-9916-11987040f3be","block_type":"box","text":"0.52%","page_number":2,"box":{"x":885,"y":479,"width":41,"height":8}},{"id":"db04e200-5900-46a7-956d-017fe38aa09c","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":497,"width":304,"height":10}},{"id":"f842ca2f-3752-483b-9103-9800f6adac9d","block_type":"box","text":"1,2","page_number":2,"box":{"x":375,"y":497,"width":11,"height":5}},{"id":"b587be24-7dec-4dd7-946c-a69b1490d31b","block_type":"box","text":"(0.09)%","page_number":2,"box":{"x":881,"y":497,"width":50,"height":10}},{"id":"73ca0ddc-b8e3-4423-86dd-8e72f9b5b4c0","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":69,"y":515,"width":598,"height":11}},{"id":"2ee6c147-36ea-4d31-a9b7-57b4112725dc","block_type":"box","text":"1,2","page_number":2,"box":{"x":668,"y":515,"width":10,"height":5}},{"id":"1e891c33-e4be-4dc6-a39b-5735cb36f465","block_type":"box","text":"0.43%","page_number":2,"box":{"x":885,"y":515,"width":41,"height":8}},{"id":"0525051a-99af-4157-817f-963c6b12623a","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":535,"width":3,"height":3}},{"id":"94aadf88-32d0-439c-abf4-8c2b3e7a6448","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":535,"width":837,"height":9}},{"id":"749f3068-41cb-4443-9d12-d86d90fa81f7","block_type":"box","text":"waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":2,"box":{"x":80,"y":545,"width":854,"height":9}},{"id":"9137ff1b-d27f-4986-ace7-626da77db958","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":2,"box":{"x":81,"y":555,"width":810,"height":10}},{"id":"313ea5c0-9d8f-4623-b9f8-7cc71fa334b7","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":566,"width":832,"height":9}},{"id":"ef9242e6-6926-481c-92a5-becda6788ceb","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":576,"width":847,"height":9}},{"id":"1f84f2a6-17e1-4a78-b4aa-9e4bebd994fe","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":2,"box":{"x":81,"y":586,"width":834,"height":10}},{"id":"3821d4d2-7bba-4325-b7b9-9f9e07db79cd","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":597,"width":330,"height":9}},{"id":"bb262545-a3f6-4ab4-89af-c2743c35e916","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":610,"width":3,"height":3}},{"id":"23aaa39b-a210-4907-9f36-7c6eedb5dcab","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":610,"width":837,"height":9}},{"id":"66e4d218-9708-441b-95c7-b70f3001d6b9","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":620,"width":771,"height":9}},{"id":"d23468de-e9d7-4c99-9064-e72b8e271ff4","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.43%","page_number":2,"box":{"x":81,"y":630,"width":844,"height":9}},{"id":"85c3317c-446f-47b7-9620-c41efcce79cd","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":640,"width":851,"height":10}},{"id":"da099f4e-bb44-40d7-ae8f-992f6a2bbac4","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":651,"width":617,"height":9}},{"id":"52768062-aea7-4413-845a-314986034bc4","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":669,"width":74,"height":12}},{"id":"2f0a4050-5538-45b8-a384-0d88fe68d32d","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":685,"width":830,"height":12}},{"id":"9b4d580b-a1c8-4f01-b517-1cf1bbe2d6fd","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":699,"width":832,"height":12}},{"id":"75f60d00-70aa-4fa6-b5f1-18cc70a58353","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":715,"width":832,"height":11}},{"id":"7409d5fa-18dd-42ee-aa66-75b96b9392d5","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":730,"width":859,"height":11}},{"id":"35b639ab-7782-421c-b2ab-cabb593ae1f4","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":745,"width":436,"height":11}},{"id":"5f1e933c-c5e1-46e5-9a44-3c4d029cb1b4","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":773,"width":292,"height":8}},{"id":"34f3aff6-a0e0-440f-8618-d708fda8e926","block_type":"box","text":"Class K Shares $44 $158 $282 $644","page_number":2,"box":{"x":69,"y":790,"width":843,"height":10}},{"id":"c66dc176-3cd1-4f02-8a6b-55d07b033079","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":816,"width":151,"height":10}},{"id":"cf44ed71-246f-481f-8d7e-a5b1a4001662","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":832,"width":800,"height":11}},{"id":"e1ab9d49-1c66-48ac-9b57-c65ebb8ef523","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":847,"width":850,"height":11}},{"id":"018452d2-dcc8-4932-85fc-06140a9e1a3d","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":862,"width":870,"height":11}},{"id":"784f2dbd-e65a-4a42-8f36-ed3d5f0177d5","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":876,"width":839,"height":12}},{"id":"68900db2-02bf-4397-8f8f-e8d4b737aea9","block_type":"box","text":"115% of the average value of its por tfolio.","page_number":2,"box":{"x":62,"y":891,"width":307,"height":12}},{"id":"db08bda0-6b5d-4a0a-96ef-dd8ffd79e4dc","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"88d0d328-3447-4539-bbd9-d62db9d68c0a","block_type":"box","text":"NM1026U-5984585-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7df909fb-bae8-4350-bdf3-fdd546bce49f","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"bf599b85-3f15-4d3d-97af-e78b8904f02c","block_type":"box","text":"The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a por tfolio level","page_number":3,"box":{"x":60,"y":69,"width":855,"height":11}},{"id":"9511e92f-a169-4c94-9a3c-1ba7c71863dc","block_type":"box","text":"that is at least 10% better than that of the Russell 1000 Index (the “Benchmark”) and (ii) an aggregate carbon","page_number":3,"box":{"x":60,"y":84,"width":812,"height":11}},{"id":"59d73d74-e4e4-402c-acec-82c83c3b729f","block_type":"box","text":"emissions assessment at a por tfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes","page_number":3,"box":{"x":61,"y":98,"width":848,"height":12}},{"id":"5f11d558-e447-441e-92a0-dd63d45abfbb","block_type":"box","text":"such assessments by utilizing Fund management’s proprietary framework as well as cer tain third-par ty data. These","page_number":3,"box":{"x":61,"y":113,"width":847,"height":12}},{"id":"0bcd58db-abd4-4153-a1ce-84fd71f981f6","block_type":"box","text":"assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift","page_number":3,"box":{"x":61,"y":128,"width":873,"height":12}},{"id":"aa285279-73f1-4fb7-9f24-9e702fd104fe","block_type":"box","text":"targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary","page_number":3,"box":{"x":60,"y":143,"width":870,"height":12}},{"id":"317984a6-0a2d-4b6b-a783-c2330c116125","block_type":"box","text":"screens based on cer tain ESG criteria, which are described below.","page_number":3,"box":{"x":61,"y":158,"width":485,"height":11}},{"id":"57f76cfa-8e86-4b15-8dd7-e20fa916e068","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":180,"width":798,"height":12}},{"id":"a0db5dee-c9c9-4304-824f-1582fa650c0c","block_type":"box","text":"borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to","page_number":3,"box":{"x":61,"y":195,"width":864,"height":12}},{"id":"11446edf-918e-4a43-bdc7-d0ae44549d2a","block_type":"box","text":"such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80%","page_number":3,"box":{"x":61,"y":210,"width":868,"height":11}},{"id":"75a76aa5-0852-489d-a9ca-0237f1a6af10","block_type":"box","text":"policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within","page_number":3,"box":{"x":62,"y":225,"width":865,"height":11}},{"id":"7170bcba-8812-4dc3-b892-517b0be1618e","block_type":"box","text":"the range of companies included in the Benchmark. The companies included in the Benchmark have market","page_number":3,"box":{"x":60,"y":240,"width":792,"height":11}},{"id":"8a664d68-e9b5-47fa-ab61-6529af236c6f","block_type":"box","text":"capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.","page_number":3,"box":{"x":61,"y":254,"width":725,"height":12}},{"id":"5b470180-0e8e-48ad-b085-5a1f3d1bd741","block_type":"box","text":"Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase","page_number":3,"box":{"x":62,"y":277,"width":849,"height":11}},{"id":"26673b98-e6cc-49fe-a4eb-7762962338a9","block_type":"box","text":"conver tible securities. From time to time the Fund may invest in shares of companies through “new issues” or initial","page_number":3,"box":{"x":61,"y":292,"width":854,"height":11}},{"id":"5806051e-e660-47f9-bfd2-0193c5f22b0e","block_type":"box","text":"public offerings (“IPOs”).","page_number":3,"box":{"x":62,"y":307,"width":179,"height":11}},{"id":"aab86f3b-fc8f-442e-9b6c-da1399c3c302","block_type":"box","text":"To determine the Fund’s investable universe, Fund management first seeks to screen out cer tain issuers based on","page_number":3,"box":{"x":60,"y":329,"width":844,"height":12}},{"id":"68c4d8dd-bc61-40b7-92d0-6239868a8db1","block_type":"box","text":"ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally","page_number":3,"box":{"x":62,"y":344,"width":849,"height":12}},{"id":"760f3c8f-e2e5-42ea-8a50-8249a307578d","block_type":"box","text":"includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons;","page_number":3,"box":{"x":62,"y":359,"width":826,"height":11}},{"id":"9154c5af-be45-4173-bdd4-25db3a1a7dd0","block_type":"box","text":"(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that","page_number":3,"box":{"x":61,"y":374,"width":833,"height":11}},{"id":"10293fad-0b33-4440-9aa6-8db5dc317b10","block_type":"box","text":"derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more","page_number":3,"box":{"x":61,"y":389,"width":873,"height":11}},{"id":"6acecf36-7fdc-4ca7-aa59-8e8363045d7d","block_type":"box","text":"than five percent of revenue from thermal coal generation, unless such issuers either (a) have made cer tain","page_number":3,"box":{"x":60,"y":403,"width":794,"height":12}},{"id":"670f6539-036a-4599-9e2c-266c0282ff29","block_type":"box","text":"commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources;","page_number":3,"box":{"x":61,"y":418,"width":856,"height":12}},{"id":"e7984e94-788a-4f49-a4e1-c322ce63c090","block_type":"box","text":"(v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more","page_number":3,"box":{"x":61,"y":433,"width":848,"height":12}},{"id":"9fe6594e-c54b-4f60-bba1-ea2584180978","block_type":"box","text":"than five percent of revenue from oil sands extraction. The Fund relies on one or more third-par ty ratings agencies to","page_number":3,"box":{"x":60,"y":448,"width":858,"height":11}},{"id":"cf3761e8-9fd0-4474-aa7a-9a7770253e38","block_type":"box","text":"identify issuers for purposes of the above screening criteria. Third-par ty rating agencies may base the above screening","page_number":3,"box":{"x":62,"y":463,"width":869,"height":11}},{"id":"a5f51a7a-ef7c-4154-b290-785f0e7caa78","block_type":"box","text":"criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.","page_number":3,"box":{"x":61,"y":477,"width":874,"height":12}},{"id":"651d57f2-ad71-489d-9006-e4cfe742efe6","block_type":"box","text":"The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that","page_number":3,"box":{"x":60,"y":500,"width":866,"height":12}},{"id":"b26604ec-4ce1-499b-82bd-85b7f8ed8e37","block_type":"box","text":"may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-par ty ratings or","page_number":3,"box":{"x":61,"y":515,"width":875,"height":11}},{"id":"84253232-f0a6-47f1-a9c8-6963c044b08f","block_type":"box","text":"data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third","page_number":3,"box":{"x":61,"y":530,"width":857,"height":11}},{"id":"42216df0-6972-4bdb-8d14-88dba7fd585f","block_type":"box","text":"par ties. This screening criteria is subject to change over time at BlackRock’s discretion.","page_number":3,"box":{"x":62,"y":545,"width":644,"height":11}},{"id":"02c4f2d1-d454-4ebe-b615-1dd8f568fa1b","block_type":"box","text":"In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in","page_number":3,"box":{"x":62,"y":567,"width":856,"height":12}},{"id":"0e2802c6-dfbc-4aa0-bff7-d8346d5f1d5d","block_type":"box","text":"other investment companies) to issuers with exposures that are inconsistent with the ESG criteria used by Fund","page_number":3,"box":{"x":61,"y":582,"width":820,"height":11}},{"id":"344c5581-873b-48fb-9b48-052acbd1f239","block_type":"box","text":"management.","page_number":3,"box":{"x":61,"y":598,"width":99,"height":10}},{"id":"a27d02a4-5f1d-4dd5-ae79-523ee85cdfec","block_type":"box","text":"The Fund seeks to pursue its investment objective by investing in equity securities in a disciplined manner, by using","page_number":3,"box":{"x":60,"y":620,"width":851,"height":11}},{"id":"48527e5f-e1ea-4484-9651-a6443b69ad24","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":634,"width":826,"height":12}},{"id":"4379281a-b1ff-43cc-8e66-b39d78e770b9","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":649,"width":874,"height":12}},{"id":"c4fea5b9-4343-42cc-b1e1-160eb5799641","block_type":"box","text":"equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative","page_number":3,"box":{"x":61,"y":664,"width":854,"height":11}},{"id":"986a16c7-20fb-4afa-ae46-0ffb851a286c","block_type":"box","text":"implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and","page_number":3,"box":{"x":62,"y":679,"width":818,"height":11}},{"id":"18c0fa03-949e-4504-a8a9-be91ca60376f","block_type":"box","text":"transaction costs, as determined by BlackRock’s proprietary research.","page_number":3,"box":{"x":60,"y":694,"width":518,"height":11}},{"id":"aafe7269-239e-4461-9a33-3d42a008f503","block_type":"box","text":"BlackRock then constructs and rebalances the por tfolio’s weightings by incorporating its investment insights into the","page_number":3,"box":{"x":62,"y":716,"width":857,"height":12}},{"id":"fe14a6eb-260f-42a9-a854-299112e4a9b0","block_type":"box","text":"model-based optimization process. Cer tain of the investment insights relate to ESG characteristics in BlackRock","page_number":3,"box":{"x":61,"y":731,"width":829,"height":11}},{"id":"23060a40-ba08-4012-99ae-3d7cae6132cd","block_type":"box","text":"defined categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation","page_number":3,"box":{"x":61,"y":746,"width":815,"height":11}},{"id":"4ab452c9-b1e2-48d6-8fc6-9c41217486c3","block_type":"box","text":"characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not","page_number":3,"box":{"x":61,"y":760,"width":868,"height":12}},{"id":"c493efa4-16ea-4bc1-8d9c-fb369068be7e","block_type":"box","text":"limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG","page_number":3,"box":{"x":62,"y":775,"width":867,"height":12}},{"id":"fe92e84e-f65f-40fb-92db-18854e9de571","block_type":"box","text":"assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health","page_number":3,"box":{"x":61,"y":790,"width":858,"height":12}},{"id":"2006cbd4-c4f4-4f3a-ad49-3cef84450f31","block_type":"box","text":"analytics and an issuer’s innovation-oriented research and development. The ESG characteristics utilized in the","page_number":3,"box":{"x":61,"y":805,"width":816,"height":11}},{"id":"b62998ca-f1d1-4b5f-b2dc-c5112f8a9ef3","block_type":"box","text":"por tfolio construction process may change over time and one or more characteristics may not be relevant to all issuers","page_number":3,"box":{"x":62,"y":820,"width":874,"height":11}},{"id":"6b7ce362-870b-4d07-b5fe-7c9ea96407fe","block_type":"box","text":"that are eligible for investment.","page_number":3,"box":{"x":60,"y":835,"width":229,"height":11}},{"id":"2f3428f3-2998-43be-b81d-b225d6713915","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":857,"width":876,"height":12}},{"id":"9aa2961d-24d6-4144-910d-637442b81358","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":872,"width":859,"height":11}},{"id":"85d77e32-48ea-4cfc-b82d-fd41b7e9a3e8","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":887,"width":839,"height":11}},{"id":"9e3586b8-0244-4fdb-90d2-52b27b6cd686","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":902,"width":808,"height":11}},{"id":"e50b143b-f8ad-4012-b96b-848e873bd9f2","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":916,"width":872,"height":12}},{"id":"9c132200-7f4d-41ac-ac5e-c1e2c690510e","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"c55ab61c-6fe1-49eb-a4e0-0e5dacde63b6","block_type":"box","text":"NM1026U-5984585-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"62e3f5f5-ac3e-4e1a-aff5-66217391591c","block_type":"box","text":"instruments whose value is derived from another security, a currency or an index, including but not limited to the","page_number":4,"box":{"x":62,"y":42,"width":825,"height":11}},{"id":"98dcac6d-2fc9-4f1e-b67c-fce185b863fb","block_type":"box","text":"Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the","page_number":4,"box":{"x":62,"y":57,"width":859,"height":11}},{"id":"35e70355-0bc9-4069-bc9b-eedd0d0e719b","block_type":"box","text":"value of the Fund’s assets.","page_number":4,"box":{"x":60,"y":71,"width":199,"height":10}},{"id":"47f1fc21-da70-4fe7-833c-aac46334f12d","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":110,"width":354,"height":14}},{"id":"f798bbd6-1b1a-416e-80cc-72be6750274f","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":"dc74336d-c829-48d4-b944-a3bf33c686cc","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":"dcdd3deb-d2ca-4252-9179-7adcdbd76db8","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":4,"box":{"x":62,"y":166,"width":866,"height":12}},{"id":"dea9d95f-2b76-460a-a193-fcd920a2044f","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":4,"box":{"x":62,"y":181,"width":869,"height":12}},{"id":"7f4cfbff-04e9-4edc-9142-422e256351ca","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":4,"box":{"x":60,"y":196,"width":835,"height":11}},{"id":"639435a8-f236-4548-abf5-2e153b21b0af","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":211,"width":793,"height":11}},{"id":"899d3461-613e-4b79-8ea0-73c09b166d6b","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":231,"width":166,"height":11}},{"id":"ace29e7e-fb93-420c-a29c-7762587111f4","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":231,"width":685,"height":11}},{"id":"dd51fca7-6e78-487c-94fb-4e1d3749104f","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":245,"width":550,"height":12}},{"id":"32672551-1e88-4b36-8fa9-8bd1ff5a5c95","block_type":"box","text":"ESG Investing Risk","page_number":4,"box":{"x":81,"y":266,"width":144,"height":11}},{"id":"c4fafc6d-986b-41c8-be48-617f0b3d560d","block_type":"box","text":"—","page_number":4,"box":{"x":229,"y":271,"width":17,"height":1}},{"id":"0bc17ccf-81ab-49de-87a8-0ac13ddfef2a","block_type":"box","text":"The Fund intends to screen out par ticular issuers pursuant to cer tain criteria established by","page_number":4,"box":{"x":251,"y":266,"width":675,"height":11}},{"id":"627d860a-824e-4569-b209-93551ecca218","block_type":"box","text":"BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to cer tain","page_number":4,"box":{"x":82,"y":280,"width":845,"height":12}},{"id":"5dc94832-0232-43d1-a54b-a5d16bd5598b","block_type":"box","text":"investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to cer tain","page_number":4,"box":{"x":82,"y":295,"width":833,"height":12}},{"id":"0e80333c-0b3a-4a3a-8c32-978dd6909485","block_type":"box","text":"issuers and the Fund may forego cer tain investment oppor tunities. The Fund’s results may be lower than other","page_number":4,"box":{"x":82,"y":310,"width":814,"height":11}},{"id":"5a0843b0-2037-474f-97c4-5a4146af9652","block_type":"box","text":"funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out","page_number":4,"box":{"x":81,"y":325,"width":849,"height":11}},{"id":"dfc71978-a312-4a05-b87a-e1da56335572","block_type":"box","text":"issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage","page_number":4,"box":{"x":82,"y":340,"width":847,"height":11}},{"id":"ee7bd894-55a2-49e0-8465-a414d521d6b5","block_type":"box","text":"ESG risks and oppor tunities related to their businesses and to avoid cer tain companies and industries with ESG","page_number":4,"box":{"x":82,"y":355,"width":824,"height":11}},{"id":"2a5a1bd0-fb57-46b9-b098-028538e90ce4","block_type":"box","text":"related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result,","page_number":4,"box":{"x":82,"y":369,"width":854,"height":12}},{"id":"212429dd-07ff-45a1-834f-10ab361f19e3","block_type":"box","text":"the Fund may invest in issuers that do not reflect the beliefs and values of any par ticular investor. In evaluating a","page_number":4,"box":{"x":80,"y":384,"width":832,"height":12}},{"id":"9737abdf-ab83-4e47-a977-18bdf9b71eac","block_type":"box","text":"security or issuer based on ESG criteria, BlackRock is dependent upon cer tain information and data from third par ty","page_number":4,"box":{"x":81,"y":399,"width":853,"height":11}},{"id":"56146446-e932-4a85-a73d-7ea6089c7e72","block_type":"box","text":"providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that","page_number":4,"box":{"x":82,"y":414,"width":814,"height":11}},{"id":"94ff044f-a0ba-49ab-9cb9-bce449e66a4c","block_type":"box","text":"BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the","page_number":4,"box":{"x":82,"y":429,"width":793,"height":11}},{"id":"403cf5f0-bb71-4fa7-b5ac-1c62bfc7ebba","block_type":"box","text":"relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant","page_number":4,"box":{"x":82,"y":443,"width":852,"height":12}},{"id":"44088182-81b0-43bb-a6a8-16729e9b8608","block_type":"box","text":"ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or","page_number":4,"box":{"x":82,"y":458,"width":818,"height":12}},{"id":"cad29bd9-82b8-4a41-a629-136c0e6886e6","block_type":"box","text":"implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG","page_number":4,"box":{"x":82,"y":473,"width":783,"height":11}},{"id":"d2facdbb-791c-400b-acbc-c5a41727fd56","block_type":"box","text":"assessment. There may be limitations with respect to availability of ESG data in cer tain sectors, as well as limited","page_number":4,"box":{"x":81,"y":488,"width":840,"height":11}},{"id":"5d1c3c45-a8f3-4cb3-81db-c5121092893b","block_type":"box","text":"availability of investments with positive ESG assessments in cer tain sectors. BlackRock’s evaluation of ESG criteria","page_number":4,"box":{"x":81,"y":503,"width":850,"height":11}},{"id":"84bddef6-816c-40f3-8706-09aa92e01470","block_type":"box","text":"is subjective and may change over time.","page_number":4,"box":{"x":82,"y":518,"width":292,"height":11}},{"id":"068d0a9c-bb8f-4a0d-8dda-e4d9ac8fdeaa","block_type":"box","text":"The Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors","page_number":4,"box":{"x":81,"y":540,"width":829,"height":12}},{"id":"983f2d64-0118-4a19-be15-bdebd3ec0e38","block_type":"box","text":"when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no","page_number":4,"box":{"x":80,"y":555,"width":838,"height":11}},{"id":"fbe29f83-1bfd-4d17-9161-929fb0507ca7","block_type":"box","text":"guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion.","page_number":4,"box":{"x":81,"y":570,"width":758,"height":11}},{"id":"6566d7e3-f40e-425a-a304-723400ea4154","block_type":"box","text":"Model Risk","page_number":4,"box":{"x":81,"y":590,"width":85,"height":9}},{"id":"03987474-a73e-41a2-811d-9414e80fb00d","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":590,"width":722,"height":11}},{"id":"5d61b3d1-4a99-4868-a201-720e69047aa0","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":604,"width":840,"height":12}},{"id":"3acd40fe-5bd8-4b1f-9e68-4f285459e4f8","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":619,"width":807,"height":12}},{"id":"22d1818b-bc23-4a74-a7c3-dc8a44fc0228","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":634,"width":842,"height":12}},{"id":"ff212e6d-1e55-4def-bca6-ad2655a256d5","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":649,"width":836,"height":12}},{"id":"0b939098-3cff-4d61-98e0-f3ecb38fe0bb","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":664,"width":777,"height":11}},{"id":"45cb0c93-4163-438d-bd34-60394040583a","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":684,"width":837,"height":11}},{"id":"a922258e-8cb7-4814-84f3-efe37133aa81","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":699,"width":819,"height":11}},{"id":"dab3c7ba-84ef-4c28-a25d-ee35378fda12","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":713,"width":843,"height":12}},{"id":"db783cb7-3d13-43c0-a287-93a2a9661ebe","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":728,"width":834,"height":12}},{"id":"9a538559-4a40-4f15-b3fe-6bacdad70c7c","block_type":"box","text":"its investment objective.","page_number":4,"box":{"x":82,"y":743,"width":176,"height":11}},{"id":"b2e042d6-b993-4740-b15c-fb122aef7d19","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":763,"width":206,"height":9}},{"id":"8d67d427-43ff-44b5-8a68-83549f54fa32","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":763,"width":593,"height":12}},{"id":"7a7e2dae-345b-4379-938c-ad61b97cf0c2","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":778,"width":853,"height":11}},{"id":"94f9ee28-f48b-4844-8df5-247994b9f695","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":793,"width":855,"height":11}},{"id":"98adf831-88cb-494f-8627-965bb1fa8ecd","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":808,"width":816,"height":11}},{"id":"289b3544-2943-4053-a684-f7de2e4e6685","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":822,"width":796,"height":12}},{"id":"a29a3b20-a85e-470c-aa78-abf93ecf728f","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":837,"width":812,"height":12}},{"id":"19af0b77-3b29-4134-8757-416942dfddb4","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":852,"width":809,"height":12}},{"id":"721255cf-ff61-4907-9f36-f926e88944d0","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":872,"width":123,"height":9}},{"id":"b7b2dd0d-0c89-4fd3-9866-a93e0adf1a99","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":872,"width":664,"height":11}},{"id":"9bab47c6-efed-48e7-93d4-2bc947ac628f","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":887,"width":469,"height":11}},{"id":"32cc6124-707d-427d-b0df-42fa8d2f5e76","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"5a70e1a2-3b9d-4c86-9721-9e96c28e3fd1","block_type":"box","text":"NM1026U-5984585-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f4c33762-550e-4b84-849e-f131433f6fdf","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":42,"width":102,"height":11}},{"id":"cf41f924-b5ff-40e4-990a-73c307f71b81","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":42,"width":723,"height":11}},{"id":"fd389b03-cd1a-45de-989d-047874a48991","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":57,"width":832,"height":11}},{"id":"df63c0fe-85cc-439d-b13c-25f21563f829","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":72,"width":280,"height":11}},{"id":"2a1a5e8d-d7f8-4863-8229-aa38a1d7c5d4","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":92,"width":87,"height":9}},{"id":"0067c7b0-39ab-4c76-a75f-1a20d79d14fc","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":91,"width":728,"height":12}},{"id":"4cb96b0a-36fb-4f88-bc50-31edf376165e","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":106,"width":834,"height":11}},{"id":"7819f0a7-7520-469b-ad5f-3c25146b495e","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":121,"width":832,"height":11}},{"id":"91763011-8ee5-4306-8e7c-4007d810f6c2","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":136,"width":779,"height":11}},{"id":"ef374635-a1af-480f-86c2-8bd7e199e645","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":151,"width":253,"height":11}},{"id":"185b21b7-eb82-4ddb-9e4c-5dace97f3658","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":171,"width":131,"height":11}},{"id":"0f415f46-d4bc-4dcc-95a9-e4d4f2b74188","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":171,"width":697,"height":11}},{"id":"79245e4c-6d8e-4c7d-964a-d3b46eaff9fa","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":185,"width":855,"height":12}},{"id":"63532e7c-6644-4f5b-b249-bb77f2f7e893","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":201,"width":240,"height":11}},{"id":"360b60b0-a67e-46c6-bfda-9cb33595abd7","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":221,"width":100,"height":11}},{"id":"400f3241-7999-44f1-9228-8834b588e19f","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":220,"width":750,"height":12}},{"id":"1da0fe29-2009-4a30-993a-15fd403e757e","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":235,"width":839,"height":11}},{"id":"2f89e1c6-bfd6-46bd-b875-1148053d2502","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":250,"width":293,"height":11}},{"id":"2baa713d-a342-477d-9979-8c57d57d2b66","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":270,"width":120,"height":11}},{"id":"6a174901-0909-4734-ba8f-03c3e71df27d","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":270,"width":727,"height":12}},{"id":"96e496ae-8a15-4da7-8bdc-226454e31915","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":285,"width":607,"height":11}},{"id":"4cab1ee2-a23f-4ca4-b23e-f927bae1212f","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":305,"width":75,"height":11}},{"id":"b334a2e9-3919-4395-8219-9aa8bd1dec2b","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":305,"width":761,"height":11}},{"id":"50899a8d-078f-4455-aa54-f23980ac52e1","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":320,"width":198,"height":11}},{"id":"db5fbb15-30a0-489e-90f2-b7bbf030df99","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":340,"width":214,"height":11}},{"id":"30c4fcb3-42f6-4b92-b7a0-94096fdf7679","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":340,"width":590,"height":11}},{"id":"e662a9f7-ad34-4b88-b0f2-6b52fd26eab1","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":354,"width":775,"height":12}},{"id":"fc019aae-4b02-45ad-ae8b-4ef23b2af762","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":369,"width":589,"height":12}},{"id":"0d490ad7-d14c-4927-aea9-87afb86c409b","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":389,"width":102,"height":9}},{"id":"c847a1a2-e570-420d-9394-72b13baf2dd0","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":389,"width":747,"height":12}},{"id":"b2a548f0-7fd2-473c-b7dc-861768742099","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":404,"width":783,"height":11}},{"id":"b4eef4f7-eaf1-4ac9-8f3a-b74272d74c6b","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":419,"width":273,"height":11}},{"id":"433998dc-f781-450b-8514-a1c63a256d09","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":439,"width":95,"height":11}},{"id":"3807d294-892a-48c7-a546-6a308d8e77da","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":439,"width":728,"height":11}},{"id":"c20f68c1-a296-41ae-a086-df9a532d0ed6","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":454,"width":839,"height":11}},{"id":"7e8f040c-e61e-484e-9048-9922a892c32c","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":469,"width":354,"height":11}},{"id":"534f3bf8-d28a-4d8c-8673-9dc298d4507d","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":489,"width":59,"height":9}},{"id":"f1a26d6f-7dba-4465-8e75-ae25e3a52a25","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":488,"width":719,"height":12}},{"id":"676cf37a-224b-40a8-948d-0bf0d8820a8c","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":503,"width":801,"height":12}},{"id":"8045644c-01d9-43d1-adae-6af4a7d8c825","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":518,"width":802,"height":12}},{"id":"02ebbb5e-938d-47ad-89b3-7ed07a24f6be","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":533,"width":830,"height":12}},{"id":"6a4a7b1d-4f31-4e4e-8353-38e8ee0578b8","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":548,"width":215,"height":9}},{"id":"4eaca796-a47b-4a53-816c-b2de89607a53","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":5,"box":{"x":82,"y":568,"width":399,"height":11}},{"id":"06908835-2871-4ab8-b3d2-156ff129824b","block_type":"box","text":"Futures","page_number":5,"box":{"x":102,"y":588,"width":54,"height":9}},{"id":"b9c3d249-44fc-488f-8511-1b658b0051e2","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":5,"box":{"x":161,"y":588,"width":765,"height":11}},{"id":"b8323649-a870-42aa-bc71-aa974e45263a","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":5,"box":{"x":101,"y":603,"width":786,"height":11}},{"id":"c0be9063-6d9f-4ea8-a436-d2f1865bced9","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imper fect correlations","page_number":5,"box":{"x":102,"y":617,"width":769,"height":12}},{"id":"7d4d5aad-38d1-4dbd-9bf9-816ec78d9869","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":5,"box":{"x":102,"y":632,"width":822,"height":12}},{"id":"f5b5bb1d-15db-4713-8c6c-6d02877aa6e7","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":5,"box":{"x":101,"y":647,"width":832,"height":12}},{"id":"2b02d54b-e71f-42f1-841b-46a0d3a83739","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":5,"box":{"x":101,"y":662,"width":806,"height":11}},{"id":"e62f3db4-0017-43d8-9cc1-2da59f57d0cd","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":5,"box":{"x":102,"y":677,"width":793,"height":11}},{"id":"0acb9534-b3a4-4696-8b1b-a93ccbe52dc6","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterpar ty will","page_number":5,"box":{"x":102,"y":691,"width":787,"height":12}},{"id":"052ffe99-a7e4-4899-9e11-56bca0d3c525","block_type":"box","text":"default in the per formance of its obligations.","page_number":5,"box":{"x":101,"y":706,"width":327,"height":12}},{"id":"b24cecd4-3289-476e-8472-495377078a93","block_type":"box","text":"Options","page_number":5,"box":{"x":102,"y":726,"width":55,"height":12}},{"id":"97c11e1d-9054-4094-8f74-04806a82132b","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":5,"box":{"x":162,"y":726,"width":772,"height":12}},{"id":"68df7c7d-20ff-484b-b206-5c34f8bba152","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":5,"box":{"x":101,"y":741,"width":812,"height":12}},{"id":"204377aa-50f4-447e-b159-011be80c6c95","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":5,"box":{"x":101,"y":756,"width":827,"height":12}},{"id":"8a2d9eec-5651-4805-848b-1c655e5a89ff","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":5,"box":{"x":101,"y":771,"width":781,"height":11}},{"id":"5c06263f-425a-4946-89cb-54b01b37c430","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":5,"box":{"x":102,"y":786,"width":785,"height":11}},{"id":"3f88c95c-953c-4828-9327-a32b9ce5cf0c","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":5,"box":{"x":101,"y":800,"width":831,"height":12}},{"id":"7f24fad2-be14-4619-9832-793c29f44234","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":5,"box":{"x":101,"y":815,"width":814,"height":12}},{"id":"1fe64ba5-f282-43f9-aced-e470f2ad2d28","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":5,"box":{"x":101,"y":830,"width":826,"height":12}},{"id":"9199f3e5-46b7-4efa-a174-7a0cfddb8451","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":5,"box":{"x":101,"y":845,"width":822,"height":11}},{"id":"f8532d9e-ac03-4c9d-8c4c-80a61ba34f7c","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":5,"box":{"x":101,"y":860,"width":816,"height":11}},{"id":"f5037017-652f-4362-b490-ee1fb924fd70","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":5,"box":{"x":101,"y":875,"width":442,"height":11}},{"id":"c35bb2a3-83c4-411b-9d3c-035668b40f4a","block_type":"box","text":"High Portfolio Turnover Risk","page_number":5,"box":{"x":81,"y":895,"width":212,"height":11}},{"id":"c7a61bb1-62e8-4fa8-b404-1b0826d4654a","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":895,"width":629,"height":11}},{"id":"28246dd7-6b8c-4b8c-8cce-f28e4401fe2c","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":909,"width":812,"height":12}},{"id":"0c344d91-5bce-493a-812d-3eead29039df","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"f6986c9f-f774-4cad-9727-785aec46b6a5","block_type":"box","text":"NM1026U-5984585-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4e1491ae-d56c-412a-9b80-202cd27ac733","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":42,"width":817,"height":11}},{"id":"9c5ab80c-606f-459c-9f82-44a46a0f9494","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":57,"width":760,"height":11}},{"id":"2750dc3c-1442-4562-94eb-a3f02929c40c","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":6,"box":{"x":81,"y":71,"width":852,"height":12}},{"id":"e74f8f57-2d14-4847-ba45-474d94477ad5","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":6,"box":{"x":81,"y":86,"width":589,"height":12}},{"id":"178329f3-3840-4758-8497-2665c63e3f0c","block_type":"box","text":"Investment Style Risk","page_number":6,"box":{"x":81,"y":106,"width":166,"height":12}},{"id":"fbd9fd6b-d185-47b1-bc15-60ae0a3bcd8b","block_type":"box","text":"—","page_number":6,"box":{"x":252,"y":112,"width":17,"height":0}},{"id":"7bb3c74e-4322-48eb-9466-a28804d5e3db","block_type":"box","text":"Under cer tain market conditions, growth investments have per formed better during the","page_number":6,"box":{"x":274,"y":106,"width":637,"height":12}},{"id":"8c823cd5-b4e5-4683-915c-9fae253c2a2c","block_type":"box","text":"later stages of economic expansion and value investments have per formed better during periods of economic","page_number":6,"box":{"x":82,"y":121,"width":804,"height":12}},{"id":"ee74e23c-e225-434e-9572-39cd8b705c7f","block_type":"box","text":"recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment","page_number":6,"box":{"x":82,"y":136,"width":823,"height":11}},{"id":"92ed3045-d2d9-4cef-8f64-5de5f5ba51a3","block_type":"box","text":"style used by the Fund is out of favor, the Fund may underper form other equity funds that use different investment","page_number":6,"box":{"x":81,"y":151,"width":842,"height":11}},{"id":"8c9912cc-f5a0-4f84-8cd4-143d92d22b38","block_type":"box","text":"styles.","page_number":6,"box":{"x":81,"y":166,"width":46,"height":11}},{"id":"574e8024-41b7-4c40-9792-9ada9d18c3a9","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":186,"width":276,"height":11}},{"id":"ac7bdc1b-6892-4391-a41a-bf148cf06440","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":186,"width":573,"height":11}},{"id":"90409521-6aa9-479a-9436-b7c6e324d6e9","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":201,"width":848,"height":11}},{"id":"da6dad24-21af-439d-9b00-97c7ceeabbfa","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":215,"width":839,"height":12}},{"id":"ec95105b-3143-4955-afc2-15b270d0d98a","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":6,"box":{"x":82,"y":230,"width":851,"height":12}},{"id":"7f6de51c-83df-4e64-865b-5bfd25ed11d1","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":250,"width":107,"height":11}},{"id":"180e4f12-df22-4386-b9c2-f3dbc2f9e775","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":250,"width":741,"height":12}},{"id":"620dc0c7-2681-4a89-b1a8-cb87a061e515","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":265,"width":853,"height":11}},{"id":"1c46312c-554e-4f53-98ba-965e455fd78e","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":280,"width":856,"height":11}},{"id":"76e098d6-6371-4f12-8b6b-a0c991e70ea1","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":294,"width":775,"height":12}},{"id":"f58ca4b4-8c6f-48d6-b725-ea7da3d44ca2","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":309,"width":814,"height":12}},{"id":"5a8aa138-7557-4a88-9f33-6f518def14cd","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":324,"width":63,"height":12}},{"id":"d0290020-c73a-4a6f-8a5a-0c6732dbd604","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":344,"width":240,"height":9}},{"id":"d2333b85-e637-4320-997f-0129215bbacf","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":344,"width":593,"height":9}},{"id":"d90b0fcc-7b6e-41b5-ad77-c49698e39a48","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":359,"width":851,"height":11}},{"id":"52c4a0c5-ede8-4dcc-8299-791d359529b6","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":6,"box":{"x":82,"y":374,"width":824,"height":11}},{"id":"80f4b138-38e3-4f98-a8cd-677bc26eaa55","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":389,"width":851,"height":11}},{"id":"0cb77ee8-b04d-4944-927d-19b501e72356","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":403,"width":802,"height":12}},{"id":"1a0d5b92-fe23-4208-bdf2-fad9cf5b0879","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":418,"width":849,"height":12}},{"id":"c06cfce9-9075-4ee5-bbf8-2483a91eb030","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":433,"width":843,"height":12}},{"id":"5bedc875-15a2-4693-8029-a94f1e05c67f","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":6,"box":{"x":81,"y":448,"width":830,"height":11}},{"id":"cb22768c-7f85-4a20-8153-f3a5124c69fd","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":463,"width":840,"height":11}},{"id":"05872857-ebc6-47bf-aec5-32777a19ada4","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":477,"width":789,"height":12}},{"id":"6c136a45-6358-4cc5-bf80-78b77abdc9ae","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":492,"width":823,"height":12}},{"id":"f1631ea7-1a4c-496f-a2e1-af0b624671bd","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":507,"width":784,"height":12}},{"id":"b885ffbf-395b-4df9-9304-2e3f76cd10da","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":522,"width":844,"height":11}},{"id":"4f4c757c-05ff-45cc-a85c-f1b716c1e876","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":6,"box":{"x":81,"y":537,"width":855,"height":11}},{"id":"27150015-2417-4e14-8218-b8554773261c","block_type":"box","text":"and is subject to “Model Risk” as described above.","page_number":6,"box":{"x":81,"y":552,"width":376,"height":11}},{"id":"21ab1b33-9e96-4272-a839-22695a86c50d","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":572,"width":818,"height":11}},{"id":"773608e9-52a6-463e-81d5-14b3ec28839e","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":587,"width":819,"height":11}},{"id":"efb6ca40-3815-4c83-b742-b96ffafbe647","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":601,"width":819,"height":12}},{"id":"4d5d6a69-598d-444b-8eec-ca7e6c91d25a","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":616,"width":846,"height":12}},{"id":"f1580968-a526-480f-a5ad-fa2d7ae69bc5","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":631,"width":848,"height":11}},{"id":"6f40deb7-0d79-48bf-8ac9-386604ddf77f","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":646,"width":125,"height":9}},{"id":"0c3882d6-028b-43f8-8b57-4edef70f1a45","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":666,"width":139,"height":9}},{"id":"0ed7a14b-ab03-4b2e-9ac4-4454284a1d9e","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":671,"width":17,"height":1}},{"id":"d15bc519-762a-42e4-af17-fca630d2b309","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":666,"width":681,"height":11}},{"id":"5ea373aa-4edd-4e19-9d77-2079f18cf029","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":681,"width":843,"height":11}},{"id":"6ea3f64d-0922-46e2-b100-771a3de13c36","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":695,"width":517,"height":12}},{"id":"c7cb34cd-51e6-461e-b6a1-196d1ac73c47","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":715,"width":254,"height":12}},{"id":"49a62839-d516-49ef-a655-c77657e6b456","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":716,"width":578,"height":11}},{"id":"94d17915-3d6c-4348-8956-6d5183b3168e","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":730,"width":779,"height":12}},{"id":"abbc9098-472f-4fd9-9f19-027e59a7c295","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":745,"width":811,"height":11}},{"id":"004788d9-5a02-455f-8ba7-e88d5863679c","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":760,"width":806,"height":11}},{"id":"f038c7f4-84f0-444d-be9a-2a587dda954c","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":775,"width":853,"height":11}},{"id":"e7e1872c-6872-428f-b836-ed35ded376ab","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":789,"width":841,"height":12}},{"id":"b2746c06-deab-4c42-9756-921f58c78d58","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":804,"width":808,"height":12}},{"id":"166782e1-223c-4b5c-a686-9ccaf837b821","block_type":"box","text":"issuers to lose value.","page_number":6,"box":{"x":82,"y":819,"width":155,"height":9}},{"id":"a36ced63-0f46-489e-bed2-f2578989ba3c","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":839,"width":189,"height":9}},{"id":"9f9d6086-56e0-4ef7-9d50-0c070f4366e6","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":839,"width":636,"height":12}},{"id":"fb9a7158-5cda-4658-b1a6-5eaeda4d21d4","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":854,"width":824,"height":12}},{"id":"d63bff39-7f88-426d-a823-6924720f2043","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":869,"width":806,"height":11}},{"id":"b85fd828-8b08-4f2b-bb9c-45d547e54f8b","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":884,"width":842,"height":11}},{"id":"7d383d00-9036-4eb2-9005-433b672942c3","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"33ac8321-9738-443c-9d5b-ddcb5f3d6662","block_type":"box","text":"NM1026U-5984585-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c71c02ff-027b-45a5-8fed-5af9291d29ee","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":42,"width":781,"height":11}},{"id":"c1f65dc6-1e97-4f49-baab-b82c2b6f1bd7","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":57,"width":812,"height":11}},{"id":"fc96a8a3-f857-4350-abb5-7febf1dba9ce","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":72,"width":129,"height":11}},{"id":"28d73f23-bd94-4589-98bc-5e265474addb","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":91,"width":283,"height":12}},{"id":"9e9928ae-0f5f-4bba-a8a0-2658ba78f76c","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":97,"width":17,"height":1}},{"id":"0f5c7025-ada0-442a-aa4e-bb409e8e8b3f","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":92,"width":518,"height":11}},{"id":"91a92073-afdf-4f41-b1a5-365192bd6711","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":7,"box":{"x":80,"y":106,"width":847,"height":12}},{"id":"6fe1d70a-0f75-42aa-9c13-7d8d4b426705","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":123,"width":70,"height":9}},{"id":"a4da8755-0ff7-4c44-b24b-2cf3897b3d11","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":160,"width":224,"height":11}},{"id":"a4dc4813-af13-4e5e-99c2-e97bfb81ab81","block_type":"box","text":"Effective December 1, 2021, the Fund changed its name, investment process and investment strategies. Per formance","page_number":7,"box":{"x":62,"y":186,"width":872,"height":12}},{"id":"972d3013-f8e8-4cf8-9806-496f68890fb6","block_type":"box","text":"for the periods prior to December 1, 2021 shown below is based on the investment process and investment strategies","page_number":7,"box":{"x":60,"y":201,"width":875,"height":12}},{"id":"ef2e784d-e56e-4fcd-b1fe-9448635ea901","block_type":"box","text":"utilized by the Fund under the name “BlackRock Advantage ESG U.S. Equity Fund.” The information shows you how the","page_number":7,"box":{"x":61,"y":216,"width":870,"height":11}},{"id":"780306dc-f836-414c-a99b-c81f72d8cbad","block_type":"box","text":"per formance of the Fund has varied for the periods since inception and provides some indication of the risks of","page_number":7,"box":{"x":62,"y":231,"width":818,"height":11}},{"id":"655bc55f-6e08-4d05-b49a-c861581c1249","block_type":"box","text":"investing in the Fund. Class K Shares commenced operations on March 28, 2016. As a result, the returns in the char t","page_number":7,"box":{"x":62,"y":246,"width":871,"height":11}},{"id":"ad87f81d-b60d-4a3e-bf40-27f20bf31240","block_type":"box","text":"and the table shown below for Class K Shares prior to March 28, 2016 are those of the Fund’s Institutional Shares,","page_number":7,"box":{"x":61,"y":260,"width":852,"height":12}},{"id":"a01c77bb-83a6-4856-81c7-38bc687d6b93","block_type":"box","text":"which are not offered in this prospectus. The per formance of Class K Shares would be substantially similar to","page_number":7,"box":{"x":60,"y":275,"width":809,"height":12}},{"id":"9a44a60a-4043-4068-a656-9375f4ad6da5","block_type":"box","text":"Institutional Shares because Class K Shares and Institutional Shares are invested in the same por tfolio of securities","page_number":7,"box":{"x":62,"y":290,"width":858,"height":11}},{"id":"906b64c8-cdce-4ed7-a1b8-b4fc8d096cf4","block_type":"box","text":"and per formance would differ only to the extent that Class K Shares and Institutional Shares have different expenses.","page_number":7,"box":{"x":61,"y":305,"width":869,"height":11}},{"id":"a3222a2c-f3c9-4dba-9f45-2ba99265a8a0","block_type":"box","text":"The actual returns of Class K Shares would have been higher than those of Institutional Shares because Class K","page_number":7,"box":{"x":60,"y":320,"width":831,"height":11}},{"id":"6afb4341-81dd-4933-a9a8-fd54e92460bc","block_type":"box","text":"Shares have lower expenses than Institutional Shares. The table compares the Fund’s per formance to that of the","page_number":7,"box":{"x":61,"y":334,"width":834,"height":12}},{"id":"1ce507f1-9da0-47e7-bac1-59ae14373c43","block_type":"box","text":"Russell 1000 Index. To the extent that dividends and distributions have been paid by the Fund, the per formance","page_number":7,"box":{"x":62,"y":349,"width":823,"height":12}},{"id":"5394e47e-51f7-4a8b-b40d-d7725a7175c9","block_type":"box","text":"information for the Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all","page_number":7,"box":{"x":62,"y":364,"width":846,"height":9}},{"id":"b2fc526f-4fb6-40bb-a6bb-982e05d6bacf","block_type":"box","text":"such investments, past per formance (before and after taxes) is not an indication of future results. The table includes","page_number":7,"box":{"x":61,"y":379,"width":861,"height":11}},{"id":"504b3ecf-1675-477e-9ad4-d00b0f4ba8a9","block_type":"box","text":"all applicable fees. If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these","page_number":7,"box":{"x":61,"y":394,"width":849,"height":11}},{"id":"7fa6e2d2-6774-4101-aa60-411eb51edb34","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its","page_number":7,"box":{"x":62,"y":409,"width":832,"height":11}},{"id":"9bf8fe94-2f86-40b2-b1bb-e1750366a21c","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":7,"box":{"x":61,"y":424,"width":757,"height":11}},{"id":"6fae6716-0654-4283-a6f5-68156705a632","block_type":"box","text":"(800) 882-0052.","page_number":7,"box":{"x":61,"y":438,"width":122,"height":11}},{"id":"0a19eb53-f6ff-4713-b249-a0c8cb6ae585","block_type":"box","text":"Class K Shares","page_number":7,"box":{"x":437,"y":461,"width":124,"height":10}},{"id":"908827c8-a038-4668-a392-9c3c4e4bac2a","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":477,"width":212,"height":10}},{"id":"cf5da1ac-5c4a-4a8b-9a77-7209bde1668f","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund","page_number":7,"box":{"x":239,"y":493,"width":520,"height":13}},{"id":"5121018f-a6a7-4f1e-af46-4090ba363e25","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":510,"width":103,"height":12}},{"id":"4e4e33ff-eff5-409e-8710-58a63ed59823","block_type":"box","text":"14.37%","page_number":7,"box":{"x":292,"y":582,"width":44,"height":7}},{"id":"e9c3abdd-e219-4427-8125-e10f60582e35","block_type":"box","text":"21.53%","page_number":7,"box":{"x":339,"y":566,"width":45,"height":7}},{"id":"75745568-592d-43a0-9480-c1ec819ee5b4","block_type":"box","text":"-5.47%","page_number":7,"box":{"x":389,"y":641,"width":41,"height":8}},{"id":"ff697390-27c5-4913-8c50-0f93de298929","block_type":"box","text":"31.33%","page_number":7,"box":{"x":436,"y":544,"width":45,"height":8}},{"id":"882a25ee-6ed8-4f2f-9cf4-6929d5d2f070","block_type":"box","text":"22.45%","page_number":7,"box":{"x":484,"y":564,"width":45,"height":7}},{"id":"f019bbbd-9ad4-46a8-98a7-2e766fae27fd","block_type":"box","text":"28.61%","page_number":7,"box":{"x":532,"y":550,"width":45,"height":8}},{"id":"4abd9550-b607-4665-9383-eeb0a182ff6a","block_type":"box","text":"-19.68%","page_number":7,"box":{"x":578,"y":673,"width":49,"height":7}},{"id":"06492603-368c-4bf7-9d83-c2db81087441","block_type":"box","text":"25.66%","page_number":7,"box":{"x":629,"y":557,"width":44,"height":7}},{"id":"2a10780a-2cc5-4c00-8b81-ea45edb424de","block_type":"box","text":"23.95%","page_number":7,"box":{"x":677,"y":561,"width":44,"height":7}},{"id":"c65eac3a-8037-4d79-9fc4-02da5027b055","block_type":"box","text":"18.98%","page_number":7,"box":{"x":725,"y":572,"width":45,"height":7}},{"id":"c92efb02-bc9c-4b89-84af-156d4a995169","block_type":"box","text":"-30%","page_number":7,"box":{"x":237,"y":688,"width":28,"height":7}},{"id":"809258c1-0301-4acd-b2e4-0d75b55c468e","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":666,"width":28,"height":7}},{"id":"f8bf4c52-d1af-450d-8fa9-3b0b068d917c","block_type":"box","text":"-10%","page_number":7,"box":{"x":237,"y":644,"width":28,"height":7}},{"id":"9e447901-d753-48e3-ac0a-c491b66fe25d","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":622,"width":17,"height":7}},{"id":"866c63c0-55e8-496c-9a0a-8f89ef87ba42","block_type":"box","text":"10%","page_number":7,"box":{"x":241,"y":599,"width":24,"height":8}},{"id":"0de52af1-a998-4f03-bd90-328de966afdc","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":577,"width":25,"height":7}},{"id":"ddad534f-f869-42f6-b826-32c37cae6e44","block_type":"box","text":"30%","page_number":7,"box":{"x":240,"y":555,"width":25,"height":7}},{"id":"89a8bbc6-a394-486c-abd9-c9a211fb795f","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":533,"width":25,"height":7}},{"id":"92b041c6-d663-4386-97ea-6e643fd28c75","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":698,"width":465,"height":7}},{"id":"9324ddc1-7fe6-440b-8a12-1fe8835de88b","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 23.89% (quar ter ended","page_number":7,"box":{"x":62,"y":719,"width":806,"height":11}},{"id":"8605e428-5134-4f33-ae75-33f9b19bf82f","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -20.35% (quar ter ended March 31, 2020). The year-to-date","page_number":7,"box":{"x":61,"y":733,"width":845,"height":12}},{"id":"a62e1223-97a7-4b2b-88c4-9026f7f24cba","block_type":"box","text":"return as of June 30, 2026 was 12.10%.","page_number":7,"box":{"x":61,"y":748,"width":299,"height":11}},{"id":"6deb1b69-9ec6-412e-854f-9d64c6bb5b72","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":777,"width":223,"height":10}},{"id":"4fc0271d-b0b1-44c7-93bc-629fc84db038","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":789,"width":854,"height":10}},{"id":"77db51d9-1d42-427f-9599-2312fbb42cba","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large Cap Core Fund — Class K Shares","page_number":7,"box":{"x":70,"y":807,"width":536,"height":10}},{"id":"3b2d84fc-1d19-474b-ab74-ed19d72ae8a3","block_type":"box","text":"Return Before Taxes 18.98% 13.87% 15.00%","page_number":7,"box":{"x":85,"y":819,"width":840,"height":9}},{"id":"20bb888b-0db4-433c-b1dc-7ce25bd15493","block_type":"box","text":"Return After Taxes on Distributions 16.94% 11.88% 13.22%","page_number":7,"box":{"x":85,"y":832,"width":840,"height":9}},{"id":"660b1f23-4f3a-48db-909e-1636f2d68e99","block_type":"box","text":"Return After Taxes on Distributions","page_number":7,"box":{"x":85,"y":845,"width":228,"height":8}},{"id":"3508b543-945d-439e-a23b-739b5792603a","block_type":"box","text":"and Sale of Fund Shares 12.25% 10.53% 11.91%","page_number":7,"box":{"x":85,"y":857,"width":840,"height":8}},{"id":"013dabbb-4db5-473e-bdc5-f29ef61f63d6","block_type":"box","text":"Russell 1000 Index","page_number":7,"box":{"x":70,"y":875,"width":128,"height":8}},{"id":"e6a87e80-1919-461d-b089-de7330e70999","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":7,"box":{"x":69,"y":888,"width":856,"height":11}},{"id":"7fd7efbe-3cc7-4334-956a-155c29a35137","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"5ecee6d4-d8e5-405a-8641-332743851e42","block_type":"box","text":"NM1026U-5984585-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f69f519a-b0a5-49ee-8df7-7273cac59224","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":42,"width":840,"height":11}},{"id":"e558a1d1-3d89-407f-87be-d3b9cd5e0635","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":8,"box":{"x":61,"y":57,"width":835,"height":11}},{"id":"500bba0d-defd-4c0a-9d8b-17fa3f99350a","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":71,"width":851,"height":12}},{"id":"01b3ff09-9dd8-4954-bc09-2913b56c8df0","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":8,"box":{"x":60,"y":86,"width":611,"height":12}},{"id":"0448c0a5-0391-4a41-90d9-7d8b441e5321","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":125,"width":187,"height":14}},{"id":"21bb21ab-335d-4f71-8cf4-64f0b3f29f44","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":151,"width":709,"height":12}},{"id":"1dce4132-cd49-448f-9ea8-5f64520b8a24","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":190,"width":173,"height":14}},{"id":"8a8193e4-b361-4f76-9f89-2f750918281c","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":234,"width":121,"height":10}},{"id":"e157c016-8654-430b-91a5-d2c232f7b0a8","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":340,"y":223,"width":121,"height":10}},{"id":"bc8bf1da-71c7-453a-bbd7-e2ef88a9cc82","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":341,"y":234,"width":425,"height":8}},{"id":"bb285432-a7dd-4741-a816-f4f8971b5946","block_type":"box","text":"Travis Cooke, CFA 2015 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":252,"width":803,"height":11}},{"id":"a6650ab4-72f0-40c5-9f8b-96fbd9c559e2","block_type":"box","text":"Raffaele Savi 2020 Senior Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":270,"width":825,"height":11}},{"id":"cb9a48a9-29a2-44d4-89ad-67f047141f24","block_type":"box","text":"Richard Mathieson 2020 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":288,"width":802,"height":11}},{"id":"efd2e89c-efc9-4c6f-ad12-b719d3c88a0a","block_type":"box","text":"Anna Hawley, CFA 2020 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":306,"width":803,"height":11}},{"id":"59f33e5d-b607-4630-94ea-e5137789f215","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":347,"width":309,"height":11}},{"id":"98cae265-4554-4d31-ac3a-1390bb26113b","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":8,"box":{"x":61,"y":373,"width":859,"height":12}},{"id":"59ea9456-9696-4dba-b059-ace558b09fe1","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":388,"width":844,"height":11}},{"id":"ea8fd433-21bf-415c-b564-28f58db39477","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":403,"width":791,"height":11}},{"id":"b58f670e-e635-4297-91dd-05dcf7c16c8c","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":8,"box":{"x":62,"y":418,"width":874,"height":11}},{"id":"8f892153-d608-4bbb-9a71-d30646092b1f","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":8,"box":{"x":62,"y":433,"width":871,"height":11}},{"id":"e7fb3f49-7fb6-4682-9663-8f8f4d545606","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":447,"width":870,"height":12}},{"id":"96cd0bbb-3f1f-4f9b-8ed2-576dd9044e1c","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":462,"width":863,"height":11}},{"id":"5f140571-cadc-4ae7-b5cd-d298fc113e01","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":477,"width":832,"height":11}},{"id":"7256b6cf-9167-478f-9ee1-8d3b0eff451a","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":492,"width":815,"height":11}},{"id":"2a78aaa0-a9c4-439c-b653-1a0f158b5fcf","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":8,"box":{"x":61,"y":506,"width":816,"height":12}},{"id":"74e6657e-f616-46e5-88a2-c493df22339b","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":521,"width":867,"height":12}},{"id":"9e4ca4ed-ce8b-4477-b970-d0df5e07ff6d","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":8,"box":{"x":62,"y":536,"width":868,"height":12}},{"id":"d09f2603-0d75-4818-b909-58b4d999ccff","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":8,"box":{"x":61,"y":551,"width":874,"height":12}},{"id":"e8824e40-4b67-4d39-9b76-fdd0c0b5b298","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":8,"box":{"x":61,"y":566,"width":859,"height":11}},{"id":"15932c1c-e8dc-47a7-9996-55c288851998","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":8,"box":{"x":60,"y":581,"width":857,"height":11}},{"id":"f25140a6-5e60-449e-bc30-76300ee02cdf","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":8,"box":{"x":60,"y":603,"width":874,"height":12}},{"id":"8bb65545-4f08-4e7a-8fab-5ab6d47df9fe","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":8,"box":{"x":61,"y":618,"width":868,"height":12}},{"id":"f255e244-d18f-48d8-bf68-2fa09b6244c0","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":8,"box":{"x":61,"y":632,"width":857,"height":12}},{"id":"2b7bd464-89f7-48eb-93da-09b5e0270b98","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":8,"box":{"x":61,"y":648,"width":842,"height":11}},{"id":"7be09b97-1239-4748-8d18-07b63d4b1a7d","block_type":"box","text":"requirement. 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